Global Income Trust Inactive 10-K13 Mar 152014 FY Annual reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2014	Feb. 28, 2015	Jun. 30, 2014
Document Information [Line Items]
Document Type	10-K
Amendment Flag	FALSE
Document Period End Date	31-Dec-14
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Trading Symbol	CK0001459241
Entity Registrant Name	GLOBAL INCOME TRUST, INC.
Entity Central Index Key	1459241
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		8,257,410
Entity Public Float			$82,374,100

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014	Dec. 31, 2013
ASSETS
Real estate investment properties, net	$63,263,152	$66,631,039
Assets held for sale	20,868,983	24,949,185
Lease intangibles, net	13,872,453	18,178,099
Cash and cash equivalents	6,716,533	10,282,179
Restricted cash	2,231,728	1,877,461
Deferred rent	2,051,321	1,092,466
Loan costs, net	482,643	647,468
Other assets	265,594	236,135
Total assets	109,752,407	123,894,032
Liabilities:
Mortgage notes payable	56,095,907	57,467,718
Liabilities associated with assets held for sale	13,742,627	15,382,632
Real estate taxes payable	1,030,510	1,030,510
Accounts payable and accrued expenses	826,606	573,440
Unearned rent	704,788	823,343
Other liabilities	455,848	455,848
Due to related parties	55,094	222,676
Total liabilities	72,911,380	75,956,167
Commitments and contingencies (Note 13)
Stockholders' equity:
Preferred stock, $0.01 par value per share, authorized and unissued 200,000,000 shares
Common stock, $0.01 par value per share, 1,120,000,000 shares authorized; 8,419,689 shares issued and 8,257,410 shares outstanding	82,575	82,575
Capital in excess of par value	70,070,012	70,070,012
Accumulated distributions	-14,940,106	-9,572,863
Accumulated deficit	-17,796,900	-13,191,862
Accumulated other comprehensive income (loss)	-574,554	550,003
Total stockholders' equity	36,841,027	47,937,865
Total liabilities and stockholders' equity	$109,752,407	$123,894,032

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Preferred stock, par value	$0.01	$0.01
Preferred stock, shares authorized	200,000,000	200,000,000
Preferred stock, shares unissued	200,000,000	200,000,000
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	1,120,000,000	1,120,000,000
Common stock, shares issued	8,419,689	8,419,689
Common stock, shares outstanding	8,257,410	8,257,410

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues:
Rental income from operating leases	$9,606,008	$9,973,130	$7,107,385
Tenant reimbursement income	1,391,708	1,259,906	1,238,796
Total revenues	10,997,716	11,233,036	8,346,181
Expenses:
Property operating expenses	2,793,715	2,622,543	2,643,577
General and administrative	1,229,520	1,625,306	1,757,024
Acquisition fees and expenses		204	922,675
Asset management fees		968,077	613,882
Property management fees	292,750	293,241	227,118
Adjustment to contingent purchase price consideration		108,500
Impairment provision	1,253,688	0	0
Depreciation and amortization	6,214,317	6,205,280	4,213,113
Total expenses	11,783,990	11,823,151	10,377,389
Expense support		-1,526,335	-1,008,064
Net expenses	11,783,990	10,296,816	9,369,325
Operating income (loss)	-786,274	936,220	-1,023,144
Other income (expense):
Interest and other income (expense)	-25,864	51,194	4,743
Interest expense and loan cost amortization	-3,467,071	-3,783,963	-3,275,752
Total other expense	-3,492,935	-3,732,769	-3,271,009
Loss from continuing operations before income taxes	-4,279,209	-2,796,549	-4,294,153
Income tax expense	-56,517	-55,723	-45,030
Loss from continuing operations	-4,335,726	-2,852,272	-4,339,183
Income (loss) from discontinued operations, net of tax	-269,312	459,426	-1,895,405
Net loss	($4,605,038)	($2,392,846)	($6,234,588)
Net income (loss) per share of common stock (basic and diluted):
Continuing operations	($0.53)	($0.36)	($0.88)
Discontinued operations	($0.03)	$0.06	($0.39)
Earnings Per Share, Basic and Diluted, Total	($0.56)	($0.30)	($1.27)
Weighted average number of shares of common stock outstanding (basic and diluted)	8,257,410	7,931,165	4,908,673

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $)	12 Months Ended
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Net loss	($4,605,038)	($2,392,846)	($6,234,588)
Other comprehensive income (loss):
Unrealized foreign currency translation adjustments	-1,124,557	396,691	153,312
Total other comprehensive income (loss)	-1,124,557	396,691	153,312
Comprehensive loss	($5,729,595)	($1,996,155)	($6,081,276)

CONSOLIDATED_STATEMENTS_OF_STO

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $)	Total	Common Stock	Capital in Excess of Par Value	Accumulated Distributions	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Balance at Dec. 31, 2011	$18,719,523	$28,791	$24,472,676	($1,217,516)	($4,564,428)
Balance (in shares) at Dec. 31, 2011		2,879,077
Subscriptions received for common stock through public offering and distribution reinvestment plan (in shares)		3,559,367
Subscriptions received for common stock through public offering and distribution reinvestment plan	35,524,116	35,593	35,488,523
Redemptions of common stock, shares	-32,064	-32,064
Redemptions of common stock	-310,094	-321	-309,773
Stock issuance and offering costs	-5,212,917		-5,212,917
Net loss	-6,234,588				-6,234,588
Other comprehensive income (loss)	153,312					153,312
Distributions declared ($0.0017808 per share per day)	-3,199,577			-3,199,577
Balance at Dec. 31, 2012	39,439,775	64,063	54,438,509	-4,417,093	-10,799,016	153,312
Balance (in shares) at Dec. 31, 2012		6,406,380
Subscriptions received for common stock through public offering and distribution reinvestment plan (in shares)		1,981,245
Subscriptions received for common stock through public offering and distribution reinvestment plan	19,729,348	19,814	19,709,534
Redemptions of common stock, shares	-130,215	-130,215
Redemptions of common stock	-1,219,575	-1,302	-1,218,273
Stock issuance and offering costs	-2,859,758		-2,859,758
Net loss	-2,392,846				-2,392,846
Other comprehensive income (loss)	396,691					396,691
Distributions declared ($0.0017808 per share per day)	-5,155,770			-5,155,770
Balance at Dec. 31, 2013	47,937,865	82,575	70,070,012	-9,572,863	-13,191,862	550,003
Balance (in shares) at Dec. 31, 2013		8,257,410
Net loss	-4,605,038				-4,605,038
Other comprehensive income (loss)	-1,124,557					-1,124,557
Distributions declared ($0.0017808 per share per day)	-5,367,243			-5,367,243
Balance at Dec. 31, 2014	$36,841,027	$82,575	$70,070,012	($14,940,106)	($17,796,900)	($574,554)
Balance (in shares) at Dec. 31, 2014		8,257,410

CONSOLIDATED_STATEMENTS_OF_STO1

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Distributions declared per share per day	$0.00	$0.00	$0.00

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating activities:
Net loss	($4,605,038)	($2,392,846)	($6,234,588)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	6,583,839	7,015,582	4,464,681
Amortization of above-market lease intangibles	300,580	332,765	123,889
Amortization of loan costs	200,111	239,192	358,437
Adjustment related to contingent purchase price consideration		108,500
Loss on early extinguishment of debt		99,134	132,539
Impairment provisions	1,768,555
Deferred income taxes	306,572	-41,521	-282,444
Straight-line rent adjustments	-972,277	-649,189	-412,806
Changes in operating assets and liabilities:
Other assets	-66,910	111,605	-345,232
Accounts payable and accrued expenses	445,612	-275,808	606,817
Due to related parties	-143,870	-611,516	262,974
Unearned rent	-118,555	240,514	215,438
Real estate taxes payable		453,332	164,359
Net cash provided by (used in) operating activities	3,698,619	4,629,744	-945,936
Investing activities:
Acquisition of properties			-39,585,536
Payment of lease costs	-15,927
Capital expenditures	-98,349	-35,052	-13,880
Changes in restricted cash	-329,790	-566,656	-757,784
Net cash used in investing activities	-444,066	-601,708	-40,357,200
Financing activities:
Subscriptions received for common stock through public offering and distribution reinvestment plan		19,729,348	35,524,116
Borrowings under credit facility			2,000,000
Repayments on credit facility		-820,000	-4,000,000
Proceeds from mortgage notes payable			14,156,637
Repayments of mortgage notes payable	-1,371,811	-5,266,608	-713,916
Payment of stock issuance and offering costs		-2,910,158	-5,230,141
Distributions to stockholders	-5,367,243	-5,049,499	-2,998,829
Redemptions of common stock		-1,266,272	-263,398
Payment of loan costs		-240,963	-581,980
Net cash provided by (used in) financing activities	-6,739,054	4,175,848	37,892,489
Effect of exchange rate fluctuation on cash	-81,145	41,175	18,653
Net increase (decrease) in cash and cash equivalents	-3,565,646	8,245,059	-3,391,994
Cash and cash equivalents at beginning of year	10,282,179	2,037,120	5,429,114
Cash and cash equivalents at end of year	6,716,533	10,282,179	2,037,120
Supplemental disclosure of cash flow information:
Cash paid for interest	3,779,119	3,697,320	2,787,665
Cash paid for taxes	88,190	56,396	28,292
Amounts incurred but not paid:
Loan costs			240,963
Lease costs	33,231
Stock issuance and offering costs			50,400
Distributions declared and unpaid	455,848	455,848	349,577
Redemptions			46,696
Assets acquired with assumption of debt with purchase of real estate			$26,729,364

Business_and_Organization

Business and Organization	12 Months Ended
	Dec. 31, 2014
Business and Organization	1	Business and Organization

	Global Income Trust, Inc. was organized in Maryland on March 4, 2009. The term “Company” includes, unless the context otherwise requires, Global Income Trust, Inc., Global Income, LP, a Delaware limited partnership (“Operating Partnership”), Global Income GP, LLC and other subsidiaries of the Company. The Company operates, and has elected to be taxed, as a real estate investment trust (“REIT”) for U.S. federal income tax purposes commencing with its taxable year ended December 31, 2010. The Company was formed to own and operate a portfolio of income-oriented commercial real estate and real estate-related assets on a global basis.

	The Company is externally advised by CNL Global Income Advisors, LLC (“Advisor”) and its property manager is CNL Global Income Managers, LLC (“Property Manager”), each of which is a Delaware limited liability company and a wholly owned affiliate of CNL Financial Group, LLC, the Company’s sponsor (“Sponsor”). CNL Financial Group, LLC is an affiliate of CNL Financial Group, Inc. (“CNL”). The Advisor is responsible for managing the Company’s affairs on a day-to-day basis and for identifying, recommending and executing acquisitions and dispositions on behalf of the Company pursuant to an advisory agreement between the Company, the Operating Partnership and the Advisor.

	Substantially all of the Company’s acquisition, operating, administrative and property management services are provided by sub-advisors to the Advisor and sub-property managers to the Property Manager. In addition, certain unrelated sub-property managers have been engaged by the Company or sub-property managers to provide certain property management services.

	On April 23, 2010, the Company commenced its initial public offering (“Offering”) pursuant to a registration statement on Form S-11 under the Securities Act of 1933, as amended. The Offering expired and closed on April 23, 2013. As of April 23, 2013, the Company had received aggregate offering proceeds of approximately $83.7 million, including proceeds received through the Company’s distribution reinvestment plan.

	The Company has completed its Offering and, given that it expects that its sources of capital and liquidity will be limited in the near term, has begun to explore strategic alternatives. Possible strategic alternatives may include the sale of either the Company or some or all of its assets, potential merger opportunities, or a combination of various alternatives. The financial statements have been prepared under the assumption that the Company has no immediate plans, other than disclosed, that would indicate a need to adjust the carrying value of its reported assets and liabilities or that affect the Company’s anticipated ability to meet its contractual obligations as they become due.

	On January 20, 2015, the Company’s board of directors approved $7.43 as the estimated net asset value per share of the Company’s common stock as of December 31, 2014, exclusive of any portfolio premium and based on estimated year end balances.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2014
Summary of Significant Accounting Policies	2	Summary of Significant Accounting Policies

	Basis of Presentation and Consolidation – The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

	Share Based Payments to Non-Employees – Pursuant to the amended and restated expense support, conditional reimbursement and restricted stock agreement (the “Amended and Restated Expense Support Agreement”) with the Advisor described in Note 6. “Related Party Arrangements,” effective January 1, 2014, the Advisor has agreed to accept forfeitable restricted shares of the Company’s common stock (the “Restricted Stock”) in lieu of cash in payment for up to the full amount of asset management fees and operating-related personnel expenses owed by the Company to the Advisor under the advisory agreement for services rendered after December 31, 2013. The Restricted Stock is subject to immediate and permanent forfeiture if, or to the extent that, it does not vest under the scenarios described in Note 6. “Related Party Arrangements.”

	Upon issuance of Restricted Stock, the Company will measure the fair value at its then-current lowest aggregate fair value pursuant to FASB Accounting Standards Codification 505-50 “Equity-Based Payments to Non-Employees” (“ASC 505-50”). Since the vesting criteria is outside the control of the Advisor and involves both market conditions and counterparty performance conditions, the Restricted Stock is given no fair value recognition and the shares are treated as unissued for financial reporting purposes until the vesting criteria is met. On the date, if any, in which the Advisor satisfies the vesting criteria, the Company will re-measure the fair value of the Restricted Stock pursuant to ASC 505-50 and will recognize an expense equal to the difference between the original fair value and that of the re-measurement date. The Company will include the Restricted Stock in the calculation of diluted earnings per share to the extent their effect is dilutive and the vesting conditions have been satisfied as of the reporting date.

	Pursuant to the Amended and Restated Expense Support Agreement, the Advisor will be the record owner of the Restricted Stock until sold or otherwise disposed of, or forfeited, and will be entitled to all rights of a stockholder of the Company including, without limitation, the right to vote such shares and receive dividends and other distributions paid with respect to such shares. Dividends or other distributions actually paid to the Advisor in connection with the Restricted Stock are not subject to forfeiture. The Company will recognize expense related to dividends and other distributions on the Restricted Stock as declared.

	Use of Estimates – The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods, and the disclosures of contingent liabilities. For example, significant assumptions are made in the allocation of purchase price, analysis of real estate impairments, contingent assets and liabilities and the assessment of probability of repayments of expenses under the expense support agreement. Actual results could differ from those estimates.

	Real Estate – Upon acquisition of properties, the Company estimates the fair value of acquired tangible assets (consisting of land, building and improvements, and tenant improvements) and identifiable intangible assets (consisting of above- and below-market leases and in-place leases) and allocates the purchase price to the assets acquired and liabilities assumed including debt. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and utilizes various valuation methods, such as estimated cash flow projections using appropriate discount and capitalization rates, estimates of replacement costs net of depreciation and available market information.

	The fair value of the tangible assets of an acquired leased property is determined by estimating the value of the property as if it were vacant, and the “as-if-vacant” value is then allocated to land, building and improvements based on the determination of the fair values of these assets.

	Above- and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the lease and management’s estimate of the fair market lease rates for each in-place lease. The purchase price is further allocated to in-place lease intangibles based on management’s evaluation of the specific characteristics of the acquired lease. Factors considered include estimates of carrying costs during hypothetical expected lease up periods, including estimates of lost rental income during the expected lease up periods, and costs to execute similar leases such as leasing commissions, legal and other related expenses.

	Buildings and improvements are depreciated on the straight-line method over their estimated useful lives, which generally are 39 and 15 years, respectively. Tenant improvements are depreciated on the straight-line method over the shorter of the asset life or the respective lease term. Expenditures for maintenance and repairs are charged to operations as incurred. Significant renovations and replacements, which improve and extend the life of the asset, are capitalized.



	Assets and Associated Liabilities Held For Sale – Assets and liabilities that are classified as held for sale are recorded at the lower of their carrying value or fair value less costs to dispose. The Company classifies assets and liabilities as held for sale once management has the authority to approve and commits to a plan to sell, the assets and liabilities are available for immediate sale, an active program to locate a buyer and the sale of the assets and liabilities are probable and transfer of the assets and liabilities are expected to occur within one year. Upon the determination of the assets and liabilities classified as held for sale or sold, the depreciation and amortization of the assets and liabilities will terminate. The related results from operations of assets and associated liabilities held for sale are reported as discontinued if such operations and cash flows can be clearly distinguished both operationally and financially from the ongoing operations, if such operations and cash flows will be eliminated from ongoing operations once the disposal occurs, and if the Company will not have any significant continuing involvement subsequent to the sale.

	Intangible Assets – Amortization of intangible assets is computed using the straight-line method of accounting over the respective lease term or estimated useful life, including renewal periods for below-market leases. Above-market or below-market lease intangibles are amortized to rental income over the estimated remaining terms of the respective leases. In-place lease intangibles are amortized over the remaining terms of the respective leases and charged to depreciation and amortization. If a lease were to be terminated prior to its scheduled expiration, all unamortized amounts related to the lease would be written off. Intangible assets are evaluated for impairment on an annual basis or upon a triggering event.

	Impairment of Real Estate Assets – Real estate assets are reviewed on an ongoing basis to determine whether there are any indicators, including property operating performance and general market conditions, that the value of the real estate properties (including any related amortizable intangible assets or liabilities) may be impaired. To assess if a property’s asset group is potentially impaired, management compares the estimated current and projected undiscounted operating cash flows, including estimated net sales proceeds, of the property over its expected holding period to the net carrying value of the property. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. In the event that the carrying value exceeds the undiscounted operating cash flows, the Company would recognize an impairment provision to adjust the carrying value of the asset to the estimated fair value of the property.

	Cash and Cash Equivalents – Cash and cash equivalents consist of cash on hand and highly liquid investments purchased with original maturities of three months or less.

	As of December 31, 2014, certain of the Company’s cash deposits exceeded federally insured amounts. However, the Company continues to monitor the third-party depository institutions that hold the Company’s cash and cash equivalents, primarily with the goal of safety of principal. The Company attempts to limit cash investments to financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on cash.

