ARES INDUSTRIAL REAL ESTATE INCOME TRUST (ARIR) 10-Q 12 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 06, 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	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	true
Entity Current Reporting Status	Yes
Class T Shares
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		38,760,023
Class W Shares
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		1,897,509
Class I Shares
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		968,244

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
ASSETS
Net investment in real estate properties	$ 606,213	$ 301,371
Cash and cash equivalents	41,395	19,016
Restricted cash	30	5
Straight-line and tenant receivables	2,714	1,394
Due from affiliates	3	517
Acquisition deposits	150	675
Other assets	772	475
Total assets	651,277	323,453
Liabilities
Accounts payable and accrued liabilities	3,536	1,190
Debt, net	280,339	117,833
Notes payable to stockholders, net of debt issuance costs	376	376
Due to affiliates	24,179	18,439
Distributions payable	1,683	920
Distribution fees payable to affiliates	13,299	7,457
Other liabilities	11,597	5,465
Total liabilities	335,009	151,680
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	337,563	180,125
Accumulated deficit	(22,389)	(8,556)
Total stockholders’ equity	315,544	171,772
Noncontrolling interests	1	1
Total equity	315,545	171,773
Total liabilities and equity	651,277	323,453
Class T Shares
Stockholders’ equity:
Common stock, value	347	198
Class W Shares
Stockholders’ equity:
Common stock, value	15	2
Class I Shares
Stockholders’ equity:
Common stock, value	$ 8	$ 3

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 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	34,722,000	19,759,000
Common stock, shares outstanding	34,722,000	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	1,480,000	161,000
Common stock, shares outstanding	1,480,000	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	791,000	345,000
Common stock, shares outstanding	791,000	345,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Rental revenues	$ 7,001	$ 790	$ 12,964	$ 883
Total revenues	7,001	790	12,964	883
Operating expenses:
Rental expenses	1,549	143	2,971	156
Real estate-related depreciation and amortization	3,887	461	7,015	527
General and administrative expenses	638	401	1,243	696
Advisory fees, related party	1,547	320	2,735	334
Acquisition expense reimbursements, related party	696	1,254	1,574	1,995
Other expense reimbursements, related party	491	326	963	572
Total operating expenses	8,808	2,905	16,501	4,280
Other expenses:
Interest expense and other	1,154	324	2,355	507
Total other expenses	1,154	324	2,355	507
Total expenses before expense support	9,962	3,229	18,856	4,787
Total expense support from (reimbursement to) the Advisor, net	1,045	1,400	(1,160)	2,462
Net expenses after expense support	(8,917)	(1,829)	(20,016)	(2,325)
Net loss	(1,916)	(1,039)	(7,052)	(1,442)
Net loss attributable to redeemable noncontrolling interest	4	0	18	0
Net loss attributable to noncontrolling interests	0	0	0	0
Net loss attributable to common stockholders	$ (1,912)	$ (1,039)	$ (7,034)	$ (1,442)
Weighted-average shares outstanding (in shares)	34,452	6,248	30,248	4,614
Net loss per common share - basic and diluted (usd per share)	$ (0.06)	$ (0.17)	$ (0.23)	$ (0.31)

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
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss ($4 and $18 allocated to redeemable noncontrolling interest for the three and six months ended June 30, 2019)	(1,442)			(1,442)
Issuance of common stock, shares		6,253
Issuance of common stock	65,437	$ 63	65,374
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs	(7,231)		(7,231)
Trailing distribution fees	(2,372)		(2,585)	213
Distributions to stockholders	(1,255)			(1,255)
Ending balance at Jun. 30, 2018	63,743	$ 75	66,417	(2,750)	1
Ending balance, shares at Jun. 30, 2018		7,491
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
Beginning balance at Mar. 31, 2018	33,796	$ 39	34,763	(1,007)	1
Beginning balance, shares at Mar. 31, 2018		3,929
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss ($4 and $18 allocated to redeemable noncontrolling interest for the three and six months ended June 30, 2019)	(1,039)			(1,039)
Issuance of common stock, shares		3,562
Issuance of common stock	37,283	$ 36	37,247
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs	(4,116)		(4,116)
Trailing distribution fees	(1,330)		(1,477)	147
Distributions to stockholders	(851)			(851)
Ending balance at Jun. 30, 2018	63,743	$ 75	66,417	(2,750)	1
Ending balance, shares at Jun. 30, 2018		7,491
Beginning balance at Dec. 31, 2018	171,773	$ 203	180,125	(8,556)	1
Beginning balance, shares at Dec. 31, 2018		20,265
Ending balance at Mar. 31, 2019	243,298	$ 286	259,611	(16,600)	1
Ending balance, shares at Mar. 31, 2019		28,700
Beginning balance at Dec. 31, 2018	171,773	$ 203	180,125	(8,556)	1
Beginning balance, shares at Dec. 31, 2018		20,265
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss ($4 and $18 allocated to redeemable noncontrolling interest for the three and six months ended June 30, 2019)	(7,034)			(7,034)
Issuance of common stock, shares		16,829
Issuance of common stock	175,404	$ 168	175,236
Share-based compensation	359		359
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs	(9,834)		(9,834)
Trailing distribution fees	(5,840)		(7,278)	1,438
Redemptions of common stock, shares		(101)
Redemptions of common stock	(1,009)	$ (1)	(1,008)
Distributions to stockholders	(8,237)			(8,237)
Redemption value allocation adjustment to redeemable noncontrolling interest	(37)		(37)
Ending balance at Jun. 30, 2019	315,545	$ 370	337,563	(22,389)	1
Ending balance, shares at Jun. 30, 2019		36,993
Beginning balance at Mar. 31, 2019	243,298	$ 286	259,611	(16,600)	1
Beginning balance, shares at Mar. 31, 2019		28,700
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss ($4 and $18 allocated to redeemable noncontrolling interest for the three and six months ended June 30, 2019)	(1,912)			(1,912)
Issuance of common stock, shares		8,318
Issuance of common stock	86,970	$ 84	86,886
Share-based compensation	56		56
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs	(5,066)		(5,066)
Trailing distribution fees	(2,848)		(3,666)	818
Redemptions of common stock, shares		(25)
Redemptions of common stock	(245)	$ 0	(245)
Distributions to stockholders	(4,695)			(4,695)
Redemption value allocation adjustment to redeemable noncontrolling interest	(13)		(13)
Ending balance at Jun. 30, 2019	$ 315,545	$ 370	$ 337,563	$ (22,389)	$ 1
Ending balance, shares at Jun. 30, 2019		36,993

