Global Income Trust 10-Q 5 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 30, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	CK0001459241
Entity Registrant Name	GLOBAL INCOME TRUST, INC.
Entity Central Index Key	1,459,241
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		8,257,410

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Real estate investment properties, net	$ 59,139,085	$ 60,797,152
Cash and cash equivalents	14,538,220	6,716,533
Lease intangibles, net	10,888,807	13,872,453
Restricted cash	2,067,082	2,231,728
Deferred rent	1,769,263	2,051,321
Other assets	814,516	265,594
Loan costs, net	367,449	482,643
Assets held for sale		23,334,983
Total assets	89,584,422	109,752,407
Liabilities:
Mortgage notes payable	55,039,590	56,095,907
Accounts payable and accrued expenses	1,062,480	826,606
Real estate taxes payable	786,438	1,030,510
Unearned rent	669,259	704,788
Due to related parties	45,881	55,094
Other liabilities		455,848
Liabilities associated with assets held for sale		13,742,627
Total liabilities	$ 57,603,648	$ 72,911,380
Commitments and contingencies (Note 11)
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	(18,116,340)	(14,940,106)
Accumulated deficit	(20,054,587)	(17,796,900)
Accumulated other comprehensive loss	(886)	(574,554)
Total stockholders' equity	31,980,774	36,841,027
Total liabilities and stockholders' equity	$ 89,584,422	$ 109,752,407

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
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

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014
Revenues:
Rental income from operating leases	$ 2,286,374	$ 2,393,158	$ 7,055,117		$ 7,212,850
Tenant reimbursement income	339,733	381,913	1,005,607		1,089,190
Total revenues	2,626,107	2,775,071	8,060,724		8,302,040
Operating expenses:
Property operating expenses	682,308	746,914	2,043,055		2,156,089
General and administrative	740,540	340,628	1,416,256		957,386
Property management fees	69,572	76,562	227,892		215,911
Depreciation and amortization	1,499,495	1,553,665	4,501,701		4,657,435
Total operating expenses	2,991,915	2,717,769	8,188,904		7,986,821
Operating income (loss)	(365,808)	57,302	(128,180)		315,219
Other income (expense):
Interest and other income	10,341	6,023	22,594		18,614
Interest expense and loan cost amortization	(843,800)	(872,563)	(2,534,697)		(2,615,421)
Total other expense	(833,459)	(866,540)	(2,512,103)		(2,596,807)
Loss from continuing operations before income taxes	(1,199,267)	(809,238)	(2,640,283)		(2,281,588)
Income tax expense	(11,692)	(12,208)	(28,972)		(38,596)
Loss from continuing operations	(1,210,959)	(821,446)	(2,669,255)		(2,320,184)
Income from discontinued operations, net of tax		232,301	300,997	[1],[2]	166,228	[2]
Loss before gain on sale of real estate	(1,210,959)	(589,145)	(2,368,258)		(2,153,956)
Gain on sale of real estate, net of tax			110,571
Net loss	$ (1,210,959)	$ (589,145)	$ (2,257,687)		$ (2,153,956)
Net income (loss) per share of common stock (basic and diluted)
Continuing operations	$ (0.15)	$ (0.10)	$ (0.31)		$ (0.28)
Discontinued operations		0.03	0.04		0.02
Earnings Per Share, Basic and Diluted, Total	$ (0.15)	$ (0.07)	$ (0.27)		$ (0.26)
Weighted average number of shares of common stock outstanding (basic and diluted)	8,257,410	8,257,410	8,257,410		8,257,410
[1]	Amounts related to the German properties represent results of operations through the disposition date in January 2015.
[2]	The accompanying condensed consolidated statements of operations related to the German properties have been converted from Euro to U.S. dollars at the average exchange rate of $1.12 per Euro and $1.36 per Euro for the nine months ended September 30, 2015 and 2014, respectively.

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net loss	$ (1,210,959)	$ (589,145)	$ (2,257,687)	$ (2,153,956)
Other comprehensive income (loss):
Unrealized foreign currency translation adjustments	(8,893)	(719,387)	(621,456)	(803,805)
Reclassification of cumulative foreign currency translation adjustments			1,195,124
Total other comprehensive income (loss)	(8,893)	(719,387)	573,668	(803,805)
Comprehensive loss	$ (1,219,852)	$ (1,308,532)	$ (1,684,019)	$ (2,957,761)

CONDENSED CONSOLIDATED STATEME6

CONDENSED 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 (in shares) at Dec. 31, 2013		8,257,410
Balance at Dec. 31, 2013	$ 47,937,865	$ 82,575	$ 70,070,012	$ (9,572,863)	$ (13,191,862)	$ 550,003
Net loss	(4,605,038)				(4,605,038)
Other comprehensive income	(1,124,557)					(1,124,557)
Distributions declared ($0.0017808 per share per day)	(5,367,243)			(5,367,243)
Balance (in shares) at Dec. 31, 2014		8,257,410
Balance at Dec. 31, 2014	36,841,027	$ 82,575	70,070,012	(14,940,106)	(17,796,900)	(574,554)
Net loss	(2,257,687)				(2,257,687)
Other comprehensive income	573,668					573,668
Distributions declared ($0.0017808 per share per day)	(3,176,234)			(3,176,234)
Balance (in shares) at Sep. 30, 2015		8,257,410
Balance at Sep. 30, 2015	$ 31,980,774	$ 82,575	$ 70,070,012	$ (18,116,340)	$ (20,054,587)	$ (886)

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Distributions declared per share per day	$ 0.0017808	$ 0.0017808