	Restricted Cash – Certain amounts of cash are deposited in a lockbox with the lender or are restricted to fund future expenditures for the Company’s real estate properties. Such amounts have been classified as restricted cash on the consolidated balance sheets.

	Foreign Currency Translation – The accounting records for the Company’s consolidated subsidiaries that own the properties in Germany are maintained in the functional currency (Euro), and revenues and expenses are translated using the average exchange rates during the applicable period presented. Assets and liabilities are translated to U.S. dollars using the exchange rate in effect at the applicable balance sheet date. The resulting translation adjustments are reflected in other comprehensive income (loss) in the statements of stockholders’ equity as a cumulative foreign currency translation adjustment. Any gains and losses from foreign currency transactions are included in the accompanying consolidated statements of operations.



	Fair Value Measurements – Fair value assumptions are based on the framework established in the fair value accounting guidance under GAAP. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels of fair value inputs:


		•	Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access.


		•	Level 2 — Inputs, other than quoted prices included in Level 1, that are observable for the asset or liability either directly or indirectly; such as, quoted prices for similar assets or liabilities or other inputs that can be corroborated by observable market data.


		•	Level 3 — Unobservable inputs for the asset or liability, which are typically based on the Company’s own assumptions, as there is little, if any, related market activity.

	When market data inputs are unobservable, the Company utilizes inputs that it believes reflects the Company’s best estimate of the assumptions market participants would use in pricing the asset or liability. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.

	Revenue Recognition – Real estate owned as of December 31, 2014 is leased to tenants, whereby the tenant is responsible for some or, in the case of the Company’s triple-net-leased properties, all of the operating expenses relating to the property, including property taxes, insurance, maintenance and repairs. The leases are accounted for using the operating method. Under the operating method, revenue is recognized as rentals are earned and expenses (including depreciation) are charged to operations as incurred. Rental revenue from leases is recorded on the straight-line basis over the terms of the leases. Tenant reimbursement income represents amounts tenants are required to reimburse the Company in accordance with the terms of the leases and are recognized in the period in which the related reimbursable expenses are incurred.

	Mortgages and Other Notes Payable – Mortgages and other notes payable acquired are recorded at the stated principal amount and are collateralized by the Company’s properties. Mortgages and other notes payable assumed in connection with an acquisition are recorded at fair market value as of the date of the acquisition.

	Loan Costs – Financing costs paid in connection with obtaining debt are deferred and amortized over the estimated life of the debt using the effective interest rate method. As of December 31, 2014 and 2013, accumulated amortization of loan costs were approximately $0.7 million and $1.0 million, respectively.

	Acquisition Fees and Expenses – Acquisition fees, including investment services fees, and expenses associated with transactions deemed to be business combinations are expensed as incurred.

	Redemptions – Under the Company’s stock redemption plan that was suspended in April 2013, a stockholder’s shares were deemed to be redeemed as of the date that the Company accepted the stockholder’s request for redemption. From and after such date, the stockholder, by virtue of such redemption, was no longer entitled to any rights as a stockholder in the Company. Shares redeemed were retired and not available for reissue.



	Income Taxes – The Company has elected and qualified as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, and related regulations beginning with the year ended December 31, 2010. As a REIT, the Company generally is not subject to federal corporate income taxes provided it continues to distribute at least 90% of its REIT taxable income and capital gains and meets certain other requirements for qualifying as a REIT.

As a REIT, the Company may be subject to certain state and foreign income taxes. These state and foreign income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and respective tax bases and operating losses and tax-credit carry forwards.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.

Net Loss Per Share – Net loss per share is calculated based upon the weighted average number of shares of common stock outstanding during the periods.

Reclassifications – Certain amounts in the prior year’s consolidated financial statements have been reclassified to conform to current year presentation with no effect on previously reported net loss or equity. See Note 5. “Assets and Associated Liabilities Held for Sale” for additional information.

Segment Information – Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. The Company has determined that it operates in one business segment, real estate ownership. Accordingly, the Company does not report more than one segment.

Adopted Accounting Pronouncements – In March 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-05, “Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.” This update affects entities that cease to hold a controlling financial interest (as described in subtopic 810-10) in a subsidiary or group of assets within a foreign entity when the subsidiary or group of assets is a business and there is a cumulative translation adjustment balance associated with that foreign entity. The update also affects entities that lose a controlling financial interest in an investment in a foreign entity (by sale or other transfer event) and those that acquire a business in stages (sometimes also referred to as a step acquisition) by increasing an investment in a foreign entity from one accounted for under the equity method to one accounted for as a consolidated investment. Effective January 1, 2014, the Company adopted this ASU. The adoption of this update did not have a material impact on the Company’s financial position, results of operations or cash flows.



In July 2013, the FASB issued ASU No. 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” This update clarified the guidance in subtopic 740 and requires entities to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward to the extent one is available. The unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. Effective January 1, 2014, the Company adopted this ASU. The adoption of this update did not have a material impact on the Company’s financial position, results of operations or cash flows.

Recent Accounting Pronouncements – In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This update changes the criteria for reporting discontinued operations where only disposals representing a strategic shift, such as a major line of business or geographical area, should be presented as a discontinued operation. This ASU is effective prospectively for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014 with early adoption permitted. The Company will adopt ASU No. 2014-08 commencing January 1, 2015. This ASU is expected to impact the determination of which future property disposals qualify as discontinued operations, as well as, require additional disclosures about discontinued operations.

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” as a new ASC topic (Topic 606). The core principle of this amendment is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard further provides guidance for any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (for example, lease contracts). This ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, with earlier adoption not permitted. ASU 2014-09 can be adopted using one of two retrospective application methods: i) retrospectively to each prior reporting period presented or ii) as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating ASU 2014-09; however, this amendment could potentially have a significant effect on the Company’s consolidated financial position, results of operations or cash flows.

Acquisitions

12 Months Ended

Dec. 31, 2014

Acquisitions

There were no acquisitions during the years ended December 31, 2014 and 2013. During the year ended December 31, 2012, the Company acquired the following real estate investment properties:

Name and Location

Date

Description

Leasable

Initial

Acquired

Square

Purchase Price (1)

Footage

(unaudited)

Giessen Retail Center

3/8/12

Value Retail Center

34,700

5,244,136

Giessen, Germany

Worms Retail Center

9/27/12

Value Retail Center

41,944

5,834,110

Worms, Germany

Gutersloh Retail Center

9/27/12

Value Retail Center

19,375

3,596,095

Gutersloh, Germany

Jacksonville Distribution Center

10/12/12

Distribution Facility

817,632

42,500,000

Jacksonville, Florida

Bremerhaven Retail Center

11/30/12

Value Retail Center

33,121

3,770,000

Bremerhaven, Germany

Hannover Retail Center

12/21/12

Value Retail Center

26,784

5,370,559

Hannover, Germany

Total

66,314,900

FOOTNOTE:

(1)

Where applicable, amounts translated from Euro to U.S. dollars at exchange rate for the respective acquisition date.

The following summarizes the allocation of the purchase prices for the 2012 acquisitions and the estimated fair values of the assets acquired and liabilities assumed:

2012

Assets

Land and land improvements

11,548,728

Building and improvements

40,402,525

Tenant improvements

425,600

Lease intangibles (1)

13,829,547

Other assets

108,500

Liabilities

Assumed mortgage note payable

(26,729,364

)

Net assets acquired

39,585,536

FOOTNOTE:

(1)

At the acquisition date, the weighted-average amortization period on the acquired lease intangibles was approximately 6.3 years.

The revenues and net losses attributable to the 2012 acquisitions included in the Company’s consolidated statement of operations were approximately $1.5 million and $(3.1) million, respectively.

The following presents the unaudited pro forma revenues and net loss of the Company as if the properties purchased during 2012 had each been acquired as of January 1, 2012:

Year Ended

December 31,

2012

(Unaudited)

Revenues

13,203,572

Net loss (1)

(2,243,137

)

Net loss per share of common stock (basic and diluted)

(0.39

)

Weighted average number of shares of common stock outstanding (basic and diluted) (2)

5,825,660

FOOTNOTE:

(1)

The pro forma results, for the year ended December 31, 2012, were adjusted to exclude approximately $2.3 million of acquisition related expenses incurred in 2012.

(2)

As a result of these properties being treated as operational since January 1, 2012, the Company assumed approximately 2.9 million additional shares of common stock had been issued as of January 1, 2012. Consequently, the weighted average number of shares outstanding was adjusted to reflect the pro forma amount of the additional shares being issued as of January 1, 2012 instead of the actual dates issued, and such shares were treated as outstanding for the full period.

Real_Estate_Investment_Propert

Real Estate Investment Properties, net	12 Months Ended
Real Estate Investment Properties, net	Dec. 31, 2014
Real Estate Investment Properties, net	4	Real Estate Investment Properties, net
	As of December 31, 2014 and 2013, real estate investment properties consisted of the following:


			December 31,			December 31,
			2014			2013

	Land and land improvements		$	13,754,351		$	13,746,451
	Building and improvements			51,497,741			52,557,179
	Tenant improvements			4,918,600			4,918,600
	Equipment			83,801			14,202
	Less: accumulated depreciation			(6,991,341	)		(4,605,393	)

			$	63,263,152		$	66,631,039

	Depreciation expense on the Company’s real estate investment properties was approximately $2.4 million for each of the years ended December 31, 2014 and 2013, and $1.8 million for the year ended December 31, 2012.
	The Company evaluates its properties on an ongoing basis, including operating performance of its properties or plans to dispose of assets, to determine if the carrying value is recoverable. The Company determined that the carrying value of the Austin Property was not recoverable based upon the third-party appraisal obtained in connection with the Company’s net asset valuation as of December 31, 2014, which included both discounted cash flows and residual values expected from this property, coupled with the Company’s expected holding period. In February 2015, the Company committed to a plan to sell its Austin property. As such, the Company recorded an impairment of approximately $1.3 million as of December 31, 2014 to write-down the carrying value of this property to its net realizable value (a portion of which related to the in-place lease intangibles). There were no impairments for the years ended December 31, 2013 and 2012.

Assets_and_Associated_Liabilit

Assets and Associated Liabilities Held for Sale	12 Months Ended
Assets and Associated Liabilities Held for Sale	Dec. 31, 2014
Assets and Associated Liabilities Held for Sale	5	Assets and Associated Liabilities Held for Sale

	During 2014, in connection with the Company’s evaluation of potential strategic alternatives for the Company as a whole, the Company committed to a plan to sell its German properties. In December 2014, the Company entered into a share purchase agreement for the sale of 94.9% of its equity interest in the entities that own the German properties, thereby retaining a non-controlling 5.1% interest with limited protective rights. All assets and liabilities of these entities have been classified as assets held for sale and liabilities associated with assets held for sale, respectively, on the consolidated balance sheets as of December 31, 2014 and 2013 and all operating results relating to these properties have been treated as discontinued operations for all periods presented. The financial statements reflect reclassifications of rental income, property expenses, interest expense and other income and expenses from continuing operations to income (loss) from discontinued operations.

	The Company evaluated the German portfolio for impairment and determined that the carrying value was not recoverable based on an analysis comparing the sales proceeds, less transaction costs, received in January 2015 to the carrying value of 94.9% of the Company’s equity interest in the entities that own the German properties, including all cumulative translation adjustments related to foreign currency exchange, as of December 31, 2014. Therefore, the Company recognized an impairment provision of approximately $0.5 million for the year ended December 31, 2014. Refer to Note 16. “Subsequent Events” for additional information on the sale.

	As of December 31, 2014 and 2013, assets held for sale consisted of the following:



			December 31,			December 31,
			2014			2013
	Land and land improvements		$	4,785,552		$	5,557,315
	Building and improvements			14,450,480			16,761,170
	Less: accumulated depreciation			(688,372	)		(564,769	)

	Operating real estate held for sale			18,547,660			21,753,716
	Lease intangibles, net			1,799,349			2,266,710
	Deferred rent			45,208			40,969
	Restricted cash			182,345			206,822
	Loan costs, net			130,632			184,117
	Other assets			163,789			157,636
	Deferred tax asset, net			—			339,215

	Total assets held for sale		$	20,868,983		$	24,949,185


	As of December 31, 2014 and 2013, the liabilities associated with assets held for sale consisted of the following:



			December 31,			December 31,
			2014			2013
	Mortgage notes payable		$	13,228,159		$	14,982,338
	Unearned rent			6,139			11,411
	Accounts payable and accrued expenses			453,041			357,307
	Due to related party			55,288			31,576

	Total liabilities associated with assets held for sale		$	13,742,627		$	15,382,632


	These balance sheet amounts have been converted from Euro to U.S. dollars at an exchange rate of $1.22 per Euro and $1.38 per Euro as of December 31, 2014 and 2013, respectively.



	The following is a summary of the income (loss) from discontinued operations for the years ended December 31, 2014, 2013 and 2012:



			Years Ended December 31,
			2014			2013			2012
	Revenues		$	2,410,671		$	2,488,724		$	706,610
	Expenses			(930,685	)		(956,428	)		(2,532,773	)
	Depreciation and amortization			(369,522	)		(810,302	)		(251,568	)
	Impairment provision			(514,867	)		—			—
	Expense support			—			238,039			65,920

	Operating income (loss)			595,597			960,033			(2,011,811	)
	Interest expense			(489,524	)		(496,371	)		(153,799	)

	Income (loss) from discontinued operations before income tax expense			106,073			463,662			(2,165,610	)
	Income tax benefit (expense)			(375,385	)		(4,236	)		270,205

	Income (loss) from discontinued operations		$	(269,312	)	$	459,426		$	(1,895,405	)


These statements of operations amounts have been converted from Euro to U.S. dollars at the exchange rate of $1.33 per Euro, $1.33 per Euro and $1.32 per Euro for the years ended December 31, 2014, 2013 and 2012, respectively. The income tax expense for the year ended December 31, 2014 is primarily attributable to the Company’s determination the deferred tax assets will not more likely than not be realizable and recorded a full valuation allowance.

Operating_Leases

Operating Leases	12 Months Ended
Operating Leases	Dec. 31, 2014
Operating Leases	6	Operating Leases
	The Company owned four properties, exclusive of properties held for sale, during the year ended December 31, 2014, leased to tenants on a triple-net, net or modified gross basis, and accounted for as operating leases. As of December 31, 2014, the Company’s continuing operating leases had a weighted average remaining lease term of 6.0 years, based on annualized base rents, with terms expiring between 2016 and 2024, subject to the tenants’ options to extend the lease periods ranging from two to five years.
	In accordance with the lease terms for two of the Company’s properties, substantially all of the property expenses are required to be paid directly by the tenants, including real estate taxes which the tenant pays directly to the taxing authorities. In the event the tenants failed to pay such taxes, the Company would be obligated to pay such amounts. The total annualized property taxes assessed on these properties as of December 31, 2014 was approximately $0.7 million.
	The following is a schedule of future minimum lease payments (excluding properties held for sale) to be received for each of the next five years and thereafter, in the aggregate, under non-cancellable operating leases as of December 31, 2014:


	2015		$	10,232,777
	2016			9,996,497
	2017			9,985,713
	2018			9,062,490
	2019			3,931,325
	Thereafter			16,814,991

			$	60,023,793


	The above future minimum lease payments to be received excludes tenant reimbursements, straight-line rent adjustments, amortization of above-market lease intangibles, base rent attributable to any renewal options exercised by the tenants in the future and base rent attributable to properties classified as held for sale as of December 31, 2014.

Lease_Intangibles_net

Lease Intangibles, net	12 Months Ended
Lease Intangibles, net	Dec. 31, 2014
Lease Intangibles, net	7	Lease Intangibles, net
	The gross carrying amount and accumulated amortization of the Company’s intangible assets (excluding properties held for sale) as of December 31, 2014 and 2013 are as follows:


			December 31,			December 31,
			2014			2013
	In-place leases		$	23,675,450		$	23,869,700
	Above-market leases			1,634,300			1,634,300

	Gross carrying amount			25,309,750			25,504,000
	Accumulated amortization			(11,437,297	)		(7,325,901	)

	Net book value		$	13,872,453		$	18,178,099

	Amortization expense on the Company’s intangible assets for the years ended December 31, 2014, 2013 and 2012 was approximately $4.1 million, $4.1 million and $2.5 million, respectively, of which approximately $0.3 million, $0.3 million and $0.1 million, respectively, was treated as a reduction of rental revenue, and $3.8 million, $3.8 million and $2.4 million, respectively, was included in depreciation and amortization expense.
	The estimated future amortization for the Company’s intangible assets, excluding amounts classified as held for sale, for each of the next five years and thereafter, in the aggregate, as of December 31, 2014 was as follows:


			In place			Above-market			Total
			leases			leases			Total
	2015		$	3,695,169		$	283,026		$	3,978,195
	2016			3,695,169			283,026			3,978,195
	2017			3,695,169			283,026			3,978,195
	2018			1,859,439			78,429			1,937,868
	2019			—			—			—
	Thereafter			—			—			—

			$	12,944,946		$	927,507		$	13,872,453

	As of December 31, 2014 and 2013, the weighted average useful lives of in-place leases were 3.6 years and 4.5 years, respectively, and the weighted average useful lives of above market leases were 3.6 years and 4.6 years, respectively.

