ARES INDUSTRIAL REAL ESTATE INCOME TRUST (ARIR) 10-Q 14 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 08, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	BLACK CREEK INDUSTRIAL REIT IV INC.
Entity Central Index Key	0001625941
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class T Shares
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		32,593,273
Class W Shares
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		1,288,072
Class I Shares
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		690,723

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Net investment in real estate properties	$ 343,576	$ 301,371
Cash and cash equivalents	29,603	19,016
Restricted cash	30	5
Straight-line and tenant receivables	1,910	1,394
Due from affiliates	49	517
Debt issuance costs related to line of credit, net of amortization	1,047	1,167
Acquisition deposits	0	675
Other assets	414	475
Total assets	376,629	324,620
Liabilities
Accounts payable and accrued liabilities	1,885	1,190
Line of credit	0	119,000
Term loan, net of debt issuance costs	88,778	0
Notes payable to stockholders, net of debt issuance costs	376	376
Due to affiliates	23,337	18,439
Distributions payable	1,310	920
Distribution fees payable to affiliates	10,450	7,457
Other liabilities	6,472	5,465
Total liabilities	132,608	152,847
Commitments and contingencies (Note 10)
Redeemable noncontrolling interest	723	0
Stockholders’ equity:
Preferred stock, $0.01 par value - 200,000 shares authorized, none issued and outstanding	0	0
Additional paid-in capital	259,611	180,125
Accumulated deficit	(16,600)	(8,556)
Total stockholders’ equity	243,297	171,772
Noncontrolling interests	1	1
Total equity	243,298	171,773
Total liabilities and equity	376,629	324,620
Class T Shares
Stockholders’ equity:
Common stock, value	275	198
Class W Shares
Stockholders’ equity:
Common stock, value	6	2
Class I Shares
Stockholders’ equity:
Common stock, value	$ 5	$ 3

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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	27,542,000	19,759,000
Common stock, shares outstanding	27,542,000	19,759,000
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	626,000	161,000
Common stock, shares outstanding	626,000	161,000
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	532,000	345,000
Common stock, shares outstanding	532,000	345,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Rental revenues	$ 5,963	$ 93
Total revenues	5,963	93
Operating expenses:
Rental expenses	1,422	13
Real estate-related depreciation and amortization	3,128	66
General and administrative expenses	605	295
Advisory fees, related party	1,188	14
Acquisition expense reimbursements, related party	878	741
Other expense reimbursements, related party	472	246
Total operating expenses	7,693	1,375
Other expenses:
Interest expense and other	1,201	183
Total other expenses	1,201	183
Total expenses before expense support	8,894	1,558
Total (reimbursement to) expense support from the Advisor, net	(2,205)	1,062
Net expenses after expense support	(11,099)	(496)
Net loss	(5,136)	(403)
Net loss attributable to redeemable noncontrolling interest	14	0
Net loss attributable to noncontrolling interests	0	0
Net loss attributable to common stockholders	$ (5,122)	$ (403)
Weighted-average shares outstanding (in shares)	25,997	2,961
Net loss per common share - basic and diluted (usd per share)	$ (0.20)	$ (0.14)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) - USD ($) shares in Thousands, $ 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss ($14 allocated to redeemable noncontrolling interest)	(403)			(403)
Issuance of common stock, shares		2,691
Issuance of common stock	28,154	$ 27	28,127
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs	(3,115)		(3,115)
Trailing distribution fees	(1,042)		(1,108)	66
Distributions to stockholders	(404)			(404)
Ending balance at Mar. 31, 2018	33,796	$ 39	34,763	(1,007)	1
Ending balance, shares at Mar. 31, 2018		3,929
Beginning balance at Dec. 31, 2017	10,606	$ 12	10,859	(266)	1
Beginning balance, shares at Dec. 31, 2017		1,238
Ending balance at Dec. 31, 2018	171,773	$ 203	180,125	(8,556)	1
Ending balance, shares at Dec. 31, 2018		20,265
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss ($14 allocated to redeemable noncontrolling interest)	(5,122)			(5,122)
Issuance of common stock, shares		8,511
Issuance of common stock	88,434	$ 84	88,350
Share-based compensation	303		303
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs	(4,768)		(4,768)
Trailing distribution fees	(2,992)		(3,612)	620
Redemptions of common stock, shares		(76)
Redemptions of common stock	(764)	$ (1)	(763)
Distributions to stockholders	(3,542)			(3,542)
Redemption value allocation adjustment to redeemable noncontrolling interest	(24)		(24)
Ending balance at Mar. 31, 2019	$ 243,298	$ 286	$ 259,611	$ (16,600)	$ 1
Ending balance, shares at Mar. 31, 2019		28,700

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) - Parentheticals - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Net loss allocated to redeemable non-controlling interest	$ 14	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating activities:
Net (loss) income	$ (5,136)	$ (403)
Adjustments to reconcile net loss to net cash provided by operating activities:
Real estate-related depreciation and amortization	3,128	66
Straight-line rent and amortization of above- and below-market leases	(845)	(56)
Amortization of debt issuance costs	212	101
Share-based compensation	303	0
Changes in operating assets and liabilities:
Tenant receivables and other assets	243	86
Accounts payable and accrued liabilities	776	143
Due from / to affiliates, net	4,943	467
Net cash provided by operating activities	3,624	404
Investing activities:
Real estate acquisitions	(43,458)	(10,587)
Acquisition deposits	0	(550)
Capital expenditures	(130)	(26)
Net cash used in investing activities	(43,588)	(11,163)
Financing activities:
Proceeds from line of credit	28,000	0
Repayments of line of credit	(147,000)	0
Proceeds from term loan	90,000	0
Debt issuance costs paid	(1,315)	0
Proceeds from issuance of common stock	83,266	27,466
Offering costs paid upon issuance of common stock	0	(692)
Distributions paid to common stockholders	(1,058)	(102)
Distribution fees paid to affiliates	(553)	(43)
Redemptions of common stock	(764)	0
Net cash provided by financing activities	50,576	26,629
Net increase in cash, cash equivalents and restricted cash	10,612	15,870
Cash, cash equivalents and restricted cash, at beginning of period	19,021	11,046
Cash, cash equivalents and restricted cash, at end of period	$ 29,633	$ 26,916

