Carter Validus Mission Critical REIT 10-Q 12 May 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares shares in Thousands	3 Months Ended
	Mar. 31, 2016	May. 09, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Registrant Name	Carter Validus Mission Critical REIT, Inc.
Entity Central Index Key	1,482,974
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		182,960

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Real estate:
Land ($4,280 and $4,280, respectively, related to VIE)	$ 177,179	$ 177,179
Buildings and improvements, less accumulated depreciation of $112,824 and $100,142, respectively ($85,683 and $86,200, respectively, related to VIE)	1,746,077	1,749,571
Construction in process	9,807	9,438
Total real estate, net ($89,963 and $90,480, respectively, related to VIE)	1,933,063	1,936,188
Cash and cash equivalents ($529 and $1,060, respectively, related to VIE)	36,435	28,527
Preferred equity investment	127,147	127,147
Acquired intangible assets, less accumulated amortization of $41,720 and $37,374, respectively ($7,124 and $7,416, respectively, related to VIE)	193,184	197,530
Other assets ($8,060 and $6,651, respectively, related to VIE)	102,323	93,048
Total assets	2,392,152	2,382,440
Liabilities:
Notes payable, net of deferred financing costs of $3,484 and $4,261, respectively ($51,851 and $52,271, respectively, related to VIE)	505,411	539,071
Credit facility, net of deferred financing costs of $2,350 and $2,544, respectively	340,650	290,456
Accounts payable due to affiliates ($38 and $41, respectively, related to VIE)	2,173	2,164
Accounts payable and other liabilities ($2,059 and $1,689, respectively, related to VIE)	38,400	35,457
Intangible lease liabilities, less accumulated amortization of $13,589 and $12,614, respectively ($8,901 and $9,244, respectively, related to VIE)	52,141	53,116
Total liabilities	$ 938,775	$ 920,264
Stockholders’ equity:
Preferred stock, $0.01 par value per share, 50,000,000 shares authorized; none issued and outstanding
Common stock, $0.01 par value per share, 300,000,000 shares authorized; 184,497,415 and 182,707,901 shares issued, respectively; 182,119,824 and 181,200,952 shares outstanding, respectively	$ 1,821	$ 1,812
Additional paid-in capital	1,599,771	1,591,076
Accumulated distributions in excess of earnings	(175,809)	(161,798)
Accumulated other comprehensive loss	(6,443)	(2,580)
Total stockholders’ equity	1,419,340	1,428,510
Noncontrolling interests	34,037	33,666
Total equity	1,453,377	1,462,176
Total liabilities and stockholders’ equity	$ 2,392,152	$ 2,382,440

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Land	$ 177,179	$ 177,179
Buildings and improvements, accumulated depreciation	112,824	100,142
Buildings and improvements, net	1,746,077	1,749,571
Total real estate, net	1,933,063	1,936,188
Cash and cash equivalents	36,435	28,527
Acquired intangible assets, accumulated amortization	41,720	37,374
Acquired intangible assets, net	193,184	197,530
Other assets	102,323	93,048
Notes payable, deferred financing costs	3,484	4,261
Notes payable, net of deferred financing costs	505,411	539,071
Credit facility, deferred financing costs	2,350	2,544
Accounts payable due to affiliates	2,173	2,164
Accounts payable and other liabilities	38,400	35,457
Intangible lease liabilities, accumulated amortization	13,589	12,614
Intangible lease liabilities, net	$ 52,141	$ 53,116
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	184,497,415	182,707,901
Common stock, shares outstanding	182,119,824	181,200,952
Variable Interest Entity, Primary Beneficiary [Member]
Land	$ 4,280	$ 4,280
Buildings and improvements, net	85,683	86,200
Total real estate, net	89,963	90,480
Cash and cash equivalents	529	1,060
Acquired intangible assets, net	7,124	7,416
Other assets	8,060	6,651
Notes payable, net of deferred financing costs	51,851	52,271
Accounts payable due to affiliates	38	41
Accounts payable and other liabilities	2,059	1,689
Intangible lease liabilities, net	$ 8,901	$ 9,244

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenue:
Rental and parking revenue	$ 52,290	$ 46,894
Tenant reimbursement revenue	4,321	4,489
Real estate-related notes receivable interest income	16	139
Total revenue	56,627	51,522
Expenses:
Rental and parking expenses	6,639	7,584
General and administrative expenses	1,581	1,409
Change in fair value of contingent consideration	120	150
Acquisition related expenses	0	3,145
Asset management fees	4,787	4,033
Depreciation and amortization	16,999	15,783
Total expenses	30,126	32,104
Income from operations	26,501	19,418
Other income (expense):
Other interest and dividend income	2,705	516
Interest expense, net	(9,481)	(6,306)
Loss on debt extinguishment	(1,133)	0
Total other expense	(7,909)	(5,790)
Net income	18,592	13,628
Net income attributable to noncontrolling interests in consolidated partnerships	(928)	(1,614)
Net income attributable to common stockholders	17,664	12,014
Other comprehensive loss:
Unrealized loss on interest rate swaps, net	(3,863)	(2,212)
Other comprehensive loss	(3,863)	(2,212)
Other comprehensive loss attributable to noncontrolling interests in consolidated partnerships	0	240
Other comprehensive loss attributable to common stockholders	(3,863)	(1,972)
Comprehensive income	14,729	11,416
Comprehensive income attributable to noncontrolling interests in consolidated partnerships	(928)	(1,374)
Comprehensive income attributable to common stockholders	$ 13,801	$ 10,042
Weighted average number of common shares outstanding:
Basic (in shares)	181,975,405	176,117,122
Diluted (in shares)	181,992,093	176,133,630
Net income per common share attributable to common stockholders:
Basic (in dollars per share)	$ 0.10	$ 0.07
Diluted (in dollars per share)	0.10	0.07
Distributions declared per common share (in dollars per share)	$ 0.17	$ 0.17

Condensed Consolidated Stateme5

Condensed Consolidated Statement Of Stockholders' Equity - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid in Capital [Member]	Accumulated Distributions in Excess of Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total Stockholders' Equity [Member]	Noncontrolling Interests [Member]
Balance, (in shares) at Dec. 31, 2015	181,200,952	181,200,952
Balance, at Dec. 31, 2015	$ 1,462,176	$ 1,812	$ 1,591,076	$ (161,798)	$ (2,580)	$ 1,428,510	$ 33,666
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under the distribution reinvestment plan (in shares)		1,789,514
Issuance of common stock under the distribution reinvestment plan	17,084	$ 18	17,066			17,084	0
Distributions to noncontrolling interests	(557)					0	(557)
Distributions declared to common stockholders	(31,675)			(31,675)		(31,675)	0
Other offering costs	(10)		(10)			(10)	0
Repurchase of common stock (in shares)		(870,642)
Repurchase of common stock	(8,393)	$ (9)	(8,384)			(8,393)	0
Stock-based compensation	23		23			23	0
Other comprehensive loss	(3,863)				(3,863)	(3,863)	0
Net income	$ 18,592			17,664		17,664	928
Balance, (in shares) at Mar. 31, 2016	182,119,824	182,119,824
Balance, at Mar. 31, 2016	$ 1,453,377	$ 1,821	$ 1,599,771	$ (175,809)	$ (6,443)	$ 1,419,340	$ 34,037

Condensed Consolidated Stateme6

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income	$ 18,592	$ 13,628
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	16,999	15,783
Amortization of deferred financing costs	1,151	898
Amortization of above-market leases	116	90
Amortization of intangible lease liabilities	(975)	(1,824)
Amortization of real estate-related notes receivable origination costs and commitment fees	0	114
Loss on debt extinguishment	1,133	0
Straight-line rent	(6,551)	(5,767)
Stock-based compensation	23	26
Change in fair value of contingent consideration	120	150
Changes in operating assets and liabilities:
Accounts payable and other liabilities	(940)	497
Accounts payable due to affiliates	9	61
Other assets	(509)	360
Net cash provided by operating activities	29,168	24,016
Cash flows from investing activities:
Investment in real estate	0	(107,294)
Capital expenditures	(10,432)	(12,825)
Real estate deposits, net	16	(290)
Real estate-related notes receivable advances	0	(267)
Preferred equity investment	0	(101,637)
Notes receivable advances	(1,619)	0
Net cash used in investing activities	(12,035)	(222,313)
Cash flows from financing activities:
Proceeds from notes payable	0	37,000
Payments on notes payable	(34,437)	(2,707)
Proceeds from credit facility	50,000	150,000
Payments of deferred financing costs	(34)	(26)
Repurchase of common stock	(8,393)	(1,287)
Offering costs	(10)	0
Distributions to stockholders	(14,559)	(13,714)
Payments to escrow funds	(1,457)	(601)
Collections of escrow funds	222	359
Purchase of noncontrolling interest in consolidated partnerships	0	(8,800)
Distributions to noncontrolling interests in consolidated partnerships	(557)	(478)
Net cash (used in) provided by financing activities	(9,225)	159,746
Net change in cash and cash equivalents	7,908	(38,551)
Cash and cash equivalents - Beginning of period	28,527	113,093
Cash and cash equivalents - End of period	36,435	74,542
Supplemental cash flow disclosure:
Interest paid, net of interest capitalized of $251 and $1,049, respectively	8,698	6,342
Supplemental disclosure of non-cash transactions:
Common stock issued through distribution reinvestment plan	17,084	16,594
Net unrealized loss on interest rate swap	(3,863)	(2,212)
Real estate-related notes receivable converted to investment in real estate	$ 0	$ 13,674

Condensed Consolidated Stateme7

Condensed Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Cash Flows [Abstract]
Interest capitalized	$ 251	$ 1,049