Contingent_Purchase_Price_Cons

Contingent Purchase Price Consideration	12 Months Ended
Contingent Purchase Price Consideration	Dec. 31, 2014
Contingent Purchase Price Consideration	8	Contingent Purchase Price Consideration
	In connection with the acquisition of the Jacksonville Distribution Center, the Company required that approximately $1.0 million of the purchase price be placed in an escrow account as contingent purchase consideration in the event of non-renewal by the tenant through 2023. At the time of acquisition, the probability of renewal by the tenant was assessed and approximately $0.1 million of the purchase price was allocated and recorded as an Other Asset in the accompanying consolidated balance sheet as of December 31, 2012. During the year ended December 31, 2013, based on then-current discussions with the tenant and a high probability that the tenant will renew, the Company determined that the $1 million purchase price placed in escrow will be released to the seller. As a result, the Company reduced the fair value of the asset by $0.1 million and recorded it as an expense in the accompanying consolidated statements of operations for the year ended December 31, 2013. In February 2014, the Company executed a lease amendment with the tenant at its Jacksonville Distribution Center, which extended the lease term from February 2018 to November 2024.
	The following table provides a roll-forward of the fair value of the contingent purchase price consideration for the years ended December 31, 2014, 2013 and 2012:


			Year Ended December 31,
			2014		2013			2012
	Beginning balance		$	—	$	108,500		$	—
	Issuance of contingent consideration in connection with acquisition			—		—			108,500
	Change in fair value			—		(108,500	)		—

	Ending balance		$	—	$	—		$	108,500

	The fair value was based on the then-current lease renewal probability, for each period presented, that a market participant would expect to obtain for similar leases. Since this methodology includes inputs that are less observable by the public and are not necessarily reflected in active markets, the measurement of the estimated fair value related to the Company’s contingent purchase price consideration is categorized as Level 3 on the three-level fair value hierarchy.

Indebtedness

Indebtedness	12 Months Ended
Indebtedness	Dec. 31, 2014
Indebtedness	9	Indebtedness

	The following table provides details of the Company’s indebtedness as of December 31, 2014 and 2013 (excluding liabilities associated with assets held for sale):



	Property and Related Loan		Outstanding		Outstanding		Interest	Payment Terms	Maturity
			Balance as of		Balance as of		Rate		Date (1)
			December 31,		December 31,
			2014		2013
			(in millions)		(in millions)
	Jacksonville Distribution Center, mortgage loan (2)		$	25.3	$	26	6.1% per annum	$187,319 monthly principal and interest payments based on a 25-year amortization	9/1/23
	Heritage Commons III; mortgage loan (3)			11.4		11.7	4.7% per annum	$70,338 monthly principal and interest payments based on a 25-year amortization	7/1/16
	Heritage Commons IV; mortgage loan (3)			19.4		19.8	6.0% per annum	$132,307 monthly principal and interest payments based on a 25-year amortization	11/1/16

	Total		$	56.1	$	57.5


	FOOTNOTES:


	(1)	Represents the initial maturity date, which may be extended beyond the date shown.
	(2)	The Company assumed an existing secured first mortgage on the Jacksonville Distribution Center. The existing mortgage may be prepaid, in full but not in part, subject to a reinvestment charge for any prepayment occurring sooner than six months before maturity.
	(3)	The loans may be extended for an additional term not to exceed beyond December 1, 2018 and September 1, 2018 for Heritage Commons III and Heritage Commons IV, respectively, subject to the interest rate increasing to 9.7% per annum for Heritage Commons III and 11.018% per annum for Heritage Commons IV.

	During the year ended December 31, 2013, the Company extinguished the outstanding balance of $0.8 million of its credit facility prior to its scheduled expiration, and in addition, extinguished the outstanding balance of $4.0 million of its mezzanine loan that bore interest at a rate of 11% prior to its scheduled expiration. In connection therewith, the Company wrote-off approximately $0.1 million in unamortized loan costs which are included in the accompanying consolidated statement of operations for the year ended December 31, 2013 as interest expense and loan cost amortization and as a loss on the early extinguishment of debt in the accompanying consolidated statement of cash flows for the year ended December 31, 2013.

	The Company’s debt contains customary covenants, agreements, representations and warranties and events of default, all as set forth in the respective loan documents. Additionally, some of the Company’s agreements contain certain financial covenants, including (but not limited to) the following: minimum debt service coverage ratios and limitations on the incurrence of additional indebtedness. As of December 31, 2014, the Company was in compliance with these covenants.



	Maturities of indebtedness for the next five years and thereafter, in aggregate, as of December 31, 2014 (excluding liabilities associated with assets held for sale) are:



	2015		$	1,428,482
	2016 (1)			30,882,372
	2017			824,418
	2018			875,963
	2019			930,732
	Thereafter			21,153,940

			$	56,095,907


	FOOTNOTE:


	-1	For the purposes of the five year maturity table above, management assumed that the principal amounts outstanding on two of the mortgage notes payable are repaid at the anticipated repayment date, as defined in the respective loan agreements.

	The estimated fair market value and carrying value of the Company’s mortgage notes payable were approximately $58.1 million and $56.1 million, respectively, as of December 31, 2014 and $54.1 million and $57.5 million, respectively, as of December 31, 2013, based on then-current rates and spreads the Company would expect to obtain for similar borrowings on properties with similar lease terms. Because this methodology includes inputs that are less observable by the public and are not necessarily reflected in active markets, the measurement of the estimated fair values related to the Company’s mortgage and other notes payable is categorized as Level 3 on the three-level valuation hierarchy used for GAAP. The estimated fair value of accounts payable and accrued expenses approximates the carrying value as of December 31, 2014 because of the relatively short maturities of the obligations.

Related_Party_Arrangements

Related Party Arrangements	12 Months Ended
Related Party Arrangements	Dec. 31, 2014
Related Party Arrangements	10	Related Party Arrangements

	The Company is externally advised and has no direct employees. In addition, certain directors and officers hold similar positions with CNL Securities Corp., the managing dealer of the Offering and a wholly owned subsidiary of CNL (“Managing Dealer”), the Advisor and their affiliates. In connection with services provided to the Company, affiliates are entitled to fees, which are consistent with market rates for such services and commensurate with the effort required to perform such services, as follows:

	Managing Dealer - While equity was being raised in the Company’s Offering, the Managing Dealer received selling commissions and marketing support fees of up to 7% and 3%, respectively, of gross offering proceeds for shares sold, excluding shares sold pursuant to the Company’s distribution reinvestment plan, all or a portion of which were paid to participating broker dealers by the Managing Dealer.

	Advisor – Subject to the Expense Support Agreements described below, the Advisor and certain affiliates are entitled to receive fees and compensation in connection with the acquisition, management and sale of the Company’s assets, as well as, the refinancing of debt obligations of the Company or its subsidiaries. In addition, the Advisor and its affiliates are entitled to reimbursement of actual costs incurred on behalf of the Company in connection with the Company’s operating activities.

	Pursuant to the advisory agreement, the Advisor receives investment services fees equal to 1.85% of the purchase price of properties for services rendered in connection with the selection, evaluation, structure and purchase of assets. In addition, the Advisor is entitled to receive a monthly asset management fee of 0.08334% of the real estate asset value (as defined in the advisory agreement) of the Company’s properties as of the end of the preceding month.



	The Advisor is also entitled to receive a financing coordination fee for services rendered with respect to refinancing any debt obligations of the Company or its subsidiaries equal to 1.0% of the gross amount of the refinancing.

	The Company will pay the Advisor a disposition fee in an amount equal to (i) in the case of the sale of real property, the lesser of (a) one-half of a competitive real estate commission, or (b) 1% of the sales price of such property, (ii) in the case of the sale of any asset other than real property or securities, 1% of the sales price of such asset, and (iii) in the case of the sale of loans, 1% of the contract price of any loan. The Company will not pay the Advisor a disposition fee in connection with the sale of investments that are securities; however, a disposition fee in the form of a usual and customary brokerage fee may be paid to an affiliate or related party of the Advisor if such entity is properly licensed.

	Under the advisory agreement and the Company’s articles of incorporation, the Advisor will be entitled to receive certain subordinated incentive fees upon (a) sales of assets and/or (b) a listing (which would also include the receipt by the Company’s stockholders of securities that are approved for trading on a national securities exchange in exchange for shares of the Company’s common stock as a result of a merger, share acquisition or similar transaction). However, if a listing occurs, the Advisor will not be entitled to receive an incentive fee on subsequent sales of assets. The incentive fees are calculated pursuant to formulas set forth in both the advisory agreement and the Company’s articles of incorporation. All incentive fees payable to the Advisor are subordinated to the return to investors of invested capital plus a 6% cumulative, noncompounded annual return on invested capital. Upon termination or non-renewal of the advisory agreement by the Advisor for good reason (as defined in the advisory agreement) or by the Company other than for cause (as defined in the advisory agreement), a listing or sale of assets after such termination or non-renewal will entitle the Advisor to receive a pro-rated portion of the applicable subordinated incentive fee.

	In addition, the Advisor or its affiliates may be entitled to receive fees that are usual and customary for comparable services in connection with the financing, development, construction or renovation of a property, subject to approval of the Company’s board of directors, including a majority of its independent directors.

	Property Manager – Pursuant to a master property management agreement, the Property Manager and/or sub-property managers receive property management fees of up to 4.5% of gross revenues for management of the Company’s properties.

	CNL Capital Markets Corp – CNL Capital Markets Corp., an affiliate of CNL, received an initial set-up fee of $4.57 per investor and receives an annual maintenance fee for providing certain administrative services to the Company pursuant to a services agreement. For the years ended December 31, 2013 and 2012, the annual maintenance fee was approximately $0.04 million and $0.03 million, respectively, and is included in the expense reimbursement amounts presented in the table below.



	For the years ended December 31, 2014, 2013 and 2012, the Company incurred the following fees and reimbursable expenses due to the Managing Dealer of the Company’s Offering, an affiliate of the Company’s Advisor, the Advisor, its affiliates and other related parties:



			Year ended December 31,
			2014			2013			2012
	Offering fees:
	Selling commissions (1)		$	—		$	1,299,186		$	2,405,147
	Marketing support fees (1)			—			571,295			1,030,777

				—			1,870,481			3,435,924


	Reimbursable expenses:
	Offering costs (1)			—			989,277			1,776,993
	Operating expenses (2) (3)			575,974			727,280			1,121,334
	Acquisition fees and expenses			—			154			50,119

				575,974			1,716,711			2,948,446

	Investment services fees			—			—			1,222,234
	Asset management fees (3) (4)			1,206,116			1,206,116			679,802
	Property management fees (4) (5)			396,555			404,543			255,616
	Expense support adjustment (6)			—			(1,764,373	)		(1,073,984	)

			$	2,178,645		$	3,433,478		$	7,468,038


	FOOTNOTES:


	(1)	Amounts are recorded as stock issuance and offering costs in the accompanying consolidated statements of stockholders’ equity.
	(2)	In general, amounts are recorded as general and administrative expenses in the accompanying consolidated statements of operations.
	(3)	For the year ended December 31, 2014, the Company incurred $1.2 million in asset management fees and $0.5 million in operating-related personnel expenses for which the Advisor agreed to receive Restricted Stock in lieu of cash pursuant to the terms of the Amended and Restated Expense Support Agreement. Since the vesting conditions were not met, no fair value was assigned to the Restricted Stock, and as a result, during the year ended December 31, 2014, asset management fees and operating expenses were reduced by $1.2 million and $0.5 million, respectively. In addition, for the year ended December 31, 2014, the Company recorded an approximate $0.2 million reduction in operating expenses as the Advisor agreed to waive all unpaid reimbursable operating expenses from prior periods on December 30, 2014.
	(4)	Asset management fees and property management fees, as well as the expense support adjustment related to the Company’s entities classified as held for sale, are included in income from discontinued operations for each period presented.
	(5)	Includes amounts paid directly by subsidiaries of the Company to a sub-advisor of the Advisor for the year ended December 31, 2013. Prior to its acquisition by BlackRock, Inc., (NYSE:BLK), the sub-advisor was indirectly affiliated with one of the Company’s former directors.
	(6)	For the years ended December 31, 2013 and 2012, approximately $1.2 million and $0.5 million, respectively, in asset management fees and approximately $0.6 million and $0.5 million, respectively, in operating-related personnel expenses were deferred and subordinated in accordance with the terms of the Original Expense Support Agreement.



Amounts due to related parties for fees and reimbursable costs and expenses described above were as follows as of December 31:



		2014			2013
Due to Managing Dealer:
Selling commissions		$	—		$	—
Marketing support fees			—			—

			—			—

Due to Property Manager:
Property management fees			89,818			62,748

			89,818			62,748

Due to the Advisor and its affiliates:
Reimbursable offering costs			—			—
Reimbursable operating expenses			20,564			191,504
Investment services fees			—			—

			20,564			191,504

		$	110,382		$	254,252


In March 2012, the Company’s board of directors approved an Expense Support and Conditional Reimbursement Agreement with its Advisor (“Original Expense Support Agreement”) whereby, effective April 1, 2012, reimbursement of operating-related personnel expenses and asset management fees to the Advisor and its affiliates was deferred and subordinated until such time, if any, that (i) cumulative modified funds from operations (as defined in the Original Expense Support Agreement) for the period April 1, 2012 through the applicable determination date exceeds (ii) distributions declared to stockholders for the same period. Such reimbursements and payments were further subordinated to the Company’s total operating expenses being within the 2%/25% guideline limitations as such terms are defined in the advisory agreement. For purposes of the above subordinations, all or a portion of the deferred amounts may be paid only to the extent it does not cause the applicable performance measurement to not be met inclusive of the conditional reimbursement amount. The Original Expense Support Agreement was terminable by the Advisor, but not before December 31, 2013, as amended, and any deferrals are eligible for conditional reimbursement for a period of up to three years from the applicable determination date. In December 2014, the Advisor agreed to waive all unpaid asset management fees, acquisition fees, and disposition fees for the years ended December 31, 2013 and 2012 as well as the reimbursement of all unpaid expenses incurred by the Advisor for the periods then-ended including approximately $2.8 million in contingent liabilities for amounts deferred and subordinated under the Original Expense Support Agreement. In addition, the waiver of the unpaid reimbursable expenses prior to March 31, 2012 resulted in a reduction in general and administrative expenses of approximately $0.2 million for the year ended December 31, 2014.

In March 2014, the Company entered into the Amended and Restated Expense Support Agreement with its Advisor. Pursuant to the Amended and Restated Expense Support Agreement, effective January 1, 2014, the Advisor agreed to accept Restricted Stock in lieu of cash in payment for up to the full amount of asset management fees and operating-related personnel expenses owed by the Company to the Advisor under the advisory agreement for services rendered after December 31, 2013. The amount of such expense support is equal to the positive excess, if any, of (i) aggregate stockholder cash distributions declared in the applicable quarter, over (ii) the Company’s aggregate modified funds from operations (as defined and revised in the Amended and Restated Expense Support Agreement) for such quarter, determined each calendar quarter on a non-cumulative basis (“Expense Support Amount”). The number of shares of Restricted Stock to be issued to the Advisor in a given quarter is determined by dividing (x) the Expense Support Amount for the applicable quarter, by (y) the most recent price per share of the Company’s common stock, or the most recent estimated net asset value (“NAV”) per share of its common stock.



Generally, Restricted Stock will vest immediately prior to or upon the occurrence of a listing of the Company’s common stock, a merger, a sale of all or substantially all of the Company’s assets, or another liquidity or exit event, as described in the Amended and Restated Expense Support Agreement (“Exit Event”). In order for the Restricted Stock to vest upon the occurrence of an Exit Event, however, the consideration or other value attributable to the Company’s common stock as a result of the Exit Event, plus total distributions received by the Company’s stockholders since inception, excluding distributions received by the Advisor, must exceed, and only to the extent that it exceeds, an amount equal to 100% of the stockholder’s invested capital, excluding the Advisor’s invested capital, plus a cumulative 6% priority return on investment (“Vesting Threshold”).

The Restricted Stock will also vest immediately in the event the advisory agreement is terminated without cause by the Company before the occurrence of an Exit Event, provided that the most recent NAV, plus total distributions received by stockholders, other than the Advisor, prior to such termination of the advisory agreement exceeds, and only to the extent that it exceeds, the Vesting Threshold. Restricted Stock shall be immediately and permanently forfeited under various circumstances, including certain circumstances relating to a termination of the advisory agreement. The Amended and Restated Expense Support Agreement was effective beginning January 1, 2014 and continues until terminated by the Advisor in writing with 120 days’ notice.

For the year ended December 31, 2014, approximately $1.2 million in asset management fees and $0.5 million in operating-related personnel expenses were forgone as payable in cash in accordance with the terms of the Amended and Restated Expense Support Agreement. In accordance therewith, the Company determined that approximately 0.18 million shares of Restricted Stock were issuable to the Advisor related to the year ended December 31, 2014 including 0.06 million shares related to the quarter ended December 31, 2014 to be issued by March 31, 2015. The number of restricted stock shares for the quarter ended December 31, 2014 was determined based on the December 31, 2014 NAV of $7.43 per share; whereas previously, the number of restricted stock shares was determined based on the initial offering price of $10.00 per share. Since the vesting conditions were not met during the year ended December 31, 2014, no fair value was assigned to the Restricted Stock accepted by the Advisor in exchange for providing asset management fees and operating-related personnel expenses as the shares were valued at zero, which represents the lowest possible value estimated at vesting. As a result, for the year ended December 31, 2014, asset management fees and operating expenses were reduced by $1.2 million and $0.5 million, respectively, as a result of the expense support provided under the Amended and Restated Expense Support Agreement (a portion of which is included in income (loss) from discontinued operations, net of tax in the accompanying consolidated statements of operations).

For the year ended December 31, 2014, the Company recorded approximately $32,000 in the form of cash distributions to the Advisor related to Restricted Stock shares issued through December 31, 2014. Such amounts were recognized as compensation expense and included in general and administrative expense in the accompanying consolidated statements of operations for the year ended December 31, 2014.



The Company incurs operating expenses which, in general, are expenses relating to administration of the Company on an ongoing basis. Pursuant to the advisory agreement, the Advisor shall reimburse the Company the amount by which the total operating expenses paid or incurred by the Company exceed, in any four consecutive fiscal quarters (“Expense Year”) commencing with the Expense Year ended March 31, 2012, the greater of 2% of average invested assets or 25% of net income (as defined in the advisory agreement) (“Limitation”), unless a majority of its independent directors determines that such excess expenses are justified based on unusual and non-recurring factors. For the Expense Years ended December 31, 2014 and 2013, the Company did not incur expenses in excess of the Limitation. For the Expense Year ended December 31, 2012, total operating expenses in excess of the Limitation were $1.1 million, all of which related to the Expense Year ended March 31, 2012. The Company’s independent directors determined that operating expenses in excess of the Limitation were justified based on a number of factors. These factors included how quickly new equity capital was raised and invested and the relationship of these investments to the Company’s operating expenses, many of which were necessary as a result of being a public company.