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2019
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, 2018 , filed with the SEC on March 6, 2019 (“2018 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 February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 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 Company adopted the standard when it became effective for the Company, as of the reporting period beginning January 1, 2019, and the Company elected the practical expedients available for implementation under the standard. Under the practical expedients election, the Company was not 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 practical expedient also allowed the Company to not separate tenant reimbursement revenue from rental revenue if certain criteria were met. The Company assessed the criteria and concluded that the timing and pattern of transfer for rental revenue and the related tenant reimbursement revenue are the same and the lease component, if accounted for separately, would be classified as an operating lease. As such, the Company accounts for and presented rental revenue and tenant reimbursement revenue as a single component in the condensed consolidated statements of operations . The standard also requires new disclosures within the notes accompanying the condensed 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 adopted ASU 2018-01 when it became effective for the Company, as of the reporting period beginning January 1, 2019, and the Company elected the practical expedients available for implementation under the standard. In addition, in December 2018, the FASB issued ASU No. 2018-20, “Narrow—Scope Improvements for Lessors” (“ASU 2018-20”), which updates ASU 2016-02 by providing the option to elect a practical expedient for lessors to exclude sales and other similar taxes from the transaction price of the contract, requires lessors to exclude from revenue and expense lessor costs paid directly to a third party by lessees, and clarifies lessors’ accounting for variable payments related to both lease and nonlease components. The Company adopted ASU 2018-20 when it became effective for the Company, as of the reporting period beginning January 1, 2019, and the Company elected the practical expedients available for implementation under the standard. The adoption of these standards did not have a material effect on the Company’s condensed consolidated financial statements. In March 2019, the FASB issued ASU No. 2019-01, “Leases (Topic 842): Codification Improvements” (“ASU 2019-01”), which updates ASU 2016-02 to clarify that entities are not required to provide interim disclosures related to their adoption of ASU 2016-02 as required for other accounting changes and error corrections. The Company adopted this standard in conjunction with the adoption of ASU 2016-02. The adoption of this standard did not have a material effect on the Company’s consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Redeemable Noncontrolling Interest BCI IV Advisors Group LLC (the “Sponsor”) holds, either directly or indirectly, partnership units in the Company’s operating partnership (“OP Units”), which were issued as payment of the performance component of the advisory fee for the year ended December 31, 2018 pursuant to the amended and restated advisory agreement by and among the Company, BCI IV Operating Partnership LP (the “Operating Partnership”) and BCI IV Advisors LLC (the “Advisor”). The Company has classified these OP Units as redeemable noncontrolling interest in mezzanine equity on the condensed consolidated balance sheets due to the fact that, as defined in the operating partnership agreement, the Sponsor has the ability to redeem its OP units at the election of the Sponsor. The redeemable noncontrolling interest is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP units at the end of each measurement period.

REAL ESTATE ACQUISITIONS

REAL ESTATE ACQUISITIONS	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
REAL ESTATE ACQUISITIONS	3. REAL ESTATE ACQUISITIONS The Company acquired 100% of the following properties, all of which were determined to be asset acquisitions, during the three months ended March 31, 2019 : ($ in thousands) Acquisition Date Number of Buildings Total Purchase Price (1) Airport Industrial Center 1/8/2019 1 $ 8,136 Kelly Trade Center 1/31/2019 1 15,340 7A Distribution Center 2/11/2019 1 12,151 Quakerbridge Distribution Center 3/11/2019 1 8,594 Total Acquisitions 4 $ 44,221 (1) Total purchase price is equal to the total consideration paid. During the three months ended March 31, 2019 , the Company allocated the purchase price of its acquisitions to land, building, and intangible lease assets and liabilities as follows: (in thousands) For the Three Months Ended March 31, 2019 Land $ 15,080 Building 25,524 Intangible lease assets 4,374 Above-market lease assets 104 Below-market lease liabilities (861 ) Total purchase price (1) $ 44,221 (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 three months ended March 31, 2019 , as of the respective date of each acquisition, was 4.4 years .

INVESTMENT IN REAL ESTATE

INVESTMENT IN REAL ESTATE	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE	4. INVESTMENT IN REAL ESTATE As of March 31, 2019 and December 31, 2018 , the Company’s investment in real estate properties consisted of 17 and 13 industrial buildings, respectively. As of (in thousands) March 31, 2019 December 31, 2018 Land $ 106,167 $ 91,087 Building and improvements 214,397 188,872 Intangible lease assets 28,971 24,492 Construction in progress 742 476 Investment in real estate properties 350,277 304,927 Less accumulated depreciation and amortization (6,701 ) (3,556 ) Net investment in real estate properties $ 343,576 $ 301,371 Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of March 31, 2019 and December 31, 2018 included the following: As of March 31, 2019 As of December 31, 2018 (in thousands) Gross Accumulated Net Gross Accumulated Net Intangible lease assets (1) $ 28,619 $ (2,860 ) $ 25,759 $ 24,245 $ (1,450 ) $ 22,795 Above-market lease assets (1) 352 (33 ) 319 247 (15 ) 232 Below-market lease liabilities (2) (4,903 ) 887 (4,016 ) (4,042 ) 582 (3,460 ) (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. The following table details the estimated net amortization of such intangible lease assets and liabilities, as of March 31, 2019 , for the next five years and thereafter: Estimated Net Amortization (in thousands) Intangible Above-Market Below-Market Remainder of 2019 $ 4,525 $ 60 $ (928 ) 2020 5,649 80 (1,064 ) 2021 5,136 65 (917 ) 2022 3,772 37 (594 ) 2023 2,889 28 (321 ) Thereafter 3,788 49 (192 ) Total $ 25,759 $ 319 $ (4,016 ) 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 March 31, 2019 and December 31, 2018, excluding rental revenues from the potential renewal or replacement of existing leases, were as follows for the next five years and thereafter: As of (in thousands) March 31, 2019 December 31, 2018 2019 $ 12,859 $ 14,354 2020 17,332 14,877 2021 16,991 14,567 2022 14,343 12,756 2023 11,935 10,834 Thereafter 24,211 21,378 Total $ 97,671 $ 88,766 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 (in thousands) 2019 2018 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 557 $ 1 Above-market lease amortization (17 ) — Below-market lease amortization 305 55 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 1,718 $ 34 Intangible lease asset amortization 1,410 32

DEBT

DEBT	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
DEBT	5. DEBT The Company’s indebtedness is currently comprised of borrowings under its term loan. A summary of the Company’s debt is as follows: Weighted-Average Effective Interest Rate as of Balance as of ($ in thousands) March 31, 2019 December 31, 2018 Maturity Date March 31, 2019 December 31, 2018 Line of credit (1) 4.10 % 4.10 % September 2020 $ — $ 119,000 Term loan (2) 3.75 — February 2024 90,000 — Total principal amount / weighted-average 3.75 % 4.10 % $ 90,000 $ 119,000 (1) The effective interest rate is calculated 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 March 31, 2019 , the unused portion under the line of credit was $199.9 million , of which $20.1 million was available. (2) The effective interest rate is calculated based on either (i) LIBOR plus a margin ranging from 1.25% to 2.05% ; or (ii) an alternative base rate plus a margin ranging from 0.25% to 1.05% , depending on the Company’s consolidated leverage ratio. The Company has the ability to borrow an additional $110.0 million under this term loan for total commitments of $200.0 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. Debt Covenants The Company’s line of credit and term loan agreements contain various property-level covenants, including customary affirmative and negative covenants. In addition, the agreement governing the line of credit and term loan contains 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 March 31, 2019 .