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS	9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Operating activities:
Net loss	$ (2,257,687)	$ (2,153,956)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	4,501,701	5,026,957
Amortization of above- and below-market lease intangibles	212,270	229,823
Amortization of loan costs	117,699	146,009
Equity in earnings of unconsolidated entities	(17,126)
Gain from sale of foreign discontinued operations	(238,411)
Gain on sale of real estate	(110,571)
Straight-line rent adjustments	282,058	(1,057,976)
Deferred income tax		315,416
Changes in operating assets and liabilities:
Other assets	112,294	(81,869)
Accounts payable and accrued expenses	150,776	77,869
Due to related parties	(28,689)	(74,158)
Unearned rent	(20,998)	(117,512)
Real estate taxes payable	(244,072)	(234,595)
Net cash provided by operating activities	2,459,244	2,076,008
Investing activities:
Proceeds from sale of foreign discontinued operations	8,075,267
Working capital assumed by buyer of foreign discontinued operations	(588,712)
Proceeds from sale of real estate	2,550,386
Capital expenditures	(64,989)	(66,690)
Changes in restricted cash	164,644	32,709
Net cash provided by (used in) investing activities	10,136,596	(33,981)
Financing activities:
Repayments of mortgage notes payable	(1,056,317)	(996,581)
Distributions to stockholders	(3,632,082)	(4,029,108)
Net cash used in financing activities	(4,688,399)	(5,025,689)
Effect of exchange rate fluctuation on cash	(85,754)	(103,055)
Net increase (decrease) in cash and cash equivalents	7,821,687	(3,086,717)
Cash and cash equivalents at beginning of period	6,716,533	10,282,179
Cash and cash equivalents at end of period	14,538,220	7,195,462
Amounts incurred but not paid:
Distributions declared		$ 441,144
Liabilities assumed by buyer of foreign discontinued operations	12,695,368
Reclassification of 5.1% retained equity interest to investment in and advances to unconsolidated entities	$ 397,372

CONDENSED CONSOLIDATED STATEME9

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	9 Months Ended
	Sep. 30, 2015
Retained equity interest in unconsolidated entities, percentage	5.10%

Business and Organization

Business and Organization	9 Months Ended
	Sep. 30, 2015
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”). The Sponsor 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 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. From April 23, 2010 through April 23, 2013, the Company received aggregate offering proceeds of approximately $83.7 million, including proceeds received through the Company’s distribution reinvestment plan. 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. On August 10, 2015, the Company entered into a purchase and sale agreement with Griffin Capital Corporation, a non-affiliated third-party buyer (“Buyer”), for the sale of its remaining three real estate properties (“Sale”) for an aggregate sales price of approximately $93.65 million in cash, less the loans that encumber the properties that will be assumed by the Buyer. It is currently anticipated that Griffin Capital Essential Asset REIT, Inc., a non-traded real estate investment trust sponsored by the Buyer, will acquire the U.S. Properties in the Sale via an assignment at the time of the closing of the Sale. The Sale is subject to approval by the Company’s stockholders, obtaining lender consents with respect to the loans to be assumed by the Buyer, and other customary closing conditions. The purchase and sale agreement with the Buyer contains termination rights for both the Company and the Buyer; and the Company has agreed to pay to the Buyer a termination fee of $3 million if the Company terminates the purchase and sale agreement, under the terms described further in the purchase and sale agreement. The Company anticipates that the closing of the Sale will occur in the fourth quarter of 2015, shortly after the stockholder vote, however, there can be no assurance that the closing conditions will be satisfied, that the Sale will be consummated, or the timing of the Sale. In connection with the proposed Sale, the Company’s board of directors approved a plan of liquidation and dissolution (the “Plan of Dissolution”), including the complete liquidation and dissolution of the Company contemplated thereby pursuant to which the Company would be liquidated and dissolved, subject to consummation of the Sale and approval of the liquidation and dissolution of the Company by the Company’s stockholders. Upon liquidation and dissolution, stockholders will receive an aggregate amount currently estimated to be $7.01 per share of outstanding common stock of the Company. This is based on the cash proceeds that the Company expects to receive in connection with the Sale, the proceeds of the liquidation of the Company’s remaining 5.1% interest in the entities that own the German properties (described, below), the amount of cash on hand less closing costs, transaction costs, and other liabilities, plus a direct payment to the stockholders from the Company’s Sponsor, or an affiliate of the Sponsor, representing a reimbursement of certain organization, offering and operating expenses. In connection with the Sale and the Plan of Dissolution, the board of directors of the Company, including a majority of the independent directors, approved a sale of the Company’s remaining 5.1% interest in the entities that own the German properties, to the Company’s Sponsor, or an affiliate of the Sponsor, for an aggregate sale price of $500,000. The sale of the Company’s remaining 5.1% interest in the entities that own the German properties to the Sponsor, or an affiliate of the Sponsor, is subject to the stockholders’ approval of the Sale and the subsequent liquidation and dissolution of the Company.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Investment in and Advances to Unconsolidated Entities Reclassifications Use of Estimates Adopted Accounting Pronouncements Recent Accounting Pronouncements In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which requires amendments to both the variable interest entity and voting models. The amendments (i) modify the identification of variable interests (fees paid to a decision maker or service provider), the VIE characteristics for a limited partnership or similar entity and primary beneficiary determination under the VIE model, and (ii) eliminate the presumption within the current voting model that a general partner controls a limited partnership or similar entity. The new guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2015 with early adoption permitted. The amendments may be applied using either a modified retrospective or full retrospective approach. The Company is currently evaluating the effect the guidance will have on its consolidated financial position, results of operations or cash flows. In April 2015, the FASB issued ASU 2015-03, “Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs,” which requires that loan costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts or premiums. The new guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2015 with early adoption permitted. The ASU is to be applied retrospectively for each period presented. Upon adoption, an entity is required to comply with the applicable disclosures for a change in an accounting principle. The Company has determined that it will not early adopt this ASU and that the amendments will not materially impact the presentation of the Company’s consolidated financial position and will not have a material impact on the Company’s consolidated results of operations or cash flows.

Real Estate Investment Properti

Real Estate Investment Properties, net	9 Months Ended
	Sep. 30, 2015
Real Estate Investment Properties, net	3. Real Estate Investment Properties, net As of September 30, 2015 and December 31, 2014, real estate investment properties consisted of the following (excluding properties held for sale): September 30, December 31, Land and land improvements $ 11,939,925 $ 11,935,351 Building and improvements 50,578,802 50,545,179 Tenant improvements 4,865,600 4,865,600 Equipment 110,594 83,801 Less: accumulated depreciation (8,355,836 ) (6,632,779 ) $ 59,139,085 $ 60,797,152 Depreciation expense on the Company’s real estate investment properties was approximately $0.6 million for each of the quarters, respectively, and $1.7 million and $1.8 million for the nine months ended September 30, 2015 and 2014, respectively.