Organization and Business Opera

Organization and Business Operations	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Operations	Organization and Business Operations Carter Validus Mission Critical REIT, Inc., or the Company, a Maryland corporation, was incorporated on December 16, 2009 and elected to be taxed and currently qualifies as a real estate investment trust, or a REIT, under the Internal Revenue Code of 1986, as amended, for federal income tax purposes. The Company was organized to acquire and operate a diversified portfolio of income-producing commercial real estate, with a focus on the data center and healthcare property sectors, net leased to investment grade and other creditworthy tenants, as well as to make other real estate-related investments that relate to such property types. The Company operates through two reportable segments—commercial real estate investments in data centers and healthcare. Substantially all of the Company’s business is conducted through Carter/Validus Operating Partnership, LP, a Delaware limited partnership, or the Operating Partnership. The Company is the sole general partner of the Operating Partnership. Carter/Validus Advisors, LLC, or the Advisor, the Company’s affiliated advisor, is the sole limited partner of the Operating Partnership. As of March 31, 2016 , the Company owned 48 real estate investments (including one real estate investment owned through a consolidated partnership ), consisting of 79 properties located in 44 metropolitan statistical areas, or MSAs. As of March 31, 2016 , the Company had investments in 7.875% Series B Redeemable Cumulative Preferred Stock with a $0.01 par value per share in a private healthcare real estate corporation, or the Preferred Equity Investment. On November 25, 2015, the Company registered 10,473,946 shares of common stock with a price per share of $9.5475 for a proposed maximum offering price of $100,000,000 in shares of common stock under its distribution reinvestment plan, or the DRIP, pursuant to a registration statement on Form S-3. As of March 31, 2016 , the Company had issued approximately 184,449,000 shares of common stock in its initial public offering and DRIP offerings for gross proceeds of $1,828,766,000 , before share repurchases of $22,920,000 and offering costs, selling commissions and dealer manager fees of $174,785,000 . Except as the context otherwise requires, “we,” “our,” “us,” and the “Company” refer to Carter Validus Mission Critical REIT, Inc., the Operating Partnership, all majority-owned subsidiaries and controlled subsidiaries.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The summary of significant accounting policies presented below is designed to assist in understanding the Company’s condensed consolidated financial statements. Such condensed consolidated financial statements and the accompanying notes thereto are the representation of management. The accompanying condensed consolidated unaudited financial statements of the Company have been prepared in accordance with the accounting principles generally accepted in the United States, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal and recurring nature considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ended December 31, 2016 . The condensed consolidated balance sheet at December 31, 2015 has been derived from the audited consolidated financial statements at that date but does not include all of the information and notes required by GAAP for complete financial statements. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2015 and related notes thereto set forth in the Company’s Annual Report on Form 10-K, filed with the SEC on March 28, 2016. Principles of Consolidation and Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company, the Operating Partnership, all majority-owned subsidiaries and controlled subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. On January 1, 2016, the Company adopted Accounting Standards Update, or ASU, ASU 2015-02, Amendments to the Consolidation Analysis, which amends the current consolidation guidance affecting both the variable interest entity (VIE) and voting interest entity (VOE) consolidation models. The standard does not add or remove any of the characteristics in determining if an entity is a VIE or VOE, but rather enhances the way the Company assesses some of these characteristics. The Company concluded that no change was required to its accounting for its joint venture. However, the Operating Partnership now meets the criteria as a VIE, the Company is the primary beneficiary and, accordingly, the Company continues to consolidate the Operating Partnership. The Company’s sole asset is its investment in the Operating Partnership, and consequently, all of the Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Company’s debt is an obligation of the Operating Partnership. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP necessarily requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. These estimates are made and evaluated on an ongoing basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates. Concentration of Credit Risk and Significant Leases As of March 31, 2016 , the Company had cash on deposit, including restricted cash, in certain financial institutions that had deposits in excess of current federally insured levels; however, the Company has not experienced any losses in such accounts. The Company limits its cash investments to financial institutions with high credit standings; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits. To date, the Company has experienced no loss of or lack of access to cash in its accounts. Concentration of credit risk with respect to accounts receivable from tenants is limited. As of March 31, 2016 , the Company owned real estate investments in 44 MSAs, (including one real estate investment owned through a consolidated partnership), three of which accounted for 10.0% or more of rental revenue. Real estate investments located in the Dallas-Ft. Worth-Arlington, Texas MSA, the Chicago-Naperville-Elgin, Illinois-Indiana-Wisconsin MSA and the Houston-The Woodlands-Sugar Land, Texas MSA accounted for an aggregate of 13.1% , 11.6% and 10.1% , respectively, of rental revenue for the three months ended March 31, 2016 . As of March 31, 2016 , the Company had two tenants that accounted for 10.0% or more of rental revenue. The leases with AT&T Services, Inc. and the lease with Bay Area Regional Medical Center, LLC accounted for 12.7% and 10.0% , respectively, of rental revenue for the three months ended March 31, 2016 . Deferred Financing Costs Deferred financing costs are loan fees, legal fees and other third-party costs associated with obtaining financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity unless specific rules are met that would allow for the carryover of such costs to the refinanced debt. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close. On January 1, 2016, the Company adopted ASU 2015-03, Interest — Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, and ASU 2015-15 , Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated With Line-of-Credit Arrangements, or ASUs 2015-03 and 2015-15. According to ASUs 2015-03 and 2015-15, deferred financing costs related to a recognized debt liability in connection with term loans, including the term loan portion of the Company's credit facility, are presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. Deferred financing costs related to the revolving line of credit portion of the Company's unsecured credit facility are presented in the balance sheet as an asset, which is included in other assets on the condensed consolidated balance sheet. As required, the Company retrospectively applied the guidance in ASUs 2015-03 and 2015-15 to the prior period presented, which resulted in a decrease of $6,805,000 in other assets, $4,261,000 in notes payable and $2,544,000 in credit facility on the condensed consolidated balance sheet as of December 31, 2015. Share Repurchase Program The Company’s share repurchase program allows for repurchases of shares of the Company’s common stock when certain criteria are met. The share repurchase program provides that all repurchases during any calendar year, including those redeemable upon death or a qualifying disability of a stockholder, are limited to those that can be funded with equivalent reinvestments pursuant to the DRIP Offerings during the prior calendar year and other operating funds, if any, as the board of directors, in its sole discretion, may reserve for this purpose. Repurchases of shares of the Company’s common stock are at the sole discretion of the Company’s board of directors. In addition, the Company’s board of directors, in its sole discretion, may amend, suspend, reduce, terminate or otherwise change the share repurchase program upon 30 days ' prior notice to the Company’s stockholders for any reason it deems appropriate. The share repurchase program provides that the Company will limit the number of shares repurchased during any calendar year to 5.0% of the number of shares of common stock outstanding as of December 31st of the previous calendar year. During the three months ended March 31, 2016 , the Company received valid repurchase requests related to approximately 871,000 shares of common stock, all of which were repurchased in full for an aggregate purchase price of approximately $8,393,000 (an average of $9.64 per share). During the three months ended March 31, 2015 , the Company received valid repurchase requests related to approximately 133,000 shares of common stock, all of which were repurchased in full for an aggregate purchase price of approximately $1,287,000 (an average of $9.68 per share). Earnings Per Share Basic earnings per share attributable for all periods presented are computed by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Shares of non-vested restricted common stock give rise to potentially dilutive shares of common stock. Diluted earnings per share are computed based on the weighted average number of shares outstanding and all potentially dilutive securities. For the three months ended March 31, 2016 and 2015 , diluted earnings per share reflected the effect of approximately 17,000 and 17,000 , respectively, of non-vested shares of restricted common stock that were outstanding as of such period. Recently Issued Accounting Pronouncements On May 28, 2014, the Financial Accounting Standards Board, or the FASB, issued ASU 2014-09, Revenue from Contracts with Customers , or ASU 2014-09. The objective of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle, which may require more judgment and estimates within the revenue recognition process than are required under existing GAAP. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606) Deferral of the Effective Date , or ASU 2015-14. ASU 2015-14 defers the effective date of ASU 2014-09 by one year to fiscal years and interim periods beginning after December 15, 2017. Early adoption is permitted as of the original effective date, which was annual reporting periods beginning after December 15, 2016, and the interim periods within that year. On March 17, 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers Principal versus Agent Considerations (Reporting Revenue Gross versus Net), or ASU 2016-08, which clarifies the implementation guidance on principal versus agent considerations in the new revenue recognition standard. ASU 2016-08 clarifies that an entity is a principal when it controls the specified good or service before that good or service is transferred to the customer, and is an agent when it does not control the specified good or service before it is transferred to the customer. The effective date and transition of these amendments is the same as the effective date and transition of ASU 2015-14. The Company is in the process of evaluating the impact ASU 2016-08 will have on the Company’s condensed consolidated financial statements. Reclassifications Certain prior period amounts have been reclassified to conform to the current financial statement presentation, with no effect on the Company’s condensed consolidated financial position or results of operations.

Acquired Intangible Assets, Net

Acquired Intangible Assets, Net	3 Months Ended
	Mar. 31, 2016
Finite-Lived Intangible Assets, Net [Abstract]
Acquired Intangible Assets, Net	Acquired Intangible Assets, Net Acquired intangible assets, net, consisted of the following as of March 31, 2016 and December 31, 2015 (amounts in thousands, except weighted average life amounts): March 31, 2016 December 31, 2015 In-place leases, net of accumulated amortization of $40,490 and $36,260, respectively (with a weighted average remaining life of 14.2 years and 14.3 years, respectively) $ 187,240 $ 191,470 Above-market leases, net of accumulated amortization of $1,035 and $932, respectively (with a weighted average remaining life of 10.9 years and 11.1 years, respectively) 3,325 3,428 Ground lease interest, net of accumulated amortization of $195 and $182, respectively (with a weighted average remaining life of 60.2 years and 60.4 years, respectively) 2,619 2,632 $ 193,184 $ 197,530 The aggregate weighted average remaining life of the acquired intangible assets was 14.7 years and 14.9 years as of March 31, 2016 and December 31, 2015 , respectively.

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2016
Other Assets [Abstract]
Other Assets	Other Assets Other assets consisted of the following as of March 31, 2016 and December 31, 2015 (amounts in thousands): March 31, 2016 December 31, 2015 Deferred financing costs related to the revolver portion of the unsecured credit facility, net of accumulated amortization of $4,207 and $3,690, respectively $ 2,365 $ 2,854 Lease commissions, net of accumulated amortization of $313 and $227, respectively 4,103 4,194 Investments in unconsolidated partnerships 103 100 Tenant receivable 6,056 5,318 Notes receivable 14,619 13,000 Real estate-related notes receivable 514 514 Straight-line rent receivable 54,806 47,807 Restricted cash held in escrow 14,896 13,661 Real estate escrow deposits — 450 Restricted cash 1,151 882 Derivative assets — 61 Prepaid and other assets 3,710 4,207 $ 102,323 $ 93,048

Future Minimum Rent

Future Minimum Rent	3 Months Ended
	Mar. 31, 2016
Leases [Abstract]
Future Minimum Rent	Future Minimum Rent Rental Revenue The Company’s real estate assets are leased to tenants under operating leases with varying terms. The leases frequently have provisions to extend the lease agreements. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. The future minimum rental revenue from the Company’s investments in real estate assets under non-cancelable operating leases, including optional renewal periods for which exercise is reasonably assured, for the nine months ending December 31, 2016 and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Nine months ending December 31, 2016 $ 136,385 2017 184,728 2018 187,883 2019 190,685 2020 191,616 Thereafter 1,763,384 $ 2,654,681 Rental Expense The Company has ground lease obligations that generally require fixed annual rental payments and may also include escalation clauses and renewal options. The future minimum rent obligations under non-cancelable ground leases for the nine months ending December 31, 2016 and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Nine months ending December 31, 2016 $ 525 2017 700 2018 702 2019 746 2020 746 Thereafter 37,836 $ 41,255

Notes Payable and Unsecured Cre

Notes Payable and Unsecured Credit Facility	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Notes Payable and Unsecured Credit Facility	Notes Payable and Unsecured Credit Facility The Company's debt outstanding as of March 31, 2016 and December 31, 2015 consisted of the following (amounts in thousands): March 31, 2016 December 31, 2015 Notes payable: Fixed rate notes payable $ 130,445 $ 131,233 Variable rate notes payable fixed through interest rate swaps 335,730 369,002 Variable rate notes payable 42,720 43,097 Total notes payable, principal amount outstanding 508,895 543,332 Unamortized deferred financing costs related to notes payable (3,484 ) (4,261 ) Total notes payable, net of deferred financing costs 505,411 539,071 Unsecured credit facility: Revolving line of credit 133,000 83,000 Term loan 210,000 210,000 Total unsecured credit facility, principal amount outstanding 343,000 293,000 Unamortized deferred financing costs related to unsecured credit facility (2,350 ) (2,544 ) Total unsecured credit facility, net of deferred financing costs 340,650 290,456 Total debt outstanding $ 846,061 $ 829,527 Significant loan activity since December 31, 2015 , excluding scheduled principal payments, includes: • On March 30, 2016, the Company paid off its debt in connection with one of the Company's notes payable with the outstanding principal balance of $31,167,000 at the time of repayment. The original note payable had a variable rate fixed through an interest rate swap of 6.19% with a maturity date on February 25, 2019 . As a result of this extinguishment, the Company expensed $343,000 of unamortized deferred financing costs, $62,000 of termination fees and $728,000 of the early extinguishment of the hedged debt obligation, which were recognized in loss on debt extinguishment on the Company's condensed consolidated statements of comprehensive income. The lender waived the prepayment penalty fee. • The Company made a draw of $50,000,000 on its unsecured credit facility. • The Company entered into an interest rate swap agreement to effectively fix London Interbank Offered Rate, or LIBOR, on $20,000,000 of the term loans of the unsecured credit facility. As of March 31, 2016 , $75,000,000 out of $210,000,000 of the term loans of the unsecured credit facility were fixed through interest rate swaps. • As of March 31, 2016 , the Company had a total unencumbered pool availability under the unsecured credit facility of $458,975,000 and an aggregate outstanding principal balance of $343,000,000 . As of March 31, 2016 , $115,975,000 remained available to be drawn on the unsecured credit facility. • As of March 31, 2016 , the Company had six variable rate notes payable that were fixed through interest rate swaps. The principal payments due on the notes payable and unsecured credit facility for the nine months ending December 31, 2016 and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Nine months ending December 31, 2016 $ 22,099 2017 324,049 2018 149,076 2019 170,509 2020 136,160 Thereafter 50,002 $ 851,895

Intangible Lease Liabilities, N

Intangible Lease Liabilities, Net	3 Months Ended
	Mar. 31, 2016
Intangible Lease Liabilities, Net [Abstract]
Intangible Lease Liabilities, Net	Intangible Lease Liabilities, Net Intangible lease liabilities, net, consisted of the following as of March 31, 2016 and December 31, 2015 (amounts in thousands, except weighted average life amounts): March 31, 2016 December 31, 2015 Below-market leases, net of accumulated amortization of $13,381 and $12,437, respectively (with a weighted average remaining life of 17.6 years and 17.7 years, respectively) $ 47,024 $ 47,968 Ground leasehold liabilities, net of accumulated amortization of $208 and $177, respectively (with a weighted average remaining life of 42.9 years and 43.2 years, respectively) 5,117 5,148 $ 52,141 $ 53,116 The aggregate weighted average remaining life of intangible lease liabilities was 20.0 years and 20.2 years as of March 31, 2016 and December 31, 2015 , respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation In the ordinary course of business, the Company may become subject to litigation or claims. As of March 31, 2016 , there were, and currently there are, no material pending legal proceedings to which the Company is a party.