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 and December 31, 2018 , 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 March 31, 2019 As of December 31, 2018 (in thousands) Carrying Fair Carrying Fair Line of credit $ — $ — $ 119,000 $ 119,000 Term loan 90,000 90,000 — — Notes payable to stockholders 376 376 376 376

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
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 March 31, 2019 , is as follows: (in thousands) Class T Class W Class I Notes to Total Amount of gross proceeds raised: Primary offering $ 286,162 $ 6,210 $ 4,759 $ — $ 297,131 DRIP 3,404 23 132 — 3,559 Private offering 62 — 62 376 500 Total offering $ 289,628 $ 6,233 $ 4,953 $ 376 $ 301,190 Number of shares issued: Primary offering 27,251 617 496 — 28,364 DRIP 340 3 14 — 357 Private offering 7 — 7 — 14 Stock dividends — 6 3 — 9 Total offering 27,598 626 520 — 28,744 (1) The Company pays interest on the unpaid principal amount of the notes at a fixed rate of 18.25% per annum per note payable semi-annually in arrears. As of March 31, 2019 , approximately $1.7 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 $496.4 million in shares of common stock available for sale through the Company’s distribution reinvestment plan, which may be reallocated for sale in the primary offering. Common Stock The following table summarizes the changes in the shares outstanding for each class of common stock for the periods presented below: (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 2,646 — 32 2,678 DRIP 12 — 1 13 Balance as of March 31, 2018 3,634 6 289 3,929 Balance as of December 31, 2018 19,759 161 345 20,265 Issuance of common stock: Primary shares 7,640 463 177 8,280 DRIP 150 2 3 155 Stock grants — — 76 76 Redemptions (7 ) — (69 ) (76 ) Balance as of March 31, 2019 27,542 626 532 28,700 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 (in thousands, Declared per Paid Reinvested Distribution Gross 2019 March 31 $ 0.13625 $ 1,178 $ 1,744 $ 620 $ 3,542 Total $ 0.13625 $ 1,178 $ 1,744 $ 620 $ 3,542 2018 December 31 $ 0.13625 $ 747 $ 1,102 $ 406 $ 2,255 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 $ 0.54500 $ 1,688 $ 2,379 $ 875 $ 4,942 (1) Amounts reflect the quarterly distribution rate authorized by the Company’s board of directors per Class T share, per Class W share, and per Class I share of common stock. Distributions were declared and paid as of monthly record dates. These monthly distributions have been aggregated and presented on a quarterly basis. The distributions on Class T shares and Class W shares of common stock are reduced by the respective distribution fees that are payable with respect to such Class T shares and Class W shares. (2) Distribution fees are paid monthly to 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. (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 Three Months Ended March 31, 2019 2018 Number of eligible shares redeemed 76,288 — Aggregate dollar amount of shares redeemed $ 764,277 $ — Average redemption price per share $ 10.02 $ —

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2019
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 March 31, Payable as of March 31, December 31, (in thousands) 2019 2018 Expensed: Advisory fee—fixed component $ 670 $ 14 $ 454 $ 200 Advisory fee—performance component 518 — 518 723 Acquisition expense reimbursements (1) 878 741 3,728 3,500 Other expense reimbursements (2) 472 246 90 299 Total $ 2,538 $ 1,001 $ 4,790 $ 4,722 Additional Paid-In Capital: Selling commissions $ 1,818 $ 555 $ — $ — Dealer manager fees 1,801 692 — — Offering costs (3) 1,149 1,868 15,269 14,119 Distribution fees—current 620 66 235 168 Distribution fees—trailing (4) 2,992 1,042 10,450 7,457 Total $ 8,380 $ 4,223 $ 25,954 $ 21,744 (1) Reflects amounts reimbursable to the Advisor for all expenses incurred by the Advisor and its affiliates on the Company’s behalf in connection with the selection, acquisition, development or origination of an asset. (2) 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, 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. A portion of the compensation received by certain employees of the Advisor and its affiliates may be in the form of a restricted stock grant awarded by the Company. The Company shows these as reimbursements to the Advisor to the same extent that the Company recognizes the related share-based compensation on its condensed consolidated statements of operations. The Company reimbursed the Advisor approximately $0.4 million and $0.2 million for the three months ended March 31, 2019 and 2018 , respectively, for such compensation expenses. The remaining amount of other expense reimbursements relate to other general overhead and administrative expenses including, but not limited to, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment. (3) As of March 31, 2019 , the Advisor had incurred $15.6 million of offering costs on behalf of the Company. (4) The distribution fees accrue daily and are payable monthly in arrears. The monthly amount of distribution fees payable is included in distributions payable on the condensed consolidated balance sheets. Additionally, the Company accrues for estimated trailing amounts payable based on the shares outstanding as of the balance sheet date, which are included in distribution fees payable to affiliates on the condensed consolidated balance sheets. All or a portion of the distribution fees are reallowed or advanced by the Dealer Manager to unaffiliated participating broker dealers and broker dealers servicing accounts of investors who own Class T shares and/or Class W shares. 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 2018 Form 10-K for a description of the expense support agreement. As of March 31, 2019 , the aggregate amount paid by the Advisor pursuant to the expense support agreement was $8.8 million . Of this amount, the Company has reimbursed $3.5 million to the Advisor. For the Three Months Ended (in thousands) 2019 2018 Fees deferred $ 670 $ 14 Other expenses supported 625 1,048 Total expense support from Advisor 1,295 1,062 Reimbursement of previously deferred fees and other expenses supported (3,500 ) — Total (reimbursement to) expense support from Advisor, net (1) $ (2,205 ) $ 1,062 (1) As of March 31, 2019 , approximately $3.3 million was payable to the Advisor by the Company, and is included in due to affiliates on the condensed consolidated balance sheets. As of December 31, 2018 , approximately $0.7 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	3 Months Ended
	Mar. 31, 2019
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 Three Months Ended (in thousands) 2019 2018 Distributions payable $ 1,310 $ 178 Distribution fees payable to affiliates 10,450 1,436 Distributions reinvested in common stock 1,547 135 Accrued offering costs due to the Advisor 15,269 2,795 Redeemable noncontrolling interest issued as settlement of performance component of the Advisory fee 723 — Redemption value allocation adjustment to redeemable noncontrolling interest 24 — Accrued acquisition expense reimbursements due to the Advisor 3,728 741 Non-cash capital expenditures 137 53 Non-cash selling commissions and dealer manager fees 3,619 555 Restricted Cash The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the totals shown in the condensed consolidated statements of cash flows: For the Three Months Ended March 31, (in thousands) 2019 2018 Beginning of period: Cash and cash equivalents $ 19,016 $ 10,565 Restricted cash (1) 5 481 Cash, cash equivalents and restricted cash $ 19,021 $ 11,046 End of period: Cash and cash equivalents $ 29,603 $ 26,916 Restricted cash (2) 30 — Cash, cash equivalents and restricted cash $ 29,633 $ 26,916 (1) As of December 31, 2018 , restricted cash consisted of cash held in escrow in connection with certain estimated property improvements. As of December 31, 2017 , restricted cash consisted of amounts deposited with a third-party escrow agent related to the notes issued pursuant to the private offering, which was released to the Company from escrow in January 2018. (2) As of March 31, 2019 , restricted cash consisted of cash held in escrow in connection with a property acquisition.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2019
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 or its subsidiaries. Environmental Matters A majority of the properties the Company acquires have been or will be subject to environmental reviews either by the Company or the previous owners. In addition, the Company may incur environmental remediation costs associated with certain land parcels it may acquire in connection with the development of land. The Company has or may acquire certain properties in urban and industrial areas that may have been leased to or previously owned by commercial and industrial companies that discharged hazardous material. The Company may purchase various environmental insurance policies to mitigate its exposure to environmental liabilities. The Company is not aware of any environmental liabilities that it believes would have a material adverse effect on its business, financial condition, or results of operations as of March 31, 2019 .

