Carter Validus Mission Critical REIT 10-Q 14 Nov 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares shares in Thousands	9 Months Ended
	Sep. 30, 2016	Nov. 10, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
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		184,856

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Real estate:
Land ($4,280 and $4,280, respectively, related to VIE)	$ 181,960	$ 177,179
Buildings and improvements, less accumulated depreciation of $138,726 and $100,142, respectively ($84,681 and $86,200, respectively, related to VIE)	1,821,390	1,749,571
Construction in process	13,763	9,438
Total real estate, net ($88,961 and $90,480, respectively, related to VIE)	2,017,113	1,936,188
Cash and cash equivalents ($1,326 and $1,060, respectively, related to VIE)	41,410	28,527
Preferred equity investment	127,147	127,147
Acquired intangible assets, less accumulated amortization of $49,133 and $37,374, respectively ($6,649 and $7,416, respectively, related to VIE)	182,669	197,530
Other assets ($6,104 and $6,651, respectively, related to VIE)	111,432	93,048
Total assets	2,479,771	2,382,440
Liabilities:
Notes payable, net of deferred financing costs of $2,935 and $4,261, respectively ($51,481 and $52,271, respectively, related to VIE)	486,722	539,071
Credit facility, net of deferred financing costs of $1,987 and $2,544, respectively	476,013	290,456
Accounts payable due to affiliates ($38 and $41, respectively, related to VIE)	5,533	2,164
Accounts payable and other liabilities ($4,035 and $1,689, respectively, related to VIE)	47,860	35,457
Intangible lease liabilities, less accumulated amortization of $15,461 and $12,614, respectively ($8,287 and $9,244, respectively, related to VIE)	50,269	53,116
Total liabilities	1,066,397	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; 188,082,528 and 182,707,901 shares issued, respectively; 183,880,022 and 181,200,952 shares outstanding, respectively	1,839	1,812
Additional paid-in capital	1,616,189	1,591,076
Accumulated distributions in excess of earnings	(233,606)	(161,798)
Accumulated other comprehensive loss	(5,761)	(2,580)
Total stockholders’ equity	1,378,661	1,428,510
Noncontrolling interests	34,713	33,666
Total equity	1,413,374	1,462,176
Total liabilities and stockholders’ equity	$ 2,479,771	$ 2,382,440

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Land	$ 181,960	$ 177,179
Buildings and improvements, accumulated depreciation	138,726	100,142
Buildings and improvements, net	1,821,390	1,749,571
Total real estate, net	2,017,113	1,936,188
Cash and cash equivalents	41,410	28,527
Acquired intangible assets, accumulated amortization	49,133	37,374
Acquired intangible assets, net	182,669	197,530
Other assets	111,432	93,048
Notes payable, deferred financing costs	2,935	4,261
Notes payable, net of deferred financing costs	486,722	539,071
Credit facility, deferred financing costs	1,987	2,544
Accounts payable due to affiliates	5,533	2,164
Accounts payable and other liabilities	47,860	35,457
Intangible lease liabilities, accumulated amortization	15,461	12,614
Intangible lease liabilities, net	$ 50,269	$ 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	188,082,528	182,707,901
Common stock, shares outstanding	183,880,022	181,200,952
Variable Interest Entity, Primary Beneficiary [Member]
Land	$ 4,280	$ 4,280
Buildings and improvements, net	84,681	86,200
Total real estate, net	88,961	90,480
Cash and cash equivalents	1,326	1,060
Acquired intangible assets, net	6,649	7,416
Other assets	6,104	6,651
Notes payable, net of deferred financing costs	51,481	52,271
Accounts payable due to affiliates	38	41
Accounts payable and other liabilities	4,035	1,689
Intangible lease liabilities, net	$ 8,287	$ 9,244

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenue:
Rental and parking revenue	$ 38,317	$ 47,649	$ 144,856	$ 141,663
Tenant reimbursement revenue	4,916	4,168	14,011	14,253
Real estate-related notes receivable interest income	15	18	46	373
Total revenue	43,248	51,835	158,913	156,289
Expenses:
Rental and parking expenses	7,372	6,409	21,384	21,092
General and administrative expenses	1,465	1,609	4,633	4,469
Change in fair value of contingent consideration	125	160	370	460
Acquisition related expenses	5	0	1,645	3,654
Asset management fees	5,036	4,708	14,700	13,274
Depreciation and amortization	32,110	19,490	66,458	51,718
Total expenses	46,113	32,376	109,190	94,667
(Loss) income from operations	(2,865)	19,459	49,723	61,622
Other income (expense):
Other interest and dividend income	2,705	2,709	8,116	5,828
Interest expense, net	(9,292)	(7,733)	(29,119)	(21,043)
Provision for loan losses	(42)	0	(1,708)	0
Total other expense	(6,629)	(5,024)	(22,711)	(15,215)
Net (loss) income	(9,494)	14,435	27,012	46,407
Net income attributable to noncontrolling interests in consolidated partnerships	(1,006)	(863)	(2,995)	(4,057)
Net (loss) income attributable to common stockholders	(10,500)	13,572	24,017	42,350
Other comprehensive (loss) income:
Unrealized income (loss) on interest rate swaps, net	3,288	(4,031)	(3,181)	(4,959)
Other comprehensive income (loss)	3,288	(4,031)	(3,181)	(4,959)
Other comprehensive loss attributable to noncontrolling interests in consolidated partnerships	0	14	0	106
Other comprehensive income (loss) attributable to common stockholders	3,288	(4,017)	(3,181)	(4,853)
Comprehensive (loss) income	(6,206)	10,404	23,831	41,448
Comprehensive income attributable to noncontrolling interests in consolidated partnerships	(1,006)	(849)	(2,995)	(3,951)
Comprehensive (loss) income attributable to common stockholders	$ (7,212)	$ 9,555	$ 20,836	$ 37,497
Weighted average number of common shares outstanding:
Basic (in shares)	183,726,479	179,270,022	182,827,193	177,717,870
Diluted (in shares)	183,726,479	179,286,709	182,846,104	177,736,797
Net (loss) income per common share attributable to common stockholders:
Basic (in dollars per share)	$ (0.06)	$ 0.08	$ 0.13	$ 0.24
Diluted (in dollars per share)	(0.06)	0.08	0.13	0.24
Distributions declared per common share (in dollars per share)	$ 0.18	$ 0.18	$ 0.52	$ 0.52

Condensed Consolidated Stateme5

Condensed Consolidated Statement Of Stockholders' Equity - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Distributions in Excess of Earnings [Member]	Accumulated Other Comprehensive 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]
Vesting of restricted stock (in shares)		9,000
Vesting of restricted stock	67		67			67
Issuance of common stock under the distribution reinvestment plan (in shares)		5,365,629
Issuance of common stock under the distribution reinvestment plan	51,227	$ 53	51,174			51,227	0
Distributions to noncontrolling interests	(1,948)					0	(1,948)
Distributions declared to common stockholders	(95,825)			(95,825)		(95,825)	0
Other offering costs	(8)		(8)			(8)	0
Repurchase of common stock (in shares)		(2,695,559)
Repurchase of common stock	(26,146)	$ (26)	(26,120)			(26,146)	0
Other comprehensive loss	(3,181)				(3,181)	(3,181)	0
Net income	$ 27,012			24,017		24,017	2,995
Balance, (in shares) at Sep. 30, 2016	183,880,022	183,880,022
Balance, at Sep. 30, 2016	$ 1,413,374	$ 1,839	$ 1,616,189	$ (233,606)	$ (5,761)	$ 1,378,661	$ 34,713

Condensed Consolidated Stateme6

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income	$ 27,012	$ 46,407
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	66,458	51,718
Amortization of deferred financing costs	3,425	2,794
Amortization of above-market leases	329	296
Amortization of intangible lease liabilities	(2,847)	(4,072)
Amortization of real estate-related notes receivable origination costs and commitment fees	4	114
Provision for doubtful accounts	1,799	3,376
Provision for loan losses	1,708	0
Loss on debt extinguishment	1,133	0
Straight-line rent	(3,717)	(15,787)
Stock-based compensation	67	67
Change in fair value of contingent consideration	370	460
Changes in operating assets and liabilities:
Accounts payable and other liabilities	2,650	4,698
Accounts payable due to affiliates	1,237	359
Other assets	(12,741)	(9,136)
Net cash provided by operating activities	86,887	81,294
Cash flows from investing activities:
Investment in real estate	(71,000)	(123,753)
Capital expenditures	(55,096)	(44,178)
Real estate deposits, net	450	166
Real estate-related notes receivable advances	0	(267)
Collections of real estate-related notes receivable	0	9,500
Preferred equity investment	0	(127,147)
Notes receivable advances	(4,019)	(11,000)
Net cash used in investing activities	(129,665)	(296,679)
Cash flows from financing activities:
Proceeds from notes payable	0	64,305
Payments on notes payable	(53,675)	(8,617)
Proceeds from credit facility	185,000	235,000
Payments on credit facility	0	(27,000)
Payments of deferred financing costs	(457)	(2,415)
Repurchase of common stock	(26,146)	(5,521)
Offering costs	(8)	(82)
Distributions to stockholders	(44,816)	(42,407)
Payments to escrow funds	(5,024)	(2,152)
Collections of escrow funds	2,735	1,838
Purchase of noncontrolling interest in consolidated partnerships	0	(67,224)
Distributions to noncontrolling interests in consolidated partnerships	(1,948)	(2,053)
Net cash provided by financing activities	55,661	143,672
Net change in cash and cash equivalents	12,883	(71,713)
Cash and cash equivalents - Beginning of period	28,527	113,093
Cash and cash equivalents - End of period	41,410	41,380
Supplemental cash flow disclosure:
Interest paid, net of interest capitalized of $1,820 and $3,739, respectively	26,314	21,352
Supplemental disclosure of non-cash transactions:
Common stock issued through distribution reinvestment plan	51,227	50,720
Net unrealized loss on interest rate swap	(3,181)	(4,959)
Real estate-related notes receivable converted to investment in real estate	0	13,674
Accrued capital expenditures	$ 6,475	$ 0

Condensed Consolidated Stateme7

Condensed Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Statement of Cash Flows [Abstract]
Interest capitalized	$ 1,820	$ 3,739