Related-Party Transactions and

Related-Party Transactions and Arrangements	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related-Party Transactions and Arrangements	Related-Party Transactions and Arrangements The Company pays to the Advisor 2.0% of the contract purchase price of each property or asset acquired and 2.0% of the amount advanced with respect to a mortgage loan. For the three months ended March 31, 2016 and 2015 , the Company incurred $0 and $2,419,000 , respectively, in acquisition fees to the Advisor or its affiliates related to investments in real estate. For the three months ended March 31, 2016 and 2015 , the Company incurred $0 and $2,000,000 , respectively, in acquisition fees to the Advisor or its affiliates related to the Preferred Equity Investment. The Company pays the Advisor an annual asset management fee of 0.85% of the aggregate asset value plus costs and expenses incurred by the Advisor in providing asset management services. The fee is payable monthly in an amount equal to 0.07083% of the aggregate asset value as of the last day of the immediately preceding month. For the three months ended March 31, 2016 and 2015 , the Company incurred $4,787,000 and $4,033,000 , respectively, in asset management fees to the Advisor. The Company reimburses the Advisor for all expenses it paid or incurred in connection with the services provided to the Company, subject to certain limitations. The Company will not reimburse the Advisor for personnel costs in connection with services for which the Advisor receives an acquisition and advisory fee or a disposition fee. For the three months ended March 31, 2016 and 2015 , the Advisor allocated $428,000 and $275,000 , respectively, in operating expenses incurred on the Company’s behalf. The Company has no direct employees. The employees of the Advisor and other affiliates provide services to the Company related to acquisitions, property management, asset management, accounting, investor relations, and all other administrative services. If the Advisor or its affiliates provides a substantial amount of services, as determined by a majority of the Company’s independent directors, in connection with the sale of one or more properties, the Company will pay the Advisor a disposition fee up to the lesser of 1.0% of the contract sales price and one-half of the brokerage commission paid if a third party broker is involved. In no event will the combined real estate commission paid to the Advisor, its affiliates and unaffiliated third parties exceed 6.0% of the contract sales price. In addition, after investors have received a return on their net capital contributions and an 8.0% cumulative non-compounded annual return, then the Advisor is entitled to receive 15.0% of the remaining net sale proceeds. For the three months ended March 31, 2016 and 2015 , the Company did not incur a disposition fee or a subordinated participation in net sale proceeds to the Advisor or its affiliates. Upon listing of the Company’s common stock on a national securities exchange, the Company will pay the Advisor a subordinated incentive listing fee equal to 15.0% of the amount by which the market value of the Company’s outstanding stock plus all distributions paid by the Company prior to listing exceeds the sum of the total amount of capital raised from investors and the amount of cash flow necessary to generate an 8.0% cumulative, non-compounded annual return to investors. For the three months ended March 31, 2016 and 2015 , the Company did not incur a subordinated incentive listing fee. Upon termination or non-renewal of the advisory agreement, with or without cause, the Advisor will be entitled to receive distributions from the Operating Partnership equal to 15.0% of the amount by which the sum of the Company’s adjusted market value plus distributions exceeds the sum of the aggregate capital contributed by investors plus an amount equal to an annual 8.0% cumulative, non-compounded return to investors. In addition, the Advisor may elect to defer its right to receive a subordinated distribution upon termination until either shares of the Company’s common stock are listed and traded on a national securities exchange or another liquidity event occurs. For the three months ended March 31, 2016 and 2015 , the Company did not incur any subordinated termination fees to the Advisor or its affiliates. The Company pays Carter Validus Real Estate Management Services, LLC, or the Property Manager, leasing and management fees for the Company’s properties. Such fees equal 3.0% of gross revenues from single-tenant properties and 4.0% of gross revenues from multi-tenant properties. The Company will reimburse the Property Manager and its affiliates for property-level expenses that any of them pay or incur on the Company’s behalf, including salaries, bonuses and benefits of persons employed by the Property Manager and its affiliates, except for the salaries, bonuses and benefits of persons who also serve as one of the Company’s executive officers. The Property Manager and its affiliates may subcontract the performance of their duties to third parties and pay all or a portion of the property management fee to the third parties with whom they contract for these services. If the Company contracts directly with third parties for such services at customary market fees, the Company may pay the Property Manager an oversight fee equal to 1.0% of the gross revenues of the property managed. In no event will the Company pay the Property Manager, the Advisor or its affiliates both a property management fee and an oversight fee with respect to any particular property. The Company will pay the Property Manager a separate fee for the one-time initial rent-up, lease renewals or leasing-up of newly constructed properties in an amount not to exceed the fee customarily charged in arm’s length transactions by others rendering similar services in the same geographic area for similar properties as determined by a survey of brokers and agents in such area. For the three months ended March 31, 2016 and 2015 , the Company incurred $1,287,000 and $1,167,000 , respectively, in property management fees to the Property Manager, which are recorded in rental and parking expenses in the accompanying condensed consolidated statements of comprehensive income . For the three months ended March 31, 2016 and 2015 , the Company did not incur any leasing commissions to the Property Manager. For acting as general contractor and/or construction manager to supervise or coordinate projects or to provide major repairs or rehabilitation on our properties, the Company may pay the Property Manager up to 5.0% of the cost of the projects, repairs and/or rehabilitation, as applicable, or construction management fees. For the three months ended March 31, 2016 and 2015 , the Company incurred $0 and $471,000 , respectively, in construction management fees to the Property Manager. Accounts Payable Due to Affiliates The following amounts were outstanding due to affiliates as of March 31, 2016 and December 31, 2015 (amounts in thousands): Entity Fee March 31, 2016 December 31, 2015 Carter/Validus Advisors, LLC and its affiliates Asset management fees $ 1,600 $ 1,589 Carter Validus Real Estate Management Services, LLC Property management fees 375 401 Carter/Validus Advisors, LLC and its affiliates General, administrative and other costs 198 174 $ 2,173 $ 2,164

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Management reviews the performance of individual properties and aggregates individual properties based on operating criteria into two reportable segments—commercial real estate investments in data centers and healthcare—and makes operating decisions based on these two reportable segments. The Company’s commercial real estate investments in data centers and healthcare are based on certain underwriting assumptions and operating criteria, which are different for data centers and healthcare. There were no intersegment sales or transfers during the three months ended March 31, 2016 and 2015 . The Company evaluates performance based on net operating income of the individual properties in each segment. Net operating income, a non-GAAP financial measure, is defined as total revenues, less rental expenses, which excludes depreciation and amortization, general and administrative expenses, acquisition related expenses, asset management fees, change in fair value of contingent consideration, interest expense, net, loss on debt extinguishment, and other interest and dividend income. The Company believes that segment net operating income serves as a useful supplement to net income because it allows investors and management to measure unlevered property-level operating results and to compare operating results to the operating results of other real estate companies between periods on a consistent basis. Segment net operating income should not be considered as an alternative to net income determined in accordance with GAAP as an indicator of financial performance, and accordingly, the Company believes that in order to facilitate a clear understanding of the consolidated historical operating results, segment net operating income should be examined in conjunction with net income as presented in the accompanying condensed consolidated financial statements and data included elsewhere in this Quarterly Report on Form 10-Q . Real estate-related notes receivable interest income, general and administrative expenses, change in fair value of contingent consideration, acquisition related expenses, asset management fees, depreciation and amortization, other interest and dividend income, loss on debt extinguishment, and interest expense, net are not allocated to individual segments for purposes of assessing segment performance. Non-segment assets primarily consist of corporate assets, including cash and cash equivalents, real estate and escrow deposits, deferred financing costs attributable to the revolving line of credit portion of the Company's unsecured credit facility, real estate-related notes receivable, the Preferred Equity Investment and other assets not attributable to individual properties. Summary information for the reportable segments during the three months ended March 31, 2016 and 2015 , is as follows (amounts in thousands): Data Healthcare Three Months Ended Revenue: Rental, parking and tenant reimbursement revenue $ 28,662 $ 27,949 $ 56,611 Expenses: Rental and parking expenses (4,823 ) (1,816 ) (6,639 ) Segment net operating income $ 23,839 $ 26,133 49,972 Revenue: Real estate-related notes receivable interest income 16 Expenses: General and administrative expenses (1,581 ) Change in fair value of contingent consideration (120 ) Acquisition related expenses — Asset management fees (4,787 ) Depreciation and amortization (16,999 ) Income from operations 26,501 Other income (expense): Other interest and dividend income 2,705 Interest expense, net (9,481 ) Loss on debt extinguishment (1,133 ) Net income $ 18,592 Data Healthcare Three Months Ended Revenue: Rental, parking and tenant reimbursement revenue $ 29,113 $ 22,270 $ 51,383 Expenses: Rental and parking expenses (5,060 ) (2,524 ) (7,584 ) Segment net operating income $ 24,053 $ 19,746 43,799 Revenue: Real estate-related notes receivable interest income 139 Expenses: General and administrative expenses (1,409 ) Change in fair value of contingent consideration (150 ) Acquisition related expenses (3,145 ) Asset management fees (4,033 ) Depreciation and amortization (15,783 ) Income from operations 19,418 Other income (expense): Other interest and dividend income 516 Interest expense, net (6,306 ) Net income $ 13,628 Assets by each reportable segment as of March 31, 2016 and December 31, 2015 are as follows (amounts in thousands): March 31, 2016 December 31, 2015 Assets by segment: Data centers $ 1,093,539 $ 1,097,952 Healthcare 1,135,098 1,124,928 All other 163,515 159,560 Total assets $ 2,392,152 $ 2,382,440 Capital additions and acquisitions by reportable segments for the three months ended March 31, 2016 and 2015 are as follows (amounts in thousands): Three Months Ended 2016 2015 Capital additions and acquisitions by segment: Data centers $ 182 $ 50 Healthcare 10,250 120,069 Total capital additions and acquisitions $ 10,432 $ 120,119

Accounts Payable and Other Liab

Accounts Payable and Other Liabilities	3 Months Ended
	Mar. 31, 2016
Payables and Accruals [Abstract]
Accounts Payable and Other Liabilities	Accounts Payable and Other Liabilities Accounts payable and other liabilities, as of March 31, 2016 and December 31, 2015 , were comprised of the following (amounts in thousands): March 31, 2016 December 31, 2015 Accounts payable and accrued expenses $ 4,997 $ 6,283 Accrued interest expense 2,789 2,905 Accrued property taxes 1,946 1,247 Contingent consideration obligation 5,460 5,340 Distributions payable to stockholders 10,808 10,776 Tenant deposits 1,039 1,039 Deferred rental income 4,918 5,226 Derivative liabilities 6,443 2,641 $ 38,400 $ 35,457