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Stockholders' Equity [Abstract]
Net loss allocated to redeemable non-controlling interest	$ 4	$ 0	$ 18	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating activities:
Net loss	$ (7,052)	$ (1,442)
Adjustments to reconcile net loss to net cash provided by operating activities:
Real estate-related depreciation and amortization	7,015	527
Straight-line rent and amortization of above- and below-market leases	(1,752)	(387)
Amortization of debt issuance costs	466	213
Share-based compensation	359	0
Changes in operating assets and liabilities:
Tenant receivables and other assets	(152)	120
Accounts payable and accrued liabilities	1,615	512
Due from / to affiliates, net	4,082	1,947
Net cash provided by operating activities	4,581	1,490
Investing activities:
Real estate acquisitions	(253,093)	(148,918)
Acquisition deposits	(150)	0
Capital expenditures	(556)	(180)
Net cash used in investing activities	(253,799)	(149,098)
Financing activities:
Proceeds from line of credit	170,000	78,500
Repayments of line of credit	(147,000)	0
Proceeds from term loan	90,000	0
Debt issuance costs paid	(1,348)	(717)
Proceeds from issuance of common stock	164,800	62,065
Distributions paid to common stockholders	(2,503)	(343)
Distribution fees paid to affiliates	(1,318)	(163)
Redemptions of common stock	(1,009)	0
Net cash provided by financing activities	271,622	139,342
Net increase (decrease) in cash, cash equivalents and restricted cash	22,404	(8,266)
Cash, cash equivalents and restricted cash, at beginning of period	19,021	11,046
Cash, cash equivalents and restricted cash, at end of period	$ 41,425	$ 2,780

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 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”) 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	6 Months Ended
	Jun. 30, 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 (the “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. Reclassifications Certain items in the Company’s condensed consolidated balance sheets for 2018 have been reclassified to conform to the 2019 presentation. Debt issuance costs related to the line of credit have been reclassified from assets to liabilities and are presented on the condensed consolidated balance sheets as a direct deduction from the related debt liability.

REAL ESTATE ACQUISITIONS

REAL ESTATE ACQUISITIONS	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 Hebron Airpark Logistics Center 5/30/2019 1 11,800 Las Vegas Light Industrial Portfolio 5/30/2019 4 59,271 Monte Vista Industrial Center 6/7/2019 1 15,539 King of Prussia Core Infill Portfolio 6/21/2019 5 31,978 Dallas Infill Industrial Portfolio (2) 6/28/2019 5 116,055 Edison Distribution Center 6/28/2019 1 27,598 Total Acquisitions 21 $ 306,462 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. (2) Includes debt assumed at fair value as of the acquisition date of $50.4 million , with a principal amount of $49.3 million . During the six months ended June 30, 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 Six Months Ended June 30, 2019 Land $ 91,041 Building 193,146 Intangible lease assets 26,002 Above-market lease assets 876 Below-market lease liabilities (4,603 ) Total purchase price (1) $ 306,462 (1) Total purchase price is equal to the total consideration plus any debt assumed at fair value. 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 six months ended June 30, 2019 , as of the respective date of each acquisition, was 3.9 years .

INVESTMENT IN REAL ESTATE

INVESTMENT IN REAL ESTATE	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE	4. INVESTMENT IN REAL ESTATE As of June 30, 2019 and December 31, 2018 , the Company’s investment in real estate properties consisted of 34 and 13 industrial buildings, respectively. As of (in thousands) June 30, 2019 December 31, 2018 Land $ 182,128 $ 91,087 Building and improvements 382,651 188,872 Intangible lease assets 51,416 24,492 Construction in progress 633 476 Investment in real estate properties 616,828 304,927 Less accumulated depreciation and amortization (10,615 ) (3,556 ) Net investment in real estate properties $ 606,213 $ 301,371 Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of June 30, 2019 and December 31, 2018 included the following: As of June 30, 2019 As of December 31, 2018 (in thousands) Gross Accumulated Net Gross Accumulated Net Intangible lease assets (1) $ 50,294 $ (4,626 ) $ 45,668 $ 24,245 $ (1,450 ) $ 22,795 Above-market lease assets (1) 1,122 (59 ) 1,063 247 (15 ) 232 Below-market lease liabilities (2) (8,644 ) 1,244 (7,400 ) (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 June 30, 2019 , for the next five years and thereafter: Estimated Net Amortization (in thousands) Intangible Above-Market Below-Market Remainder of 2019 $ 5,763 $ 141 $ 992 2020 10,733 283 1,852 2021 9,429 256 1,682 2022 7,337 203 1,311 2023 5,909 131 943 Thereafter 6,497 49 620 Total $ 45,668 $ 1,063 $ 7,400 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 June 30, 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) June 30, 2019 December 31, 2018 2019 $ 15,290 $ 14,354 2020 30,829 14,877 2021 28,235 14,567 2022 23,624 12,756 2023 18,242 10,834 Thereafter 37,519 21,378 Total $ 153,739 $ 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 For the Six Months Ended (in thousands) 2019 2018 2019 2018 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 577 $ 189 $ 1,134 $ 190 Above-market lease amortization (27 ) (1 ) (44 ) (1 ) Below-market lease amortization 357 143 662 198 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 2,122 $ 273 $ 3,840 $ 307 Intangible lease asset amortization 1,765 188 3,175 220

DEBT

DEBT	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
DEBT	5. DEBT The Company’s indebtedness is currently comprised of borrowings under its line of credit, term loan, and mortgage notes. Borrowings under the non-recourse mortgage notes are secured by mortgages or deeds of trust and related assignments and security interests in collateralized and certain cross-collateralized properties, which are generally owned by single purpose entities. A summary of the Company’s debt is as follows: Weighted-Average Effective Interest Rate as of Balance as of ($ in thousands) June 30, December 31, Maturity Date June 30, December 31, Line of credit (1) 4.00 % 4.10 % September 2020 $ 142,000 $ 119,000 Term loan (2) 3.65 — February 2024 90,000 — Fixed-rate mortgage notes (3) 3.71 — August 2024 - December 2027 49,250 — Total principal amount / weighted-average (4) 3.84 % 4.10 % $ 281,250 $ 119,000 Less unamortized debt issuance costs $ (2,079 ) $ (1,167 ) Add mark-to-market adjustment on assumed debt 1,168 — Total debt, net $ 280,339 $ 117,833 Gross book value of properties encumbered by debt $ 116,055 $ — (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 June 30, 2019 , the unused portion under the line of credit was $57.9 million , and we had no amounts 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 , of which $90.1 million was available as of June 30, 2019 . This term loan is available for general corporate purposes including, but not limited to, the acquisition and operation of permitted investments by the Company. (3) Interest rates range from 3.59% to 3.75% . The assets and credit of each of the Company’s properties pledged as collateral for the Company’s mortgage notes are not available to satisfy the Company’s other debt and obligations, unless the Company first satisfies the mortgage notes payable on the respective underlying properties. (4) The weighted-average remaining term of the Company’s debt was approximately 3.1 years as of June 30, 2019 , excluding any extension options on the line of credit. As of June 30, 2019, the principal payments due on the Company’s consolidated debt during each of the next five years and thereafter were as follows: (in thousands) Line of Credit (1) Term Loan Mortgage Notes Total Remainder of 2019 $ — $ — $ — $ — 2020 142,000 — — 142,000 2021 — — — — 2022 — — — — 2023 — — — — Thereafter — 90,000 49,250 139,250 Total principal payments $ 142,000 $ 90,000 $ 49,250 $ 281,250 (1) The term of the line of credit may be extended pursuant to two one -year extension options, subject to certain conditions. LIBOR is expected to be discontinued after 2021. As of June 30, 2019, the Company’s term loan is its only indebtedness with a maturity beyond 2021 that has exposure to LIBOR. The agreement governing the term loan provides procedures for determining a replacement or alternative base rate in the event that LIBOR is discontinued. However, there can be no assurances as to whether such replacement or alternative base rate will be more or less favorable than LIBOR. The Company intends to monitor the developments with respect to the potential phasing out of LIBOR after 2021 and work with its lenders to seek to ensure any transition away from LIBOR will have minimal impact on its financial condition, but can provide no assurances regarding the impact of the discontinuation of LIBOR. Debt Covenants The Company’s line of credit, term loan and mortgage note agreements contain various property-level covenants, including customary affirmative and negative covenants. In addition, the line of credit and term loan agreements contain certain corporate level financial covenants, including leverage ratio, fixed charge coverage ratio, and tangible net worth thresholds. The Company was in compliance with all covenants as of June 30, 2019 .

