Industrial Income Trust 10-Q 12 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Nov. 05, 2014
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Entity Registrant Name	'Industrial Income Trust Inc.	'
Entity Central Index Key	'0001464720	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Non-accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	211,911,187

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
ASSETS	'	'
Net investment in real estate properties	$3,520,401	$3,499,570
Investment in unconsolidated joint ventures	8,207	8,066
Cash and cash equivalents	11,161	18,358
Restricted cash	4,094	2,813
Straight-line and tenant receivables, net	42,912	34,111
Notes receivable	3,612	3,612
Other assets	38,038	47,534
Total assets	3,628,425	3,614,064
Liabilities	'	'
Accounts payable and accrued expenses	30,406	29,092
Debt	1,945,897	1,876,631
Distributions payable	32,896	32,301
Other liabilities	83,121	83,958
Total liabilities	2,092,320	2,021,982
Commitments and contingencies (Note 10)	'	'
Stockholders' equity:	'	'
Preferred stock, $0.01 par value - 200,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value - 1,000,000 shares authorized, 210,254 and 206,743 shares issued and outstanding, respectively	2,102	2,067
Additional paid-in capital	1,907,869	1,874,539
Accumulated deficit	-372,838	-287,138
Accumulated other comprehensive (loss) income	-1,029	2,613
Total stockholders' equity	1,536,104	1,592,081
Noncontrolling interests	1	1
Total equity	1,536,105	1,592,082
Total liabilities and equity	$3,628,425	$3,614,064

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]	'	'
Preferred stock, par value	$0.01	$0.01
Preferred stock, shares authorized	200,000,000	200,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	210,254,000	206,743,000
Common stock, shares outstanding	210,254,000	206,743,000

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:	'	'	'	'
Rental revenues	$76,530	$65,098	$234,933	$171,654
Total revenues	76,530	65,098	234,933	171,654
Operating expenses:	'	'	'	'
Rental expenses	19,494	16,843	62,146	43,641
Real estate-related depreciation and amortization	33,868	31,025	106,728	84,909
General and administrative expenses	1,467	1,661	5,151	5,114
Asset management fees, related party	7,393	6,077	22,029	15,831
Acquisition expenses, related party	1,690	5,627	3,432	10,961
Acquisition and strategic transaction expenses	465	4,347	819	12,315
Total operating expenses	64,377	65,580	200,305	172,771
Operating income (loss)	12,153	-482	34,628	-1,117
Other (expenses) income:	'	'	'	'
Equity in loss of unconsolidated joint ventures	-9	-1,349	-39	-2,805
Interest expense and other	-15,319	-12,488	-46,629	-35,526
Gain on disposition of real estate properties	0	0	24,471	0
Gain on acquisition of joint venture	0	26,481	0	26,481
Incentive fee from acquisition of joint venture	0	1,985	0	1,985
Total other (expenses) income	-15,328	14,629	-22,197	-9,865
Net (loss) income	-3,175	14,147	12,431	-10,982
Net (loss) income attributable to noncontrolling interests	0	0	0	0
Net (loss) income attributable to common stockholders	($3,175)	$14,147	$12,431	($10,982)
Weighted-average shares outstanding	210,542	203,024	209,374	170,474
Net (loss) income per common share - basic and diluted	($0.02)	$0.07	$0.06	($0.06)

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Statement of Comprehensive Income [Abstract]	'	'	'	'
Net (loss) income attributable to common stockholders	($3,175)	$14,147	$12,431	($10,982)
Unrealized gain (loss) on derivative instruments	2,311	-1,450	-3,642	1,075
Comprehensive (loss) income attributable to common stockholders	($864)	$12,697	$8,789	($9,907)

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (USD $)	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interests [Member]
In Thousands
Beginning balance at Dec. 31, 2013	$1,592,082	$2,067	$1,874,539	($287,138)	$2,613	$1
Beginning balance, shares at Dec. 31, 2013	206,743	206,743	'	'	'	'
Net income	12,431	'	'	12,431	'	'
Unrealized loss on derivative instruments	-3,642	'	'	'	-3,642	'
Issuance of common stock	48,587	50	48,537	'	'	'
Issuance of common stock, shares	'	4,991	'	'	'	'
Share-based compensation	442	'	442	'	'	'
Offering costs	-850	'	-850	'	'	'
Redemptions of common stock	-14,814	-15	-14,799	'	'	'
Redemptions of common stock, shares	-1,480	-1,480	'	'	'	'
Distributions to stockholders	-98,131	'	'	-98,131	'	'
Ending balance at Sep. 30, 2014	$1,536,105	$2,102	$1,907,869	($372,838)	($1,029)	$1
Ending balance, shares at Sep. 30, 2014	210,254	210,254	'	'	'	'

CONDENSED_CONSOLIDATED_STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Operating activities:	'	'
Net income (loss)	$12,431	($10,982)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:	'	'
Real estate-related depreciation and amortization	106,728	84,909
Equity in loss of unconsolidated joint ventures	39	2,805
Gain on disposition of real estate properties	-24,471	0
Gain on acquisition of joint venture	0	-26,481
Incentive fee from acquisition of joint venture	0	-1,985
Straight-line rent and amortization of above- and below-market leases	-9,715	-8,562
Other	1,692	1,665
Changes in operating assets and liabilities:	'	'
Tenant receivables and other assets	-1,449	-3,809
Accounts payable, accrued expenses and other liabilities	-4,129	17,167
Net cash provided by operating activities	81,126	54,727
Investing activities:	'	'
Real estate acquisitions	-116,826	-815,634
Acquisition of joint venture	0	-126,010
Acquisition deposits	-17,220	-28,367
Capital expenditures and development activities	-84,697	-55,098
Investment in unconsolidated joint ventures	-181	-19,802
Distributions from unconsolidated joint ventures	0	3,754
Proceeds from disposition of real estate properties	125,310	0
Other	0	-247
Net cash used in investing activities	-93,614	-1,041,404
Financing activities:	'	'
Proceeds from issuance of mortgage notes	17,500	0
Repayments of mortgage notes	-4,964	-9,975
Proceeds from issuance of term loan	0	300,000
Proceeds from lines of credit	165,000	705,000
Repayments of lines of credit	-107,000	-610,000
Proceeds from issuance of common stock	0	721,768
Offering costs for issuance of common stock	-908	-69,781
Distributions paid to common stockholders	-48,941	-35,793
Redemptions of common stock	-14,814	-9,592
Other	-582	-1,849
Net cash provided by financing activities	5,291	989,778
Net (decrease) increase in cash and cash equivalents	-7,197	3,101
Cash and cash equivalents, at beginning of period	18,358	24,550
Cash and cash equivalents, at end of period	11,161	27,651
Supplemental disclosure of cash flow information:	'	'
Distributions payable	32,896	31,725
Distributions reinvested in common stock	48,595	31,853
Debt assumed on real estate and joint venture acquisitions	0	241,280
Acquired investment in unconsolidated joint venture	$0	$104,246

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
BASIS OF PRESENTATION	'
	1	BASIS OF PRESENTATION
	Unless the context otherwise requires, the “Company” refers to Industrial Income Trust Inc. and its consolidated subsidiaries.
	The accompanying unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain disclosures normally included in the annual audited financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been omitted. As such, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, filed with the SEC on February 19, 2014.
	In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP.
	Reclassifications
	Certain amounts included in the accompanying condensed consolidated balance sheet for 2013 have been reclassified from accounts payable and accrued expenses to other liabilities to conform to the 2014 presentation.
	Recent Accounting Standards
	In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (“ASU 2014-08”), which changes the criteria at which a disposal will qualify as a discontinued operation and requires new disclosure of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. Under the revised standard, the definition of discontinued operations has been changed so that only disposals of components that represent strategic shifts qualify for discontinued operations reporting. As permitted, the Company adopted ASU 2014-08 early, and it became effective for the Company for the quarter ended March 31, 2014. The adoption of this standard did not have an impact on the Company’s results of operations, financial position or liquidity.
	In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”), which provides guidance for revenue recognition and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition.” The standard is based on the principle that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The new guidance specifically excludes revenue derived from lease contracts from its scope. The standard will be effective for the Company in the first quarter of fiscal year 2017. Early adoption is not permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