Preferred Equity Investment

Preferred Equity Investment	3 Months Ended
	Mar. 31, 2016
Investments, All Other Investments [Abstract]
Preferred Equity Investment	Preferred Equity Investment During the year ended December 31, 2015, the Company invested an aggregate amount of $127,147,000 in 7.875% Series B Redeemable Cumulative Preferred Stock in a private healthcare real estate corporation, or the Preferred Equity Investment. The Preferred Equity Investment is stated at cost and consisted of a principal amount of $125,000,000 , plus origination costs of $2,772,000 , offset by closing fees of $625,000 . During the three months ended March 31, 2016 and 2015 , the Company recognized dividend income related to the Preferred Equity Investment of approximately $2,461,000 and $438,000 , respectively.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Notes payable – Fixed Rate —The estimated fair value of notes payable – fixed rate measured using quoted prices and observable inputs from similar liabilities (Level 2) was approximately $131,259,000 and $131,984,000 as of March 31, 2016 and December 31, 2015 , respectively, as compared to the outstanding principal of $130,445,000 and $131,233,000 as of March 31, 2016 and December 31, 2015 , respectively. Notes payable – Variable —The estimated fair value of notes payable – variable rate fixed through interest rate swap agreements (Level 2) was approximately $330,973,000 and $364,478,000 as of March 31, 2016 and December 31, 2015 , respectively, as compared to the outstanding principal of $335,730,000 and $369,002,000 as of March 31, 2016 and December 31, 2015 , respectively. The outstanding principal of the notes payable – variable was $42,720,000 and $43,097,000 as of March 31, 2016 and December 31, 2015 , respectively, which approximated their fair value because they are interest rate adjustable. Unsecured credit facility —The outstanding principal of the unsecured credit facility – variable was $268,000,000 and $238,000,000 , which approximated its fair value, as of March 31, 2016 and December 31, 2015 , respectively. The interest on the unsecured credit facility – variable is calculated at LIBOR, plus an applicable margin. The interest rate resets to market on a monthly basis. The fair value of the Company's unsecured credit facility – variable is estimated based on the interest rates currently offered to the Company by financial institutions. The estimated fair value of the unsecured credit facility – variable rate fixed through interest rate swap agreements (Level 2) was approximately $71,349,000 and $52,054,000 as of March 31, 2016 and December 31, 2015 , respectively, as compared to the outstanding principal of $75,000,000 and $55,000,000 as of March 31, 2016 and December 31, 2015 , respectively. Notes receivable —The outstanding principal of the notes receivable approximated the fair value as of March 31, 2016 and December 31, 2015 . The fair value of the Company’s notes receivable is estimated using significant unobservable inputs not based on market activity, but rather through particular valuation techniques (Level 3). The fair value was measured based on the income approach valuation methodology, which requires certain judgments to be made by management. Contingent consideration —The Company has a contingent obligation to pay a former owner in conjunction with a certain acquisition if specified future operational objectives are met over future reporting periods. Liabilities for contingent consideration will be measured at fair value each reporting period, with the acquisition-date fair value included as part of the consideration transferred, and subsequent changes in fair value recorded in earnings as change in fair value of contingent consideration. The estimated fair value of the contingent consideration was $5,460,000 and $5,340,000 as of March 31, 2016 and December 31, 2015 , respectively, which is reported in the accompanying condensed consolidated balance sheets in accounts payable and other liabilities. The Company uses an income approach to value the contingent consideration liability, which is determined based on the present value of probability-weighted future cash flows. The Company has classified the contingent consideration liability as Level 3 of the fair value hierarchy due to the lack of relevant observable market data over fair value inputs such as probability-weighting for payment outcomes. Increases in the assessed likelihood of a high payout under a contingent consideration arrangement contributes to increases in the fair value of the related liability. Conversely, decreases in the assessed likelihood of a higher payout under a contingent consideration arrangement contributes to decreases in the fair value of the related liability. Changes in assumptions could have an impact on the payout of the contingent consideration arrangement with a maximum payout of $8,450,000 and a minimum payout of $0 as of March 31, 2016 . Derivative instruments —Considerable judgment is necessary to develop estimated fair values of financial instruments. Accordingly, the estimates presented herein are not necessarily indicative of the amount the Company could realize, or be liable for, on disposition of the financial instruments. The Company has determined that the majority of the inputs used to value its interest rate swaps fall within Level 2 of the fair value hierarchy. The credit valuation adjustments associated with these instruments utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and the respective counterparty. However, as of March 31, 2016 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions, and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps. As a result, the Company determined that its interest rate swaps valuation in its entirety is classified in Level 2 of the fair value hierarchy. Preferred Equity Investment —The carrying value of the Preferred Equity Investment approximated its fair value as of March 31, 2016 and December 31, 2015 . The fair value of the Preferred Equity Investment is estimated using significant unobservable inputs not based on market activity, but rather through particular valuation techniques (Level 3). The Company calculated the fair value of the Preferred Equity Investment using a dividend discount model, which calculates the present value of the future cash payments, discounted back to the present value using a discount rate that embodies the risk associated with the investment. In accordance with the fair value hierarchy described above, the following table shows the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 (amounts in thousands): March 31, 2016 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ — $ — $ — Total assets at fair value $ — $ — $ — $ — Liabilities: Derivative liabilities $ — $ (6,443 ) $ — $ (6,443 ) Contingent consideration obligation — — (5,460 ) (5,460 ) Total liabilities at fair value $ — $ (6,443 ) $ (5,460 ) $ (11,903 ) December 31, 2015 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ 61 $ — $ 61 Total assets at fair value $ — $ 61 $ — $ 61 Liabilities: Derivative liabilities $ — $ (2,641 ) $ — $ (2,641 ) Contingent consideration obligation — — (5,340 ) (5,340 ) Total liabilities at fair value $ — $ (2,641 ) $ (5,340 ) $ (7,981 ) The following table provides a rollforward of the fair value of recurring Level 3 fair value measurements for the three months ended March 31, 2016 and 2015 (amounts in thousands): Three Months Ended 2016 2015 Liabilities: Contingent consideration obligation: Beginning balance $ 5,340 $ 6,570 Additions to contingent consideration obligation — — Total changes in fair value included in earnings 120 150 Ending balance $ 5,460 $ 6,720 Unrealized (gains) losses still held (1) $ 120 $ 150 (1) Represents the unrealized (gains) losses recorded in earnings or other comprehensive income (loss) during the period for liabilities classified as Level 3 that are still held at the end of the period.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve 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. The effective portion of changes in the fair value of derivatives designated, and that qualify, as cash flow hedges is recorded in accumulated other comprehensive loss in the accompanying condensed consolidated statement of stockholders' equity and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three months ended March 31, 2016 , such derivatives were used to hedge the variable cash flows associated with variable rate debt. The ineffective portion of changes in fair value of the derivatives is recognized directly in earnings. During the three months ended March 31, 2016 , the Company accelerated the reclassification of amounts in other comprehensive income (loss) to earnings as a result of a hedged forecasted transaction becoming probable not to occur due to the related debt extinguishment. The accelerated amount was a loss of $728,000 . During the three months ended March 31, 2015 , no gains or losses were recognized due to ineffectiveness of hedges of interest rate risk. Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable rate debt. During the next twelve months, the Company estimates that an additional $3,184,000 will be reclassified from accumulated other comprehensive loss as an increase to interest expense. See Note 13—"Fair Value" for a further discussion of the fair value of the Company’s derivative instruments. The following table summarizes the notional amount and fair value of the Company’s derivative instruments (amounts in thousands): Derivatives Balance Effective Maturity March 31, 2016 December 31, 2015 Outstanding Fair Value of Outstanding Fair Value of Asset (Liability) Asset (Liability) Interest rate swaps Other assets/Accounts 10/12/2012 to 10/11/2017 to $ 410,730 $ — $ (6,443 ) $ 424,002 $ 61 $ (2,641 ) The notional amount under the agreements is an indication of the extent of the Company’s involvement in each instrument at the time, but does not represent exposure to credit, interest rate or market risks. Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company designated the interest rate swaps as cash flow hedges to hedge the variability of the anticipated cash flows on its variable rate notes payable. The change in fair value of the effective portion of the derivative instrument that is designated as a hedge is recorded in other comprehensive income (loss), or OCI, in the accompanying condensed consolidated statements of comprehensive income . The table below summarizes the amount of losses recognized on interest rate derivatives designated as cash flow hedges for the three months ended March 31, 2016 and 2015 (amounts in thousands): Derivatives in Cash Flow Hedging Relationships Amount of Loss Recognized Location Of Loss Amount of Loss Three Months Ended March 31, 2016 Interest rate swaps $ (5,640 ) Interest expense, net $ (1,777 ) Total $ (5,640 ) $ (1,777 ) Three Months Ended March 31, 2015 Interest rate swaps $ (3,090 ) Interest expense, net $ (878 ) Total $ (3,090 ) $ (878 ) Credit Risk-Related Contingent Features The Company has agreements with each of its derivative counterparties that contain cross-default provisions, whereby if the Company defaults on certain of its unsecured indebtedness, then the Company could also be declared in default on its derivative obligations, resulting in an acceleration of payment thereunder. In addition, the Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company believes it mitigates its credit risk by entering into agreements with creditworthy counterparties. The Company records credit risk valuation adjustments on its interest rate swaps based on the respective credit quality of the Company and the counterparty. As of March 31, 2016 , the fair value of derivatives in a net liability position, including accrued interest but excluding any adjustment for nonperformance risk related to these agreements, was $7,064,000 . As of March 31, 2016 , there was one termination event related to an early interest rate swap termination and no events of default related to the interest rate swaps. Tabular Disclosure Offsetting Derivatives The Company has elected not to offset derivative positions in its condensed consolidated financial statements. The following table presents the effect on the Company’s financial position had the Company made the election to offset its derivative positions as of March 31, 2016 and December 31, 2015 (amounts in thousands): Offsetting of Derivative Assets Gross Amounts Not Offset in the Balance Sheet Gross Gross Amounts Net Amounts of Financial Instruments Cash Collateral Net March 31, 2016 $ — $ — $ — $ — $ — $ — December 31, 2015 $ 61 $ — $ 61 $ (16 ) $ — $ 45 Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Balance Sheet Gross Gross Amounts Net Amounts of Financial Instruments Cash Collateral Net March 31, 2016 $ 6,443 $ — $ 6,443 $ — $ — $ 6,443 December 31, 2015 $ 2,641 $ — $ 2,641 $ (16 ) $ — $ 2,625 The Company reports derivatives in the accompanying condensed consolidated balance sheets as other assets and accounts payable and other liabilities.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The following table presents a rollforward of amounts recognized in accumulated other comprehensive loss, net of noncontrolling interests, by component for the three months ended March 31, 2016 and 2015 (amounts in thousands): Unrealized Loss on Derivative Accumulated Other Balance as of December 31, 2015 $ (2,100 ) $ (2,580 ) Other comprehensive loss before reclassification (5,640 ) (5,640 ) Amount of loss reclassified from accumulated other comprehensive loss to net income (effective portion) 1,777 1,777 Other comprehensive loss (3,863 ) (3,863 ) Balance as of March 31, 2016 $ (5,963 ) $ (6,443 ) Unrealized Loss on Derivative Accumulated Other Balance as of December 31, 2014 $ (1,161 ) $ (1,161 ) Other comprehensive loss before reclassification (2,730 ) (2,730 ) Amount of loss reclassified from accumulated other comprehensive loss to net income (effective portion) 758 758 Other comprehensive loss (1,972 ) (1,972 ) Balance as of March 31, 2015 $ (3,133 ) $ (3,133 ) The following table presents reclassifications out of accumulated other comprehensive loss for the three months ended March 31, 2016 and 2015 (amounts in thousands): Details about Accumulated Other Amounts Reclassified from Affected Line Items in the Consolidated Statements of Comprehensive Three Months Ended 2016 2015 Interest rate swap contracts $ 1,777 $ 878 Interest expense, net

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions Paid On April 1, 2016 , the Company paid aggregate distributions of $10,808,000 ( $5,069,000 in cash and $5,739,000 in shares of the Company’s common stock issued pursuant to the DRIP Offerings), which related to distributions declared for each day in the period from March 1, 2016 through March 31, 2016. On May 2, 2016, the Company paid aggregate distributions of $10,477,000 ( $4,911,000 in cash and $5,566,000 in shares of the Company’s common stock issued pursuant to the DRIP Offerings), which related to distributions declared for each day in the period from April 1, 2016 through April 30, 2016. Distributions Declared On May 5, 2016, the board of directors of the Company approved and declared a distribution to the Company’s stockholders of record as of the close of business on each day of the period commencing on June 1, 2016 and ending on August 31, 2016. The distributions will be calculated based on 366 days in the calendar year and will be equal to $0.001912568 per share of common stock. The distributions declared for each record date in June 2016, July 2016 and August 2016 will be paid in July 2016, August 2016 and September 2016, respectively. The distributions will be payable to stockholders from legally available funds therefor.