Stockholders_Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2014
Stockholders' Equity	11	Stockholders’ Equity
	Public Offering – The Company’s Offering closed on April 23, 2013. Through April 23, 2013, the Company received aggregate offering proceeds of approximately $83.7 million, including proceeds of approximately $1.9 million from shares sold through its distribution reinvestment plan (“DRP”).
	Stock Issuance and Offering Costs – The Company incurred costs in connection with the offering and issuance of shares, including selling commissions, marketing support fees, filing fees, legal, accounting, printing and due diligence expense reimbursements, which are recorded as stock issuance and offering costs and deducted from stockholders’ equity.
	In accordance with the Company’s articles of incorporation, the total amount of selling commissions, marketing support fees, and other organizational and offering costs to be paid by the Company may not exceed 15% of the aggregate gross offering proceeds. Offering costs are generally funded by the Company’s Advisor and subsequently reimbursed by the Company subject to this limitation.
	No stock issuance and offering costs were incurred for the year ended December 31, 2014. For the years ended December 31, 2013 and 2012, the Company incurred approximately $2.9 million and $5.2 million, respectively, in stock issuance and offering costs, as described in the discussion of selling commissions and marketing support fees and offering expenses in Note 10. “Related Party Arrangements.”
	Distributions – The Company’s board of directors has authorized a daily distribution of $0.0017808 per share of common stock to all common stockholders of record as of the close of business on each day, payable monthly, until terminated or amended by the Company’s board of directors.

	During the years ended December 31, 2014, 2013 and 2012, cash distributions totaling approximately $5.4 million, $5.2 million and $3.2 million, respectively, were declared payable to stockholders (including approximately $0.5 million, $0.5 million and $0.3 million declared but unpaid as of December 31, 2014, 2013 and 2012, respectively, which were paid in January 2015, 2014 and 2013, respectively). In addition, approximately 7% and 28% of the cash distributions paid to stockholders were considered taxable income and 93% and 72% were considered a return of capital to stockholders for federal income tax purposes for the years ended December 31, 2014 and 2013, respectively; whereas, 100% of distributions for the year ended December 31, 2012 were considered a return of capital for federal income tax purposes.
	Redemption Plan – The Company’s board of directors approved the suspension of the Company’s stock redemption plan (“Redemption Plan”) effective April 10, 2013. The Company no longer accepts redemption requests. During the year ended December 31, 2013, the Company processed and paid all eligible redemption requests totaling 130,215 shares of common stock at an average price of $9.37 per share, for a total of approximately $1.2 million.
	For the year ended December 31, 2012, the Company received and accepted redemptions requests for 32,064 shares for approximately $0.3 million under its redemption plan, of which approximately $0.05 million was paid in January 2013.

Income_Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2014
Income Taxes	12	Income Taxes

	The components of the provision for income taxes from continuing operations for the years ended December 31, 2014, 2013 and 2012 were as follows:



			Year Ended December 31,
			2014			2013				2012
	Current income tax expense:
	State tax expense		$	50,636		$	51,548			$	43,004
	International tax expense			5,881			4,175				2,026

			$	56,517		$	55,723			$	45,030


	See Note 5. “Assets and Associated Liabilities Held for Sale” for disclosure of income taxes for discontinued operations.

	Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s deferred tax assets and liabilities were as follows as of:



			December 31,
			2014			2013
	Deferred tax assets relating to:
	Fixed assets		$	395,529		$	350,824
	Net operating loss carryforwards			144,283			51,161

	Total deferred tax assets			539,812			401,985
	Valuation allowance			(519,469	)		(39,509	)

	Net deferred tax assets			20,343			362,476
	Deferred tax liabilities relating to:
	Accruals			(20,343	)		(23,261	)

	Total deferred tax liabilities			(20,343	)		(23,261	)

	Total deferred tax assets, net		$	—		$	339,215




	As of December 31, 2014, the Company recorded a full valuation allowance against all net deferred tax assets. In connection with the Company’s determination to sell its German portfolio, it recorded a full valuation allowance of $0.4 million against the net deferred tax assets attributable to the Luxembourg operations and the German properties as it was deemed more likely than not that the Company would not be able to realize future tax benefits. As of December 31, 2013, the Company had recorded deferred tax assets of approximately $0.36 million, of which approximately $0.05 million related to net operating losses generated in Luxembourg. The Company recorded a full valuation allowance against the net deferred tax asset in Luxembourg as it was deemed more likely than not that future taxable income would be insufficient to realize future tax benefits. The net operating losses in Luxembourg can be carried forward indefinitely.

	The Company’s U.S. and foreign losses from continuing operations before income taxes were as follows:



			Year ended December 31,
			2014			2013				2012
	U.S. loss		$	(4,181,645	)	$	(2,730,203	)		$	(4,076,999	)
	Foreign loss			(97,564	)		(66,346	)			(217,154	)

	Total		$	(4,279,209	)	$	(2,796,549	)		$	(4,294,153	)


	A reconciliation of taxes computed at the statutory federal tax rate on income from continuing operations before income taxes to the provision (benefit) for income taxes is as follows:



			Year ended December 31,
			2014							2013							2012
	Tax benefit computed at federal statutory rate		$	(1,497,723	)		(35.00	%)		$	(978,792	)		(35.00	%)		$	(1,502,954	)		(35.00	%)
	Impact of REIT election			1,497,723			35	%			978,792			35	%			1,502,954			35	%
	State income tax provision, net			50,636			1.18	%			51,548			1.84	%			43,004			1	%
Foreign income tax expense			5,881			0.14	%			4,175			0.15	%			2,026			0.05	%

Income tax expense		$	56,517			1.32	%		$	55,723			1.99	%		$	45,030			1.05	%


The tax years 2010 through 2014 remain subject to examination by taxing authorities in Germany, Luxembourg and the United States.

As a REIT and to the extent it distributes all its taxable income, the Company will not have federal income tax liability. As of December 31, 2014, the Company had cumulative net operating losses of approximately $1.3 million which will begin to expire in 2030. The Company does not believe it will be able to realize these federal net operating loss carryforwards in the future.

The Company analyzed its material tax positions and determined that it has not taken any uncertain tax positions.

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies	13	Commitments and Contingencies
	When the Company acquired assets in Germany during the second half of 2012, the Company’s property inspections identified several potential defects, and the Company’s purchase and sale agreement caused the seller to set aside funds in an escrow account until the potential defects could be resolved. The Company is undergoing an assessment and current estimates suggest the repairs could approximate $0.2 million, most of which the Company believes to be recoverable from the amounts held by the seller in escrow. Refer to Note 16. “Subsequent Events,” for additional information.
	In the ordinary course of business, the Company may become subject to litigation or claims. There are no material legal proceedings pending or known to be contemplated against the Company.
	In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. The Company has not been notified by any governmental authority of any non-compliance, liability or other claim, and the Company is not aware of any other environmental condition that it believes will have a material adverse effect on the consolidated results of operations.
	See Note 10. “Related Party Arrangements” for information on contingent restricted stock shares due to the Company’s Advisor in connection with the Expense Support Agreement.

Concentration_of_Risk

Concentration of Risk	12 Months Ended
Concentration of Risk	Dec. 31, 2014
Concentration of Risk	14	Concentration of Risk
	For the years ended December 31, 2014, 2013 and 2012, the Company had the following tenants that individually accounted for 10% or more of its aggregate total revenues or leased more than 10% of the Company’s total assets as of the end of such periods (excluding the properties held for sale):


			Percentage of Total Revenues (1)									Percentage of Total Assets (2)
	Tenant		2014			2013			2012			2014			2013

	Mercedes-Benz Financial Services USA, LLC (“Mercedes”)			40.2	%		38.6	%		52.6	%		31.6	%		31.7	%

	DynCorp International, LLC (“DynCorp”)			25	%		23.8	%		32.3	%		19.5	%		19.1	%

	Samsonite, LLC (“Samsonite”)			30.9	%		33.7	%		9.9	%		45.9	%		44.7	%
	FOOTNOTES:

	(1)	Includes contractual rental income, tenant reimbursements, straight-line rent adjustments and amortization of above market lease intangibles.
	(2)	Represents net book value of total assets associated with the property leased by the tenant as of the end of the period presented.
	Failure of any of these tenants to pay contractual lease payments could significantly impact the Company’s results of operations and cash flow from operations which, in turn would impact its ability to pay debt service and make distributions to stockholders.
	During the year-end December 31, 2014, the Company had operations in Germany that were classified as held for sale in the accompanying consolidated financial statements and were sold in January 2015; refer to Note 16. “Subsequent Events” for additional information. Subsequent to January 2015, the Company’s exposure to geographical risk in its financial results is limited to the retained 5.1% non-controlling interest in the entities that own the German properties.

Selected_Quarterly_Financial_D

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
Selected Quarterly Financial Data (Unaudited)	Dec. 31, 2014
Selected Quarterly Financial Data (Unaudited)	15	Selected Quarterly Financial Data (Unaudited)
	The following tables present selected unaudited quarterly financial data for the years ended December 31, 2014 and 2013:


	2014 Quarters		First			Second			Third			Fourth			Year
	Revenues from continuing operations		$	2,753,148		$	2,773,820		$	2,775,071		$	2,695,677		$	10,997,716
	Operating income (loss) from continuing operations			153,524			100,041			57,302			(1,097,141	)		(786,274	)
	Loss from continuing operations			(722,577	)		(780,513	)		(821,446	)		(2,011,190	)		(4,335,726	)
	Discontinued operations			147,075			(208,796	)		232,301			(439,892	)		(269,312	)

	Net loss		$	(575,502	)	$	(989,309	)	$	(589,145	)	$	(2,451,082	)	$	(4,605,038	)

	Net income (loss) per share of common stock (basic and diluted):
	Continuing operations		$	(0.09	)	$	(0.09	)	$	(0.10	)	$	(0.24	)	$	(0.53	)

	Discontinued operations		$	0.02		$	(0.03	)	$	0.03		$	(0.05	)	$	(0.03	)

	Weighted average number of shares outstanding (basic and diluted)			8,257,410			8,257,410			8,257,410			8,257,410			8,257,410



	2013 Quarters		First			Second			Third			Fourth			Year
	Revenues from continuing operations		$	2,831,426		$	2,838,174		$	2,803,617		$	2,759,819		$	11,233,036
	Operating income from continuing operations			256,477			223,390			294,107			162,246			936,220
	Loss from continuing operations			(874,902	)		(682,643	)		(593,581	)		(701,146	)		(2,852,272	)
	Discontinued operations			127,609			58,334			133,987			139,496			459,426

	Net loss		$	(747,293	)	$	(624,309	)	$	(459,594	)	$	(561,650	)	$	(2,392,846	)

	Net income (loss) per share of common stock (basic and diluted):
	Continuing operations		$	(0.12	)	$	(0.08	)	$	(0.07	)	$	(0.09	)	$	(0.36	)

	Discontinued operations		$	0.02		$	0.01		$	0.01		$	0.02		$	0.06

	Weighted average number of shares outstanding (basic and diluted)			7,021,861			8,173,289			8,257,410			8,257,410			7,931,165

Subsequent_Events

Subsequent Events	12 Months Ended
	Dec. 31, 2014
Subsequent Events	16	Subsequent Events

	Sale of 94.9% Equity Interest in German Portfolio

	In January 2015, pursuant to the share purchase agreement dated December 29, 2014, the Company sold 94.9% of its equity interest in the entities that own the German properties for approximately $8.1 million, net of transaction costs. The Advisor waived its rights to any disposition fee related to the sale of the 94.9% equity interest in the entities that own the German properties. In addition, the Company retained a 5.1% non-controlling interest of approximately $0.4 million, which represents 5.1% of the net carrying value of the German portfolio as of the disposition date. As discussed above in Note 13. “Commitments and Contingencies,” the buyer has assumed the obligation to repair the approximate $0.2 million of defects noted upon our acquisition of the German portfolio in 2012, and therefore, we are no longer contingently liable for such amounts. However, the Company still believes most of the $0.2 million to be recoverable from the amounts held by the previous seller in escrow.

	Austin Property – Held for Sale

	In February 2015, the Company committed to a plan to sell the Austin Property in Pflugerville, Texas as part of its continuous evaluation of strategic alternatives. In March 2015, the Company entered into a purchase and sale agreement to sell the Austin Property for approximately $2.7 million.

SCHEDULE_IIValuation_and_Quali

SCHEDULE II-Valuation and Qualifying Accounts	12 Months Ended
SCHEDULE II-Valuation and Qualifying Accounts	Dec. 31, 2014
SCHEDULE II-Valuation and Qualifying Accounts	GLOBAL INCOME TRUST, INC. AND SUBSIDIARIES

	SCHEDULE II—Valuation and Qualifying Accounts

	Years ended December 31, 2014, 2013 and 2012



	Year	Description	Balance at			Charged to			Charged to			Balance at
			Beginning			Costs and			Other			End
			of Year			Expenses			Accounts			of Year

	2012	Deferred tax asset valuation allowance	$	—		$	—		$	(85,778	)	$	(85,778	)

			$	—		$	—		$	(85,778	)	$	(85,778	)


	2013	Deferred tax asset valuation allowance	$	(85,778	)	$	31,880		$	14,389		$	(39,509	)

			$	(85,778	)	$	31,880		$	14,389		$	(39,509	)


	2014	Deferred tax asset valuation allowance	$	(39,509	)	$	(479,407	)	$	(553	)	$	(519,469	)

			$	(39,509	)	$	(479,407	)	$	(553	)	$	(519,469	)

SCHEDULE_IIIREAL_ESTATE_AND_AC

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION	Dec. 31, 2014
SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION
	GLOBAL INCOME TRUST, INC. AND SUBSIDIARIES

	SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION

	As of December 31, 2014 (in thousands)



	Property/Location		Encum-			Initial Costs						Costs		Gross Amounts at which Carried at Close of Period (1)
			brances									Capitalized
												Subsequent to
												Acquisition
						Land &		Buildings		Tenant		Improve-		Land &		Buildings		Tenant		Total		Accumu-			Date of		Date		Life on which
						Land		&		Improve-		ments		Land		& Building		Improve-				lated			Con-		Acquired		depreciation in
						Improve-		Building		ments				Improve-		Improve-		ments				Depre-			struction				latest income
						ments		Improve-						ments		ments						ciation							statement is
								ments																					computed

	Austin Property-Industrial Building Pflugerville, Texas (2)		$	—		$	1,819	$	2,102	$	53	$	—	$	1,819	$	953	$	53	$	2,825	$	(359	)		2000		6/8/11		(3)

	Heritage Commons III-Office Building Fort Worth, Texas			11,442			2,608		10,086		414		—		2,608		10,086		414		13,108		(1,316	)		2006		6/28/11		(3)

	Heritage Commons IV-Office Building Fort Worth, Texas			19,363			3,015		15,900		4,026		8		3,023		15,914		4,026		22,963		(3,553	)		2008		10/27/11		(3)

	Samsonite – Industrial Distribution Facility Jacksonville, Florida			25,291			6,284		24,545		426		20		6,304		24,545		426		31,275		(1,764	)		2008		10/12/12		(3)

	Giessen - Retail Center Giessen, Germany (4)			2,674			795		3,803		—		—		714		3,420		—		4,134		(210	)		2008		3/8/12		(3)

	Worms – Retail Center Worms, Germany (4)			3,416			1,064		4,320		—		—		956		3,884		—		4,840		(178	)		2007		9/27/12		(3)
	Gutersloh –Retail Center Gutersloh, Germany (4)			2,130			1,102		2,230		—		—		990		2,006		—		2,996		(92	)		2007		9/27/12		(3)
	Bremerhaven - Retail Center Bremerhaven, Germany (4)			2,030			527		2,894		—		—		474		2,602		—		3,076		(108	)		2007		11/30/12		(3)
	Hannover – Retail Center Hannover, Germany (4)			2,978			1,840		2,823		—		—		1,653		2,539		—		4,192		(100	)		2005		12/21/12		(3)


			$	69,324		$	19,054	$	68,613	$	4,919	$	28	$	18,541	$	65,949	$	4,919	$	89,409	$	(7,680	)




	A summary of transactions in real estate and accumulated depreciation as of December 31, 2014, 2013 and 2012 are as follows:



	Balance at December 31, 2011		$	39,933
	2012 Acquisitions			52,667

	Balance at December 31, 2012 (5)			92,600
	2013 Improvements			20
	2013 Effect of foreign currency translation adjustment			921

	Balance at December 31, 2013 (5)			93,541
	2014 Improvements			8
	2014 Impairment provisions			(1,527	)
	2014 Effect of foreign currency translation adjustment			(2,613	)

	Balance at December 31, 2014 (5)		$	89,409


	Balance at December 31, 2011		$	(442	)
	2012 Depreciation			(1,916	)

	Balance at December 31, 2012 (5)			(2,358	)
	2013 Depreciation			(2,812	)

Balance at December 31, 2013 (5)			(5,170	)
2014 Depreciation			(2,510	)

Balance at December 31, 2014 (5)		$	(7,680	)




FOOTNOTES:


(1)	The aggregate cost for federal income tax purposes is approximately $123.9 million.
(2)	In February 2015, we committed to a plan to sell the Austin property and, during the year ended December 31, 2014, we recorded an impairment provision of which approximately $1.1 million was allocated to building and building improvements.
(3)	Buildings and building improvements are depreciated over 39 and 15 years, respectively. Tenant improvements are depreciated over the terms of their respective leases.
(4)	These properties are classified as “Held for Sale” as of December 31, 2014 and, during the year ended December 31, 2014, we recorded an impairment provision of which approximately $0.1 million and $0.4 million, respectively, was allocated to land and land improvements and building and building improvements.
(5)	Amounts translated on an average foreign currency exchange rate during the period.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2014
Share Based Payments to Non-Employees	Share Based Payments to Non-Employees – Pursuant to the amended and restated expense support, conditional reimbursement and restricted stock agreement (the “Amended and Restated Expense Support Agreement”) with the Advisor described in Note 6. “Related Party Arrangements,” effective January 1, 2014, the Advisor has agreed to accept forfeitable restricted shares of the Company’s common stock (the “Restricted Stock”) in lieu of cash in payment for up to the full amount of asset management fees and operating-related personnel expenses owed by the Company to the Advisor under the advisory agreement for services rendered after December 31, 2013. The Restricted Stock is subject to immediate and permanent forfeiture if, or to the extent that, it does not vest under the scenarios described in Note 6. “Related Party Arrangements.”