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2019 As of December 31, 2018 (in thousands) Carrying Fair Carrying Fair Line of credit $ 142,000 $ 142,000 $ 119,000 $ 119,000 Term loan 90,000 90,000 — — Fixed rate mortgage notes 49,250 50,418 — — Notes payable to stockholders 376 376 376 376 (1) The carrying value reflects the principal amount outstanding.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 , is as follows: (in thousands) Class T Class W Class I Notes to Total Amount of gross proceeds raised: Primary offering $ 359,929 $ 14,732 $ 7,321 $ — $ 381,982 DRIP 5,422 85 173 — 5,680 Private offering 62 — 62 376 500 Total offering $ 365,413 $ 14,817 $ 7,556 $ 376 $ 388,162 Number of shares issued: Primary offering 34,256 1,465 751 — 36,472 DRIP 540 9 17 — 566 Private offering 7 — 7 — 14 Stock dividends — 6 3 — 9 Total offering 34,803 1,480 778 — 37,061 (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. The notes mature in November 2046. As of June 30, 2019 , approximately $1.6 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 $494.3 million in shares of common stock available for sale through the Company’s distribution reinvestment plan, which may be reallocated for sale in the primary offering. Common Stock The following table summarizes the changes in the shares outstanding for each class of common stock for the periods presented below: (in thousands) Class T Class W Class I Total FOR THE THREE MONTHS ENDED JUNE 30, 2018 Balance as of March 31, 2018 3,634 6 289 3,929 Issuance of common stock: Primary shares 3,526 — 3 3,529 DRIP 32 — 1 33 Balance as of June 30, 2018 7,192 6 293 7,491 FOR THE THREE MONTHS ENDED JUNE 30, 2019 Balance as of March 31, 2019 27,542 626 532 28,700 Issuance of common stock: Primary shares 7,005 848 256 8,109 DRIP 200 6 3 209 Redemptions (25 ) — — (25 ) Balance as of June 30, 2019 34,722 1,480 791 36,993 FOR THE SIX MONTHS ENDED JUNE 30, 2018 Balance as of December 31, 2017 976 6 256 1,238 Issuance of common stock: Primary shares 6,172 — 35 6,207 DRIP 44 — 2 46 Balance as of June 30, 2018 7,192 6 293 7,491 FOR THE SIX MONTHS ENDED JUNE 30, 2019 Balance as of December 31, 2018 19,759 161 345 20,265 Issuance of common stock: Primary shares 14,645 1,311 433 16,389 DRIP 350 8 6 364 Stock grants — — 76 76 Redemptions (32 ) — (69 ) (101 ) Balance as of June 30, 2019 34,722 1,480 791 36,993 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 June 30 $ 0.13625 $ 1,558 $ 2,319 $ 818 $ 4,695 March 31 0.13625 1,178 1,744 620 3,542 Total $ 0.27250 $ 2,736 $ 4,063 $ 1,438 $ 8,237 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 Six Months Ended June 30, (in thousands, except per share data) 2019 2018 Number of eligible shares redeemed 101 — Aggregate dollar amount of shares redeemed $ 1,009 $ — Average redemption price per share $ 9.99 $ —

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 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 June 30, For the Six Months Ended June 30, Payable as of June 30, December 31, (in thousands) 2019 2018 2019 2018 Expensed: Advisory fee—fixed component $ 911 $ 145 $ 1,581 $ 159 $ 404 $ 200 Advisory fee—performance component 636 175 1,154 175 1,154 723 Acquisition expense reimbursements (1) 696 1,254 1,574 1,995 4,423 3,500 Other expense reimbursements (2) 491 326 963 572 195 299 Total $ 2,734 $ 1,900 $ 5,272 $ 2,901 $ 6,176 $ 4,722 Additional Paid-In Capital: Selling commissions $ 1,788 $ 824 $ 3,606 $ 1,379 $ — $ — Dealer manager fees 1,529 838 3,330 1,530 — — Offering costs (3) 1,749 2,454 2,898 4,322 17,017 14,119 Distribution fees—current 818 147 1,438 213 288 168 Distribution fees—trailing (4) 2,848 1,330 5,840 2,372 13,299 7,457 Total $ 8,732 $ 5,593 $ 17,112 $ 9,816 $ 30,604 $ 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 Advisory Agreement. These reimbursements include a portion of compensation expenses of individual employees of the Advisor, including certain of the Company’s named executive officers, related to services for which the Advisor does not otherwise receive a separate fee. A portion of the compensation received by certain employees of the Advisor and its affiliates may be in the form of a restricted stock grant awarded by the Company. The Company shows these as reimbursements to the Advisor to the same extent that the Company recognizes the related share-based compensation on its condensed consolidated statements of operations. The Company reimbursed the Advisor approximately $ 0.4 million and $ 0.2 million for the three months ended June 30, 2019 and 2018 , respectively, and $0.8 million and $0.4 million for the six months ended June 30, 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 June 30, 2019 , the Advisor had incurred $17.4 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 June 30, 2019 , the aggregate amount paid by the Advisor pursuant to the expense support agreement was $10.9 million . Of this amount, total reimbursements to the Advisor was $4.6 million and $6.3 million remains available to be reimbursed, subject to certain conditions. For the Three Months Ended June 30, For the Six Months Ended (in thousands) 2019 2018 2019 2018 Fees deferred $ 911 $ 145 $ 1,581 $ 159 Other expenses supported 1,209 1,255 1,834 2,303 Total expense support from Advisor 2,120 1,400 3,415 2,462 Reimbursement of previously deferred fees and other expenses supported (1,075 ) — (4,575 ) — Total expense support from (reimbursement to) Advisor, net (1) $ 1,045 $ 1,400 $ (1,160 ) $ 2,462 (1) As of June 30, 2019 , approximately $1.1 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	6 Months Ended
	Jun. 30, 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 Six Months Ended (in thousands) 2019 2018 Distributions payable $ 1,683 $ 340 Distribution fees payable to affiliates 13,299 2,765 Distributions reinvested in common stock 3,671 465 Accrued offering costs due to the Advisor 17,017 5,171 Redeemable noncontrolling interest issued as settlement of performance component of the Advisory fee 723 — Redemption value allocation adjustment to redeemable noncontrolling interest 37 — Accrued acquisition expense reimbursements due to the Advisor 4,423 1,995 Non-cash capital expenditures 278 60 Non-cash selling commissions and dealer manager fees 6,936 2,908 Mortgage notes assumed on real estate acquisitions at fair value 50,418 — 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 Six Months Ended June 30, (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 $ 41,395 $ 2,616 Restricted cash (2) 30 164 Cash, cash equivalents and restricted cash $ 41,425 $ 2,780 (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 June 30, 2019 , restricted cash consisted of cash held in escrow in connection with a property acquisition.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 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 June 30, 2019 .

