Industrial Income Trust 10-Q 13 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	6-May-15
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Entity Registrant Name	Industrial Income Trust Inc.
Entity Central Index Key	1464720
Current Fiscal Year End Date	-19
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		213.6

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
ASSETS
Net investment in real estate properties	$3,502,953	$3,519,151
Investment in unconsolidated joint ventures	8,027	8,208
Cash and cash equivalents	3,663	8,053
Restricted cash	5,678	5,941
Straight-line and tenant receivables, net	49,524	46,037
Notes receivable	3,612	3,612
Deferred financing costs, net	8,343	9,094
Other assets	25,821	27,554
Total assets	3,607,621	3,627,650
Liabilities
Accounts payable and accrued expenses	26,597	26,873
Debt	1,998,567	1,978,625
Distributions payable	33,301	33,072
Other liabilities	74,885	80,134
Total liabilities	2,133,350	2,118,704
Commitments and contingencies (Note 9)
Stockholders' equity:
Preferred stock, $0.01 par value - 200,000 shares authorized, none issued and outstanding
Common stock, $0.01 par value - 1,000,000 shares authorized, 212,058 and 211,573 shares issued and outstanding, respectively	2,121	2,116
Additional paid-in capital	1,924,487	1,920,711
Accumulated deficit	-444,193	-409,402
Accumulated other comprehensive loss	-8,145	-4,480
Total stockholders' equity	1,474,270	1,508,945
Noncontrolling interests	1	1
Total equity	1,474,271	1,508,946
Total liabilities and equity	$3,607,621	$3,627,650

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
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	212,058,000	211,573,000
Common stock, shares outstanding	212,058,000	211,573,000

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Rental revenues	$82,722	$81,537
Total revenues	82,722	81,537
Operating expenses:
Rental expenses	23,650	23,245
Real estate-related depreciation and amortization	32,546	37,616
General and administrative expenses	2,074	1,798
Asset management fees, related party	7,565	7,322
Acquisition expenses, related party	0	199
Acquisition and strategic transaction expenses	510	354
Total operating expenses	66,345	70,534
Operating income	16,377	11,003
Other expenses:
Equity in loss of unconsolidated joint ventures	337	21
Interest expense and other	17,530	15,797
Total other expenses	17,867	15,818
Net loss	-1,490	-4,815
Net loss attributable to noncontrolling interests	0	0
Net loss attributable to common stockholders	($1,490)	($4,815)
Weighted-average shares outstanding	213,130	208,135
Net loss per common share - basic and diluted	($0.01)	($0.02)

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Net loss attributable to common stockholders	($1,490)	($4,815)
Unrealized loss on derivative instruments	-3,665	-1,533
Comprehensive loss attributable to common stockholders	($5,155)	($6,348)

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, 2014	$1,508,946	$2,116	$1,920,711	($409,402)	($4,480)	$1
Beginning balance, shares at Dec. 31, 2014	211,573	211,573
Net loss	-1,490			-1,490
Unrealized loss on derivative instruments	-3,665				-3,665
Issuance of common stock	16,314	17	16,297
Issuance of common stock, shares		1,676
Share-based compensation	199		199
Offering costs	-241		-241
Redemptions of common stock	-12,491	-12	-12,479
Redemptions of common stock, shares	-1,191	-1,191
Distributions to stockholders	-33,301			-33,301
Ending balance at Mar. 31, 2015	$1,474,271	$2,121	$1,924,487	($444,193)	($8,145)	$1
Ending balance, shares at Mar. 31, 2015	212,058	212,058

CONDENSED_CONSOLIDATED_STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Operating activities:
Net loss	($1,490)	($4,815)
Adjustments to reconcile net loss to net cash provided by operating activities:
Real estate-related depreciation and amortization	32,546	37,616
Equity in loss of unconsolidated joint ventures	337	21
Straight-line rent and amortization of above- and below-market leases	-2,896	-3,604
Other	681	465
Changes in operating assets and liabilities:
Tenant receivables, restricted cash and other assets	1,543	-698
Accounts payable, accrued expenses and other liabilities	-3,555	-8,975
Net cash provided by operating activities	27,166	20,010
Investing activities:
Real estate acquisitions		-14,498
Acquisition deposits		-8,743
Capital expenditures and development activities	-22,350	-21,048
Investment in unconsolidated joint ventures	-156
Other		-23
Net cash used in investing activities	-22,506	-44,312
Financing activities:
Repayments of mortgage notes	-14,640	-1,547
Proceeds from lines of credit	45,000	40,000
Repayments of lines of credit	-10,000
Distributions paid to common stockholders	-16,758	-16,199
Redemptions of common stock	-12,512
Other	-140	-525
Net cash (used in) provided by financing activities	-9,050	21,729
Net decrease in cash and cash equivalents	-4,390	-2,573
Cash and cash equivalents, at beginning of period	8,053	18,358
Cash and cash equivalents, at end of period	3,663	15,785
Supplemental disclosure of noncash investing and financing activities:
Distributions payable	33,301	32,515
Distributions reinvested in common stock	16,314	16,102
Accrued capital expenditures	3,952	3,505
Redemptions payable	$84	$4,156

