ARES INDUSTRIAL REAL ESTATE INCOME TRUST (ARIR) 10-Q12 Nov 192019 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2019	Nov. 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	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
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		42,931,941
Class W Shares
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		2,348,302
Class I Shares
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		1,204,005

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Net investment in real estate properties	$ 779,673	$ 301,371
Cash and cash equivalents	49,384	19,016
Restricted cash	0	5
Straight-line and tenant receivables	3,529	1,394
Due from affiliates	31	517
Acquisition deposits	500	675
Other assets	2,812	475
Total assets	835,929	323,453
Liabilities
Accounts payable and accrued liabilities	6,135	1,190
Debt, net	391,227	117,833
Notes payable to stockholders, net of debt issuance costs	376	376
Due to affiliates	26,174	18,439
Distributions payable	2,024	920
Distribution fees payable to affiliates	15,560	7,457
Other liabilities	14,851	5,465
Total liabilities	456,347	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	408,361	180,125
Accumulated deficit	(30,768)	(8,556)
Accumulated other comprehensive income	820	0
Total stockholders’ equity	378,858	171,772
Noncontrolling interests	1	1
Total equity	378,859	171,773
Total liabilities and equity	835,929	323,453
Class T Shares
Stockholders’ equity:
Common stock, value	412	198
Class W Shares
Stockholders’ equity:
Common stock, value	22	2
Class I Shares
Stockholders’ equity:
Common stock, value	$ 11	$ 3

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 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	41,245,000	19,759,000
Common stock, shares outstanding	41,245,000	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	2,205,000	161,000
Common stock, shares outstanding	2,205,000	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	1,054,000	345,000
Common stock, shares outstanding	1,054,000	345,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Rental revenues	$ 12,548	$ 2,429	$ 25,512	$ 3,312
Total revenues	12,548	2,429	25,512	3,312
Operating expenses:
Rental expenses	3,142	498	6,113	654
Real estate-related depreciation and amortization	6,966	1,271	13,981	1,798
General and administrative expenses	574	325	1,817	1,021
Advisory fees, related party	2,151	525	4,886	859
Acquisition expense reimbursements, related party	793	1,465	2,367	3,460
Other expense reimbursements, related party	482	335	1,445	907
Total operating expenses	14,108	4,419	30,609	8,699
Other expenses:
Interest expense and other	2,776	894	5,131	1,401
Total other expenses	2,776	894	5,131	1,401
Total expenses before expense support	16,884	5,313	35,740	10,100
Total expense support from (reimbursement to) the Advisor, net	658	1,354	(502)	3,816
Net expenses after expense support	(16,226)	(3,959)	(36,242)	(6,284)
Net loss	(3,678)	(1,530)	(10,730)	(2,972)
Net loss attributable to redeemable noncontrolling interest	6	0	24	0
Net loss attributable to noncontrolling interests	0	0	0	0
Net loss attributable to common stockholders	$ (3,672)	$ (1,530)	$ (10,706)	$ (2,972)
Weighted-average shares outstanding (in shares)	41,808	10,491	34,144	6,594
Net loss per common share - basic and diluted (usd per share)	$ (0.09)	$ (0.15)	$ (0.31)	$ (0.45)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net loss attributable to common stockholders	$ (3,672)	$ (1,530)	$ (10,706)	$ (2,972)
Change from cash flow hedging derivatives	820	0	820	0
Comprehensive loss attributable to common stockholders	$ (2,852)	$ (1,530)	$ (9,886)	$ (2,972)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Beginning balance at Dec. 31, 2017	$ 10,606	$ 12	$ 10,859	$ (266)	$ 0	$ 1
Beginning balance, shares at Dec. 31, 2017		1,238
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to common stockholders	(2,972)			(2,972)
Change from cash flow hedging activities	0
Issuance of common stock, shares		10,954
Issuance of common stock	114,645	$ 110	114,535
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs	(12,652)		(12,652)
Trailing distribution fees	(4,076)		(4,545)	469
Redemptions of common stock	(2)		(2)
Distributions to stockholders	(2,687)			(2,687)
Ending balance at Sep. 30, 2018	102,862	$ 122	108,195	(5,456)	0	1
Ending balance, shares at Sep. 30, 2018		12,192
Beginning balance at Dec. 31, 2017	10,606	$ 12	10,859	(266)	0	1
Beginning balance, shares at Dec. 31, 2017		1,238
Ending balance at Dec. 31, 2018	171,773	$ 203	180,125	(8,556)	0	1
Ending balance, shares at Dec. 31, 2018		20,265
Beginning balance at Jun. 30, 2018	63,743	$ 75	66,417	(2,750)	0	1
Beginning balance, shares at Jun. 30, 2018		7,491
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to common stockholders	(1,530)			(1,530)
Change from cash flow hedging activities	0
Issuance of common stock, shares		4,701
Issuance of common stock	49,208	$ 47	49,161
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs	(5,421)		(5,421)
Trailing distribution fees	(1,704)		(1,960)	256
Redemptions of common stock	(2)		(2)
Distributions to stockholders	(1,432)			(1,432)
Ending balance at Sep. 30, 2018	102,862	$ 122	108,195	(5,456)	0	1
Ending balance, shares at Sep. 30, 2018		12,192
Ending balance at Dec. 31, 2018	171,773	$ 203	180,125	(8,556)	0	1
Ending balance, shares at Dec. 31, 2018		20,265
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to common stockholders	(10,706)			(10,706)
Change from cash flow hedging activities	820				820
Issuance of common stock, shares		24,382
Issuance of common stock	254,324	$ 243	254,081
Share-based compensation	413		413
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs	(14,271)		(14,271)
Trailing distribution fees	(8,101)		(10,531)	2,430
Redemptions of common stock, shares		(143)
Redemptions of common stock	(1,405)	$ (1)	(1,404)
Distributions to stockholders	(13,936)			(13,936)
Redemption value allocation adjustment to redeemable noncontrolling interest	(52)		(52)
Ending balance at Sep. 30, 2019	378,859	$ 445	408,361	(30,768)	820	1
Ending balance, shares at Sep. 30, 2019		44,504
Beginning balance at Jun. 30, 2019	315,545	$ 370	337,563	(22,389)	0	1
Beginning balance, shares at Jun. 30, 2019		36,993
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to common stockholders	(3,672)			(3,672)
Change from cash flow hedging activities	820				820
Issuance of common stock, shares		7,553
Issuance of common stock	78,920	$ 75	78,845
Share-based compensation	54		54
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs	(4,437)		(4,437)
Trailing distribution fees	(2,261)		(3,253)	992
Redemptions of common stock, shares		(42)
Redemptions of common stock	(396)		(396)
Distributions to stockholders	(5,699)			(5,699)
Redemption value allocation adjustment to redeemable noncontrolling interest	(15)		(15)
Ending balance at Sep. 30, 2019	$ 378,859	$ 445	$ 408,361	$ (30,768)	$ 820	$ 1
Ending balance, shares at Sep. 30, 2019		44,504

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Stockholders' Equity [Abstract]
Net loss allocated to redeemable non-controlling interest	$ 6	$ 0	$ 24	$ 0

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating activities:
Net loss	$ (10,730)	$ (2,972)
Adjustments to reconcile net loss to net cash provided by operating activities:
Real estate-related depreciation and amortization	13,981	1,798
Straight-line rent and amortization of above- and below-market leases	(2,898)	(1,097)
Amortization of debt issuance costs	731	384
Share-based compensation	413	0
Other	(53)	0
Changes in operating assets and liabilities:
Tenant receivables and other assets	(1,335)	(4)
Accounts payable and accrued liabilities	3,891	901
Due from / to affiliates, net	4,600	3,134
Net cash provided by operating activities	8,600	2,144
Investing activities:
Real estate acquisitions	(428,937)	(148,918)
Acquisition deposits	(500)	(2,500)
Capital expenditures	(1,269)	(338)
Net cash used in investing activities	(430,706)	(151,756)
Financing activities:
Proceeds from line of credit	301,000	78,500
Repayments of line of credit	(277,000)	(32,500)
Proceeds from term loan	200,000	0
Debt issuance costs paid	(1,672)	(785)
Proceeds from issuance of common stock	238,059	108,543
Distributions paid to common stockholders and to redeemable noncontrolling interest holders	(4,258)	(774)
Distribution fees paid to affiliates	(2,255)	(379)
Redemptions of common stock	(1,405)	(2)
Net cash provided by financing activities	452,469	152,603
Net increase in cash, cash equivalents and restricted cash	30,363	2,991
Cash, cash equivalents and restricted cash, at beginning of period	19,021	11,046
Cash, cash equivalents and restricted cash, at end of period	$ 49,384	$ 14,037

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Sep. 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. In July 2019, the FASB issued ASU No. 2019-07, “Codification Updates to SEC Sections” (“ASU 2019-07”), which updates various codification topics by clarifying or improving the disclosure requirements to align with the SEC’s regulations. The Company adopted this standard immediately upon its issuance. The adoption did not have a material effect on the Company’s consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 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. Derivative Instruments The Company records its derivative instruments at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. The Company’s interest rate swap derivative instruments are designated as cash flow hedges and are used to hedge exposure to variability in expected future interest payments. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) on the condensed consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. The Company does not use derivative instruments for trading or speculative purposes.