INVESTMENT_IN_REAL_ESTATE_PROP

INVESTMENT IN REAL ESTATE PROPERTIES	9 Months Ended
	Sep. 30, 2014
Real Estate [Abstract]	'
INVESTMENT IN REAL ESTATE PROPERTIES	'
	2	INVESTMENT IN REAL ESTATE PROPERTIES
	As of September 30, 2014 and December 31, 2013, the Company’s consolidated investment in real estate properties consisted of 283 and 296 industrial buildings, respectively, totaling approximately 57.6 million and 57.2 million square feet, respectively.
	(in thousands)		September 30,		December 31,
			2014		2013
	Land		$	904,581	$	874,779
	Building and improvements			2,466,117		2,430,999
	Intangible lease assets			375,312		390,809
	Under construction and other (1)			85,008		15,905
	Investment in real estate properties			3,831,018		3,712,492
	Less accumulated depreciation and amortization			(310,617)		(212,922)
	Net investment in real estate properties		$	3,520,401	$	3,499,570
	-1	As of September 30, 2014, the Company had three buildings under construction totaling approximately 0.3 million square feet, and three buildings where construction has not yet commenced totaling approximately 0.3 million square feet.
	Intangible Lease Assets and Liabilities
	Intangible lease assets and liabilities included the following:
			September 30, 2014						December 31, 2013
	(in thousands)		Gross		Accumulated		Net		Gross		Accumulated		Net
					Amortization						Amortization
	Intangible lease assets		$	334,950	$	(150,812)	$	184,138	$	347,186	$	(106,872)	$	240,314
	Above-market lease assets			40,362		(19,878)		20,484		43,623		(14,453)		29,170
	Below-market lease liabilities			(37,177)		10,016		(27,161)		(37,621)		5,763		(31,858)
	Rental Revenue and Depreciation and Amortization Expense
	The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities and real-estate related depreciation and amortization expense:
			For the Three Months				For the Nine Months
			Ended September 30,				Ended September 30,
	(in thousands)		2014		2013		2014		2013
	Increase (Decrease) to Rental Revenue:
	Straight-line rent adjustments		$	3,197	$	5,377	$	12,247	$	11,307
	Above-market lease amortization			(1,885)		(2,004)		(6,945)		(5,450)
	Below-market lease amortization			1,428		1,134		4,413		2,705
	Real Estate-Related Depreciation and Amortization:
	Depreciation expense		$	19,095	$	15,276	$	56,674	$	38,889
	Intangible lease asset amortization			14,773		15,749		50,054		46,020

INVESTMENT_IN_UNCONSOLIDATED_J

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	9 Months Ended
	Sep. 30, 2014
Equity Method Investments and Joint Ventures [Abstract]	'
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	'
	3	INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
	The Company enters into joint ventures primarily for purposes of jointly investing in, developing, and acquiring industrial properties located in major U.S. distribution markets. The Company’s investment in joint ventures is included in investment in unconsolidated joint ventures on the Company’s condensed consolidated balance sheets. The following table summarizes the Company’s unconsolidated joint ventures:
			As of September 30, 2014		Investment in Unconsolidated
					Joint Ventures as of
	($ in thousands)		Percent	Number of	September 30,		December 31,
			Ownership	Buildings	2014		2013
	Park 355 DC II		75%	1	$	3,967	$	3,791
	Valley Parkway		50%	1		4,240		4,275
	Total			2	$	8,207	$	8,066

DISPOSITIONS

DISPOSITIONS	9 Months Ended
	Sep. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
DISPOSITIONS	'
	4	DISPOSITIONS
	In April 2014, the Company sold to third-parties, 20 industrial buildings aggregating 2.8 million square feet for net proceeds of $125.3 million, which were previously classified as held for sale. Of these dispositions: (i) one building totaling 1.3 million square feet was located in the Atlanta market; (ii) five buildings totaling 0.9 million square feet were located in the Dallas market; (iii) 13 buildings totaling 0.5 million square feet were located in the Portland market; and (iv) one building totaling 0.1 million square feet was located in the Tampa market.
	Gains on the disposition of real estate are recorded when the recognition criteria have been met, generally at the time title is transferred, and the Company no longer has substantial continuing involvement with the real estate sold.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
DEBT	'
	5	DEBT
	The Company’s consolidated indebtedness is currently comprised of borrowings under its lines of credit and unsecured term loans, and under its mortgage note financings. The borrowings under its secured line of credit and the mortgage note financings are secured by mortgages or deeds of trust and related assignments and security interests in collateralized and certain cross-collateralized properties, which are generally owned by single purpose entities. A summary of the Company’s debt is as follows:
			Weighted-Average								Balance as of
			Stated Interest Rate as of
	($ in thousands)		September 30,		December 31,				Maturity Date		September 30,				December 31,
			2014		2013						2014				2013
	Secured line of credit (1)			2.05%		2.32%			Jan-17		$	85,000			$	85,000
	Unsecured line of credit (2)			1.90%		2.16%			Aug-15			223,000				165,000
	Unsecured term loans (3)			2.13%		2.03%			January 2018 - January 2019			500,000				500,000
	Variable-rate mortgage note (4)			2.15%		2.19%			May-15			9,080				9,080
	Fixed-rate mortgage notes (5)			4.25%		4.26%			June 2015 - November 2024			1,128,817				1,117,551
	Total / Weighted-Average			3.33%		3.39%					$	1,945,897			$	1,876,631
	Gross book value of properties encumbered by debt										$	2,404,595			$	2,285,998
	-1	The interest rate is calculated based on one-month London Interbank Offered Rate (“LIBOR”), plus a margin ranging from 1.80% to 2.65%. As of September 30, 2014, the unused portion was $55.0 million, of which $36.9 million was available.
	-2	The interest rate is calculated based on one-month LIBOR, plus a margin ranging from 1.75% to 2.50%. As of September 30, 2014, the unused portion was $277.0 million, of which $75.5 million was available.
	-3	The interest rate is calculated based on one-month LIBOR, plus a margin ranging from 1.50% to 2.45%. Effective January 14, 2014, the interest rate for the $200.0 million unsecured term loan was fixed through the use of interest rate swaps at an all-in interest rate of 2.68% as of September 30, 2014.
	-4	The interest rate is calculated based on one-month LIBOR, plus 2.00%.
	-5	Interest rates range from 3.30% to 6.24%.
	As of September 30, 2014, the principal payments due on the Company’s consolidated debt during each of the next five years and thereafter were as follows:
	(in thousands)		Lines of Credit		Term Loans				Mortgage Notes				Total
	Remainder of 2014		$	-	$	-			$	1,808			$	1,808
	2015 (1)			223,000		-				52,981				275,981
	2016			-		-				20,040				20,040
	2017 (1)			85,000		-				62,175				147,175
	2018			-		200,000				169,418				369,418
	Thereafter			-		300,000				826,556				1,126,556
	Total principal payments			308,000		500,000				1,132,978				1,940,978
	Unamortized premium on assumed debt			-		-				4,919				4,919
	Total		$	308,000	$	500,000			$	1,137,897			$	1,945,897
	-1	The line of credit may be extended pursuant to two one-year extension options, subject to certain conditions.
	Debt Covenants
	The Company’s mortgage note financings and secured line of credit contain various property level covenants, including customary affirmative and negative covenants. In addition, the unsecured line of credit and unsecured term loans contain certain corporate level financial covenants, including leverage ratio, fixed charge coverage ratio, and tangible net worth thresholds. The Company was in compliance with all debt covenants as of September 30, 2014.
	Derivative Instruments
	To manage interest rate risk for certain of its variable rate debt, the Company uses interest rate swaps as part of its risk management strategy. These derivatives are designed to mitigate the risk of future interest rate increases by providing a fixed interest rate for a limited, pre-determined period of time. Interest rate swaps designated as cash flow hedges involved the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. As of September 30, 2014, the Company had seven outstanding interest rate swap contracts that were designated as cash flow hedges of interest rate risk. Certain of the Company’s variable rate borrowings are not hedged, and therefore, to an extent, the Company has on-going exposure to interest rate movements.
	The effective portion of the change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (“AOCI”) on the condensed consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. For the three and nine months ended September 30, 2014 and 2013, there was no hedge ineffectiveness. The Company expects no hedge ineffectiveness in the next 12 months.
	The following table summarizes the location and fair value of the cash flow hedges on the Company’s condensed consolidated balance sheets:
							Fair Value as of
	(in thousands)		Notional		Balance Sheet Location		September 30,				December 31,
			Amount				2014				2013
	Interest rate swaps		$	507,560	(Other liabilities) / Other assets		$	(1,029)			$	2,613
	The following table presents the effect of the Company’s cash flow hedges on the Company’s condensed consolidated financial statements:
			For the Three Months						For the Nine Months
			Ended  September 30,						Ended  September 30,
	(in thousands)		2014		2013				2014				2013
	Interest rate swaps:
	Gain (loss) recognized in AOCI (effective portion)		$	2,761	$	(1,421)			$	(2,367)			$	1,158
	Loss reclassified from AOCI into income (effective portion)			(450)		(29)				(1,275)				(83)
	Net other comprehensive gain (loss)		$	2,311	$	(1,450)			$	(3,642)			$	1,075