Operating Leases

Operating Leases	9 Months Ended
	Sep. 30, 2015
Operating Leases	4. Operating Leases The following is a schedule of future minimum lease payments to be received for the remainder of 2015, each of the next four years and thereafter, in the aggregate, under non-cancellable operating leases, as of September 30, 2015: 2015 $ 2,453,532 2016 9,873,482 2017 9,985,713 2018 9,062,490 2019 3,931,325 Thereafter 16,814,991 $ 52,121,533 The above future minimum lease payments exclude tenant reimbursements, straight-line rent adjustments, amortization of above-market lease intangibles, and base rent attributable to any renewal options that may be exercised by the tenants in the future.

Assets and Associated Liabiliti

Assets and Associated Liabilities Held for Sale	9 Months Ended
	Sep. 30, 2015
Assets and Associated Liabilities Held for Sale	5. Assets and Associated Liabilities Held for Sale Foreign Discontinued Operations During 2014, in connection with the Company’s evaluation of potential strategic alternatives for the Company as a whole, 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. In January 2015, the Company completed the sale in exchange for aggregate proceeds of approximately $8.1 million, net of transaction costs, of which approximately $0.3 million was held back until the completion of the acquisition audit and other closing conditions. In May 2015, the Company received $0.1 million related to the other closing conditions while the remaining balance will be received upon completion of the acquisition audit. In addition, the Company retained a 5.1% non-controlling equity interest and a 5.1% interest in a note totaling approximately $0.4 million, which was calculated on the basis of selling in-substance real estate pursuant to ASC 360-20 and, therefore, represents 5.1% of the net carrying value of the German portfolio as of the disposition date. All assets and liabilities of these entities were classified as assets held for sale and liabilities associated with assets held for sale, respectively, under guidance previous to ASU 2014-08, on the condensed consolidated balance sheet as of December 31, 2014 and all operating results relating to these properties have been treated as discontinued operations for all periods presented; refer to Note 6. “Discontinued Operations” for additional information. Austin Property In February 2015, the Company committed to a plan to sell the Austin Property as part of the Company’s continuous evaluation of strategic alternatives. In June 2015, the Company completed the sale of its Austin Property and recorded a gain of approximately $0.1 million in the accompanying condensed consolidated statements of operations for the nine months ended September 30, 2015. The sale of the Austin Property did not cause a strategic shift in the Company nor was it considered individually significant; therefore, it did not qualify as discontinued operations under ASU 2014-08. As of December 31, 2014, assets held for sale consisted of the following: Foreign Austin Total Land and land improvements $ 4,785,552 $ 1,819,000 $ 6,604,552 Building and improvements 14,450,480 952,562 15,403,042 Tenant improvements — 53,000 53,000 Less: accumulated depreciation (688,372 ) (358,562 ) (1,046,934 ) Operating real estate held for sale 18,547,660 2,466,000 21,013,660 Lease intangibles, net 1,799,349 — 1,799,349 Deferred rent 45,208 — 45,208 Restricted cash 182,345 — 182,345 Loan costs, net 130,632 — 130,632 Other assets 163,789 — 163,789 Total assets held for sale $ 20,868,983 $ 2,466,000 $ 23,334,983 As of December 31, 2014, liabilities associated with assets held for sale consisted of the following relating to the foreign discontinued operations: Mortgages notes payable $ 13,228,159 Unearned rent 6,139 Accounts payable and accrued expenses 453,041 Due to related party 55,288 Total liabilities held for sale $ 13,742,627 These balance sheet amounts for the foreign discontinued operations were converted from Euro to U.S. dollars at an exchange rate of $1.22 per Euro as of December 31, 2014.
Discontinued Operations
Assets and Associated Liabilities Held for Sale	6. Discontinued Operations The condensed consolidated financial statements reflect reclassifications of rental income, property expenses, interest expense and other income and expenses relating to the German properties from continuing operations to income (loss) from discontinued operations for all periods presented. The Company recognized approximately $0.2 million for financial statement purposes as a gain on sale of foreign discontinued operations related to the January 2015 sale of its 94.9% interest in the German properties. The following is a summary of the income from discontinued operations of the Company’s foreign operations for the quarter and nine months ended September 30, 2015 and 2014: Quarter Ended Nine Months Ended (1) 2015 2014 2015 (2) 2014 Revenues $ — $ 538,556 $ 184,025 $ 1,830,369 Expenses — (168,976 ) (79,189 ) (553,925 ) Depreciation and amortization — — — (369,522 ) Operating income — 369,580 104,836 906,922 Gain on sale of foreign discontinued operations (3) — — 238,411 — Interest expense and loan cost amortization — (116,498 ) (34,958 ) (368,751 ) Income from discontinued operations before income taxes — 253,082 308,289 538,171 Income tax expense — (20,781 ) (7,292 ) (371,943 ) Income from discontinued operations, net of tax $ — $ 232,301 $ 300,997 $ 166,228 FOOTNOTES: (1) The accompanying condensed consolidated statements of operations related to the German properties have been converted from Euro to U.S. dollars at the average exchange rate of $1.12 per Euro and $1.36 per Euro for the nine months ended September 30, 2015 and 2014, respectively. (2) Amounts related to the German properties represent results of operations through the disposition date in January 2015. (3) Amount includes approximately $1.2 million reclassification of cumulative foreign currency translation adjustments included in the accompanying condensed consolidated statement of comprehensive loss.

Lease Intangibles, net

Lease Intangibles, net	9 Months Ended
	Sep. 30, 2015
Lease Intangibles, net	7. Lease Intangibles, net The gross carrying amount and accumulated amortization of the Company’s intangible assets as of September 30, 2015 and December 31, 2014 were as follows: September 30, December 31, In place leases $ 23,675,450 $ 23,675,450 Above-market leases 1,634,300 1,634,300 Gross carrying amount 25,309,750 25,309,750 Accumulated amortization (14,420,943 ) (11,437,297 ) Net book value $ 10,888,807 $ 13,872,453 Amortization expense on the Company’s intangibles, net was approximately $1.0 million and $3.0 million for the quarter and nine months ended September 30, 2015, respectively, of which approximately $0.07 million and $0.2 million, respectively, was treated as a reduction of rental income from operating leases and approximately $0.9 million and $2.8 million, respectively, was included in depreciation and amortization. Amortization expense on the Company’s intangibles, net was approximately $1.0 million and $3.1 million for the quarter and nine months ended September 30, 2014, respectively, of which approximately $0.07 million and $0.2 million, respectively, were treated as a reduction of rental income from operating leases and approximately $1.0 million and $2.9 million, respectively, were included in depreciation and amortization for each of the quarter and nine months ended September 30, 2014, respectively. The estimated future amortization for the Company’s intangible assets for the remainder of 2015, each of the next four years and thereafter, as of September 30, 2015 was as follows: In place Above-market Total 2015 $ 923,792 $ 70,757 $ 994,549 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 — — — $ 10,173,569 $ 715,238 $ 10,888,807 As of September 30, 2015 and December 31, 2014, the weighted average useful lives of in-place leases and above market lease were 2.8 years and 3.6 years, respectively.