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2019
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 May 8, 2019 , is as follows: (in thousands) Class T Class W Class I Notes to Total Amount of gross proceeds raised: Primary offering $ 338,241 $ 12,828 $ 6,348 $ — $ 357,417 DRIP 4,695 57 156 — 4,908 Private offering 62 — 62 376 500 Total offering $ 342,998 $ 12,885 $ 6,566 $ 376 $ 362,825 Number of shares issued: Primary offering 32,196 1,276 654 — 34,126 DRIP 468 6 16 — 490 Private offering 7 — 7 — 14 Stock dividends — 6 3 — 9 Total offering 32,671 1,288 680 — 34,639 As of May 8, 2019 , approximately $1.6 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 $495.1 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 May 13, 2019, the Company had entered into contracts to acquire properties with an aggregate contract purchase price of approximately $86.7 million , comprised of six industrial buildings. There can be no assurance that the Company will complete the acquisition of the properties under contract.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2019
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, 2018 , filed with the SEC on March 6, 2019 (“2018 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 Adopted Accounting Standards	Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 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 Company adopted the standard when it became effective for the Company, as of the reporting period beginning January 1, 2019, and the Company elected the practical expedients available for implementation under the standard. Under the practical expedients election, the Company was not 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 practical expedient also allowed the Company to not separate tenant reimbursement revenue from rental revenue if certain criteria were met. The Company assessed the criteria and concluded that the timing and pattern of transfer for rental revenue and the related tenant reimbursement revenue are the same and the lease component, if accounted for separately, would be classified as an operating lease. As such, the Company accounts for and presented rental revenue and tenant reimbursement revenue as a single component in the condensed consolidated statements of operations . The standard also requires new disclosures within the notes accompanying the condensed 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 adopted ASU 2018-01 when it became effective for the Company, as of the reporting period beginning January 1, 2019, and the Company elected the practical expedients available for implementation under the standard. In addition, in December 2018, the FASB issued ASU No. 2018-20, “Narrow—Scope Improvements for Lessors” (“ASU 2018-20”), which updates ASU 2016-02 by providing the option to elect a practical expedient for lessors to exclude sales and other similar taxes from the transaction price of the contract, requires lessors to exclude from revenue and expense lessor costs paid directly to a third party by lessees, and clarifies lessors’ accounting for variable payments related to both lease and nonlease components. The Company adopted ASU 2018-20 when it became effective for the Company, as of the reporting period beginning January 1, 2019, and the Company elected the practical expedients available for implementation under the standard. The adoption of these standards did not have a material effect on the Company’s condensed consolidated financial statements. In March 2019, the FASB issued ASU No. 2019-01, “Leases (Topic 842): Codification Improvements” (“ASU 2019-01”), which updates ASU 2016-02 to clarify that entities are not required to provide interim disclosures related to their adoption of ASU 2016-02 as required for other accounting changes and error corrections. The Company adopted this standard in conjunction with the adoption of ASU 2016-02. The adoption of this standard did not have a material effect on the Company’s consolidated financial statements.
Redeemable Noncontrolling Interest	Redeemable Noncontrolling Interest BCI IV Advisors Group LLC (the “Sponsor”) holds, either directly or indirectly, partnership units in the Company’s operating partnership (“OP Units”), which were issued as payment of the performance component of the advisory fee for the year ended December 31, 2018 pursuant to the amended and restated advisory agreement by and among the Company, BCI IV Operating Partnership LP (the “Operating Partnership”) and BCI IV Advisors LLC (the “Advisor”). The Company has classified these OP Units as redeemable noncontrolling interest in mezzanine equity on the condensed consolidated balance sheets due to the fact that, as defined in the operating partnership agreement, the Sponsor has the ability to redeem its OP units at the election of the Sponsor. The redeemable noncontrolling interest is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such OP units at the end of each measurement period.
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 March 31, 2019 and December 31, 2018 , 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.

REAL ESTATE ACQUISITIONS (Table

REAL ESTATE ACQUISITIONS (Tables)	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
Summary of Business Acquisitions	The Company acquired 100% of the following properties, all of which were determined to be asset acquisitions, during the three months ended March 31, 2019 : ($ in thousands) Acquisition Date Number of Buildings Total Purchase Price (1) Airport Industrial Center 1/8/2019 1 $ 8,136 Kelly Trade Center 1/31/2019 1 15,340 7A Distribution Center 2/11/2019 1 12,151 Quakerbridge Distribution Center 3/11/2019 1 8,594 Total Acquisitions 4 $ 44,221 (1) Total purchase price is equal to the total consideration paid.
Allocation of Purchase Price of Acquisitions	During the three months ended March 31, 2019 , the Company allocated the purchase price of its acquisitions to land, building, and intangible lease assets and liabilities as follows: (in thousands) For the Three Months Ended March 31, 2019 Land $ 15,080 Building 25,524 Intangible lease assets 4,374 Above-market lease assets 104 Below-market lease liabilities (861 ) Total purchase price (1) $ 44,221 (1) Total purchase price is equal to the total consideration paid.