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company, the Operating Partnership, all majority-owned subsidiaries and controlled subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. On January 1, 2016, the Company adopted Accounting Standards Update, or ASU, ASU 2015-02, Amendments to the Consolidation Analysis, which amends the current consolidation guidance affecting both the variable interest entity (VIE) and voting interest entity (VOE) consolidation models. The standard does not add or remove any of the characteristics in determining if an entity is a VIE or VOE, but rather enhances the way the Company assesses some of these characteristics. The Company concluded that no change was required to its accounting for its joint venture. However, the Operating Partnership now meets the criteria as a VIE, the Company is the primary beneficiary and, accordingly, the Company continues to consolidate the Operating Partnership. The Company’s sole asset is its investment in the Operating Partnership, and consequently, all of the Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Company’s debt is an obligation of the Operating Partnership.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP necessarily requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. These estimates are made and evaluated on an ongoing basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates.
Concentration of Credit Risk and Significant Leases	Concentration of Credit Risk and Significant Leases As of March 31, 2016 , the Company had cash on deposit, including restricted cash, in certain financial institutions that had deposits in excess of current federally insured levels; however, the Company has not experienced any losses in such accounts. The Company limits its cash investments to financial institutions with high credit standings; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits. To date, the Company has experienced no loss of or lack of access to cash in its accounts. Concentration of credit risk with respect to accounts receivable from tenants is limited. As of March 31, 2016 , the Company owned real estate investments in 44 MSAs, (including one real estate investment owned through a consolidated partnership), three of which accounted for 10.0% or more of rental revenue. Real estate investments located in the Dallas-Ft. Worth-Arlington, Texas MSA, the Chicago-Naperville-Elgin, Illinois-Indiana-Wisconsin MSA and the Houston-The Woodlands-Sugar Land, Texas MSA accounted for an aggregate of 13.1% , 11.6% and 10.1% , respectively, of rental revenue for the three months ended March 31, 2016 . As of March 31, 2016 , the Company had two tenants that accounted for 10.0% or more of rental revenue. The leases with AT&T Services, Inc. and the lease with Bay Area Regional Medical Center, LLC accounted for 12.7% and 10.0% , respectively, of rental revenue for the three months ended March 31, 2016 .
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs are loan fees, legal fees and other third-party costs associated with obtaining financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity unless specific rules are met that would allow for the carryover of such costs to the refinanced debt. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close. On January 1, 2016, the Company adopted ASU 2015-03, Interest — Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, and ASU 2015-15 , Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated With Line-of-Credit Arrangements, or ASUs 2015-03 and 2015-15. According to ASUs 2015-03 and 2015-15, deferred financing costs related to a recognized debt liability in connection with term loans, including the term loan portion of the Company's credit facility, are presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. Deferred financing costs related to the revolving line of credit portion of the Company's unsecured credit facility are presented in the balance sheet as an asset, which is included in other assets on the condensed consolidated balance sheet. As required, the Company retrospectively applied the guidance in ASUs 2015-03 and 2015-15 to the prior period presented, which resulted in a decrease of $6,805,000 in other assets, $4,261,000 in notes payable and $2,544,000 in credit facility on the condensed consolidated balance sheet as of December 31, 2015.
Share Repurchase Program	Share Repurchase Program The Company’s share repurchase program allows for repurchases of shares of the Company’s common stock when certain criteria are met. The share repurchase program provides that all repurchases during any calendar year, including those redeemable upon death or a qualifying disability of a stockholder, are limited to those that can be funded with equivalent reinvestments pursuant to the DRIP Offerings during the prior calendar year and other operating funds, if any, as the board of directors, in its sole discretion, may reserve for this purpose. Repurchases of shares of the Company’s common stock are at the sole discretion of the Company’s board of directors. In addition, the Company’s board of directors, in its sole discretion, may amend, suspend, reduce, terminate or otherwise change the share repurchase program upon 30 days ' prior notice to the Company’s stockholders for any reason it deems appropriate. The share repurchase program provides that the Company will limit the number of shares repurchased during any calendar year to 5.0% of the number of shares of common stock outstanding as of December 31st of the previous calendar year. During the three months ended March 31, 2016 , the Company received valid repurchase requests related to approximately 871,000 shares of common stock, all of which were repurchased in full for an aggregate purchase price of approximately $8,393,000 (an average of $9.64 per share). During the three months ended March 31, 2015 , the Company received valid repurchase requests related to approximately 133,000 shares of common stock, all of which were repurchased in full for an aggregate purchase price of approximately $1,287,000 (an average of $9.68 per share).
Earnings Per Share	Earnings Per Share Basic earnings per share attributable for all periods presented are computed by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Shares of non-vested restricted common stock give rise to potentially dilutive shares of common stock. Diluted earnings per share are computed based on the weighted average number of shares outstanding and all potentially dilutive securities. For the three months ended March 31, 2016 and 2015 , diluted earnings per share reflected the effect of approximately 17,000 and 17,000 , respectively, of non-vested shares of restricted common stock that were outstanding as of such period.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements On May 28, 2014, the Financial Accounting Standards Board, or the FASB, issued ASU 2014-09, Revenue from Contracts with Customers , or ASU 2014-09. The objective of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle, which may require more judgment and estimates within the revenue recognition process than are required under existing GAAP. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606) Deferral of the Effective Date , or ASU 2015-14. ASU 2015-14 defers the effective date of ASU 2014-09 by one year to fiscal years and interim periods beginning after December 15, 2017. Early adoption is permitted as of the original effective date, which was annual reporting periods beginning after December 15, 2016, and the interim periods within that year. On March 17, 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers Principal versus Agent Considerations (Reporting Revenue Gross versus Net), or ASU 2016-08, which clarifies the implementation guidance on principal versus agent considerations in the new revenue recognition standard. ASU 2016-08 clarifies that an entity is a principal when it controls the specified good or service before that good or service is transferred to the customer, and is an agent when it does not control the specified good or service before it is transferred to the customer. The effective date and transition of these amendments is the same as the effective date and transition of ASU 2015-14. The Company is in the process of evaluating the impact ASU 2016-08 will have on the Company’s condensed consolidated financial statements.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current financial statement presentation, with no effect on the Company’s condensed consolidated financial position or results of operations.

Acquired Intangible Assets, N25

Acquired Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2016
Finite-Lived Intangible Assets, Net [Abstract]
Schedule of Acquired Intangible Assets, Net	Acquired intangible assets, net, consisted of the following as of March 31, 2016 and December 31, 2015 (amounts in thousands, except weighted average life amounts): March 31, 2016 December 31, 2015 In-place leases, net of accumulated amortization of $40,490 and $36,260, respectively (with a weighted average remaining life of 14.2 years and 14.3 years, respectively) $ 187,240 $ 191,470 Above-market leases, net of accumulated amortization of $1,035 and $932, respectively (with a weighted average remaining life of 10.9 years and 11.1 years, respectively) 3,325 3,428 Ground lease interest, net of accumulated amortization of $195 and $182, respectively (with a weighted average remaining life of 60.2 years and 60.4 years, respectively) 2,619 2,632 $ 193,184 $ 197,530

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Other Assets [Abstract]
Schedule of Other Assets	Other assets consisted of the following as of March 31, 2016 and December 31, 2015 (amounts in thousands): March 31, 2016 December 31, 2015 Deferred financing costs related to the revolver portion of the unsecured credit facility, net of accumulated amortization of $4,207 and $3,690, respectively $ 2,365 $ 2,854 Lease commissions, net of accumulated amortization of $313 and $227, respectively 4,103 4,194 Investments in unconsolidated partnerships 103 100 Tenant receivable 6,056 5,318 Notes receivable 14,619 13,000 Real estate-related notes receivable 514 514 Straight-line rent receivable 54,806 47,807 Restricted cash held in escrow 14,896 13,661 Real estate escrow deposits — 450 Restricted cash 1,151 882 Derivative assets — 61 Prepaid and other assets 3,710 4,207 $ 102,323 $ 93,048

Future Minimum Rent (Tables)

Future Minimum Rent (Tables)	3 Months Ended
	Mar. 31, 2016
Leases [Abstract]
Schedule of Future Minimum Rental Revenue from Non-Cancelable Operating Leases	The future minimum rental revenue from the Company’s investments in real estate assets under non-cancelable operating leases, including optional renewal periods for which exercise is reasonably assured, for the nine months ending December 31, 2016 and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Nine months ending December 31, 2016 $ 136,385 2017 184,728 2018 187,883 2019 190,685 2020 191,616 Thereafter 1,763,384 $ 2,654,681
Schedule of Future Minimum Rental Payments Under Non-Cancelable Ground Leases	The future minimum rent obligations under non-cancelable ground leases for the nine months ending December 31, 2016 and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Nine months ending December 31, 2016 $ 525 2017 700 2018 702 2019 746 2020 746 Thereafter 37,836 $ 41,255

Notes Payable and Unsecured C28

Notes Payable and Unsecured Credit Facility (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of Debt Outstanding	The Company's debt outstanding as of March 31, 2016 and December 31, 2015 consisted of the following (amounts in thousands): March 31, 2016 December 31, 2015 Notes payable: Fixed rate notes payable $ 130,445 $ 131,233 Variable rate notes payable fixed through interest rate swaps 335,730 369,002 Variable rate notes payable 42,720 43,097 Total notes payable, principal amount outstanding 508,895 543,332 Unamortized deferred financing costs related to notes payable (3,484 ) (4,261 ) Total notes payable, net of deferred financing costs 505,411 539,071 Unsecured credit facility: Revolving line of credit 133,000 83,000 Term loan 210,000 210,000 Total unsecured credit facility, principal amount outstanding 343,000 293,000 Unamortized deferred financing costs related to unsecured credit facility (2,350 ) (2,544 ) Total unsecured credit facility, net of deferred financing costs 340,650 290,456 Total debt outstanding $ 846,061 $ 829,527
Schedule of Future Principal Payments Due on Notes Payable and Unsecured Credit Facility	The principal payments due on the notes payable and unsecured credit facility for the nine months ending December 31, 2016 and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Nine months ending December 31, 2016 $ 22,099 2017 324,049 2018 149,076 2019 170,509 2020 136,160 Thereafter 50,002 $ 851,895

Intangible Lease Liabilities,29

Intangible Lease Liabilities, Net (Tables)	3 Months Ended
	Mar. 31, 2016
Intangible Lease Liabilities, Net [Abstract]
Schedule of Intangible Lease Liabilities, Net	Intangible lease liabilities, net, consisted of the following as of March 31, 2016 and December 31, 2015 (amounts in thousands, except weighted average life amounts): March 31, 2016 December 31, 2015 Below-market leases, net of accumulated amortization of $13,381 and $12,437, respectively (with a weighted average remaining life of 17.6 years and 17.7 years, respectively) $ 47,024 $ 47,968 Ground leasehold liabilities, net of accumulated amortization of $208 and $177, respectively (with a weighted average remaining life of 42.9 years and 43.2 years, respectively) 5,117 5,148 $ 52,141 $ 53,116