Indebtedness

Indebtedness	9 Months Ended
	Sep. 30, 2015
Indebtedness	8. Indebtedness The net carrying value and the estimated fair value of mortgage notes payable was approximately $55.0 million and $57.1 million as of September 30, 2015, respectively, and approximately $56.1 million and $58.1 million as of December 31, 2014, respectively, based on rates and spreads the Company would expect to obtain for similar borrowings with similar loan 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 notes payable is categorized as Level 3 on the three-level valuation hierarchy.

Related Party Arrangements

Related Party Arrangements	9 Months Ended
	Sep. 30, 2015
Related Party Arrangements	9. Related Party Arrangements 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. In August 2015, the Company received a waiver from the Advisor that forgave all asset management fees and personnel expenses then-owed, and waived all asset management fees and personnel-related expenses that would accrue in future periods pursuant to the advisory agreement (“Advisor Fee Waiver”). As a result of the Advisor Fee Waiver, the Company did not incur any asset management fees or personnel-related expenses during the quarter ended September 30, 2015. The following fees and expenses were settled in connection with the Amended and Restated Expense Support Agreement, including amounts included in income from discontinued operations, net of tax, for the quarter and nine months ended September 30, 2015 and 2014, and cumulatively as of September 30, 2015: Quarter Ended Nine Months Ended As of 2015 (4) 2014 2015 2014 2015 Asset management fees $ — $ 301,529 $ 501,979 $ 904,587 $ 1,708,095 Reimbursable personnel-related expenses — 98,682 242,396 343,139 694,953 $ — $ 400,211 $ 744,375 $ 1,247,726 $ 2,403,048 Then-current offering price (1) $ 7.43 $ 10.00 $ 7.43 $ 10.00 $ 7.43 Restricted stock shares (2) — 40,021 100,185 124,773 280,267 Cash distributions on Restricted Stock (3) $ 14,682 $ 7,977 $ 70,378 $ 14,774 $ 102,458 FOOTNOTES: (1) The then-current offering prices are based on the Company’s NAV per share or historical offering price at the date in which the expense support amounts were ultimately settled under the Expense Support Agreements. (2) The Restricted Stock shares were treated as unissued for financial reporting purposes because the vesting criteria had not been met as of September 30, 2015. (3) The cash distributions have been recognized as compensation expense and are included in general and administrative expense in the accompanying condensed consolidated statements of operations. (4) No amounts were incurred for asset management fees or personnel-related expenses during the period as a result of the Advisor Fee Waiver. The expenses and fees incurred by and reimbursable to the Company’s related parties for the quarter and nine months ended September 30, 2015 and 2014 and the related amounts unpaid as of September 30, 2015 and December 31, 2014 were as follows: Quarter Ended Nine Months Ended September 30, December 31, 2015 2014 2015 2014 2015 2014 Reimbursable expenses: Operating expenses (1) (2) $ 27,078 $ 124,527 $ 312,019 $ 437,961 $ 16,925 $ 20,564 Asset management fees (2) — 301,529 501,979 904,587 — — Property management fees 69,203 101,483 235,080 295,031 28,956 89,818 $ 96,281 $ 527,539 $ 1,049,078 $ 1,637,579 $ 45,881 $ 110,382 FOOTNOTES: (1) In general, amounts are recorded as general and administrative expenses in the accompanying condensed consolidated statements of operations. (2) For the quarter ended September 30, 2015, no asset management fees or operating-related personnel expenses were incurred as a result of the Advisor Fee Waiver. For the nine months ended September 30, 2015, the Company incurred $0.5 million in asset management fees and $0.2 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. As a result, asset management fees of $0.5 million and operating expenses of $0.2 million were reduced for the nine months ended September 30, 2015. For the quarter and nine months ended September 30, 2014, the Company incurred $0.3 million and $0.9 million, respectively, in asset management fees and $0.1 million and $0.3 million, respectively, 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. As a result, asset management fees of $0.3 million and $0.9 million, respectively, and operating expenses of $0.1 million and $0.3 million, respectively, were reduced for the quarter and nine months ended September 30, 2014. Since the lowest possible fair value at vesting was zero, no value was assigned to the Restricted Stock issuable for the nine months ended September 30, 2015 or for the quarter and nine months ended September 30, 2014. The Advisor waived its rights to any disposition fee related to the sale of the Austin Property. 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.

Equity - Distributions

Equity - Distributions	9 Months Ended
	Sep. 30, 2015
Equity - Distributions	10. Equity – Distributions The board of directors approved the suspension of cash distributions on its common stock effective August 4, 2015. During the nine months ended September 30, 2015 and 2014, the Company declared distributions of $3.2 million and $4.0 million, respectively, of which $3.6 million and $4.0 million, respectively, were paid in cash to stockholders.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies	11. Commitments and Contingencies 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.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events	12. Subsequent Events In November 2015, the Company filed with the SEC a definitive proxy statement to notify stockholders of the special meeting of the stockholders, to be held on December 10, 2015, to solicit proxies in favor of the Sale and Plan of Dissolution, including the complete liquidation and dissolution of the Company.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Investment in and Advances to Unconsolidated Entities	Investment in and Advances to Unconsolidated Entities
Reclassifications	Reclassifications
Use of Estimates	Use of Estimates
Adopted Accounting Pronouncements	Adopted Accounting Pronouncements
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which requires amendments to both the variable interest entity and voting models. The amendments (i) modify the identification of variable interests (fees paid to a decision maker or service provider), the VIE characteristics for a limited partnership or similar entity and primary beneficiary determination under the VIE model, and (ii) eliminate the presumption within the current voting model that a general partner controls a limited partnership or similar entity. The new guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2015 with early adoption permitted. The amendments may be applied using either a modified retrospective or full retrospective approach. The Company is currently evaluating the effect the guidance will have on its consolidated financial position, results of operations or cash flows. In April 2015, the FASB issued ASU 2015-03, “Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs,” which requires that loan costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts or premiums. The new guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2015 with early adoption permitted. The ASU is to be applied retrospectively for each period presented. Upon adoption, an entity is required to comply with the applicable disclosures for a change in an accounting principle. The Company has determined that it will not early adopt this ASU and that the amendments will not materially impact the presentation of the Company’s consolidated financial position and will not have a material impact on the Company’s consolidated results of operations or cash flows.