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 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 August 6, 2019 , is as follows: (in thousands) Class T Class W Class I Notes to Total Amount of gross proceeds raised: Primary offering $ 400,961 $ 18,855 $ 9,084 $ — $ 428,900 DRIP 7,040 158 210 — 7,408 Private offering 62 — 62 376 500 Total offering $ 408,063 $ 19,013 $ 9,356 $ 376 $ 436,808 Number of shares issued: Primary offering 38,154 1,876 926 — 40,956 DRIP 701 16 21 — 738 Private offering 7 — 7 — 14 Stock dividends — 6 3 — 9 Total offering 38,862 1,898 957 — 41,717 As of August 6, 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 $492.6 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. Completed Acquisitions 395 Distribution Center . On August 5, 2019 , the Company acquired two industrial buildings located in the Reno market. The total purchase price was $53.9 million , exclusive of transfer taxes, due diligence expenses, acquisition costs and other closing costs. Acquisitions Under Contract As of August 6, 2019 , the Company had entered into a contract to acquire a property with an aggregate contract purchase price of approximately $7.0 million , comprised of one industrial building. There can be no assurance that the Company will complete the acquisition of the property under contract.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 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.
Reclassifications	Reclassifications Certain items in the Company’s condensed consolidated balance sheets for 2018 have been reclassified to conform to the 2019 presentation. Debt issuance costs related to the line of credit have been reclassified from assets to liabilities and are presented on the condensed consolidated balance sheets as a direct deduction from the related debt liability.
Recently Adopted Accounting Standards	Recently Adopted 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 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 (the “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 June 30, 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)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 Hebron Airpark Logistics Center 5/30/2019 1 11,800 Las Vegas Light Industrial Portfolio 5/30/2019 4 59,271 Monte Vista Industrial Center 6/7/2019 1 15,539 King of Prussia Core Infill Portfolio 6/21/2019 5 31,978 Dallas Infill Industrial Portfolio (2) 6/28/2019 5 116,055 Edison Distribution Center 6/28/2019 1 27,598 Total Acquisitions 21 $ 306,462 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. (2) Includes debt assumed at fair value as of the acquisition date of $50.4 million , with a principal amount of $49.3 million .
Allocation of Purchase Price of Acquisitions	During the six months ended June 30, 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 Six Months Ended June 30, 2019 Land $ 91,041 Building 193,146 Intangible lease assets 26,002 Above-market lease assets 876 Below-market lease liabilities (4,603 ) Total purchase price (1) $ 306,462 (1) Total purchase price is equal to the total consideration plus any debt assumed at fair value.

INVESTMENT IN REAL ESTATE (Tabl

INVESTMENT IN REAL ESTATE (Tables)	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Schedule of Real Estate Properties	As of June 30, 2019 and December 31, 2018 , the Company’s investment in real estate properties consisted of 34 and 13 industrial buildings, respectively. As of (in thousands) June 30, 2019 December 31, 2018 Land $ 182,128 $ 91,087 Building and improvements 382,651 188,872 Intangible lease assets 51,416 24,492 Construction in progress 633 476 Investment in real estate properties 616,828 304,927 Less accumulated depreciation and amortization (10,615 ) (3,556 ) Net investment in real estate properties $ 606,213 $ 301,371
Intangible Lease Assets And Liabilities	Intangible lease assets and liabilities as of June 30, 2019 and December 31, 2018 included the following: As of June 30, 2019 As of December 31, 2018 (in thousands) Gross Accumulated Net Gross Accumulated Net Intangible lease assets (1) $ 50,294 $ (4,626 ) $ 45,668 $ 24,245 $ (1,450 ) $ 22,795 Above-market lease assets (1) 1,122 (59 ) 1,063 247 (15 ) 232 Below-market lease liabilities (2) (8,644 ) 1,244 (7,400 ) (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 June 30, 2019 , for the next five years and thereafter: Estimated Net Amortization (in thousands) Intangible Above-Market Below-Market Remainder of 2019 $ 5,763 $ 141 $ 992 2020 10,733 283 1,852 2021 9,429 256 1,682 2022 7,337 203 1,311 2023 5,909 131 943 Thereafter 6,497 49 620 Total $ 45,668 $ 1,063 $ 7,400
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 June 30, 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) June 30, 2019 December 31, 2018 2019 $ 15,290 $ 14,354 2020 30,829 14,877 2021 28,235 14,567 2022 23,624 12,756 2023 18,242 10,834 Thereafter 37,519 21,378 Total $ 153,739 $ 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 For the Six Months Ended (in thousands) 2019 2018 2019 2018 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 577 $ 189 $ 1,134 $ 190 Above-market lease amortization (27 ) (1 ) (44 ) (1 ) Below-market lease amortization 357 143 662 198 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 2,122 $ 273 $ 3,840 $ 307 Intangible lease asset amortization 1,765 188 3,175 220