Organization and Business Opera

Organization and Business Operations	9 Months Ended
	Sep. 30, 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 September 30, 2016 , the Company owned 49 real estate investments (including one real estate investment owned through a consolidated partnership ), consisting of 84 properties located in 46 metropolitan statistical areas, or MSAs. 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 September 30, 2016 , the Company had issued approximately 188,025,000 shares of common stock in its initial public offering and DRIP offerings for gross proceeds of $1,862,909,000 , before share repurchases of $40,673,000 and offering costs, selling commissions and dealer manager fees of $174,783,000 . 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	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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, or VIE, and voting interest entity, or 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. Impairment of Long Lived Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the assets through the undiscounted future cash flows and eventual disposition. If based on this analysis the Company does not believe that it will be able to recover the carrying value of the assets, the Company will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the assets. The Company has not recognized impairment losses related to real estate. During the three and nine months ended September 30, 2016, the Company accelerated the amortization of one in-place lease intangible asset in the amount of $14,634,000 as a result of one tenant experiencing financial difficulties which the Company believes will result in new lease terms. During the three and nine months ended September 30, 2015, the Company accelerated the amortization of one in-place lease intangible asset in the amount of $3,121,000 as a result of one lease termination. These amounts are included as a component of depreciation and amortization expense in the accompanying condensed consolidated statements of comprehensive income (loss) . Allowance for Uncollectible Accounts Tenant receivables and unbilled deferred rent receivables are carried net of the allowances for uncollectible amounts. An allowance will be maintained for estimated losses resulting from the inability of certain tenants to meet the contractual obligations under their lease agreements. The Company also maintains an allowance for deferred rent receivables arising from the straight-lining of rents. The Company’s determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the tenant’s financial condition, security deposits, letters of credit, lease guarantees and current economic conditions and other relevant factors. For the three and nine months ended September 30, 2016 , the Company recorded $990,000 and $1,799,000 , respectively, in bad debt expense related to reserves for rental and parking revenue and tenant reimbursement revenue, which are recognized in the accompanying condensed consolidated statements of comprehensive income (loss) as a deduction from rental and parking revenue and tenant reimbursement revenue. In addition, for the three and nine months ended September 30, 2016, the Company wrote off $14,366,000 related to straight-line rent receivable and $1,146,000 related to a lease incentive asset, which are recognized in the accompanying condensed consolidated statements of comprehensive income (loss) as a deduction from rental and parking revenue. The bad debt expense and write offs of straight-line rent receivable and the lease incentive asset are the result of one tenant experiencing financial difficulties which the Company believes will result in new lease terms. For the three and nine months ended September 30, 2015, the Company recorded $3,376,000 in bad debt expense. Notes Receivable Notes receivable are reported at their outstanding principal balance, net of any unearned income, unamortized deferred fees and costs and allowances for doubtful accounts. The Company evaluates the collectability of both interest and principal on each note receivable to determine whether it is collectible, primarily through the evaluation of the credit quality indicators, such as the tenant's financial condition, evaluations of historical loss experience, current economic conditions and other relevant factors. Impairment occurs when it is determined probable that the Company will not be able to collect principal and interest amounts due according to the contractual terms of the note. As of September 30, 2016 and December 31, 2015 , the aggregate balance on the Company’s notes receivable was $17,327,000 and $13,000,000 , respectively. For the three and nine months ended September 30, 2016 , the Company recorded $0 and $1,625,000 , respectively, as an allowance to reduce the carrying value of a note receivable and $42,000 and $83,000 , respectively, recorded as a corresponding reserve related to accrued interest in provision for loan losses in the accompanying condensed consolidated financial statements. Concentration of Credit Risk and Significant Leases As of September 30, 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 September 30, 2016 , the Company owned real estate investments in 46 MSAs, (including one real estate investment owned through a consolidated partnership), three of which accounted for 10.0% or more of contractual 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 12.9% , 11.3% and 10.0% , respectively, of contractual rental revenue for the nine months ended September 30, 2016 . As of September 30, 2016 , the Company had two exposures to tenant concentration that accounted for 10.0% or more of contractual rental revenu e. The leases w ith AT&T Services, Inc. and the lease with Bay Area Regional Medical Center, LLC accounted for 12.2% and 10.0% , respectively, of contractual rental revenue for the nine months ended September 30, 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 31 st of the previous calendar year. During the nine months ended September 30, 2016 , the Company received valid repurchase requests related to approximately 2,696,000 shares of common stock, all of which were repurchased in full for an aggregate purchase price of approximately $26,146,000 (an average of $9.70 per share). During the nine months ended September 30, 2015 , the Company received valid repurchase requests related to approximately 577,000 shares of common stock, all of which were repurchased in full for an aggregate purchase price of approximately $5,521,000 (an average of $9.57 per share). Earnings Per Share Basic earnings per share attributable to common stockholders 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 September 30, 2016 , there were approximately 17,000 shares of non-vested restricted common stock outstanding; however, such shares were excluded from the computation of diluted earnings per share because such shares were anti-dilutive during this period. For the three months ended September 30, 2015 , diluted earnings per share reflected the effect of approximately 17,000 non-vested shares of restricted common stock that were outstanding as of such period. For the nine months ended September 30, 2016 and 2015 , diluted earnings per share reflected the effect of approximately 19,000 non-vested shares of restricted common stock that were outstanding as of such periods. 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 this update is the same as the effective date and transition of ASU 2015-14. The Company is in the process of evaluating the impact ASUs 2014-09 and 2016-08 will have on the Company’s condensed consolidated financial statements. On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses, or ASU 2016-13. ASU 2016-13 requires more timely recording of credit losses on loans and other financial instruments that are not accounted for at fair value through net income, including loans held for investment, held-to-maturity debt securities, trade and other receivables, net investment in leases and other such commitments. ASU 2016-13 requires that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The amendments in ASU 2016-13 require the Company to measure all expected credit losses based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets and eliminates the “incurred loss” methodology in current GAAP. ASU 2016-13 is effective for fiscal years, and interim periods within, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within, beginning after December 15, 2018. The Company is in the process of evaluating the impact ASU 2016-13 will have on the Company’s condensed consolidated financial statements. On August 26, 2016, the FASB issued ASU 2016-15, Statement of Cash Flows , or ASU 2016-15. ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 addresses eight classification issues related to the statement of cash flows: 1) debt prepayment or debt extinguishment costs; 2) settlement of zero-coupon bonds; 3) contingent consideration payments made after a business combination; 4) proceeds from the settlement of insurance claims; 5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; 6) distributions received from equity method investees; 7) beneficial interests in securitization transactions; and 8) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2017. Entities should apply this ASU using a retrospective transition method to each period presented. The Company is in the process of evaluating the impact ASU 2016-15 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.

Real Estate Investments

Real Estate Investments	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments During the nine months ended September 30, 2016 , the Company completed the acquisition of one healthcare real estate investment, consisting of five properties, that was determined to be a business combination, or the 2016 Acquisition. The aggregate purchase price of the 2016 Acquisition was $71,000,000 , plus closing costs. The Company funded the purchase price of the 2016 Acquisition using cash and its unsecured credit facility. The following table summarizes the 2016 Acquisition: Property Description Date Ownership Post Acute Medical Portfolio 05/23/2016 100% Results of operations for the 2016 Acquisition are reflected in the accompanying condensed consolidated statements of comprehensive income (loss) for three and nine months ended September 30, 2016 for the period subsequent to the acquisition date of the real estate investment. For the period from the acquisition date through September 30, 2016 , the Company recorded $2,790,000 in revenues and a net income of $67,000 for the 2016 Acquisition. In addition, during the nine months ended September 30, 2016 and 2015 , the Company incurred aggregate charges related to acquisition fees and costs of $1,645,000 and $3,478,000 , respectively, in connection with acquisitions determined to be business combinations, which are included in the accompanying condensed consolidated statements of comprehensive income (loss) . The total amount of all acquisition fees and costs is limited to 6.0% of the contract purchase price of the property. The contract purchase price is the amount actually paid or allocated in respect of the purchase, development, construction or improvement of a property, exclusive of acquisition fees and acquisition expenses. For the nine months ended September 30, 2016 and 2015 , acquisition fees and costs did not exceed 6.0% of the purchase price of the Company’s acquisitions during such periods. The following table summarizes management’s allocation of the fair value of the 2016 Acquisition during the nine months ended September 30, 2016 (amounts in thousands): Total Land $ 4,781 Buildings and improvements 53,284 In-place leases 12,935 Total assets acquired $ 71,000 Assuming the 2016 Acquisition described above had occurred on January 1, 2015, pro forma revenues, net (loss) income and net (loss) income attributable to common stockholders would have been as follows for the periods listed below (amounts in thousands, except per share amounts, unaudited): Three Months Ended Nine Months Ended 2016 2015 2016 2015 Pro forma basis: Revenues $ 43,249 $ 53,475 $ 161,459 $ 163,884 Net (loss) income $ (9,489 ) $ 15,325 $ 30,045 $ 48,952 Net (loss) income attributable to common stockholders $ (10,495 ) $ 14,462 $ 27,050 $ 44,895 Net (loss) income per common share attributable to common stockholders: Basic $ (0.06 ) $ 0.08 $ 0.15 $ 0.25 Diluted $ (0.06 ) $ 0.08 $ 0.15 $ 0.25 The condensed pro forma consolidated financial statements for the three and nine months ended September 30, 2016 and 2015 include pro forma adjustments related to the acquisitions during 2016 and 2015 . The pro forma information for the nine months ended September 30, 2016 was adjusted to exclude approximately $1,645,000 of acquisition fees and costs recorded related to the Company’s real estate investments. The pro forma information may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2015, nor is it necessarily indicative of future operating results.

Acquired Intangible Assets, Net

Acquired Intangible Assets, Net	9 Months Ended
	Sep. 30, 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 September 30, 2016 and December 31, 2015 (amounts in thousands, except weighted average life amounts): September 30, 2016 December 31, 2015 In-place leases, net of accumulated amortization of $47,690 and $36,260, respectively (with a weighted average remaining life of 13.1 years and 14.3 years, respectively) $ 176,938 $ 191,470 Above-market leases, net of accumulated amortization of $1,223 and $932, respectively (with a weighted average remaining life of 10.5 years and 11.1 years, respectively) 3,137 3,428 Ground lease interest, net of accumulated amortization of $220 and $182, respectively (with a weighted average remaining life of 59.8 years and 60.4 years, respectively) 2,594 2,632 $ 182,669 $ 197,530 The aggregate weighted average remaining life of the acquired intangible assets was 13.7 years and 14.9 years as of September 30, 2016 and December 31, 2015 , respectively.