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2015
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, 2014, filed with the SEC on February 27, 2015.
	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 items in the Company’s condensed consolidated statement of cash flows for 2014 have been reclassified to conform to the 2015 presentation. These reclassifications did not impact net cash provided by operating activities, net cash used in investing activities or net cash provided by financing activities.
	Recent Accounting Standards
	In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-02, “Amendments to the Consolidation Analysis” (“ASU 2015-02”), which improves targeted areas of the consolidation guidance and reduces the number of consolidation models. The amendments in ASU 2015-02 are effective for annual and interim periods in fiscal years beginning after December 15, 2015, with early adoption permitted. The Company is currently evaluating the effect this guidance will have on its consolidated financial statements.
	In April 2015, the FASB issued ASU No. 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”), which requires debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the debt liability rather than as an asset. The amendments in ASU 2015-03 are effective for annual and interim periods in fiscal years beginning after December 15, 2015, with early adoption permitted. The Company is currently evaluating the effect this guidance will have on its consolidated financial statements.

INVESTMENT_IN_REAL_ESTATE_PROP

INVESTMENT IN REAL ESTATE PROPERTIES	3 Months Ended
	Mar. 31, 2015
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE PROPERTIES	2	INVESTMENT IN REAL ESTATE PROPERTIES
	As of March 31, 2015 and December 31, 2014, the Company’s consolidated investment in real estate properties consisted of 284 and 283 industrial buildings, respectively, totaling approximately 57.8 million and 57.6 million square feet, respectively.
	(in thousands)		March 31,			December 31,
			2015			2014
	Land		$	909,513		$	909,488
	Building and improvements			2,551,495			2,509,459
	Intangible lease assets			383,625			380,513
	Under construction and other (1)			39,733			67,135
	Investment in real estate properties			3,884,366			3,866,595
	Less accumulated depreciation and amortization			(381,413	)		(347,444	)
	Net investment in real estate properties		$	3,502,953		$	3,519,151
	-1	As of March 31, 2015, the Company had six buildings under construction totaling approximately 0.8 million square feet, and one building in the pre-construction phase with an additional 0.2 million square feet. As of December 31, 2014, the Company had six buildings under construction totaling approximately 0.6 million square feet, and two buildings in the pre-construction phase totaling an additional 0.6 million square feet.
	Intangible Lease Assets and Liabilities
	Intangible lease assets and liabilities included the following:
			March 31, 2015									December 31, 2014
	(in thousands)		Gross			Accumulated			Net			Gross			Accumulated			Net
						Amortization									Amortization
	Intangible lease assets		$	343,263		$	(177,634	)	$	165,629		$	340,151		$	(164,875	)	$	175,276
	Above-market lease assets			40,362			(23,131	)		17,231			40,362			(21,639	)		18,723
	Below-market lease liabilities			(37,177	)		12,573			(24,604	)		(37,177	)		11,312			(25,865	)
	Rental Revenue and Depreciation and Amortization Expense
	The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities and real-estate related depreciation and amortization expense:
			For the Three Months
			Ended March 31,
	(in thousands)		2015			2014
	Increase (Decrease) to Rental Revenue:
	Straight-line rent adjustments		$	3,127		$	5,025
	Above-market lease amortization			(1,492	)		(2,946	)
	Below-market lease amortization			1,261			1,525
	Real Estate-Related Depreciation and Amortization:
	Depreciation expense		$	19,718		$	18,131
	Intangible lease asset amortization			12,828			19,485

INVESTMENT_IN_UNCONSOLIDATED_J

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	3 Months Ended
	Mar. 31, 2015
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 following table summarizes the Company’s unconsolidated joint ventures:
			As of March 31, 2015							Investment in Unconsolidated
										Joint Ventures as of
	($ and square feet in thousands)		Percent			Number of		Square Feet		March 31,		December 31,
			Ownership			Buildings		of Buildings		2015		2014
	Park 355 DC II			75	%		1		181	$	3,845	$	3,954
	Valley Parkway			50	%		1		529		4,182		4,254
	Total						2		710	$	8,027	$	8,208

