ARES INDUSTRIAL REAL ESTATE INCOME TRUST (ARIR) 10-Q 12 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 06, 2020
Document And Entity Information [Abstract]
Entity Registrant Name	BLACK CREEK INDUSTRIAL REIT IV INC.
Entity Central Index Key	0001625941
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Interactive Data Current	Yes
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		108,022,875
Class W Shares
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		5,501,173
Class I Shares
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		2,371,191

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Net investment in real estate properties	$ 879,381	$ 878,721
Cash and cash equivalents	424,796	51,178
Straight-line and tenant receivables	5,823	4,590
Due from affiliates	711	153
Acquisition deposits	6,000	500
Other assets	1,405	3,631
Total assets	1,318,116	938,773
Liabilities
Accounts payable and accrued liabilities	5,084	5,258
Debt, net	353,411	460,211
Due to affiliates	20,760	30,538
Distributions payable	4,549	2,241
Distribution fees payable to affiliates	36,289	16,467
Other liabilities	26,468	16,855
Total liabilities	446,561	531,570
Commitments and contingencies (Note 9)
Redeemable noncontrolling interest	3,634	724
Stockholders’ equity:
Preferred stock, $0.01 par value - 200,000 shares authorized, none issued and outstanding	0	0
Additional paid-in capital	933,087	451,526
Accumulated deficit	(56,089)	(47,730)
Accumulated other comprehensive income	(10,075)	2,190
Total stockholders’ equity	867,920	406,478
Noncontrolling interests	1	1
Total equity	867,921	406,479
Total liabilities and equity	1,318,116	938,773
Class T Shares
Stockholders’ equity:
Common stock, value	929	452
Class W Shares
Stockholders’ equity:
Common stock, value	47	27
Class I Shares
Stockholders’ equity:
Common stock, value	$ 21	$ 13

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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	92,954,000	45,240,000
Common stock, shares outstanding	92,954,000	45,240,000
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	4,697,000	2,736,000
Common stock, shares outstanding	4,697,000	2,736,000
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	2,151,000	1,299,000
Common stock, shares outstanding	2,151,000	1,299,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Rental revenues	$ 16,777	$ 5,963
Total revenues	16,777	5,963
Operating expenses:
Rental expenses	4,088	1,422
Real estate-related depreciation and amortization	9,720	3,128
General and administrative expenses	822	605
Advisory fees, related party	2,060	1,188
Acquisition costs and reimbursements	859	878
Other expense reimbursements, related party	829	472
Total operating expenses	18,378	7,693
Other expenses:
Interest expense and other	2,876	1,201
Total other expenses	2,876	1,201
Total expenses before expense support	21,254	8,894
Total expense support from (reimbursement to) the Advisor, net	4,534	(2,205)
Net expenses after expense support	(16,720)	(11,099)
Net income (loss)	57	(5,136)
Net (income) loss attributable to redeemable noncontrolling interest	0	14
Net (income) loss attributable to noncontrolling interests	0	0
Net income (loss) attributable to common stockholders	$ 57	$ (5,122)
Weighted-average shares outstanding (in shares)	74,633	25,997
Net income (loss) per common share - basic and diluted (usd per share)	$ 0	$ (0.20)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 57	$ (5,136)
Change from cash flow hedging derivatives	(12,325)	0
Comprehensive loss	(12,268)	(5,136)
Comprehensive loss attributable to redeemable noncontrolling interests	60	0
Comprehensive loss attributable to common stockholders	$ (12,208)	$ (5,136)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS 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, 2018	$ 171,773	$ 203	$ 180,125	$ (8,556)	$ 0	$ 1
Beginning balance, shares at Dec. 31, 2018		20,265
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss ($14 allocated to redeemable noncontrolling interest)	(5,122)			(5,122)
Net income (loss)	(5,122)
Issuance of common stock, shares		8,511
Issuance of common stock	88,434	$ 84	88,350
Share-based compensation	303		303
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs	(4,768)		(4,768)
Trailing distribution fees	(2,992)		(3,612)	620
Redemptions of common stock, shares		(76)
Redemptions of common stock	(764)	$ (1)	(763)
Distributions to stockholders	(3,542)			(3,542)
Redemption value allocation adjustment to redeemable noncontrolling interest	(24)		(24)
Ending balance at Mar. 31, 2019	243,298	$ 286	259,611	(16,600)	0	1
Ending balance, shares at Mar. 31, 2019		28,700
Beginning balance at Dec. 31, 2018	171,773	$ 203	180,125	(8,556)	0	1
Beginning balance, shares at Dec. 31, 2018		20,265
Ending balance at Dec. 31, 2019	406,479	$ 492	451,526	(47,730)	2,190	1
Ending balance, shares at Dec. 31, 2019		49,275
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	57			57
Change from cash flow hedging activities (excludes $60 attributable to redeemable noncontrolling interest)	(12,265)				(12,265)
Issuance of common stock, shares		50,594
Issuance of common stock	528,152	$ 506	527,646
Share-based compensation	614		614
Upfront offering costs, including selling commissions, dealer manager fees, and offering costs	(24,371)		(24,371)
Trailing distribution fees	(19,820)		(21,562)	1,742
Redemptions of common stock, shares		(67)
Redemptions of common stock	(660)	$ (1)	(659)
Distributions to stockholders	(10,158)			(10,158)
Redemption value allocation adjustment to redeemable noncontrolling interest	(107)		(107)
Ending balance at Mar. 31, 2020	$ 867,921	$ 997	$ 933,087	$ (56,089)	$ (10,075)	$ 1
Ending balance, shares at Mar. 31, 2020		99,802

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Statement of Stockholders' Equity [Abstract]
Net loss allocated to redeemable non-controlling interest	$ 0
Changes from cash flow hedging activities allocated to redeemable noncontrolling interest	$ 60

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities:
Net income (loss)	$ 57	$ (5,136)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Real estate-related depreciation and amortization	9,720	3,128
Straight-line rent and amortization of above- and below-market leases	(1,418)	(845)
Other	858	515
Changes in operating assets and liabilities:
Tenant receivables and other assets	1,712	243
Accounts payable and accrued liabilities	(2,181)	776
Due from / to affiliates, net	(6,932)	4,943
Net cash provided by operating activities	1,816	3,624
Investing activities:
Real estate acquisitions	(9,473)	(43,458)
Acquisition deposits	(5,500)	0
Capital expenditures	(911)	(130)
Net cash used in investing activities	(15,884)	(43,588)
Financing activities:
Proceeds from line of credit	0	28,000
Repayments of line of credit	(107,000)	(147,000)
Proceeds from term loan	0	90,000
Debt issuance costs paid	(45)	(1,315)
Proceeds from issuance of common stock	501,833	83,266
Offering costs paid upon issuance of common stock	(2,512)	0
Distributions paid to common stockholders and to redeemable noncontrolling interest holders	(2,600)	(1,058)
Distribution fees paid to affiliates	(1,330)	(553)
Redemptions of common stock	(660)	(764)
Net cash provided by financing activities	387,686	50,576
Net increase in cash, cash equivalents and restricted cash	373,618	10,612
Cash, cash equivalents and restricted cash, at beginning of period	51,178	19,021
Cash, cash equivalents and restricted cash, at end of period	$ 424,796	$ 29,633

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2020
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, 2019 , filed with the SEC on March 5, 2020 (“2019 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 March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-03, “Codification Improvements to Financial Instruments” (“ASU 2020-03”), which updates various codification topics related to financial instruments 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. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)” (“ASU 2020-04”), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments only apply to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective for annual and interim reporting periods beginning after March 12, 2020, with early adoption permitted, through December 31, 2022. The expedients and exceptions do not apply to contract modifications made and hedging relationships entered into after December 31, 2022. The adoption did not have a material effect on the Company’s consolidated financial statements.