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 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) June 30, December 31, Maturity Date June 30, December 31, Line of credit (1) 4.00 % 4.10 % September 2020 $ 142,000 $ 119,000 Term loan (2) 3.65 — February 2024 90,000 — Fixed-rate mortgage notes (3) 3.71 — August 2024 - December 2027 49,250 — Total principal amount / weighted-average (4) 3.84 % 4.10 % $ 281,250 $ 119,000 Less unamortized debt issuance costs $ (2,079 ) $ (1,167 ) Add mark-to-market adjustment on assumed debt 1,168 — Total debt, net $ 280,339 $ 117,833 Gross book value of properties encumbered by debt $ 116,055 $ — (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 June 30, 2019 , the unused portion under the line of credit was $57.9 million , and we had no amounts 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 , of which $90.1 million was available as of June 30, 2019 . This term loan is available for general corporate purposes including, but not limited to, the acquisition and operation of permitted investments by the Company. (3) Interest rates range from 3.59% to 3.75% . The assets and credit of each of the Company’s properties pledged as collateral for the Company’s mortgage notes are not available to satisfy the Company’s other debt and obligations, unless the Company first satisfies the mortgage notes payable on the respective underlying properties. (4) The weighted-average remaining term of the Company’s debt was approximately 3.1 years as of June 30, 2019 , excluding any extension options on the line of credit.
Schedule of Maturities of Long-term Debt	As of June 30, 2019, the principal payments due on the Company’s consolidated debt during each of the next five years and thereafter were as follows: (in thousands) Line of Credit (1) Term Loan Mortgage Notes Total Remainder of 2019 $ — $ — $ — $ — 2020 142,000 — — 142,000 2021 — — — — 2022 — — — — 2023 — — — — Thereafter — 90,000 49,250 139,250 Total principal payments $ 142,000 $ 90,000 $ 49,250 $ 281,250 (1) The term of the line of credit may be extended pursuant to two one -year extension options, subject to certain conditions.

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2019 As of December 31, 2018 (in thousands) Carrying Fair Carrying Fair Line of credit $ 142,000 $ 142,000 $ 119,000 $ 119,000 Term loan 90,000 90,000 — — Fixed rate mortgage notes 49,250 50,418 — — Notes payable to stockholders 376 376 376 376

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 , is as follows: (in thousands) Class T Class W Class I Notes to Total Amount of gross proceeds raised: Primary offering $ 359,929 $ 14,732 $ 7,321 $ — $ 381,982 DRIP 5,422 85 173 — 5,680 Private offering 62 — 62 376 500 Total offering $ 365,413 $ 14,817 $ 7,556 $ 376 $ 388,162 Number of shares issued: Primary offering 34,256 1,465 751 — 36,472 DRIP 540 9 17 — 566 Private offering 7 — 7 — 14 Stock dividends — 6 3 — 9 Total offering 34,803 1,480 778 — 37,061 (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. The notes mature in November 2046. 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 August 6, 2019 , is as follows: (in thousands) Class T Class W Class I Notes to Total Amount of gross proceeds raised: Primary offering $ 400,961 $ 18,855 $ 9,084 $ — $ 428,900 DRIP 7,040 158 210 — 7,408 Private offering 62 — 62 376 500 Total offering $ 408,063 $ 19,013 $ 9,356 $ 376 $ 436,808 Number of shares issued: Primary offering 38,154 1,876 926 — 40,956 DRIP 701 16 21 — 738 Private offering 7 — 7 — 14 Stock dividends — 6 3 — 9 Total offering 38,862 1,898 957 — 41,717
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 FOR THE THREE MONTHS ENDED JUNE 30, 2018 Balance as of March 31, 2018 3,634 6 289 3,929 Issuance of common stock: Primary shares 3,526 — 3 3,529 DRIP 32 — 1 33 Balance as of June 30, 2018 7,192 6 293 7,491 FOR THE THREE MONTHS ENDED JUNE 30, 2019 Balance as of March 31, 2019 27,542 626 532 28,700 Issuance of common stock: Primary shares 7,005 848 256 8,109 DRIP 200 6 3 209 Redemptions (25 ) — — (25 ) Balance as of June 30, 2019 34,722 1,480 791 36,993 FOR THE SIX MONTHS ENDED JUNE 30, 2018 Balance as of December 31, 2017 976 6 256 1,238 Issuance of common stock: Primary shares 6,172 — 35 6,207 DRIP 44 — 2 46 Balance as of June 30, 2018 7,192 6 293 7,491 FOR THE SIX MONTHS ENDED JUNE 30, 2019 Balance as of December 31, 2018 19,759 161 345 20,265 Issuance of common stock: Primary shares 14,645 1,311 433 16,389 DRIP 350 8 6 364 Stock grants — — 76 76 Redemptions (32 ) — (69 ) (101 ) Balance as of June 30, 2019 34,722 1,480 791 36,993
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 June 30 $ 0.13625 $ 1,558 $ 2,319 $ 818 $ 4,695 March 31 0.13625 1,178 1,744 620 3,542 Total $ 0.27250 $ 2,736 $ 4,063 $ 1,438 $ 8,237 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 Six Months Ended June 30, (in thousands, except per share data) 2019 2018 Number of eligible shares redeemed 101 — Aggregate dollar amount of shares redeemed $ 1,009 $ — Average redemption price per share $ 9.99 $ —

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, For the Six Months Ended June 30, Payable as of June 30, December 31, (in thousands) 2019 2018 2019 2018 Expensed: Advisory fee—fixed component $ 911 $ 145 $ 1,581 $ 159 $ 404 $ 200 Advisory fee—performance component 636 175 1,154 175 1,154 723 Acquisition expense reimbursements (1) 696 1,254 1,574 1,995 4,423 3,500 Other expense reimbursements (2) 491 326 963 572 195 299 Total $ 2,734 $ 1,900 $ 5,272 $ 2,901 $ 6,176 $ 4,722 Additional Paid-In Capital: Selling commissions $ 1,788 $ 824 $ 3,606 $ 1,379 $ — $ — Dealer manager fees 1,529 838 3,330 1,530 — — Offering costs (3) 1,749 2,454 2,898 4,322 17,017 14,119 Distribution fees—current 818 147 1,438 213 288 168 Distribution fees—trailing (4) 2,848 1,330 5,840 2,372 13,299 7,457 Total $ 8,732 $ 5,593 $ 17,112 $ 9,816 $ 30,604 $ 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 Advisory Agreement. These reimbursements include a portion of compensation expenses of individual employees of the Advisor, including certain of the Company’s named executive officers, related to services for which the Advisor does not otherwise receive a separate fee. A portion of the compensation received by certain employees of the Advisor and its affiliates may be in the form of a restricted stock grant awarded by the Company. The Company shows these as reimbursements to the Advisor to the same extent that the Company recognizes the related share-based compensation on its condensed consolidated statements of operations. The Company reimbursed the Advisor approximately $ 0.4 million and $ 0.2 million for the three months ended June 30, 2019 and 2018 , respectively, and $0.8 million and $0.4 million for the six months ended June 30, 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 June 30, 2019 , the Advisor had incurred $17.4 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 June 30, 2019 , the aggregate amount paid by the Advisor pursuant to the expense support agreement was $10.9 million . Of this amount, total reimbursements to the Advisor was $4.6 million and $6.3 million remains available to be reimbursed, subject to certain conditions. For the Three Months Ended June 30, For the Six Months Ended (in thousands) 2019 2018 2019 2018 Fees deferred $ 911 $ 145 $ 1,581 $ 159 Other expenses supported 1,209 1,255 1,834 2,303 Total expense support from Advisor 2,120 1,400 3,415 2,462 Reimbursement of previously deferred fees and other expenses supported (1,075 ) — (4,575 ) — Total expense support from (reimbursement to) Advisor, net (1) $ 1,045 $ 1,400 $ (1,160 ) $ 2,462 (1) As of June 30, 2019 , approximately $1.1 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)	6 Months Ended
	Jun. 30, 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 Six Months Ended (in thousands) 2019 2018 Distributions payable $ 1,683 $ 340 Distribution fees payable to affiliates 13,299 2,765 Distributions reinvested in common stock 3,671 465 Accrued offering costs due to the Advisor 17,017 5,171 Redeemable noncontrolling interest issued as settlement of performance component of the Advisory fee 723 — Redemption value allocation adjustment to redeemable noncontrolling interest 37 — Accrued acquisition expense reimbursements due to the Advisor 4,423 1,995 Non-cash capital expenditures 278 60 Non-cash selling commissions and dealer manager fees 6,936 2,908 Mortgage notes assumed on real estate acquisitions at fair value 50,418 — 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 Six Months Ended June 30, (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 $ 41,395 $ 2,616 Restricted cash (2) 30 164 Cash, cash equivalents and restricted cash $ 41,425 $ 2,780 (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 June 30, 2019 , restricted cash consisted of cash held in escrow in connection with a property acquisition.