REAL ESTATE ACQUISITIONS

REAL ESTATE ACQUISITIONS	9 Months Ended
REAL ESTATE ACQUISITIONS	Sep. 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 nine months ended September 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 27,598 395 Distribution Center 8/5/2019 2 54,018 I-80 Distribution Center 9/4/2019 4 72,009 Avenue B Industrial Center 9/11/2019 1 7,113 485 Distribution Center 9/13/2019 1 43,059 Total Acquisitions 29 $ 482,661 (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 nine months ended September 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 Nine Months Ended September 30, 2019 Land $ 133,802 Building 313,145 Intangible lease assets 42,041 Above-market lease assets 1,208 Below-market lease liabilities (7,535 ) Total purchase price (1) $ 482,661 (1) Total purchase price is equal to the total consideration paid 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 nine months ended September 30, 2019 , as of the respective date of each acquisition, was 4.8 years .

INVESTMENT IN REAL ESTATE

INVESTMENT IN REAL ESTATE	9 Months Ended
INVESTMENT IN REAL ESTATE	Sep. 30, 2019
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE	4. INVESTMENT IN REAL ESTATE As of September 30, 2019 and December 31, 2018 , the Company’s investment in real estate properties consisted of 42 and 13 industrial buildings, respectively. As of (in thousands) September 30, 2019 December 31, 2018 Land $ 220,662 $ 91,087 Building and improvements 507,060 188,872 Intangible lease assets 67,883 24,492 Construction in progress 1,720 476 Investment in real estate properties 797,325 304,927 Less accumulated depreciation and amortization (17,652 ) (3,556 ) Net investment in real estate properties $ 779,673 $ 301,371 Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of September 30, 2019 and December 31, 2018 included the following: As of September 30, 2019 As of December 31, 2018 (in thousands) Gross Accumulated Net Gross Accumulated Net Intangible lease assets (1) $ 66,428 $ (7,962 ) $ 58,466 $ 24,245 $ (1,450 ) $ 22,795 Above-market lease assets (1) 1,455 (130 ) 1,325 247 (15 ) 232 Below-market lease liabilities (2) (11,577 ) 1,848 (9,729 ) (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 September 30, 2019 , for the next five years and thereafter: Estimated Net Amortization (in thousands) Intangible Above-Market Below-Market Remainder of 2019 $ 3,757 $ 82 $ 641 2020 14,250 329 2,475 2021 11,872 302 2,010 2022 9,217 250 1,517 2023 6,517 181 854 Thereafter 12,853 181 2,232 Total $ 58,466 $ 1,325 $ 9,729 Future Minimum Rent Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to the Company from its customers under the terms of non-cancelable operating leases in effect as of September 30, 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) September 30, 2019 December 31, 2018 2019 $ 9,740 $ 14,354 2020 40,109 14,877 2021 37,778 14,567 2022 32,865 12,756 2023 26,250 10,834 Thereafter 60,242 21,378 Total $ 206,984 $ 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 Nine Months Ended (in thousands) 2019 2018 2019 2018 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 612 $ 535 $ 1,746 $ 725 Above-market lease amortization (70 ) (6 ) (114 ) (7 ) Below-market lease amortization 604 181 1,266 379 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 3,629 $ 773 $ 7,469 $ 1,080 Intangible lease asset amortization 3,337 498 6,512 718

DEBT

DEBT	9 Months Ended
DEBT	Sep. 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) September 30, December 31, Maturity Date September 30, December 31, Line of credit (1) 3.62 % 4.10 % September 2020 $ 143,000 $ 119,000 Term loan (2) 2.58 — February 2024 200,000 — Fixed-rate mortgage notes (3) 3.71 — August 2024 - December 2027 49,250 — Total principal amount / weighted-average (4) 3.10 % 4.10 % $ 392,250 $ 119,000 Less unamortized debt issuance costs $ (2,138 ) $ (1,167 ) Add mark-to-market adjustment on assumed debt 1,115 — Total debt, net $ 391,227 $ 117,833 Gross book value of properties encumbered by debt $ 116,145 $ — (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 September 30, 2019 , the unused portion under the line of credit was $156.9 million , and we had $116.7 million 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 weighted-average effective interest rate is the all-in interest rate, including the effects of interest rate swap agreements. As of September 30, 2019 , total commitments and borrowings for this term loan were both $200.0 million . This term loan is available for general corporate purposes including, but not limited to, the acquisition and operation of permitted investments by the Company. (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 3.3 years as of September 30, 2019 , excluding any extension options on the line of credit. As of September 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 143,000 — — 143,000 2021 — — — — 2022 — — — — 2023 — — — — Thereafter — 200,000 49,250 249,250 Total principal payments $ 143,000 $ 200,000 $ 49,250 $ 392,250 (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 September 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. During the three months ended September 30, 2019, we entered into interest rate swaps to hedge LIBOR on our term loan. 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 September 30, 2019 . Derivative Instruments To manage interest rate risk for certain of its variable-rate debt, the Company uses interest rate swaps as part of its risk management strategy. These derivatives are designed to mitigate the risk of future interest rate increases by providing a fixed interest rate for a limited, pre-determined period of time. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the interest rate swap agreements without exchange of the underlying notional amount. Certain of the Company’s variable-rate borrowings are not hedged, and therefore, to an extent, the Company has on-going exposure to interest rate movements. For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss is recorded as a component of accumulated other comprehensive income (loss) (“AOCI”) on the condensed consolidated balance sheets and is reclassified into earnings as interest expense for the same period that the hedged transaction affects earnings, which is when the interest expense is recognized on the related debt. The gain or loss on the derivative instrument is presented in the same line item on the condensed consolidated statement of operations as the earnings effect of the hedged item. During the next 12 months, the Company estimates that approximately $0.7 million will be reclassified as a decrease to interest expense related to active effective hedges of existing floating-rate debt. The following table summarizes the location and fair value of the cash flow hedges on the Company’s condensed consolidated balance sheets as of September 30, 2019 . The Company did not have any cash flow hedges as of December 31, 2018 . ($ in thousands) Number of Notional Balance Sheet Fair As of September 30, 2019 Interest rate swaps 4 $ 200,000 Other assets $ 820 The following table presents the effect of the Company’s cash flow hedges on the Company’s condensed consolidated financial statements: For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Derivative Instruments Designated as Cash Flow Hedges Gain recognized in AOCI $ 983 $ — $ 983 $ — Gain reclassified from AOCI into interest expense (163 ) — (163 ) — Total interest expense presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded 2,776 — 5,131 —