Related-Party Transactions an30

Related-Party Transactions and Arrangements (Tables)	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Schedule of Accounts Payable Due to Affiliates	The following amounts were outstanding due to affiliates as of March 31, 2016 and December 31, 2015 (amounts in thousands): Entity Fee March 31, 2016 December 31, 2015 Carter/Validus Advisors, LLC and its affiliates Asset management fees $ 1,600 $ 1,589 Carter Validus Real Estate Management Services, LLC Property management fees 375 401 Carter/Validus Advisors, LLC and its affiliates General, administrative and other costs 198 174 $ 2,173 $ 2,164

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of Information for Reportable Segments	Summary information for the reportable segments during the three months ended March 31, 2016 and 2015 , is as follows (amounts in thousands): Data Healthcare Three Months Ended Revenue: Rental, parking and tenant reimbursement revenue $ 28,662 $ 27,949 $ 56,611 Expenses: Rental and parking expenses (4,823 ) (1,816 ) (6,639 ) Segment net operating income $ 23,839 $ 26,133 49,972 Revenue: Real estate-related notes receivable interest income 16 Expenses: General and administrative expenses (1,581 ) Change in fair value of contingent consideration (120 ) Acquisition related expenses — Asset management fees (4,787 ) Depreciation and amortization (16,999 ) Income from operations 26,501 Other income (expense): Other interest and dividend income 2,705 Interest expense, net (9,481 ) Loss on debt extinguishment (1,133 ) Net income $ 18,592 Data Healthcare Three Months Ended Revenue: Rental, parking and tenant reimbursement revenue $ 29,113 $ 22,270 $ 51,383 Expenses: Rental and parking expenses (5,060 ) (2,524 ) (7,584 ) Segment net operating income $ 24,053 $ 19,746 43,799 Revenue: Real estate-related notes receivable interest income 139 Expenses: General and administrative expenses (1,409 ) Change in fair value of contingent consideration (150 ) Acquisition related expenses (3,145 ) Asset management fees (4,033 ) Depreciation and amortization (15,783 ) Income from operations 19,418 Other income (expense): Other interest and dividend income 516 Interest expense, net (6,306 ) Net income $ 13,628
Schedule of Assets by Reportable Segments	Assets by each reportable segment as of March 31, 2016 and December 31, 2015 are as follows (amounts in thousands): March 31, 2016 December 31, 2015 Assets by segment: Data centers $ 1,093,539 $ 1,097,952 Healthcare 1,135,098 1,124,928 All other 163,515 159,560 Total assets $ 2,392,152 $ 2,382,440
Schedule of Capital Additions and Acquisitions by Reportable Segments	Capital additions and acquisitions by reportable segments for the three months ended March 31, 2016 and 2015 are as follows (amounts in thousands): Three Months Ended 2016 2015 Capital additions and acquisitions by segment: Data centers $ 182 $ 50 Healthcare 10,250 120,069 Total capital additions and acquisitions $ 10,432 $ 120,119

Accounts Payable and Other Li32

Accounts Payable and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Other Liabilities	Accounts payable and other liabilities, as of March 31, 2016 and December 31, 2015 , were comprised of the following (amounts in thousands): March 31, 2016 December 31, 2015 Accounts payable and accrued expenses $ 4,997 $ 6,283 Accrued interest expense 2,789 2,905 Accrued property taxes 1,946 1,247 Contingent consideration obligation 5,460 5,340 Distributions payable to stockholders 10,808 10,776 Tenant deposits 1,039 1,039 Deferred rental income 4,918 5,226 Derivative liabilities 6,443 2,641 $ 38,400 $ 35,457

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	In accordance with the fair value hierarchy described above, the following table shows the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 (amounts in thousands): March 31, 2016 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ — $ — $ — Total assets at fair value $ — $ — $ — $ — Liabilities: Derivative liabilities $ — $ (6,443 ) $ — $ (6,443 ) Contingent consideration obligation — — (5,460 ) (5,460 ) Total liabilities at fair value $ — $ (6,443 ) $ (5,460 ) $ (11,903 ) December 31, 2015 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ 61 $ — $ 61 Total assets at fair value $ — $ 61 $ — $ 61 Liabilities: Derivative liabilities $ — $ (2,641 ) $ — $ (2,641 ) Contingent consideration obligation — — (5,340 ) (5,340 ) Total liabilities at fair value $ — $ (2,641 ) $ (5,340 ) $ (7,981 )
Schedule of Reconciliation of Fair Value of Recurring Level 3 Fair Value Measurements	The following table provides a rollforward of the fair value of recurring Level 3 fair value measurements for the three months ended March 31, 2016 and 2015 (amounts in thousands): Three Months Ended 2016 2015 Liabilities: Contingent consideration obligation: Beginning balance $ 5,340 $ 6,570 Additions to contingent consideration obligation — — Total changes in fair value included in earnings 120 150 Ending balance $ 5,460 $ 6,720 Unrealized (gains) losses still held (1) $ 120 $ 150 (1) Represents the unrealized (gains) losses recorded in earnings or other comprehensive income (loss) during the period for liabilities classified as Level 3 that are still held at the end of the period.

Derivative Instruments and He34

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of the Notional Amount and Fair Value of Derivative Instruments	The following table summarizes the notional amount and fair value of the Company’s derivative instruments (amounts in thousands): Derivatives Balance Effective Maturity March 31, 2016 December 31, 2015 Outstanding Fair Value of Outstanding Fair Value of Asset (Liability) Asset (Liability) Interest rate swaps Other assets/Accounts 10/12/2012 to 10/11/2017 to $ 410,730 $ — $ (6,443 ) $ 424,002 $ 61 $ (2,641 )
Schedule of Losses Recognized on Derivative Instruments	The table below summarizes the amount of losses recognized on interest rate derivatives designated as cash flow hedges for the three months ended March 31, 2016 and 2015 (amounts in thousands): Derivatives in Cash Flow Hedging Relationships Amount of Loss Recognized Location Of Loss Amount of Loss Three Months Ended March 31, 2016 Interest rate swaps $ (5,640 ) Interest expense, net $ (1,777 ) Total $ (5,640 ) $ (1,777 ) Three Months Ended March 31, 2015 Interest rate swaps $ (3,090 ) Interest expense, net $ (878 ) Total $ (3,090 ) $ (878 )
Schedule of Offsetting of Derivative Assets	The following table presents the effect on the Company’s financial position had the Company made the election to offset its derivative positions as of March 31, 2016 and December 31, 2015 (amounts in thousands): Offsetting of Derivative Assets Gross Amounts Not Offset in the Balance Sheet Gross Gross Amounts Net Amounts of Financial Instruments Cash Collateral Net March 31, 2016 $ — $ — $ — $ — $ — $ — December 31, 2015 $ 61 $ — $ 61 $ (16 ) $ — $ 45
Schedule of Offsetting of Derivative Liabilities	Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Balance Sheet Gross Gross Amounts Net Amounts of Financial Instruments Cash Collateral Net March 31, 2016 $ 6,443 $ — $ 6,443 $ — $ — $ 6,443 December 31, 2015 $ 2,641 $ — $ 2,641 $ (16 ) $ — $ 2,625

Accumulated Other Comprehensi35

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss, Net of Noncontrolling Interests	The following table presents a rollforward of amounts recognized in accumulated other comprehensive loss, net of noncontrolling interests, by component for the three months ended March 31, 2016 and 2015 (amounts in thousands): Unrealized Loss on Derivative Accumulated Other Balance as of December 31, 2015 $ (2,100 ) $ (2,580 ) Other comprehensive loss before reclassification (5,640 ) (5,640 ) Amount of loss reclassified from accumulated other comprehensive loss to net income (effective portion) 1,777 1,777 Other comprehensive loss (3,863 ) (3,863 ) Balance as of March 31, 2016 $ (5,963 ) $ (6,443 ) Unrealized Loss on Derivative Accumulated Other Balance as of December 31, 2014 $ (1,161 ) $ (1,161 ) Other comprehensive loss before reclassification (2,730 ) (2,730 ) Amount of loss reclassified from accumulated other comprehensive loss to net income (effective portion) 758 758 Other comprehensive loss (1,972 ) (1,972 ) Balance as of March 31, 2015 $ (3,133 ) $ (3,133 )
Schedule of Reclassifications Out of Accumulated Other Comprehensive Loss	The following table presents reclassifications out of accumulated other comprehensive loss for the three months ended March 31, 2016 and 2015 (amounts in thousands): Details about Accumulated Other Amounts Reclassified from Affected Line Items in the Consolidated Statements of Comprehensive Three Months Ended 2016 2015 Interest rate swap contracts $ 1,777 $ 878 Interest expense, net

Organization and Business Ope36

Organization and Business Operations (Details)	Mar. 31, 2016USD ($)real_estate_investmentpropertymetropolitan$ / sharesshares	Mar. 31, 2016USD ($)real_estate_investmentsegmentpropertymetropolitan$ / sharesshares	Mar. 31, 2015USD ($)	Dec. 31, 2015$ / sharesshares	Nov. 25, 2015USD ($)$ / sharesshares
Organization and Business Operations [Line Items]
Number of reportable business segments | segment		2
Number of Company owned real estate investments | real_estate_investment	48	48
Number of Company owned properties | property	79	79
Number of metropolitan statistical areas in which Company owns real estate investments | metropolitan	44	44
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01		$ 0.01
Common stock, shares authorized | shares	300,000,000	300,000,000		300,000,000
Redemption of common stock		$ 8,393,000	$ 1,287,000
Second DRIP Offering [Member]
Organization and Business Operations [Line Items]
Common stock, shares authorized | shares					10,473,946
Share price (in dollars per share) | $ / shares					$ 9.5475
Common stock offering, value authorized					$ 100,000,000
Initial Public Offering and DRIP Offerings [Member]
Organization and Business Operations [Line Items]
Common stock offering, shares issued | shares	184,449,000
Common stock offering, gross proceeds raised	$ 1,828,766,000
Redemption of common stock	22,920,000
Offering costs, selling commissions and dealer manager fees	$ 174,785,000
Private Healthcare Real Estate Corporation [Member] | Series B Redeemable Cumulative Preferred Stock [Member]
Organization and Business Operations [Line Items]
Preferred equity investment, dividend rate percentage		7.875%
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Consolidated Partnership [Member]
Organization and Business Operations [Line Items]
Number of Company owned real estate investments | real_estate_investment	1	1

Summary of Significant Accoun37

Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)tenantsreal_estate_investmentmetropolitan$ / sharesshares	Mar. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2015USD ($)
Summary of Significant Accounting Policies [Line Items]
Number of metropolitan statistical areas in which Company owns real estate investments | metropolitan	44
Number of Company owned real estate investments | real_estate_investment	48
Deferred financing costs, net	$ 2,365		$ 2,854
Notes payable, deferred financing costs	3,484		4,261
Credit facility, deferred financing costs	$ 2,350		2,544
Period of notice required for changes to share repurchase program	30 days
Maximum number of shares available for repurchase during any calendar year, as percentage of common stock outstanding at end of prior year	5.00%
Repurchase of common stock	$ 8,393	$ 1,287
Repurchase of common stock, average price per share (in dollars per share) | $ / shares	$ 9.64	$ 9.68
Diluted earnings per share outstanding adjustment (in shares) | shares	17,000	17,000
ASU 2015-03 [Member]
Summary of Significant Accounting Policies [Line Items]
Deferred financing costs, net			6,805
Notes payable, deferred financing costs			4,261
Credit facility, deferred financing costs			$ 2,544
Common Stock [Member]
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares) | shares	870,642	132,915
Repurchase of common stock	$ 9
Rental Revenue [Member] | Geographic Concentration Risk [Member]
Summary of Significant Accounting Policies [Line Items]
Number of metropolitan statistical areas in which Company owns real estate investments | metropolitan	3
Rental Revenue [Member] | Geographic Concentration Risk [Member] | Dallas-Ft. Worth-Arlington, Texas MSA [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration risk, percentage	13.10%
Rental Revenue [Member] | Geographic Concentration Risk [Member] | Chicago-Naperville-Elgin, Illinois-Indiana-Wisconsin MSA [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration risk, percentage	11.60%
Rental Revenue [Member] | Geographic Concentration Risk [Member] | Houston-The Woodlands-Sugar Land, Texas MSA [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration risk, percentage	10.10%
Rental Revenue [Member] | Customer Concentration Risk [Member]
Summary of Significant Accounting Policies [Line Items]
Number of tenants | tenants	2
Rental Revenue [Member] | Customer Concentration Risk [Member] | AT&T Services, Inc. [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration risk, percentage	12.70%
Rental Revenue [Member] | Customer Concentration Risk [Member] | Bay Area Regional Medical Center, LLC [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration risk, percentage	10.00%
Consolidated Partnership [Member]
Summary of Significant Accounting Policies [Line Items]
Number of Company owned real estate investments | real_estate_investment	1