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2016
Other Assets [Abstract]
Other Assets	Other Assets Other assets consisted of the following as of September 30, 2016 and December 31, 2015 (amounts in thousands): September 30, 2016 December 31, 2015 Deferred financing costs related to the revolver portion of the unsecured credit facility, net of accumulated amortization of $5,278 and $3,690, respectively $ 1,426 $ 2,854 Lease commissions, net of accumulated amortization of $501 and $227, respectively 6,808 4,194 Investments in unconsolidated partnerships 112 100 Tenant receivables, net of allowances for doubtful accounts of $1,799 and $0, respectively 13,914 5,318 Notes receivable, net of allowances for doubtful accounts of $1,708 and $0, respectively 15,619 13,000 Real estate-related notes receivable 514 514 Straight-line rent receivable 52,872 47,807 Restricted cash held in escrow 15,950 13,661 Real estate escrow deposits — 450 Restricted cash 974 882 Derivative assets — 61 Prepaid and other assets 3,243 4,207 $ 111,432 $ 93,048

Future Minimum Rent

Future Minimum Rent	9 Months Ended
	Sep. 30, 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 rent to be received 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 three 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 Three months ending December 31, 2016 $ 48,134 2017 194,091 2018 198,818 2019 201,704 2020 202,824 Thereafter 1,924,094 $ 2,769,665 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 three 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 Three months ending December 31, 2016 $ 175 2017 700 2018 702 2019 746 2020 746 Thereafter 37,836 $ 40,905

Notes Payable and Unsecured Cre

Notes Payable and Unsecured Credit Facility	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Notes Payable and Unsecured Credit Facility	Notes Payable and Unsecured Credit Facility The Company's debt outstanding as of September 30, 2016 and December 31, 2015 consisted of the following (amounts in thousands): September 30, 2016 December 31, 2015 Notes payable: Fixed rate notes payable $ 115,481 $ 131,233 Variable rate notes payable fixed through interest rate swaps 332,199 369,002 Variable rate notes payable 41,977 43,097 Total notes payable, principal amount outstanding 489,657 543,332 Unamortized deferred financing costs related to notes payable (2,935 ) (4,261 ) Total notes payable, net of deferred financing costs 486,722 539,071 Unsecured credit facility: Revolving line of credit 268,000 83,000 Term loan 210,000 210,000 Total unsecured credit facility, principal amount outstanding 478,000 293,000 Unamortized deferred financing costs related to the term loan of the unsecured credit facility (1,987 ) (2,544 ) Total unsecured credit facility, net of deferred financing costs 476,013 290,456 Total debt outstanding $ 962,735 $ 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 an 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 (loss) . The lender waived the prepayment penalty fee. • The Company made a draw of $185,000,000 and repaid $0 on its unsecured credit facility. • The Company entered into five interest rate swap agreements to effectively fix London Interbank Offered Rate, or LIBOR, on $155,000,000 of the term loans of the unsecured credit facility. As of September 30, 2016 , $210,000,000 of the term loans of the unsecured credit facility were fixed through interest rate swaps. • As of September 30, 2016 , the Company had a total unencumbered pool availability under the unsecured credit facility of $514,575,000 and an aggregate outstanding principal balance of $478,000,000 . As of September 30, 2016 , $36,575,000 remained available to be drawn on the unsecured credit facility. • As of September 30, 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 three 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 Three months ending December 31, 2016 $ 2,830 2017 (1) 459,058 2018 149,059 2019 170,548 2020 136,160 Thereafter 50,002 $ 967,657 (1) Of this amount, $268,000,000 relates to the revolving line of credit under the unsecured credit facility. The maturity date on the revolving line of credit under the unsecured credit facility is May 28, 2017 , subject to the Company's right to a 12 -month extension.

Intangible Lease Liabilities, N

Intangible Lease Liabilities, Net	9 Months Ended
	Sep. 30, 2016
Intangible Lease Liabilities, Net [Abstract]
Intangible Lease Liabilities, Net	Intangible Lease Liabilities, Net Intangible lease liabilities, net, consisted of the following as of September 30, 2016 and December 31, 2015 (amounts in thousands, except weighted average life amounts): September 30, 2016 December 31, 2015 Below-market leases, net of accumulated amortization of $15,191 and $12,437, respectively (with a weighted average remaining life of 17.2 years and 17.7 years, respectively) $ 45,214 $ 47,968 Ground leasehold liabilities, net of accumulated amortization of $270 and $177, respectively (with a weighted average remaining life of 42.4 years and 43.2 years, respectively) 5,055 5,148 $ 50,269 $ 53,116 The aggregate weighted average remaining life of intangible lease liabilities was 19.8 years and 20.2 years as of September 30, 2016 and December 31, 2015 , respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 September 30, 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	9 Months Ended
	Sep. 30, 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, 2.0% of the cost of development/redevelopment projects, other than the initial acquisition of the property and 2.0% of the amount advanced with respect to a mortgage loan. For the three months ended September 30, 2016 and 2015 , the Company incurred $0 and for the nine months ended September 30, 2016 and 2015 , the Company incurred $1,420,000 and $2,748,000 , respectively, in acquisition fees to the Advisor or its affiliates related to investments in real estate. For the three months ended September 30, 2016 and 2015 , the Company incurred $1,200,000 and $0 , respectively and for the nine months ended September 30, 2016 and 2015 , the Company incurred $1,200,000 and $0 , respectively, in acquisition fees to the Advisor or its affiliates related to one redevelopment project. 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 September 30, 2016 and 2015 , the Company incurred $5,036,000 and $4,708,000 , respectively, and for the nine months ended September 30, 2016 and 2015 , the Company incurred $14,700,000 and $13,274,000 , 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 September 30, 2016 and 2015 , the Advisor allocated $511,000 and $376,000 , respectively, and for the nine months ended September 30, 2016 and 2015 , the Advisor allocated $1,368,000 and $941,000 , 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. Notwithstanding the terms of the advisory agreement, the Advisor agreed to receive a reduced disposition fee payable to the Advisor or its affiliates in the event of a disposition of all or substantially all of the assets of the Company, a sale of the Company, or a merger with a change of control of the Company, of up to the lesser of 50% of the fees paid in the aggregate to third party investment bankers for such transaction, not to exceed 0.50% of the transaction price. The disposition fee is otherwise payable in accordance with the advisory agreement. This reduction in the disposition fee would not impact a disposition fee paid in the event of a sale of an individual property or portfolio of properties. The reduced disposition fee in such situations was approved by the Company's board of directors on May 5, 2016. 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. As of September 30, 2016 , the Company has not incurred 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. As of September 30, 2016 , the Company has not incurred 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. As of September 30, 2016 , the Company has not incurred 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 property management fees for the Company’s properties. Such fees equal 3.0% of monthly gross revenues from single-tenant properties and 4.0% of monthly 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. For the three months ended September 30, 2016 and 2015 , the Company incurred $1,405,000 and $1,139,000 , respectively, and for the nine months ended September 30, 2016 and 2015 , the Company incurred $4,016,000 and $3,585,000 , 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 (loss) . For the three months ended September 30, 2016 and 2015 , the Company incurred $861,000 and $2,391,000 , respectively, and for the nine months ended September 30, 2016 and 2015 , the Company incurred $1,138,000 and $2,435,000 , respectively, in leasing commissions to the Property Manager. Leasing commission fees are capitalized in other assets in the accompanying condensed consolidated balance sheets. 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 September 30, 2016 and 2015 , the Company incurred $933,000 and $639,000 , respectively, and for the nine months ended September 30, 2016 and 2015 , the Company incurred $933,000 and $1,470,000 , respectively, in construction management fees to the Property Manager. Construction management fees are capitalized in buildings and improvements in the accompanying condensed consolidated balance sheets. Accounts Payable Due to Affiliates The following amounts were outstanding due to affiliates as of September 30, 2016 and December 31, 2015 (amounts in thousands): Entity Fee September 30, 2016 December 31, 2015 Carter/Validus Advisors, LLC and its affiliates Asset management fees $ 1,684 $ 1,589 Carter/Validus Advisors, LLC and its affiliates Acquisition fees for redevelopment projects 1,200 — Carter Validus Real Estate Management Services, LLC Property management fees 640 401 Carter/Validus Advisors, LLC and its affiliates General, administrative and other costs 215 174 Carter Validus Real Estate Management Services, LLC Construction management fees 933 — Carter Validus Real Estate Management Services, LLC Leasing commissions 861 — $ 5,533 $ 2,164

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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, provision for loan losses, 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, provision for loan losses, other interest and dividend income 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 and nine months ended September 30, 2016 and 2015 , is as follows (amounts in thousands): Data Healthcare Three Months Ended Revenue: Rental, parking and tenant reimbursement revenue $ 29,487 $ 13,746 $ 43,233 Expenses: Rental and parking expenses (5,284 ) (2,088 ) (7,372 ) Segment net operating income $ 24,203 $ 11,658 35,861 Revenue: Real estate-related notes receivable interest income 15 Expenses: General and administrative expenses (1,465 ) Change in fair value of contingent consideration (125 ) Acquisition related expenses (5 ) Asset management fees (5,036 ) Depreciation and amortization (32,110 ) Loss from operations (2,865 ) Other income (expense): Other interest and dividend income 2,705 Interest expense, net (9,292 ) Provision for loan losses (42 ) Net loss $ (9,494 ) Data Healthcare Three Months Ended Revenue: Rental, parking and tenant reimbursement revenue $ 28,407 $ 23,410 $ 51,817 Expenses: Rental and parking expenses (4,847 ) (1,562 ) (6,409 ) Segment net operating income $ 23,560 $ 21,848 45,408 Revenue: Real estate-related notes receivable interest income 18 Expenses: General and administrative expenses (1,609 ) Change in fair value of contingent consideration (160 ) Acquisition related expenses — Asset management fees (4,708 ) Depreciation and amortization (19,490 ) Income from operations 19,459 Other income (expense): Other interest and dividend income 2,709 Interest expense, net (7,733 ) Net income $ 14,435 Data Healthcare Nine Months Ended Revenue: Rental, parking and tenant reimbursement revenue $ 87,120 $ 71,747 $ 158,867 Expenses: Rental and parking expenses (15,043 ) (6,341 ) (21,384 ) Segment net operating income $ 72,077 $ 65,406 137,483 Revenue: Real estate-related notes receivable interest income 46 Expenses: General and administrative expenses (4,633 ) Change in fair value of contingent consideration (370 ) Acquisition related expenses (1,645 ) Asset management fees (14,700 ) Depreciation and amortization (66,458 ) Income from operations 49,723 Other income (expense): Other interest and dividend income 8,116 Interest expense, net (29,119 ) Provision for loan losses (1,708 ) Net income $ 27,012 Data Healthcare Nine Months Ended Revenue: Rental, parking and tenant reimbursement revenue $ 86,226 $ 69,690 $ 155,916 Expenses: Rental and parking expenses (15,287 ) (5,805 ) (21,092 ) Segment net operating income $ 70,939 $ 63,885 134,824 Revenue: Real estate-related notes receivable interest income 373 Expenses: General and administrative expenses (4,469 ) Change in fair value of contingent consideration (460 ) Acquisition related expenses (3,654 ) Asset management fees (13,274 ) Depreciation and amortization (51,718 ) Income from operations 61,622 Other income (expense): Other interest and dividend income 5,828 Interest expense, net (21,043 ) Net income $ 46,407 Assets by each reportable segment as of September 30, 2016 and December 31, 2015 are as follows (amounts in thousands): September 30, 2016 December 31, 2015 Assets by segment: Data centers $ 1,111,084 $ 1,097,952 Healthcare 1,202,174 1,124,928 All other 166,513 159,560 Total assets $ 2,479,771 $ 2,382,440 Capital additions and acquisitions by reportable segments for the nine months ended September 30, 2016 and 2015 are as follows (amounts in thousands): Nine Months Ended 2016 2015 Capital additions and acquisitions by segment: Data centers $ 21,867 $ 2,793 Healthcare 104,229 178,812 Total capital additions and acquisitions $ 126,096 $ 181,605