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Sep. 30, 2019
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	6. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company estimates the fair value of its financial instruments using available market information and valuation methodologies it believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that the Company would realize upon disposition of its financial instruments. Fair Value Measurements on a Recurring Basis The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of September 30, 2019 . The Company did not have any financial instruments that were required to be measured at fair value on a recurring basis as of December 31, 2018 . (in thousands) Level 1 Level 2 Level 3 Total As of September 30, 2019 Assets Derivative instruments $ — $ 820 $ — $ 820 Total assets measured at fair value $ — $ 820 $ — $ 820 The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Derivative Instruments. The derivative instruments are interest rate swaps. The interest rate swaps are standard cash flow hedges whose fair value is estimated using market-standard valuation models. Such models involve using market-based observable inputs, including interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements, which we have concluded are not material to the valuation. Due to the interest rate swaps being unique and not actively traded, the fair value is classified as Level 2. See “ Note 5 ” above for further discussion of the Company’s derivative instruments. Nonrecurring Fair Value of Financial Measurements As of September 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 September 30, 2019 As of December 31, 2018 (in thousands) Carrying Fair Carrying Fair Line of credit $ 143,000 $ 143,000 $ 119,000 $ 119,000 Term loan 200,000 200,000 — — Fixed rate mortgage notes 49,250 50,373 — — Notes payable to stockholders (2) 376 376 376 376 (1) The carrying value reflects the principal amount outstanding. (2) On October 1, 2019, the Company repaid the notes in their entirety, plus accrued interest.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
STOCKHOLDERS' EQUITY	Sep. 30, 2019
Equity [Abstract]
STOCKHOLDERS' EQUITY	7. STOCKHOLDERS’ EQUITY Public Offerings On September 5, 2019, the SEC declared the Company’s registration statement on Form S-11 with respect to its follow-on public offering of up to $2.0 billion of shares of its common stock effective, and the follow-on public offering commenced the same day. The Company’s initial public offering of up to $2.0 billion of shares of its common stock was terminated immediately upon the effectiveness of the registration statement for the follow-on offering. Under the follow-on public offering, the Company is offering up to $1.5 billion of shares of its common stock in the primary offering and up to $500.0 million of shares of its common stock pursuant to its distribution reinvestment plan, in any combination of Class T shares, Class W shares and Class I shares. The Company may reallocate amounts between the primary offering and distribution reinvestment plan. The Company’s follow-on public offering is a continuous offering that will end no later than September 5, 2021, unless extended in accordance with federal and state securities laws. Pursuant to its public offerings, the Company offered and continues to offer shares of its common stock at the “transaction price,” plus applicable selling commissions and dealer manager fees. The “transaction price” generally is equal to the net asset value (“NAV”) per share of the Company’s common stock most recently disclosed. The Company’s NAV per share is calculated as of the last calendar day of each month for each of its outstanding classes of stock, and will be available generally within 15 calendar days after the end of the applicable month. Shares issued pursuant to the Company’s distribution reinvestment plan are offered at the transaction price, as indicated above, in effect on the distribution date. The Company may update a previously disclosed transaction price in cases where the Company believes there has been a material change (positive or negative) to its NAV per share relative to the most recently disclosed monthly NAV per share. Summary of the Public and Private Offerings A summary of the Company’s public offerings, including shares sold through the primary offering and the Company’s distribution reinvestment plan (“DRIP”), and its private offering, as of September 30, 2019 , is as follows: (in thousands) Class T Class W Class I Notes to Total Amount of gross proceeds raised: Primary offering $ 426,394 $ 21,901 $ 9,934 $ — $ 458,229 DRIP 7,921 203 232 — 8,356 Private offering 62 — 62 376 500 Total offering $ 434,377 $ 22,104 $ 10,228 $ 376 $ 467,085 Number of shares issued: Primary offering 40,571 2,178 1,008 — 43,757 DRIP 789 21 24 — 834 Private offering 7 — 7 — 14 Stock dividends — 6 3 — 9 Total offering 41,367 2,205 1,042 — 44,614 (1) On October 1, 2019, the Company repaid the notes in their entirety, plus accrued interest. 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 SEPTEMBER 30, 2018 Balance as of June 30, 2018 7,192 6 293 7,491 Issuance of common stock: Primary shares 4,576 50 18 4,644 DRIP 55 — 2 57 Balance as of September 30, 2018 11,823 56 313 12,192 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019 Balance as of June 30, 2019 34,722 1,480 791 36,993 Issuance of common stock: Primary shares 6,315 713 257 7,285 DRIP 249 12 7 268 Redemptions (41 ) — (1 ) (42 ) Balance as of September 30, 2019 41,245 2,205 1,054 44,504 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 Balance as of December 31, 2017 976 6 256 1,238 Issuance of common stock: Primary shares 10,748 50 53 10,851 DRIP 99 — 4 103 Balance as of September 30, 2018 11,823 56 313 12,192 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 Balance as of December 31, 2018 19,759 161 345 20,265 Issuance of common stock: Primary shares 20,960 2,024 690 23,674 DRIP 599 20 13 632 Stock grants — — 76 76 Redemptions (73 ) — (70 ) (143 ) Balance as of September 30, 2019 41,245 2,205 1,054 44,504 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 September 30 $ 0.13625 $ 1,841 $ 2,866 $ 992 $ 5,699 June 30 0.13625 1,558 2,319 818 4,695 March 31 0.13625 1,178 1,744 620 3,542 Total $ 0.40875 $ 4,577 $ 6,929 $ 2,430 $ 13,936 2018 December 31 $ 0.13625 $ 747 $ 1,102 $ 406 $ 2,255 September 30 0.13625 495 681 256 1,432 June 30 0.13625 305 399 147 851 March 31 0.13625 140 197 67 404 Total $ 0.54500 $ 1,687 $ 2,379 $ 876 $ 4,942 (1) Amounts reflect the quarterly distribution rate authorized by the Company’s board of directors per Class T share, per Class W share, and per Class I share of common stock. Distributions were declared and paid as of monthly record dates. These monthly distributions have been aggregated and presented on a quarterly basis. The distributions on Class T shares and Class W shares of common stock are reduced by the respective distribution fees that are payable with respect to such Class T shares and Class W shares. (2) Distribution fees are paid monthly to Black Creek Capital Markets, LLC (the “Dealer Manager”) with respect to Class T shares and Class W shares issued in the primary portion of the Company’s public offerings only. (3) Gross distributions are total distributions before the deduction of any distribution fees relating to Class T shares and Class W shares issued in the primary portion of the Company’s public offerings. Redemptions The following table summarizes the Company’s redemption activity for the periods presented below: For the Nine Months Ended September 30, 2019 2018 Number of eligible shares redeemed 142,388 243 Aggregate dollar amount of shares redeemed $ 1,404,941 $ 2,315 Average redemption price per share $ 9.87 $ 9.53

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 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 public offerings and any related amounts payable: For the Three Months Ended September 30, For the Nine Months Ended September 30, Payable as of September 30, December 31, (in thousands) 2019 2018 2019 2018 Expensed: Advisory fee—fixed component $ 1,367 $ 299 $ 2,948 $ 458 $ 522 $ 200 Advisory fee—performance component 784 226 1,938 401 1,938 723 Acquisition expense reimbursements (1) 793 1,465 2,367 3,460 4,016 3,500 Other expense reimbursements (2) 482 335 1,445 907 313 299 Total $ 3,426 $ 2,325 $ 8,698 $ 5,226 $ 6,789 $ 4,722 Additional Paid-In Capital: Selling commissions $ 1,695 $ 1,129 $ 5,301 $ 2,508 $ — $ — Dealer manager fees 1,293 1,029 4,623 2,559 — — Offering costs (3) 1,449 3,263 4,347 7,585 18,466 14,119 Distribution fees—current 992 256 2,430 469 343 168 Distribution fees—trailing (4) 2,261 1,704 8,101 4,076 15,560 7,457 Total $ 7,690 $ 7,381 $ 24,802 $ 17,197 $ 34,369 $ 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 $ 0.5 million and $ 0.2 million for the three months ended September 30, 2019 and 2018 , respectively, and $1.3 million and $0.6 million for the nine months ended September 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 September 30, 2019 , the Advisor had incurred $19.3 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 September 30, 2019 , the aggregate amount paid by the Advisor pursuant to the expense support agreement was $12.7 million . Of this amount, total reimbursements to the Advisor was $5.7 million , and $7.0 million remains available to be reimbursed, subject to certain conditions. For the Three Months Ended September 30, For the Nine Months Ended (in thousands) 2019 2018 2019 2018 Fees deferred $ 1,367 $ 299 $ 2,948 $ 458 Other expenses supported 409 1,055 2,243 3,358 Total expense support from Advisor 1,776 1,354 5,191 3,816 Reimbursement of previously deferred fees and other expenses supported (1,118 ) — (5,693 ) — Total expense support from (reimbursement to) Advisor, net (1) $ 658 $ 1,354 $ (502 ) $ 3,816 (1) As of September 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	9 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION	Sep. 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 Nine Months Ended (in thousands) 2019 2018 Distributions payable $ 2,024 $ 554 Distribution fees payable to affiliates 15,560 4,471 Distributions reinvested in common stock 6,346 1,035 Accrued offering costs due to the Advisor 18,466 8,434 Redeemable noncontrolling interest issued as settlement of performance component of the Advisory fee 723 — Redemption value allocation adjustment to redeemable noncontrolling interest 52 — Accrued acquisition expense reimbursements due to the Advisor 4,016 2,910 Non-cash capital expenditures 931 192 Non-cash selling commissions and dealer manager fees 9,924 5,067 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 Nine Months Ended (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 $ 49,384 $ 13,873 Restricted cash (2) — 164 Cash, cash equivalents and restricted cash $ 49,384 $ 14,037 (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 September 30, 2018, restricted cash consisted of cash held in escrow in connection with a property acquisition.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 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 September 30, 2019 .