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 , is as follows: (in thousands) Class T Class W Class I Notes to Total Amount of gross proceeds raised: Primary offering $ 359,929 $ 14,732 $ 7,321 $ — $ 381,982 DRIP 5,422 85 173 — 5,680 Private offering 62 — 62 376 500 Total offering $ 365,413 $ 14,817 $ 7,556 $ 376 $ 388,162 Number of shares issued: Primary offering 34,256 1,465 751 — 36,472 DRIP 540 9 17 — 566 Private offering 7 — 7 — 14 Stock dividends — 6 3 — 9 Total offering 34,803 1,480 778 — 37,061 (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. The notes mature in November 2046. 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 August 6, 2019 , is as follows: (in thousands) Class T Class W Class I Notes to Total Amount of gross proceeds raised: Primary offering $ 400,961 $ 18,855 $ 9,084 $ — $ 428,900 DRIP 7,040 158 210 — 7,408 Private offering 62 — 62 376 500 Total offering $ 408,063 $ 19,013 $ 9,356 $ 376 $ 436,808 Number of shares issued: Primary offering 38,154 1,876 926 — 40,956 DRIP 701 16 21 — 738 Private offering 7 — 7 — 14 Stock dividends — 6 3 — 9 Total offering 38,862 1,898 957 — 41,717

REAL ESTATE ACQUISITIONS - Narr

REAL ESTATE ACQUISITIONS - Narrative (Details)	6 Months Ended
	Jun. 30, 2019
Intangible lease assets
Business Acquisition [Line Items]
Weighted-average amortization period of acquired finite-lived intangible assets	3 years 10 months 24 days

REAL ESTATE ACQUISITIONS - Summ

REAL ESTATE ACQUISITIONS - Summary of Business Acquisitions (Details) $ in Thousands	Jun. 30, 2019USD ($)Building
2019 Acquisitions
Business Acquisition [Line Items]
Number of Buildings | Building	21
Total Purchase Price	$ 306,462
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
Hebron Airpark Logistics Center
Business Acquisition [Line Items]
Number of Buildings | Building	1
Total Purchase Price	$ 11,800
Las Vegas Light Industrial Portfolio
Business Acquisition [Line Items]
Number of Buildings | Building	4
Total Purchase Price	$ 59,271
Monte Vista Industrial Center
Business Acquisition [Line Items]
Number of Buildings | Building	1
Total Purchase Price	$ 15,539
King of Prussia Core Infill Portfolio
Business Acquisition [Line Items]
Number of Buildings | Building	5
Total Purchase Price	$ 31,978
Dallas Infill Industrial Portfolio
Business Acquisition [Line Items]
Number of Buildings | Building	5
Total Purchase Price	$ 116,055
Debt assumed	50,400
Principal amount	$ 49,300
Edison Distribution Center
Business Acquisition [Line Items]
Number of Buildings | Building	1
Total Purchase Price	$ 27,598

REAL ESTATE ACQUISITIONS - Purc

REAL ESTATE ACQUISITIONS - Purchase Price Allocation (Details) - 2019 Acquisitions $ in Thousands	Jun. 30, 2019USD ($)
Business Acquisition [Line Items]
Land	$ 91,041
Building	193,146
Intangible lease assets	26,002
Above-market lease assets	876
Below-market lease liabilities	(4,603)
Total purchase price	$ 306,462

INVESTMENT IN REAL ESTATE - Nar

INVESTMENT IN REAL ESTATE - Narrative (Details) - Building	Jun. 30, 2019	Dec. 31, 2018
Consolidated Properties
Real Estate Properties [Line Items]
Real estate properties owned, buildings	34	13

INVESTMENT IN REAL ESTATE - Inv

INVESTMENT IN REAL ESTATE - Investment in Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Real Estate [Abstract]
Land	$ 182,128	$ 91,087
Building and improvements	382,651	188,872
Intangible lease assets	51,416	24,492
Construction in progress	633	476
Investment in real estate properties	616,828	304,927
Less accumulated depreciation and amortization	(10,615)	(3,556)
Net investment in real estate properties	$ 606,213	$ 301,371

INVESTMENT IN REAL ESTATE - Sum

INVESTMENT IN REAL ESTATE - Summary of Intangible Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets, Gross	$ 51,416	$ 24,492
Below Market Lease [Roll Forward]
Gross	(8,644)	(4,042)
Accumulated Amortization	1,244	582
Total	(7,400)	(3,460)
Intangible lease assets
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets, Gross	50,294	24,245
Accumulated Amortization	(4,626)	(1,450)
Total	45,668	22,795
Above-market lease assets
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets, Gross	1,122	247
Accumulated Amortization	(59)	(15)
Total	$ 1,063	$ 232

