BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Mar. 31, 2020
Accounting Policies [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Unless the context otherwise requires, the “Company” refers to Industrial Property Trust and its consolidated subsidiaries. As described in the Company’s 2019 Form 10-K (defined below), the Company converted from a Maryland corporation to a Maryland real estate investment trust (“REIT”) on February 3, 2020. Accordingly, unless the context otherwise requires, references throughout this report to the Company’s “board” refer to the Company’s board of directors for the period prior to the conversion and to the Company’s board of trustees for the period thereafter. In addition, investors in a Maryland REIT are referred to as “shareholders,” whereas investors in a Maryland corporation are referred to as stockholders. For the sake of efficiency and clarity, throughout this report, the Company's investors are referred to as “shareholders” rather than “stockholders,” including for periods prior to the Company's conversion to a Maryland REIT. 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 9, 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.

INDUSTRIAL PROPERTY TRUST 10-Q