Accounts Payable and Other Liab

Accounts Payable and Other Liabilities	9 Months Ended
	Sep. 30, 2016
Payables and Accruals [Abstract]
Accounts Payable and Other Liabilities	Accounts Payable and Other Liabilities Accounts payable and other liabilities, as of September 30, 2016 and December 31, 2015 , were comprised of the following (amounts in thousands): September 30, 2016 December 31, 2015 Accounts payable and accrued expenses $ 10,663 $ 6,283 Accrued interest expense 2,899 2,905 Accrued property taxes 4,840 1,247 Contingent consideration obligation 5,710 5,340 Distributions payable to stockholders 10,560 10,776 Tenant deposits 1,039 1,039 Deferred rental income 6,388 5,226 Derivative liabilities 5,761 2,641 $ 47,860 $ 35,457

Preferred Equity Investment

Preferred Equity Investment	9 Months Ended
	Sep. 30, 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 . For the three months ended September 30, 2016 and 2015 , the Company recognized $2,461,000 and $2,461,000 , respectively, and for the nine months ended September 30, 2016 and 2015 , the Company recognized $7,383,000 and $5,359,000 , respectively, of dividend income related to the Preferred Equity Investment. On October 4, 2016, the Company received proceeds for the redemption of the Preferred Equity Investment in 7.875% Series B Redeemable Cumulative Preferred Stock for a total of approximately $131,250,000 . Refer to Note 14—“Fair Value” for further discussion.

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 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 $118,865,000 and $131,984,000 as of September 30, 2016 and December 31, 2015 , respectively, as compared to the outstanding principal of $115,481,000 and $131,233,000 as of September 30, 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 $332,952,000 and $364,478,000 as of September 30, 2016 and December 31, 2015 , respectively, as compared to the outstanding principal of $332,199,000 and $369,002,000 as of September 30, 2016 and December 31, 2015 , respectively. The outstanding principal of the notes payable – variable was $41,977,000 and $43,097,000 as of September 30, 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 September 30, 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 $207,750,000 and $52,054,000 as of September 30, 2016 and December 31, 2015 , respectively, as compared to the outstanding principal of $210,000,000 and $55,000,000 as of September 30, 2016 and December 31, 2015 , respectively. Notes receivable —The outstanding principal of the notes receivable approximated the fair value as of September 30, 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 $5,710,000 and $5,340,000 as of September 30, 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 September 30, 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 September 30, 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 was $127,147,000 , as compared to its fair value of $131,250,000 and $127,147,000 , respectively, as of September 30, 2016 and December 31, 2015 . The fair value of the Preferred Equity Investment was determined based on proceeds received from a redemption of the Preferred Equity Investment on October 4, 2016. 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 September 30, 2016 and December 31, 2015 (amounts in thousands): September 30, 2016 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ — $ — $ — Total assets at fair value $ — $ — $ — $ — Liabilities: Derivative liabilities $ — $ (5,761 ) $ — $ (5,761 ) Contingent consideration obligation — — (5,710 ) (5,710 ) Total liabilities at fair value $ — $ (5,761 ) $ (5,710 ) $ (11,471 ) 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 and nine months ended September 30, 2016 and 2015 (amounts in thousands): Three Months Ended Nine Months Ended 2016 2015 2016 2015 Liabilities: Contingent consideration obligation: Beginning balance $ 5,585 $ 6,870 $ 5,340 $ 6,570 Additions to contingent consideration obligation — — — — Total changes in fair value included in earnings 125 160 370 460 Ending balance $ 5,710 $ 7,030 $ 5,710 $ 7,030 Unrealized losses still held (1) $ 125 $ 160 $ 370 $ 460 (1) Represents the unrealized 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	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 September 30, 2016 , no income or losses were recognized due to ineffectiveness of hedges of interest rate risk. During the nine months ended September 30, 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 a related debt extinguishment. The accelerated amount was a loss of $728,000 . During the three and nine months ended September 30, 2015 , no income 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 $3,178,000 will be reclassified from accumulated other comprehensive loss as an increase to interest expense. See Note 14—"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 September 30, 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 $ 542,199 $ — $ (5,761 ) $ 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 (loss) . The table below summarizes the amount of income and loss recognized on interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2016 and 2015 (amounts in thousands): Derivatives in Cash Flow Hedging Relationships Amount of (Loss) Income Recognized Location of (Loss) Income Amount of Loss Three Months Ended September 30, 2016 Interest rate swaps $ 2,206 Interest expense, net $ (1,082 ) Total $ 2,206 $ (1,082 ) Three Months Ended September 30, 2015 Interest rate swaps $ (5,246 ) Interest expense, net $ (1,215 ) Total $ (5,246 ) $ (1,215 ) Nine Months Ended September 30, 2016 Interest rate swaps $ (7,114 ) Interest expense, net $ (3,933 ) Total $ (7,114 ) $ (3,933 ) Nine Months Ended September 30, 2015 Interest rate swaps $ (7,999 ) Interest expense, net $ (3,040 ) Total $ (7,999 ) $ (3,040 ) 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 September 30, 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 $6,348,000 . As of September 30, 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 September 30, 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 September 30, 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 September 30, 2016 $ 5,761 $ — $ 5,761 $ — $ — $ 5,761 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	9 Months Ended
	Sep. 30, 2016
Equity [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 nine months ended September 30, 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 (7,114 ) (7,114 ) Amount of loss reclassified from accumulated other comprehensive loss to net income (effective portion and missed forecast) 3,933 3,933 Other comprehensive loss (3,181 ) (3,181 ) Balance as of September 30, 2016 $ (5,281 ) $ (5,761 ) Unrealized Loss on Derivative Accumulated Other Balance as of December 31, 2014 $ (1,161 ) $ (1,161 ) Other comprehensive loss before reclassification (7,661 ) (7,661 ) Amount of loss reclassified from accumulated other comprehensive loss to net income (effective portion) 2,808 2,808 Other comprehensive loss (4,853 ) (4,853 ) Purchase of noncontrolling interests — (480 ) Balance as of September 30, 2015 $ (6,014 ) $ (6,494 ) The following table presents reclassifications out of accumulated other comprehensive loss for the nine months ended September 30, 2016 and 2015 (amounts in thousands): Details about Accumulated Other Amounts Reclassified from Affected Line Items in the Consolidated Statements of Comprehensive Nine Months Ended 2016 2015 Interest rate swap contracts $ 3,933 $ 3,040 Interest expense, net

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions Paid On October 3, 2016 , the Company paid aggregate distributions of $10,560,000 ( $4,990,000 in cash and $5,570,000 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 September 1, 2016 through September 30, 2016. On November 1, 2016, the Company paid aggregate distributions of $10,928,000 ( $5,188,000 in cash and $5,740,000 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 October 1, 2016 through October 31, 2016. Distributions Declared On November 3, 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 December 1, 2016 and ending on February 28, 2017. The distributions for December 2016 will be calculated based on 366 days in the calendar year and will be equal to $0.001912568 per share of common stock and the distributions for January 2017 and February 2017 will be calculated based on 365 days in the calendar year and will be equal to $0.001917808 per share of common stock. The distributions declared for each record date in December 2016, January 2017 and February 2017 will be paid in January 2017, February 2017 and March 2017, respectively. The distributions will be payable to stockholders from legally available funds therefor. Preferred Equity Investment On October 4, 2016, the Company received proceeds for the redemption of the Preferred Equity Investment in 7.875% Series B Redeemable Cumulative Preferred Stock for a total of $131,250,000 .

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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, or VIE, and voting interest entity, or 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.
Impairment of Long Lived Assets	Impairment of Long Lived Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the assets through the undiscounted future cash flows and eventual disposition. If based on this analysis the Company does not believe that it will be able to recover the carrying value of the assets, the Company will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the assets. The Company has not recognized impairment losses related to real estate.
Allowance for Uncollectible Accounts	Allowance for Uncollectible Accounts Tenant receivables and unbilled deferred rent receivables are carried net of the allowances for uncollectible amounts. An allowance will be maintained for estimated losses resulting from the inability of certain tenants to meet the contractual obligations under their lease agreements. The Company also maintains an allowance for deferred rent receivables arising from the straight-lining of rents. The Company’s determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the tenant’s financial condition, security deposits, letters of credit, lease guarantees and current economic conditions and other relevant factors.
Notes Receivable	Notes Receivable Notes receivable are reported at their outstanding principal balance, net of any unearned income, unamortized deferred fees and costs and allowances for doubtful accounts. The Company evaluates the collectability of both interest and principal on each note receivable to determine whether it is collectible, primarily through the evaluation of the credit quality indicators, such as the tenant's financial condition, evaluations of historical loss experience, current economic conditions and other relevant factors. Impairment occurs when it is determined probable that the Company will not be able to collect principal and interest amounts due according to the contractual terms of the note.
Concentration of Credit Risk and Significant Leases	Concentration of Credit Risk and Significant Leases As of September 30, 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 September 30, 2016 , the Company owned real estate investments in 46 MSAs, (including one real estate investment owned through a consolidated partnership), three of which accounted for 10.0% or more of contractual 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 12.9% , 11.3% and 10.0% , respectively, of contractual rental revenue for the nine months ended September 30, 2016 . As of September 30, 2016 , the Company had two exposures to tenant concentration that accounted for 10.0% or more of contractual rental revenu e. The leases w ith AT&T Services, Inc. and the lease with Bay Area Regional Medical Center, LLC accounted for 12.2% and 10.0% , respectively, of contractual rental revenue for the nine months ended September 30, 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 31 st of the previous calendar year.
Earnings Per Share	Earnings Per Share Basic earnings per share attributable to common stockholders 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.
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 this update is the same as the effective date and transition of ASU 2015-14. The Company is in the process of evaluating the impact ASUs 2014-09 and 2016-08 will have on the Company’s condensed consolidated financial statements. On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses, or ASU 2016-13. ASU 2016-13 requires more timely recording of credit losses on loans and other financial instruments that are not accounted for at fair value through net income, including loans held for investment, held-to-maturity debt securities, trade and other receivables, net investment in leases and other such commitments. ASU 2016-13 requires that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The amendments in ASU 2016-13 require the Company to measure all expected credit losses based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets and eliminates the “incurred loss” methodology in current GAAP. ASU 2016-13 is effective for fiscal years, and interim periods within, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within, beginning after December 15, 2018. The Company is in the process of evaluating the impact ASU 2016-13 will have on the Company’s condensed consolidated financial statements. On August 26, 2016, the FASB issued ASU 2016-15, Statement of Cash Flows , or ASU 2016-15. ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 addresses eight classification issues related to the statement of cash flows: 1) debt prepayment or debt extinguishment costs; 2) settlement of zero-coupon bonds; 3) contingent consideration payments made after a business combination; 4) proceeds from the settlement of insurance claims; 5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; 6) distributions received from equity method investees; 7) beneficial interests in securitization transactions; and 8) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2017. Entities should apply this ASU using a retrospective transition method to each period presented. The Company is in the process of evaluating the impact ASU 2016-15 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.