INVESTMENT IN REAL ESTATE (Tabl

INVESTMENT IN REAL ESTATE (Tables)	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Schedule of Real Estate Properties	As of March 31, 2019 and December 31, 2018 , the Company’s investment in real estate properties consisted of 17 and 13 industrial buildings, respectively. As of (in thousands) March 31, 2019 December 31, 2018 Land $ 106,167 $ 91,087 Building and improvements 214,397 188,872 Intangible lease assets 28,971 24,492 Construction in progress 742 476 Investment in real estate properties 350,277 304,927 Less accumulated depreciation and amortization (6,701 ) (3,556 ) Net investment in real estate properties $ 343,576 $ 301,371
Intangible Lease Assets And Liabilities	Intangible lease assets and liabilities as of March 31, 2019 and December 31, 2018 included the following: As of March 31, 2019 As of December 31, 2018 (in thousands) Gross Accumulated Net Gross Accumulated Net Intangible lease assets (1) $ 28,619 $ (2,860 ) $ 25,759 $ 24,245 $ (1,450 ) $ 22,795 Above-market lease assets (1) 352 (33 ) 319 247 (15 ) 232 Below-market lease liabilities (2) (4,903 ) 887 (4,016 ) (4,042 ) 582 (3,460 ) (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.
Estimated Net Amortization of Intangible Lease Assets and Liabilities	The following table details the estimated net amortization of such intangible lease assets and liabilities, as of March 31, 2019 , for the next five years and thereafter: Estimated Net Amortization (in thousands) Intangible Above-Market Below-Market Remainder of 2019 $ 4,525 $ 60 $ (928 ) 2020 5,649 80 (1,064 ) 2021 5,136 65 (917 ) 2022 3,772 37 (594 ) 2023 2,889 28 (321 ) Thereafter 3,788 49 (192 ) Total $ 25,759 $ 319 $ (4,016 )
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 March 31, 2019 and December 31, 2018, excluding rental revenues from the potential renewal or replacement of existing leases, were as follows for the next five years and thereafter: As of (in thousands) March 31, 2019 December 31, 2018 2019 $ 12,859 $ 14,354 2020 17,332 14,877 2021 16,991 14,567 2022 14,343 12,756 2023 11,935 10,834 Thereafter 24,211 21,378 Total $ 97,671 $ 88,766
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 (in thousands) 2019 2018 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 557 $ 1 Above-market lease amortization (17 ) — Below-market lease amortization 305 55 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 1,718 $ 34 Intangible lease asset amortization 1,410 32

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Debt	A summary of the Company’s debt is as follows: Weighted-Average Effective Interest Rate as of Balance as of ($ in thousands) March 31, 2019 December 31, 2018 Maturity Date March 31, 2019 December 31, 2018 Line of credit (1) 4.10 % 4.10 % September 2020 $ — $ 119,000 Term loan (2) 3.75 — February 2024 90,000 — Total principal amount / weighted-average 3.75 % 4.10 % $ 90,000 $ 119,000 (1) The effective interest rate is calculated 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 March 31, 2019 , the unused portion under the line of credit was $199.9 million , of which $20.1 million was available. (2) The effective interest rate is calculated based on either (i) LIBOR plus a margin ranging from 1.25% to 2.05% ; or (ii) an alternative base rate plus a margin ranging from 0.25% to 1.05% , depending on the Company’s consolidated leverage ratio. The Company has the ability to borrow an additional $110.0 million under this term loan for total commitments of $200.0 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.

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair value of notes payable	The carrying values and fair values of these financial instruments were as follows: As of March 31, 2019 As of December 31, 2018 (in thousands) Carrying Fair Carrying Fair Line of credit $ — $ — $ 119,000 $ 119,000 Term loan 90,000 90,000 — — Notes payable to stockholders 376 376 376 376

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Summary of Public and Private Offerings	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 March 31, 2019 , is as follows: (in thousands) Class T Class W Class I Notes to Total Amount of gross proceeds raised: Primary offering $ 286,162 $ 6,210 $ 4,759 $ — $ 297,131 DRIP 3,404 23 132 — 3,559 Private offering 62 — 62 376 500 Total offering $ 289,628 $ 6,233 $ 4,953 $ 376 $ 301,190 Number of shares issued: Primary offering 27,251 617 496 — 28,364 DRIP 340 3 14 — 357 Private offering 7 — 7 — 14 Stock dividends — 6 3 — 9 Total offering 27,598 626 520 — 28,744 (1) The Company pays interest on the unpaid principal amount of the notes at a fixed rate of 18.25% per annum per note payable semi-annually in arrears. As of March 31, 2019 , approximately $1.7 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 $496.4 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. 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 May 8, 2019 , is as follows: (in thousands) Class T Class W Class I Notes to Total Amount of gross proceeds raised: Primary offering $ 338,241 $ 12,828 $ 6,348 $ — $ 357,417 DRIP 4,695 57 156 — 4,908 Private offering 62 — 62 376 500 Total offering $ 342,998 $ 12,885 $ 6,566 $ 376 $ 362,825 Number of shares issued: Primary offering 32,196 1,276 654 — 34,126 DRIP 468 6 16 — 490 Private offering 7 — 7 — 14 Stock dividends — 6 3 — 9 Total offering 32,671 1,288 680 — 34,639
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: (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 2,646 — 32 2,678 DRIP 12 — 1 13 Balance as of March 31, 2018 3,634 6 289 3,929 Balance as of December 31, 2018 19,759 161 345 20,265 Issuance of common stock: Primary shares 7,640 463 177 8,280 DRIP 150 2 3 155 Stock grants — — 76 76 Redemptions (7 ) — (69 ) (76 ) Balance as of March 31, 2019 27,542 626 532 28,700
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 (in thousands, Declared per Paid Reinvested Distribution Gross 2019 March 31 $ 0.13625 $ 1,178 $ 1,744 $ 620 $ 3,542 Total $ 0.13625 $ 1,178 $ 1,744 $ 620 $ 3,542 2018 December 31 $ 0.13625 $ 747 $ 1,102 $ 406 $ 2,255 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 $ 0.54500 $ 1,688 $ 2,379 $ 875 $ 4,942 (1) Amounts reflect the quarterly distribution rate authorized by the Company’s board of directors per Class T share, per Class W share, and per Class I share of common stock. Distributions were declared and paid as of monthly record dates. These monthly distributions have been aggregated and presented on a quarterly basis. The distributions on Class T shares and Class W shares of common stock are reduced by the respective distribution fees that are payable with respect to such Class T shares and Class W shares. (2) Distribution fees are paid monthly to 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. (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 Three Months Ended March 31, 2019 2018 Number of eligible shares redeemed 76,288 — Aggregate dollar amount of shares redeemed $ 764,277 $ — Average redemption price per share $ 10.02 $ —