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	11. SUBSEQUENT EVENTS Status of the Public and Private Offerings A summary of the Company’s public offerings, including shares sold through the primary offering and the Company’s distribution reinvestment plan, and its private offering, as of November 6, 2019 , is as follows: (in thousands) Class T Class W Class I Notes to Total Amount of gross proceeds raised: Primary offering $ 442,484 $ 23,454 $ 11,460 $ — $ 477,398 DRIP 9,827 313 282 — 10,422 Private offering 62 — 62 376 500 Total offering $ 452,373 $ 23,767 $ 11,804 $ 376 $ 488,320 Number of shares issued: Primary offering 42,100 2,333 1,163 — 45,596 DRIP 978 31 28 — 1,037 Private offering 7 — 7 — 14 Stock dividends — 6 3 — 9 Total offering 43,085 2,370 1,201 — 46,656 As of November 6, 2019 , approximately $1.98 billion in shares of the Company’s common stock remained available for sale pursuant to the Company’s follow-on public offering in any combination of Class T shares, Class W shares or Class I shares, including approximately $497.9 million in shares of common stock available for sale through the Company’s distribution reinvestment plan, which may be reallocated for sale in the primary offering. Acquisitions Under Contract As of November 6, 2019 , the Company had entered into contracts to acquire properties with an aggregate contract purchase price of approximately $41.7 million , comprised of two industrial buildings. There can be no assurance that the Company will complete the acquisition of the properties under contract.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2019
Accounting Policies [Abstract]
Basis of Accounting	Unless the context otherwise requires, the “Company” refers to Black Creek Industrial REIT IV Inc. and its consolidated subsidiaries. The accompanying unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain disclosures normally included in the annual audited financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been omitted. As such, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 , filed with the SEC on March 6, 2019 (“2018 Form 10-K”).
Consolidation	In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 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. In July 2019, the FASB issued ASU No. 2019-07, “Codification Updates to SEC Sections” (“ASU 2019-07”), which updates various codification topics by clarifying or improving the disclosure requirements to align with the SEC’s regulations. The Company adopted this standard immediately upon its issuance. The adoption did not have a material effect on the Company’s consolidated financial statements.
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.
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.
Derivative Instruments	Derivative Instruments The Company records its derivative instruments at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. The Company’s interest rate swap derivative instruments are designated as cash flow hedges and are used to hedge exposure to variability in expected future interest payments. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) on the condensed consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. The Company does not use derivative instruments for trading or speculative purposes.
Fair Value Measurements	The Company estimates the fair value of its financial instruments using available market information and valuation methodologies it believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that the Company would realize upon disposition of its financial instruments.

REAL ESTATE ACQUISITIONS (Table

REAL ESTATE ACQUISITIONS (Tables)	9 Months Ended
REAL ESTATE ACQUISITIONS (Tables)	Sep. 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 nine months ended September 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 27,598 395 Distribution Center 8/5/2019 2 54,018 I-80 Distribution Center 9/4/2019 4 72,009 Avenue B Industrial Center 9/11/2019 1 7,113 485 Distribution Center 9/13/2019 1 43,059 Total Acquisitions 29 $ 482,661 (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 nine months ended September 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 Nine Months Ended September 30, 2019 Land $ 133,802 Building 313,145 Intangible lease assets 42,041 Above-market lease assets 1,208 Below-market lease liabilities (7,535 ) Total purchase price (1) $ 482,661 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value.

INVESTMENT IN REAL ESTATE (Tabl

INVESTMENT IN REAL ESTATE (Tables)	9 Months Ended
INVESTMENT IN REAL ESTATE (Tables)	Sep. 30, 2019
Real Estate [Abstract]
Schedule of Real Estate Properties	As of September 30, 2019 and December 31, 2018 , the Company’s investment in real estate properties consisted of 42 and 13 industrial buildings, respectively. As of (in thousands) September 30, 2019 December 31, 2018 Land $ 220,662 $ 91,087 Building and improvements 507,060 188,872 Intangible lease assets 67,883 24,492 Construction in progress 1,720 476 Investment in real estate properties 797,325 304,927 Less accumulated depreciation and amortization (17,652 ) (3,556 ) Net investment in real estate properties $ 779,673 $ 301,371
Intangible Lease Assets And Liabilities	Intangible lease assets and liabilities as of September 30, 2019 and December 31, 2018 included the following: As of September 30, 2019 As of December 31, 2018 (in thousands) Gross Accumulated Net Gross Accumulated Net Intangible lease assets (1) $ 66,428 $ (7,962 ) $ 58,466 $ 24,245 $ (1,450 ) $ 22,795 Above-market lease assets (1) 1,455 (130 ) 1,325 247 (15 ) 232 Below-market lease liabilities (2) (11,577 ) 1,848 (9,729 ) (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 September 30, 2019 , for the next five years and thereafter: Estimated Net Amortization (in thousands) Intangible Above-Market Below-Market Remainder of 2019 $ 3,757 $ 82 $ 641 2020 14,250 329 2,475 2021 11,872 302 2,010 2022 9,217 250 1,517 2023 6,517 181 854 Thereafter 12,853 181 2,232 Total $ 58,466 $ 1,325 $ 9,729
Future Minimum Rents	Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to the Company from its customers under the terms of non-cancelable operating leases in effect as of September 30, 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) September 30, 2019 December 31, 2018 2019 $ 9,740 $ 14,354 2020 40,109 14,877 2021 37,778 14,567 2022 32,865 12,756 2023 26,250 10,834 Thereafter 60,242 21,378 Total $ 206,984 $ 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 Nine Months Ended (in thousands) 2019 2018 2019 2018 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 612 $ 535 $ 1,746 $ 725 Above-market lease amortization (70 ) (6 ) (114 ) (7 ) Below-market lease amortization 604 181 1,266 379 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 3,629 $ 773 $ 7,469 $ 1,080 Intangible lease asset amortization 3,337 498 6,512 718

DEBT (Tables)