Real Estate Investments (Tables

Real Estate Investments (Tables)	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Schedule of Business Combinations	The following table summarizes the 2016 Acquisition: Property Description Date Ownership Post Acute Medical Portfolio 05/23/2016 100%
Schedule of Allocation of Fair Value of Business Combinations	The following table summarizes management’s allocation of the fair value of the 2016 Acquisition during the nine months ended September 30, 2016 (amounts in thousands): Total Land $ 4,781 Buildings and improvements 53,284 In-place leases 12,935 Total assets acquired $ 71,000
Schedule of Business Combinations on a Pro Forma Basis	Assuming the 2016 Acquisition described above had occurred on January 1, 2015, pro forma revenues, net (loss) income and net (loss) income attributable to common stockholders would have been as follows for the periods listed below (amounts in thousands, except per share amounts, unaudited): Three Months Ended Nine Months Ended 2016 2015 2016 2015 Pro forma basis: Revenues $ 43,249 $ 53,475 $ 161,459 $ 163,884 Net (loss) income $ (9,489 ) $ 15,325 $ 30,045 $ 48,952 Net (loss) income attributable to common stockholders $ (10,495 ) $ 14,462 $ 27,050 $ 44,895 Net (loss) income per common share attributable to common stockholders: Basic $ (0.06 ) $ 0.08 $ 0.15 $ 0.25 Diluted $ (0.06 ) $ 0.08 $ 0.15 $ 0.25

Acquired Intangible Assets, N27

Acquired Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2016
Finite-Lived Intangible Assets, Net [Abstract]
Schedule of Acquired Intangible Assets, Net	Acquired intangible assets, net, consisted of the following as of September 30, 2016 and December 31, 2015 (amounts in thousands, except weighted average life amounts): September 30, 2016 December 31, 2015 In-place leases, net of accumulated amortization of $47,690 and $36,260, respectively (with a weighted average remaining life of 13.1 years and 14.3 years, respectively) $ 176,938 $ 191,470 Above-market leases, net of accumulated amortization of $1,223 and $932, respectively (with a weighted average remaining life of 10.5 years and 11.1 years, respectively) 3,137 3,428 Ground lease interest, net of accumulated amortization of $220 and $182, respectively (with a weighted average remaining life of 59.8 years and 60.4 years, respectively) 2,594 2,632 $ 182,669 $ 197,530

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2016
Other Assets [Abstract]
Schedule of Other Assets	Other assets consisted of the following as of September 30, 2016 and December 31, 2015 (amounts in thousands): September 30, 2016 December 31, 2015 Deferred financing costs related to the revolver portion of the unsecured credit facility, net of accumulated amortization of $5,278 and $3,690, respectively $ 1,426 $ 2,854 Lease commissions, net of accumulated amortization of $501 and $227, respectively 6,808 4,194 Investments in unconsolidated partnerships 112 100 Tenant receivables, net of allowances for doubtful accounts of $1,799 and $0, respectively 13,914 5,318 Notes receivable, net of allowances for doubtful accounts of $1,708 and $0, respectively 15,619 13,000 Real estate-related notes receivable 514 514 Straight-line rent receivable 52,872 47,807 Restricted cash held in escrow 15,950 13,661 Real estate escrow deposits — 450 Restricted cash 974 882 Derivative assets — 61 Prepaid and other assets 3,243 4,207 $ 111,432 $ 93,048

Future Minimum Rent (Tables)

Future Minimum Rent (Tables)	9 Months Ended
	Sep. 30, 2016
Leases [Abstract]
Schedule of Future Minimum Rent to be Received from Non-Cancelable Operating Leases	The future minimum rent to be received 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 three 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 Three months ending December 31, 2016 $ 48,134 2017 194,091 2018 198,818 2019 201,704 2020 202,824 Thereafter 1,924,094 $ 2,769,665
Schedule of Future Minimum Rental Payments Under Non-Cancelable Ground Leases	The future minimum rent obligations under non-cancelable ground leases for the three 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 Three months ending December 31, 2016 $ 175 2017 700 2018 702 2019 746 2020 746 Thereafter 37,836 $ 40,905

Notes Payable and Unsecured C30

Notes Payable and Unsecured Credit Facility (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of Debt Outstanding	The Company's debt outstanding as of September 30, 2016 and December 31, 2015 consisted of the following (amounts in thousands): September 30, 2016 December 31, 2015 Notes payable: Fixed rate notes payable $ 115,481 $ 131,233 Variable rate notes payable fixed through interest rate swaps 332,199 369,002 Variable rate notes payable 41,977 43,097 Total notes payable, principal amount outstanding 489,657 543,332 Unamortized deferred financing costs related to notes payable (2,935 ) (4,261 ) Total notes payable, net of deferred financing costs 486,722 539,071 Unsecured credit facility: Revolving line of credit 268,000 83,000 Term loan 210,000 210,000 Total unsecured credit facility, principal amount outstanding 478,000 293,000 Unamortized deferred financing costs related to the term loan of the unsecured credit facility (1,987 ) (2,544 ) Total unsecured credit facility, net of deferred financing costs 476,013 290,456 Total debt outstanding $ 962,735 $ 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 three 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 Three months ending December 31, 2016 $ 2,830 2017 (1) 459,058 2018 149,059 2019 170,548 2020 136,160 Thereafter 50,002 $ 967,657 (1) Of this amount, $268,000,000 relates to the revolving line of credit under the unsecured credit facility. The maturity date on the revolving line of credit under the unsecured credit facility is May 28, 2017 , subject to the Company's right to a 12 -month extension.

Intangible Lease Liabilities,31

Intangible Lease Liabilities, Net (Tables)	9 Months Ended
	Sep. 30, 2016
Intangible Lease Liabilities, Net [Abstract]
Schedule of Intangible Lease Liabilities, Net	Intangible lease liabilities, net, consisted of the following as of September 30, 2016 and December 31, 2015 (amounts in thousands, except weighted average life amounts): September 30, 2016 December 31, 2015 Below-market leases, net of accumulated amortization of $15,191 and $12,437, respectively (with a weighted average remaining life of 17.2 years and 17.7 years, respectively) $ 45,214 $ 47,968 Ground leasehold liabilities, net of accumulated amortization of $270 and $177, respectively (with a weighted average remaining life of 42.4 years and 43.2 years, respectively) 5,055 5,148 $ 50,269 $ 53,116

Related-Party Transactions an32

Related-Party Transactions and Arrangements (Tables)	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Schedule of Accounts Payable Due to Affiliates	The following amounts were outstanding due to affiliates as of September 30, 2016 and December 31, 2015 (amounts in thousands): Entity Fee September 30, 2016 December 31, 2015 Carter/Validus Advisors, LLC and its affiliates Asset management fees $ 1,684 $ 1,589 Carter/Validus Advisors, LLC and its affiliates Acquisition fees for redevelopment projects 1,200 — Carter Validus Real Estate Management Services, LLC Property management fees 640 401 Carter/Validus Advisors, LLC and its affiliates General, administrative and other costs 215 174 Carter Validus Real Estate Management Services, LLC Construction management fees 933 — Carter Validus Real Estate Management Services, LLC Leasing commissions 861 — $ 5,533 $ 2,164

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Schedule of Information for Reportable Segments	Summary information for the reportable segments during the three and nine months ended September 30, 2016 and 2015 , is as follows (amounts in thousands): Data Healthcare Three Months Ended Revenue: Rental, parking and tenant reimbursement revenue $ 29,487 $ 13,746 $ 43,233 Expenses: Rental and parking expenses (5,284 ) (2,088 ) (7,372 ) Segment net operating income $ 24,203 $ 11,658 35,861 Revenue: Real estate-related notes receivable interest income 15 Expenses: General and administrative expenses (1,465 ) Change in fair value of contingent consideration (125 ) Acquisition related expenses (5 ) Asset management fees (5,036 ) Depreciation and amortization (32,110 ) Loss from operations (2,865 ) Other income (expense): Other interest and dividend income 2,705 Interest expense, net (9,292 ) Provision for loan losses (42 ) Net loss $ (9,494 ) Data Healthcare Three Months Ended Revenue: Rental, parking and tenant reimbursement revenue $ 28,407 $ 23,410 $ 51,817 Expenses: Rental and parking expenses (4,847 ) (1,562 ) (6,409 ) Segment net operating income $ 23,560 $ 21,848 45,408 Revenue: Real estate-related notes receivable interest income 18 Expenses: General and administrative expenses (1,609 ) Change in fair value of contingent consideration (160 ) Acquisition related expenses — Asset management fees (4,708 ) Depreciation and amortization (19,490 ) Income from operations 19,459 Other income (expense): Other interest and dividend income 2,709 Interest expense, net (7,733 ) Net income $ 14,435 Data Healthcare Nine Months Ended Revenue: Rental, parking and tenant reimbursement revenue $ 87,120 $ 71,747 $ 158,867 Expenses: Rental and parking expenses (15,043 ) (6,341 ) (21,384 ) Segment net operating income $ 72,077 $ 65,406 137,483 Revenue: Real estate-related notes receivable interest income 46 Expenses: General and administrative expenses (4,633 ) Change in fair value of contingent consideration (370 ) Acquisition related expenses (1,645 ) Asset management fees (14,700 ) Depreciation and amortization (66,458 ) Income from operations 49,723 Other income (expense): Other interest and dividend income 8,116 Interest expense, net (29,119 ) Provision for loan losses (1,708 ) Net income $ 27,012 Data Healthcare Nine Months Ended Revenue: Rental, parking and tenant reimbursement revenue $ 86,226 $ 69,690 $ 155,916 Expenses: Rental and parking expenses (15,287 ) (5,805 ) (21,092 ) Segment net operating income $ 70,939 $ 63,885 134,824 Revenue: Real estate-related notes receivable interest income 373 Expenses: General and administrative expenses (4,469 ) Change in fair value of contingent consideration (460 ) Acquisition related expenses (3,654 ) Asset management fees (13,274 ) Depreciation and amortization (51,718 ) Income from operations 61,622 Other income (expense): Other interest and dividend income 5,828 Interest expense, net (21,043 ) Net income $ 46,407
Schedule of Assets by Reportable Segments	Assets by each reportable segment as of September 30, 2016 and December 31, 2015 are as follows (amounts in thousands): September 30, 2016 December 31, 2015 Assets by segment: Data centers $ 1,111,084 $ 1,097,952 Healthcare 1,202,174 1,124,928 All other 166,513 159,560 Total assets $ 2,479,771 $ 2,382,440
Schedule of Capital Additions and Acquisitions by Reportable Segments	Capital additions and acquisitions by reportable segments for the nine months ended September 30, 2016 and 2015 are as follows (amounts in thousands): Nine Months Ended 2016 2015 Capital additions and acquisitions by segment: Data centers $ 21,867 $ 2,793 Healthcare 104,229 178,812 Total capital additions and acquisitions $ 126,096 $ 181,605