Real Estate Investment Proper22

Real Estate Investment Properties, net (Tables)	9 Months Ended
	Sep. 30, 2015
Real Estate Investment Properties	As of September 30, 2015 and December 31, 2014, real estate investment properties consisted of the following (excluding properties held for sale): September 30, December 31, Land and land improvements $ 11,939,925 $ 11,935,351 Building and improvements 50,578,802 50,545,179 Tenant improvements 4,865,600 4,865,600 Equipment 110,594 83,801 Less: accumulated depreciation (8,355,836 ) (6,632,779 ) $ 59,139,085 $ 60,797,152

Operating Leases (Tables)

Operating Leases (Tables)	9 Months Ended
	Sep. 30, 2015
Schedule of Future Minimum Lease Payments	The following is a schedule of future minimum lease payments to be received for the remainder of 2015, each of the next four years and thereafter, in the aggregate, under non-cancellable operating leases, as of September 30, 2015: 2015 $ 2,453,532 2016 9,873,482 2017 9,985,713 2018 9,062,490 2019 3,931,325 Thereafter 16,814,991 $ 52,121,533

Assets and Associated Liabili24

Assets and Associated Liabilities Held for Sale (Tables)	9 Months Ended
	Sep. 30, 2015
Assets and Associated Liabilities Held for Sale	As of December 31, 2014, assets held for sale consisted of the following: Foreign Austin Total Land and land improvements $ 4,785,552 $ 1,819,000 $ 6,604,552 Building and improvements 14,450,480 952,562 15,403,042 Tenant improvements — 53,000 53,000 Less: accumulated depreciation (688,372 ) (358,562 ) (1,046,934 ) Operating real estate held for sale 18,547,660 2,466,000 21,013,660 Lease intangibles, net 1,799,349 — 1,799,349 Deferred rent 45,208 — 45,208 Restricted cash 182,345 — 182,345 Loan costs, net 130,632 — 130,632 Other assets 163,789 — 163,789 Total assets held for sale $ 20,868,983 $ 2,466,000 $ 23,334,983 As of December 31, 2014, liabilities associated with assets held for sale consisted of the following relating to the foreign discontinued operations: Mortgages notes payable $ 13,228,159 Unearned rent 6,139 Accounts payable and accrued expenses 453,041 Due to related party 55,288 Total liabilities held for sale $ 13,742,627
Summary of Income from Discontinued Operations of Foreign Operations	The following is a summary of the income from discontinued operations of the Company’s foreign operations for the quarter and nine months ended September 30, 2015 and 2014: Quarter Ended Nine Months Ended (1) 2015 2014 2015 (2) 2014 Revenues $ — $ 538,556 $ 184,025 $ 1,830,369 Expenses — (168,976 ) (79,189 ) (553,925 ) Depreciation and amortization — — — (369,522 ) Operating income — 369,580 104,836 906,922 Gain on sale of foreign discontinued operations (3) — — 238,411 — Interest expense and loan cost amortization — (116,498 ) (34,958 ) (368,751 ) Income from discontinued operations before income taxes — 253,082 308,289 538,171 Income tax expense — (20,781 ) (7,292 ) (371,943 ) Income from discontinued operations, net of tax $ — $ 232,301 $ 300,997 $ 166,228 FOOTNOTES: (1) The accompanying condensed consolidated statements of operations related to the German properties have been converted from Euro to U.S. dollars at the average exchange rate of $1.12 per Euro and $1.36 per Euro for the nine months ended September 30, 2015 and 2014, respectively. (2) Amounts related to the German properties represent results of operations through the disposition date in January 2015. (3) Amount includes approximately $1.2 million reclassification of cumulative foreign currency translation adjustments included in the accompanying condensed consolidated statement of comprehensive loss.

Lease Intangibles, net (Tables)

Lease Intangibles, net (Tables)	9 Months Ended
	Sep. 30, 2015
Summary of Gross Carrying Amount and Accumulated Amortization of Intangible Assets	The gross carrying amount and accumulated amortization of the Company’s intangible assets as of September 30, 2015 and December 31, 2014 were as follows: September 30, December 31, In place leases $ 23,675,450 $ 23,675,450 Above-market leases 1,634,300 1,634,300 Gross carrying amount 25,309,750 25,309,750 Accumulated amortization (14,420,943 ) (11,437,297 ) Net book value $ 10,888,807 $ 13,872,453
Estimated Future Amortization	The estimated future amortization for the Company’s intangible assets for the remainder of 2015, each of the next four years and thereafter, as of September 30, 2015 was as follows: In place Above-market Total 2015 $ 923,792 $ 70,757 $ 994,549 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 — — — $ 10,173,569 $ 715,238 $ 10,888,807