INVESTMENT IN REAL ESTATE - Est

INVESTMENT IN REAL ESTATE - Estimated Net Amortization of Intangible Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets And Liabilities [Line Items]
Total	$ 7,400	$ 3,460
Intangible lease assets
Finite-Lived Intangible Assets And Liabilities [Line Items]
Remainder of 2019	5,763
2020	10,733
2021	9,429
2022	7,337
2023	5,909
Thereafter	6,497
Total	45,668	22,795
Above-market lease assets
Finite-Lived Intangible Assets And Liabilities [Line Items]
Remainder of 2019	141
2020	283
2021	256
2022	203
2023	131
Thereafter	49
Total	1,063	$ 232
Below-market lease liabilities
Finite-Lived Intangible Assets And Liabilities [Line Items]
Remainder of 2019	992
2020	1,852
2021	1,682
2022	1,311
2023	943
Thereafter	620
Total	$ 7,400

INVESTMENT IN REAL ESTATE - Fut

INVESTMENT IN REAL ESTATE - Future Minimum Rents (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Real Estate [Abstract]
2019	$ 15,290
2019		$ 14,354
2020	30,829	14,877
2021	28,235	14,567
2022	23,624	12,756
2023	18,242	10,834
Thereafter	37,519	21,378
Total	$ 153,739	$ 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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$ 577	$ 189	$ 1,134	$ 190
Above-market lease amortization	(27)	(1)	(44)	(1)
Below-market lease amortization	357	143	662	198
Real Estate-Related Depreciation and Amortization:
Depreciation expense	2,122	273	3,840	307
Intangible lease asset amortization	$ 1,765	$ 188	$ 3,175	$ 220

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	3.84%	4.10%
Total principal amount / weighted-average	$ 281,250,000	$ 119,000,000
Less unamortized debt issuance costs	(2,079,000)	(1,167,000)
Add mark-to-market adjustment on assumed debt	1,168,000	0
Total debt, net	280,339,000	117,833,000
Gross book value of properties encumbered by debt	116,055,000	0
Term loan	$ 376,000	$ 376,000
Weighted Average
Debt Instrument [Line Items]
Remaining debt term (in years)	3 years 1 month 16 days
Line of Credit
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	4.00%	4.10%
Total principal amount / weighted-average	$ 142,000,000	$ 119,000,000
Unused portion	57,900,000
Available capacity	$ 0
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	3.65%	0.00%
Total principal amount / weighted-average	$ 90,000,000	$ 0
Available capacity	90,100,000
Ability to expand borrowing capacity	110,000,000
Total commitments	$ 200,000,000
Term Loan | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Term Loan | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.05%
Term Loan | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%
Term Loan | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.05%
Fixed-rate mortgage notes
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	3.71%	0.00%
Total principal amount / weighted-average	$ 49,250,000	$ 0
Fixed-rate mortgage notes | Minimum
Debt Instrument [Line Items]
Interest rates (as a percent)	3.59%
Fixed-rate mortgage notes | Maximum
Debt Instrument [Line Items]
Interest rates (as a percent)	3.75%

DEBT - Principal Payments on De

DEBT - Principal Payments on Debt (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)Extension	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Remainder of 2019	$ 0
2020	142,000
2021	0
2022	0
2023	0
Thereafter	139,250
Total principal payments	$ 281,250	$ 119,000
Number of one year extensions | Extension	2
Term of extension option	1 year
Line of Credit
Debt Instrument [Line Items]
Remainder of 2019	$ 0
2020	142,000
2021	0
2022	0
2023	0
Thereafter	0
Total principal payments	142,000	119,000
Term Loan
Debt Instrument [Line Items]
Remainder of 2019	0
2020	0
2021	0
2022	0
2023	0
Thereafter	90,000
Total principal payments	90,000	0
Fixed-rate mortgage notes
Debt Instrument [Line Items]
Remainder of 2019	0
2020	0
2021	0
2022	0
2023	0
Thereafter	49,250
Total principal payments	$ 49,250	$ 0

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Carrying Value | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instruments, fair value disclosure	$ 142,000	$ 119,000
Carrying Value | Term Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instruments, fair value disclosure	90,000	0
Carrying Value | Fixed rate mortgage notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instruments, fair value disclosure	49,250	0
Carrying Value | Notes payable to stockholders
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instruments, fair value disclosure	376	376
Fair Value | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instruments, fair value disclosure	142,000	119,000
Fair Value | Term Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instruments, fair value disclosure	90,000	0
Fair Value | Fixed rate mortgage notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instruments, fair value disclosure	50,418	0
Fair Value | Notes payable to stockholders
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instruments, fair value disclosure	$ 376	$ 376

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - Initial Public Offering $ in Millions	Jun. 30, 2019USD ($)
Class of Stock [Line Items]
Total amount of common stock remaining available for sale	$ 494.3
Amount remaining available for sale through distribution reinvestment plan	$ 1,600

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of Company's Initial Public Offering (Details) shares in Thousands, $ in Thousands	Jun. 30, 2019USD ($)shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 388,162
Number of shares issued | shares	37,061
Class T Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 365,413
Number of shares issued | shares	34,803
Class W Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 14,817
Number of shares issued | shares	1,480
Class I Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 7,556
Number of shares issued | shares	778
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 | $	$ 381,982
Number of shares issued | shares	36,472
Primary Offering | Class T Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 359,929
Number of shares issued | shares	34,256
Primary Offering | Class W Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 14,732
Number of shares issued | shares	1,465
Primary Offering | Class I Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 7,321
Number of shares issued | shares	751
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 | $	$ 5,680
Number of shares issued | shares	566
DRIP | Class T Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 5,422
Number of shares issued | shares	540
DRIP | Class W Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 85
Number of shares issued | shares	9
DRIP | Class I Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 173
Number of shares issued | shares	17
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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares			19,759
Ending balance, shares	34,722		34,722
Class W Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares			161
Ending balance, shares	1,480		1,480
Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares			345
Ending balance, shares	791		791
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	28,700	3,929	20,265	1,238
Primary shares	8,109	3,529	16,389	6,207
DRIP	209	33	364	46
Stock grants			76
Redemptions	(25)		(101)
Ending balance, shares	36,993	7,491	36,993	7,491
Common Stock | Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	27,542	3,634	19,759	976
Primary shares	7,005	3,526	14,645	6,172
DRIP	200	32	350	44
Stock grants			0
Redemptions	(25)		(32)
Ending balance, shares	34,722	7,192	34,722	7,192
Common Stock | Class W Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	626	6	161	6
Primary shares	848	0	1,311	0
DRIP	6	0	8	0
Stock grants			0
Redemptions	0		0
Ending balance, shares	1,480	6	1,480	6
Common Stock | Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	532	289	345	256
Primary shares	256	3	433	35
DRIP	3	1	6	2
Stock grants			76
Redemptions	0		(69)
Ending balance, shares	791	293	791	293