Accounts Payable and Other Li34

Accounts Payable and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2016
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Other Liabilities	Accounts payable and other liabilities, as of September 30, 2016 and December 31, 2015 , were comprised of the following (amounts in thousands): September 30, 2016 December 31, 2015 Accounts payable and accrued expenses $ 10,663 $ 6,283 Accrued interest expense 2,899 2,905 Accrued property taxes 4,840 1,247 Contingent consideration obligation 5,710 5,340 Distributions payable to stockholders 10,560 10,776 Tenant deposits 1,039 1,039 Deferred rental income 6,388 5,226 Derivative liabilities 5,761 2,641 $ 47,860 $ 35,457

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	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 September 30, 2016 and December 31, 2015 (amounts in thousands): September 30, 2016 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ — $ — $ — Total assets at fair value $ — $ — $ — $ — Liabilities: Derivative liabilities $ — $ (5,761 ) $ — $ (5,761 ) Contingent consideration obligation — — (5,710 ) (5,710 ) Total liabilities at fair value $ — $ (5,761 ) $ (5,710 ) $ (11,471 ) 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 and nine months ended September 30, 2016 and 2015 (amounts in thousands): Three Months Ended Nine Months Ended 2016 2015 2016 2015 Liabilities: Contingent consideration obligation: Beginning balance $ 5,585 $ 6,870 $ 5,340 $ 6,570 Additions to contingent consideration obligation — — — — Total changes in fair value included in earnings 125 160 370 460 Ending balance $ 5,710 $ 7,030 $ 5,710 $ 7,030 Unrealized losses still held (1) $ 125 $ 160 $ 370 $ 460 (1) Represents the unrealized 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 He36

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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 $ 542,199 $ — $ (5,761 ) $ 424,002 $ 61 $ (2,641 )
Schedule of Income and Losses Recognized on Derivative Instruments	The table below summarizes the amount of income and loss recognized on interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2016 and 2015 (amounts in thousands): Derivatives in Cash Flow Hedging Relationships Amount of (Loss) Income Recognized Location of (Loss) Income Amount of Loss Three Months Ended September 30, 2016 Interest rate swaps $ 2,206 Interest expense, net $ (1,082 ) Total $ 2,206 $ (1,082 ) Three Months Ended September 30, 2015 Interest rate swaps $ (5,246 ) Interest expense, net $ (1,215 ) Total $ (5,246 ) $ (1,215 ) Nine Months Ended September 30, 2016 Interest rate swaps $ (7,114 ) Interest expense, net $ (3,933 ) Total $ (7,114 ) $ (3,933 ) Nine Months Ended September 30, 2015 Interest rate swaps $ (7,999 ) Interest expense, net $ (3,040 ) Total $ (7,999 ) $ (3,040 )
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 September 30, 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 September 30, 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 September 30, 2016 $ 5,761 $ — $ 5,761 $ — $ — $ 5,761 December 31, 2015 $ 2,641 $ — $ 2,641 $ (16 ) $ — $ 2,625

Accumulated Other Comprehensi37

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2016
Equity [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 nine months ended September 30, 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 (7,114 ) (7,114 ) Amount of loss reclassified from accumulated other comprehensive loss to net income (effective portion and missed forecast) 3,933 3,933 Other comprehensive loss (3,181 ) (3,181 ) Balance as of September 30, 2016 $ (5,281 ) $ (5,761 ) Unrealized Loss on Derivative Accumulated Other Balance as of December 31, 2014 $ (1,161 ) $ (1,161 ) Other comprehensive loss before reclassification (7,661 ) (7,661 ) Amount of loss reclassified from accumulated other comprehensive loss to net income (effective portion) 2,808 2,808 Other comprehensive loss (4,853 ) (4,853 ) Purchase of noncontrolling interests — (480 ) Balance as of September 30, 2015 $ (6,014 ) $ (6,494 )
Schedule of Reclassifications Out of Accumulated Other Comprehensive Loss	The following table presents reclassifications out of accumulated other comprehensive loss for the nine months ended September 30, 2016 and 2015 (amounts in thousands): Details about Accumulated Other Amounts Reclassified from Affected Line Items in the Consolidated Statements of Comprehensive Nine Months Ended 2016 2015 Interest rate swap contracts $ 3,933 $ 3,040 Interest expense, net

Organization and Business Ope38

Organization and Business Operations (Details)	9 Months Ended
	Sep. 30, 2016USD ($)real_estate_investmentmetropolitansegmentpropertyshares	Sep. 30, 2015USD ($)	Dec. 31, 2015shares	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	49
Number of Company owned properties | property	84
Number of metropolitan statistical areas in which Company owns real estate investments | metropolitan	46
Common stock, shares authorized | shares	300,000,000		300,000,000
Redemption of common stock	$ 26,146,000	$ 5,521,000
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	188,025,000
Common stock offering, gross proceeds raised	$ 1,862,909,000
Redemption of common stock	40,673,000
Offering costs, selling commissions and dealer manager fees	$ 174,783,000
Consolidated Partnership [Member]
Organization and Business Operations [Line Items]
Number of Company owned real estate investments | real_estate_investment	1

Summary of Significant Accoun39

Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)real_estate_investmentmetropolitantenantshares	Sep. 30, 2015USD ($)shares	Sep. 30, 2016USD ($)real_estate_investmentmetropolitantenant$ / sharesshares	Sep. 30, 2015USD ($)$ / sharesshares	Dec. 31, 2015USD ($)
Summary of Significant Accounting Policies [Line Items]
Provision for doubtful accounts	$ 990	$ 3,376	$ 1,799	$ 3,376
Allowances for uncollectible tenant receivables	1,799		1,799		$ 0
Notes receivable, outstanding balance	17,327		17,327		13,000
Notes receivable, provision for loan losses	$ 0		$ 1,625
Number of metropolitan statistical areas in which Company owns real estate investments | metropolitan	46		46
Number of Company owned real estate investments | real_estate_investment	49		49
Deferred financing costs, net	$ 1,426		$ 1,426		2,854
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			$ 26,146	$ 5,521
Repurchase of common stock, average price per share (in dollars per share) | $ / shares			$ 9.70	$ 9.57
Anti-dilutive securities excluded from computation of earnings per share (in shares) | shares	17,000
Diluted earnings per share outstanding adjustment (in shares) | shares		17,000	19,000	19,000
Common Stock [Member]
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares) | shares			2,695,559	577,000
Repurchase of common stock			$ 26
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		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			12.90%
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			11.30%
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			10.00%
Rental Revenue [Member] | Customer Concentration Risk [Member]
Summary of Significant Accounting Policies [Line Items]
Number of tenants | tenant	2		2
Rental Revenue [Member] | Customer Concentration Risk [Member] | AT&T Services, Inc. [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration risk, percentage			12.20%
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		1
Other Assets [Member] | ASU 2015-03 [Member]
Summary of Significant Accounting Policies [Line Items]
Deferred financing costs, net					(6,805)
Notes Payable [Member] | ASU 2015-03 [Member]
Summary of Significant Accounting Policies [Line Items]
Deferred financing costs, net					4,261
Credit Facility [Member] | ASU 2015-03 [Member]
Summary of Significant Accounting Policies [Line Items]
Deferred financing costs, net					$ 2,544
In-place leases [Member]
Summary of Significant Accounting Policies [Line Items]
Accelerated amortization of in-place lease intangible asset	$ 14,634		$ 14,634
Lease Termination [Member]
Summary of Significant Accounting Policies [Line Items]
Accelerated amortization of in-place lease intangible asset		$ 3,121		$ 3,121
Straight-Line Rent Receivable [Member]
Summary of Significant Accounting Policies [Line Items]
Write-off of receivable	14,366		14,366
Lease Incentive Asset [Member]
Summary of Significant Accounting Policies [Line Items]
Write-off of receivable	1,146		1,146
Accrued Interest Receivable [Member]
Summary of Significant Accounting Policies [Line Items]
Notes receivable, provision for loan losses	$ 42		$ 83

Real Estate Investments (Narrat

Real Estate Investments (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)real_estate_investmentproperty	Sep. 30, 2015USD ($)
Real Estate Properties [Line Items]
Purchase price			$ 71,000	$ 123,753
Revenues			2,790
Net income			67
Acquisition related expenses	$ 5	$ 0	$ 1,645	3,654
Maximum [Member]
Real Estate Properties [Line Items]
Acquisition fee and expense reimbursement, as percentage of purchase price of properties			6.00%
Business Combinations [Member]
Real Estate Properties [Line Items]
Acquisition related expenses			$ 1,645	$ 3,478
Healthcare [Member] | Business Combinations [Member]
Real Estate Properties [Line Items]
Number of real estate acquisitions | real_estate_investment			1
Number of properties acquired | property			5

Real Estate Investments (Schedu

Real Estate Investments (Schedule of Business Combinations) (Details) - Post Acute Medical Portfolio [Member]	May 23, 2016
Business Acquisition [Line Items]
Date Acquired	May 23, 2016
Ownership Percentage	100.00%

Real Estate Investments (Sche42

Real Estate Investments (Schedule of Allocation of Fair Value of Business Combinations) (Details) $ in Thousands	Sep. 30, 2016USD ($)
Real Estate [Abstract]
Land	$ 4,781
Buildings and improvements	53,284
In-place leases	12,935
Total assets acquired	$ 71,000

Real Estate Investments (Sche43

Real Estate Investments (Schedule of Business Combinations on a Pro Forma Basis) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Pro forma basis:
Revenues	$ 43,249	$ 53,475	$ 161,459	$ 163,884
Net (loss) income	(9,489)	15,325	30,045	48,952
Net (loss) income attributable to common stockholders	$ (10,495)	$ 14,462	$ 27,050	$ 44,895
Net (loss) income per common share attributable to common stockholders:
Basic (in dollars per share)	$ (0.06)	$ 0.08	$ 0.15	$ 0.25
Diluted (in dollars per share)	$ (0.06)	$ 0.08	$ 0.15	$ 0.25

