Cim Income Nav 10-K 29 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2015	Mar. 24, 2016	Jun. 30, 2015
Entity Registrant Name	COLE REAL ESTATE INCOME STRATEGY (DAILY NAV), INC.
Entity Central Index Key	1,498,542
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 132.3
Common Class W
Entity Common Stock, Shares Outstanding		8,700
Common Class A
Entity Common Stock, Shares Outstanding		1,900
Common Class I
Entity Common Stock, Shares Outstanding		663

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Investment in real estate assets:
Land	$ 49,785	$ 46,455
Buildings and improvements	187,616	156,656
Intangible lease assets	32,880	29,374
Total real estate investments, at cost	270,281	232,485
Less: accumulated depreciation and amortization	(12,698)	(6,980)
Total real estate investments, net	257,583	225,505
Investment in marketable securities	5,237	490
Total real estate investments and marketable securities, net	262,820	225,995
Cash and cash equivalents	14,840	4,489
Restricted cash	118	25
Rents and tenant receivables	2,655	1,267
Prepaid expenses and other assets	250	364
Deferred costs, net	819	1,022
Total assets	281,502	233,162
LIABILITIES AND STOCKHOLDERS’ EQUITY
Credit facility and notes payable, net	117,730	119,530
Accounts payable and accrued expenses	2,122	1,188
Escrowed investor proceeds	50	25
Due to affiliates	2,006	1,816
Intangible lease liabilities, net	3,513	2,058
Distributions payable	788	595
Deferred rental income, derivative liabilities and other liabilities	1,120	585
Total liabilities	$ 127,329	$ 125,797
Commitments and contingencies
Redeemable common stock	$ 17,967	$ 12,545
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.01 par value; 10,000,000 shares authorized, none issued and outstanding	0	0
Capital in excess of par value	146,431	104,284
Accumulated distributions in excess of earnings	(9,949)	(9,539)
Accumulated other comprehensive (loss) income	(375)	3
Total stockholders’ equity	136,206	94,820
Total liabilities and stockholders’ equity	281,502	233,162
A Shares common stock, $0.01 par value; 163,000,000 shares authorized, 1,371,763 and 897,376 shares issued and outstanding, respectively
STOCKHOLDERS’ EQUITY:
Shares common stock	14	9
I Shares common stock, $0.01 par value; 163,000,000 shares authorized, 657,624 and 256,525 shares issued and outstanding, respectively
STOCKHOLDERS’ EQUITY:
Shares common stock	7	3
W Shares common stock, $0.01 par value; 164,000,000 shares authorized, 7,825,063 and 6,012,043 shares issued and outstanding, respectively
STOCKHOLDERS’ EQUITY:
Shares common stock	$ 78	$ 60

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (usd per share)	$ 0.01
Common stock, shares authorized	490,000,000
Common stock, shares outstanding	11,700,000
Common Class A
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	163,000,000	163,000,000
Common stock, shares issued	1,371,763	897,376
Common stock, shares outstanding	1,371,763	897,376
Common Class I
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	163,000,000	163,000,000
Common stock, shares issued	657,624	256,525
Common stock, shares outstanding	657,624	256,525
Common Class W
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	164,000,000	164,000,000
Common stock, shares issued	7,825,063	6,012,043
Common stock, shares outstanding	7,825,063	6,012,043

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Rental income	$ 17,345	$ 12,338	$ 4,748
Tenant reimbursement income	1,688	959	336
Interest income on marketable securities	76	8	5
Total revenues	19,109	13,305	5,089
Operating expenses:
General and administrative	1,794	1,337	1,100
Property operating	644	473	141
Real estate tax	1,204	661	250
Advisory fees	2,536	2,002	806
Acquisition-related	809	1,495	852
Depreciation and amortization	6,457	4,535	1,530
Total operating expenses	13,444	10,503	4,679
Operating income	5,665	2,802	410
Other income (expense):
Interest expense and other, net	(3,980)	(2,551)	(944)
Income before real estate dispositions	1,685	251	(534)
Gain on disposition of real estate, net	5,642	0	0
Net income (loss)	$ 7,327	$ 251	$ (534)
Weighted average number of common shares outstanding:
Basic and diluted (shares)	7,912,968	6,019,518	2,509,921
Net income (loss) per common share
Basic and diluted (in dollars per share)	$ 0.93	$ 0.04	$ (0.21)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 7,327	$ 251	$ (534)
Other comprehensive income (loss):
Unrealized holding (loss) gain on marketable securities	(93)	6	(5)
Less: reclassification adjustment for loss included in income as other expense	17	0	1
Unrealized (loss) on interest rate swaps	(586)	0	0
Amount of loss reclassified from other comprehensive (loss) income into income as interest expense	284	0	0
Total other comprehensive income (loss)	(378)	6	(4)
Comprehensive income (loss)	$ 6,949	$ 257	$ (538)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Class W	Common Class A	Common Class I	Common Stock	Common StockCommon Class W	Common StockCommon Class A	Common StockCommon Class I	Capital in Excess of Par Value	Accumulated Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)
Balance, shares at Dec. 31, 2012						914,037	0	0
Balance at Dec. 31, 2012	$ 8,880					$ 9	$ 0	$ 0	$ 10,010	$ (1,140)	$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, shares						3,247,362	23,767	235
Issuance of common stock	54,085					$ 32			54,053
Conversion of shares, shares						(128,941)		128,941
Conversion of shares						$ (1)		$ 1
Distributions to investors	(2,275)									(2,275)
Commissions, dealer manager and distribution fees	(245)								(245)