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, Payable as of March 31, December 31, (in thousands) 2019 2018 Expensed: Advisory fee—fixed component $ 670 $ 14 $ 454 $ 200 Advisory fee—performance component 518 — 518 723 Acquisition expense reimbursements (1) 878 741 3,728 3,500 Other expense reimbursements (2) 472 246 90 299 Total $ 2,538 $ 1,001 $ 4,790 $ 4,722 Additional Paid-In Capital: Selling commissions $ 1,818 $ 555 $ — $ — Dealer manager fees 1,801 692 — — Offering costs (3) 1,149 1,868 15,269 14,119 Distribution fees—current 620 66 235 168 Distribution fees—trailing (4) 2,992 1,042 10,450 7,457 Total $ 8,380 $ 4,223 $ 25,954 $ 21,744 (1) Reflects amounts reimbursable to the Advisor for all expenses incurred by the Advisor and its affiliates on the Company’s behalf in connection with the selection, acquisition, development or origination of an asset. (2) 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, 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. A portion of the compensation received by certain employees of the Advisor and its affiliates may be in the form of a restricted stock grant awarded by the Company. The Company shows these as reimbursements to the Advisor to the same extent that the Company recognizes the related share-based compensation on its condensed consolidated statements of operations. The Company reimbursed the Advisor approximately $0.4 million and $0.2 million for the three months ended March 31, 2019 and 2018 , respectively, for such compensation expenses. The remaining amount of other expense reimbursements relate to other general overhead and administrative expenses including, but not limited to, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment. (3) As of March 31, 2019 , the Advisor had incurred $15.6 million of offering costs on behalf of the Company. (4) The distribution fees accrue daily and are payable monthly in arrears. The monthly amount of distribution fees payable is included in distributions payable on the condensed consolidated balance sheets. Additionally, the Company accrues for estimated trailing amounts payable based on the shares outstanding as of the balance sheet date, which are included in distribution fees payable to affiliates on the condensed consolidated balance sheets. All or a portion of the distribution fees are reallowed or advanced by the Dealer Manager to unaffiliated participating broker dealers and broker dealers servicing accounts of investors who own Class T shares and/or Class W shares.
Schedule of Fees Deferred or Waived or Expense Supported by the Advisor and Reimbursements to the Advisor by the Company	The table below provides information regarding the fees deferred and expense support provided by the Advisor, pursuant to the expense support agreement. Refer to Item 8, “Financial Statements and Supplementary Data” in the Company’s 2018 Form 10-K for a description of the expense support agreement. As of March 31, 2019 , the aggregate amount paid by the Advisor pursuant to the expense support agreement was $8.8 million . Of this amount, the Company has reimbursed $3.5 million to the Advisor. For the Three Months Ended (in thousands) 2019 2018 Fees deferred $ 670 $ 14 Other expenses supported 625 1,048 Total expense support from Advisor 1,295 1,062 Reimbursement of previously deferred fees and other expenses supported (3,500 ) — Total (reimbursement to) expense support from Advisor, net (1) $ (2,205 ) $ 1,062 (1) As of March 31, 2019 , approximately $3.3 million was payable to the Advisor by the Company, and is included in due to affiliates on the condensed consolidated balance sheets. As of December 31, 2018 , approximately $0.7 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)	3 Months Ended
	Mar. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow Supplemental Disclosures	Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Three Months Ended (in thousands) 2019 2018 Distributions payable $ 1,310 $ 178 Distribution fees payable to affiliates 10,450 1,436 Distributions reinvested in common stock 1,547 135 Accrued offering costs due to the Advisor 15,269 2,795 Redeemable noncontrolling interest issued as settlement of performance component of the Advisory fee 723 — Redemption value allocation adjustment to redeemable noncontrolling interest 24 — Accrued acquisition expense reimbursements due to the Advisor 3,728 741 Non-cash capital expenditures 137 53 Non-cash selling commissions and dealer manager fees 3,619 555 The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the totals shown in the condensed consolidated statements of cash flows: For the Three Months Ended March 31, (in thousands) 2019 2018 Beginning of period: Cash and cash equivalents $ 19,016 $ 10,565 Restricted cash (1) 5 481 Cash, cash equivalents and restricted cash $ 19,021 $ 11,046 End of period: Cash and cash equivalents $ 29,603 $ 26,916 Restricted cash (2) 30 — Cash, cash equivalents and restricted cash $ 29,633 $ 26,916 (1) As of December 31, 2018 , restricted cash consisted of cash held in escrow in connection with certain estimated property improvements. As of December 31, 2017 , restricted cash consisted of amounts deposited with a third-party escrow agent related to the notes issued pursuant to the private offering, which was released to the Company from escrow in January 2018. (2) As of March 31, 2019 , restricted cash consisted of cash held in escrow in connection with a property acquisition.

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Summary of Public and Private Offerings	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 March 31, 2019 , is as follows: (in thousands) Class T Class W Class I Notes to Total Amount of gross proceeds raised: Primary offering $ 286,162 $ 6,210 $ 4,759 $ — $ 297,131 DRIP 3,404 23 132 — 3,559 Private offering 62 — 62 376 500 Total offering $ 289,628 $ 6,233 $ 4,953 $ 376 $ 301,190 Number of shares issued: Primary offering 27,251 617 496 — 28,364 DRIP 340 3 14 — 357 Private offering 7 — 7 — 14 Stock dividends — 6 3 — 9 Total offering 27,598 626 520 — 28,744 (1) The Company pays interest on the unpaid principal amount of the notes at a fixed rate of 18.25% per annum per note payable semi-annually in arrears. As of March 31, 2019 , approximately $1.7 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 $496.4 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. 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 May 8, 2019 , is as follows: (in thousands) Class T Class W Class I Notes to Total Amount of gross proceeds raised: Primary offering $ 338,241 $ 12,828 $ 6,348 $ — $ 357,417 DRIP 4,695 57 156 — 4,908 Private offering 62 — 62 376 500 Total offering $ 342,998 $ 12,885 $ 6,566 $ 376 $ 362,825 Number of shares issued: Primary offering 32,196 1,276 654 — 34,126 DRIP 468 6 16 — 490 Private offering 7 — 7 — 14 Stock dividends — 6 3 — 9 Total offering 32,671 1,288 680 — 34,639

REAL ESTATE ACQUISITIONS - Narr

REAL ESTATE ACQUISITIONS - Narrative (Details)	3 Months Ended
	Mar. 31, 2019
Intangible lease assets
Business Acquisition [Line Items]
Weighted-average amortization period of acquired finite-lived intangible assets	4 years 4 months 17 days