Acquired Intangible Assets, N44

Acquired Intangible Assets, Net (Schedule of Acquired Intangible Assets, Net) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, net of accumulated amortization	$ 182,669	$ 197,530
Acquired intangible asset, accumulated amortization	$ 49,133	$ 37,374
Acquired intangible asset, weighted average remaining life	13 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	$ 176,938	$ 191,470
Acquired intangible asset, accumulated amortization	$ 47,690	$ 36,260
Acquired intangible asset, weighted average remaining life	13 years 1 month 6 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	$ 3,137	$ 3,428
Acquired intangible asset, accumulated amortization	$ 1,223	$ 932
Acquired intangible asset, weighted average remaining life	10 years 6 months	11 years 1 month 6 days
Ground lease interest [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, net of accumulated amortization	$ 2,594	$ 2,632
Acquired intangible asset, accumulated amortization	$ 220	$ 182
Acquired intangible asset, weighted average remaining life	59 years 9 months 18 days	60 years 4 months 24 days

Other Assets (Schedule of Other

Other Assets (Schedule of Other Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 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 $5,278 and $3,690, respectively	$ 1,426	$ 2,854
Lease commissions, net of accumulated amortization of $501 and $227, respectively	6,808	4,194
Investments in unconsolidated partnerships	112	100
Tenant receivables, net of allowances for doubtful accounts of $1,799 and $0, respectively	13,914	5,318
Notes receivable, net of allowances for doubtful accounts of $1,708 and $0, respectively	15,619	13,000
Real estate-related notes receivable	514	514
Straight-line rent receivable	52,872	47,807
Restricted cash held in escrow	15,950	13,661
Real estate escrow deposits	0	450
Restricted cash	974	882
Derivative assets	0	61
Prepaid and other assets	3,243	4,207
Total other assets	111,432	93,048
Deferred financing costs, accumulated amortization	5,278	3,690
Lease commissions, accumulated amortization	501	227
Tenant receivables, allowances for doubtful accounts	1,799	0
Notes receivable, allowances for doubtful accounts	$ 1,708	$ 0

Future Minimum Rent (Schedule o

Future Minimum Rent (Schedule of Future Minimum Rent to be Received from Non-Cancelable Operating Leases) (Details) $ in Thousands	Sep. 30, 2016USD ($)
Leases [Abstract]
Three months ending December 31, 2016	$ 48,134
2,017	194,091
2,018	198,818
2,019	201,704
2,020	202,824
Thereafter	1,924,094
Total	$ 2,769,665

Future Minimum Rent (Schedule47

Future Minimum Rent (Schedule of Future Minimum Rental Payments Under Non-Cancelable Ground Leases) (Details) $ in Thousands	Sep. 30, 2016USD ($)
Leases [Abstract]
Three months ending December 31, 2016	$ 175
2,017	700
2,018	702
2,019	746
2,020	746
Thereafter	37,836
Total	$ 40,905

Notes Payable and Unsecured C48

Notes Payable and Unsecured Credit Facility (Narrative) (Details) $ in Thousands	Mar. 30, 2016USD ($)loan	Sep. 30, 2016USD ($)interest_rate_swap_agreementloan	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Payments on notes payable		$ 53,675	$ 8,617
Extinguishment of debt, loss on hedged debt obligation		728
Proceeds from credit facility		185,000	235,000
Repayments on unsecured credit facility		0	$ 27,000
Credit facility, outstanding principal balance		478,000		$ 293,000
Credit facility, total unencumbered pool availability		514,575
Credit facility, amount remaining to be drawn		$ 36,575
Term Loan [Member]
Debt Instrument [Line Items]
Number of interest rate swap agreements | interest_rate_swap_agreement		5
Unsecured credit facility, swap agreement amount		$ 155,000
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		$ 210,000		$ 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		$ 210,000

Notes Payable and Unsecured C49

Notes Payable and Unsecured Credit Facility (Schedule of Debt Outstanding) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Notes payable:
Notes payable, principal amount outstanding	$ 489,657	$ 543,332
Unamortized deferred financing costs related to notes payable	(2,935)	(4,261)
Notes payable, net of deferred financing costs	486,722	539,071
Unsecured credit facility:
Unsecured credit facility, principal amount outstanding	478,000	293,000
Unamortized deferred financing costs related to the term loan of the unsecured credit facility	(1,987)	(2,544)
Unsecured credit facility, net of deferred financing costs	476,013	290,456
Total debt outstanding	962,735	829,527
Revolving Line of Credit [Member]
Unsecured credit facility:
Unsecured credit facility, principal amount outstanding	268,000	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	115,481	131,233
Variable Rate Debt, Subject To Interest Rate Swap [Member]
Notes payable:
Notes payable, principal amount outstanding	332,199	369,002
Unsecured credit facility:
Unsecured credit facility, principal amount outstanding	210,000	55,000
Variable Rate Debt, Subject To Interest Rate Swap [Member] | Term Loan [Member]
Unsecured credit facility:
Unsecured credit facility, principal amount outstanding	210,000
Variable Rate [Member]
Notes payable:
Notes payable, principal amount outstanding	41,977	43,097
Unsecured credit facility:
Unsecured credit facility, principal amount outstanding	$ 268,000	$ 238,000

Notes Payable and Unsecured C50

Notes Payable and Unsecured Credit Facility (Schedule of Future Principal Payments Due on Notes Payable and Unsecured Credit Facility) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Debt Instrument [Line Items]
Three months ending December 31, 2016	$ 2,830
2,017	459,058
2,018	149,059
2,019	170,548
2,020	136,160
Thereafter	50,002
Total	967,657
Revolving Line of Credit [Member]
Debt Instrument [Line Items]
2,017	$ 268,000
Credit facility, maturity date	May 28, 2017
Credit facility, available extension period	12 months

Intangible Lease Liabilities,51

Intangible Lease Liabilities, Net (Schedule of Intangible Lease Liabilities, Net) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Intangible Lease Liabilities, Net [Abstract]
Below-market leases, net of accumulated amortization of $15,191 and $12,437, respectively (with a weighted average remaining life of 17.2 years and 17.7 years, respectively)	$ 45,214	$ 47,968
Ground leasehold liabilities, net of accumulated amortization of $270 and $177, respectively (with a weighted average remaining life of 42.4 years and 43.2 years, respectively)	5,055	5,148
Total intangible lease liabilities, net	50,269	53,116
Below-market leases, accumulated amortization	$ 15,191	$ 12,437
Below-market leases, weighted average remaining life	17 years 2 months 12 days	17 years 8 months 12 days
Ground leasehold liabilities, accumulated amortization	$ 270	$ 177
Ground leasehold liabilities, weighted average remaining life	42 years 4 months 24 days	43 years 2 months 12 days
Intangible lease liabilities, weighted average remaining life	19 years 9 months 18 days	20 years 2 months 12 days

Commitments and Contingencies (

Commitments and Contingencies (Details)	Sep. 30, 2016case
Commitments and Contingencies Disclosure [Abstract]
Number of material pending legal proceedings to which the Company is a party	0

Related-Party Transactions an53

Related-Party Transactions and Arrangements (Narrative) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)employee	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)employeeproperty	Sep. 30, 2015USD ($)
Related Party Transaction [Line Items]
Asset management fees incurred	$ 5,036,000	$ 4,708,000	$ 14,700,000	$ 13,274,000
Number of direct employees | employee	0		0
Maximum brokerage commission paid by Company, as percentage of contract sales price			6.00%
Maximum investment banking fees paid by Company, as percentage of transaction price			0.50%
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, percentage of development or redevelopment costs			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	$ 5,036,000	4,708,000	$ 14,700,000	13,274,000
Operating expenses allocated to the Company by the advisor	511,000	376,000	$ 1,368,000	941,000
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	0	$ 1,420,000	2,748,000
Acquisition fees, incurred related to redevelopment project	1,200,000	0	$ 1,200,000	0
Minimum number of properties required to be sold to incur brokerage commission | property			1
Disposition fees incurred			$ 0
Subordinated participation in net sale proceeds			0
Subordinated incentive listing fees incurred			0
Subordinated termination fees			$ 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%
Percentage of investment banking fees paid by Company for disposition, sale or merger of Company			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	1,405,000	1,139,000	$ 4,016,000	3,585,000
Leasing commissions incurred	861,000	2,391,000	1,138,000	2,435,000
Construction management fees	$ 933,000	$ 639,000	$ 933,000	$ 1,470,000
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 An54

Related-Party Transactions And Arrangements (Schedule of Accounts Payable Due to Affiliates) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Accounts payable due to affiliates	$ 5,533	$ 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	1,684	1,589
Carter/Validus Advisors, LLC And/Or Its Affiliates [Member] | Acquisition Fees for Redevelopment Projects [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	1,200	0
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	215	174
Carter Validus Real Estate Management Services, LLC [Member] | Property Management Fees [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	640	401
Carter Validus Real Estate Management Services, LLC [Member] | Construction Management Fees [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	933	0
Carter Validus Real Estate Management Services, LLC [Member] | Leasing Commissions [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	$ 861	$ 0

Segment Reporting (Narrative) (

Segment Reporting (Narrative) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)segment	Sep. 30, 2015USD ($)
Segment Reporting Information [Line Items]
Number of reportable business segments | segment			2
Revenue	$ 43,248,000	$ 51,835,000	$ 158,913,000	$ 156,289,000
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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting Information [Line Items]
Rental and parking expenses	$ (7,372)	$ (6,409)	$ (21,384)	$ (21,092)
(Loss) income from operations	(2,865)	19,459	49,723	61,622
Real estate-related notes receivable interest income	15	18	46	373
General and administrative expenses	(1,465)	(1,609)	(4,633)	(4,469)
Change in fair value of contingent consideration	(125)	(160)	(370)	(460)
Acquisition related expenses	(5)	0	(1,645)	(3,654)
Asset management fees	(5,036)	(4,708)	(14,700)	(13,274)
Depreciation and amortization	(32,110)	(19,490)	(66,458)	(51,718)
Other interest and dividend income	2,705	2,709	8,116	5,828
Interest expense, net	(9,292)	(7,733)	(29,119)	(21,043)
Provision for loan losses	(42)	0	(1,708)	0
Net (loss) income	(9,494)	14,435	27,012	46,407
Operating Segments [Member]
Segment Reporting Information [Line Items]
Rental, parking and tenant reimbursement revenue	43,233	51,817	158,867	155,916
Rental and parking expenses	(7,372)	(6,409)	(21,384)	(21,092)
(Loss) income from operations	35,861	45,408	137,483	134,824
Operating Segments [Member] | Data Centers [Member]
Segment Reporting Information [Line Items]
Rental, parking and tenant reimbursement revenue	29,487	28,407	87,120	86,226
Rental and parking expenses	(5,284)	(4,847)	(15,043)	(15,287)
(Loss) income from operations	24,203	23,560	72,077	70,939
Operating Segments [Member] | Healthcare [Member]
Segment Reporting Information [Line Items]
Rental, parking and tenant reimbursement revenue	13,746	23,410	71,747	69,690
Rental and parking expenses	(2,088)	(1,562)	(6,341)	(5,805)
(Loss) income from operations	$ 11,658	$ 21,848	$ 65,406	$ 63,885