FAIR_VALUE

FAIR VALUE	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
FAIR VALUE	'
	6	FAIR VALUE
	Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that the Company could realize upon settlement.
	The fair value hierarchy is as follows:
	Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities.
	Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including:
		•		Quoted prices for similar assets/liabilities in active markets;
		•		Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time);
		•		Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and
		•		Inputs that are derived principally from or corroborated by other observable market data.
	Level 3—Unobservable inputs that cannot be corroborated by observable market data.
	The following table presents financial instruments measured at fair value on a recurring basis:
	(in thousands)		Level 1		Level 2		Level 3		Total
									Fair Value
	September 30, 2014
	Liabilities
	Derivative instruments		$	-	$	1,029	$	-	$	1,029
	Total liabilities measured at fair value		$	-	$	1,029	$	-	$	1,029
	December 31, 2013
	Assets
	Derivative instruments		$	-	$	2,613	$	-	$	2,613
	Total assets measured at fair value		$	-	$	2,613	$	-	$	2,613
	As of September 30, 2014 and December 31, 2013, the Company had no financial instruments that were transferred among the fair value hierarchy levels. The Company also had no non-financial assets or liabilities that were required to be measured at fair value on a recurring basis.
	The following methods and assumptions were used to estimate the fair value of each class of financial instrument:
	Derivative Instruments. The derivative instruments are interest rate swaps. The interest rate swaps are standard cash flow hedges whose fair value is estimated using market-standard valuation models. Such models involve using market-based observable inputs, including interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Due to the interest rate swaps being unique and not actively traded, the fair value is classified as Level 2. See “Note 5” above for further discussion of the Company’s derivative instruments.
	The table below includes fair values for certain financial instruments for which it is practicable to estimate fair value. The carrying values and fair values of these financial instruments were as follows:
			September 30, 2014				December 31, 2013
	(in thousands)		Carrying		Fair		Carrying		Fair
			Value		Value		Value		Value
	Assets
	Notes receivable		$	3,612	$	3,615	$	3,612	$	3,625
	Derivative instruments			-		-		2,613		2,613
	Liabilities
	Lines of credit			308,000		308,387		250,000		250,658
	Unsecured term loans			500,000		503,471		500,000		503,388
	Mortgage notes			1,137,897		1,163,939		1,126,631		1,122,602
	Derivative instruments			1,029		1,029		-		-
	In addition to the previously described methods and assumptions for the derivative instruments, the following are the methods and assumptions used to estimate the fair value of the other financial instruments:
	Notes Receivable. The fair value is estimated by discounting the expected cash flows on the notes receivable at current rates at which the Company believes similar loans would be made. Credit spreads and market interest rates used to determine the fair value of these instruments are based on Level 3 inputs.
	Lines of Credit. The fair value of the lines of credit is estimated using discounted cash flow methods based on the Company’s estimate of market interest rates, which the Company has determined to be its best estimate of current market spreads over comparable term benchmark rates of similar instruments. Credit spreads relating to the underlying instruments are based on Level 3 inputs.
	Unsecured Term Loans. The fair value of the term loans is estimated using discounted cash flow methods based on the Company’s estimate of market interest rates, which the Company has determined to be its best estimate of current market spreads over comparable term benchmark rates of similar instruments. Credit spreads relating to the underlying instruments are based on Level 3 inputs.
	Mortgage Notes. The fair value of the mortgage notes is estimated using discounted cash flow methods based on the Company’s estimate of market interest rates, which the Company has determined to be its best estimate of current market spreads over comparable term benchmark rates of similar instruments. Credit spreads relating to the underlying instruments are based on Level 3 inputs.
	The fair values of cash and cash equivalents, restricted cash, tenant receivables, accounts payable, and distributions payable approximate their carrying values because of the short-term nature of these instruments. As such, these assets and liabilities are not listed in the carrying value and fair value table above.

STOCKHOLDERS_EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2014
Equity [Abstract]	'
STOCKHOLDERS' EQUITY	'
	7	STOCKHOLDERS’ EQUITY
	Public Offering
	The Company is continuing to offer and sell shares pursuant to its distribution reinvestment plan, which it may terminate at any time, in its sole discretion. The Company has registered $600.0 million in shares under the Company’s distribution reinvestment plan and is currently offering the shares at a price of $9.88 per share. As of September 30, 2014, $567.5 million in shares remained available for sale pursuant to the Company’s distribution reinvestment plan.
	Distributions
	The following table summarizes the Company’s distribution activity:
					Amount
	(in thousands, except per share data)		Payment Date		Declared per				Paid		Reinvested in		Total
					Common Share				in Cash		Shares		Distributions
	2014
	30-Sep		October 15, 2014		$	0.15625			$	16,621	$	16,275	$	32,896
	30-Jun		15-Jul-14			0.15625				16,426		16,294		32,720
	31-Mar		15-Apr-14			0.15625				16,316		16,199		32,515
	Total								$	49,363	$	48,768	$	98,131
	2013
	31-Dec		15-Jan-14		$	0.15625			$	16,199	$	16,102	$	32,301
	30-Sep		15-Oct-13			0.15625				15,939		15,786		31,725
	30-Jun		15-Jul-13			0.15625				13,457		12,516		25,973
	31-Mar		15-Apr-13			0.15625				11,782		10,323		22,105
	Total								$	57,377	$	54,727	$	112,104
	Redemptions
	The following table summarizes the Company’s redemption activity:
			For the Nine Months
			Ended September 30,
	(in thousands, except per share data)		2014				2013
	Number of eligible shares redeemed			1,480				700
	Aggregate amount of shares redeemed		$	14,814			$	6,878
	Average redemption price per share		$	10.01			$	9.83