Other offering costs	(406)								(406)
Redemptions of common stock, shares						(38,542)
Redemptions of common stock	(627)								(627)
Changes in redeemable common stock	(3,212)								(3,212)
Comprehensive income (loss)	(538)									(534)	(4)
Balance, shares at Dec. 31, 2013						3,993,916	23,767	129,176
Balance at Dec. 31, 2013	55,662					$ 40	$ 0	$ 1	59,573	(3,949)	(3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, shares						3,070,377	874,181	127,349
Issuance of common stock	69,949					$ 31	$ 9	$ 2	69,907
Distributions to investors	(5,841)									(5,841)
Commissions, dealer manager and distribution fees	(1,155)								(1,155)
Other offering costs	(520)								(520)
Redemptions of common stock, shares						(1,052,250)	(572)
Redemptions of common stock	(17,969)					$ (11)			(17,958)
Changes in redeemable common stock	(5,563)								(5,563)
Comprehensive income (loss)	257									251
Balance, shares at Dec. 31, 2014		6,012,043	897,376	256,525		6,012,043	897,376	256,525
Balance at Dec. 31, 2014	94,820					$ 60	$ 9	$ 3	104,284	(9,539)	3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, shares					3,400,000	2,689,946	541,431	175,819
Issuance of common stock	62,171				$ 61,900	$ 27	$ 6	$ 2	62,136
Conversion of shares, shares						(226,091)		225,280
Conversion of shares						$ (2)		$ 2
Distributions to investors	(7,737)									(7,737)
Commissions, dealer manager and distribution fees	(1,154)								(1,154)
Other offering costs	(464)								(464)
Redemptions of common stock, shares		(651,000)	(67,000)			(650,835)	(67,044)
Redemptions of common stock	(12,957)	$ (11,800)	$ (1,200)			$ (7)	$ (1)		(12,949)
Changes in redeemable common stock	(5,422)								(5,422)
Comprehensive income (loss)	$ 6,949									7,327
Balance, shares at Dec. 31, 2015	11,700,000	7,825,063	1,371,763	657,624		7,825,063	1,371,763	657,624
Balance at Dec. 31, 2015	$ 136,206					$ 78	$ 14	$ 7	$ 146,431	$ (9,949)	$ (375)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Cash flows from operating activities:
Net income (loss)	$ 7,327	$ 251	$ (534)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization, net	6,630	4,581	1,485
Straight-line rental income	(717)	(397)	(186)
Amortization of deferred financing costs	465	727	300
Amortization on marketable securities	12	2	3
Gain on disposition of real estate assets, net	(5,642)	0	0
Loss (Gain) on sale of marketable securities	17	(1)	2
Bad debt expense	2	0	0
Changes in assets and liabilities:
Rents and tenant receivables	(1,077)	(289)	(85)
Prepaid expenses and other assets	114	(257)	(2)
Accounts payable and accrued expenses	884	709	105
Deferred rental income and other liabilities	233	324	141
Due to affiliates	(14)	924	421
Net cash provided by operating activities	8,234	6,574	1,650
Cash flows from investing activities:
Investment in real estate assets and capital expenditures	(52,555)	(126,580)	(70,734)
Investment in marketable securities	(6,954)	(290)	(361)
Proceeds from sale and maturities of marketable securities	2,102	265	119
Proceeds from disposition of real estate assets	21,398	0	0
Change in restricted cash	(93)	80	17
Net cash used in investing activities	(36,102)	(126,525)	(70,959)
Cash flows from financing activities:
Proceeds from issuance of common stock	58,835	67,631	53,451
Offering costs on issuance of common stock	(1,414)	(1,612)	(578)
Redemptions of common stock	(12,957)	(17,969)	(627)
Distributions to investors	(4,208)	(3,245)	(1,389)
Proceeds from credit facility and notes payable	82,190	119,358	48,875
Repayments of credit facility	(83,000)	(42,954)	(25,615)
Proceeds from line of credit with affiliate	10,000	0	0
Repayments of line of credit with affiliate	(10,000)	0	0
Deferred financing costs paid	(1,252)	(2,059)	(419)
Change in escrowed investor proceeds liability	25	(80)	(17)
Net cash provided by financing activities	38,219	119,070	73,681
Net increase (decrease) in cash and cash equivalents	10,351	(881)	4,372
Cash and cash equivalents, beginning of year	4,489	5,370	998
Cash and cash equivalents, end of year	14,840	4,489	5,370
Supplemental disclosures of non-cash investing and financing activities:
Common stock issued through distribution reinvestment plan	3,336	2,318	634
Distributions declared and unpaid	788	595	317
Accrued dealer manager fee, distribution fee, and other offering costs	477	273	210
Accrued capital expenditures	50	0	0
Change in fair value of marketable securities	(73)	6	(4)
Change in fair value of interest rate swaps	(302)	0	0
Supplemental cash flow disclosures:
Interest paid	$ 3,404	$ 1,728	$ 602

Organization and Business

Organization and Business	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS	ORGANIZATION AND BUSINESS Cole Real Estate Income Strategy (Daily NAV), Inc. (the “Company”) is a Maryland corporation, incorporated on July 27, 2010, that qualified as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning in the taxable year ended December 31, 2012. Substantially all of the Company’s business is conducted through Cole Real Estate Income Strategy (Daily NAV) Operating Partnership, LP (“Cole OP”), a Delaware limited partnership. The Company is the sole general partner of, and owns, directly or indirectly, 100% of the partnership interest in, Cole OP. The Company is externally managed by Cole Real Estate Income Strategy (Daily NAV) Advisors, LLC, a Delaware limited liability company (“Cole Advisors”), an affiliate of the Company’s sponsor, Cole Capital ® , which is a trade name used to refer to a group of affiliated entities