Segment Reporting (Schedule o57

Segment Reporting (Schedule of Assets by Reportable Segments) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets by segment [Line Items]
Total assets	$ 2,479,771	$ 2,382,440
Operating Segments [Member] | Data Centers [Member]
Assets by segment [Line Items]
Total assets	1,111,084	1,097,952
Operating Segments [Member] | Healthcare [Member]
Assets by segment [Line Items]
Total assets	1,202,174	1,124,928
All Other [Member]
Assets by segment [Line Items]
Total assets	$ 166,513	$ 159,560

Segment Reporting (Schedule o58

Segment Reporting (Schedule of Capital Additions and Acquisitions by Reportable Segments) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Capital additions and acquisitions by segment [Line Items]
Total capital additions and acquisitions	$ 126,096	$ 181,605
Operating Segments [Member] | Data Centers [Member]
Capital additions and acquisitions by segment [Line Items]
Total capital additions and acquisitions	21,867	2,793
Operating Segments [Member] | Healthcare [Member]
Capital additions and acquisitions by segment [Line Items]
Total capital additions and acquisitions	$ 104,229	$ 178,812

Accounts Payable and Other Li59

Accounts Payable and Other Liabilities (Schedule of Accounts Payable and Other Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Payables and Accruals [Abstract]
Accounts payable and accrued expenses	$ 10,663	$ 6,283
Accrued interest expense	2,899	2,905
Accrued property taxes	4,840	1,247
Contingent consideration obligation	5,710	5,340
Distributions payable to stockholders	10,560	10,776
Tenant deposits	1,039	1,039
Deferred rental income	6,388	5,226
Derivative liabilities	5,761	2,641
Accounts payable and other liabilities	$ 47,860	$ 35,457

Preferred Equity Investment (De

Preferred Equity Investment (Details) - USD ($)	Oct. 04, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Preferred Equity Investment [Line Items]
Preferred equity investment, aggregate amount invested				$ 0	$ 127,147,000
Preferred equity investment, dividend income		$ 2,705,000	$ 2,709,000	$ 8,116,000	5,828,000
Series B Redeemable Cumulative Preferred Stock [Member] | Private Healthcare Real Estate Corporation [Member]
Preferred Equity Investment [Line Items]
Preferred equity investment, aggregate amount invested						$ 127,147,000
Preferred equity investment, dividend rate percentage				7.875%
Preferred equity investment, principal amount						125,000,000
Preferred equity investment, origination costs						2,772,000
Preferred equity investment, closing fee						$ 625,000
Preferred equity investment, dividend income		$ 2,461,000	$ 2,461,000	$ 7,383,000	$ 5,359,000
Subsequent Event [Member] | Series B Redeemable Cumulative Preferred Stock [Member] | Private Healthcare Real Estate Corporation [Member]
Preferred Equity Investment [Line Items]
Preferred equity investment, dividend rate percentage	7.875%
Proceeds from redemption of preferred equity investment	$ 131,250,000

Fair Value (Narrative) (Details

Fair Value (Narrative) (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Fair Value [Line Items]
Notes payable, outstanding principal balance	$ 489,657,000	$ 543,332,000
Credit facility, outstanding principal balance	478,000,000	293,000,000
Contingent consideration obligations, fair value and carrying value	5,710,000	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	115,481,000	131,233,000
Variable Rate Debt, Subject To Interest Rate Swap [Member]
Fair Value [Line Items]
Notes payable, outstanding principal balance	332,199,000	369,002,000
Credit facility, outstanding principal balance	210,000,000	55,000,000
Variable Rate [Member]
Fair Value [Line Items]
Notes payable, outstanding principal balance	41,977,000	43,097,000
Credit facility, outstanding principal balance	268,000,000	238,000,000
Estimated Fair Value [Member]
Fair Value [Line Items]
Preferred equity investment	131,250,000	127,147,000
Carrying Value [Member]
Fair Value [Line Items]
Preferred equity investment	127,147,000	127,147,000
Significant Other Observable Inputs (Level 2) [Member] | Estimated Fair Value [Member] | Fixed Rate [Member]
Fair Value [Line Items]
Notes payable, fair value disclosure	118,865,000	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	332,952,000	364,478,000
Credit facility, fair value disclosure	$ 207,750,000	$ 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	Sep. 30, 2016	Dec. 31, 2015
Assets:
Derivative assets	$ 0	$ 61
Liabilities:
Derivative liabilities	(5,761)	(2,641)
Contingent consideration obligation	(5,710)	(5,340)
Recurring Basis [Member]
Assets:
Derivative assets	0	61
Total assets at fair value	0	61
Liabilities:
Derivative liabilities	(5,761)	(2,641)
Contingent consideration obligation	(5,710)	(5,340)
Total liabilities at fair value	(11,471)	(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	(5,761)	(2,641)
Contingent consideration obligation	0	0
Total liabilities at fair value	(5,761)	(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	(5,710)	(5,340)
Total liabilities at fair value	$ (5,710)	$ (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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 5,585	$ 6,870	$ 5,340	$ 6,570
Additions to contingent consideration obligation	0	0	0	0
Total changes in fair value included in earnings	125	160	370	460
Ending balance	5,710	7,030	5,710	7,030
Unrealized losses still held	$ 125	$ 160	$ 370	$ 460

Derivative Instruments and He64

Derivative Instruments and Hedging Activities (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Income (loss) recognized due to ineffectiveness of hedges of interest rate risk	$ 0	$ 0		$ 0
Loss on discontinuation of cash flow hedge due to forecasted transaction probable of not occurring			$ 728,000
Additional amount expected to be reclassified from AOCI into earnings during next twelve months	3,178,000		3,178,000
Fair value of derivatives in a net liability position	$ 6,348,000		$ 6,348,000

Derivative Instruments and He65

Derivative Instruments and Hedging Activities (Schedule of the Notional Amount and Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Fair Value of Asset	$ 0	$ 61
Fair Value of (Liability)	(5,761)	(2,641)
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Outstanding Notional Amount	542,199	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)	$ (5,761)	$ (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	May 3, 2016
Maturity Dates	Aug. 21, 2020

Derivative Instruments and He66

Derivative Instruments and Hedging Activities (Schedule of Losses Recognized on Derivative Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Income Recognized in OCI on Derivatives (Effective Portion)	$ 2,206	$ (5,246)	$ (7,114)	$ (7,999)
Amount of Loss Reclassified From Accumulated Other Comprehensive Loss to Net Income (Effective Portion)	(1,082)	(1,215)	(3,933)	(3,040)
Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Income Recognized in OCI on Derivatives (Effective Portion)	2,206	(5,246)	(7,114)	(7,999)
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)	$ (1,082)	$ (1,215)	$ (3,933)	$ (3,040)

Derivative Instruments and He67

Derivative Instruments and Hedging Activities (Schedule of Offsetting of Derivative Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 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 He68

Derivative Instruments and Hedging Activities (Schedule of Offsetting of Derivative Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Liabilities	$ 5,761	$ 2,641
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts Of Liabilities Presented in the Balance Sheet	5,761	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	$ 5,761	$ 2,625

Accumulated Other Comprehensi69

Accumulated Other Comprehensive Loss (Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss, Net of Noncontrolling Interests) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			$ 1,428,510
Other comprehensive income (loss) attributable to common stockholders	$ 3,288	$ (4,017)	(3,181)	$ (4,853)
Ending Balance	1,378,661		1,378,661
Unrealized Loss On Derivative Instruments [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			(2,100)	(1,161)
Other comprehensive income (loss) before reclassification			(7,114)	(7,661)
Amount of loss reclassified from accumulated other comprehensive loss to net income (effective portion and missed forecast)			3,933	2,808
Other comprehensive income (loss) attributable to common stockholders			(3,181)	(4,853)
Purchase of noncontrolling interests				0
Ending Balance	(5,281)	(6,014)	(5,281)	(6,014)
Accumulated Other Comprehensive Loss [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			(2,580)	(1,161)
Other comprehensive income (loss) before reclassification			(7,114)	(7,661)
Amount of loss reclassified from accumulated other comprehensive loss to net income (effective portion and missed forecast)			3,933	2,808
Other comprehensive income (loss) attributable to common stockholders			(3,181)	(4,853)
Purchase of noncontrolling interests				(480)
Ending Balance	$ (5,761)	$ (6,494)	$ (5,761)	$ (6,494)

Accumulated Other Comprehensi70

Accumulated Other Comprehensive Loss (Schedule of Reclassifications Out of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Reclassification Adjustment Out Of Accumulated Other Comprehensive Loss [Line Items]
Interest expense, net	$ 9,292	$ 7,733	$ 29,119	$ 21,043
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			$ 3,933	$ 3,040

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 03, 2016	Nov. 01, 2016	Oct. 04, 2016	Oct. 03, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Subsequent Event [Line Items]
Distributions paid in cash							$ 44,816	$ 42,407
Common stock issued through distribution reinvestment plan							$ 51,227	$ 50,720
Distributions declared per common share (in dollars per share)					$ 0.18	$ 0.18	$ 0.52	$ 0.52
Subsequent Event [Member] | September 1, 2016 To September 30, 2016 [Member]
Subsequent Event [Line Items]
Aggregate distributions paid				$ 10,560
Distributions paid in cash				4,990
Common stock issued through distribution reinvestment plan				$ 5,570
Subsequent Event [Member] | October 1, 2016 To October 31, 2016 [Member]
Subsequent Event [Line Items]
Aggregate distributions paid		$ 10,928
Distributions paid in cash		5,188
Common stock issued through distribution reinvestment plan		$ 5,740
Subsequent Event [Member] | December 2016 [Member]
Subsequent Event [Line Items]
Number of days, distribution calculation	366 days
Distributions declared per common share (in dollars per share)	$ 0.001912568
Subsequent Event [Member] | January 1, 2017 to February 28, 2017 [Member]
Subsequent Event [Line Items]
Number of days, distribution calculation	365 days
Distributions declared per common share (in dollars per share)	$ 0.001917808
Series B Redeemable Cumulative Preferred Stock [Member] | Private Healthcare Real Estate Corporation [Member]
Subsequent Event [Line Items]
Preferred equity investment, dividend rate percentage							7.875%
Series B Redeemable Cumulative Preferred Stock [Member] | Private Healthcare Real Estate Corporation [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Preferred equity investment, dividend rate percentage			7.875%
Proceeds from redemption of preferred equity investment			$ 131,250