REAL ESTATE ACQUISITIONS

REAL ESTATE ACQUISITIONS	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
REAL ESTATE ACQUISITIONS	2. REAL ESTATE ACQUISITIONS During the three months ended March 31, 2020 , the Company acquired 100% of the following property, which was determined to be an asset acquisition: ($ in thousands) Acquisition Date Number of Buildings Total Purchase Price (1) Norcross Industrial Center 3/23/2020 1 $ 9,505 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2020 acquisition. During the three months ended March 31, 2020 , the Company allocated the purchase price of its acquisition to land and building and improvements as follows: (in thousands) For the Three Months Ended March 31, 2020 Land $ 4,086 Building and improvements 5,419 Total purchase price (1) $ 9,505 (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. There were no intangible lease assets or liabilities acquired in connection with the Company’s acquisition during the three months ended March 31, 2020.

INVESTMENT IN REAL ESTATE

INVESTMENT IN REAL ESTATE	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE	3. INVESTMENT IN REAL ESTATE As of March 31, 2020 and December 31, 2019 , the Company’s investment in real estate properties consisted of 46 and 45 industrial buildings, respectively. As of (in thousands) March 31, 2020 December 31, 2019 Land $ 265,706 $ 261,620 Building and improvements 570,970 564,669 Intangible lease assets 77,297 77,294 Construction in progress 1,170 1,126 Investment in real estate properties 915,143 904,709 Less accumulated depreciation and amortization (35,762 ) (25,988 ) Net investment in real estate properties $ 879,381 $ 878,721 Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of March 31, 2020 and December 31, 2019 included the following: As of March 31, 2020 As of December 31, 2019 (in thousands) Gross Accumulated Net Gross Accumulated Net Intangible lease assets (1) $ 75,790 $ (16,277 ) $ 59,513 $ 75,787 $ (11,734 ) $ 64,053 Above-market lease assets (1) 1,507 (295 ) 1,212 1,507 (211 ) 1,296 Below-market lease liabilities (2) (13,199 ) 3,281 (9,918 ) (13,199 ) 2,494 (10,705 ) (1) Included in net investment in real estate properties on the condensed consolidated balance sheets. (2) Included in other liabilities on the condensed consolidated balance sheets. The following table details the estimated net amortization of such intangible lease assets and liabilities, as of March 31, 2020 , for the next five years and thereafter: Estimated Net Amortization (in thousands) Intangible Above-Market Below-Market Remainder of 2020 $ 12,150 $ 257 $ 2,080 2021 13,975 314 2,329 2022 10,356 261 1,673 2023 7,442 192 977 2024 4,687 50 671 Thereafter 10,903 138 2,188 Total $ 59,513 $ 1,212 $ 9,918 Rental Revenue Adjustments and Depreciation and Amortization Expense The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: For the Three Months Ended (in thousands) 2020 2019 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 715 $ 557 Above-market lease amortization (84 ) (17 ) Below-market lease amortization 787 305 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 5,147 $ 1,718 Intangible lease asset amortization 4,573 1,410

DEBT

DEBT	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
DEBT	4. DEBT The Company’s indebtedness is currently comprised of borrowings under its 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) March 31, December 31, Maturity Date March 31, December 31, Line of credit (1) 2.49 % 3.26 % November 2023 $ — $ 107,000 Term loan (2) 2.63 2.85 February 2024 307,500 307,500 Fixed-rate mortgage notes (3) 3.71 3.71 August 2024 - December 2027 49,250 49,250 Total principal amount / weighted-average (4) 2.78 % 3.04 % $ 356,750 $ 463,750 Less unamortized debt issuance costs $ (4,349 ) $ (4,602 ) Add mark-to-market adjustment on assumed debt, net 1,010 1,063 Total debt, net $ 353,411 $ 460,211 Gross book value of properties encumbered by debt $ 116,405 $ 117,049 (1) The effective interest rate is calculated based on either: (i) the London Interbank Offered Rate (“LIBOR”) plus a margin ranging from 1.30% to 2.10% ; or (ii) an alternative base rate plus a margin ranging from 0.30% to 1.10% , each depending on the Company’s consolidated leverage ratio. Customary fall-back provisions apply if LIBOR is unavailable. The line of credit is available for general corporate purposes including, but not limited to, the acquisition and operation of permitted investments by the Company. As of March 31, 2020 , total commitments for the line of credit were $315.0 million , the unused portion under the line of credit was $315.0 million , of which $314.9 million was available. (2) The effective interest rate is calculated based on either (i) LIBOR plus a margin ranging from 1.25% to 2.05% ; or (ii) an alternative base rate plus a margin ranging from 0.25% to 1.05% , depending on the Company’s consolidated leverage ratio. The weighted-average effective interest rate is the all-in interest rate, including the effects of interest rate swap agreements. As of March 31, 2020 , total commitments for the term loan were $415.0 million , and the unused and available portions under the term loan were both $107.5 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 4.1 years as of March 31, 2020 , excluding any extension options on the line of credit. As of March 31, 2020 , 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 2020 $ — $ — $ — $ — 2021 — — — — 2022 — — — — 2023 — — — — 2024 — 307,500 38,000 345,500 Thereafter — — 11,250 11,250 Total principal payments $ — $ 307,500 $ 49,250 $ 356,750 (1) The line of credit matures in November 2023 and the term may be extended pursuant to a one -year extension option, subject to certain conditions. In July 2017, the Financial Conduct Authority (“FCA”) that regulates LIBOR announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. As a result, the Federal Reserve Board and the Federal Reserve Bank of New York organized the Alternative Reference Rates Committee (“ARRC”), which identified the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative rate for LIBOR in derivatives and other financial contracts. We are not able to predict when LIBOR will cease to be available or when there will be sufficient liquidity in the SOFR markets. Any changes adopted by the FCA or other governing bodies in the method used for determining LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR. If that were to occur, our interest payment could change. In addition, uncertainty about the extent and manner of future changes may result in interest rate and/or payments that are higher or lower than if LIBOR were to remain available in the current form. As of March 31, 2020 , the Company’s line of credit and term loan are the only indebtedness with a maturity beyond 2021 that have 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. As of March 31, 2020 , we have interest rate swaps in place to hedge LIBOR on $300.0 million of commitments under our term loan. We intend to monitor the developments with respect to the potential phasing out of LIBOR after 2021 and work with our lenders to seek to ensure any transition away from LIBOR will have minimal impact on our 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 March 31, 2020 . 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 $2.8 million will be reclassified as an increase to interest expense related to active effective hedges of existing floating-rate debt. The following table summarizes the location and fair value of the cash flow hedges on the Company’s condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 . ($ in thousands) Number of Notional Balance Sheet Fair As of March 31, 2020 Interest rate swaps (1) 7 $ 350,000 Other liabilities $ (10,135 ) As of December 31, 2019 Interest rate swaps 4 $ 200,000 Other assets $ 2,190 (1) Includes one interest rate swap with a notional amount of $50.0 million that will become effective on May 26, 2020. 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 March 31, 2020 and 2019 . There were no cash flow hedges in place as of March 31, 2019 . For the Three Months Ended March 31, (in thousands) 2020 2019 Derivative Instruments Designated as Cash Flow Hedges Loss recognized in AOCI $ (12,141 ) $ — Amount reclassified from AOCI into interest expense (184 ) — Total interest expense and other presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded 2,876 —