DEBT

DEBT	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
DEBT	4	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)		March 31,			December 31,				Maturity Date		March 31,				December 31,
			2015			2014						2015				2014
	Secured line of credit (1)			2.33	%		2.32	%		Jan-17		$	75,000			$	85,000
	Unsecured line of credit (2)			2.18	%		2.16	%		Aug-15			303,000				258,000
	Unsecured term loans (3)			3.34	%		2.35	%		January 2018 - January 2019			500,000				500,000
	Variable-rate mortgage note (4)			—			2.17	%		May-15			—				9,080
	Fixed-rate mortgage notes (5)			4.24	%		4.25	%		September 2015 - November 2024			1,120,567				1,126,545
	Total / Weighted-Average			3.63	%		3.4	%				$	1,998,567			$	1,978,625
	Gross book value of properties encumbered by debt											$	1,453,481			$	2,416,413
	-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 March 31, 2015, the unused and available portion was $65.0 million.
	-2	The interest rate is calculated based on one-month LIBOR, plus a margin ranging from 1.75% to 2.50%. As of March 31, 2015, the unused portion was $197.0 million, of which $13.5 million was available.
	-3	The interest rates are calculated based on a fixed LIBOR portion through the use of interest rate swaps, plus a margin ranging from 1.50% to 2.45%. The interest rate swaps on the $300.0 million and $200.0 million unsecured term loans had effective dates of January 20, 2015 and January 14, 2014, respectively.
	-4	The interest rate was calculated based on one-month LIBOR, plus 2.00%. This mortgage note was paid off in March 2015.
	-5	Interest rates range from 3.30% to 6.24%.
	As of March 31, 2015, 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 2015 (1)		$	303,000		$	—			$	38,889			$	341,889
	2016			—			—				20,602				20,602
	2017 (1)			75,000			—				62,757				137,757
	2018			—			200,000				167,684				367,684
	2019			—			300,000				71,475				371,475
	Thereafter			—			—				755,076				755,076
	Total principal payments			378,000			500,000				1,116,483				1,994,483
	Unamortized premium on assumed debt			—			—				4,084				4,084
	Total		$	378,000		$	500,000			$	1,120,567			$	1,998,567
	-1	The lines of credit may be extended pursuant to two one-year extension options, subject to certain conditions. The Company anticipates meeting the conditions to extend the unsecured line of credit in August 2015, although there can be no assurance that it will be extended.
	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 March 31, 2015.
	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 March 31, 2015, 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 months ended March 31, 2015 and 2014, 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		March 31,				December 31,
			Amount					2015				2014
	Interest rate swaps		$	507,560		Other liabilities		$	8,145			$	4,480
	The following table presents the effect of the Company’s cash flow hedges on the Company’s condensed consolidated financial statements:
			For the Three Months
			Ended March 31,
	(in thousands)		2015			2014
	Interest rate swaps:
	Loss recognized in AOCI (effective portion)		$	(5,065	)	$	(1,830	)
	Loss reclassified from AOCI into income (effective portion)			1,400			297
	Net other comprehensive loss		$	(3,665	)	$	(1,533	)

FAIR_VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE	5	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
	March 31, 2015
	Liabilities
	Derivative instruments		$	—	$	8,145	$	—	$	8,145
	Total liabilities measured at fair value		$	—	$	8,145	$	—	$	8,145
	December 31, 2014
	Liabilities
	Derivative instruments		$	—	$	4,480	$	—	$	4,480
	Total liabilities measured at fair value		$	—	$	4,480	$	—	$	4,480
	As of March 31, 2015 and December 31, 2014, 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 4” 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:
			March 31, 2015				December 31, 2014
	(in thousands)		Carrying		Fair Value		Carrying		Fair Value
			Value				Value
	Assets
	Notes receivable		$	3,612	$	3,621	$	3,612	$	3,617
	Liabilities
	Lines of credit			378,000		378,000		343,000		343,000
	Unsecured term loans			500,000		500,000		500,000		500,000
	Mortgage notes			1,120,567		1,182,430		1,135,625		1,179,582
	Derivative instruments			8,145		8,145		4,480		4,480
	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 accrued expenses, 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	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
STOCKHOLDERS' EQUITY	6	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 $10.49 per share. As of March 31, 2015, $534.9 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
	2015
	31-Mar		April 15, 2015			0.15625			$	17,061	$	16,240	$	33,301
	Total								$	17,061	$	16,240	$	33,301
	2014
	31-Dec		January 7, 2015		$	0.15625			$	16,758	$	16,314	$	33,072
	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								$	66,121	$	65,082	$	131,203
	Redemptions
	The following table summarizes the Company’s redemption activity:
			For the Three Months
			Ended March 31,
	(in thousands, except per share data)		2015				2014
	Number of eligible shares redeemed			1,191				414
	Aggregate amount of shares redeemed		$	12,491			$	4,156
	Average redemption price per share		$	10.49			$	10.05