SHAREBASED_COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
SHARE-BASED COMPENSATION	'
	8	SHARE-BASED COMPENSATION
	For the nine months ended September 30, 2014, the Company granted an aggregate of approximately 80,000 shares of restricted stock to certain eligible individuals under the Company’s amended and restated equity incentive plan. Included in these awards were approximately 24,000 shares of restricted stock granted to the Company’s independent directors, of which approximately 14,000 shares immediately vested and 10,000 shares vest over the next nine months. The remainder of the awards generally vest over three years.
	A summary of the Company’s activity with respect to the issuance of restricted stock pursuant to its amended and restated equity incentive plan for the nine months ended September 30, 2014, is below:
					Weighted-Average
	(shares in thousands)		Shares		Fair Value per Share (1)
	Nonvested shares at beginning of period			22	$	10.40
	Granted			80	$	10.40
	Vested			(31)	$	10.40
	Forfeited			(3)	$	10.40
	Nonvested shares at end of period			68	$	10.40
	-1	Based on the Company’s most recent primary offering price in the follow-on offering of $10.40 per share on the grant date.
	The following table summarizes other share-based compensation data:
			For the Three Months				For the Nine Months
			Ended September 30,				Ended September 30,
	(in thousands, except per share data)		2014		2013		2014		2013
	Share-based compensation expense		$	97	$	22	$	442	$	144
	Total fair value of restricted stock vested		$	-	$	-	$	321	$	77
	Weighted-average grant date fair value of restricted stock granted, per share (1)		$	10.40	$	10.40	$	10.40	$	10.40
	-1	Based on the Company’s most recent primary offering price in the follow-on offering of $10.40 per share on the grant date.
	As of September 30, 2014, the aggregate unrecognized compensation cost related to the restricted stock was approximately $0.5 million and is expected to be fully recognized over a weighted-average period of 0.9 years.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]	'
RELATED PARTY TRANSACTIONS	'
	9	RELATED PARTY TRANSACTIONS
	The Company relies on Industrial Income Advisors LLC (the “Advisor”), a related party, to manage the Company’s day-to-day operating and acquisition activities and to implement the Company’s investment strategy pursuant to the terms of a sixth amended and restated advisory agreement (the “Advisory Agreement”), dated June 27, 2014, by and among the Company, Industrial Income Operating Partnership LP (the “Operating Partnership”), and the Advisor. The Advisor is considered to be a related party of the Company because certain indirect owners and officers of the Advisor serve as directors and/or executive officers of the Company. Dividend Capital Securities LLC (the “Dealer Manager”), also a related party, provides dealer manager services. The Advisor and Dealer Manager receive compensation in the form of fees and expense reimbursements for services relating to the Company’s public offerings and for the investment and management of the Company’s assets. The following summarizes the fees and expense reimbursements incurred for the three and nine months ended September 30, 2014 and 2013:
	Sales Commissions. Sales commissions were payable to the Dealer Manager, all of which were reallowed to participating unaffiliated broker-dealers, and were equal to up to 7.0% of the gross proceeds from the sale of primary shares in the Company’s follow-on offering.
	Dealer Manager Fees. Dealer manager fees were payable to the Dealer Manager and were equal to up to 2.5% of the gross proceeds from sale of primary shares in the Company’s follow-on offering.
	Acquisition Fees. Acquisition fees are payable to the Advisor in connection with the acquisition of real property, and will vary depending on whether the Advisor provides development services or development oversight services, each as described below, in connection with the acquisition (including, but not limited to, forward commitment acquisitions) or stabilization (including, but not limited to, development and value add transactions) of such real property, or both. The Company refers to such properties for which the Advisor provides development services or development oversight services as development real properties. For each real property acquired for which the Advisor does not provide development services or development oversight services, the acquisition fee is an amount equal to 1.0% of the total purchase price of the properties acquired (or the Company’s proportional interest therein), including in all instances real property held in joint ventures or co-ownership arrangements. In connection with providing services related to the development, construction, improvement or stabilization, including tenant improvements of development real properties, which the Company refers to collectively as development services, or
	overseeing the provision of these services by third parties on the Company’s behalf, which it refers to as development oversight services, the acquisition fee, which the Company refers to as the development acquisition fee, will equal up to 4.0% of total project cost, including debt, whether borrowed or assumed (or the Company’s proportional interest therein with respect to real properties held in joint ventures or co-ownership arrangements). If the Advisor engages a third party to provide development services directly to the Company, the third party will be compensated directly by the Company and the Advisor will receive the development acquisition fee if it provides the development oversight services.
	Asset Management Fees. Asset management fees consist of a monthly fee of one-twelfth of 0.80% of the aggregate cost (including debt, whether borrowed or assumed) (before non-cash reserves and depreciation) of each real property asset within the Company’s portfolio (or the Company’s proportional interest therein with respect to real estate property held in joint ventures, co-ownership arrangements or real estate-related entities in which the Company owns a majority economic interest or that the Company consolidates for financial reporting purposes in accordance with GAAP). Asset management fees are also paid in connection with a disposition, which may involve a sale of one or more assets or a sale, merger, or other transaction, in an amount equal to 2.0% of the total consideration paid in connection with the disposition.
	Organization and Offering Expenses. The Company reimburses the Advisor for cumulative organization expenses and for cumulative expenses of its offerings up to 1.75% of the gross offering proceeds from its offerings. Organizational costs are expensed and offering costs are reflected as a reduction in additional paid in capital. The Advisor or an affiliate of the Advisor is responsible for the payment of the Company’s cumulative organization and offering expenses to the extent the total of such cumulative expenses exceeds the 1.75% organization and offering expense reimbursements from the Company’s offerings, without recourse against or reimbursement by the Company.
	Other Expense Reimbursements. In addition to the reimbursement of organization and offering expenses, the Company is also obligated, subject to certain limitations, to reimburse the Advisor for certain costs incurred by the Advisor or its affiliates, such as personnel and overhead expenses, in connection with the services provided to the Company under the Advisory Agreement, provided that the Advisor does not receive a specific fee for the activities which generate the expenses to be reimbursed. The Advisor may utilize its officers to provide such services and in certain instances those individuals may include the Company’s principal executive officer and principal financial officer.
	The table below summarizes the fees and expenses incurred by the Company for services provided by the Advisor and the Dealer Manager related to the services described above, and any related amounts payable:
			Incurred
			For the Three Months				For the Nine Months				Payable as of
			Ended September 30,				Ended September 30,				September 30,		December 31,
	(in thousands)		2014		2013		2014		2013		2014		2013
	Expensed:
	Acquisition fees (1)		$	1,690	$	5,627	$	3,432	$	10,961	$	-	$	-
	Asset management fees (2)			7,393		6,077		22,029		15,831		34		13
	Other expense reimbursements			187		182		588		691		51		73
	Total		$	9,270	$	11,886	$	26,049	$	27,483	$	85	$	86
	Additional Paid-In Capital:
	Sales commissions		$	-	$	14,468	$	-	$	49,245	$	-	$	-
	Dealer manager fees			-		5,419		-		18,294		-		-
	Offering expenses			209		3,774		850		13,101		81		139
	Total		$	209	$	23,661	$	850	$	80,640	$	81	$	139
	-1	In addition, for the nine months ended September 30, 2014, the Company paid to the Advisor approximately $2.6 million of development acquisition fees, which are included in the total development project costs of the respective properties, and are capitalized in construction in progress on the Company’s condensed consolidated balance sheets.
	-2	In addition, for the nine months ended September 30, 2014, the Company paid to the Advisor approximately $2.6 million of asset management fees in connection with dispositions, which are included in the gain on disposition of real estate properties on the Company’s condensed consolidated statements of operations.
	Joint Venture Fees. The Company’s previously unconsolidated joint venture, IIT North American Industrial Fund I Limited Partnership (“Fund I Partnership”), paid fees to the Advisor or its affiliates for providing services to the Fund I Partnership. These fees were paid directly to the Advisor or its affiliates or indirectly, including, without limitation, through the Company or its subsidiaries. For the nine months ended September 30, 2013, the Fund I Partnership paid to the Advisor approximately $3.3 million in fees for providing a variety of services, including with respect to acquisition and asset management activities. With respect to the Company’s percentage interest in the Fund I Partnership, the Company paid to the Advisor any additional amount necessary, after taking into account amounts paid directly by the Fund I Partnership to the Advisor, to provide that the Advisor received the total amount of fees payable pursuant to the Advisory Agreement.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
COMMITMENTS AND CONTINGENCIES	'
	10	COMMITMENTS AND CONTINGENCIES
	The Company and the Operating Partnership are not presently involved in any material litigation nor, to the Company’s knowledge, is any material litigation threatened against the Company or its investments.
	Environmental Matters
	A majority of the properties the Company acquires are subject to environmental reviews either by the Company or the previous owners. In addition, the Company may incur environmental remediation costs associated with certain land parcels it may acquire in connection with the development of land. The Company has acquired certain properties in urban and industrial areas that may have been leased to or previously owned by commercial and industrial companies that discharged hazardous material. The Company may purchase various environmental insurance policies to mitigate its exposure to environmental liabilities. The Company is not aware of any environmental liabilities that it believes would have a material adverse effect on its business, financial condition, or results of operations as of September 30, 2014.

BASIS_OF_PRESENTATION_Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Fair Value	'
	Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that the Company could realize upon settlement.
	The fair value hierarchy is as follows:
	Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities.
	Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including:
		•	Quoted prices for similar assets/liabilities in active markets;
		•	Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time);
		•	Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and
		•	Inputs that are derived principally from or corroborated by other observable market data.
	Level 3—Unobservable inputs that cannot be corroborated by observable market data.
Basis of Presentation	'
	The accompanying unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain disclosures normally included in the annual audited financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been omitted. As such, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, filed with the SEC on February 19, 2014.
	In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP.
Reclassifications	'
	Reclassifications
	Certain amounts included in the accompanying condensed consolidated balance sheet for 2013 have been reclassified from accounts payable and accrued expenses to other liabilities to conform to the 2014 presentation.
Recent Accounting Standards	'
	Recent Accounting Standards
	In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (“ASU 2014-08”), which changes the criteria at which a disposal will qualify as a discontinued operation and requires new disclosure of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. Under the revised standard, the definition of discontinued operations has been changed so that only disposals of components that represent strategic shifts qualify for discontinued operations reporting. As permitted, the Company adopted ASU 2014-08 early, and it became effective for the Company for the quarter ended March 31, 2014. The adoption of this standard did not have an impact on the Company’s results of operations, financial position or liquidity.
	In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”), which provides guidance for revenue recognition and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition.” The standard is based on the principle that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The new guidance specifically excludes revenue derived from lease contracts from its scope. The standard will be effective for the Company in the first quarter of fiscal year 2017. Early adoption is not permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.
Disposition of Real Estate	'
	Gains on the disposition of real estate are recorded when the recognition criteria have been met, generally at the time title is transferred, and the Company no longer has substantial continuing involvement with the real estate sold.