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	5. 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 March 31, 2020 and December 31, 2019 . (in thousands) Level 1 Level 2 Level 3 Total As of March 31, 2020 Liabilities Derivative instruments $ — $ (10,135 ) $ — $ (10,135 ) Total liabilities measured at fair value $ — $ (10,135 ) $ — $ (10,135 ) As of December 31, 2019 Assets Derivative instruments $ — $ 2,190 $ — $ 2,190 Total assets measured at fair value $ — $ 2,190 $ — $ 2,190 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 4 ” above for further discussion of the Company’s derivative instruments. Nonrecurring Fair Value of Financial Measurements As of March 31, 2020 and December 31, 2019 , the fair values of cash and cash equivalents, restricted cash, tenant receivables, prepaid expenses, other assets, due from/to affiliates, accounts payable and accrued liabilities, and distributions payable approximate their carrying values due to the short-term nature of these instruments. The table below includes fair values for certain of the Company’s financial instruments for which it is practicable to estimate fair value. The carrying values and fair values of these financial instruments were as follows: As of March 31, 2020 As of December 31, 2019 (in thousands) Carrying Fair Carrying Fair Line of credit $ — $ — $ 107,000 $ 107,000 Term loan 307,500 301,772 307,500 307,500 Fixed rate mortgage notes 49,250 49,700 49,250 50,326 (1) The carrying value reflects the principal amount outstanding.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
STOCKHOLDERS' EQUITY	6. STOCKHOLDERS’ EQUITY Public Offerings On September 5, 2019, the Company’s initial public offering was terminated immediately upon effectiveness of the Company’s registration statement for its follow-on public offering of up to $2.0 billion of shares of its common stock, and the follow-on public offering commenced the same day. 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 Offerings A summary of the Company’s public offerings, including shares sold through the primary offering and the Company’s distribution reinvestment plan (“DRIP”), as of March 31, 2020 , is as follows: (in thousands) Class T Class W Class I Total Amount of gross proceeds raised: Primary offering $ 963,819 $ 47,258 $ 18,852 $ 1,029,929 DRIP 14,459 601 405 15,465 Total offering $ 978,278 $ 47,859 $ 19,257 $ 1,045,394 Number of shares issued: Primary offering 91,707 4,703 1,895 98,305 DRIP 1,440 60 41 1,541 Stock grants — 6 3 9 Total offering 93,147 4,769 1,939 99,855 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 MARCH 31, 2019 Balance as of December 31, 2018 19,759 161 345 20,265 Issuance of common stock: Primary shares 7,640 463 177 8,280 DRIP 150 2 3 155 Stock grants — — 76 76 Redemptions (7 ) — (69 ) (76 ) Balance as of March 31, 2019 27,542 626 532 28,700 FOR THE THREE MONTHS ENDED MARCH 31, 2020 Balance as of December 31, 2019 45,240 2,736 1,299 49,275 Issuance of common stock: Primary shares 47,391 1,965 642 49,998 DRIP 363 23 10 396 Stock grants — — 200 200 Redemptions (40 ) (27 ) — (67 ) Balance as of March 31, 2020 92,954 4,697 2,151 99,802 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 2020 March 31 $ 0.13625 $ 3,340 $ 5,076 $ 1,742 $ 10,158 Total $ 0.13625 $ 3,340 $ 5,076 $ 1,742 $ 10,158 2019 December 31 $ 0.13625 $ 2,058 $ 3,242 $ 1,105 $ 6,405 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 $ 0.54500 $ 6,635 $ 10,171 $ 3,535 $ 20,341 (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 Three Months Ended March 31, 2020 2019 Number of eligible shares redeemed 67,138 76,288 Aggregate dollar amount of shares redeemed $ 659,829 $ 764,277 Average redemption price per share $ 9.83 $ 10.02