SHAREBASED_COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	7	SHARE-BASED COMPENSATION
	A summary of the Company’s activity with respect to the issuance of restricted stock pursuant to its amended and restated equity incentive plan and its private placement equity incentive plan for the three months ended March 31, 2015, is below:
	(shares in thousands)		Shares			Weighted-Average
						Fair Value per Share
	Nonvested shares at January 1, 2015			68		$	10.4
	Granted			25		$	11.04
	Vested			(6	)	$	11.04
	Forfeited			—		$	—
	Nonvested shares at March 31, 2015			87		$	10.96
	The following table summarizes other share-based compensation data:
			For the Three Months
			Ended March 31,
	(in thousands, except per share data)		2015			2014
	Share-based compensation expense		$	199		$	32
	Total fair value of restricted stock vested		$	69		$	—
	Weighted-average grant date fair value of restricted stock granted, per share		$	11.04		$	10.4
	The weighted-average grant date fair value in the tables above is deemed to be: (i) the estimated net asset value (“NAV”) per share of $11.04 as of December 31, 2014, which was determined by the Company’s board of directors in January 2015, with respect to shares granted during the three months ended March 31, 2015, and (ii) the Company’s primary offering price in the follow-on offering of $10.40 per share as of the grant date with respect to shares granted prior to the three months ended March 31, 2015. Nonvested shares granted to employees of the Advisor were remeasured to estimated fair value as of March 31, 2015 based on the NAV per share of $11.04.
	As of March 31, 2015, 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	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	8	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 seventh amended and restated advisory agreement (the “Advisory Agreement”), dated February 21, 2015, 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 have received 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 these fees and expense reimbursements incurred for the three months ended March 31, 2015 and 2014:
	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 the Company 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 (i) 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 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), provided, that the monthly asset management fee with respect to each real property asset located outside the U.S. that the Company owns, directly or indirectly, will be one-twelfth of 1.20% of the aggregate cost (including debt, whether borrowed or assumed) (before non-cash reserves and depreciation) of such real property asset; (ii) a monthly fee of one-twelfth of 0.80% of the aggregate cost or investment (before non-cash reserves and depreciation, as applicable) of any interest in any other real estate-related entity or any type of debt investment or other investment; and (iii) a fee of 2.0% of the total consideration paid in connection with a disposition. The term “disposition” includes (a) a sale of one or more assets, (b) a sale of one or more assets effectuated either directly or indirectly through the sale of any entity owning such assets, including, without limitation, the Company or the Operating Partnership, or (c) a sale, merger, or other transaction in which the Company’s stockholders either receive, or have the option to receive, cash, securities redeemable for cash, and/or securities of a publicly traded company. The phrase “total consideration paid in connection with a disposition” includes without limitation, any debt or other liabilities assumed or taken subject to by a buyer. Without limiting the generality of the foregoing, in any transaction involving the acquisition of the equity of the Company, the Operating Partnership or other selling entity, the total consideration paid in connection with a disposition will be deemed to include (whether or not expressed in the net per share price), the value assigned by the applicable buyer to all assets (or the value of such assets implied by such buyer’s offer) before subtracting liabilities to derive the net per share purchase price.
	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. Organization 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 employees to provide such services and in certain instances those employees may include the Company’s executive officers.
	The table below summarizes the fees and expenses incurred by the Company for services provided by the Advisor related to the services described above, and any related amounts payable:
			Incurred
			For the Three Months				Payable as of
			Ended March 31,				March 31,		December 31,
	(in thousands)		2015		2014		2015		2014
	Expensed:
	Acquisition fees		$	—	$	199	$	—	$	—
	Asset management fees			7,565		7,322		32		23
	Other expense reimbursements			153		158		30		34
	Total		$	7,718	$	7,679	$	62	$	57
	Capitalized:
	Development acquisition fees (1)		$	880	$	130	$	18	$	—
	Additional Paid-In Capital:
	Offering expenses		$	241	$	282	$	197	$	84
	-1	Development acquisition fees 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.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	9	COMMITMENTS AND CONTINGENCIES
	The Company and the Operating Partnership are not presently involved in any material litigation nor, to the Company’s knowledge, is any material litigation threatened against the Company or its 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 March 31, 2015.

BASIS_OF_PRESENTATION_Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
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, 2014, filed with the SEC on February 27, 2015.
	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 items in the Company’s condensed consolidated statement of cash flows for 2014 have been reclassified to conform to the 2015 presentation. These reclassifications did not impact net cash provided by operating activities, net cash used in investing activities or net cash provided by financing activities.
Recent Accounting Standards	Recent Accounting Standards
	In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-02, “Amendments to the Consolidation Analysis” (“ASU 2015-02”), which improves targeted areas of the consolidation guidance and reduces the number of consolidation models. The amendments in ASU 2015-02 are effective for annual and interim periods in fiscal years beginning after December 15, 2015, with early adoption permitted. The Company is currently evaluating the effect this guidance will have on its consolidated financial statements.
	In April 2015, the FASB issued ASU No. 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”), which requires debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the debt liability rather than as an asset. The amendments in ASU 2015-03 are effective for annual and interim periods in fiscal years beginning after December 15, 2015, with early adoption permitted. The Company is currently evaluating the effect this guidance will have on its consolidated financial statements.
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.

INVESTMENT_IN_REAL_ESTATE_PROP1

INVESTMENT IN REAL ESTATE PROPERTIES (Tables)	3 Months Ended
	Mar. 31, 2015
Real Estate [Abstract]
Investment in Properties	As of March 31, 2015 and December 31, 2014, the Company’s consolidated investment in real estate properties consisted of 284 and 283 industrial buildings, respectively, totaling approximately 57.8 million and 57.6 million square feet, respectively.
	(in thousands)		March 31,			December 31,
			2015			2014
	Land		$	909,513		$	909,488
	Building and improvements			2,551,495			2,509,459
	Intangible lease assets			383,625			380,513
	Under construction and other (1)			39,733			67,135
	Investment in real estate properties			3,884,366			3,866,595
	Less accumulated depreciation and amortization			(381,413	)		(347,444	)
	Net investment in real estate properties		$	3,502,953		$	3,519,151
	-1	As of March 31, 2015, the Company had six buildings under construction totaling approximately 0.8 million square feet, and one building in the pre-construction phase with an additional 0.2 million square feet. As of December 31, 2014, the Company had six buildings under construction totaling approximately 0.6 million square feet, and two buildings in the pre-construction phase totaling an additional 0.6 million square feet.
Summary of Intangible Lease Assets and Liabilities	Intangible lease assets and liabilities included the following:
			March 31, 2015									December 31, 2014
	(in thousands)		Gross			Accumulated			Net			Gross			Accumulated			Net
						Amortization									Amortization
	Intangible lease assets		$	343,263		$	(177,634	)	$	165,629		$	340,151		$	(164,875	)	$	175,276
	Above-market lease assets			40,362			(23,131	)		17,231			40,362			(21,639	)		18,723
	Below-market lease liabilities			(37,177	)		12,573			(24,604	)		(37,177	)		11,312			(25,865	)
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
			Ended March 31,
	(in thousands)		2015			2014
	Increase (Decrease) to Rental Revenue:
	Straight-line rent adjustments		$	3,127		$	5,025
	Above-market lease amortization			(1,492	)		(2,946	)
	Below-market lease amortization			1,261			1,525
	Real Estate-Related Depreciation and Amortization:
	Depreciation expense		$	19,718		$	18,131
	Intangible lease asset amortization			12,828			19,485