DEBT (Tables)	9 Months Ended
DEBT (Tables)	Sep. 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) September 30, December 31, Maturity Date September 30, December 31, Line of credit (1) 3.62 % 4.10 % September 2020 $ 143,000 $ 119,000 Term loan (2) 2.58 — February 2024 200,000 — Fixed-rate mortgage notes (3) 3.71 — August 2024 - December 2027 49,250 — Total principal amount / weighted-average (4) 3.10 % 4.10 % $ 392,250 $ 119,000 Less unamortized debt issuance costs $ (2,138 ) $ (1,167 ) Add mark-to-market adjustment on assumed debt 1,115 — Total debt, net $ 391,227 $ 117,833 Gross book value of properties encumbered by debt $ 116,145 $ — (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 September 30, 2019 , the unused portion under the line of credit was $156.9 million , and we had $116.7 million 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 weighted-average effective interest rate is the all-in interest rate, including the effects of interest rate swap agreements. As of September 30, 2019 , total commitments and borrowings for this term loan were both $200.0 million . This term loan is available for general corporate purposes including, but not limited to, the acquisition and operation of permitted investments by the Company. (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 3.3 years as of September 30, 2019 , excluding any extension options on the line of credit.
Schedule of Maturities of Long-term Debt	As of September 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 143,000 — — 143,000 2021 — — — — 2022 — — — — 2023 — — — — Thereafter — 200,000 49,250 249,250 Total principal payments $ 143,000 $ 200,000 $ 49,250 $ 392,250 (1) The term of the line of credit may be extended pursuant to two one -year extension options, subject to certain conditions.
Schedule of Derivative Instruments	The following table summarizes the location and fair value of the cash flow hedges on the Company’s condensed consolidated balance sheets as of September 30, 2019 . The Company did not have any cash flow hedges as of December 31, 2018 . ($ in thousands) Number of Notional Balance Sheet Fair As of September 30, 2019 Interest rate swaps 4 $ 200,000 Other assets $ 820
Derivative Instruments, Gain (Loss) [Table Text Block]	The following table presents the effect of the Company’s cash flow hedges on the Company’s condensed consolidated financial statements: For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Derivative Instruments Designated as Cash Flow Hedges Gain recognized in AOCI $ 983 $ — $ 983 $ — Gain reclassified from AOCI into interest expense (163 ) — (163 ) — Total interest expense presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded 2,776 — 5,131 —

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair value of instruments measured on a recurring basis	The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of September 30, 2019 . The Company did not have any financial instruments that were required to be measured at fair value on a recurring basis as of December 31, 2018 . (in thousands) Level 1 Level 2 Level 3 Total As of September 30, 2019 Assets Derivative instruments $ — $ 820 $ — $ 820 Total assets measured at fair value $ — $ 820 $ — $ 820
Fair value of notes payable	The carrying values and fair values of these financial instruments were as follows: As of September 30, 2019 As of December 31, 2018 (in thousands) Carrying Fair Carrying Fair Line of credit $ 143,000 $ 143,000 $ 119,000 $ 119,000 Term loan 200,000 200,000 — — Fixed rate mortgage notes 49,250 50,373 — — Notes payable to stockholders (2) 376 376 376 376 (1) The carrying value reflects the principal amount outstanding. (2) On October 1, 2019, the Company repaid the notes in their entirety, plus accrued interest.

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
STOCKHOLDERS' EQUITY (Tables)	Sep. 30, 2019
Equity [Abstract]
Summary of Public and Private Offerings	A summary of the Company’s public offerings, including shares sold through the primary offering and the Company’s distribution reinvestment plan (“DRIP”), and its private offering, as of September 30, 2019 , is as follows: (in thousands) Class T Class W Class I Notes to Total Amount of gross proceeds raised: Primary offering $ 426,394 $ 21,901 $ 9,934 $ — $ 458,229 DRIP 7,921 203 232 — 8,356 Private offering 62 — 62 376 500 Total offering $ 434,377 $ 22,104 $ 10,228 $ 376 $ 467,085 Number of shares issued: Primary offering 40,571 2,178 1,008 — 43,757 DRIP 789 21 24 — 834 Private offering 7 — 7 — 14 Stock dividends — 6 3 — 9 Total offering 41,367 2,205 1,042 — 44,614 (1) On October 1, 2019, the Company repaid the notes in their entirety, plus accrued interest. A summary of the Company’s public offerings, including shares sold through the primary offering and the Company’s distribution reinvestment plan, and its private offering, as of November 6, 2019 , is as follows: (in thousands) Class T Class W Class I Notes to Total Amount of gross proceeds raised: Primary offering $ 442,484 $ 23,454 $ 11,460 $ — $ 477,398 DRIP 9,827 313 282 — 10,422 Private offering 62 — 62 376 500 Total offering $ 452,373 $ 23,767 $ 11,804 $ 376 $ 488,320 Number of shares issued: Primary offering 42,100 2,333 1,163 — 45,596 DRIP 978 31 28 — 1,037 Private offering 7 — 7 — 14 Stock dividends — 6 3 — 9 Total offering 43,085 2,370 1,201 — 46,656
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 SEPTEMBER 30, 2018 Balance as of June 30, 2018 7,192 6 293 7,491 Issuance of common stock: Primary shares 4,576 50 18 4,644 DRIP 55 — 2 57 Balance as of September 30, 2018 11,823 56 313 12,192 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019 Balance as of June 30, 2019 34,722 1,480 791 36,993 Issuance of common stock: Primary shares 6,315 713 257 7,285 DRIP 249 12 7 268 Redemptions (41 ) — (1 ) (42 ) Balance as of September 30, 2019 41,245 2,205 1,054 44,504 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 Balance as of December 31, 2017 976 6 256 1,238 Issuance of common stock: Primary shares 10,748 50 53 10,851 DRIP 99 — 4 103 Balance as of September 30, 2018 11,823 56 313 12,192 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 Balance as of December 31, 2018 19,759 161 345 20,265 Issuance of common stock: Primary shares 20,960 2,024 690 23,674 DRIP 599 20 13 632 Stock grants — — 76 76 Redemptions (73 ) — (70 ) (143 ) Balance as of September 30, 2019 41,245 2,205 1,054 44,504
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 September 30 $ 0.13625 $ 1,841 $ 2,866 $ 992 $ 5,699 June 30 0.13625 1,558 2,319 818 4,695 March 31 0.13625 1,178 1,744 620 3,542 Total $ 0.40875 $ 4,577 $ 6,929 $ 2,430 $ 13,936 2018 December 31 $ 0.13625 $ 747 $ 1,102 $ 406 $ 2,255 September 30 0.13625 495 681 256 1,432 June 30 0.13625 305 399 147 851 March 31 0.13625 140 197 67 404 Total $ 0.54500 $ 1,687 $ 2,379 $ 876 $ 4,942 (1) Amounts reflect the quarterly distribution rate authorized by the Company’s board of directors per Class T share, per Class W share, and per Class I share of common stock. Distributions were declared and paid as of monthly record dates. These monthly distributions have been aggregated and presented on a quarterly basis. The distributions on Class T shares and Class W shares of common stock are reduced by the respective distribution fees that are payable with respect to such Class T shares and Class W shares. (2) Distribution fees are paid monthly to Black Creek Capital Markets, LLC (the “Dealer Manager”) with respect to Class T shares and Class W shares issued in the primary portion of the Company’s public offerings only. (3) Gross distributions are total distributions before the deduction of any distribution fees relating to Class T shares and Class W shares issued in the primary portion of the Company’s public offerings.
Share Redemption Activity	The following table summarizes the Company’s redemption activity for the periods presented below: For the Nine Months Ended September 30, 2019 2018 Number of eligible shares redeemed 142,388 243 Aggregate dollar amount of shares redeemed $ 1,404,941 $ 2,315 Average redemption price per share $ 9.87 $ 9.53