STOCKHOLDERS' EQUITY - Summar_3

STOCKHOLDERS' EQUITY - Summary of Company's Cash Distribution Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						6 Months Ended		12 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Class of Stock [Line Items]
Gross Distributions	$ 4,695				$ 851		$ 8,237	$ 1,255
Cash Distribution
Class of Stock [Line Items]
Declared per Common Share (usd per share)	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.2725		$ 0.545
Paid in Cash	$ 1,558	$ 1,178	$ 747	$ 496	$ 305	$ 140	$ 2,736		$ 1,688
Reinvested in Shares	2,319	1,744	1,102	681	399	197	4,063		2,379
Distribution Fees	818	620	406	255	147	67	1,438		875
Gross Distributions	$ 4,695	$ 3,542	$ 2,255	$ 1,432	$ 851	$ 404	$ 8,237		$ 4,942

STOCKHOLDERS' EQUITY - Share Re

STOCKHOLDERS' EQUITY - Share Redemption Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Equity [Abstract]
Number of eligible shares redeemed (in shares)	101	0
Aggregate dollar amount of shares redeemed	$ 1,009	$ 0
Average redemption price per share (in dollars per share)	$ 9.99	$ 0

RELATED PARTY TRANSACTIONS - Su

RELATED PARTY TRANSACTIONS - Summary of Fees and Expenses Incurred by Company (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Expensed [Abstract]
Advisory fee - fixed component, expensed	$ 911	$ 145	$ 1,581	$ 159
Advisory fee - performance component, expensed	636	175	1,154	175
Acquisition expense reimbursements, expensed	696	1,254	1,574	1,995
Other expense reimbursements, expensed	491	326	963	572
Total	2,734	1,900	5,272	2,901
Advisory fee, payable	404		404		$ 200
Advisory fee - performance component, payable	1,154		1,154		723
Acquisition expense reimbursements, payable	4,423		4,423		3,500
Other expenses reimbursements, payable	195		195		299
Related party payable	6,176		6,176		4,722
Additional Paid in Capital [Abstract]
Selling commissions, expensed	1,788	824	3,606	1,379
Dealer manager fees, expensed	1,529	838	3,330	1,530
Offering costs, expensed	1,749	2,454	2,898	4,322
Distribution fees-current, expensed	818	147	1,438	213
Distribution fees-trailing, expensed	2,848	1,330	5,840	2,372
Distribution fees payable to affiliates	13,299	2,765	13,299	2,765	7,457
Total	8,732	5,593	17,112	9,816
Selling commissions, payable	0		0		0
Dealer manager fees, payables	0		0		0
Offering costs, payable	17,017		17,017		14,119
Distribution fees-current, payable	288		288		168
Total	30,604		30,604		$ 21,744
Advisor
Additional Paid in Capital [Abstract]
Amount reimbursed for services	400	$ 200	800	$ 400
Affiliated Entity | Advisor
Additional Paid in Capital [Abstract]
Offering costs incurred by Advisor	$ 17,400		$ 17,400

RELATED PARTY TRANSACTIONS - Ex

RELATED PARTY TRANSACTIONS - Expense Support Agreement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Related Party Transaction [Line Items]
Total (reimbursement to) expense support from Advisor, net	$ 1,045	$ 1,400	$ (1,160)	$ 2,462
Expense support payable to the company by the Advisor	1,100	700	1,100	700
Affiliated Entity | Expense Support Agreement
Related Party Transaction [Line Items]
Aggregate amount paid by the Advisor pursuant to the expense support agreement			10,900
Available balance to be reimbursed	6,300		6,300
Fees deferred	911	145	1,581	159
Other expenses supported	1,209	1,255	1,834	2,303
Total expense support from Advisor	2,120	1,400	3,415	2,462
Reimbursement of previously deferred fees and other expenses supported	(1,075)	0	(4,575)	0
Total (reimbursement to) expense support from Advisor, net	$ 1,045	$ 1,400	$ (1,160)	$ 2,462

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Distributions payable	$ 1,683	$ 340	$ 920
Distribution fees payable to affiliates	13,299	2,765	$ 7,457
Distributions reinvested in common stock	3,671	465
Accrued offering costs due to the Advisor	17,017	5,171
Redeemable noncontrolling interest issued as settlement of performance component of the Advisory fee	723	0
Redemption value allocation adjustment to redeemable noncontrolling interest	37	0
Accrued acquisition expense reimbursements due to the Advisor	4,423	1,995
Non-cash capital expenditures	278	60
Non-cash selling commissions and dealer manager fees	6,936	2,908
Mortgage notes assumed on real estate acquisitions at fair value	$ 50,418	$ 0

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION - Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 41,395	$ 19,016	$ 2,616	$ 10,565
Restricted cash	30	5	164	481
Cash, cash equivalents and restricted cash	$ 41,425	$ 19,021	$ 2,780	$ 11,046

SUBSEQUENT EVENTS - Summary of

SUBSEQUENT EVENTS - Summary of Company's Initial Public Offerings (Details) - USD ($) shares in Thousands, $ in Thousands	Aug. 06, 2019	Jun. 30, 2019
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 388,162
Number of shares issued		37,061
Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 381,982
Number of shares issued		36,472
DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 5,680
Number of shares issued		566
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		$ 365,413
Number of shares issued		34,803
Class T Shares | Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 359,929
Number of shares issued		34,256
Class T Shares | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 5,422
Number of shares issued		540
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		$ 14,817
Number of shares issued		1,480
Class W Shares | Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 14,732
Number of shares issued		1,465
Class W Shares | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 85
Number of shares issued		9
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		$ 7,556
Number of shares issued		778
Class I Shares | Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 7,321
Number of shares issued		751
Class I Shares | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 173
Number of shares issued		17
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	$ 436,808
Number of shares issued	41,717
Subsequent Event | Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 428,900
Number of shares issued	40,956
Subsequent Event | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 7,408
Number of shares issued	738
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	$ 408,063
Number of shares issued	38,862
Subsequent Event | Class T Shares | Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 400,961
Number of shares issued	38,154
Subsequent Event | Class T Shares | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 7,040
Number of shares issued	701
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	$ 19,013
Number of shares issued	1,898
Subsequent Event | Class W Shares | Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 18,855
Number of shares issued	1,876
Subsequent Event | Class W Shares | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 158
Number of shares issued	16
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	$ 9,356
Number of shares issued	957
Subsequent Event | Class I Shares | Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 9,084
Number of shares issued	926
Subsequent Event | Class I Shares | DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 210
Number of shares issued	21
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	Aug. 06, 2019USD ($)Building	Aug. 05, 2019USD ($)Building	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)
Subsequent Event [Line Items]
Payments to acquire real estate			$ 253,093	$ 148,918
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	492,600
395 Distribution Center | Subsequent Event
Subsequent Event [Line Items]
Payments to acquire real estate		$ 53,900
Number of properties acquired | Building		2
Acquisitions under Contract | Subsequent Event
Subsequent Event [Line Items]
Payments to acquire real estate	$ 7,000
Number of properties acquired | Building	1