INVESTMENT_IN_REAL_ESTATE_PROP1

INVESTMENT IN REAL ESTATE PROPERTIES (Tables)	9 Months Ended
	Sep. 30, 2014
Real Estate [Abstract]	'
Investment in Properties	'
	As of September 30, 2014 and December 31, 2013, the Company’s consolidated investment in real estate properties consisted of 283 and 296 industrial buildings, respectively, totaling approximately 57.6 million and 57.2 million square feet, respectively.
	(in thousands)		September 30,			December 31,
			2014			2013
	Land		$	904,581		$	874,779
	Building and improvements			2,466,117			2,430,999
	Intangible lease assets			375,312			390,809
	Under construction and other (1)			85,008			15,905
	Investment in real estate properties			3,831,018			3,712,492
	Less accumulated depreciation and amortization			(310,617)			(212,922)
	Net investment in real estate properties		$	3,520,401		$	3,499,570
	-1	As of September 30, 2014, the Company had three buildings under construction totaling approximately 0.3 million square feet, and three buildings where construction has not yet commenced totaling approximately 0.3 million square feet.
Summary of Intangible Lease Assets and Liabilities	'
	Intangible lease assets and liabilities included the following:
			September 30, 2014									December 31, 2013
	(in thousands)		Gross			Accumulated			Net			Gross			Accumulated			Net
						Amortization									Amortization
	Intangible lease assets		$	334,950		$	(150,812	)	$	184,138		$	347,186		$	(106,872	)	$	240,314
	Above-market lease assets			40,362			(19,878	)		20,484			43,623			(14,453	)		29,170
	Below-market lease liabilities			(37,177	)		10,016			(27,161	)		(37,621	)		5,763			(31,858	)
Summary of Rental Revenue and Depreciation and Amortization Expense	'
	The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities and real-estate related depreciation and amortization expense:
			For the Three Months						For the Nine Months
			Ended September 30,						Ended September 30,
	(in thousands)		2014			2013			2014			2013
	Increase (Decrease) to Rental Revenue:
	Straight-line rent adjustments		$	3,197		$	5,377		$	12,247		$	11,307
	Above-market lease amortization			(1,885	)		(2,004	)		(6,945	)		(5,450	)
	Below-market lease amortization			1,428			1,134			4,413			2,705
	Real Estate-Related Depreciation and Amortization:
	Depreciation expense		$	19,095		$	15,276		$	56,674		$	38,889
	Intangible lease asset amortization			14,773			15,749			50,054			46,020

INVESTMENT_IN_UNCONSOLIDATED_J1

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	9 Months Ended
	Sep. 30, 2014
Equity Method Investments and Joint Ventures [Abstract]	'
Summary of Unconsolidated Joint Ventures	'
	The following table summarizes the Company’s unconsolidated joint ventures:
		As of September 30, 2014		Investment in Unconsolidated
				Joint Ventures as of
	($ in thousands)	Percent	Number of	September 30,		December 31,
		Ownership	Buildings	2014		2013
	Park 355 DC II	75%	1	$	3,967	$	3,791
	Valley Parkway	50%	1		4,240		4,275
	Total		2	$	8,207	$	8,066

DEBT_Tables

DEBT (Tables)	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Summary of Debt	'
	A summary of the Company’s debt is as follows:
			Weighted-Average								Balance as of
			Stated Interest Rate as of
	($ in thousands)		September 30,		December 31,				Maturity Date		September 30,				December 31,
			2014		2013						2014				2013
	Secured line of credit (1)			2.05%		2.32%			Jan-17		$	85,000			$	85,000
	Unsecured line of credit (2)			1.90%		2.16%			Aug-15			223,000				165,000
	Unsecured term loans (3)			2.13%		2.03%			January 2018 - January 2019			500,000				500,000
	Variable-rate mortgage note (4)			2.15%		2.19%			May-15			9,080				9,080
	Fixed-rate mortgage notes (5)			4.25%		4.26%			June 2015 - November 2024			1,128,817				1,117,551
	Total / Weighted-Average			3.33%		3.39%					$	1,945,897			$	1,876,631
	Gross book value of properties encumbered by debt										$	2,404,595			$	2,285,998
	-1	The interest rate is calculated based on one-month London Interbank Offered Rate (“LIBOR”), plus a margin ranging from 1.80% to 2.65%. As of September 30, 2014, the unused portion was $55.0 million, of which $36.9 million was available.
	-2	The interest rate is calculated based on one-month LIBOR, plus a margin ranging from 1.75% to 2.50%. As of September 30, 2014, the unused portion was $277.0 million, of which $75.5 million was available.
	-3	The interest rate is calculated based on one-month LIBOR, plus a margin ranging from 1.50% to 2.45%. Effective January 14, 2014, the interest rate for the $200.0 million unsecured term loan was fixed through the use of interest rate swaps at an all-in interest rate of 2.68% as of September 30, 2014.
	-4	The interest rate is calculated based on one-month LIBOR, plus 2.00%.
	-5	Interest rates range from 3.30% to 6.24%.
Principal Payments Due on Debt during Each of Next Five Years and Thereafter	'
	As of September 30, 2014, the principal payments due on the Company’s consolidated debt during each of the next five years and thereafter were as follows:
	(in thousands)		Lines of Credit		Term Loans				Mortgage Notes				Total
	Remainder of 2014		$	-	$	-			$	1,808			$	1,808
	2015 (1)			223,000		-				52,981				275,981
	2016			-		-				20,040				20,040
	2017 (1)			85,000		-				62,175				147,175
	2018			-		200,000				169,418				369,418
	Thereafter			-		300,000				826,556				1,126,556
	Total principal payments			308,000		500,000				1,132,978				1,940,978
	Unamortized premium on assumed debt			-		-				4,919				4,919
	Total		$	308,000	$	500,000			$	1,137,897			$	1,945,897
	-1	The line of credit may be extended pursuant to two one-year extension options, subject to certain conditions.
Summary of Location and Fair Value of Cash Flow Hedges	'
	The following table summarizes the location and fair value of the cash flow hedges on the Company’s condensed consolidated balance sheets:
							Fair Value as of
	(in thousands)		Notional		Balance Sheet Location		September 30,				December 31,
			Amount				2014				2013
	Interest rate swaps		$	507,560	(Other liabilities) / Other assets		$	(1,029)			$	2,613
Effect of Derivative Instruments	'
	The following table presents the effect of the Company’s cash flow hedges on the Company’s condensed consolidated financial statements:
			For the Three Months						For the Nine Months
			Ended  September 30,						Ended  September 30,
	(in thousands)		2014		2013				2014				2013
	Interest rate swaps:
	Gain (loss) recognized in AOCI (effective portion)		$	2,761	$	(1,421)			$	(2,367)			$	1,158
	Loss reclassified from AOCI into income (effective portion)			(450)		(29)				(1,275)				(83)
	Net other comprehensive gain (loss)		$	2,311	$	(1,450)			$	(3,642)			$	1,075

FAIR_VALUE_Tables

FAIR VALUE (Tables)	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Financial Instruments Measured at Fair Value on Recurring Basis	'
	The following table presents financial instruments measured at fair value on a recurring basis:
	(in thousands)	Level 1		Level 2		Level 3		Total
								Fair Value
	September 30, 2014
	Liabilities
	Derivative instruments	$	-	$	1,029	$	-	$	1,029
	Total liabilities measured at fair value	$	-	$	1,029	$	-	$	1,029
	December 31, 2013
	Assets
	Derivative instruments	$	-	$	2,613	$	-	$	2,613
	Total assets measured at fair value	$	-	$	2,613	$	-	$	2,613
Carrying Value and Fair Value of Certain Financial Instruments	'
	The table below includes fair values for certain financial instruments for which it is practicable to estimate fair value. The carrying values and fair values of these financial instruments were as follows:
		September 30, 2014				December 31, 2013
	(in thousands)	Carrying		Fair		Carrying		Fair
		Value		Value		Value		Value
	Assets
	Notes receivable	$	3,612	$	3,615	$	3,612	$	3,625
	Derivative instruments		-		-		2,613		2,613
	Liabilities
	Lines of credit		308,000		308,387		250,000		250,658
	Unsecured term loans		500,000		503,471		500,000		503,388
	Mortgage notes		1,137,897		1,163,939		1,126,631		1,122,602
	Derivative instruments		1,029		1,029		-		-