	Upon issuance of Restricted Stock, the Company will measure the fair value at its then-current lowest aggregate fair value pursuant to FASB Accounting Standards Codification 505-50 “Equity-Based Payments to Non-Employees” (“ASC 505-50”). Since the vesting criteria is outside the control of the Advisor and involves both market conditions and counterparty performance conditions, the Restricted Stock is given no fair value recognition and the shares are treated as unissued for financial reporting purposes until the vesting criteria is met. On the date, if any, in which the Advisor satisfies the vesting criteria, the Company will re-measure the fair value of the Restricted Stock pursuant to ASC 505-50 and will recognize an expense equal to the difference between the original fair value and that of the re-measurement date. The Company will include the Restricted Stock in the calculation of diluted earnings per share to the extent their effect is dilutive and the vesting conditions have been satisfied as of the reporting date.

	Pursuant to the Amended and Restated Expense Support Agreement, the Advisor will be the record owner of the Restricted Stock until sold or otherwise disposed of, or forfeited, and will be entitled to all rights of a stockholder of the Company including, without limitation, the right to vote such shares and receive dividends and other distributions paid with respect to such shares. Dividends or other distributions actually paid to the Advisor in connection with the Restricted Stock are not subject to forfeiture. The Company will recognize expense related to dividends and other distributions on the Restricted Stock as declared.
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation – The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates – The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods, and the disclosures of contingent liabilities. For example, significant assumptions are made in the allocation of purchase price, analysis of real estate impairments, contingent assets and liabilities and the assessment of probability of repayments of expenses under the expense support agreement. Actual results could differ from those estimates.
Real Estate	Real Estate – Upon acquisition of properties, the Company estimates the fair value of acquired tangible assets (consisting of land, building and improvements, and tenant improvements) and identifiable intangible assets (consisting of above- and below-market leases and in-place leases) and allocates the purchase price to the assets acquired and liabilities assumed including debt. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and utilizes various valuation methods, such as estimated cash flow projections using appropriate discount and capitalization rates, estimates of replacement costs net of depreciation and available market information.
	The fair value of the tangible assets of an acquired leased property is determined by estimating the value of the property as if it were vacant, and the “as-if-vacant” value is then allocated to land, building and improvements based on the determination of the fair values of these assets.
	Above- and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the lease and management’s estimate of the fair market lease rates for each in-place lease. The purchase price is further allocated to in-place lease intangibles based on management’s evaluation of the specific characteristics of the acquired lease. Factors considered include estimates of carrying costs during hypothetical expected lease up periods, including estimates of lost rental income during the expected lease up periods, and costs to execute similar leases such as leasing commissions, legal and other related expenses.
	Buildings and improvements are depreciated on the straight-line method over their estimated useful lives, which generally are 39 and 15 years, respectively. Tenant improvements are depreciated on the straight-line method over the shorter of the asset life or the respective lease term. Expenditures for maintenance and repairs are charged to operations as incurred. Significant renovations and replacements, which improve and extend the life of the asset, are capitalized.
Assets and Associated Liabilities Held For Sale

	Assets and Associated Liabilities Held For Sale – Assets and liabilities that are classified as held for sale are recorded at the lower of their carrying value or fair value less costs to dispose. The Company classifies assets and liabilities as held for sale once management has the authority to approve and commits to a plan to sell, the assets and liabilities are available for immediate sale, an active program to locate a buyer and the sale of the assets and liabilities are probable and transfer of the assets and liabilities are expected to occur within one year. Upon the determination of the assets and liabilities classified as held for sale or sold, the depreciation and amortization of the assets and liabilities will terminate. The related results from operations of assets and associated liabilities held for sale are reported as discontinued if such operations and cash flows can be clearly distinguished both operationally and financially from the ongoing operations, if such operations and cash flows will be eliminated from ongoing operations once the disposal occurs, and if the Company will not have any significant continuing involvement subsequent to the sale.




Intangible Assets	Intangible Assets – Amortization of intangible assets is computed using the straight-line method of accounting over the respective lease term or estimated useful life, including renewal periods for below-market leases. Above-market or below-market lease intangibles are amortized to rental income over the estimated remaining terms of the respective leases. In-place lease intangibles are amortized over the remaining terms of the respective leases and charged to depreciation and amortization. If a lease were to be terminated prior to its scheduled expiration, all unamortized amounts related to the lease would be written off. Intangible assets are evaluated for impairment on an annual basis or upon a triggering event.
Impairment of Real Estate Assets	Impairment of Real Estate Assets – Real estate assets are reviewed on an ongoing basis to determine whether there are any indicators, including property operating performance and general market conditions, that the value of the real estate properties (including any related amortizable intangible assets or liabilities) may be impaired. To assess if a property’s asset group is potentially impaired, management compares the estimated current and projected undiscounted operating cash flows, including estimated net sales proceeds, of the property over its expected holding period to the net carrying value of the property. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. In the event that the carrying value exceeds the undiscounted operating cash flows, the Company would recognize an impairment provision to adjust the carrying value of the asset to the estimated fair value of the property.
Cash and Cash Equivalents	Cash and Cash Equivalents – Cash and cash equivalents consist of cash on hand and highly liquid investments purchased with original maturities of three months or less.
	As of December 31, 2014, certain of the Company’s cash deposits exceeded federally insured amounts. However, the Company continues to monitor the third-party depository institutions that hold the Company’s cash and cash equivalents, primarily with the goal of safety of principal. The Company attempts to limit cash investments to financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on cash.
Restricted Cash	Restricted Cash – Certain amounts of cash are deposited in a lockbox with the lender or are restricted to fund future expenditures for the Company’s real estate properties. Such amounts have been classified as restricted cash on the consolidated balance sheets.
Foreign Currency Translation	Foreign Currency Translation – The accounting records for the Company’s consolidated subsidiaries that own the properties in Germany are maintained in the functional currency (Euro), and revenues and expenses are translated using the average exchange rates during the applicable period presented. Assets and liabilities are translated to U.S. dollars using the exchange rate in effect at the applicable balance sheet date. The resulting translation adjustments are reflected in other comprehensive income (loss) in the statements of stockholders’ equity as a cumulative foreign currency translation adjustment. Any gains and losses from foreign currency transactions are included in the accompanying consolidated statements of operations.
Fair Value Measurements	Fair Value Measurements – Fair value assumptions are based on the framework established in the fair value accounting guidance under GAAP. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels of fair value inputs:

		•	Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access.

		•	Level 2 — Inputs, other than quoted prices included in Level 1, that are observable for the asset or liability either directly or indirectly; such as, quoted prices for similar assets or liabilities or other inputs that can be corroborated by observable market data.

		•	Level 3 — Unobservable inputs for the asset or liability, which are typically based on the Company’s own assumptions, as there is little, if any, related market activity.
	When market data inputs are unobservable, the Company utilizes inputs that it believes reflects the Company’s best estimate of the assumptions market participants would use in pricing the asset or liability. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.
Revenue Recognition	Revenue Recognition – Real estate owned as of December 31, 2014 is leased to tenants, whereby the tenant is responsible for some or, in the case of the Company’s triple-net-leased properties, all of the operating expenses relating to the property, including property taxes, insurance, maintenance and repairs. The leases are accounted for using the operating method. Under the operating method, revenue is recognized as rentals are earned and expenses (including depreciation) are charged to operations as incurred. Rental revenue from leases is recorded on the straight-line basis over the terms of the leases. Tenant reimbursement income represents amounts tenants are required to reimburse the Company in accordance with the terms of the leases and are recognized in the period in which the related reimbursable expenses are incurred.
Mortgages and Other Notes Payable	Mortgages and Other Notes Payable – Mortgages and other notes payable acquired are recorded at the stated principal amount and are collateralized by the Company’s properties. Mortgages and other notes payable assumed in connection with an acquisition are recorded at fair market value as of the date of the acquisition.
Loan Costs	Loan Costs – Financing costs paid in connection with obtaining debt are deferred and amortized over the estimated life of the debt using the effective interest rate method. As of December 31, 2014 and 2013, accumulated amortization of loan costs were approximately $0.7 million and $1.0 million, respectively.
Acquisition Fees and Expenses	Acquisition Fees and Expenses – Acquisition fees, including investment services fees, and expenses associated with transactions deemed to be business combinations are expensed as incurred.
Redemptions	Redemptions – Under the Company’s stock redemption plan that was suspended in April 2013, a stockholder’s shares were deemed to be redeemed as of the date that the Company accepted the stockholder’s request for redemption. From and after such date, the stockholder, by virtue of such redemption, was no longer entitled to any rights as a stockholder in the Company. Shares redeemed were retired and not available for reissue.
Income Taxes	Income Taxes – The Company has elected and qualified as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, and related regulations beginning with the year ended December 31, 2010. As a REIT, the Company generally is not subject to federal corporate income taxes provided it continues to distribute at least 90% of its REIT taxable income and capital gains and meets certain other requirements for qualifying as a REIT.
	As a REIT, the Company may be subject to certain state and foreign income taxes. These state and foreign income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and respective tax bases and operating losses and tax-credit carry forwards.
	Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.
Net Loss Per Share	Net Loss Per Share – Net loss per share is calculated based upon the weighted average number of shares of common stock outstanding during the periods.
Reclassifications	Reclassifications – Certain amounts in the prior year’s consolidated financial statements have been reclassified to conform to current year presentation with no effect on previously reported net loss or equity. See Note 5. “Assets and Associated Liabilities Held for Sale” for additional information.
Segment Information	Segment Information – Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. The Company has determined that it operates in one business segment, real estate ownership. Accordingly, the Company does not report more than one segment.
Adopted Accounting Pronouncements	Adopted Accounting Pronouncements – In March 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-05, “Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.” This update affects entities that cease to hold a controlling financial interest (as described in subtopic 810-10) in a subsidiary or group of assets within a foreign entity when the subsidiary or group of assets is a business and there is a cumulative translation adjustment balance associated with that foreign entity. The update also affects entities that lose a controlling financial interest in an investment in a foreign entity (by sale or other transfer event) and those that acquire a business in stages (sometimes also referred to as a step acquisition) by increasing an investment in a foreign entity from one accounted for under the equity method to one accounted for as a consolidated investment. Effective January 1, 2014, the Company adopted this ASU. The adoption of this update did not have a material impact on the Company’s financial position, results of operations or cash flows.

	In July 2013, the FASB issued ASU No. 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” This update clarified the guidance in subtopic 740 and requires entities to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward to the extent one is available. The unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. Effective January 1, 2014, the Company adopted this ASU. The adoption of this update did not have a material impact on the Company’s financial position, results of operations or cash flows.
Recent Accounting Pronouncements	Recent Accounting Pronouncements – In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This update changes the criteria for reporting discontinued operations where only disposals representing a strategic shift, such as a major line of business or geographical area, should be presented as a discontinued operation. This ASU is effective prospectively for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014 with early adoption permitted. The Company will adopt ASU No. 2014-08 commencing January 1, 2015. This ASU is expected to impact the determination of which future property disposals qualify as discontinued operations, as well as, require additional disclosures about discontinued operations.
	In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” as a new ASC topic (Topic 606). The core principle of this amendment is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard further provides guidance for any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (for example, lease contracts). This ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, with earlier adoption not permitted. ASU 2014-09 can be adopted using one of two retrospective application methods: i) retrospectively to each prior reporting period presented or ii) as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating ASU 2014-09; however, this amendment could potentially have a significant effect on the Company’s consolidated financial position, results of operations or cash flows.

Acquisitions_Tables

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2014

Summary of Real Estate Investment Properties Acquired

During the year ended December 31, 2012, the Company acquired the following real estate investment properties:

Name and Location

Date

Description

Leasable

Initial

Acquired

Square

Purchase Price (1)

Footage

(unaudited)

Giessen Retail Center

3/8/12

Value Retail Center

34,700

5,244,136

Giessen, Germany

Worms Retail Center

9/27/12

Value Retail Center

41,944

5,834,110

Worms, Germany

Gutersloh Retail Center

9/27/12

Value Retail Center

19,375

3,596,095

Gutersloh, Germany

Jacksonville Distribution Center

10/12/12

Distribution Facility

817,632

42,500,000

Jacksonville, Florida

Bremerhaven Retail Center

11/30/12

Value Retail Center

33,121

3,770,000

Bremerhaven, Germany

Hannover Retail Center

12/21/12

Value Retail Center

26,784

5,370,559

Hannover, Germany

Total

66,314,900

FOOTNOTE:

(1)

Where applicable, amounts translated from Euro to U.S. dollars at exchange rate for the respective acquisition date.

Summarizes allocation of purchase price and estimated fair values of assets and liabilities

The following summarizes the allocation of the purchase prices for the 2012 acquisitions and the estimated fair values of the assets acquired and liabilities assumed:

2012

Assets

Land and land improvements

11,548,728

Building and improvements

40,402,525

Tenant improvements

425,600

Lease intangibles (1)

13,829,547

Other assets

108,500

Liabilities

Assumed mortgage note payable

(26,729,364

)

Net assets acquired

39,585,536

FOOTNOTE:

(1)

At the acquisition date, the weighted-average amortization period on the acquired lease intangibles was approximately 6.3 years.

Pro Forma Results of Operations

The following presents the unaudited pro forma revenues and net loss of the Company as if the properties purchased during 2012 had each been acquired as of January 1, 2012:

Year Ended

December 31,

2012

(Unaudited)

Revenues

13,203,572

Net loss (1)

(2,243,137

)

Net loss per share of common stock (basic and diluted)

(0.39

)

Weighted average number of shares of common stock outstanding (basic and diluted) (2)

5,825,660

FOOTNOTE:

(1)

The pro forma results, for the year ended December 31, 2012, were adjusted to exclude approximately $2.3 million of acquisition related expenses incurred in 2012.

(2)

Real_Estate_Investment_Propert1

Real Estate Investment Properties, net (Tables)	12 Months Ended
Real Estate Investment Properties, net (Tables)	Dec. 31, 2014
Real Estate Investment Properties	As of December 31, 2014 and 2013, real estate investment properties consisted of the following:


		December 31,			December 31,
		2014			2013

	Land and land improvements	$	13,754,351		$	13,746,451
	Building and improvements		51,497,741			52,557,179
	Tenant improvements		4,918,600			4,918,600
	Equipment		83,801			14,202
	Less: accumulated depreciation		(6,991,341	)		(4,605,393	)

		$	63,263,152		$	66,631,039

Assets_and_Associated_Liabilit1

Assets and Associated Liabilities Held for Sale (Tables)	12 Months Ended
Assets and Associated Liabilities Held for Sale (Tables)	Dec. 31, 2014
Assets and Associated Liabilities Held for Sale	As of December 31, 2014 and 2013, assets held for sale consisted of the following:



		December 31,			December 31,
		2014			2013
	Land and land improvements	$	4,785,552		$	5,557,315
	Building and improvements		14,450,480			16,761,170
	Less: accumulated depreciation		(688,372	)		(564,769	)

	Operating real estate held for sale		18,547,660			21,753,716
	Lease intangibles, net		1,799,349			2,266,710
	Deferred rent		45,208			40,969
	Restricted cash		182,345			206,822
	Loan costs, net		130,632			184,117
	Other assets		163,789			157,636
	Deferred tax asset, net		—			339,215

	Total assets held for sale	$	20,868,983		$	24,949,185


	As of December 31, 2014 and 2013, the liabilities associated with assets held for sale consisted of the following:



		December 31,			December 31,
		2014			2013
	Mortgage notes payable	$	13,228,159		$	14,982,338
	Unearned rent		6,139			11,411
	Accounts payable and accrued expenses		453,041			357,307
	Due to related party		55,288			31,576

	Total liabilities associated with assets held for sale	$	13,742,627		$	15,382,632

Summary of Income from Discontinued Operations	The following is a summary of the income (loss) from discontinued operations for the years ended December 31, 2014, 2013 and 2012:


		Years Ended December 31,
		2014			2013			2012
	Revenues	$	2,410,671		$	2,488,724		$	706,610
	Expenses		(930,685	)		(956,428	)		(2,532,773	)
	Depreciation and amortization		(369,522	)		(810,302	)		(251,568	)
	Impairment provision		(514,867	)		—			—
	Expense support		—			238,039			65,920

	Operating income (loss)		595,597			960,033			(2,011,811	)
	Interest expense		(489,524	)		(496,371	)		(153,799	)

	Income (loss) from discontinued operations before income tax expense		106,073			463,662			(2,165,610	)
	Income tax benefit (expense)		(375,385	)		(4,236	)		270,205

	Income (loss) from discontinued operations	$	(269,312	)	$	459,426		$	(1,895,405	)

Operating_Leases_Tables

Operating Leases (Tables)	12 Months Ended
Operating Leases (Tables)	Dec. 31, 2014
Schedule of Future Minimum Lease Payments	The following is a schedule of future minimum lease payments (excluding properties held for sale) to be received for each of the next five years and thereafter, in the aggregate, under non-cancellable operating leases as of December 31, 2014:


	2015	$	10,232,777
	2016		9,996,497
	2017		9,985,713
	2018		9,062,490
	2019		3,931,325
	Thereafter		16,814,991