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	9 Months Ended
	Sep. 30, 2015
Amended and Restated Expense Support Agreement
Expenses and Fees Incurred by and Reimbursable to Related Parties	The following fees and expenses were settled in connection with the Amended and Restated Expense Support Agreement, including amounts included in income from discontinued operations, net of tax, for the quarter and nine months ended September 30, 2015 and 2014, and cumulatively as of September 30, 2015: Quarter Ended Nine Months Ended As of 2015 (4) 2014 2015 2014 2015 Asset management fees $ — $ 301,529 $ 501,979 $ 904,587 $ 1,708,095 Reimbursable personnel-related expenses — 98,682 242,396 343,139 694,953 $ — $ 400,211 $ 744,375 $ 1,247,726 $ 2,403,048 Then-current offering price (1) $ 7.43 $ 10.00 $ 7.43 $ 10.00 $ 7.43 Restricted stock shares (2) — 40,021 100,185 124,773 280,267 Cash distributions on Restricted Stock (3) $ 14,682 $ 7,977 $ 70,378 $ 14,774 $ 102,458 FOOTNOTES: (1) The then-current offering prices are based on the Company’s NAV per share or historical offering price at the date in which the expense support amounts were ultimately settled under the Expense Support Agreements. (2) The Restricted Stock shares were treated as unissued for financial reporting purposes because the vesting criteria had not been met as of September 30, 2015. (3) The cash distributions have been recognized as compensation expense and are included in general and administrative expense in the accompanying condensed consolidated statements of operations. (4) No amounts were incurred for asset management fees or personnel-related expenses during the period as a result of the Advisor Fee Waiver.
Related Parties
Expenses and Fees Incurred by and Reimbursable to Related Parties	The expenses and fees incurred by and reimbursable to the Company’s related parties for the quarter and nine months ended September 30, 2015 and 2014 and the related amounts unpaid as of September 30, 2015 and December 31, 2014 were as follows: Quarter Ended Nine Months Ended September 30, December 31, 2015 2014 2015 2014 2015 2014 Reimbursable expenses: Operating expenses (1) (2) $ 27,078 $ 124,527 $ 312,019 $ 437,961 $ 16,925 $ 20,564 Asset management fees (2) — 301,529 501,979 904,587 — — Property management fees 69,203 101,483 235,080 295,031 28,956 89,818 $ 96,281 $ 527,539 $ 1,049,078 $ 1,637,579 $ 45,881 $ 110,382 FOOTNOTES: (1) In general, amounts are recorded as general and administrative expenses in the accompanying condensed consolidated statements of operations. (2) For the quarter ended September 30, 2015, no asset management fees or operating-related personnel expenses were incurred as a result of the Advisor Fee Waiver. For the nine months ended September 30, 2015, the Company incurred $0.5 million in asset management fees and $0.2 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. As a result, asset management fees of $0.5 million and operating expenses of $0.2 million were reduced for the nine months ended September 30, 2015. For the quarter and nine months ended September 30, 2014, the Company incurred $0.3 million and $0.9 million, respectively, in asset management fees and $0.1 million and $0.3 million, respectively, 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. As a result, asset management fees of $0.3 million and $0.9 million, respectively, and operating expenses of $0.1 million and $0.3 million, respectively, were reduced for the quarter and nine months ended September 30, 2014. Since the lowest possible fair value at vesting was zero, no value was assigned to the Restricted Stock issuable for the nine months ended September 30, 2015 or for the quarter and nine months ended September 30, 2014.

Business and Organization - Add

Business and Organization - Additional Information (Detail)	Aug. 10, 2015USD ($)Property$ / shares	Jan. 31, 2015USD ($)	Sep. 30, 2015	Apr. 23, 2013USD ($)	Jan. 20, 2015$ / shares
Property Subject to or Available for Operating Lease [Line Items]
Initial public offering, aggregate offering proceeds received				$ 83,700,000
Estimated net asset value per share | $ / shares					$ 7.43
Number of real estate properties | Property	3
Termination fee	$ 3,000,000
Retained equity interest in unconsolidated entities, percentage			5.10%
Aggregate liquidation price per share of common stock outstanding | $ / shares	$ 7.01
Equity method investment ownership sold		$ 8,100,000
Sales Agreement | Sponsor
Property Subject to or Available for Operating Lease [Line Items]
Equity method investment ownership sold	$ 500,000
Purchase and Sale Agreement
Property Subject to or Available for Operating Lease [Line Items]
Aggregate sale price of remaining real estate properties	$ 93,650,000

Summary of Significant Accoun28

Summary of Significant Accounting Policies - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015
Summary Of Significant Accounting Policies [Line Items]
Retained equity interest in unconsolidated entities, percentage	5.10%

Real Estate Investment Proper29

Real Estate Investment Properties (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Total	$ 59,139,085	$ 60,797,152
Real Estate
Real Estate Properties [Line Items]
Land and land improvements	11,939,925	11,935,351
Building and improvements	50,578,802	50,545,179
Tenant improvements	4,865,600	4,865,600
Equipment	110,594	83,801
Less: accumulated depreciation	(8,355,836)	(6,632,779)
Total	$ 59,139,085	$ 60,797,152

Real Estate Investment Proper30

Real Estate Investment Properties Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Real Estate Properties [Line Items]
Depreciation expense on real estate investment properties	$ 0.6	$ 0.6	$ 1.7	$ 1.8

Future Minimum Lease Payments (

Future Minimum Lease Payments (Detail)	Sep. 30, 2015USD ($)
Operating Leased Assets [Line Items]
2,015	$ 2,453,532
2,016	9,873,482
2,017	9,985,713
2,018	9,062,490
2,019	3,931,325
Thereafter	16,814,991
Total future minimum lease payments	$ 52,121,533

Assets and Associated Liabili32

Assets and Associated Liabilities Held for Sale - Additional Information (Detail)	1 Months Ended		9 Months Ended
	May. 31, 2015USD ($)	Jan. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2014€ / $
Real Estate Properties [Line Items]
Equity method investment ownership sold		$ 8,100,000
Amount held until completion of acquisition audit		$ 300,000
Retained equity interest in unconsolidated entities, percentage			5.10%
Percentage of notes retained on subsidiary		5.10%
Non-controlling ownership of German assets		$ 400,000
Other closing conditions	$ 100,000
Gain on sale of Austin property			$ 110,571
Austin Property
Real Estate Properties [Line Items]
Gain on sale of Austin property			$ 100,000
Assets Held-for-sale
Real Estate Properties [Line Items]
Ownership percentage of German assets			94.90%	94.90%
Balance Sheet
Real Estate Properties [Line Items]
Foreign currency exchange rate translation from Euros to U.S. dollars | € / $				1.22