STOCKHOLDERS_EQUITY_Tables

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2014
Equity [Abstract]	'
Distributions Table	'
	The following table summarizes the Company’s distribution activity:
				Amount
	(in thousands, except per share data)	Payment Date		Declared per				Paid		Reinvested in		Total
				Common Share				in Cash		Shares		Distributions
	2014
	30-Sep	October 15, 2014		$	0.15625			$	16,621	$	16,275	$	32,896
	30-Jun	15-Jul-14			0.15625				16,426		16,294		32,720
	31-Mar	15-Apr-14			0.15625				16,316		16,199		32,515
	Total							$	49,363	$	48,768	$	98,131
	2013
	31-Dec	15-Jan-14		$	0.15625			$	16,199	$	16,102	$	32,301
	30-Sep	15-Oct-13			0.15625				15,939		15,786		31,725
	30-Jun	15-Jul-13			0.15625				13,457		12,516		25,973
	31-Mar	15-Apr-13			0.15625				11,782		10,323		22,105
	Total							$	57,377	$	54,727	$	112,104
Redemptions Table	'
	Redemptions
	The following table summarizes the Company’s redemption activity:
		For the Nine Months
		Ended September 30,
	(in thousands, except per share data)	2014				2013
	Number of eligible shares redeemed		1,480				700
	Aggregate amount of shares redeemed	$	14,814			$	6,878
	Average redemption price per share	$	10.01			$	9.83

SHAREBASED_COMPENSATION_Tables

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Summary of Restricted Stock Activity	'
	A summary of the Company’s activity with respect to the issuance of restricted stock pursuant to its amended and restated equity incentive plan for the nine months ended September 30, 2014, is below:
					Weighted-Average
	(shares in thousands)		Shares		Fair Value per Share (1)
	Nonvested shares at beginning of period			22	$	10.40
	Granted			80	$	10.40
	Vested			(31)	$	10.40
	Forfeited			(3)	$	10.40
	Nonvested shares at end of period			68	$	10.40
	-1	Based on the Company’s most recent primary offering price in the follow-on offering of $10.40 per share on the grant date.
Components of Share-Based Compensation	'
	The following table summarizes other share-based compensation data:
			For the Three Months				For the Nine Months
			Ended September 30,				Ended September 30,
	(in thousands, except per share data)		2014		2013		2014		2013
	Share-based compensation expense		$	97	$	22	$	442	$	144
	Total fair value of restricted stock vested		$	-	$	-	$	321	$	77
	Weighted-average grant date fair value of restricted stock granted, per share (1)		$	10.40	$	10.40	$	10.40	$	10.40
	-1	Based on the Company’s most recent primary offering price in the follow-on offering of $10.40 per share on the grant date.

RELATED_PARTY_TRANSACTIONS_Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Summary of Fees and Expenses Incurred by Company	'
	The table below summarizes the fees and expenses incurred by the Company for services provided by the Advisor and the Dealer Manager related to the services described above, and any related amounts payable:
			Incurred
			For the Three Months				For the Nine Months				Payable as of
			Ended September 30,				Ended September 30,				September 30,		December 31,
	(in thousands)		2014		2013		2014		2013		2014		2013
	Expensed:
	Acquisition fees (1)		$	1,690	$	5,627	$	3,432	$	10,961	$	-	$	-
	Asset management fees (2)			7,393		6,077		22,029		15,831		34		13
	Other expense reimbursements			187		182		588		691		51		73
	Total		$	9,270	$	11,886	$	26,049	$	27,483	$	85	$	86
	Additional Paid-In Capital:
	Sales commissions		$	-	$	14,468	$	-	$	49,245	$	-	$	-
	Dealer manager fees			-		5,419		-		18,294		-		-
	Offering expenses			209		3,774		850		13,101		81		139
	Total		$	209	$	23,661	$	850	$	80,640	$	81	$	139
	-1	In addition, for the nine months ended September 30, 2014, the Company paid to the Advisor approximately $2.6 million of development acquisition fees, which are included in the total development project costs of the respective properties, and are capitalized in construction in progress on the Company’s condensed consolidated balance sheets.
	-2	In addition, for the nine months ended September 30, 2014, the Company paid to the Advisor approximately $2.6 million of asset management fees in connection with dispositions, which are included in the gain on disposition of real estate properties on the Company’s condensed consolidated statements of operations.

Recovered_Sheet1

Investment in Real Estate Properties - Additional Information (Detail) (Consolidated Properties [Member])	Sep. 30, 2014	Dec. 31, 2013
	sqft	Building
	Building	sqft
Consolidated Properties [Member]	'	'
Real Estate Properties [Line Items]	'	'
Number of buildings owned	283	296
Square feet of industrial buildings	57,600,000	57,200,000

Recovered_Sheet2

Investment in Real Estate Properties - Investment in Properties (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Schedule of Investments [Abstract]	'	'
Land	$904,581	$874,779
Building and improvements	2,466,117	2,430,999
Intangible lease assets	375,312	390,809
Under construction and other	85,008	15,905
Investment in real estate properties	3,831,018	3,712,492
Less accumulated depreciation and amortization	-310,617	-212,922
Net investment in real estate properties	$3,520,401	$3,499,570

Investment_in_Real_Estate_Prop2

Investment in Real Estate Properties - Investment in Properties (Parenthetical) (Detail)	Sep. 30, 2014
	sqft
	Building
Under Construction [Member]	'
Real Estate Properties [Line Items]	'
Number of buildings	3
Square feet of buildings	300,000
Construction Yet to Commence [Member]	'
Real Estate Properties [Line Items]	'
Number of buildings	3
Square feet of buildings	300,000

Investment_in_Real_Estate_Prop3

Investment in Real Estate Properties - Summary of Intangible Lease Assets and Liabilities (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Intangible Lease Assets [Member]	'	'
Finite-Lived Intangible Assets And Liabilities [Line Items]	'	'
Gross	$334,950	$347,186
Accumulated Amortization	-150,812	-106,872
Net	184,138	240,314
Above-Market Lease Assets [Member]	'	'
Finite-Lived Intangible Assets And Liabilities [Line Items]	'	'
Gross	40,362	43,623
Accumulated Amortization	-19,878	-14,453
Net	20,484	29,170
Below-Market Lease Liabilities [Member]	'	'
Finite-Lived Intangible Assets And Liabilities [Line Items]	'	'
Gross	-37,177	-37,621
Accumulated Amortization	10,016	5,763
Net	($27,161)	($31,858)

Investment_in_Real_Estate_Prop4

Investment in Real Estate Properties - Summary of Rental Revenue and Depreciation and Amortization Expense (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Increase (Decrease) to Rental Revenue:	'	'	'	'
Straight-line rent adjustments	$3,197	$5,377	$12,247	$11,307
Above-market lease amortization	-1,885	-2,004	-6,945	-5,450
Below-market lease amortization	1,428	1,134	4,413	2,705
Real Estate-Related Depreciation and Amortization:	'	'	'	'
Depreciation expense	19,095	15,276	56,674	38,889
Intangible lease asset amortization	$14,773	$15,749	$50,054	$46,020

Recovered_Sheet3

Investment in Unconsolidated Joint Ventures - Summary of Unconsolidated Joint Ventures (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Building
Investments in and Advances to Affiliates [Line Items]	'	'
Number of buildings	2	'
Investment in unconsolidated joint ventures	$8,207	$8,066
Park 355 DC II [Member]	'	'
Investments in and Advances to Affiliates [Line Items]	'	'
Number of buildings	1	'
Investment in unconsolidated joint ventures	3,967	3,791
Ownership percentage	75.00%	'
Valley Parkway [Member]	'	'
Investments in and Advances to Affiliates [Line Items]	'	'
Number of buildings	1	'
Investment in unconsolidated joint ventures	$4,240	$4,275
Ownership percentage	50.00%	'

Dispositions_Additional_Inform

Dispositions - Additional Information (Detail) (USD $)	1 Months Ended
In Millions, unless otherwise specified	Apr. 30, 2014
	sqft
	Building
Real Estate Properties [Line Items]	'
Number of industrial buildings sold	20
Square feet of industrial buildings sold	2,800,000
Net proceeds from sale of industrial buildings to third-parties	$125.30
Atlanta [Member]	'
Real Estate Properties [Line Items]	'
Number of industrial buildings sold	1
Square feet of industrial buildings sold	1,300,000
Dallas [Member]	'
Real Estate Properties [Line Items]	'
Number of industrial buildings sold	5
Square feet of industrial buildings sold	900,000
Portland [Member]	'
Real Estate Properties [Line Items]	'
Number of industrial buildings sold	13
Square feet of industrial buildings sold	500,000
Tampa [Member]	'
Real Estate Properties [Line Items]	'
Number of industrial buildings sold	1
Square feet of industrial buildings sold	100,000