		$	60,023,793

Lease_Intangibles_net_Tables

Lease Intangibles, net (Tables)	12 Months Ended
Lease Intangibles, net (Tables)	Dec. 31, 2014
Summary of Gross Carrying Amount and Accumulated Amortization of Intangible Assets	The gross carrying amount and accumulated amortization of the Company’s intangible assets (excluding properties held for sale) as of December 31, 2014 and 2013 are as follows:


		December 31,			December 31,
		2014			2013
	In-place leases	$	23,675,450		$	23,869,700
	Above-market leases		1,634,300			1,634,300

	Gross carrying amount		25,309,750			25,504,000
	Accumulated amortization		(11,437,297	)		(7,325,901	)

	Net book value	$	13,872,453		$	18,178,099

Estimated Future Amortization	The estimated future amortization for the Company’s intangible assets, excluding amounts classified as held for sale, for each of the next five years and thereafter, in the aggregate, as of December 31, 2014 was as follows:


		In place			Above-market			Total
		leases			leases			Total
	2015	$	3,695,169		$	283,026		$	3,978,195
	2016		3,695,169			283,026			3,978,195
	2017		3,695,169			283,026			3,978,195
	2018		1,859,439			78,429			1,937,868
	2019		—			—			—
	Thereafter		—			—			—

		$	12,944,946		$	927,507		$	13,872,453

Contingent_Purchase_Price_Cons1

Contingent Purchase Price Consideration (Tables)	12 Months Ended
Contingent Purchase Price Consideration (Tables)	Dec. 31, 2014
Fair Value of Contingent Purchase Price Consideration	The following table provides a roll-forward of the fair value of the contingent purchase price consideration for the years ended December 31, 2014, 2013 and 2012:


		Year Ended December 31,
		2014		2013			2012
	Beginning balance	$	—	$	108,500		$	—
	Issuance of contingent consideration in connection with acquisition		—		—			108,500
	Change in fair value		—		(108,500	)		—

	Ending balance	$	—	$	—		$	108,500

Indebtedness_Tables

Indebtedness (Tables)	12 Months Ended
Indebtedness (Tables)	Dec. 31, 2014
Indebtedness	The following table provides details of the Company’s indebtedness as of December 31, 2014 and 2013 (excluding liabilities associated with assets held for sale):



	Property and Related Loan		Outstanding		Outstanding		Interest	Payment Terms	Maturity
			Balance as of		Balance as of		Rate		Date (1)
			December 31,		December 31,
			2014		2013
			(in millions)		(in millions)
	Jacksonville Distribution Center, mortgage loan (2)		$	25.3	$	26	6.1% per annum	$187,319 monthly principal and interest payments based on a 25-year amortization	9/1/23
	Heritage Commons III; mortgage loan (3)			11.4		11.7	4.7% per annum	$70,338 monthly principal and interest payments based on a 25-year amortization	7/1/16
	Heritage Commons IV; mortgage loan (3)			19.4		19.8	6.0% per annum	$132,307 monthly principal and interest payments based on a 25-year amortization	11/1/16

	Total		$	56.1	$	57.5


	FOOTNOTES:


	(1)	Represents the initial maturity date, which may be extended beyond the date shown.
	(2)	The Company assumed an existing secured first mortgage on the Jacksonville Distribution Center. The existing mortgage may be prepaid, in full but not in part, subject to a reinvestment charge for any prepayment occurring sooner than six months before maturity.
	(3)	The loans may be extended for an additional term not to exceed beyond December 1, 2018 and September 1, 2018 for Heritage Commons III and Heritage Commons IV, respectively, subject to the interest rate increasing to 9.7% per annum for Heritage Commons III and 11.018% per annum for Heritage Commons IV.
Schedule of Maturities of Indebtedness	Maturities of indebtedness for the next five years and thereafter, in aggregate, as of December 31, 2014 (excluding liabilities associated with assets held for sale) are:



	2015		$	1,428,482
	2016 (1)			30,882,372
	2017			824,418
	2018			875,963
	2019			930,732
	Thereafter			21,153,940

			$	56,095,907


	FOOTNOTE:


	-1	For the purposes of the five year maturity table above, management assumed that the principal amounts outstanding on two of the mortgage notes payable are repaid at the anticipated repayment date, as defined in the respective loan agreements.

Related_Party_Arrangements_Tab

Related Party Arrangements (Tables)	12 Months Ended
Related Party Arrangements (Tables)	Dec. 31, 2014
Fees and Reimbursable Expenses Incurred and Due	Amounts due to related parties for fees and reimbursable costs and expenses described above were as follows as of December 31:


			2014		2013
	Due to Managing Dealer:
	Selling commissions		$	—	$	—
	Marketing support fees			—		—

				—		—

	Due to Property Manager:
	Property management fees			89,818		62,748

				89,818		62,748

	Due to the Advisor and its affiliates:
	Reimbursable offering costs			—		—
	Reimbursable operating expenses			20,564		191,504
	Investment services fees			—		—

				20,564		191,504

			$	110,382	$	254,252

Related Parties
Fees and Reimbursable Expenses Incurred and Due	For the years ended December 31, 2014, 2013 and 2012, the Company incurred the following fees and reimbursable expenses due to the Managing Dealer of the Company’s Offering, an affiliate of the Company’s Advisor, the Advisor, its affiliates and other related parties:


			Year ended December 31,
			2014		2013			2012
	Offering fees:
	Selling commissions (1)		$	—	$	1,299,186		$	2,405,147
	Marketing support fees (1)			—		571,295			1,030,777

				—		1,870,481			3,435,924


	Reimbursable expenses:
	Offering costs (1)			—		989,277			1,776,993
	Operating expenses (2) (3)			575,974		727,280			1,121,334
	Acquisition fees and expenses			—		154			50,119

				575,974		1,716,711			2,948,446

	Investment services fees			—		—			1,222,234
	Asset management fees (3) (4)			1,206,116		1,206,116			679,802
	Property management fees (4) (5)			396,555		404,543			255,616
	Expense support adjustment (6)			—		(1,764,373	)		(1,073,984	)

			$	2,178,645	$	3,433,478		$	7,468,038

	FOOTNOTES:

	(1)	Amounts are recorded as stock issuance and offering costs in the accompanying consolidated statements of stockholders’ equity.
	(2)	In general, amounts are recorded as general and administrative expenses in the accompanying consolidated statements of operations.
	(3)	For the year ended December 31, 2014, the Company incurred $1.2 million in asset management fees and $0.5 million in operating-related personnel expenses for which the Advisor agreed to receive Restricted Stock in lieu of cash pursuant to the terms of the Amended and Restated Expense Support Agreement. Since the vesting conditions were not met, no fair value was assigned to the Restricted Stock, and as a result, during the year ended December 31, 2014, asset management fees and operating expenses were reduced by $1.2 million and $0.5 million, respectively. In addition, for the year ended December 31, 2014, the Company recorded an approximate $0.2 million reduction in operating expenses as the Advisor agreed to waive all unpaid reimbursable operating expenses from prior periods on December 30, 2014.
	(4)	Asset management fees and property management fees, as well as the expense support adjustment related to the Company’s entities classified as held for sale, are included in income from discontinued operations for each period presented.
	(5)	Includes amounts paid directly by subsidiaries of the Company to a sub-advisor of the Advisor for the year ended December 31, 2013. Prior to its acquisition by BlackRock, Inc., (NYSE:BLK), the sub-advisor was indirectly affiliated with one of the Company’s former directors.
	(6)	For the years ended December 31, 2013 and 2012, approximately $1.2 million and $0.5 million, respectively, in asset management fees and approximately $0.6 million and $0.5 million, respectively, in operating-related personnel expenses were deferred and subordinated in accordance with the terms of the Original Expense Support Agreement.

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2014
Schedule of Components of Income Tax (Provision)	The components of the provision for income taxes from continuing operations for the years ended December 31, 2014, 2013 and 2012 were as follows:



		Year Ended December 31,
		2014			2013			2012
	Current income tax expense:
	State tax expense	$	50,636		$	51,548		$	43,004
	International tax expense		5,881			4,175			2,026

		$	56,517		$	55,723		$	45,030

Components of Deferred Tax Liabilities and Assets	The Company’s deferred tax assets and liabilities were as follows as of:



		December 31,
		2014			2013
	Deferred tax assets relating to:
	Fixed assets	$	395,529		$	350,824
	Net operating loss carryforwards		144,283			51,161

	Total deferred tax assets		539,812			401,985
	Valuation allowance		(519,469	)		(39,509	)

	Net deferred tax assets		20,343			362,476
	Deferred tax liabilities relating to:
	Accruals		(20,343	)		(23,261	)

	Total deferred tax liabilities		(20,343	)		(23,261	)

	Total deferred tax assets, net	$	—		$	339,215

Schedule of Income from Continuing Operations before Income Tax, Domestic and Foreign	The Company’s U.S. and foreign losses from continuing operations before income taxes were as follows:


		Year ended December 31,
		2014			2013			2012
	U.S. loss	$	(4,181,645	)	$	(2,730,203	)	$	(4,076,999	)
	Foreign loss		(97,564	)		(66,346	)		(217,154	)

	Total	$	(4,279,209	)	$	(2,796,549	)	$	(4,294,153	)

Reconciliation of Taxes Computed at Statutory Federal Tax Rate on Income from Continuing Operations before Income Taxes to the Provision Benefit for Income Taxes	A reconciliation of taxes computed at the statutory federal tax rate on income from continuing operations before income taxes to the provision (benefit) for income taxes is as follows:


		Year ended December 31,
		2014						2013					2012
	Tax benefit computed at federal statutory rate	$	(1,497,723	)		(35.00	%)	$	(978,792	)	(35.00	%)	$	(1,502,954	)	(35.00	%)
	Impact of REIT election		1,497,723			35	%		978,792		35	%		1,502,954		35	%
	State income tax provision, net		50,636			1.18	%		51,548		1.84	%		43,004		1	%
	Foreign income tax expense		5,881			0.14	%		4,175		0.15	%		2,026		0.05	%

	Income tax expense	$	56,517			1.32	%	$	55,723		1.99	%	$	45,030		1.05	%

Concentration_of_Risk_Tables

Concentration of Risk (Tables)	12 Months Ended
Concentration of Risk (Tables)	Dec. 31, 2014
Tenants that Individually Account for Ten Percent or More of Aggregate Total Revenues or Leased More Than Ten Percent of Assets	For the years ended December 31, 2014, 2013 and 2012, the Company had the following tenants that individually accounted for 10% or more of its aggregate total revenues or leased more than 10% of the Company’s total assets as of the end of such periods (excluding the properties held for sale):


			Percentage of Total Revenues (1)									Percentage of Total Assets (2)
	Tenant		2014			2013			2012			2014			2013

	Mercedes-Benz Financial Services USA, LLC (“Mercedes”)			40.2	%		38.6	%		52.6	%		31.6	%		31.7	%

	DynCorp International, LLC (“DynCorp”)			25	%		23.8	%		32.3	%		19.5	%		19.1	%

	Samsonite, LLC (“Samsonite”)			30.9	%		33.7	%		9.9	%		45.9	%		44.7	%
	FOOTNOTES:

	(1)	Includes contractual rental income, tenant reimbursements, straight-line rent adjustments and amortization of above market lease intangibles.
	(2)	Represents net book value of total assets associated with the property leased by the tenant as of the end of the period presented.

Selected_Quarterly_Financial_D1

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
Selected Quarterly Financial Data (Unaudited) (Tables)	Dec. 31, 2014
Unaudited Quarterly Financial Data	The following tables present selected unaudited quarterly financial data for the years ended December 31, 2014 and 2013:


	2014 Quarters	First			Second			Third			Fourth			Year
	Revenues from continuing operations	$	2,753,148		$	2,773,820		$	2,775,071		$	2,695,677		$	10,997,716
	Operating income (loss) from continuing operations		153,524			100,041			57,302			(1,097,141	)		(786,274	)
	Loss from continuing operations		(722,577	)		(780,513	)		(821,446	)		(2,011,190	)		(4,335,726	)
	Discontinued operations		147,075			(208,796	)		232,301			(439,892	)		(269,312	)

	Net loss	$	(575,502	)	$	(989,309	)	$	(589,145	)	$	(2,451,082	)	$	(4,605,038	)

	Net income (loss) per share of common stock (basic and diluted):
	Continuing operations	$	(0.09	)	$	(0.09	)	$	(0.10	)	$	(0.24	)	$	(0.53	)

	Discontinued operations	$	0.02		$	(0.03	)	$	0.03		$	(0.05	)	$	(0.03	)

	Weighted average number of shares outstanding (basic and diluted)		8,257,410			8,257,410			8,257,410			8,257,410			8,257,410



	2013 Quarters	First			Second			Third			Fourth			Year
	Revenues from continuing operations	$	2,831,426		$	2,838,174		$	2,803,617		$	2,759,819		$	11,233,036
	Operating income from continuing operations		256,477			223,390			294,107			162,246			936,220
	Loss from continuing operations		(874,902	)		(682,643	)		(593,581	)		(701,146	)		(2,852,272	)
	Discontinued operations		127,609			58,334			133,987			139,496			459,426

	Net loss	$	(747,293	)	$	(624,309	)	$	(459,594	)	$	(561,650	)	$	(2,392,846	)

	Net income (loss) per share of common stock (basic and diluted):
	Continuing operations	$	(0.12	)	$	(0.08	)	$	(0.07	)	$	(0.09	)	$	(0.36	)

	Discontinued operations	$	0.02		$	0.01		$	0.01		$	0.02		$	0.06

	Weighted average number of shares outstanding (basic and diluted)		7,021,861			8,173,289			8,257,410			8,257,410			7,931,165

Business_and_Organization_Addi

Business and Organization - Additional Information (Detail) (USD $)	0 Months Ended
In Millions, except Per Share data, unless otherwise specified	Apr. 23, 2013	Jan. 20, 2015
Property Subject to or Available for Operating Lease [Line Items]
Initial public offering, aggregate offering proceeds received	$83.70
Subsequent Event
Property Subject to or Available for Operating Lease [Line Items]
Estimated net asset value per share		$7.43

Summary_of_Significant_Account2

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
	Segment	Dec. 31, 2013
Summary Of Significant Accounting Policies [Line Items]
Accumulated amortization of loan costs	$0.70	$1
REIT taxable income tax percentage	90.00%
Operating segment	1
Maximum
Summary Of Significant Accounting Policies [Line Items]
Reportable segment	1
Buildings
Summary Of Significant Accounting Policies [Line Items]
Property, plant and Equipment, estimated useful life	39 years
Building Improvements
Summary Of Significant Accounting Policies [Line Items]
Property, plant and Equipment, estimated useful life	15 years

Acquisitions_Additional_Inform

Acquisitions - Additional Information (Detail) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Business Acquisition [Line Items]
Number of acquisitions	0	0
Revenues attributable to the property			$1.50
Net losses attributable to the property			($3.10)

Acquisition_of_Real_Estate_Inv

Acquisition of Real Estate Investment Properties (Detail) (USD $)	12 Months Ended
	Dec. 31, 2012
	sqft
Business Acquisition [Line Items]
Initial Purchase Price	$66,314,900	[1]
Giessen Retail Center
Business Acquisition [Line Items]
Name and Location	Giessen Retail Center Giessen, Germany
Date Acquired	8-Mar-12
Description	Value Retail Center
Leasable Square Footage	34,700
Initial Purchase Price	5,244,136	[1]
Worms Retail Center
Business Acquisition [Line Items]
Name and Location	Worms Retail Center Worms, Germany
Date Acquired	27-Sep-12
Description	Value Retail Center
Leasable Square Footage	41,944
Initial Purchase Price	5,834,110	[1]
Gutersloh Retail Center
Business Acquisition [Line Items]
Name and Location	Gutersloh Retail Center Gutersloh, Germany
Date Acquired	27-Sep-12
Description	Value Retail Center
Leasable Square Footage	19,375
Initial Purchase Price	3,596,095	[1]
Jacksonville Distribution Center
Business Acquisition [Line Items]
Name and Location	Jacksonville Distribution Center Jacksonville, Florida
Date Acquired	12-Oct-12
Description	Distribution Facility
Leasable Square Footage	817,632
Initial Purchase Price	42,500,000	[1]
Bremerhaven Retail Center
Business Acquisition [Line Items]
Name and Location	Bremerhaven Retail Center Bremerhaven, Germany
Date Acquired	30-Nov-12
Description	Value Retail Center
Leasable Square Footage	33,121
Initial Purchase Price	3,770,000	[1]
Hannover Retail Center
Business Acquisition [Line Items]
Name and Location	Hannover Retail Center Hannover, Germany
Date Acquired	21-Dec-12
Description	Value Retail Center
Leasable Square Footage	26,784
Initial Purchase Price	$5,370,559	[1]

[1]	Where applicable, amounts translated from Euro to U.S. dollars at exchange rate for the respective acquisition date.

Allocation_of_Purchase_Prices_

Allocation of Purchase Prices for Acquisition (Detail) (USD $)	Dec. 31, 2012
Assets
Land and land improvements	$11,548,728
Building and improvements	40,402,525
Tenant improvements	425,600
Lease intangibles	13,829,547	[1]
Other assets	108,500
Liabilities
Assumed mortgage note payable	-26,729,364
Net assets acquired	$39,585,536

[1]	At the acquisition date, the weighted-average amortization period on the acquired lease intangibles was approximately 6.3 years.

Allocation_of_Purchase_Prices_1

Allocation of Purchase Prices for Acquisition (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2012
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Lease intangibles, weighted-average amortization period	6 years 3 months 18 days

Unaudited_proforma_Revenues_an

Unaudited proforma Revenues and Net Loss of the Company (Detail) (USD $)	12 Months Ended
	Dec. 31, 2012
Business Acquisition, Pro Forma Information [Line Items]
Revenues	$13,203,572
Net loss	($2,243,137)	[1]
Net loss per share of common stock (basic and diluted)	($0.39)
Weighted average number of shares of common stock outstanding (basic and diluted)	5,825,660	[2]

[1]	The pro forma results, for the year ended December 31, 2012, were adjusted to exclude approximately $2.3 million of acquisition related expenses incurred in 2012.
[2]	As a result of these properties being treated as operational since January 1, 2012, the Company assumed approximately 2.9 million additional shares of common stock had been issued as of January 1, 2012. Consequently, the weighted average number of shares outstanding was adjusted to reflect the pro forma amount of the additional shares being issued as of January 1, 2012 instead of the actual dates issued, and such shares were treated as outstanding for the full period.