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	7. 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 March 31, Payable as of March 31, December 31, (in thousands) 2020 2019 Expensed: Advisory fee—fixed component $ 1,785 $ 670 $ 599 $ 593 Advisory fee—performance component 275 518 275 2,913 Acquisition expense reimbursements (1) 701 878 221 182 Other expense reimbursements (2) 829 472 102 473 Total $ 3,590 $ 2,538 $ 1,197 $ 4,161 Additional Paid-In Capital: Selling commissions $ 12,858 $ 1,818 $ — $ — Dealer manager fees 9,492 1,801 — — Offering costs (3) 2,021 1,149 20,609 21,269 Distribution fees—current 1,743 620 802 389 Distribution fees—trailing (4) 19,819 2,992 36,289 16,467 Total $ 45,933 $ 8,380 $ 57,700 $ 38,125 (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. Beginning January 1, 2020, the Company either pays directly or reimburses the Advisor for such expenses. (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 $ 0.8 million and $ 0.4 million for the three months ended March 31, 2020 and 2019 , 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) The Company is reimbursing the Advisor for all organization and offering costs incurred on its behalf as of December 31, 2019 ratably over 60 months . Beginning January 1, 2020, the Company either pays directly or reimburses the Advisor for offering costs as and when incurred. (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 2019 Form 10-K for a description of the expense support agreement. As of March 31, 2020 , the aggregate amount paid by the Advisor pursuant to the expense support agreement was $18.1 million . Of this amount, total reimbursements to the Advisor was $13.6 million , and $4.5 million remains available to be reimbursed, subject to certain conditions. For the Three Months Ended (in thousands) 2020 2019 Fees deferred $ 1,785 $ 670 Other expenses supported 2,749 625 Total expense support from Advisor 4,534 1,295 Reimbursement of previously deferred fees and other expenses supported — (3,500 ) Total expense support from (reimbursement to) Advisor, net (1) $ 4,534 $ (2,205 ) (1) As of March 31, 2020 , approximately $1.2 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. As of December 31, 2019, approximately $5.4 million was payable to the Advisor by the Company, and is included in due to affiliates on the condensed consolidated balance sheets.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	8. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Three Months Ended (in thousands) 2020 2019 Distributions payable $ 4,549 $ 1,310 Distribution fees payable to affiliates 36,289 10,450 Distributions reinvested in common stock 3,970 1,547 Accrued offering costs 20,609 15,269 Redeemable noncontrolling interest issued as settlement of performance component of the advisory fee 2,913 723 Accrued acquisition expense reimbursements 221 3,728 Non-cash selling commissions and dealer manager fees 22,350 3,619 Restricted Cash The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the totals shown in the condensed consolidated statements of cash flows: For the Three Months Ended (in thousands) 2020 2019 Beginning of period: Cash and cash equivalents $ 51,178 $ 19,016 Restricted cash (1) — 5 Cash, cash equivalents and restricted cash $ 51,178 $ 19,021 End of period: Cash and cash equivalents $ 424,796 $ 29,603 Restricted cash (2) — 30 Cash, cash equivalents and restricted cash $ 424,796 $ 29,633 (1) As of December 31, 2019 , the Company did not have any restricted cash. As of December 31, 2018 , restricted cash consisted of cash held in escrow in connection with certain estimated property improvements. (2) As of March 31, 2020, the Company did not have any restricted cash. As of March 31, 2019, restricted cash consisted of cash held in escrow in connection with a property acquisition.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	9. COMMITMENTS AND CONTINGENCIES The Company and the Operating Partnership are not presently involved in any material litigation nor, to the Company’s knowledge, is any material litigation threatened against the Company or its subsidiaries. Environmental Matters A majority of the properties the Company acquires have been or will be subject to environmental reviews either by the Company or the previous owners. In addition, the Company may incur environmental remediation costs associated with certain land parcels it may acquire in connection with the development of land. The Company has or may acquire certain properties in urban and industrial areas that may have been leased to or previously owned by commercial and industrial companies that discharged hazardous material. The Company may purchase various environmental insurance policies to mitigate its exposure to environmental liabilities. The Company is not aware of any environmental liabilities that it believes would have a material adverse effect on its business, financial condition, or results of operations as of March 31, 2020.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	10. SUBSEQUENT EVENTS Status of the Public Offerings As of May 6, 2020 , the Company had raised gross proceeds of $ 1.2 billion from the sale of 116.0 million shares of its common stock in its public offerings, including $20.2 million from the sale of 2.0 million shares of its common stock through its distribution reinvestment plan. As of May 6, 2020 , approximately $1.25 billion in shares of the Company’s common stock remained available for sale pursuant to its follow-on public offering in any combination of Class T shares, Class W shares or Class I shares, including approximately $488.1 million in shares of common stock available for sale through its distribution reinvestment plan, which may be reallocated for sale in the Company’s primary offering. Completed Acquisitions On April 14 , 2020, the Company acquired one industrial building located in the Houston market. The total purchase price was approximately $ 9.5 million, exclusive of transfer taxes, due diligence expenses, acquisition costs and other closing costs. On April 15, 2020 , the Company acquired one industrial building located in the Denver market. The total purchase price was approximately $11.6 million, exclusive of transfer taxes, due diligence expenses, acquisition costs and other closing costs. On May 11, 2020 , the Company acquired two industrial buildings located in the Dallas market. The total purchase price was approximately $70.2 million , exclusive of transfer taxes, due diligence expenses, acquisition costs and other closing costs. Acquisitions Under Contract Subsequent to March 31, 2020, the Company had entered into contracts to acquire properties with an aggregate contract purchase price of approximately $237.1 million , comprised of eight industrial buildings. There can be no assurance that the Company will complete the acquisition of the properties under contract. COVID-19 The Company is closely monitoring the impact of the COVID-19 pandemic on all aspects of its business, including how it will impact its customers and business partners. While the Company did not incur significant disruptions during the three months ended March 31, 2020 from the COVID-19 pandemic, it is unable to predict the impact that the COVID-19 pandemic will have on its future financial condition, results of operations and cash flows due to numerous uncertainties and the impact could be material. In April and May 2020, the Company received certain rent relief requests, most often in the form of rent deferral requests, as a result of COVID-19. The Company is evaluating each customer rent relief request on an individual basis, considering a number of factors. Where appropriate, the Company has restructured leases and may restructure additional leases to provide temporary rent relief needed by certain customers while positioning itself to recapture abated rent over time. Not all customer requests will ultimately result in modification of lease agreements, nor is the Company forgoing its contractual rights under its lease agreements. The Company can provide no assurances that it will be able to recover unpaid rent.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	Unless the context otherwise requires, the “Company” refers to Black Creek Industrial REIT IV Inc. and its consolidated subsidiaries. The accompanying unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain disclosures normally included in the annual audited financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been omitted. As such, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 , filed with the SEC on March 5, 2020 (“2019 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 March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-03, “Codification Improvements to Financial Instruments” (“ASU 2020-03”), which updates various codification topics related to financial instruments 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. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)” (“ASU 2020-04”), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments only apply to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective for annual and interim reporting periods beginning after March 12, 2020, with early adoption permitted, through December 31, 2022. The expedients and exceptions do not apply to contract modifications made and hedging relationships entered into after December 31, 2022. The adoption did not have a material effect on the Company’s consolidated financial statements.
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)	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Summary of Business Acquisitions	During the three months ended March 31, 2020 , the Company acquired 100% of the following property, which was determined to be an asset acquisition: ($ in thousands) Acquisition Date Number of Buildings Total Purchase Price (1) Norcross Industrial Center 3/23/2020 1 $ 9,505 (1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2020 acquisition.
Allocation of Purchase Price of Acquisitions	During the three months ended March 31, 2020 , the Company allocated the purchase price of its acquisition to land and building and improvements as follows: (in thousands) For the Three Months Ended March 31, 2020 Land $ 4,086 Building and improvements 5,419 Total purchase price (1) $ 9,505 (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)	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Schedule of Real Estate Properties	As of March 31, 2020 and December 31, 2019 , the Company’s investment in real estate properties consisted of 46 and 45 industrial buildings, respectively. As of (in thousands) March 31, 2020 December 31, 2019 Land $ 265,706 $ 261,620 Building and improvements 570,970 564,669 Intangible lease assets 77,297 77,294 Construction in progress 1,170 1,126 Investment in real estate properties 915,143 904,709 Less accumulated depreciation and amortization (35,762 ) (25,988 ) Net investment in real estate properties $ 879,381 $ 878,721
Intangible Lease Assets And Liabilities	Intangible lease assets and liabilities as of March 31, 2020 and December 31, 2019 included the following: As of March 31, 2020 As of December 31, 2019 (in thousands) Gross Accumulated Net Gross Accumulated Net Intangible lease assets (1) $ 75,790 $ (16,277 ) $ 59,513 $ 75,787 $ (11,734 ) $ 64,053 Above-market lease assets (1) 1,507 (295 ) 1,212 1,507 (211 ) 1,296 Below-market lease liabilities (2) (13,199 ) 3,281 (9,918 ) (13,199 ) 2,494 (10,705 ) (1) Included in net investment in real estate properties on the condensed consolidated balance sheets. (2) Included in other liabilities on the condensed consolidated balance sheets.
Estimated Net Amortization of Intangible Lease Assets and Liabilities	The following table details the estimated net amortization of such intangible lease assets and liabilities, as of March 31, 2020 , for the next five years and thereafter: Estimated Net Amortization (in thousands) Intangible Above-Market Below-Market Remainder of 2020 $ 12,150 $ 257 $ 2,080 2021 13,975 314 2,329 2022 10,356 261 1,673 2023 7,442 192 977 2024 4,687 50 671 Thereafter 10,903 138 2,188 Total $ 59,513 $ 1,212 $ 9,918
Rental Revenue And Depreciation And Amortization Expense	The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: For the Three Months Ended (in thousands) 2020 2019 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 715 $ 557 Above-market lease amortization (84 ) (17 ) Below-market lease amortization 787 305 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 5,147 $ 1,718 Intangible lease asset amortization 4,573 1,410