Assets and Associated Liabili33

Assets and Associated Liabilities Held for Sale (Detail)	Dec. 31, 2014USD ($)
Real Estate Properties [Line Items]
Less: accumulated depreciation	$ (1,046,934)
Operating real estate held for sale	21,013,660
Lease intangibles, net	1,799,349
Deferred rent	45,208
Restricted cash	182,345
Loan costs, net	130,632
Other assets	163,789
Total assets held for sale	23,334,983
Total liabilities held for sale	13,742,627
Land and Land Improvements
Real Estate Properties [Line Items]
Assets held for sale	6,604,552
Buildings and improvements
Real Estate Properties [Line Items]
Assets held for sale	15,403,042
Tenant Improvements
Real Estate Properties [Line Items]
Assets held for sale	53,000
Foreign Discontinued Operation
Real Estate Properties [Line Items]
Less: accumulated depreciation	(688,372)
Operating real estate held for sale	18,547,660
Lease intangibles, net	1,799,349
Deferred rent	45,208
Restricted cash	182,345
Loan costs, net	130,632
Other assets	163,789
Total assets held for sale	20,868,983
Mortgages notes payable	13,228,159
Unearned rent	6,139
Accounts payable and accrued expenses	453,041
Due to related party	55,288
Total liabilities held for sale	13,742,627
Foreign Discontinued Operation | Land and Land Improvements
Real Estate Properties [Line Items]
Assets held for sale	4,785,552
Foreign Discontinued Operation | Buildings and improvements
Real Estate Properties [Line Items]
Assets held for sale	14,450,480
Austin Property
Real Estate Properties [Line Items]
Less: accumulated depreciation	(358,562)
Operating real estate held for sale	2,466,000
Total assets held for sale	2,466,000
Austin Property | Land and Land Improvements
Real Estate Properties [Line Items]
Assets held for sale	1,819,000
Austin Property | Buildings and improvements
Real Estate Properties [Line Items]
Assets held for sale	952,562
Austin Property | Tenant Improvements
Real Estate Properties [Line Items]
Assets held for sale	$ 53,000

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain from sale of foreign discontinued operations	$ 238,411
Assets Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage of German assets	94.90%	94.90%

Summary of Income from Disconti

Summary of Income from Discontinued Operations of Foreign Operations (Detail) - USD ($)		3 Months Ended	9 Months Ended
		Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues		$ 538,556	$ 184,025	[1],[2]	$ 1,830,369	[2]
Expenses		(168,976)	(79,189)	[1],[2]	(553,925)	[2]
Depreciation and amortization	[2]				(369,522)
Operating income		369,580	104,836	[1],[2]	906,922	[2]
Gain on sale of foreign discontinued operations	[1],[2],[3]		238,411
Interest expense and loan cost amortization		(116,498)	(34,958)	[1],[2]	(368,751)	[2]
Income from discontinued operations before income taxes		253,082	308,289	[1],[2]	538,171	[2]
Income tax expense		(20,781)	(7,292)	[1],[2]	(371,943)	[2]
Income from discontinued operations, net of tax		$ 232,301	$ 300,997	[1],[2]	$ 166,228	[2]
[1]	Amounts related to the German properties represent results of operations through the disposition date in January 2015.
[2]	The accompanying condensed consolidated statements of operations related to the German properties have been converted from Euro to U.S. dollars at the average exchange rate of $1.12 per Euro and $1.36 per Euro for the nine months ended September 30, 2015 and 2014, respectively.
[3]	Amount includes approximately $1.2 million reclassification of cumulative foreign currency translation adjustments included in the accompanying condensed consolidated statement of comprehensive loss.

Summary of Income from Discon36

Summary of Income from Discontinued Operations of Foreign Operations (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2015USD ($)€ / $	Sep. 30, 2014€ / $
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reclassification of cumulative foreign currency translation adjustments	$ 1,195,124
Income Statement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Foreign currency exchange rate translation from Euros to U.S. dollars | € / $	1.12	1.36

Gross Carrying Amount and Accum

Gross Carrying Amount and Accumulated Amortization of Intangible Assets (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 25,309,750	$ 25,309,750
Accumulated amortization	(14,420,943)	(11,437,297)
Net Book Value	10,888,807	13,872,453
In place leases
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	23,675,450	23,675,450
Net Book Value	10,173,569
Above-market leases
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,634,300	$ 1,634,300
Net Book Value	$ 715,238

Lease Intangibles Net - Additio

Lease Intangibles Net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles including above market lease	$ 1,000	$ 1,000	$ 3,000	$ 3,100
In place leases
Finite-Lived Intangible Assets [Line Items]
Amortization of above market leases	70	70	$ 200	200
Weighted average useful lives of leases			2 years 9 months 18 days		3 years 7 months 6 days
Above-market leases
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 900	$ 1,000	$ 2,800	$ 2,900
Weighted average useful lives of leases			2 years 9 months 18 days		3 years 7 months 6 days

Estimated Future Amortization (

Estimated Future Amortization (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Schedule Of Estimated Future Amortization Expense [Line Items]
2,015	$ 994,549
2,016	3,978,195
2,017	3,978,195
2,018	1,937,868
2,019	0
Thereafter	0
Net Book Value	10,888,807	$ 13,872,453
In place leases
Schedule Of Estimated Future Amortization Expense [Line Items]
2,015	923,792
2,016	3,695,169
2,017	3,695,169
2,018	1,859,439
2,019	0
Thereafter	0
Net Book Value	10,173,569
Above-market leases
Schedule Of Estimated Future Amortization Expense [Line Items]
2,015	70,757
2,016	283,026
2,017	283,026
2,018	78,429
2,019	0
Thereafter	0
Net Book Value	$ 715,238

Indebtedness - Additional Infor

Indebtedness - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Fair market value of the mortgage notes payable	$ 57.1	$ 58.1
Carrying value of the mortgage notes payable	$ 55	$ 56.1