Unaudited_proforma_Revenues_an1

Unaudited proforma Revenues and Net Loss of the Company (Parenthetical) (Detail) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Business Acquisition, Pro Forma Information [Line Items]
Pro forma Acquisition related expenses excluded	$2.30
Shares assumed as issued as a result of properties being treated operational		2.9

Real_Estate_Investment_Propert2

Real Estate Investment Properties (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate Properties [Line Items]
Land and land improvements			$11,548,728
Building and improvements			40,402,525
Tenant improvements			425,600
Total	63,263,152	66,631,039
Real Estate
Real Estate Properties [Line Items]
Land and land improvements	13,754,351	13,746,451
Building and improvements	51,497,741	52,557,179
Tenant improvements	4,918,600	4,918,600
Equipment	83,801	14,202
Less: accumulated depreciation	-6,991,341	-4,605,393
Total	$63,263,152	$66,631,039

Real_Estate_Investment_Propert3

Real Estate Investment Properties Net - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate Properties [Line Items]
Depreciation expense on real estate investment properties	$2,400,000	$2,400,000	$1,800,000
Impairment provision	$1,253,688	$0	$0

Assets_and_Associated_Liabilit2

Assets and Associated Liabilities Held for Sale - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate Properties [Line Items]
Non-controlling ownership percentage of German assets	5.10%
Impairment provision, assets held for sale	$514,867
Balance Sheet
Real Estate Properties [Line Items]
Foreign currency exchange rate translation from Euros to U.S. dollars	1.22	1.38
Income Statement
Real Estate Properties [Line Items]
Foreign currency exchange rate translation from Euros to U.S. dollars	1.33	1.33	1.32
Assets Held-for-sale
Real Estate Properties [Line Items]
Ownership percentage of German assets	94.90%

Assets_and_Associated_Liabilit3

Assets and Associated Liabilities Held for Sale (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Real Estate Properties [Line Items]
Less: accumulated depreciation	($688,372)	($564,769)
Operating real estate held for sale	18,547,660	21,753,716
Deferred rent	2,051,321	1,092,466
Restricted cash	2,231,728	1,877,461
Loan costs, net	482,643	647,468
Other assets	265,594	236,135
Deferred tax asset, net		339,215
Total assets held for sale	20,868,983	24,949,185
Mortgage notes payable	56,095,907	57,467,718
Unearned rent	704,788	823,343
Accounts payable and accrued expenses	453,041	357,307
Due to related party	55,094	222,676
Total liabilities associated with assets held for sale	13,742,627	15,382,632
Land and Land Improvements
Real Estate Properties [Line Items]
Operating real estate held for sale	4,785,552	5,557,315
Buildings and improvements
Real Estate Properties [Line Items]
Operating real estate held for sale	14,450,480	16,761,170
Real Estate Held For Sale
Real Estate Properties [Line Items]
Lease intangibles, net	1,799,349	2,266,710
Deferred rent	45,208	40,969
Restricted cash	182,345	206,822
Loan costs, net	130,632	184,117
Other assets	163,789	157,636
Deferred tax asset, net		339,215
Mortgage notes payable	13,228,159	14,982,338
Unearned rent	6,139	11,411
Due to related party	$55,288	$31,576

Summary_of_Income_from_Discont

Summary of Income from Discontinued Operations (Detail) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues									$2,410,671	$2,488,724	$706,610
Expenses									-930,685	-956,428	-2,532,773
Depreciation and amortization									-369,522	-810,302	-251,568
Impairment provision									-514,867
Expense support										238,039	65,920
Operating income (loss)									595,597	960,033	-2,011,811
Interest expense									-489,524	-496,371	-153,799
Income (loss) from discontinued operations before income tax expense									106,073	463,662	-2,165,610
Income tax benefit (expense)									-375,385	-4,236	270,205
Income (loss) from discontinued operations	($439,892)	$232,301	($208,796)	$147,075	$139,496	$133,987	$58,334	$127,609	($269,312)	$459,426	($1,895,405)

Operating_Leases_Additional_In

Operating Leases - Additional Information (Detail) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014
	Property
Operating Leased Assets [Line Items]
Number of owned properties	4
Weighted average remaining lease term	6 years
Lease terms of properties	2
Total annualized property taxes assessed	$0.70
Minimum
Operating Leased Assets [Line Items]
Options to renew for an additional years	2 years
Remaining expiration terms	2016
Maximum
Operating Leased Assets [Line Items]
Options to renew for an additional years	5 years
Remaining expiration terms	2024

Future_Minimum_Lease_Payments_

Future Minimum Lease Payments (Detail) (USD $)	Dec. 31, 2014
Operating Leased Assets [Line Items]
2015	$10,232,777
2016	9,996,497
2017	9,985,713
2018	9,062,490
2019	3,931,325
Thereafter	16,814,991
Total future minimum lease payments	$60,023,793

Gross_Carrying_Amount_and_Accu

Gross Carrying Amount and Accumulated Amortization of Intangible Assets (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$25,309,750	$25,504,000
Accumulated amortization	-11,437,297	-7,325,901
Net Book Value	13,872,453	18,178,099
In place leases
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	23,675,450	23,869,700
Net Book Value	12,944,946
Above-market leases
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,634,300	1,634,300
Net Book Value	$927,507

Lease_Intangibles_Net_Addition

Lease Intangibles Net - Additional Information (Detail) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles including above market lease	$4.10	$4.10	$2.50
Weighted average useful lives of leases			6 years 3 months 18 days
In place leases
Finite-Lived Intangible Assets [Line Items]
Amortization of above market leases	0.3	0.3	0.1
Weighted average useful lives of leases	3 years 7 months 6 days	4 years 6 months
Above-market leases
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$3.80	$3.80	$2.40
Weighted average useful lives of leases	3 years 7 months 6 days	4 years 7 months 6 days

Estimated_Future_Amortization_

Estimated Future Amortization (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Schedule Of Estimated Future Amortization Expense [Line Items]
2015	$3,978,195
2016	3,978,195
2017	3,978,195
2018	1,937,868
2019	0
Thereafter	0
Net Book Value	13,872,453	18,178,099
In place leases
Schedule Of Estimated Future Amortization Expense [Line Items]
2015	3,695,169
2016	3,695,169
2017	3,695,169
2018	1,859,439
2019	0
Thereafter	0
Net Book Value	12,944,946
Above-market leases
Schedule Of Estimated Future Amortization Expense [Line Items]
2015	283,026
2016	283,026
2017	283,026
2018	78,429
2019	0
Thereafter	0
Net Book Value	$927,507

Contingent_Purchase_Price_Cons2

Contingent Purchase Price Consideration - Additional Information (Detail) (Jacksonville Distribution Center, USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Business Acquisition, Contingent Consideration [Line Items]
Contingent purchase price consideration an escrow account		$1
Contingent purchase consideration probability of renewal by tenant			0.1
Contingent purchase consideration reduction in fair value of asset due to escrow release		($0.10)
Operating lease expiration date	2018-02
Lease Amendment
Business Acquisition, Contingent Consideration [Line Items]
Operating lease expiration date	2024-11

Rollforward_of_Fair_Value_of_C

Roll-forward of Fair Value of Contingent Purchase Price Consideration (Detail) (Level 3, USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$108,500
Issuance of contingent consideration in connection with acquisition		108,500
Change in fair value	-108,500
Ending balance		$108,500

Details_of_Indebtedness_Detail

Details of Indebtedness (Detail) (USD $)	12 Months Ended
Details of Indebtedness (Detail) (USD $)	Dec. 31, 2014		Dec. 31, 2013
Debt Instrument [Line Items]
Debt, Outstanding Balance	$56,100,000		$57,500,000
Heritage Commons III Fort Worth, Texas \| Mortgages
Debt Instrument [Line Items]
Debt, Outstanding Balance	11,400,000	[1]	11,700,000	[1]
Debt Interest Rate, terms	4.7% per annum	[1]
Debt Interest Rate, rate	4.70%	[1]
Debt Payment Terms	$70,338 monthly principal and interest payments based on a 25-year amortization	[1]
Debt, Monthly principal and interest payment	70,338	[1]
Debt, amortization period	25 years	[1]
Maturity Date	1-Jul-16	[1],[2]
Heritage Commons IV Fort Worth, Texas \| Mortgages
Debt Instrument [Line Items]
Debt, Outstanding Balance	19,400,000	[1]	19,800,000	[1]
Debt Interest Rate, terms	6.0% per annum	[1]
Debt Interest Rate, rate	6.00%	[1]
Debt Payment Terms	$132,307 monthly principal and interest payments based on a 25-year amortization	[1]
Debt, Monthly principal and interest payment	132,307	[1]
Debt, amortization period	25 years	[1]
Maturity Date	1-Nov-16	[1],[2]
Jacksonville Distribution Center \| Mortgages
Debt Instrument [Line Items]
Debt, Outstanding Balance	25,300,000	[3]	26,000,000	[3]
Debt Interest Rate, terms	6.1% per annum	[3]
Debt Interest Rate, rate	6.10%	[3]
Debt Payment Terms	$187,319 monthly principal and interest payments based on a 25-year amortization	[3]
Debt, Monthly principal and interest payment	$187,319	[3]
Debt, amortization period	25 years	[3]
Maturity Date	1-Sep-23	[2],[3]

[1]	The loans may be extended for an additional term not to exceed beyond December 1, 2018 and September 1, 2018 for Heritage Commons III and Heritage Commons IV, respectively, subject to the interest rate increasing to 9.7% per annum for Heritage Commons III and 11.018% per annum for Heritage Commons IV.
[2]	Represents the initial maturity date, which may be extended beyond the date shown.
[3]	The Company assumed an existing secured first mortgage on the Jacksonville Distribution Center. The existing mortgage may be prepaid, in full but not in part, subject to a reinvestment charge for any prepayment occurring sooner than six months before maturity.

Details_of_Indebtedness_Parent

Details of Indebtedness (Parenthetical) (Detail)	12 Months Ended
Details of Indebtedness (Parenthetical) (Detail)	Dec. 31, 2014
Heritage Commons III Fort Worth, Texas
Debt Instrument [Line Items]
Debt, maximum maturity date extension date	1-Dec-18
Debt, increased interest rate for extending maturity date	9.70%
Heritage Commons IV Fort Worth, Texas
Debt Instrument [Line Items]
Debt, maximum maturity date extension date	1-Sep-18
Debt, increased interest rate for extending maturity date	11.02%

Indebtedness_Additional_Inform

Indebtedness - Additional Information (Detail) (USD $)	12 Months Ended
Indebtedness - Additional Information (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014
Line of Credit Facility [Line Items]
Unamortized loan costs, written-off	$99,134	$132,539
Fair market value of the mortgage notes payable	54,100,000		58,100,000
Carrying value of the mortgage notes payable	57,500,000		56,100,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt, extinguished amount	800,000
Mezzanine Loan
Line of Credit Facility [Line Items]
Debt, extinguished amount	$4,000,000
Debt Interest Rate, terms	11.00%

Maturities_of_Indebtedness_Det

Maturities of Indebtedness (Detail) (USD $)	Dec. 31, 2014
Debt Instrument [Line Items]
2015	$1,428,482
2016	30,882,372	[1]
2017	824,418
2018	875,963
2019	930,732
Thereafter	21,153,940
Long term debt	$56,095,907

[1]	For the purposes of the five year maturity table above, management assumed that the principal amounts outstanding on two of the mortgage notes payable are repaid at the anticipated repayment date, as defined in the respective loan agreements.

Related_Party_Arrangements_Add

Related Party Arrangements - Additional Information (Detail) (USD $)	12 Months Ended			3 Months Ended
Share data in Millions, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014
Related Party Transaction [Line Items]
Selling commission	7.00%			7.00%
Marketing support fees	3.00%
Investment service fees as percentage of properties purchase price	1.85%
Asset management fee as percentage of real estate asset value	0.08%
Financing coordination fee	1.00%
Cumulative, non-compounded annual return on invested capital	6.00%
Property management fees percentage of gross revenue	4.50%
Annual maintenance fee		$40,000	$30,000
Criteria for deferment of reimbursement of operating related expenses and asset management fees	(i) cumulative modified funds from operations (as defined in the Original Expense Support Agreement) for the period April 1, 2012 through the applicable determination date exceeds (ii) distributions declared to stockholders for the same period.
Deferred and subordinated contingent liabilities under Original Expense Support Agreement waived	2,800,000
Unpaid reimbursable expenses waived	200,000
Notice period	120 days
Deferred Asset management fees	1,200,000	1,200,000	500,000
Deferred operating-related personnel expenses	500,000	600,000	500,000
Decrease asset management fees	-1,200,000
Decrease operating expenses	-500,000
Percentage of average invested assets reimbursable to the company			2.00%
Percentage of net income reimbursable to the company			25.00%
Operating expenses in excess of the Limitation			1,100,000
Per investor
Related Party Transaction [Line Items]
Initial set up fee		4.57
In case of sale of real property
Related Party Transaction [Line Items]
Disposition fee as percentage of competitive real estate commission	50.00%
Disposition fee as percentage of sale price	1.00%			1.00%
In case of sale of any asset other than real property or securities
Related Party Transaction [Line Items]
Disposition fee as percentage of sale price	1.00%			1.00%
Sale of loans
Related Party Transaction [Line Items]
Disposition fee as percentage of sale price	1.00%			1.00%
Restricted Stock
Related Party Transaction [Line Items]
Related party arrangement, restricted stock issuable to advisor	0.18			0.06
Estimated net asset value per share	$7.43			$7.43
Initial offering price used to determine number of restricted stock shares	$10			$10
Related party arrangement, restricted stock issuance date	31-Mar-15
Restricted Stock \| General and Administrative Expense
Related Party Transaction [Line Items]
Cash distributions received by adviser	$32,000			$32,000
Maximum
Related Party Transaction [Line Items]
Period of deferrals eligible for conditional reimbursement		3 years
Minimum
Related Party Transaction [Line Items]
Minimum annualized return of investment required upon ultimate liquidity of the company for restricted stock to be issued	6.00%

Fees_and_Reimbursable_Expenses

Fees and Reimbursable Expenses Incurred and Due (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Offering fees:
Selling commissions			$1,299,186	[1]	$2,405,147	[1]
Marketing support fees			571,295	[1]	1,030,777	[1]
Fees and commissions, total			1,870,481		3,435,924
Reimbursable expenses:
Offering costs			989,277	[1]	1,776,993	[1]
Operating expenses	11,783,990		11,823,151		10,377,389
Acquisition fees and expenses			154		50,119
Reimbursable costs and expenses, total	575,974		1,716,711		2,948,446
Investment services fees					1,222,234
Asset management fees	1,206,116	[2],[3]	1,206,116	[2],[3]	679,802	[2],[3]
Property management fees	396,555	[3],[4]	404,543	[3],[4]	255,616	[3],[4]
Expense support adjustment			-1,764,373	[5]	-1,073,984	[5]
Reimbursable expenses due adviser, net	2,178,645		3,433,478		7,468,038
General and Administrative Expense
Reimbursable expenses:
Operating expenses	$575,974	[2],[6]	$727,280	[2],[6]	$1,121,334	[2],[6]

[1]	Amounts are recorded as stock issuance and offering costs in the accompanying consolidated statements of stockholders' equity.
[2]	For the year ended December 31, 2014, the Company incurred $1.2 million in asset management fees and $0.5 million in operating-related personnel expenses for which the Advisor agreed to receive Restricted Stock in lieu of cash pursuant to the terms of the Amended and Restated Expense Support Agreement. Since the vesting conditions were not met, no fair value was assigned to the Restricted Stock, and as a result, during the year ended December 31, 2014, asset management fees and operating expenses were reduced by $1.2 million and $0.5 million, respectively. In addition, for the year ended December 31, 2014, the Company recorded an approximate $0.2 million reduction in operating expenses as the Advisor agreed to waive all unpaid reimbursable operating expenses from prior periods on December 30, 2014.
[3]	Asset management fees and property management fees, as well as the expense support adjustment related to the Company's entities classified as held for sale, are included in income from discontinued operations for each period presented.
[4]	Includes amounts paid directly by subsidiaries of the Company to a sub-advisor of the Advisor for the year ended December 31, 2013. Prior to its acquisition by BlackRock, Inc., (NYSE:BLK), the sub-advisor was indirectly affiliated with one of the Company's former directors.
[5]	For the years ended December 31, 2013 and 2012, approximately $1.2 million and $0.5 million, respectively, in asset management fees and approximately $0.6 million and $0.5 million, respectively, in operating-related personnel expenses were deferred and subordinated in accordance with the terms of the Original Expense Support Agreement.
[6]	In general, amounts are recorded as general and administrative expenses in the accompanying consolidated statements of operations.