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Debt	A summary of the Company’s debt is as follows: Weighted-Average Effective Interest Rate as of Balance as of ($ in thousands) March 31, December 31, Maturity Date March 31, December 31, Line of credit (1) 2.49 % 3.26 % November 2023 $ — $ 107,000 Term loan (2) 2.63 2.85 February 2024 307,500 307,500 Fixed-rate mortgage notes (3) 3.71 3.71 August 2024 - December 2027 49,250 49,250 Total principal amount / weighted-average (4) 2.78 % 3.04 % $ 356,750 $ 463,750 Less unamortized debt issuance costs $ (4,349 ) $ (4,602 ) Add mark-to-market adjustment on assumed debt, net 1,010 1,063 Total debt, net $ 353,411 $ 460,211 Gross book value of properties encumbered by debt $ 116,405 $ 117,049 (1) The effective interest rate is calculated based on either: (i) the London Interbank Offered Rate (“LIBOR”) plus a margin ranging from 1.30% to 2.10% ; or (ii) an alternative base rate plus a margin ranging from 0.30% to 1.10% , each depending on the Company’s consolidated leverage ratio. Customary fall-back provisions apply if LIBOR is unavailable. The line of credit is available for general corporate purposes including, but not limited to, the acquisition and operation of permitted investments by the Company. As of March 31, 2020 , total commitments for the line of credit were $315.0 million , the unused portion under the line of credit was $315.0 million , of which $314.9 million was available. (2) The effective interest rate is calculated based on either (i) LIBOR plus a margin ranging from 1.25% to 2.05% ; or (ii) an alternative base rate plus a margin ranging from 0.25% to 1.05% , depending on the Company’s consolidated leverage ratio. The weighted-average effective interest rate is the all-in interest rate, including the effects of interest rate swap agreements. As of March 31, 2020 , total commitments for the term loan were $415.0 million , and the unused and available portions under the term loan were both $107.5 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 4.1 years as of March 31, 2020 , excluding any extension options on the line of credit.
Schedule of Maturities of Long-term Debt	As of March 31, 2020 , 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 2020 $ — $ — $ — $ — 2021 — — — — 2022 — — — — 2023 — — — — 2024 — 307,500 38,000 345,500 Thereafter — — 11,250 11,250 Total principal payments $ — $ 307,500 $ 49,250 $ 356,750 (1) The line of credit matures in November 2023 and the term may be extended pursuant to a one -year extension option, subject to certain conditions.
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 March 31, 2020 and December 31, 2019 . ($ in thousands) Number of Notional Balance Sheet Fair As of March 31, 2020 Interest rate swaps (1) 7 $ 350,000 Other liabilities $ (10,135 ) As of December 31, 2019 Interest rate swaps 4 $ 200,000 Other assets $ 2,190 (1) Includes one interest rate swap with a notional amount of $50.0 million that will become effective on May 26, 2020.
Derivative Instruments, Gain (Loss)	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 March 31, 2020 and 2019 . There were no cash flow hedges in place as of March 31, 2019 . For the Three Months Ended March 31, (in thousands) 2020 2019 Derivative Instruments Designated as Cash Flow Hedges Loss recognized in AOCI $ (12,141 ) $ — Amount reclassified from AOCI into interest expense (184 ) — Total interest expense and other presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded 2,876 —

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019 . (in thousands) Level 1 Level 2 Level 3 Total As of March 31, 2020 Liabilities Derivative instruments $ — $ (10,135 ) $ — $ (10,135 ) Total liabilities measured at fair value $ — $ (10,135 ) $ — $ (10,135 ) As of December 31, 2019 Assets Derivative instruments $ — $ 2,190 $ — $ 2,190 Total assets measured at fair value $ — $ 2,190 $ — $ 2,190
Fair value of notes payable	The carrying values and fair values of these financial instruments were as follows: As of March 31, 2020 As of December 31, 2019 (in thousands) Carrying Fair Carrying Fair Line of credit $ — $ — $ 107,000 $ 107,000 Term loan 307,500 301,772 307,500 307,500 Fixed rate mortgage notes 49,250 49,700 49,250 50,326 (1) The carrying value reflects the principal amount outstanding.