Debt_Summary_of_Debt_Detail

Debt - Summary of Debt (Detail) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Debt Instrument [Line Items]	'	'
Weighted-average stated interest rate	3.33%	3.39%
Amount outstanding	$1,945,897	$1,876,631
Gross book value of properties encumbered by debt	2,404,595	2,285,998
Secured Line of Credit [Member]	'	'
Debt Instrument [Line Items]	'	'
Weighted-average stated interest rate	2.05%	2.32%
Maturity Date of Debt	1-Jan-17	'
Amount outstanding	85,000	85,000
Unsecured Line of Credit [Member]	'	'
Debt Instrument [Line Items]	'	'
Weighted-average stated interest rate	1.90%	2.16%
Maturity Date of Debt	1-Aug-15	'
Amount outstanding	223,000	165,000
Unsecured Term Loans [Member]	'	'
Debt Instrument [Line Items]	'	'
Weighted-average stated interest rate	2.13%	2.03%
Maturity Date of Debt, Earliest	1-Jan-18	'
Maturity Date of Debt, Latest	1-Jan-19	'
Amount outstanding	500,000	500,000
Variable-Rate Mortgage Note [Member]	'	'
Debt Instrument [Line Items]	'	'
Weighted-average stated interest rate	2.15%	2.19%
Maturity Date of Debt	1-May-15	'
Amount outstanding	9,080	9,080
Fixed-Rate Mortgage Notes [Member]	'	'
Debt Instrument [Line Items]	'	'
Weighted-average stated interest rate	4.25%	4.26%
Maturity Date of Debt, Earliest	1-Jun-15	'
Maturity Date of Debt, Latest	1-Nov-24	'
Amount outstanding	$1,128,817	$1,117,551

Debt_Summary_of_Debt_Parenthet

Debt - Summary of Debt (Parenthetical) (Detail) (USD $)	9 Months Ended
	Sep. 30, 2014
Fixed-Rate Mortgage Notes [Member]	'
Debt Instrument [Line Items]	'
Interest rate range, minimum	3.30%
Interest rate range, maximum	6.24%
Secured Line of Credit [Member]	'
Debt Instrument [Line Items]	'
Unused portion of line of credit	55,000,000
Amount available under line of credit	36,900,000
Unsecured Line of Credit [Member]	'
Debt Instrument [Line Items]	'
Unused portion of line of credit	277,000,000
Amount available under line of credit	75,500,000
$200 Million Term Loan Interest Rate Swap [Member]	'
Debt Instrument [Line Items]	'
Notional amount	200,000,000
Effective date of interest rate swap agreement	14-Jan-14
All-in interest rate	2.68%
Variable-Rate Mortgage Note [Member]	'
Debt Instrument [Line Items]	'
Interest rate spread based on LIBOR	2.00%
Minimum [Member] | Secured Line of Credit [Member]	'
Debt Instrument [Line Items]	'
Interest rate spread based on LIBOR	1.80%
Minimum [Member] | Unsecured Line of Credit [Member]	'
Debt Instrument [Line Items]	'
Interest rate spread based on LIBOR	1.75%
Minimum [Member] | Unsecured Term Loans [Member]	'
Debt Instrument [Line Items]	'
Interest rate spread based on LIBOR	1.50%
Maximum [Member] | Secured Line of Credit [Member]	'
Debt Instrument [Line Items]	'
Interest rate spread based on LIBOR	2.65%
Maximum [Member] | Unsecured Line of Credit [Member]	'
Debt Instrument [Line Items]	'
Interest rate spread based on LIBOR	2.50%
Maximum [Member] | Unsecured Term Loans [Member]	'
Debt Instrument [Line Items]	'
Interest rate spread based on LIBOR	2.45%

Debt_Principal_Payments_Due_on

Debt - Principal Payments Due on Consolidated Debt during Each of Next Five Years and Thereafter (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Debt Instrument [Line Items]	'	'
Remainder of 2014	$1,808	'
2015	275,981	'
2016	20,040	'
2017	147,175	'
2018	369,418	'
Thereafter	1,126,556	'
Total principal payments	1,940,978	'
Unamortized premium on assumed debt	4,919	'
Total	1,945,897	1,876,631
Lines of Credit [Member]	'	'
Debt Instrument [Line Items]	'	'
Remainder of 2014	0	'
2015	223,000	'
2016	0	'
2017	85,000	'
2018	0	'
Thereafter	0	'
Total principal payments	308,000	'
Unamortized premium on assumed debt	0	'
Total	308,000	'
Unsecured Term Loans [Member]	'	'
Debt Instrument [Line Items]	'	'
Remainder of 2014	0	'
2015	0	'
2016	0	'
2017	0	'
2018	200,000	'
Thereafter	300,000	'
Total principal payments	500,000	'
Unamortized premium on assumed debt	0	'
Total	500,000	500,000
Mortgage Notes [Member]	'	'
Debt Instrument [Line Items]	'	'
Remainder of 2014	1,808	'
2015	52,981	'
2016	20,040	'
2017	62,175	'
2018	169,418	'
Thereafter	826,556	'
Total principal payments	1,132,978	'
Unamortized premium on assumed debt	4,919	'
Total	$1,137,897	'

Debt_Additional_Information_De

Debt - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
	Contract		Contract
Debt Instrument [Line Items]	'	'	'	'
Number of interest rate swap contracts outstanding	7	'	7	'
Hedge ineffectiveness	$0	$0	$0	$0
Scenario Forecast [Member]	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'
Hedge ineffectiveness	$0	'	$0	'

Debt_Summary_of_Location_and_F

Debt - Summary of Location and Fair Value of Cash Flow Hedges (Detail) (Interest Rate Swaps [Member], USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivatives, Fair Value [Line Items]	'	'
Notional amount of interest rate swap	$507,560	'
Other Assets / Other Liabilities [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative, Fair Value	($1,029)	$2,613

Debt_Effect_of_Derivative_Inst

Debt - Effect of Derivative Instruments (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'	'
Net other comprehensive gain (loss)	$2,311	($1,450)	($3,642)	$1,075
Interest Rate Swaps [Member]	'	'	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'	'
Gain (loss) recognized in AOCI (effective portion)	2,761	-1,421	-2,367	1,158
Loss reclassified from AOCI into income (effective portion)	-450	-29	-1,275	-83
Net other comprehensive gain (loss)	$2,311	($1,450)	($3,642)	$1,075

Fair_Value_Financial_Instrumen

Fair Value - Financial Instruments Measured at Fair Value on Recurring Basis (Detail) (Recurring [Member], USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Liabilities	'	'
Derivative instruments	$1,029	'
Total liabilities measured at fair value	1,029	'
Assets	'	'
Derivative instruments	'	2,613
Total assets measured at fair value	'	2,613
Level 1 [Member]	'	'
Liabilities	'	'
Derivative instruments	0	'
Total liabilities measured at fair value	0	'
Assets	'	'
Derivative instruments	'	0
Total assets measured at fair value	'	0
Level 2 [Member]	'	'
Liabilities	'	'
Derivative instruments	1,029	'
Total liabilities measured at fair value	1,029	'
Assets	'	'
Derivative instruments	'	2,613
Total assets measured at fair value	'	2,613
Level 3 [Member]	'	'
Liabilities	'	'
Derivative instruments	0	'
Total liabilities measured at fair value	0	'
Assets	'	'
Derivative instruments	'	0
Total assets measured at fair value	'	$0

Fair_Value_Additional_Informat

Fair Value - Additional Information (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Fair Value Disclosures [Abstract]	'	'
Financial instruments transferred among fair value hierarchy levels	$0	$0

Fair_Value_Carrying_Value_and_

Fair Value - Carrying Value and Fair Value of Certain Financial Instruments (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets	'	'
Notes receivable	$3,612	$3,612
Carrying Value [Member]	'	'
Assets	'	'
Notes receivable	3,612	3,612
Derivative instruments	0	2,613
Liabilities	'	'
Lines of credit	308,000	250,000
Unsecured term loans	500,000	500,000
Mortgage notes	1,137,897	1,126,631
Derivative instruments	1,029	0
Fair Value [Member]	'	'
Assets	'	'
Notes receivable	3,615	3,625
Derivative instruments	0	2,613
Liabilities	'	'
Lines of credit	308,387	250,658
Unsecured term loans	503,471	503,388
Mortgage notes	1,163,939	1,122,602
Derivative instruments	$1,029	$0