Fees_and_Reimbursable_Expenses1

Fees and Reimbursable Expenses Incurred and Due (Parenthetical) (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fees Paid and Related Party Transactions [Line Items]
Deferred Asset management fees	$1,200,000	$1,200,000	$500,000
Deferred operating-related personnel expenses	500,000	600,000	500,000
Decrease asset management fees	-1,200,000
Decrease operating expenses	-500,000
Restricted Stock
Fees Paid and Related Party Transactions [Line Items]
Related party arrangement, fair value of restricted stock issuable to Advisor	0
Waved Unpaid Reimbursable Operating Expenses
Fees Paid and Related Party Transactions [Line Items]
Decrease operating expenses	($200,000)

Amounts_Due_to_Related_Parties

Amounts Due to Related Parties (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Fees, reimbursable costs and expenses, total	$55,094	$222,676
Due to Managing Dealer
Related Party Transaction [Line Items]
Selling commissions	0	0
Marketing support fees	0	0
Fees and commissions, total	0	0
Due to Property Manager
Related Party Transaction [Line Items]
Property management fees	89,818	62,748
Property management, total	89,818	62,748
Due to the Advisor and its affiliates
Related Party Transaction [Line Items]
Reimbursable offering costs	0	0
Reimbursable operating expenses	20,564	191,504
Investment services fees	0	0
Reimbursable costs and expenses, total	20,564	191,504
Affiliated Entity
Related Party Transaction [Line Items]
Fees, reimbursable costs and expenses, total	$110,382	$254,252

Stockholders_Equity_Additional

Stockholders' Equity - Additional Information (Detail) (USD $)	0 Months Ended	12 Months Ended			1 Months Ended
	Apr. 23, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jan. 31, 2013
Schedule Of Stockholders Equity [Line Items]
Aggregate offering proceeds	$83,700,000		$19,729,348	$35,524,116
Stock issuance and other offering cost		0	2,900,000	5,200,000
Daily distribution rate		$0.00
Cash distributions declared, payable to stockholders		5,400,000	5,200,000	3,200,000
Cash distributions declared but unpaid		500,000	500,000	300,000
Percentage of cash distributions paid to stockholders that were considered taxable income		7.00%	28.00%
Percentage of cash distributions paid to stockholders that were considered a return of capital		93.00%	72.00%	100.00%
Redemptions of common stock, shares			130,215	32,064
Average redemption price			$9.37
Redemptions of common stock			1,266,272	263,398
Redemptions of common stock value			1,219,575	310,094
Common Stock Redemption
Schedule Of Stockholders Equity [Line Items]
Redemptions of common stock value					50,000
Maximum
Schedule Of Stockholders Equity [Line Items]
Offering costs as percentage of aggregate gross offering proceeds		15.00%
Distribution Reinvestment Plan
Schedule Of Stockholders Equity [Line Items]
Aggregate offering proceeds	$1,900,000

Components_of_Income_Tax_Provi

Components of Income Tax (Provision) for Taxes (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income tax expense:
State tax expense	$50,636	$51,548	$43,004
International tax expense	5,881	4,175	2,026
Income Tax Expense (Benefit), Continuing Operations, Discontinued Operations, Extraordinary Items, Total	$56,517	$55,723	$45,030

Components_of_Deferred_Tax_Lia

Components of Deferred Tax Liabilities and Assets (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Deferred tax assets relating to:
Fixed assets	$395,529	$350,824
Net operating loss carryforwards	144,283	51,161
Total deferred tax assets	539,812	401,985
Valuation allowance	-519,469	-39,509
Net deferred tax assets	20,343	362,476
Deferred tax liabilities relating to:
Accruals	-20,343	-23,261
Total deferred tax liabilities	-20,343	-23,261
Total deferred tax assets, net		$339,215

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (USD $)	12 Months Ended
Income Taxes - Additional Information (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Income Taxes [Line Items]
Valuation allowance	$519,469	$39,509
Net deferred tax assets	20,343	362,476
Cumulative net operating losses	1,300,000
Net operating losses expiration year	2030
Luxembourg
Income Taxes [Line Items]
Valuation allowance	400,000
Net deferred tax assets		$50,000

Schedule_of_Income_from_Contin

Schedule of Income from Continuing Operations before Income Tax, Domestic and Foreign (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Loss From Operations Before Provision Benefit For Income Taxes [Line Items]
U.S. loss	($4,181,645)	($2,730,203)	($4,076,999)
Foreign loss	-97,564	-66,346	-217,154
Total	($4,279,209)	($2,796,549)	($4,294,153)

Reconciliation_of_Taxes_Comput

Reconciliation of Taxes Computed at Statutory Federal Tax Rate on Income from Continuing Operations before Income Taxes to the Provision (Benefit) for Income Taxes (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Reconciliation of Statutory Federal Tax Rate [Line Items]
Tax benefit computed at federal statutory rate	($1,497,723)	($978,792)	($1,502,954)
Impact of REIT election	1,497,723	978,792	1,502,954
State income tax provision, net	50,636	51,548	43,004
Foreign income tax expense	5,881	4,175	2,026
Income tax expense	$56,517	$55,723	$45,030
Tax benefit computed at federal statutory rate	-35.00%	-35.00%	-35.00%
Impact of REIT election	35.00%	35.00%	35.00%
State income tax provision, net	1.18%	1.84%	1.00%
Foreign income tax expense	0.14%	0.15%	0.05%
Income tax expense	1.32%	1.99%	1.05%

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014
	LegalMatter
Commitment And Contingencies [Line Items]
Estimated defect repairing expense	$0.20
Material legal proceedings pending	0

Tenants_that_Individually_Acco

Tenants that Individually Account for Ten Percent or More of Aggregate Total Revenues or Leased More Than Ten Percent of Assets (Detail) (Customer Concentration Risk)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Mercedes-Benz Financial Services USA, LLC \| Sales
Concentration Risk [Line Items]
Percentage of Total Revenues and Assets	40.20%	[1]	38.60%	[1]	52.60%	[1]
Mercedes-Benz Financial Services USA, LLC \| Assets
Concentration Risk [Line Items]
Percentage of Total Revenues and Assets	31.60%	[2]	31.70%	[2]
DynCorp International LLC \| Sales
Concentration Risk [Line Items]
Percentage of Total Revenues and Assets	25.00%	[1]	23.80%	[1]	32.30%	[1]
DynCorp International LLC \| Assets
Concentration Risk [Line Items]
Percentage of Total Revenues and Assets	19.50%	[2]	19.10%	[2]
Samsonite, LLC \| Sales
Concentration Risk [Line Items]
Percentage of Total Revenues and Assets	30.90%	[1]	33.70%	[1]	9.90%	[1]
Samsonite, LLC \| Assets
Concentration Risk [Line Items]
Percentage of Total Revenues and Assets	45.90%	[2]	44.70%	[2]

[1]	Includes contractual rental income, tenant reimbursements, straight-line rent adjustments and amortization of above market lease intangibles.
[2]	Represents net book value of total assets associated with the property leased by the tenant as of the end of the period presented.

Concentration_of_Risk_Addition

Concentration of Risk - Additional Information (Detail)	Dec. 31, 2014	Jan. 31, 2015
Concentration Risk [Line Items]
Non-controlling ownership percentage of German assets	5.10%
Subsequent Event
Concentration Risk [Line Items]
Non-controlling ownership percentage of German assets		5.10%

Unaudited_Quarterly_Financial_

Unaudited Quarterly Financial Data (Detail) (USD $)	3 Months Ended								12 Months Ended
Unaudited Quarterly Financial Data (Detail) (USD $)	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Selected Quarterly Financial Data [Line Items]
Revenues from continuing operations	$2,695,677	$2,775,071	$2,773,820	$2,753,148	$2,759,819	$2,803,617	$2,838,174	$2,831,426	$10,997,716	$11,233,036	$8,346,181
Operating income (loss) from continuing operations	-1,097,141	57,302	100,041	153,524	162,246	294,107	223,390	256,477	-786,274	936,220	-1,023,144
Loss from continuing operations	-2,011,190	-821,446	-780,513	-722,577	-701,146	-593,581	-682,643	-874,902	-4,335,726	-2,852,272	-4,339,183
Discontinued operations	-439,892	232,301	-208,796	147,075	139,496	133,987	58,334	127,609	-269,312	459,426	-1,895,405
Net loss	($2,451,082)	($589,145)	($989,309)	($575,502)	($561,650)	($459,594)	($624,309)	($747,293)	($4,605,038)	($2,392,846)	($6,234,588)
Net income (loss) per share of common stock (basic and diluted):
Continuing operations	($0.24)	($0.10)	($0.09)	($0.09)	($0.09)	($0.07)	($0.08)	($0.12)	($0.53)	($0.36)	($0.88)
Discontinued operations	($0.05)	$0.03	($0.03)	$0.02	$0.02	$0.01	$0.01	$0.02	($0.03)	$0.06	($0.39)
Weighted average number of shares outstanding (basic and diluted)	8,257,410	8,257,410	8,257,410	8,257,410	8,257,410	8,257,410	8,173,289	7,021,861	8,257,410	7,931,165	4,908,673

Subsequent_Events_Additional_I

Subsequent Events - Additional Information (Detail) (USD $)	1 Months Ended	0 Months Ended
In Millions, unless otherwise specified	Jan. 31, 2015	Mar. 13, 2015	Dec. 31, 2014
Subsequent Event [Line Items]
Non-controlling ownership percentage of German assets			5.10%
Assets Held-for-sale
Subsequent Event [Line Items]
Ownership percentage of German assets sold			94.90%
Subsequent Event
Subsequent Event [Line Items]
Equity method investment ownership sold	$8.10
Non-controlling ownership percentage of German assets	5.10%
Non-controlling ownership of German assets	0.4
Estimated defect repairing expense recoverable	0.2
Subsequent Event \| Austin Property
Subsequent Event [Line Items]
Purchase and sale agreement entered to sell property		$2.70
Subsequent Event \| Assets Held-for-sale
Subsequent Event [Line Items]
Ownership percentage of German assets sold	94.90%

SCHEDULE_IIValuation_and_Quali1

SCHEDULE II-Valuation and Qualifying Accounts (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	($39,509)	($85,778)
Charged to Costs and Expenses	-479,407	31,880
Charged to Other Accounts	-553	14,389	-85,778
Balance at End of Year	-519,469	-39,509	-85,778
Valuation Allowance of Deferred Tax Assets
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	-39,509	-85,778
Charged to Costs and Expenses	-479,407	31,880
Charged to Other Accounts	-553	14,389	-85,778
Balance at End of Year	($519,469)	($39,509)	($85,778)

SCHEDULE_III_Real_Estate_and_A

SCHEDULE III - Real Estate and Accumulated Depreciation (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$69,324
Land & Land Improvements	19,054
Buildings & Building Improvements	68,613
Tenant Improvements	4,919
Improvements	28
Land & Land Improvements	18,541	[1]
Buildings & Building Improvements	65,949	[1]
Tenant Improvements	4,919	[1]
Total	89,409	[1],[2]	93,541	[2]	92,600	[2]
Accumulated Depreciation	-7,680	[1],[2]	-5,170	[2]	-2,358	[2]
Gross carrying value, Beginning Balance	93,541	[2]	92,600	[2]	39,933
Acquisitions					52,667
Gross carrying value, Ending Balance	89,409	[1],[2]	93,541	[2]	92,600	[2]
Improvements	8		20
Effect of foreign currency translation adjustment	-2,613		921
Impairment provision	-1,527
Accumulated depreciation, Beginning Balance	-5,170	[2]	-2,358	[2]	-442
Depreciation	-2,510		-2,812		-1,916
Accumulated depreciation, Ending Balance	-7,680	[1],[2]	-5,170	[2]	-2,358	[2]
Austin Property-Industrial Building Pflugerville, Texas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Land & Land Improvements	1,819	[3]
Buildings & Building Improvements	2,102	[3]
Tenant Improvements	53	[3]
Land & Land Improvements	1,819	[1],[3]
Buildings & Building Improvements	953	[1],[3]
Tenant Improvements	53	[1],[3]
Total	2,825	[1],[3]
Accumulated Depreciation	-359	[1],[3]
Date of Construction	2000	[3]
Date Acquired	8-Jun-11	[3]
Life on which depreciation in latest income statement is computed		[3],[4]
Gross carrying value, Ending Balance	2,825	[1],[3]
Accumulated depreciation, Ending Balance	-359	[1],[3]
Heritage Commons III-Office Building Fort Worth, Texas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,442
Land & Land Improvements	2,608
Buildings & Building Improvements	10,086
Tenant Improvements	414
Land & Land Improvements	2,608	[1]
Buildings & Building Improvements	10,086	[1]
Tenant Improvements	414	[1]
Total	13,108	[1]
Accumulated Depreciation	-1,316	[1]
Date of Construction	2006
Date Acquired	28-Jun-11
Life on which depreciation in latest income statement is computed		[4]
Gross carrying value, Ending Balance	13,108	[1]
Accumulated depreciation, Ending Balance	-1,316	[1]
Heritage Commons IV-Office Building Fort Worth, Texas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,363
Land & Land Improvements	3,015
Buildings & Building Improvements	15,900
Tenant Improvements	4,026
Improvements	8
Land & Land Improvements	3,023	[1]
Buildings & Building Improvements	15,914	[1]
Tenant Improvements	4,026	[1]
Total	22,963	[1]
Accumulated Depreciation	-3,553	[1]
Date of Construction	2008
Date Acquired	27-Oct-11
Life on which depreciation in latest income statement is computed		[4]
Gross carrying value, Ending Balance	22,963	[1]
Accumulated depreciation, Ending Balance	-3,553	[1]
Samsonite - Industrial Distribution Facility Jacksonville, Florida
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,291
Land & Land Improvements	6,284
Buildings & Building Improvements	24,545
Tenant Improvements	426
Improvements	20
Land & Land Improvements	6,304	[1]
Buildings & Building Improvements	24,545	[1]
Tenant Improvements	426	[1]
Total	31,275	[1]
Accumulated Depreciation	-1,764	[1]
Date of Construction	2008
Date Acquired	12-Oct-12
Life on which depreciation in latest income statement is computed		[4]
Gross carrying value, Ending Balance	31,275	[1]
Accumulated depreciation, Ending Balance	-1,764	[1]
Giessen -Retail Center Giessen, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,674	[5]
Land & Land Improvements	795	[5]
Buildings & Building Improvements	3,803	[5]
Land & Land Improvements	714	[1],[5]
Buildings & Building Improvements	3,420	[1],[5]
Total	4,134	[1],[5]
Accumulated Depreciation	-210	[1],[5]
Date of Construction	2008	[5]
Date Acquired	8-Mar-12	[5]
Life on which depreciation in latest income statement is computed		[4],[5]
Gross carrying value, Ending Balance	4,134	[1],[5]
Accumulated depreciation, Ending Balance	-210	[1],[5]
Worms - Retail Center Worms, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,416	[5]
Land & Land Improvements	1,064	[5]
Buildings & Building Improvements	4,320	[5]
Land & Land Improvements	956	[1],[5]
Buildings & Building Improvements	3,884	[1],[5]
Total	4,840	[1],[5]
Accumulated Depreciation	-178	[1],[5]
Date of Construction	2007	[5]
Date Acquired	27-Sep-12	[5]
Life on which depreciation in latest income statement is computed		[4],[5]
Gross carrying value, Ending Balance	4,840	[1],[5]
Accumulated depreciation, Ending Balance	-178	[1],[5]
Gutersloh - Retail Center Gutersloh, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,130	[5]
Land & Land Improvements	1,102	[5]
Buildings & Building Improvements	2,230	[5]
Land & Land Improvements	990	[1],[5]
Buildings & Building Improvements	2,006	[1],[5]
Total	2,996	[1],[5]
Accumulated Depreciation	-92	[1],[5]
Date of Construction	2007	[5]
Date Acquired	27-Sep-12	[5]
Life on which depreciation in latest income statement is computed		[4],[5]
Gross carrying value, Ending Balance	2,996	[1],[5]
Accumulated depreciation, Ending Balance	-92	[1],[5]
Bremerhaven - Retail Center Bremerhaven, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,030	[5]
Land & Land Improvements	527	[5]
Buildings & Building Improvements	2,894	[5]
Land & Land Improvements	474	[1],[5]
Buildings & Building Improvements	2,602	[1],[5]
Total	3,076	[1],[5]
Accumulated Depreciation	-108	[1],[5]
Date of Construction	2007	[5]
Date Acquired	30-Nov-12	[5]
Life on which depreciation in latest income statement is computed		[4],[5]
Gross carrying value, Ending Balance	3,076	[1],[5]
Accumulated depreciation, Ending Balance	-108	[1],[5]
Hannover - Retail Center Hannover, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,978	[5]
Land & Land Improvements	1,840	[5]
Buildings & Building Improvements	2,823	[5]
Land & Land Improvements	1,653	[1],[5]
Buildings & Building Improvements	2,539	[1],[5]
Total	4,192	[1],[5]
Accumulated Depreciation	-100	[1],[5]
Date of Construction	2005	[5]
Date Acquired	21-Dec-12	[5]
Life on which depreciation in latest income statement is computed		[4],[5]
Gross carrying value, Ending Balance	4,192	[1],[5]
Accumulated depreciation, Ending Balance	($100)	[1],[5]

[1]	The aggregate cost for federal income tax purposes is approximately $123.9 million.
[2]	Amounts translated on an average foreign currency exchange rate during the period.
[3]	In February 2015, we committed to a plan to sell the Austin property and, during the year ended December 31, 2014, we recorded an impairment provision of which approximately $1.1 million was allocated to building and building improvements.
[4]	Buildings and building improvements are depreciated over 39 and 15 years, respectively. Tenant improvements are depreciated over the terms of their respective leases.
[5]	These properties are classified as "Held for Sale" as of December 31, 2014 and, during the year ended December 31, 2014, we recorded an impairment provision of which approximately $0.1 million and $0.4 million, respectively, was allocated to land and land improvements and building and building improvements.

SCHEDULE_III_Real_Estate_and_A1

SCHEDULE III - Real Estate and Accumulated Depreciation (Parenthetical) (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Aggregate cost for federal income tax purposes	$123,900,000
Impairment provision	1,527,000
Austin Property-Industrial Building Pflugerville, Texas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate property, estimated economic life		[1],[2]
Buildings
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate property, estimated economic life	39 years
Building Improvements
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate property, estimated economic life	15 years
Buildings and improvements
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Impairment provision	400,000
Buildings and improvements \| Austin Property-Industrial Building Pflugerville, Texas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Impairment provision	1,100,000
Land and Land Improvements
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Impairment provision	$100,000

[1]	In February 2015, we committed to a plan to sell the Austin property and, during the year ended December 31, 2014, we recorded an impairment provision of which approximately $1.1 million was allocated to building and building improvements.
[2]	Buildings and building improvements are depreciated over 39 and 15 years, respectively. Tenant improvements are depreciated over the terms of their respective leases.