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2020
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”), as of March 31, 2020 , is as follows: (in thousands) Class T Class W Class I Total Amount of gross proceeds raised: Primary offering $ 963,819 $ 47,258 $ 18,852 $ 1,029,929 DRIP 14,459 601 405 15,465 Total offering $ 978,278 $ 47,859 $ 19,257 $ 1,045,394 Number of shares issued: Primary offering 91,707 4,703 1,895 98,305 DRIP 1,440 60 41 1,541 Stock grants — 6 3 9 Total offering 93,147 4,769 1,939 99,855
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 MARCH 31, 2019 Balance as of December 31, 2018 19,759 161 345 20,265 Issuance of common stock: Primary shares 7,640 463 177 8,280 DRIP 150 2 3 155 Stock grants — — 76 76 Redemptions (7 ) — (69 ) (76 ) Balance as of March 31, 2019 27,542 626 532 28,700 FOR THE THREE MONTHS ENDED MARCH 31, 2020 Balance as of December 31, 2019 45,240 2,736 1,299 49,275 Issuance of common stock: Primary shares 47,391 1,965 642 49,998 DRIP 363 23 10 396 Stock grants — — 200 200 Redemptions (40 ) (27 ) — (67 ) Balance as of March 31, 2020 92,954 4,697 2,151 99,802
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 2020 March 31 $ 0.13625 $ 3,340 $ 5,076 $ 1,742 $ 10,158 Total $ 0.13625 $ 3,340 $ 5,076 $ 1,742 $ 10,158 2019 December 31 $ 0.13625 $ 2,058 $ 3,242 $ 1,105 $ 6,405 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 $ 0.54500 $ 6,635 $ 10,171 $ 3,535 $ 20,341 (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 Three Months Ended March 31, 2020 2019 Number of eligible shares redeemed 67,138 76,288 Aggregate dollar amount of shares redeemed $ 659,829 $ 764,277 Average redemption price per share $ 9.83 $ 10.02

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, Payable as of March 31, December 31, (in thousands) 2020 2019 Expensed: Advisory fee—fixed component $ 1,785 $ 670 $ 599 $ 593 Advisory fee—performance component 275 518 275 2,913 Acquisition expense reimbursements (1) 701 878 221 182 Other expense reimbursements (2) 829 472 102 473 Total $ 3,590 $ 2,538 $ 1,197 $ 4,161 Additional Paid-In Capital: Selling commissions $ 12,858 $ 1,818 $ — $ — Dealer manager fees 9,492 1,801 — — Offering costs (3) 2,021 1,149 20,609 21,269 Distribution fees—current 1,743 620 802 389 Distribution fees—trailing (4) 19,819 2,992 36,289 16,467 Total $ 45,933 $ 8,380 $ 57,700 $ 38,125 (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. Beginning January 1, 2020, the Company either pays directly or reimburses the Advisor for such expenses. (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 $ 0.8 million and $ 0.4 million for the three months ended March 31, 2020 and 2019 , 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) The Company is reimbursing the Advisor for all organization and offering costs incurred on its behalf as of December 31, 2019 ratably over 60 months . Beginning January 1, 2020, the Company either pays directly or reimburses the Advisor for offering costs as and when incurred. (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 2019 Form 10-K for a description of the expense support agreement. As of March 31, 2020 , the aggregate amount paid by the Advisor pursuant to the expense support agreement was $18.1 million . Of this amount, total reimbursements to the Advisor was $13.6 million , and $4.5 million remains available to be reimbursed, subject to certain conditions. For the Three Months Ended (in thousands) 2020 2019 Fees deferred $ 1,785 $ 670 Other expenses supported 2,749 625 Total expense support from Advisor 4,534 1,295 Reimbursement of previously deferred fees and other expenses supported — (3,500 ) Total expense support from (reimbursement to) Advisor, net (1) $ 4,534 $ (2,205 ) (1) As of March 31, 2020 , approximately $1.2 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. As of December 31, 2019, approximately $5.4 million was payable to the Advisor by the Company, and is included in due to affiliates on the condensed consolidated balance sheets.

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow Supplemental Disclosures	Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Three Months Ended (in thousands) 2020 2019 Distributions payable $ 4,549 $ 1,310 Distribution fees payable to affiliates 36,289 10,450 Distributions reinvested in common stock 3,970 1,547 Accrued offering costs 20,609 15,269 Redeemable noncontrolling interest issued as settlement of performance component of the advisory fee 2,913 723 Accrued acquisition expense reimbursements 221 3,728 Non-cash selling commissions and dealer manager fees 22,350 3,619 The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the totals shown in the condensed consolidated statements of cash flows: For the Three Months Ended (in thousands) 2020 2019 Beginning of period: Cash and cash equivalents $ 51,178 $ 19,016 Restricted cash (1) — 5 Cash, cash equivalents and restricted cash $ 51,178 $ 19,021 End of period: Cash and cash equivalents $ 424,796 $ 29,603 Restricted cash (2) — 30 Cash, cash equivalents and restricted cash $ 424,796 $ 29,633 (1) As of December 31, 2019 , the Company did not have any restricted cash. As of December 31, 2018 , restricted cash consisted of cash held in escrow in connection with certain estimated property improvements. (2) As of March 31, 2020, the Company did not have any restricted cash. As of March 31, 2019, restricted cash consisted of cash held in escrow in connection with a property acquisition.

REAL ESTATE ACQUISITIONS - Summ

REAL ESTATE ACQUISITIONS - Summary of Business Acquisitions (Details) - Norcross Industrial Center $ in Thousands	Mar. 31, 2020USD ($)Building
Business Acquisition [Line Items]
Number of Buildings | Building	1
Total Purchase Price | $	$ 9,505

REAL ESTATE ACQUISITIONS - Purc

REAL ESTATE ACQUISITIONS - Purchase Price Allocation (Details) - 2020 Acquisitions $ in Thousands	Mar. 31, 2020USD ($)
Business Acquisition [Line Items]
Land	$ 4,086
Building and improvements	5,419
Total purchase price	$ 9,505

INVESTMENT IN REAL ESTATE - Nar

INVESTMENT IN REAL ESTATE - Narrative (Details) - Building	Mar. 31, 2020	Dec. 31, 2019
Consolidated Properties
Real Estate Properties [Line Items]
Real estate properties owned, buildings	46	45

INVESTMENT IN REAL ESTATE - Inv

INVESTMENT IN REAL ESTATE - Investment in Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land	$ 265,706	$ 261,620
Building and improvements	570,970	564,669
Intangible lease assets	77,297	77,294
Construction in progress	1,170	1,126
Investment in real estate properties	915,143	904,709
Less accumulated depreciation and amortization	(35,762)	(25,988)
Net investment in real estate properties	$ 879,381	$ 878,721

INVESTMENT IN REAL ESTATE - Sum

INVESTMENT IN REAL ESTATE - Summary of Intangible Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets, Gross	$ 77,297	$ 77,294
Below Market Lease [Roll Forward]
Gross	(13,199)	(13,199)
Accumulated Amortization	3,281	2,494
Total	(9,918)	(10,705)
Intangible lease assets
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets, Gross	75,790	75,787
Accumulated Amortization	(16,277)	(11,734)
Total	59,513	64,053
Above-market lease assets
Finite-lived Intangible Assets [Roll Forward]
Intangible lease assets, Gross	1,507	1,507
Accumulated Amortization	(295)	(211)
Total	$ 1,212	$ 1,296