Acquired Intangible Assets, N38

Acquired Intangible Assets, Net (Schedule of Acquired Intangible Assets, Net) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, net of accumulated amortization	$ 193,184	$ 197,530
Acquired intangible asset, accumulated amortization	$ 41,720	$ 37,374
Acquired intangible asset, weighted average remaining life	14 years 8 months 12 days	14 years 10 months 24 days
In-place leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, net of accumulated amortization	$ 187,240	$ 191,470
Acquired intangible asset, accumulated amortization	$ 40,490	$ 36,260
Acquired intangible asset, weighted average remaining life	14 years 2 months 12 days	14 years 3 months 18 days
Above-market leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, net of accumulated amortization	$ 3,325	$ 3,428
Acquired intangible asset, accumulated amortization	$ 1,035	$ 932
Acquired intangible asset, weighted average remaining life	10 years 10 months 24 days	11 years 1 month 6 days
Ground lease interest [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, net of accumulated amortization	$ 2,619	$ 2,632
Acquired intangible asset, accumulated amortization	$ 195	$ 182
Acquired intangible asset, weighted average remaining life	60 years 2 months 12 days	60 years 4 months 24 days

Other Assets (Schedule of Other

Other Assets (Schedule of Other Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Other Assets [Abstract]
Deferred financing costs related to the revolver portion of the unsecured credit facility, net of accumulated amortization of $4,207 and $3,690, respectively	$ 2,365	$ 2,854
Lease commissions, net of accumulated amortization of $313 and $227, respectively	4,103	4,194
Investments in unconsolidated partnerships	103	100
Tenant receivable	6,056	5,318
Notes receivable	14,619	13,000
Real estate-related notes receivable	514	514
Straight-line rent receivable	54,806	47,807
Restricted cash held in escrow	14,896	13,661
Real estate escrow deposits	0	450
Restricted cash	1,151	882
Derivative assets	0	61
Prepaid and other assets	3,710	4,207
Total other assets	102,323	93,048
Deferred financing costs, accumulated amortization	4,207	3,690
Lease commissions, accumulated amortization	$ 313	$ 227

Future Minimum Rent (Schedule o

Future Minimum Rent (Schedule of Future Minimum Rental Revenue from Non-Cancelable Operating Leases) (Details) $ in Thousands	Mar. 31, 2016USD ($)
Leases [Abstract]
Nine months ending December 31, 2016	$ 136,385
2,017	184,728
2,018	187,883
2,019	190,685
2,020	191,616
Thereafter	1,763,384
Total	$ 2,654,681

Future Minimum Rent (Schedule41

Future Minimum Rent (Schedule of Future Minimum Rental Payments Under Non-Cancelable Ground Leases) (Details) $ in Thousands	Mar. 31, 2016USD ($)
Leases [Abstract]
Nine months ending December 31, 2016	$ 525
2,017	700
2,018	702
2,019	746
2,020	746
Thereafter	37,836
Total	$ 41,255

Notes Payable and Unsecured C42

Notes Payable and Unsecured Credit Facility (Narrative) (Details) $ in Thousands	Mar. 30, 2016USD ($)loan	Mar. 31, 2016USD ($)loan	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Payments on notes payable		$ 34,437	$ 2,707
Extinguishment of debt, loss on hedged debt obligation		728
Proceeds from credit facility		50,000	$ 150,000
Credit facility, outstanding principal balance		343,000		$ 293,000
Credit facility, total unencumbered pool availability		458,975
Credit facility, amount remaining to be drawn		115,975
Term Loan [Member]
Debt Instrument [Line Items]
Unsecured credit facility, swap agreement amount		20,000
Credit facility, outstanding principal balance		210,000		210,000
Note Payable One [Member]
Debt Instrument [Line Items]
Number of notes payable paid off | loan	1
Payments on notes payable	$ 31,167
Notes payable, fixed interest rate through interest rate swap agreement	6.19%
Notes payable, maturity date	Feb. 25, 2019
Extinguishment of debt, write-off of unamortized deferred financing costs		343
Extinguishment of debt, termination fees		62
Extinguishment of debt, loss on hedged debt obligation		728
Variable Rate Debt, Subject To Interest Rate Swap [Member]
Debt Instrument [Line Items]
Credit facility, outstanding principal balance		$ 75,000		$ 55,000
Number of notes payable | loan		6
Variable Rate Debt, Subject To Interest Rate Swap [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Credit facility, outstanding principal balance		$ 75,000

Notes Payable and Unsecured C43

Notes Payable and Unsecured Credit Facility (Schedule of Debt Outstanding) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Notes payable:
Notes payable, principal amount outstanding	$ 508,895	$ 543,332
Unamortized deferred financing costs related to notes payable	(3,484)	(4,261)
Notes payable, net of deferred financing costs	505,411	539,071
Unsecured credit facility:
Unsecured credit facility, principal amount outstanding	343,000	293,000
Unamortized deferred financing costs related to unsecured credit facility	(2,350)	(2,544)
Unsecured credit facility, net of deferred financing costs	340,650	290,456
Total debt outstanding	846,061	829,527
Revolving Line of Credit [Member]
Unsecured credit facility:
Unsecured credit facility, principal amount outstanding	133,000	83,000
Term Loan [Member]
Unsecured credit facility:
Unsecured credit facility, principal amount outstanding	210,000	210,000
Fixed Rate [Member]
Notes payable:
Notes payable, principal amount outstanding	130,445	131,233
Variable Rate Debt, Subject To Interest Rate Swap [Member]
Notes payable:
Notes payable, principal amount outstanding	335,730	369,002
Unsecured credit facility:
Unsecured credit facility, principal amount outstanding	75,000	55,000
Variable Rate Debt, Subject To Interest Rate Swap [Member] | Term Loan [Member]
Unsecured credit facility:
Unsecured credit facility, principal amount outstanding	75,000
Variable Rate [Member]
Notes payable:
Notes payable, principal amount outstanding	42,720	43,097
Unsecured credit facility:
Unsecured credit facility, principal amount outstanding	$ 268,000	$ 238,000

Notes Payable and Unsecured C44

Notes Payable and Unsecured Credit Facility (Schedule of Future Principal Payments Due on Notes Payable and Unsecured Credit Facility) (Details) $ in Thousands	Mar. 31, 2016USD ($)
Debt Disclosure [Abstract]
Nine months ending December 31, 2016	$ 22,099
2,017	324,049
2,018	149,076
2,019	170,509
2,020	136,160
Thereafter	50,002
Total	$ 851,895

Intangible Lease Liabilities,45

Intangible Lease Liabilities, Net (Schedule of Intangible Lease Liabilities, Net) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Intangible Lease Liabilities, Net [Abstract]
Below-market leases, net of accumulated amortization of $13,381 and $12,437, respectively (with a weighted average remaining life of 17.6 years and 17.7 years, respectively)	$ 47,024	$ 47,968
Ground leasehold liabilities, net of accumulated amortization of $208 and $177, respectively (with a weighted average remaining life of 42.9 years and 43.2 years, respectively)	5,117	5,148
Total intangible lease liabilities, net	52,141	53,116
Below-market leases, accumulated amortization	$ 13,381	$ 12,437
Below-market leases, weighted average remaining life	17 years 7 months 6 days	17 years 8 months 12 days
Ground leasehold liabilities, accumulated amortization	$ 208	$ 177
Ground leasehold liabilities, weighted average remaining life	42 years 10 months 24 days	43 years 2 months 12 days
Intangible lease liabilities, weighted average remaining life	20 years	20 years 2 months 12 days

Commitments and Contingencies (

Commitments and Contingencies (Details)	Mar. 31, 2016case
Commitments and Contingencies Disclosure [Abstract]
Number of material pending legal proceedings to which the Company is a party	0

Related-Party Transactions an47

Related-Party Transactions and Arrangements (Narrative) (Details)	3 Months Ended
	Mar. 31, 2016USD ($)employeeproperty	Mar. 31, 2015USD ($)
Related Party Transaction [Line Items]
Asset management fees incurred	$ 4,787,000	$ 4,033,000
Number of direct employees | employee	0
Cumulative non-compounded annual return rate to investors, as a percent	8.00%
Carter/Validus Advisors, LLC [Member]
Related Party Transaction [Line Items]
Acquisition fee, as percentage of contract purchase price of each property or asset acquired	2.00%
Acquisition fee, as percentage of amount advanced on mortgage loan	2.00%
Annual asset management fee, as percentage of aggregate asset value plus costs and expenses incurred by Advisor	0.85%
Monthly asset management fee, as percentage of aggregate asset value as of the last day of the immediately preceding month	0.07083%
Asset management fees incurred	$ 4,787,000	4,033,000
Operating expenses allocated to the Company by the advisor	$ 428,000	275,000
Percentage of remaining net sales proceeds Advisor will receive after investors receive return	15.00%
Listing fee percentage	15.00%
Distribution percentage upon termination of Advisory agreement	15.00%
Carter/Validus Advisors, LLC And/Or Its Affiliates [Member]
Related Party Transaction [Line Items]
Acquisition fees incurred related to investments in real estate	$ 0	2,419,000
Acquisition fees incurred related to preferred equity investment	$ 0	2,000,000
Minimum number of properties required to be sold to incur brokerage commission | property	1
Maximum brokerage commission paid by Company, as percentage of contract sales price	6.00%
Disposition fees incurred	$ 0	0
Subordinated participation in net sale proceeds	0	0
Subordinated incentive listing fees incurred	0	0
Subordinated termination fees	$ 0	0
Carter/Validus Advisors, LLC And/Or Its Affiliates [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Disposition fee, as percentage of contract sales price	1.00%
Percentage of brokerage commission paid by Company for properties sold that required a substantial amount of services	50.00%
Carter Validus Real Estate Management Services, LLC [Member]
Related Party Transaction [Line Items]
Leasing and management fees, as percentage of gross revenues from single-tenant properties	3.00%
Leasing and management fees, as percentage of gross revenues from multi-tenant properties	4.00%
Oversight fee, as percentage of gross revenues from properties managed	1.00%
Property management fees incurred	$ 1,287,000	1,167,000
Leasing commissions incurred	0	0
Construction management fees	$ 0	$ 471,000
Carter Validus Real Estate Management Services, LLC [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Construction management fee, as percentage of cost of project	5.00%

Related-Party Transactions An48

Related-Party Transactions And Arrangements (Schedule of Accounts Payable Due to Affiliates) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Accounts payable due to affiliates	$ 2,173	$ 2,164
Carter/Validus Advisors, LLC And/Or Its Affiliates [Member] | Asset Management Fees [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	1,600	1,589
Carter/Validus Advisors, LLC And/Or Its Affiliates [Member] | General, Administrative and Other Costs [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	198	174
Carter Validus Real Estate Management Services, LLC [Member] | Property Management Fees [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	$ 375	$ 401

Segment Reporting (Narrative) (

Segment Reporting (Narrative) (Details)	3 Months Ended
	Mar. 31, 2016USD ($)segment	Mar. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Number of reportable business segments | segment	2
Revenue	$ 56,627,000	$ 51,522,000
Intersegment Elimination [Member]
Segment Reporting Information [Line Items]
Revenue	$ 0	$ 0