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
RELATED PARTY TRANSACTIONS (Tables)	Sep. 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 public offerings and any related amounts payable: For the Three Months Ended September 30, For the Nine Months Ended September 30, Payable as of September 30, December 31, (in thousands) 2019 2018 2019 2018 Expensed: Advisory fee—fixed component $ 1,367 $ 299 $ 2,948 $ 458 $ 522 $ 200 Advisory fee—performance component 784 226 1,938 401 1,938 723 Acquisition expense reimbursements (1) 793 1,465 2,367 3,460 4,016 3,500 Other expense reimbursements (2) 482 335 1,445 907 313 299 Total $ 3,426 $ 2,325 $ 8,698 $ 5,226 $ 6,789 $ 4,722 Additional Paid-In Capital: Selling commissions $ 1,695 $ 1,129 $ 5,301 $ 2,508 $ — $ — Dealer manager fees 1,293 1,029 4,623 2,559 — — Offering costs (3) 1,449 3,263 4,347 7,585 18,466 14,119 Distribution fees—current 992 256 2,430 469 343 168 Distribution fees—trailing (4) 2,261 1,704 8,101 4,076 15,560 7,457 Total $ 7,690 $ 7,381 $ 24,802 $ 17,197 $ 34,369 $ 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 $ 0.5 million and $ 0.2 million for the three months ended September 30, 2019 and 2018 , respectively, and $1.3 million and $0.6 million for the nine months ended September 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 September 30, 2019 , the Advisor had incurred $19.3 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 September 30, 2019 , the aggregate amount paid by the Advisor pursuant to the expense support agreement was $12.7 million . Of this amount, total reimbursements to the Advisor was $5.7 million , and $7.0 million remains available to be reimbursed, subject to certain conditions. For the Three Months Ended September 30, For the Nine Months Ended (in thousands) 2019 2018 2019 2018 Fees deferred $ 1,367 $ 299 $ 2,948 $ 458 Other expenses supported 409 1,055 2,243 3,358 Total expense support from Advisor 1,776 1,354 5,191 3,816 Reimbursement of previously deferred fees and other expenses supported (1,118 ) — (5,693 ) — Total expense support from (reimbursement to) Advisor, net (1) $ 658 $ 1,354 $ (502 ) $ 3,816 (1) As of September 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)	9 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	Sep. 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 Nine Months Ended (in thousands) 2019 2018 Distributions payable $ 2,024 $ 554 Distribution fees payable to affiliates 15,560 4,471 Distributions reinvested in common stock 6,346 1,035 Accrued offering costs due to the Advisor 18,466 8,434 Redeemable noncontrolling interest issued as settlement of performance component of the Advisory fee 723 — Redemption value allocation adjustment to redeemable noncontrolling interest 52 — Accrued acquisition expense reimbursements due to the Advisor 4,016 2,910 Non-cash capital expenditures 931 192 Non-cash selling commissions and dealer manager fees 9,924 5,067 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 Nine Months Ended (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 $ 49,384 $ 13,873 Restricted cash (2) — 164 Cash, cash equivalents and restricted cash $ 49,384 $ 14,037 (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 September 30, 2018, restricted cash consisted of cash held in escrow in connection with a property acquisition.

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	9 Months Ended
SUBSEQUENT EVENTS (Tables)	Sep. 30, 2019
Subsequent Events [Abstract]
Summary of Public and Private Offerings	A summary of the Company’s public offerings, including shares sold through the primary offering and the Company’s distribution reinvestment plan (“DRIP”), and its private offering, as of September 30, 2019 , is as follows: (in thousands) Class T Class W Class I Notes to Total Amount of gross proceeds raised: Primary offering $ 426,394 $ 21,901 $ 9,934 $ — $ 458,229 DRIP 7,921 203 232 — 8,356 Private offering 62 — 62 376 500 Total offering $ 434,377 $ 22,104 $ 10,228 $ 376 $ 467,085 Number of shares issued: Primary offering 40,571 2,178 1,008 — 43,757 DRIP 789 21 24 — 834 Private offering 7 — 7 — 14 Stock dividends — 6 3 — 9 Total offering 41,367 2,205 1,042 — 44,614 (1) On October 1, 2019, the Company repaid the notes in their entirety, plus accrued interest. A summary of the Company’s public offerings, including shares sold through the primary offering and the Company’s distribution reinvestment plan, and its private offering, as of November 6, 2019 , is as follows: (in thousands) Class T Class W Class I Notes to Total Amount of gross proceeds raised: Primary offering $ 442,484 $ 23,454 $ 11,460 $ — $ 477,398 DRIP 9,827 313 282 — 10,422 Private offering 62 — 62 376 500 Total offering $ 452,373 $ 23,767 $ 11,804 $ 376 $ 488,320 Number of shares issued: Primary offering 42,100 2,333 1,163 — 45,596 DRIP 978 31 28 — 1,037 Private offering 7 — 7 — 14 Stock dividends — 6 3 — 9 Total offering 43,085 2,370 1,201 — 46,656

REAL ESTATE ACQUISITIONS - Narr

REAL ESTATE ACQUISITIONS - Narrative (Details)	9 Months Ended
REAL ESTATE ACQUISITIONS - Narrative (Details)	Sep. 30, 2019
Intangible lease assets
Business Acquisition [Line Items]
Weighted-average amortization period of acquired finite-lived intangible assets	4 years 9 months 18 days

REAL ESTATE ACQUISITIONS - Summ

REAL ESTATE ACQUISITIONS - Summary of Business Acquisitions (Details) $ in Thousands	Sep. 30, 2019USD ($)Building
2019 Acquisitions
Business Acquisition [Line Items]
Number of Buildings \| Building	29
Total Purchase Price	$ 482,661
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
395 Distribution Center
Business Acquisition [Line Items]
Number of Buildings \| Building	2
Total Purchase Price	$ 54,018
I-80 Distribution Center
Business Acquisition [Line Items]
Number of Buildings \| Building	4
Total Purchase Price	$ 72,009
Avenue B Industrial Center
Business Acquisition [Line Items]
Number of Buildings \| Building	1
Total Purchase Price	$ 7,113
485 Distribution Center
Business Acquisition [Line Items]
Number of Buildings \| Building	1
Total Purchase Price	$ 43,059

REAL ESTATE ACQUISITIONS - Purc

REAL ESTATE ACQUISITIONS - Purchase Price Allocation (Details) - 2019 Acquisitions $ in Thousands	Sep. 30, 2019USD ($)
Business Acquisition [Line Items]
Land	$ 133,802
Building	313,145
Intangible lease assets	42,041
Above-market lease assets	1,208
Below-market lease liabilities	(7,535)
Total purchase price	$ 482,661

INVESTMENT IN REAL ESTATE - Nar

INVESTMENT IN REAL ESTATE - Narrative (Details) - Building	Sep. 30, 2019	Dec. 31, 2018
Consolidated Properties
Real Estate Properties [Line Items]
Real estate properties owned, buildings	42	13

INVESTMENT IN REAL ESTATE - Inv

INVESTMENT IN REAL ESTATE - Investment in Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Real Estate [Abstract]
Land	$ 220,662	$ 91,087
Building and improvements	507,060	188,872
Intangible lease assets	67,883	24,492
Construction in progress	1,720	476
Investment in real estate properties	797,325	304,927
Less accumulated depreciation and amortization	(17,652)	(3,556)
Net investment in real estate properties	$ 779,673	$ 301,371

INVESTMENT IN REAL ESTATE - Sum

INVESTMENT IN REAL ESTATE - Summary of Intangible Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets, Gross	$ 67,883	$ 24,492
Below Market Lease [Roll Forward]
Gross	(11,577)	(4,042)
Accumulated Amortization	1,848	582
Total	(9,729)	(3,460)
Intangible lease assets
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets, Gross	66,428	24,245
Accumulated Amortization	(7,962)	(1,450)
Total	58,466	22,795
Above-market lease assets
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets, Gross	1,455	247
Accumulated Amortization	(130)	(15)
Total	$ 1,325	$ 232

INVESTMENT IN REAL ESTATE - Est

INVESTMENT IN REAL ESTATE - Estimated Net Amortization of Intangible Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets And Liabilities [Line Items]
Total	$ 9,729	$ 3,460
Intangible lease assets
Finite-Lived Intangible Assets And Liabilities [Line Items]
Remainder of 2019	3,757
2020	14,250
2021	11,872
2022	9,217
2023	6,517
Thereafter	12,853
Total	58,466	22,795
Above-market lease assets
Finite-Lived Intangible Assets And Liabilities [Line Items]
Remainder of 2019	82
2020	329
2021	302
2022	250
2023	181
Thereafter	181
Total	1,325	$ 232
Below-market lease liabilities
Finite-Lived Intangible Assets And Liabilities [Line Items]
Remainder of 2019	641
2020	2,475
2021	2,010
2022	1,517
2023	854
Thereafter	2,232
Total	$ 9,729

INVESTMENT IN REAL ESTATE - Fut

INVESTMENT IN REAL ESTATE - Future Minimum Rents (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Real Estate [Abstract]
2019	$ 9,740
2019		$ 14,354
2020	40,109	14,877
2021	37,778	14,567
2022	32,865	12,756
2023	26,250	10,834
Thereafter	60,242	21,378
Total	$ 206,984	$ 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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$ 612	$ 535	$ 1,746	$ 725
Above-market lease amortization	(70)	(6)	(114)	(7)
Below-market lease amortization	604	181	1,266	379
Real Estate-Related Depreciation and Amortization:
Depreciation expense	3,629	773	7,469	1,080
Intangible lease asset amortization	$ 3,337	$ 498	$ 6,512	$ 718