INVESTMENT IN REAL ESTATE - Est

INVESTMENT IN REAL ESTATE - Estimated Net Amortization of Intangible Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets And Liabilities [Line Items]
Total	$ 9,918	$ 10,705
Intangible lease assets
Finite-Lived Intangible Assets And Liabilities [Line Items]
Remainder of 2020	12,150
2021	13,975
2022	10,356
2023	7,442
2024	4,687
Thereafter	10,903
Total	59,513	64,053
Above-market lease assets
Finite-Lived Intangible Assets And Liabilities [Line Items]
Remainder of 2020	257
2021	314
2022	261
2023	192
2024	50
Thereafter	138
Total	1,212	$ 1,296
Below-market lease liabilities
Finite-Lived Intangible Assets And Liabilities [Line Items]
Remainder of 2020	2,080
2021	2,329
2022	1,673
2023	977
2024	671
Thereafter	2,188
Total	$ 9,918

INVESTMENT IN REAL ESTATE INVES

INVESTMENT IN REAL ESTATE INVESTMENT IN REAL ESTATE - Summary of Rental Revenue Adjustments and Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$ 715	$ 557
Above-market lease amortization	(84)	(17)
Below-market lease amortization	787	305
Real Estate-Related Depreciation and Amortization:
Depreciation expense	5,147	1,718
Intangible lease asset amortization	$ 4,573	$ 1,410

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	2.78%	3.04%
Total principal amount / weighted-average	$ 356,750,000	$ 463,750,000
Less unamortized debt issuance costs	(4,349,000)	(4,602,000)
Add mark-to-market adjustment on assumed debt, net	1,010,000	1,063,000
Total debt, net	353,411,000	460,211,000
Gross book value of properties encumbered by debt	$ 116,405,000	$ 117,049,000
Weighted Average
Debt Instrument [Line Items]
Remaining debt term (in years)	4 years 21 days
Line of Credit
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	2.49%	3.26%
Total principal amount / weighted-average	$ 0	$ 107,000,000
Total commitments	315,000,000
Unused portion	315,000,000
Available capacity	$ 314,900,000
Line of Credit | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.30%
Line of Credit | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.10%
Line of Credit | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.30%
Line of Credit | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.10%
Term Loan
Debt Instrument [Line Items]
Weighted-Average Effective Interest Rate	2.63%	2.85%
Total principal amount / weighted-average	$ 307,500,000	$ 307,500,000
Total commitments	415,000,000
Unused portion	107,500,000
Available capacity	107,500,000
Term Loan | Interest Rate Swap
Debt Instrument [Line Items]
Amount of hedged item	$ 300,000,000
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%	3.71%
Total principal amount / weighted-average	$ 49,250,000	$ 49,250,000
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) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Remainder of 2020	$ 0
2021	0
2022	0
2023	0
2024	345,500
Thereafter	11,250
Total principal payments	$ 356,750	$ 463,750
Term of extension option	1 year
Line of Credit
Debt Instrument [Line Items]
Remainder of 2020	$ 0
2021	0
2022	0
2023	0
2024	0
Thereafter	0
Total principal payments	0	107,000
Term Loan
Debt Instrument [Line Items]
Remainder of 2020	0
2021	0
2022	0
2023	0
2024	307,500
Thereafter	0
Total principal payments	307,500	307,500
Fixed-rate mortgage notes
Debt Instrument [Line Items]
Remainder of 2020	0
2021	0
2022	0
2023	0
2024	38,000
Thereafter	11,250
Total principal payments	$ 49,250	$ 49,250

DEBT - Cash Flow Hedges (Detail

DEBT - Cash Flow Hedges (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)contractinstrument	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)contract
Debt Instrument [Line Items]
Cash flow hedge to be reclassified in next twelve months	$ 2,800
Number of Contracts | contract	7		4
Interest Rate Swap
Debt Instrument [Line Items]
Notional Amount	$ 350,000		$ 200,000
Loss recognized in AOCI	(12,141)	$ 0
Amount reclassified from AOCI into interest expense	(184)	0
Total interest expense and other presented in the condensed consolidated statements of operations in which the effects of the cash flow hedges are recorded	2,876	$ 0
Interest Rate Swap | Other Assets
Debt Instrument [Line Items]
Derivative instruments	$ (10,135)		$ 2,190
Interest Rate Swap Effective May 2020
Debt Instrument [Line Items]
Number of Contracts | instrument	1
Notional Amount	$ 50,000

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Liabilities
Derivative instruments	$ (10,135)
Total liabilities measured at fair value	(10,135)
Derivative instruments		$ 2,190
Total assets measured at fair value		2,190
Level 1
Liabilities
Derivative instruments	0
Total liabilities measured at fair value	0
Derivative instruments		0
Total assets measured at fair value		0
Level 2
Liabilities
Derivative instruments	(10,135)
Total liabilities measured at fair value	(10,135)
Derivative instruments		2,190
Total assets measured at fair value		2,190
Level 3
Liabilities
Derivative instruments	0
Total liabilities measured at fair value	$ 0
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	Mar. 31, 2020	Dec. 31, 2019
Carrying Value | Line of Credit
Liabilities
Debt instruments, fair value disclosure	$ 0	$ 107,000
Carrying Value | Term Loan
Liabilities
Debt instruments, fair value disclosure	307,500	307,500
Carrying Value | Fixed rate mortgage notes
Liabilities
Debt instruments, fair value disclosure	49,250	49,250
Fair Value | Line of Credit
Liabilities
Debt instruments, fair value disclosure	0	107,000
Fair Value | Term Loan
Liabilities
Debt instruments, fair value disclosure	301,772	307,500
Fair Value | Fixed rate mortgage notes
Liabilities
Debt instruments, fair value disclosure	$ 49,700	$ 50,326

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - Initial Public Offering $ in Millions	Sep. 05, 2019USD ($)
Class of Stock [Line Items]
Dollar value of shares issued	$ 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	Mar. 31, 2020USD ($)shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,045,394
Number of shares issued (in shares)	99,855
Class T Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 978,278
Number of shares issued (in shares)	93,147
Class W Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 47,859
Number of shares issued (in shares)	4,769
Class I Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 19,257
Number of shares issued (in shares)	1,939
Primary Offering
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,029,929
Number of shares issued (in shares)	98,305
Primary Offering | Class T Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 963,819
Number of shares issued (in shares)	91,707
Primary Offering | Class W Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 47,258
Number of shares issued (in shares)	4,703
Primary Offering | Class I Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 18,852
Number of shares issued (in shares)	1,895
DRIP
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 15,465
Number of shares issued (in shares)	1,541
DRIP | Class T Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 14,459
Number of shares issued (in shares)	1,440
DRIP | Class W Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 601
Number of shares issued (in shares)	60
DRIP | Class I Shares
Class of Stock [Line Items]
Amount of gross proceeds raised | $	$ 405
Number of shares issued (in shares)	41
Stock grants
Class of Stock [Line Items]
Number of shares issued (in shares)	9
Stock grants | Class T Shares
Class of Stock [Line Items]
Number of shares issued (in shares)	0
Stock grants | Class W Shares
Class of Stock [Line Items]
Number of shares issued (in shares)	6
Stock grants | Class I Shares
Class of Stock [Line Items]
Number of shares issued (in shares)	3