REAL ESTATE ACQUISITIONS - Summ

REAL ESTATE ACQUISITIONS - Summary of Business Acquisitions (Details) $ in Thousands	Mar. 31, 2019USD ($)Building
2019 Acquisitions
Business Acquisition [Line Items]
Number of Buildings | Building	4
Total Purchase Price | $	$ 44,221
Airport Industrial Center
Business Acquisition [Line Items]
Number of Buildings | Building	1
Total Purchase Price | $	$ 8,136
Kelly Trade Center
Business Acquisition [Line Items]
Number of Buildings | Building	1
Total Purchase Price | $	$ 15,340
7A Distribution Center
Business Acquisition [Line Items]
Number of Buildings | Building	1
Total Purchase Price | $	$ 12,151
Quakerbridge Distribution Center
Business Acquisition [Line Items]
Number of Buildings | Building	1
Total Purchase Price | $	$ 8,594

REAL ESTATE ACQUISITIONS - Purc

REAL ESTATE ACQUISITIONS - Purchase Price Allocation (Details) - 2019 Acquisitions $ in Thousands	Mar. 31, 2019USD ($)
Business Acquisition [Line Items]
Land	$ 15,080
Building	25,524
Intangible lease assets	4,374
Above-market lease assets	104
Below-market lease liabilities	(861)
Total purchase price	$ 44,221

INVESTMENT IN REAL ESTATE - Nar

INVESTMENT IN REAL ESTATE - Narrative (Details) - Building	Mar. 31, 2019	Dec. 31, 2018
Consolidated Properties
Real Estate Properties [Line Items]
Real estate properties owned, buildings	17	13

INVESTMENT IN REAL ESTATE - Inv

INVESTMENT IN REAL ESTATE - Investment in Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real Estate [Abstract]
Land	$ 106,167	$ 91,087
Building and improvements	214,397	188,872
Intangible lease assets	28,971	24,492
Construction in progress	742	476
Investment in real estate properties	350,277	304,927
Less accumulated depreciation and amortization	(6,701)	(3,556)
Net investment in real estate properties	$ 343,576	$ 301,371

INVESTMENT IN REAL ESTATE - Sum

INVESTMENT IN REAL ESTATE - Summary of Intangible Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets, Gross	$ 28,971	$ 24,492
Below Market Lease [Roll Forward]
Gross	(4,903)	(4,042)
Accumulated Amortization	887	582
Total	(4,016)	(3,460)
Intangible lease assets
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets, Gross	28,619	24,245
Accumulated Amortization	(2,860)	(1,450)
Total	25,759	22,795
Above-market lease assets
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets, Gross	352	247
Accumulated Amortization	(33)	(15)
Total	$ 319	$ 232

INVESTMENT IN REAL ESTATE - Est

INVESTMENT IN REAL ESTATE - Estimated Net Amortization of Intangible Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets And Liabilities [Line Items]
Total	$ (4,016)	$ (3,460)
Intangible lease assets
Finite-Lived Intangible Assets And Liabilities [Line Items]
Remainder of 2019	4,525
2020	5,649
2021	5,136
2022	3,772
2023	2,889
Thereafter	3,788
Total	25,759	22,795
Above-market lease assets
Finite-Lived Intangible Assets And Liabilities [Line Items]
Remainder of 2019	60
2020	80
2021	65
2022	37
2023	28
Thereafter	49
Total	319	$ 232
Below-market lease liabilities
Finite-Lived Intangible Assets And Liabilities [Line Items]
Remainder of 2019	(928)
2020	(1,064)
2021	(917)
2022	(594)
2023	(321)
Thereafter	(192)
Total	$ (4,016)

INVESTMENT IN REAL ESTATE - Fut

INVESTMENT IN REAL ESTATE - Future Minimum Rents (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real Estate [Abstract]
2019	$ 12,859
2019		$ 14,354
2020	17,332	14,877
2021	16,991	14,567
2022	14,343	12,756
2023	11,935	10,834
Thereafter	24,211	21,378
Total	$ 97,671	$ 88,766

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
	Mar. 31, 2019	Mar. 31, 2018
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$ 557	$ 1
Above-market lease amortization	(17)	0
Below-market lease amortization	305	55
Real Estate-Related Depreciation and Amortization:
Depreciation expense	1,718	34
Intangible lease asset amortization	$ 1,410	$ 32

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	3.75%	4.10%
Line of credit	$ 0	$ 119,000
Term loan	376	376
Total principal amount	$ 90,000	$ 119,000
Line of Credit
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	4.10%	4.10%
Line of credit	$ 0	$ 119,000
Unused portion	199,900
Available capacity	$ 20,100
Line of Credit | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%
Line of Credit | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Line of Credit | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.60%
Line of Credit | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Term Loan
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	3.75%	0.00%
Term loan	$ 90,000	$ 0
Ability to expand borrowing capacity	110,000
Total commitments	$ 200,000
Term Loan | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Term Loan | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.05%
Term Loan | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%
Term Loan | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.05%

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Line of credit	$ 0	$ 119,000
Term loan	90,000	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	0	119,000
Term loan	90,000	0
Notes payable to stockholders	$ 376	$ 376

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - Initial Public Offering $ in Millions	Mar. 31, 2019USD ($)
Class of Stock [Line Items]
Total amount of common stock remaining available for sale	$ 496.4
Amount remaining available for sale through distribution reinvestment plan	$ 1,700

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of Company's Initial Public Offering (Details) shares in Thousands, $ in Thousands	Mar. 31, 2019USD ($)shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 301,190
Number of shares issued | shares	28,744
Class T Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 289,628
Number of shares issued | shares	27,598
Class W Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 6,233
Number of shares issued | shares	626
Class I Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 4,953
Number of shares issued | shares	520
Notes to Stockholders
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 376
Unpaid principal amount, fixed interest rate	18.25%
Primary Offering
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 297,131
Number of shares issued | shares	28,364
Primary Offering | Class T Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 286,162
Number of shares issued | shares	27,251
Primary Offering | Class W Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 6,210
Number of shares issued | shares	617
Primary Offering | Class I Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 4,759
Number of shares issued | shares	496
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 | $	$ 3,559
Number of shares issued | shares	357
DRIP | Class T Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 3,404
Number of shares issued | shares	340
DRIP | Class W Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 23
Number of shares issued | shares	3
DRIP | Class I Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 132
Number of shares issued | shares	14
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 shares in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	19,759
Ending balance, shares	27,542
Class W Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	161
Ending balance, shares	626
Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	345
Ending balance, shares	532
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	20,265	1,238
Primary shares, shares	8,280	2,678
DRIP, shares	155	13
Stock grants, shares	76
Redemptions, shares	(76)
Ending balance, shares	28,700	3,929
Common Stock | Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	19,759	976
Primary shares, shares	7,640	2,646
DRIP, shares	150	12
Stock grants, shares	0
Redemptions, shares	(7)
Ending balance, shares	27,542	3,634
Common Stock | Class W Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	161	6
Primary shares, shares	463	0
DRIP, shares	2	0
Stock grants, shares	0
Redemptions, shares	0
Ending balance, shares	626	6
Common Stock | Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	345	256
Primary shares, shares	177	32
DRIP, shares	3	1
Stock grants, shares	76
Redemptions, shares	(69)
Ending balance, shares	532	289