INVESTMENT_IN_UNCONSOLIDATED_J1

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	3 Months Ended
	Mar. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Summary of Unconsolidated Joint Ventures	The following table summarizes the Company’s unconsolidated joint ventures:
		As of March 31, 2015							Investment in Unconsolidated
									Joint Ventures as of
	($ and square feet in thousands)	Percent			Number of		Square Feet		March 31,		December 31,
		Ownership			Buildings		of Buildings		2015		2014
	Park 355 DC II		75	%		1		181	$	3,845	$	3,954
	Valley Parkway		50	%		1		529		4,182		4,254
	Total					2		710	$	8,027	$	8,208

DEBT_Tables

DEBT (Tables)	3 Months Ended
	Mar. 31, 2015
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)		March 31,			December 31,				Maturity Date		March 31,				December 31,
			2015			2014						2015				2014
	Secured line of credit (1)			2.33	%		2.32	%		Jan-17		$	75,000			$	85,000
	Unsecured line of credit (2)			2.18	%		2.16	%		Aug-15			303,000				258,000
	Unsecured term loans (3)			3.34	%		2.35	%		January 2018 - January 2019			500,000				500,000
	Variable-rate mortgage note (4)			—			2.17	%		May-15			—				9,080
	Fixed-rate mortgage notes (5)			4.24	%		4.25	%		September 2015 - November 2024			1,120,567				1,126,545
	Total / Weighted-Average			3.63	%		3.4	%				$	1,998,567			$	1,978,625
	Gross book value of properties encumbered by debt											$	1,453,481			$	2,416,413
	-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 March 31, 2015, the unused and available portion was $65.0 million.
	-2	The interest rate is calculated based on one-month LIBOR, plus a margin ranging from 1.75% to 2.50%. As of March 31, 2015, the unused portion was $197.0 million, of which $13.5 million was available.
	-3	The interest rates are calculated based on a fixed LIBOR portion through the use of interest rate swaps, plus a margin ranging from 1.50% to 2.45%. The interest rate swaps on the $300.0 million and $200.0 million unsecured term loans had effective dates of January 20, 2015 and January 14, 2014, respectively.
	-4	The interest rate was calculated based on one-month LIBOR, plus 2.00%. This mortgage note was paid off in March 2015.
	-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 March 31, 2015, 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 2015 (1)		$	303,000		$	—			$	38,889			$	341,889
	2016			—			—				20,602				20,602
	2017 (1)			75,000			—				62,757				137,757
	2018			—			200,000				167,684				367,684
	2019			—			300,000				71,475				371,475
	Thereafter			—			—				755,076				755,076
	Total principal payments			378,000			500,000				1,116,483				1,994,483
	Unamortized premium on assumed debt			—			—				4,084				4,084
	Total		$	378,000		$	500,000			$	1,120,567			$	1,998,567
	-1	The lines of credit may be extended pursuant to two one-year extension options, subject to certain conditions. The Company anticipates meeting the conditions to extend the unsecured line of credit in August 2015, although there can be no assurance that it will be extended.
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		March 31,				December 31,
			Amount					2015				2014
	Interest rate swaps		$	507,560		Other liabilities		$	8,145			$	4,480
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
			Ended March 31,
	(in thousands)		2015			2014
	Interest rate swaps:
	Loss recognized in AOCI (effective portion)		$	(5,065	)	$	(1,830	)
	Loss reclassified from AOCI into income (effective portion)			1,400			297
	Net other comprehensive loss		$	(3,665	)	$	(1,533	)

FAIR_VALUE_Tables

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2015
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
	March 31, 2015
	Liabilities
	Derivative instruments	$	—	$	8,145	$	—	$	8,145
	Total liabilities measured at fair value	$	—	$	8,145	$	—	$	8,145
	December 31, 2014
	Liabilities
	Derivative instruments	$	—	$	4,480	$	—	$	4,480
	Total liabilities measured at fair value	$	—	$	4,480	$	—	$	4,480
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:
		March 31, 2015				December 31, 2014
	(in thousands)	Carrying		Fair Value		Carrying		Fair Value
		Value				Value
	Assets
	Notes receivable	$	3,612	$	3,621	$	3,612	$	3,617
	Liabilities
	Lines of credit		378,000		378,000		343,000		343,000
	Unsecured term loans		500,000		500,000		500,000		500,000
	Mortgage notes		1,120,567		1,182,430		1,135,625		1,179,582
	Derivative instruments		8,145		8,145		4,480		4,480