STOCKHOLDERS' EQUITY - Summar_2

STOCKHOLDERS' EQUITY - Summary of Changes in Shares Outstanding and Aggregate Par Value of Outstanding Shares for Each Class of Common Stock (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	45,240
Ending balance, shares	92,954
Class W Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	2,736
Ending balance, shares	4,697
Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	1,299
Ending balance, shares	2,151
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	49,275	20,265
Primary shares	49,998	8,280
DRIP	396	155
Stock grants	200	76
Redemptions	(67)	76
Ending balance, shares	99,802	28,700
Common Stock | Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	45,240	19,759
Primary shares	47,391	7,640
DRIP	363	150
Stock grants	0	0
Redemptions	(40)	7
Ending balance, shares	92,954	27,542
Common Stock | Class W Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	2,736	161
Primary shares	1,965	463
DRIP	23	2
Stock grants	0	0
Redemptions	(27)	0
Ending balance, shares	4,697	626
Common Stock | Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	1,299	345
Primary shares	642	177
DRIP	10	3
Stock grants	200	76
Redemptions	0	69
Ending balance, shares	2,151	532

STOCKHOLDERS' EQUITY - Summar_3

STOCKHOLDERS' EQUITY - Summary of Company's Cash Distribution Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2019
Class of Stock [Line Items]
Gross Distributions	$ 10,158				$ 3,542
Cash Distribution
Class of Stock [Line Items]
Declared per Common Share (usd per share)	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.13625	$ 0.545
Paid in Cash	$ 3,340	$ 2,058	$ 1,841	$ 1,558	$ 1,178	$ 6,635
Reinvested in Shares	5,076	3,242	2,866	2,319	1,744	10,171
Distribution Fees	1,742	1,105	992	818	620	3,535
Gross Distributions	$ 10,158	$ 6,405	$ 5,699	$ 4,695	$ 3,542	$ 20,341

STOCKHOLDERS' EQUITY - Share Re

STOCKHOLDERS' EQUITY - Share Redemption Activity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Equity [Abstract]
Number of eligible shares redeemed (in shares)	67,138	76,288
Aggregate dollar amount of shares redeemed	$ 659,829	$ 764,277
Average redemption price per share (in dollars per share)	$ 9.83	$ 10.02

RELATED PARTY TRANSACTIONS - Su

RELATED PARTY TRANSACTIONS - Summary of Fees and Expenses Incurred by Company (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Expensed [Abstract]
Advisory fee - fixed component, expensed	$ 1,785	$ 670
Advisory fee - performance component, expensed	275	518
Acquisition expense reimbursements, expensed	701	878
Other expense reimbursements, expensed	829	472
Total	3,590	2,538
Advisory fee, payable	599		$ 593
Advisory fee - performance component, payable	275		2,913
Acquisition expense reimbursements, payable	221		182
Other expenses reimbursements, payable	102		473
Related party payable	1,197		4,161
Additional Paid in Capital [Abstract]
Selling commissions, expensed	12,858	1,818
Dealer manager fees, expensed	9,492	1,801
Offering costs, expensed	2,021	1,149
Distribution fees-current, expensed	1,743	620
Distribution fees-trailing, expensed	19,819	2,992
Total	45,933	8,380
Selling commissions, payable	0		0
Dealer manager fees, payables	0		0
Offering costs, payable	20,609		21,269
Distribution fees-current, payable	802		389
Distribution fees payable to affiliates	36,289	10,450	16,467
Total	57,700		$ 38,125
Advisor
Additional Paid in Capital [Abstract]
Amount reimbursed for services	$ 800	$ 400
Affiliated Entity | Advisor
Additional Paid in Capital [Abstract]
Period of reimbursement of advisor advanced expenses			60 months

RELATED PARTY TRANSACTIONS - Ex

RELATED PARTY TRANSACTIONS - Expense Support Agreement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Total (reimbursement to) expense support from Advisor, net	$ 4,534	$ (2,205)
Expense support payable to the company by the Advisor	1,200		$ 5,400
Affiliated Entity | Expense Support Agreement
Related Party Transaction [Line Items]
Aggregate amount paid by the Advisor pursuant to the expense support agreement	18,100
Total reimbursements	13,600
Available balance to be reimbursed	4,500
Fees deferred	1,785	670
Other expenses supported	2,749	625
Total expense support from Advisor	4,534	1,295
Reimbursement of previously deferred fees and other expenses supported	0	(3,500)
Total (reimbursement to) expense support from Advisor, net	$ 4,534	$ (2,205)

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Distributions payable	$ 4,549	$ 1,310	$ 2,241
Distribution fees payable to affiliates	36,289	10,450	$ 16,467
Distributions reinvested in common stock	3,970	1,547
Accrued offering costs	20,609	15,269
Redeemable noncontrolling interest issued as settlement of performance component of the advisory fee	2,913	723
Accrued acquisition expense reimbursements	221	3,728
Non-cash selling commissions and dealer manager fees	$ 22,350	$ 3,619

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION - Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 424,796	$ 51,178	$ 29,603	$ 19,016
Restricted cash	0	0	30	5
Cash, cash equivalents and restricted cash	$ 424,796	$ 51,178	$ 29,633	$ 19,021

SUBSEQUENT EVENTS - Narrative (

SUBSEQUENT EVENTS - Narrative (Details) $ in Thousands, shares in Millions	May 11, 2020USD ($)Building	May 06, 2020USD ($)shares	Apr. 15, 2020USD ($)Building	Apr. 14, 2020USD ($)Building	May 12, 2020USD ($)Building	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Subsequent Event [Line Items]
Proceeds from issuance of common stock						$ 501,833	$ 83,266
Subsequent Event
Subsequent Event [Line Items]
Proceeds from issuance of common stock		$ 1,200,000
Total amount of common stock remaining available for sale		1,250,000
Amount remaining available for sale through distribution reinvestment plan		$ 488,100
Subsequent Event | Acquisitions under Contract
Subsequent Event [Line Items]
Number of properties acquired | Building					8
Payments to acquire real estate					$ 237,100
Subsequent Event | Houston, Texas
Subsequent Event [Line Items]
Number of properties acquired | Building				1
Payments to acquire real estate				$ 9,500
Subsequent Event | Denver, Colorado
Subsequent Event [Line Items]
Number of properties acquired | Building			1
Payments to acquire real estate			$ 11,600
Subsequent Event | Dallas, Texas
Subsequent Event [Line Items]
Number of properties acquired | Building	2
Payments to acquire real estate	$ 70,200
Subsequent Event | Common Stock
Subsequent Event [Line Items]
Number of shares issued (in shares) | shares		116
Subsequent Event | DRIP
Subsequent Event [Line Items]
Proceeds from issuance of common stock		$ 20,200
Subsequent Event | DRIP | Common Stock
Subsequent Event [Line Items]
Number of shares issued (in shares) | shares		2