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($)	9 Months Ended
DEBT - Schedule of Debt (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	3.10%	4.10%
Total principal amount / weighted-average	$ 392,250,000	$ 119,000,000
Less unamortized debt issuance costs	(2,138,000)	(1,167,000)
Add mark-to-market adjustment on assumed debt	1,115,000	0
Total debt, net	391,227,000	117,833,000
Gross book value of properties encumbered by debt	$ 116,145,000	$ 0
Weighted Average
Debt Instrument [Line Items]
Remaining debt term (in years)	3 years 3 months 18 days
Line of Credit
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	3.62%	4.10%
Total principal amount / weighted-average	$ 143,000,000	$ 119,000,000
Unused portion	156,900,000
Available capacity	$ 116,700,000
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	2.58%	0.00%
Total principal amount / weighted-average	$ 200,000,000	$ 0
Total debt, net	200,000,000
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	9 Months Ended
DEBT - Principal Payments on Debt (Details) $ in Thousands	Sep. 30, 2019USD ($)Extension	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Remainder of 2019	$ 0
2020	143,000
2021	0
2022	0
2023	0
Thereafter	249,250
Total principal payments	$ 392,250	$ 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	143,000
2021	0
2022	0
2023	0
Thereafter	0
Total principal payments	143,000	119,000
Term Loan
Debt Instrument [Line Items]
Remainder of 2019	0
2020	0
2021	0
2022	0
2023	0
Thereafter	200,000
Total principal payments	200,000	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

DEBT - Cash Flow Hedges (Detail

DEBT - Cash Flow Hedges (Details) $ in Thousands	3 Months Ended		9 Months Ended
DEBT - Cash Flow Hedges (Details) $ in Thousands	Sep. 30, 2019USD ($)contract	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)contract	Sep. 30, 2018USD ($)
Debt Instrument [Line Items]
Cash flow hedge to be reclassified in next twelve months	$ (700)		$ (700)
Number of Contracts \| contract	4		4
Gain recognized in AOCI	$ 983	$ 0	$ 983	$ 0
Gain reclassified from AOCI into interest expense	(163)	0	(163)	0
Total interest expense presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded	2,776	$ 0	5,131	$ 0
Interest Rate Swap
Debt Instrument [Line Items]
Notional Amount	200,000		200,000
Interest Rate Swap \| Other Assets
Debt Instrument [Line Items]
Derivative instruments	$ 820		$ 820

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Recurring Basis (Details) $ in Thousands	Sep. 30, 2019USD ($)
Assets
Derivative instruments	$ 820
Total assets measured at fair value	820
Level 1
Assets
Derivative instruments	0
Total assets measured at fair value	0
Level 2
Assets
Derivative instruments	820
Total assets measured at fair value	820
Level 3
Assets
Derivative instruments	0
Total assets measured at fair value	$ 0

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Nonrecurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Carrying Value \| Line of Credit
Assets
Debt instruments, fair value disclosure	$ 143,000	$ 119,000
Carrying Value \| Term Loan
Assets
Debt instruments, fair value disclosure	200,000	0
Carrying Value \| Fixed rate mortgage notes
Assets
Debt instruments, fair value disclosure	49,250	0
Carrying Value \| Notes payable to stockholders (2)
Assets
Debt instruments, fair value disclosure	376	376
Fair Value \| Line of Credit
Assets
Debt instruments, fair value disclosure	143,000	119,000
Fair Value \| Term Loan
Assets
Debt instruments, fair value disclosure	200,000	0
Fair Value \| Fixed rate mortgage notes
Assets
Debt instruments, fair value disclosure	50,373	0
Fair Value \| Notes payable to stockholders (2)
Assets
Debt instruments, fair value disclosure	$ 376	$ 376

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - Initial Public Offering - USD ($) $ in Millions	Sep. 05, 2019	Feb. 18, 2016
Class of Stock [Line Items]
Dollar value of shares issued	$ 2,000	$ 2,000
Dollar value of primary shares of common stock in offering	1,500
Dollar value of shares in offering pursuant to distribution reinvestment plan	$ 500

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of Company's Initial Public Offering (Details) shares in Thousands, $ in Thousands	Sep. 30, 2019USD ($)shares
Class of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 467,085
Number of shares issued (in shares) \| shares	44,614
Class T Shares
Class of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 434,377
Number of shares issued (in shares) \| shares	41,367
Class W Shares
Class of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 22,104
Number of shares issued (in shares) \| shares	2,205
Class I Shares
Class of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 10,228
Number of shares issued (in shares) \| shares	1,042
Notes to Stockholders
Class of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 376
Primary Offering
Class of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 458,229
Number of shares issued (in shares) \| shares	43,757
Primary Offering \| Class T Shares
Class of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 426,394
Number of shares issued (in shares) \| shares	40,571
Primary Offering \| Class W Shares
Class of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 21,901
Number of shares issued (in shares) \| shares	2,178
Primary Offering \| Class I Shares
Class of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 9,934
Number of shares issued (in shares) \| shares	1,008
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 \| $	$ 8,356
Number of shares issued (in shares) \| shares	834
DRIP \| Class T Shares
Class of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 7,921
Number of shares issued (in shares) \| shares	789
DRIP \| Class W Shares
Class of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 203
Number of shares issued (in shares) \| shares	21
DRIP \| Class I Shares
Class of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 232
Number of shares issued (in shares) \| shares	24
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 (in shares) \| shares	14
Private offering \| Class T Shares
Class of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 62
Number of shares issued (in shares) \| shares	7
Private offering \| Class W Shares
Class of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 0
Number of shares issued (in shares) \| shares	0
Private offering \| Class I Shares
Class of Stock [Line Items]
Amount of gross proceeds raised \| $	$ 62
Number of shares issued (in shares) \| 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 (in shares) \| shares	9
Stock dividends \| Class T Shares
Class of Stock [Line Items]
Number of shares issued (in shares) \| shares	0
Stock dividends \| Class W Shares
Class of Stock [Line Items]
Number of shares issued (in shares) \| shares	6
Stock dividends \| Class I Shares
Class of Stock [Line Items]
Number of shares issued (in shares) \| 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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares			19,759
Ending balance, shares	41,245		41,245
Class W Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares			161
Ending balance, shares	2,205		2,205
Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares			345
Ending balance, shares	1,054		1,054
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	36,993	7,491	20,265	1,238
Primary shares	7,285	4,644	23,674	10,851
DRIP	268	57	632	103
Stock grants			76
Redemptions	(42)		(143)
Ending balance, shares	44,504	12,192	44,504	12,192
Common Stock \| Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	34,722	7,192	19,759	976
Primary shares	6,315	4,576	20,960	10,748
DRIP	249	55	599	99
Stock grants			0
Redemptions	(41)		(73)
Ending balance, shares	41,245	11,823	41,245	11,823
Common Stock \| Class W Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	1,480	6	161	6
Primary shares	713	50	2,024	50
DRIP	12	0	20	0
Stock grants			0
Redemptions	0		0
Ending balance, shares	2,205	56	2,205	56
Common Stock \| Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	791	293	345	256
Primary shares	257	18	690	53
DRIP	7	2	13	4
Stock grants			76
Redemptions	(1)		(70)
Ending balance, shares	1,054	313	1,054	313

STOCKHOLDERS' EQUITY - Summar_3

STOCKHOLDERS' EQUITY - Summary of Company's Cash Distribution Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended							9 Months Ended		12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Class of Stock [Line Items]
Gross Distributions	$ 5,699				$ 1,432			$ 13,936	$ 2,687
Cash Distribution
Class of Stock [Line Items]
Declared per Common Share (usd per share)	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.40875		$ 0.545
Paid in Cash	$ 1,841	$ 1,558	$ 1,178	$ 747	$ 495	$ 305	$ 140	$ 4,577		$ 1,687
Reinvested in Shares	2,866	2,319	1,744	1,102	681	399	197	6,929		2,379
Distribution Fees	992	818	620	406	256	147	67	2,430		876
Gross Distributions	$ 5,699	$ 4,695	$ 3,542	$ 2,255	$ 1,432	$ 851	$ 404	$ 13,936		$ 4,942