STOCKHOLDERS_EQUITY_Tables

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2015
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
	2015
	31-Mar	April 15, 2015			0.15625			$	17,061	$	16,240	$	33,301
	Total							$	17,061	$	16,240	$	33,301
	2014
	31-Dec	January 7, 2015		$	0.15625			$	16,758	$	16,314	$	33,072
	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							$	66,121	$	65,082	$	131,203
Redemptions Table	The following table summarizes the Company’s redemption activity:
		For the Three Months
		Ended March 31,
	(in thousands, except per share data)	2015				2014
	Number of eligible shares redeemed		1,191				414
	Aggregate amount of shares redeemed	$	12,491			$	4,156
	Average redemption price per share	$	10.49			$	10.05

SHAREBASED_COMPENSATION_Tables

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2015
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 and its private placement equity incentive plan for the three months ended March 31, 2015, is below:
	(shares in thousands)	Shares			Weighted-Average
					Fair Value per Share
	Nonvested shares at January 1, 2015		68		$	10.4
	Granted		25		$	11.04
	Vested		(6	)	$	11.04
	Forfeited		—		$	—
	Nonvested shares at March 31, 2015		87		$	10.96
Components of Share-Based Compensation	The following table summarizes other share-based compensation data:
		For the Three Months
		Ended March 31,
	(in thousands, except per share data)	2015			2014
	Share-based compensation expense	$	199		$	32
	Total fair value of restricted stock vested	$	69		$	—
	Weighted-average grant date fair value of restricted stock granted, per share	$	11.04		$	10.4

RELATED_PARTY_TRANSACTIONS_Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2015
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 related to the services described above, and any related amounts payable:
			Incurred
			For the Three Months				Payable as of
			Ended March 31,				March 31,		December 31,
	(in thousands)		2015		2014		2015		2014
	Expensed:
	Acquisition fees		$	—	$	199	$	—	$	—
	Asset management fees			7,565		7,322		32		23
	Other expense reimbursements			153		158		30		34
	Total		$	7,718	$	7,679	$	62	$	57
	Capitalized:
	Development acquisition fees (1)		$	880	$	130	$	18	$	—
	Additional Paid-In Capital:
	Offering expenses		$	241	$	282	$	197	$	84
	-1	Development acquisition fees 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.

Recovered_Sheet1

Investment in Real Estate Properties - Additional Information (Detail)	Mar. 31, 2015	Dec. 31, 2014
	sqft	Building
	Building	sqft
Real Estate Properties [Line Items]
Square feet of industrial buildings	710,000
Consolidated Properties [Member]
Real Estate Properties [Line Items]
Number of buildings owned	284	283
Square feet of industrial buildings	57,800,000	57,600,000

Recovered_Sheet2

Investment in Real Estate Properties - Investment in Properties (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Schedule of Investments [Abstract]
Land	$909,513	$909,488
Building and improvements	2,551,495	2,509,459
Intangible lease assets	383,625	380,513
Under construction and other	39,733	67,135
Investment in real estate properties	3,884,366	3,866,595
Less accumulated depreciation and amortization	-381,413	-347,444
Net investment in real estate properties	$3,502,953	$3,519,151

Investment_in_Real_Estate_Prop2

Investment in Real Estate Properties - Investment in Properties (Parenthetical) (Detail)	Mar. 31, 2015	Dec. 31, 2014
	sqft	sqft
	Building	Building
Under Construction [Member]
Real Estate Properties [Line Items]
Number of buildings	6	6
Square feet of buildings	800,000	600,000
Pre Construction Phase [Member]
Real Estate Properties [Line Items]
Number of buildings	1	2
Square feet of buildings	200,000	600,000

Investment_in_Real_Estate_Prop3

Investment in Real Estate Properties - Summary of Intangible Lease Assets and Liabilities (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Intangible Lease Assets [Member]
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross	$343,263	$340,151
Accumulated Amortization	-177,634	-164,875
Net	165,629	175,276
Above-Market Lease Assets [Member]
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross	40,362	40,362
Accumulated Amortization	-23,131	-21,639
Net	17,231	18,723
Below-Market Lease Liabilities [Member]
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross	-37,177	-37,177
Accumulated Amortization	12,573	11,312
Net	($24,604)	($25,865)

Investment_in_Real_Estate_Prop4

Investment in Real Estate Properties - Summary of Rental Revenue and Depreciation and Amortization Expense (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$3,127	$5,025
Above-market lease amortization	-1,492	-2,946
Below-market lease amortization	1,261	1,525
Real Estate-Related Depreciation and Amortization:
Depreciation expense	19,718	18,131
Intangible lease asset amortization	$12,828	$19,485

Recovered_Sheet3

Investment in Unconsolidated Joint Ventures - Summary of Unconsolidated Joint Ventures (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	sqft
	Building
Investments in and Advances to Affiliates [Line Items]
Number of buildings	2
Square Feet of Buildings	710,000
Investment in unconsolidated joint ventures	$8,027	$8,208
Park 355 DC II [Member]
Investments in and Advances to Affiliates [Line Items]
Number of buildings	1
Square Feet of Buildings	181,000
Investment in unconsolidated joint ventures	3,845	3,954
Ownership percentage	75.00%
Valley Parkway [Member]
Investments in and Advances to Affiliates [Line Items]
Number of buildings	1
Square Feet of Buildings	529,000
Investment in unconsolidated joint ventures	$4,182	$4,254
Ownership percentage	50.00%