STOCKHOLDERS' EQUITY - Summar_3

STOCKHOLDERS' EQUITY - Summary of Company's Cash Distribution Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2018
Class of Stock [Line Items]
Gross Distributions	$ 3,542				$ 404
Cash Distribution
Class of Stock [Line Items]
Declared per Common Share (usd per share)	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.545
Paid in Cash	$ 1,178	$ 747	$ 496	$ 305	$ 140	$ 1,688
Reinvested in Shares	1,744	1,102	681	399	197	2,379
Distribution Fees	620	406	255	147	67	875
Gross Distributions	$ 3,542	$ 2,255	$ 1,432	$ 851	$ 404	$ 4,942

STOCKHOLDERS' EQUITY - Share Re

STOCKHOLDERS' EQUITY - Share Redemption Activity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Equity [Abstract]
Number of eligible shares redeemed	76,288	0
Aggregate dollar amount of shares redeemed	$ 764,277	$ 0
Average redemption price per share (in dollars per share)	$ 10.02	$ 0

RELATED PARTY TRANSACTIONS - Su

RELATED PARTY TRANSACTIONS - Summary of Fees and Expenses Incurred by Company (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2017	Dec. 31, 2018
Expensed [Abstract]
Advisory fee - fixed component, expensed	$ 670,000	$ 14,000
Advisory fee - performance component, expensed	518,000	0
Acquisition expense reimbursements, expensed	878,000	741,000
Other expense reimbursements, expensed	472,000	246,000
Total	2,538,000	1,001,000
Advisory fee, payable	454,000			$ 200,000
Advisory fee - performance component, payable	518,000			723,000
Acquisition expense reimbursements, payable	3,728,000			3,500,000
Other expenses reimbursements, payable	90,000			299,000
Related party payable	4,790,000			4,722,000
Additional Paid in Capital [Abstract]
Selling commissions, expensed	1,818,000	555,000
Dealer manager fees, expensed	1,801,000	692,000
Offering costs, expensed	1,149,000	1,868,000
Distribution fees-current, expensed	620,000	66,000
Distribution fees-trailing, expensed	2,992,000	1,042,000
Distribution fees payable to affiliates	10,450,000	1,436,000		7,457,000
Total	8,380,000	4,223,000
Selling commissions, payable	0			0
Dealer manager fees, payables	0			0
Offering costs, payable	15,269,000			14,119,000
Distribution fees-current, payable	235,000			168,000
Total	25,954,000			$ 21,744,000
Advisor
Additional Paid in Capital [Abstract]
Amount reimbursed for services	400,000	$ 200,000
Affiliated Entity | Advisor
Expensed [Abstract]
Other expense reimbursements, expensed			$ 0
Additional Paid in Capital [Abstract]
Offering costs incurred by Advisor	$ 15,600,000

RELATED PARTY TRANSACTIONS - Ex

RELATED PARTY TRANSACTIONS - Expense Support Agreement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Related Party Transaction [Line Items]
Total (reimbursement to) expense support from Advisor, net	$ (2,205)	$ 1,062
Expense support payable to the company by the Advisor	(3,300)	700
Affiliated Entity | Expense Support Agreement
Related Party Transaction [Line Items]
Aggregate amount paid by the Advisor pursuant to the expense support agreement	8,800
Fees deferred	670	14
Other expenses supported	625	1,048
Total expense support from Advisor	1,295	1,062
Reimbursement of previously deferred fees and other expenses supported	(3,500)	0
Total (reimbursement to) expense support from Advisor, net	$ (2,205)	$ 1,062

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Distributions payable	$ 1,310	$ 178	$ 920
Distribution fees payable to affiliates	10,450	1,436	$ 7,457
Distributions reinvested in common stock	1,547	135
Accrued offering costs due to the Advisor	15,269	2,795
Redeemable noncontrolling interest issued as settlement of performance component of the Advisory fee	723	0
Redemption value allocation adjustment to redeemable noncontrolling interest	24	0
Accrued acquisition expense reimbursements due to the Advisor	3,728	741
Non-cash capital expenditures	137	53
Non-cash selling commissions and dealer manager fees	$ 3,619	$ 555

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION - Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 29,603	$ 19,016	$ 26,916	$ 10,565
Restricted cash	30	5	0	481
Cash, cash equivalents and restricted cash	$ 29,633	$ 19,021	$ 26,916	$ 11,046

SUBSEQUENT EVENTS - Summary of

SUBSEQUENT EVENTS - Summary of Company's Initial Public Offerings (Details) - USD ($) shares in Thousands, $ in Thousands	May 08, 2019	Mar. 31, 2019
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 301,190
Number of shares issued		28,744
Primary Offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 297,131
Number of shares issued		28,364
DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 3,559
Number of shares issued		357
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		$ 289,628
Number of shares issued		27,598
Class T Shares | Primary Offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 286,162
Number of shares issued		27,251
Class T Shares | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 3,404
Number of shares issued		340
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		$ 6,233
Number of shares issued		626
Class W Shares | Primary Offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 6,210
Number of shares issued		617
Class W Shares | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 23
Number of shares issued		3
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		$ 4,953
Number of shares issued		520
Class I Shares | Primary Offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 4,759
Number of shares issued		496
Class I Shares | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 132
Number of shares issued		14
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	$ 362,825
Number of shares issued	34,639
Subsequent Event | Primary Offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 357,417
Number of shares issued	34,126
Subsequent Event | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 4,908
Number of shares issued	490
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	$ 342,998
Number of shares issued	32,671
Subsequent Event | Class T Shares | Primary Offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 338,241
Number of shares issued	32,196
Subsequent Event | Class T Shares | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 4,695
Number of shares issued	468
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	$ 12,885
Number of shares issued	1,288
Subsequent Event | Class W Shares | Primary Offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 12,828
Number of shares issued	1,276
Subsequent Event | Class W Shares | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 57
Number of shares issued	6
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	$ 6,566
Number of shares issued	680
Subsequent Event | Class I Shares | Primary Offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 6,348
Number of shares issued	654
Subsequent Event | Class I Shares | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 156
Number of shares issued	16
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	May 08, 2019USD ($)Building	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)
Subsequent Event [Line Items]
Payments to acquire real estate		$ 43,458	$ 10,587
Subsequent Event
Subsequent Event [Line Items]
Total amount of common stock remaining available for sale	$ 1,600,000
Amount remaining available for sale through distribution reinvestment plan	495,100
Acquisitions under Contract | Subsequent Event
Subsequent Event [Line Items]
Payments to acquire real estate	$ 86,700
Number of properties acquired | Building	6