Related Party Arrangements - Ad

Related Party Arrangements - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Notice period			120 days
Assets Held-for-sale
Related Party Transaction [Line Items]
Ownership percentage of German assets	94.90%		94.90%		94.90%
Amended and Restated Expense Support Agreement
Related Party Transaction [Line Items]
Asset management fees	$ 0	$ 301,529	$ 501,979	$ 904,587
Reimbursable personnel-related expenses	$ 0	$ 98,682	$ 242,396	$ 343,139
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 Settled in Connection with to Amended and Restated Expense Support Agreement, Including Income from Discontinued Operations (Detail) - Amended and Restated Expense Support Agreement - USD ($)		3 Months Ended			9 Months Ended
		Sep. 30, 2015		Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014
Related Party Transaction [Line Items]
Asset management fees		$ 0		$ 301,529	$ 501,979		$ 904,587
Reimbursable personnel-related expenses		$ 0		98,682	242,396		343,139
Operating expenses				$ 400,211	$ 744,375		$ 1,247,726
Then-current offering price	[2]	$ 7.43	[1]	$ 10	$ 7.43	[1]	$ 10
Restricted stock shares	[3]			$ 40,021	$ 100,185		$ 124,773
Cash distributions on Restricted Stock	[4]	$ 14,682	[1]	$ 7,977	70,378		$ 14,774
Accumulated Expenses to Date
Related Party Transaction [Line Items]
Asset management fees					1,708,095
Reimbursable personnel-related expenses					694,953
Operating expenses					$ 2,403,048
Then-current offering price	[2]	$ 7.43			$ 7.43
Restricted stock shares	[3]				$ 280,267
Cash distributions on Restricted Stock	[4]				$ 102,458
[1]	No amounts were incurred for asset management fees or personnel-related expenses during the period as a result of the Advisor Fee Waiver.
[2]	The then-current offering prices are based on the Company's NAV per share or historical offering price at the date in which the expense support amounts were ultimately settled under the Expense Support Agreements.
[3]	The Restricted Stock shares were treated as unissued for financial reporting purposes because the vesting criteria had not been met as of September 30, 2015.
[4]	The cash distributions have been recognized as compensation expense and are included in general and administrative expense in the accompanying condensed consolidated statements of operations.

Fees and Reimbursable Expense43

Fees and Reimbursable Expenses Settled in Connection with to Amended and Restated Expense Support Agreement, Including Income from Discontinued Operations (Parenthetical) (Detail) - Amended and Restated Expense Support Agreement - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Related Party Transaction [Line Items]
Asset management fees	$ 0	$ 301,529	$ 501,979	$ 904,587
Reimbursable personnel-related expenses	$ 0	$ 98,682	$ 242,396	$ 343,139

Expenses and Fees Incurred by a

Expenses and Fees Incurred by and Reimbursable to Related Parties (Detail) - USD ($)		3 Months Ended			9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014		Sep. 30, 2015		Sep. 30, 2014		Dec. 31, 2014
Reimbursable expenses, Unpaid Amounts
Due to related parties		$ 45,881			$ 45,881				$ 55,094
Related Parties
Reimbursable expenses:
Operating expenses	[1],[2]	27,078	$ 124,527		312,019		$ 437,961
Asset management fees		0	301,529	[1]	501,979	[1]	904,587	[1]
Property management fees		69,203	101,483		235,080		295,031
Reimbursable costs and expenses, total		96,281	$ 527,539		1,049,078		$ 1,637,579
Reimbursable expenses, Unpaid Amounts
Operating expenses	[1],[2]	16,925			16,925				20,564
Asset management fees	[1]	0			0				0
Property management fees		28,956			28,956				89,818
Due to related parties		$ 45,881			$ 45,881				$ 110,382
[1]	For the quarter ended September 30, 2015, no asset management fees or operating-related personnel expenses were incurred as a result of the Advisor Fee Waiver. For the nine months ended September 30, 2015, the Company incurred $0.5 million in asset management fees and $0.2 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. As a result, asset management fees of $0.5 million and operating expenses of $0.2 million were reduced for the nine months ended September 30, 2015. For the quarter and nine months ended September 30, 2014, the Company incurred $0.3 million and $0.9 million, respectively, in asset management fees and $0.1 million and $0.3 million, respectively, 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. As a result, asset management fees of $0.3 million and $0.9 million, respectively, and operating expenses of $0.1 million and $0.3 million, respectively, were reduced for the quarter and nine months ended September 30, 2014. Since the lowest possible fair value at vesting was zero, no value was assigned to the Restricted Stock issuable for the nine months ended September 30, 2015 or for the quarter and nine months ended September 30, 2014.
[2]	In general, amounts are recorded as general and administrative expenses in the accompanying condensed consolidated statements of operations.

Expenses and Fees Incurred by45

Expenses and Fees Incurred by and Reimbursable to Related Parties (Parenthetical) (Detail) - Related Parties - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014		Sep. 30, 2015		Sep. 30, 2014
Related Party Transaction [Line Items]
Asset management fees	$ 0	$ 301,529	[1]	$ 501,979	[1]	$ 904,587	[1]
Operating-related personnel expenses	$ 0	100,000		200,000		300,000
Decrease asset management fees		(300,000)		(500,000)		(900,000)
Decrease operating expenses		(100,000)		(200,000)		(300,000)
Restricted Stock
Related Party Transaction [Line Items]
Related party arrangement, fair value of restricted stock issuable to Advisor		$ 0		$ 0		$ 0
[1]	For the quarter ended September 30, 2015, no asset management fees or operating-related personnel expenses were incurred as a result of the Advisor Fee Waiver. For the nine months ended September 30, 2015, the Company incurred $0.5 million in asset management fees and $0.2 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. As a result, asset management fees of $0.5 million and operating expenses of $0.2 million were reduced for the nine months ended September 30, 2015. For the quarter and nine months ended September 30, 2014, the Company incurred $0.3 million and $0.9 million, respectively, in asset management fees and $0.1 million and $0.3 million, respectively, 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. As a result, asset management fees of $0.3 million and $0.9 million, respectively, and operating expenses of $0.1 million and $0.3 million, respectively, were reduced for the quarter and nine months ended September 30, 2014. Since the lowest possible fair value at vesting was zero, no value was assigned to the Restricted Stock issuable for the nine months ended September 30, 2015 or for the quarter and nine months ended September 30, 2014.

Equity - Distributions - Additi

Equity - Distributions - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Schedule Of Stockholders Equity [Line Items]
Suspension of cash distributions on common stock, effective date	Aug. 4, 2015
Distributions declared	$ 3,200,000	$ 4,000,000
Distributions to stockholders	$ 3,632,082	$ 4,029,108

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Sep. 30, 2015LegalMatter
Commitment And Contingencies [Line Items]
Material legal proceedings pending	0

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail)	Nov. 05, 2015
Subsequent Event
Subsequent Event [Line Items]
Stockholders special meeting date	Dec. 10, 2015