Debt_Summary_of_Debt_Detail

Debt - Summary of Debt (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Weighted-average stated interest rate	3.63%	3.40%
Amount outstanding	$1,998,567	$1,978,625
Gross book value of properties encumbered by debt	1,453,481	2,416,413
Fixed-Rate Mortgage Notes [Member]
Debt Instrument [Line Items]
Weighted-average stated interest rate	4.24%	4.25%
Maturity Date of Debt, Earliest	1-Sep-15
Maturity Date of Debt, Latest	1-Nov-24
Amount outstanding	1,120,567	1,126,545
Unsecured Line of Credit [Member]
Debt Instrument [Line Items]
Weighted-average stated interest rate	2.18%	2.16%
Maturity date	1-Aug-15
Amount outstanding	303,000	258,000
Secured Line of Credit [Member]
Debt Instrument [Line Items]
Weighted-average stated interest rate	2.33%	2.32%
Maturity date	1-Jan-17
Amount outstanding	75,000	85,000
Unsecured Term Loans [Member]
Debt Instrument [Line Items]
Weighted-average stated interest rate	3.34%	2.35%
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		2.17%
Maturity date	1-May-15
Amount outstanding		$9,080

Debt_Summary_of_Debt_Parenthet

Debt - Summary of Debt (Parenthetical) (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015
$ 200 Million Unsecured Term Loan Interest Rate Swap [Member]
Debt Instrument [Line Items]
Effective date of interest rate swap	14-Jan-14
Notional amount of interest rate swap agreements	$200,000,000
$ 300 Million Unsecured Term Loan Interest Rate Swap [Member]
Debt Instrument [Line Items]
Effective date of interest rate swap	20-Jan-15
Notional amount of interest rate swap agreements	300,000,000
Fixed-Rate Mortgage Notes [Member]
Debt Instrument [Line Items]
Interest rate range, minimum	3.30%
Interest rate range, maximum	6.24%
Unsecured Line of Credit [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Unused portion of line of credit	197,000,000
Amount available under line of credit	13,500,000
Secured Line of Credit [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Unused portion of line of credit	65,000,000
Amount available under line of credit	$65,000,000
Variable-Rate Mortgage Note [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Interest rate spread based on LIBOR	2.00%
Minimum [Member] | Unsecured Line of Credit [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Interest rate spread based on LIBOR	1.75%
Minimum [Member] | Secured Line of Credit [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Interest rate spread based on LIBOR	1.80%
Minimum [Member] | Unsecured Term Loans [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Interest rate spread based on LIBOR	1.50%
Maximum [Member] | Unsecured Line of Credit [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Interest rate spread based on LIBOR	2.50%
Maximum [Member] | Secured Line of Credit [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Interest rate spread based on LIBOR	2.65%
Maximum [Member] | Unsecured Term Loans [Member] | LIBOR [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 $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Debt Instrument [Line Items]
Remainder of 2015	$341,889
2016	20,602
2017	137,757
2018	367,684
2019	371,475
Thereafter	755,076
Total principal payments	1,994,483
Unamortized premium on assumed debt	4,084
Total	1,998,567	1,978,625
Lines of Credit [Member]
Debt Instrument [Line Items]
Remainder of 2015	303,000
2017	75,000
Total principal payments	378,000
Total	378,000
Unsecured Term Loans [Member]
Debt Instrument [Line Items]
2018	200,000
2019	300,000
Total principal payments	500,000
Total	500,000	500,000
Mortgage Notes [Member]
Debt Instrument [Line Items]
Remainder of 2015	38,889
2016	20,602
2017	62,757
2018	167,684
2019	71,475
Thereafter	755,076
Total principal payments	1,116,483
Unamortized premium on assumed debt	4,084
Total	$1,120,567

Debt_Principal_Payments_Due_on1

Debt - Principal Payments Due on Consolidated Debt during Each of Next Five Years and Thereafter (Parenthetical) (Detail)	Mar. 31, 2015
	Extension
Debt Disclosure [Abstract]
Number of one-year line of credit extension options	2

Debt_Additional_Information_De

Debt - Additional Information (Detail) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2015
	Contract
Debt Instrument [Line Items]
Number of interest rate swap contracts outstanding	7
Hedge ineffectiveness	$0	$0
Scenario Forecast [Member]
Debt Instrument [Line Items]
Hedge ineffectiveness			$0

Debt_Summary_of_Location_and_F

Debt - Summary of Location and Fair Value of Cash Flow Hedges (Detail) (Interest Rate Swaps [Member], USD $)	Mar. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Notional amount of interest rate swap	$507,560,000
Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value	$8,145,000	$4,480,000

Debt_Effect_of_Derivative_Inst

Debt - Effect of Derivative Instruments (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Net other comprehensive loss	($3,665)	($1,533)
Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Loss recognized in AOCI (effective portion)	-5,065	-1,830
Loss reclassified from AOCI into income (effective portion)	1,400	297
Net other comprehensive loss	($3,665)	($1,533)

Fair_Value_Financial_Instrumen

Fair Value - Financial Instruments Measured at Fair Value on Recurring Basis (Detail) (Recurring [Member], USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Liabilities
Derivative instruments	$8,145	$4,480
Total liabilities measured at fair value	8,145	4,480
Level 2 [Member]
Liabilities
Derivative instruments	8,145	4,480
Total liabilities measured at fair value	$8,145	$4,480

Fair_Value_Additional_Informat

Fair Value - Additional Information (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Financial instruments transferred among fair value hierarchy levels	$0	$0
Non financial assets or liabilities at fair value on recurring basis	$0	$0