Segment Reporting (Schedule of

Segment Reporting (Schedule of Information for Reportable Segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information [Line Items]
Rental and parking expenses	$ (6,639)	$ (7,584)
Income from operations	26,501	19,418
Real estate-related notes receivables interest income (expense)	16	139
General and administrative expenses	(1,581)	(1,409)
Change in fair value of contingent consideration	(120)	(150)
Acquisition related expenses	0	(3,145)
Asset management fees	(4,787)	(4,033)
Depreciation and amortization	(16,999)	(15,783)
Other interest and dividend income	2,705	516
Interest expense, net	(9,481)	(6,306)
Loss on debt extinguishment	(1,133)	0
Net income	18,592	13,628
Operating Segments [Member]
Segment Reporting Information [Line Items]
Rental, parking and tenant reimbursement revenue	56,611	51,383
Rental and parking expenses	(6,639)	(7,584)
Income from operations	49,972	43,799
Operating Segments [Member] | Data Centers [Member]
Segment Reporting Information [Line Items]
Rental, parking and tenant reimbursement revenue	28,662	29,113
Rental and parking expenses	(4,823)	(5,060)
Income from operations	23,839	24,053
Operating Segments [Member] | Healthcare [Member]
Segment Reporting Information [Line Items]
Rental, parking and tenant reimbursement revenue	27,949	22,270
Rental and parking expenses	(1,816)	(2,524)
Income from operations	$ 26,133	$ 19,746

Segment Reporting (Schedule o51

Segment Reporting (Schedule of Assets by Reportable Segments) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets by segment [Line Items]
Total assets	$ 2,392,152	$ 2,382,440
Operating Segments [Member] | Data Centers [Member]
Assets by segment [Line Items]
Total assets	1,093,539	1,097,952
Operating Segments [Member] | Healthcare [Member]
Assets by segment [Line Items]
Total assets	1,135,098	1,124,928
All Other [Member]
Assets by segment [Line Items]
Total assets	$ 163,515	$ 159,560

Segment Reporting (Schedule o52

Segment Reporting (Schedule of Capital Additions and Acquisitions by Reportable Segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Capital additions and acquisitions by segment [Line Items]
Total capital additions and acquisitions	$ 10,432	$ 120,119
Operating Segments [Member] | Data Centers [Member]
Capital additions and acquisitions by segment [Line Items]
Total capital additions and acquisitions	182	50
Operating Segments [Member] | Healthcare [Member]
Capital additions and acquisitions by segment [Line Items]
Total capital additions and acquisitions	$ 10,250	$ 120,069

Accounts Payable and Other Li53

Accounts Payable and Other Liabilities (Schedule of Accounts Payable and Other Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Payables and Accruals [Abstract]
Accounts payable and accrued expenses	$ 4,997	$ 6,283
Accrued interest expense	2,789	2,905
Accrued property taxes	1,946	1,247
Contingent consideration obligation	5,460	5,340
Distributions payable to stockholders	10,808	10,776
Tenant deposits	1,039	1,039
Deferred rental income	4,918	5,226
Derivative liabilities	6,443	2,641
Accounts payable and other liabilities	$ 38,400	$ 35,457

Preferred Equity Investment (De

Preferred Equity Investment (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Preferred Equity Investment [Line Items]
Preferred equity investment, aggregate amount invested	$ 0	$ 101,637
Preferred equity investment, dividend income	$ 2,705	516
Series B Redeemable Cumulative Preferred Stock [Member] | Private Healthcare Real Estate Corporation [Member]
Preferred Equity Investment [Line Items]
Preferred equity investment, aggregate amount invested			$ 127,147
Preferred equity investment, dividend rate percentage	7.875%
Preferred equity investment, principal amount	$ 125,000
Preferred equity investment, origination costs	2,772
Preferred equity investment, closing fee	625
Preferred equity investment, dividend income	$ 2,461	$ 438

Fair Value (Narrative) (Details

Fair Value (Narrative) (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Fair Value [Line Items]
Notes payable, outstanding principal balance	$ 508,895,000	$ 543,332,000
Credit facility, outstanding principal balance	343,000,000	293,000,000
Contingent consideration obligations, fair value and carrying value	5,460,000	5,340,000
Contingent consideration obligations, maximum payout	8,450,000
Contingent consideration obligations, minimum payout	0
Fixed Rate [Member]
Fair Value [Line Items]
Notes payable, outstanding principal balance	130,445,000	131,233,000
Variable Rate Debt, Subject To Interest Rate Swap [Member]
Fair Value [Line Items]
Notes payable, outstanding principal balance	335,730,000	369,002,000
Credit facility, outstanding principal balance	75,000,000	55,000,000
Variable Rate [Member]
Fair Value [Line Items]
Notes payable, outstanding principal balance	42,720,000	43,097,000
Credit facility, outstanding principal balance	268,000,000	238,000,000
Significant Other Observable Inputs (Level 2) [Member] | Estimated Fair Value [Member] | Fixed Rate [Member]
Fair Value [Line Items]
Notes payable, fair value disclosure	131,259,000	131,984,000
Significant Other Observable Inputs (Level 2) [Member] | Estimated Fair Value [Member] | Variable Rate Debt, Subject To Interest Rate Swap [Member]
Fair Value [Line Items]
Notes payable, fair value disclosure	330,973,000	364,478,000
Credit facility, fair value disclosure	$ 71,349,000	$ 52,054,000

Fair Value (Schedule of Fair Va

Fair Value (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets:
Derivative assets	$ 0	$ 61
Liabilities:
Derivative liabilities	(6,443)	(2,641)
Contingent consideration obligation	(5,460)	(5,340)
Recurring Basis [Member]
Assets:
Derivative assets	0	61
Total assets at fair value	0	61
Liabilities:
Derivative liabilities	(6,443)	(2,641)
Contingent consideration obligation	(5,460)	(5,340)
Total liabilities at fair value	(11,903)	(7,981)
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring Basis [Member]
Assets:
Derivative assets	0	0
Total assets at fair value	0	0
Liabilities:
Derivative liabilities	0	0
Contingent consideration obligation	0	0
Total liabilities at fair value	0	0
Significant Other Observable Inputs (Level 2) [Member] | Recurring Basis [Member]
Assets:
Derivative assets	0	61
Total assets at fair value	0	61
Liabilities:
Derivative liabilities	(6,443)	(2,641)
Contingent consideration obligation	0	0
Total liabilities at fair value	(6,443)	(2,641)
Significant Unobservable Inputs (Level 3) [Member] | Recurring Basis [Member]
Assets:
Derivative assets	0	0
Total assets at fair value	0	0
Liabilities:
Derivative liabilities	0	0
Contingent consideration obligation	(5,460)	(5,340)
Total liabilities at fair value	$ (5,460)	$ (5,340)

Fair Value (Schedule of Reconci

Fair Value (Schedule of Reconciliation of Fair Value of Recurring Level 3 Fair Value Measurements) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		$ 5,340	$ 6,570
Additions to contingent consideration obligation		0	0
Total changes in fair value included in earnings		120	150
Ending balance		5,460	6,720
Unrealized (gains) losses still held	[1]	$ 120	$ 150
[1]	Represents the unrealized (gains) losses recorded in earnings or other comprehensive income (loss) during the period for liabilities classified as Level 3 that are still held at the end of the period.

Derivative Instruments and He58

Derivative Instruments and Hedging Activities (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Loss on discontinuation of cash flow hedge due to forecasted transaction probable of not occuring	$ 728,000
Gain (loss) recognized due to ineffectiveness of hedges of interest rate risk		$ 0
Additional amount expected to be reclassified from AOCI into earnings during next twelve months	3,184,000
Fair value of derivatives in a net liability position	$ 7,064,000

Derivative Instruments and He59

Derivative Instruments and Hedging Activities (Schedule of the Notional Amount and Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Fair Value of Asset	$ 0	$ 61
Fair Value of (Liability)	(6,443)	(2,641)
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Outstanding Notional Amount	410,730	424,002
Other Assets [Member] | Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Fair Value of Asset	0	61
Accounts Payable and Other Liabilities [Member] | Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Fair Value of (Liability)	$ (6,443)	$ (2,641)
Minimum [Member] | Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Effective Dates	Oct. 12, 2012
Maturity Dates	Oct. 11, 2017
Maximum [Member] | Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Effective Dates	Mar. 1, 2016
Maturity Dates	Jul. 11, 2019

Derivative Instruments and He60

Derivative Instruments and Hedging Activities (Schedule of Losses Recognized on Derivative Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in OCI on Derivatives (Effective Portion)	$ (5,640)	$ (3,090)
Amount of Loss Reclassified From Accumulated Other Comprehensive Loss to Net Income (Effective Portion)	(1,777)	(878)
Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in OCI on Derivatives (Effective Portion)	(5,640)	(3,090)
Interest Rate Swaps [Member] | Interest Expense, Net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Reclassified From Accumulated Other Comprehensive Loss to Net Income (Effective Portion)	$ (1,777)	$ (878)

Derivative Instruments and He61

Derivative Instruments and Hedging Activities (Schedule of Offsetting of Derivative Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 0	$ 61
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Assets Presented in the Balance Sheet	0	61
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments Collateral	0	(16)
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral	0	0
Net Amount	$ 0	$ 45

Derivative Instruments and He62

Derivative Instruments and Hedging Activities (Schedule of Offsetting of Derivative Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Liabilities	$ 6,443	$ 2,641
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts Of Liabilities Presented in the Balance Sheet	6,443	2,641
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments Collateral	0	(16)
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral	0	0
Net Amount	$ 6,443	$ 2,625

Accumulated Other Comprehensi63

Accumulated Other Comprehensive Loss (Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss, Net of Noncontrolling Interests) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	$ (2,580)	$ (1,161)
Other comprehensive income (loss) before reclassification	(5,640)	(2,730)
Amount of loss reclassified from accumulated other comprehensive loss to net income (effective portion)	1,777	758
Other comprehensive loss attributable to common stockholders	(3,863)	(1,972)
Ending Balance	(6,443)	(3,133)
Unrealized Loss On Derivative Instruments [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	(2,100)	(1,161)
Other comprehensive income (loss) before reclassification	(5,640)	(2,730)
Amount of loss reclassified from accumulated other comprehensive loss to net income (effective portion)	1,777	758
Other comprehensive loss attributable to common stockholders	(3,863)	(1,972)
Ending Balance	$ (5,963)	$ (3,133)

Accumulated Other Comprehensi64

Accumulated Other Comprehensive Loss (Schedule of Reclassifications Out of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Reclassification Adjustment Out Of Accumulated Other Comprehensive Loss [Line Items]
Interest expense, net	$ 9,481	$ 6,306
Reclassification Out Of Accumulated Other Comprehensive Loss [Member] | Unrealized Loss On Derivative Instruments [Member] | Interest Rate Swaps [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Loss [Line Items]
Interest expense, net	$ 1,777	$ 878

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	May. 05, 2016	May. 02, 2016	Apr. 01, 2016	Mar. 31, 2016	Mar. 31, 2015
Subsequent Event [Line Items]
Distributions paid in cash				$ 14,559	$ 13,714
Common stock issued through distribution reinvestment plan				$ 17,084	$ 16,594
Distributions declared per common share (in dollars per share)				$ 0.17	$ 0.17
Subsequent Event [Member] | March 1, 2016 To March 31, 2016 [Member]
Subsequent Event [Line Items]
Aggregate distributions paid			$ 10,808
Distributions paid in cash			5,069
Common stock issued through distribution reinvestment plan			$ 5,739
Subsequent Event [Member] | April 1, 2016 To April 30, 2016 [Member]
Subsequent Event [Line Items]
Aggregate distributions paid		$ 10,477
Distributions paid in cash		4,911
Common stock issued through distribution reinvestment plan		$ 5,566
Subsequent Event [Member] | June 1, 2016 To August 31, 2016 [Member]
Subsequent Event [Line Items]
Number of days, distribution calculation	366 days
Distributions declared per common share (in dollars per share)	$ 0.001912568