STOCKHOLDERS' EQUITY - Share Re

STOCKHOLDERS' EQUITY - Share Redemption Activity (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Equity [Abstract]
Number of eligible shares redeemed (in shares)	142,388	243
Aggregate dollar amount of shares redeemed	$ 1,404,941	$ 2,315
Average redemption price per share (in dollars per share)	$ 9.87	$ 9.53

RELATED PARTY TRANSACTIONS - Su

RELATED PARTY TRANSACTIONS - Summary of Fees and Expenses Incurred by Company (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Expensed [Abstract]
Advisory fee - fixed component, expensed	$ 1,367	$ 299	$ 2,948	$ 458
Advisory fee - performance component, expensed	784	226	1,938	401
Acquisition expense reimbursements, expensed	793	1,465	2,367	3,460
Other expense reimbursements, expensed	482	335	1,445	907
Total	3,426	2,325	8,698	5,226
Advisory fee, payable	522		522		$ 200
Advisory fee - performance component, payable	1,938		1,938		723
Acquisition expense reimbursements, payable	4,016		4,016		3,500
Other expenses reimbursements, payable	313		313		299
Related party payable	6,789		6,789		4,722
Additional Paid in Capital [Abstract]
Selling commissions, expensed	1,695	1,129	5,301	2,508
Dealer manager fees, expensed	1,293	1,029	4,623	2,559
Offering costs, expensed	1,449	3,263	4,347	7,585
Distribution fees-current, expensed	992	256	2,430	469
Distribution fees-trailing, expensed	2,261	1,704	8,101	4,076
Total	7,690	7,381	24,802	17,197
Selling commissions, payable	0		0		0
Dealer manager fees, payables	0		0		0
Offering costs, payable	18,466		18,466		14,119
Distribution fees-current, payable	343		343		168
Distribution fees payable to affiliates	15,560	4,471	15,560	4,471	7,457
Total	34,369		34,369		$ 21,744
Advisor
Additional Paid in Capital [Abstract]
Amount reimbursed for services	500	$ 200	1,300	$ 600
Affiliated Entity \| Advisor
Additional Paid in Capital [Abstract]
Offering costs incurred by Advisor	$ 19,300		$ 19,300

RELATED PARTY TRANSACTIONS - Ex

RELATED PARTY TRANSACTIONS - Expense Support Agreement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Total (reimbursement to) expense support from Advisor, net	$ 658	$ 1,354	$ (502)	$ 3,816
Expense support payable to the company by the Advisor	1,100		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			12,700
Available balance to be reimbursed	7,000		7,000
Fees deferred	1,367	299	2,948	458
Other expenses supported	409	1,055	2,243	3,358
Total expense support from Advisor	1,776	1,354	5,191	3,816
Reimbursement of previously deferred fees and other expenses supported	(1,118)	0	(5,693)	0
Total (reimbursement to) expense support from Advisor, net	$ 658	$ 1,354	$ (502)	$ 3,816

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Distributions payable	$ 2,024	$ 554	$ 920
Distribution fees payable to affiliates	15,560	4,471	$ 7,457
Distributions reinvested in common stock	6,346	1,035
Accrued offering costs due to the Advisor	18,466	8,434
Redeemable noncontrolling interest issued as settlement of performance component of the Advisory fee	723	0
Redemption value allocation adjustment to redeemable noncontrolling interest	52	0
Accrued acquisition expense reimbursements due to the Advisor	4,016	2,910
Non-cash capital expenditures	931	192
Non-cash selling commissions and dealer manager fees	9,924	5,067
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	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 49,384	$ 19,016	$ 13,873	$ 10,565
Restricted cash	0	5	164	481
Cash, cash equivalents and restricted cash	$ 49,384	$ 19,021	$ 14,037	$ 11,046

SUBSEQUENT EVENTS - Summary of

SUBSEQUENT EVENTS - Summary of Company's Initial Public Offerings (Details) - USD ($) shares in Thousands, $ in Thousands	Nov. 06, 2019	Sep. 30, 2019
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 467,085
Number of shares issued (in shares)		44,614
Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 458,229
Number of shares issued (in shares)		43,757
DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 8,356
Number of shares issued (in shares)		834
Private offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 500
Number of shares issued (in shares)		14
Stock dividends
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)		9
Class T Shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 434,377
Number of shares issued (in shares)		41,367
Class T Shares \| Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 426,394
Number of shares issued (in shares)		40,571
Class T Shares \| DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 7,921
Number of shares issued (in shares)		789
Class T Shares \| Private offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 62
Number of shares issued (in shares)		7
Class T Shares \| Stock dividends
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)		0
Class W Shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 22,104
Number of shares issued (in shares)		2,205
Class W Shares \| Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 21,901
Number of shares issued (in shares)		2,178
Class W Shares \| DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 203
Number of shares issued (in shares)		21
Class W Shares \| Private offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 0
Number of shares issued (in shares)		0
Class W Shares \| Stock dividends
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)		6
Class I Shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 10,228
Number of shares issued (in shares)		1,042
Class I Shares \| Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 9,934
Number of shares issued (in shares)		1,008
Class I Shares \| DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 232
Number of shares issued (in shares)		24
Class I Shares \| Private offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 62
Number of shares issued (in shares)		7
Class I Shares \| Stock dividends
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)		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	$ 488,320
Number of shares issued (in shares)	46,656
Subsequent Event \| Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 477,398
Number of shares issued (in shares)	45,596
Subsequent Event \| DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 10,422
Number of shares issued (in shares)	1,037
Subsequent Event \| Private offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 500
Number of shares issued (in shares)	14
Subsequent Event \| Stock dividends
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)	9
Subsequent Event \| Class T Shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 452,373
Number of shares issued (in shares)	43,085
Subsequent Event \| Class T Shares \| Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 442,484
Number of shares issued (in shares)	42,100
Subsequent Event \| Class T Shares \| DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 9,827
Number of shares issued (in shares)	978
Subsequent Event \| Class T Shares \| Private offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 62
Number of shares issued (in shares)	7
Subsequent Event \| Class T Shares \| Stock dividends
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)	0
Subsequent Event \| Class W Shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 23,767
Number of shares issued (in shares)	2,370
Subsequent Event \| Class W Shares \| Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 23,454
Number of shares issued (in shares)	2,333
Subsequent Event \| Class W Shares \| DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 313
Number of shares issued (in shares)	31
Subsequent Event \| Class W Shares \| Private offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 0
Number of shares issued (in shares)	0
Subsequent Event \| Class W Shares \| Stock dividends
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)	6
Subsequent Event \| Class I Shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 11,804
Number of shares issued (in shares)	1,201
Subsequent Event \| Class I Shares \| Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 11,460
Number of shares issued (in shares)	1,163
Subsequent Event \| Class I Shares \| DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 282
Number of shares issued (in shares)	28
Subsequent Event \| Class I Shares \| Private offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 62
Number of shares issued (in shares)	7
Subsequent Event \| Class I Shares \| Stock dividends
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)	3
Subsequent Event \| Notes to Stockholders
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 376
Subsequent Event \| Notes to Stockholders \| Primary offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	0
Subsequent Event \| Notes to Stockholders \| DRIP
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	0
Subsequent Event \| Notes to Stockholders \| Private offering
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 376

SUBSEQUENT EVENTS - Narrative (

SUBSEQUENT EVENTS - Narrative (Details) $ in Thousands	Nov. 06, 2019USD ($)Building	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)
Subsequent Event [Line Items]
Payments to acquire real estate		$ 428,937	$ 148,918
Subsequent Event
Subsequent Event [Line Items]
Total amount of common stock remaining available for sale	$ 2,000,000
Amount remaining available for sale through distribution reinvestment plan	497,900
Acquisitions under Contract \| Subsequent Event
Subsequent Event [Line Items]
Payments to acquire real estate	$ 41,700
Number of properties acquired \| Building	2