Fair_Value_Carrying_Value_and_

Fair Value - Carrying Value and Fair Value of Certain Financial Instruments (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Assets
Notes receivable	$3,612	$3,612
Carrying Value [Member]
Assets
Notes receivable	3,612	3,612
Liabilities
Lines of credit	378,000	343,000
Unsecured term loans	500,000	500,000
Mortgage notes	1,120,567	1,135,625
Derivative instruments	8,145	4,480
Fair Value [Member]
Assets
Notes receivable	3,621	3,617
Liabilities
Lines of credit	378,000	343,000
Unsecured term loans	500,000	500,000
Mortgage notes	1,182,430	1,179,582
Derivative instruments	$8,145	$4,480

Stockholders_Equity_Additional

Stockholders Equity - Additional Information (Detail) (USD $)	Mar. 31, 2015
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	$10.49
Dollar value of shares remaining in public offering, distribution reinvestment plan	$534.90

Stockholders_Equity_Distributi

Stockholders Equity - Distributions Table (Detail) (USD $)	3 Months Ended	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Schedule of Stockholders' Equity [Line Items]
Paid in Cash	$17,061	$66,121
Reinvested in Shares	16,240	65,082
Total Distributions	33,301	131,203
March 31, 2015 [Member]
Schedule of Stockholders' Equity [Line Items]
Payment Date	15-Apr-15
Declared per Common Share	$0.16
Paid in Cash	17,061
Reinvested in Shares	16,240
Total Distributions	33,301
December 31, 2014 [Member]
Schedule of Stockholders' Equity [Line Items]
Payment Date		7-Jan-15
Declared per Common Share		$0.16
Paid in Cash		16,758
Reinvested in Shares		16,314
Total Distributions		33,072
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

Stockholders_Equity_Redemption

Stockholders Equity - Redemptions Table (Detail) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Stockholders' Equity Attributable to Parent [Abstract]
Number of eligible shares redeemed	1,191	414
Aggregate amount of shares redeemed	$12,491	$4,156
Average redemption price per share	$10.49	$10.05

ShareBased_Compensation_Summar

Share-Based Compensation - Summary of Restricted Stock Activity (Detail) (Restricted Stock [Member], USD $)	3 Months Ended		12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-Average Fair Value per Share, Granted	$11.04	$10.40	$11.04
Equity Incentive Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested Shares at January 1, 2015	68
Shares, Granted	25
Shares, Vested	-6
Shares, Forfeited	0
Nonvested Shares at March 31, 2015	87
Weighted-Average Fair Value per Share, Nonvested Shares at Beginning of Period	$10.40
Weighted-Average Fair Value per Share, Granted	$11.04
Weighted-Average Fair Value per Share, Vested	$11.04
Weighted-Average Fair Value per Share, Forfeited	$0
Weighted-Average Fair Value per Share, Nonvested Shares at End of Period	$10.96

ShareBased_Compensation_Compon

Share-Based Compensation - Components of Share-Based Compensation (Detail) (USD $)	3 Months Ended		12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$199	$32
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock vested	$69
Weighted-average grant date fair value of restricted stock granted, per share	$11.04	$10.40	$11.04

ShareBased_Compensation_Additi

Share-Based Compensation - Additional Information (Detail) (USD $)	3 Months Ended		12 Months Ended
In Millions, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Offering price of common stock in follow-on offering, per share		$10.40
Advisor [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remeasured estimated fair value of nonvested shares granted to employees	$11.04
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value of restricted stock granted, per share	$11.04	$10.40	$11.04
Unrecognized compensation cost related to restricted stock	$0.50
Weighted-average years to recognize compensation expense	10 months 24 days

Related_Party_Transactions_Add

Related Party Transactions - Additional Information (Detail) (Advisor [Member])	3 Months Ended
	Mar. 31, 2015
Advisor [Member]
Related Party Transaction [Line Items]
Acquisition fees - percent of total purchase price of real estate properties acquired in the operational stage	1.00%
Acquisition fees - percent of total project costs for real estate properties acquired in the development stage	4.00%
Asset management fees - monthly fee of one-twelfth of percentage of the aggregate cost	0.80%
Asset management fees - monthly one-twelfth of percentage of aggregate cost of each real estate property asset located outside U.S.	1.20%
Asset management fees - disposition percentage	2.00%
Organization and offering expense reimbursement to advisor or affiliates as a percentage of gross offering proceeds	1.75%

Related_Party_Transactions_Sum

Related Party Transactions - Summary of Fees and Expenses Incurred by Company (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Expensed:
Total	$62		$57
Acquisition fees, incurred	0	199
Asset management fees, incurred	7,565	7,322
Total	7,718	7,679
Advisor [Member]
Expensed:
Acquisition fees, incurred		199
Asset management fees, incurred	7,565	7,322
Acquisition fees, payable	0		0
Asset management fees, payable	32		23
Capitalized:
Development acquisition fees, incurred	880	130
Development acquisition fees, payable	18
Additional Paid-In Capital:
Offering expenses, incurred	241	282
Offering expenses, payable	197		84
Advisor and Dealer Manager [Member]
Expensed:
Other expense reimbursements, incurred	153	158
Other expense reimbursements, payable	$30		$34