Stockholders_Equity_Additional

Stockholders Equity - Additional Information (Detail) (USD $)	Sep. 30, 2014
In Millions, except Per Share data, unless otherwise specified
Stockholders' Equity Note [Abstract]	'
Dollar value of shares registered in public offering, distribution reinvestment plan	$600
Offering price per share, distribution reinvestment plan	$9.88
Dollar value of shares remaining in public offering, distribution reinvestment plan	$567.50

Stockholders_Equity_Distributi

Stockholders Equity - Distributions Table (Detail) (USD $)	9 Months Ended	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Schedule of Stockholders' Equity [Line Items]	'	'
Paid in Cash	$49,363	$57,377
Reinvested in Shares	48,768	54,727
Total Distributions	98,131	112,104
September 30, 2014 [Member]	'	'
Schedule of Stockholders' Equity [Line Items]	'	'
Payment Date	15-Oct-14	'
Declared per Common Share	$0.16	'
Paid in Cash	16,621	'
Reinvested in Shares	16,275	'
Total Distributions	32,896	'
June 30, 2014 [Member]	'	'
Schedule of Stockholders' Equity [Line Items]	'	'
Payment Date	15-Jul-14	'
Declared per Common Share	$0.16	'
Paid in Cash	16,426	'
Reinvested in Shares	16,294	'
Total Distributions	32,720	'
March 31, 2014 [Member]	'	'
Schedule of Stockholders' Equity [Line Items]	'	'
Payment Date	15-Apr-14	'
Declared per Common Share	$0.16	'
Paid in Cash	16,316	'
Reinvested in Shares	16,199	'
Total Distributions	32,515	'
December 31, 2013 [Member]	'	'
Schedule of Stockholders' Equity [Line Items]	'	'
Payment Date	'	15-Jan-14
Declared per Common Share	'	$0.16
Paid in Cash	'	16,199
Reinvested in Shares	'	16,102
Total Distributions	'	32,301
September 30, 2013 [Member]	'	'
Schedule of Stockholders' Equity [Line Items]	'	'
Payment Date	'	15-Oct-13
Declared per Common Share	'	$0.16
Paid in Cash	'	15,939
Reinvested in Shares	'	15,786
Total Distributions	'	31,725
June 30, 2013 [Member]	'	'
Schedule of Stockholders' Equity [Line Items]	'	'
Payment Date	'	15-Jul-13
Declared per Common Share	'	$0.16
Paid in Cash	'	13,457
Reinvested in Shares	'	12,516
Total Distributions	'	25,973
March 31, 2013 [Member]	'	'
Schedule of Stockholders' Equity [Line Items]	'	'
Payment Date	'	15-Apr-13
Declared per Common Share	'	$0.16
Paid in Cash	'	11,782
Reinvested in Shares	'	10,323
Total Distributions	'	$22,105

Stockholders_Equity_Redemption

Stockholders Equity - Redemptions Table (Detail) (USD $)	9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Stockholders' Equity Attributable to Parent [Abstract]	'	'
Number of eligible shares redeemed	1,480	700
Aggregate amount of shares redeemed	$14,814	$6,878
Average redemption price per share	$10.01	$9.83

ShareBased_Compensation_Additi

Share-Based Compensation - Additional Information (Detail) (Restricted Stock [Member], USD $)	9 Months Ended
In Millions, except Share data in Thousands, unless otherwise specified	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares of restricted stock granted to certain eligible individuals under the amended and restated equity incentive plan	80
Unrecognized compensation cost related to restricted stock	$0.50
Weighted-average years to recognize compensation expense	'10 months 24 days
Equity Incentive Plans [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares of restricted stock granted to certain eligible individuals under the amended and restated equity incentive plan	80
Vesting period	'3 years
Equity Incentive Plans [Member] | Independent Directors [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares of restricted stock granted to certain eligible individuals under the amended and restated equity incentive plan	24
Equity Incentive Plans [Member] | Independent Directors [Member] | Immediately Vest [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares of restricted stock granted to certain eligible individuals under the amended and restated equity incentive plan	14
Equity Incentive Plans [Member] | Independent Directors [Member] | Vest Over Next 9 Months [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares of restricted stock granted to certain eligible individuals under the amended and restated equity incentive plan	10
Vesting period	'9 months

ShareBased_Compensation_Summar

Share-Based Compensation - Summary of Restricted Stock Activity (Detail) (Restricted Stock [Member], USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Restricted Stock [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Nonvested Shares at Beginning of Period	'	'	22	'
Shares, Granted	'	'	80	'
Shares, Vested	'	'	-31	'
Shares, Forfeited	'	'	-3	'
Nonvested Shares at End of Period	68	'	68	'
Weighted-Average Fair Value per Share, Nonvested Shares at Beginning of Period	'	'	$10.40	'
Weighted-Average Fair Value per Share, Granted	$10.40	$10.40	$10.40	$10.40
Weighted-Average Fair Value per Share, Vested	'	'	$10.40	'
Weighted-Average Fair Value per Share, Forfeited	'	'	$10.40	'
Weighted-Average Fair Value per Share, Nonvested Shares at End of Period	$10.40	'	$10.40	'

ShareBased_Compensation_Summar1

Share-Based Compensation - Summary of Restricted Stock Activity (Parenthetical) (Detail) (USD $)	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Most recent primary offering price of common stock in follow-on offering, per share	$10.40

ShareBased_Compensation_Compon

Share-Based Compensation - Components of Share-Based Compensation (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Share-based compensation expense	$97	$22	$442	$144
Restricted Stock [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Total fair value of restricted stock vested	$0	$0	$321	$77
Weighted-average grant date fair value of restricted stock granted, per share	$10.40	$10.40	$10.40	$10.40

ShareBased_Compensation_Compon1

Share-Based Compensation - Components of Share-Based Compensation (Parenthetical) (Detail) (USD $)	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Most recent primary offering price of common stock in follow-on offering, per share	$10.40

Related_Party_Transactions_Add

Related Party Transactions - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Related Party Transactions [Abstract]	'	'	'	'
Sales commission fee - percent of gross proceeds	7.00%	7.00%	7.00%	7.00%
Dealer Manager fees - percent of gross proceeds	2.50%	2.50%	2.50%	2.50%
Acquisition fees - percent of total purchase price of real estate properties acquired in the operational stage	1.00%	1.00%	1.00%	1.00%
Acquisition fees - percent of total project costs for real estate properties acquired in the development stage	4.00%	4.00%	4.00%	4.00%
Asset management fees - monthly fee of one-twelfth of percentage of the aggregate cost	0.80%	0.80%	0.80%	0.80%
Asset management fees - disposition percentage	2.00%	2.00%	2.00%	2.00%
Organization and offering expense reimbursement to advisor or affiliates as a percentage of gross offering proceeds	1.75%	1.75%	1.75%	1.75%
Fees paid to the Advisor by joint venture	'	'	'	$3.30

Related_Party_Transactions_Sum

Related Party Transactions - Summary of Fees and Expenses Incurred by Company (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Expensed:	'	'	'	'	'
Acquisition fees, incurred	$1,690	$5,627	$3,432	$10,961	'
Asset management fees, incurred	7,393	6,077	22,029	15,831	'
Other expense reimbursements, incurred	187	182	588	691	'
Total	9,270	11,886	26,049	27,483	'
Acquisition fees, payable	0	'	0	'	0
Asset management fees, payable	34	'	34	'	13
Other expense reimbursements, receivable (payable)	51	'	51	'	73
Total	85	'	85	'	86
Additional Paid-In Capital:	'	'	'	'	'
Sales commissions, incurred	0	14,468	0	49,245	'
Dealer manager fees, incurred	0	5,419	0	18,294	'
Offering expenses, incurred	209	3,774	850	13,101	'
Total	209	23,661	850	80,640	'
Sales commissions, payable	0	'	0	'	0
Dealer manager fees, payable	0	'	0	'	0
Offering expenses, payable	81	'	81	'	139
Total	$81	'	$81	'	$139

Related_Party_Transactions_Sum1

Related Party Transactions - Summary of Fees and Expenses Incurred by Company (Parenthetical) (Detail) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Development acquisition fees	$2.60
Asset management fees paid in connection with dispositions	$2.60