directly or indirectly controlled by VEREIT, Inc. (“VEREIT”), a widely-held public company whose shares of common stock are listed on the New York Stock Exchange (NYSE: VER). VEREIT indirectly owns and/or controls the Company’s external advisor, Cole Advisors, the Company’s dealer manager, Cole Capital Corporation (“CCC”), the Company’s property manager, CREI Advisors, LLC (“CREI Advisors”), and Cole Capital. On December 6, 2011, pursuant to a registration statement filed on Form S-11 (Registration No. 333-169535) (the “Initial Registration Statement”) under the Securities Act of 1933, as amended (the “Securities Act”), the Company commenced its initial public offering on a “best efforts” basis of $4.0 billion in shares of common stock. On August 26, 2013, pursuant to a registration statement filed on Form S-11 (Registration No. 333-186656) (the “Multi-Class Registration Statement”) under the Securities Act, the Company designated the existing shares of the Company’s common stock that were sold prior to such date to be Wrap Class shares (“W Shares”) of common stock and registered two new classes of the Company’s common stock, Advisor Class shares (“A Shares”) and Institutional Class shares (“I Shares”). Pursuant to the Multi-Class Registration Statement, the Company is offering up to $4.0 billion in shares of common stock of the three classes (the “Offering”), consisting of $3.5 billion in shares in the Company’s primary offering (the “Primary Offering”) and $500.0 million in shares pursuant to a distribution reinvestment plan (the “DRIP”). The Company is offering to sell any combination of W Shares, A Shares and I Shares with a dollar value up to the maximum offering amount. As of December 31, 2015, the Company had issued approximately 11.7 million shares of common stock in the Offering for gross offering proceeds of $199.9 million before offering costs and selling commissions of $4.0 million . The per share purchase price for each class of common stock varies from day-to-day and, on each business day, is equal to, for each class of common stock, the Company’s net asset value (“NAV”) for such class, divided by the number of shares of that class outstanding as of the close of business on such day, plus, for A Shares sold in the Primary Offering, applicable selling commissions. The Company’s NAV per share is calculated daily as of the close of business by an independent fund accountant using a process that reflects (1) estimated values of each of the Company’s commercial real estate assets, related liabilities and notes receivable secured by real estate provided periodically by the Company’s independent valuation expert in individual appraisal reports, (2) daily updates in the price of liquid assets for which third party market quotes are available, (3) accruals of daily distributions, and (4) estimates of daily accruals, on a net basis, of operating revenues, expenses, debt service costs and fees. As of December 31, 2015 , the NAV per share for W Shares, A Shares, and I Shares was $18.24 , $18.17 , and $18.31 , respectively. The Company’s NAV is not audited or reviewed by its independent registered public accounting firm. The Company intends to use substantially all of the net proceeds from the Offering to acquire and operate a diversified portfolio primarily consisting of (1) necessity retail, office and industrial properties that are leased to creditworthy tenants under long-term net leases, and are strategically located throughout the United States and U.S. protectorates, (2) notes receivable secured by commercial real estate, including the origination of loans, and (3) cash, cash equivalents, other short-term investments and traded real estate-related securities. As of December 31, 2015 , the Company owned 77 commercial properties located in 29 states, containing 1.9 million rentable square feet of commercial space, including the square feet of buildings which are on land subject to ground leases. As of December 31, 2015 , these properties were 99.1% leased. The Company is structured as a perpetual-life, non-exchange traded REIT. This means that, subject to regulatory approval of our filing for additional offerings, the Company will be selling shares of common stock on a continuous basis and for an indefinite period of time to the extent permissible under applicable law. The Company will endeavor to take all reasonable actions to avoid interruptions in the continuous offering of shares of common stock. The Company reserves the right to terminate the Offering at any time.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
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 consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying consolidated financial statements. Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Reclassifications The Company has chosen to break out the details of (i) real estate tax expenses from property operating expenses in the Company’s consolidated statements of operations and (ii) straight-line rental income in the Company’s consolidated statement of cash flows. The Company has also chosen to combine the depreciation of $3.0 million and $1.0 million for the years ended December 31, 2014 and 2013, respectively, and amortization of $1.5 million and $519,000 for the years ended December 31, 2014 and 2013, respectively, into the line item depreciation and amortization in the consolidated statements of operations. Further, the Company has modified the presentation of debt issuance costs related to a recognized debt liability to be presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability (specifically relating to mortgage notes payable and the term portion of the credit facility), rather than presenting the costs as an asset, for all periods presented. As such, the corresponding prior period amounts have also been broken out into separate line items to conform to the current financial statement presentation. The Company has also reclassified certain accounts, as shown below, in its previously issued consolidated balance sheet to conform to the current period presentation. Investments in real estate assets have been presented gross, with the related depreciation and amortization amounts subtracted out to arrive at the net real estate investments balance. None of the revised reclassifications reflect corrections of any amounts. The following table presents the previously reported balances and the reclassified balances for the impacted line items of the December 31, 2014 consolidated balance sheet (in thousands): December 31, 2014 As Previously Reported Investment in real estate assets: Land $ 46,455 Buildings and improvements, less accumulated depreciation of $4,459 152,197 Acquired intangible lease assets, less accumulated amortization of $2,521 26,853 Total investment in real estate assets, net $ 225,505 December 31, 2014 As Reclassified Investment in real estate assets: Land $ 46,455 Buildings and improvements 156,656 Intangible lease assets 29,374 Total real estate investments, at cost 232,485 Less: accumulated depreciation and amortization (6,980 ) Total real estate investments, net $ 225,505 Use of Estimates The preparation of financial statements in conformity with GAAP 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Real Estate Investments Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition, excluding acquisition-related expenses, construction and any tenant improvements, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All repairs and maintenance are expensed as incurred. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term Recoverability of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to, bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, rental concessions and other factors, a significant decrease in a property’s revenues due to lease terminations, vacancies, co-tenancy clauses, reduced lease rates or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value will be determined using a discounted cash flow analysis and recent comparable sales transactions. The evaluation of properties for potential impairment requires the Company’s management to exercise significant judgment and to make certain assumptions. The use of different judgments and assumptions could result in different conclusions. No impairment indicators were identified and no impairment losses were recorded during the years ended December 31, 2015 , 2014 or 2013 . Assets Held for Sale When a real estate asset is identified by the Company as held for sale, the Company will cease depreciation and amortization of the assets related to the property and estimate the fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount would be recorded to reflect the estimated fair value of the property, net of selling costs. There were no assets identified as held for sale as of December 31, 2015 or 2014 . Allocation of Purchase Price of Real Estate Assets Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place leases, based in each case on their respective fair values. Acquisition-related expenses are expensed as incurred. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The fair values of above- and below-market lease intangibles are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) an estimate of fair market lease rates for the corresponding in-place leases, which is generally obtained from independent appraisals, measured over a period equal to the remaining non-cancelable term of the lease including, for below-market leases, any bargain renewal periods. The above- and below-market lease intangibles are capitalized as intangible lease assets or liabilities, respectively. Above-market leases are amortized as a reduction to rental income over the remaining terms of the respective leases. Below-market leases are amortized as an increase to rental income over the remaining terms of the respective leases, including any bargain renewal periods. In considering whether or not the Company expects a tenant to execute a bargain renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition, such as the financial strength of the tenant, the remaining lease term, the tenant mix of the leased property, the Company’s relationship with the tenant and the availability of competing tenant space. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above- or below-market lease intangibles relating to that lease would be recorded as an adjustment to rental income. The fair values of in-place leases include estimates of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rental and other property income which are avoided by acquiring a property with an in-place lease. Direct costs associated with obtaining a new tenant include commissions and other direct costs, and are estimated in part by utilizing information obtained from independent appraisals and management’s consideration of current market costs to execute a similar lease. The intangible values of opportunity costs, which are calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease, are capitalized as intangible lease assets and are amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed. The Company may acquire certain properties subject to contingent consideration arrangements that may obligate the Company to pay additional consideration to the seller based on the outcome of future events. Additionally, the Company may acquire certain properties for which it funds certain contingent consideration amounts into an escrow account pending the outcome of certain future events. The outcome may result in the release of all or a portion of the escrow funds to the Company or the seller or a combination thereof. Contingent consideration arrangements, including amounts funded through an escrow account, will be recorded upon acquisition of the respective property at their estimated fair value, and any changes to the estimated fair value, subsequent to acquisition, will be reflected in the accompanying consolidated statements of operations. The determination of the amount of contingent consideration arrangements is based on the probability of several possible outcomes as identified by management. The Company will estimate the fair value of assumed mortgage notes payable based upon indications of current market pricing for similar types of debt financing with similar maturities. Assumed mortgage notes payable will initially be recorded at their estimated fair value as of the assumption date, and any difference between such estimated fair value and the mortgage note’s outstanding principal balance will be amortized or accreted to interest expense over the term of the respective mortgage note payable. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations. Investment in Marketable Securities Investment in marketable securities consists primarily of the Company ’ s investment in corporate and government debt securities. The Company determines the appropriate classification for debt securities at the time of purchase and reevaluates such designation as of each balance sheet date. As of December 31, 2015 , the Company classified its investments as available-for-sale as the Company is not actively trading the securities; however, the Company may sell them prior to their maturity. These investments are carried at their estimated fair value with unrealized gains and losses reported in accumulated other comprehensive income (loss). The Company monitors its available-for-sale securities for impairments. A loss is recognized when the Company determines that a decline in the estimated fair value of a security below its amortized cost is other-than-temporary. The Company considers many factors in determining whether the impairment of a security is deemed to be other-than-temporary, including, but not limited to, the length of time the security has had a decline in estimated fair value below its amortized cost, the amount of the unrealized loss, the intent and ability of the Company to hold the security for a period of time sufficient for a recovery in value, recent events specific to the issuer or industry, external credit ratings and recent changes in such ratings. The analysis of determining whether the impairment of a security is deemed to be other-than-temporary requires significant judgments and assumptions. The use of alternative judgments and assumptions could result in a different conclusion. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method and is recorded in the accompanying consolidated statements of operations in interest and other expense, net. Upon the sale of a security, the realized net gain or loss is computed on the specific identification method. Restricted Cash The Company had $118,000 and $25,000 in restricted cash as of December 31, 2015 and 2014 . Included in restricted cash were escrowed investor proceeds of $50,000 and $25,000 for which shares of common stock had not been issued as of December 31, 2015 and 2014 , respectively. Additionally, as of December 31, 2015, the Company had $68,000 in lender cash management accounts. As part of certain debt agreements, rent from certain of the Company’s tenants is deposited directly into a lockbox account, from which funds in excess of the required minimum balance are disbursed on a weekly basis to the Company. Cash Concentrations As of December 31, 2015 , the Company had cash on deposit, including restricted cash, at four financial institutions, one of which the Company had deposits in excess of federally insured levels totaling $14.4 million ; however, the Company has not experienced any losses in such accounts. The Company limits significant cash deposits to accounts held by financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits. Deferred Financing Costs Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining commitments for financing. As discussed in “Reclassifications” and “Recent Accounting Pronouncements” in this note, the Company historically presented the costs as an asset for the respective financing agreements. These costs were amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are written off when the associated debt was refinanced or repaid before maturity. Pursuant to the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2015-03, the presentation of all deferred financing costs, other than those associated with the revolving credit facility, has been reclassified such that the debt issuance costs related to a recognized debt liability is presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability rather than as an asset. However, the Company has not reclassified the presentation of deferred financing costs related to the revolving credit facility as, pursuant to FASB ASU 2015-15, debt issuance costs related to securing a revolving line of credit may be presented as an asset and amortized ratably over the term of the line of credit arrangement. As such, the Company’s current and corresponding prior period total deferred financing costs, net in the accompanying consolidated balance sheets relate only to the revolving credit facility and the historical presentation, amortization and treatment of unamortized costs are still applicable. As of December 31, 2015 and 2014, the Company had $819,000 and $1.0 million , respectively, of deferred financing costs, net of accumulated amortization, related to the revolving credit facility. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined the financing will not close. Due to Affiliates Cole Advisors and certain of its affiliates received, and will continue to receive, fees, reimbursements and compensation in connection with services provided relating to the Offering and the acquisition, management and performance of the Company’s assets. As of December 31, 2015 and 2014 , $2.0 million and $1.8 million , respectively, was due to Cole Advisors and its affiliates for such services, as discussed in Note 11 to these consolidated financial statements. Derivative Instruments and Hedging Activities The Company accounts for its derivative instruments at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the effective portion of any derivative instrument that is designated as a hedge is recorded as other comprehensive income (loss). The changes in fair value for derivative instruments that are not designated as hedges or that do not meet the hedge accounting criteria are recorded as a gain or loss to operations. Redeemable Common Stock The Company has adopted a share redemption program that permits its stockholders to redeem their shares, subject to certain limitations discussed in Note 14 to these consolidated financial statements. The Company records amounts that are redeemable under the share redemption program as redeemable common stock outside of permanent equity on its consolidated balance sheets. Redeemable common stock is recorded at the greater of the carrying amount or redemption value each reporting period. Changes in the value from period to period are recorded as an adjustment to capital in excess of par value. As of December 31, 2015 and 2014 , the quarterly redemption capacity was equal to 10% of the Company’s NAV and this amount was recorded as redeemable common stock on the consolidated balance sheets for a total of $18.0 million and $12.5 million , respectively. As of December 31, 2015 and 2014 , certain shares were not permitted to be redeemed subject to certain limitations as discussed in Note 14 to these consolidated financial statements. Revenue Recognition Certain properties have leases where minimum rental payments increase during the term of the lease. The Company records rental income for the full term of each lease on a straight-line basis. When the Company acquires a property, the terms of any existing leases are considered to commence as of the acquisition date for the purpose of this calculation. The Company defers the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Expected reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursement income in the period when such costs are incurred. The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the Company will record an increase in the allowance for uncollectible accounts or record a direct write-off of the receivable in the consolidated statements of operations and comprehensive income (loss). No allowances were recorded as of December 31, 2015 or 2014 . Income Taxes The Company elected to be taxed, and qualified, as a REIT for federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Company generally is not subject to federal corporate income tax to the extent it distributes its taxable income to its stockholders, and so long as it, among other things, distributes at least 90% of its annual taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). REITs are subject to a number of other organizational and operational requirements. Even if the Company maintains its qualification for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. Earnings (Loss) Per Share We have three classes of common stock with nonforfeitable dividend rights that are determined based on a different NAV for each class. Accordingly, we utilize the two-class method to determine our earnings per share, which results in the same earnings per share for each of the classes. Diluted income (loss) per share considers the effect of any potentially dilutive share equivalents, of which the Company had none for each of the years ended December 31, 2015 , 2014 or 2013 . Offering and Related Costs Cole Advisors funds all of the organization and offering costs associated with the sale of the Company’s common stock (excluding selling commissions, the distribution fee and the dealer manager fee) and is reimbursed for such costs up to 0.75% of gross proceeds from the Offering, excluding selling commissions charged on A Shares sold in the Primary Offering. As of December 31, 2015 , Cole Advisors, or its affiliates, had paid organization and offering costs in excess of the 0.75% in connection with the Offering. These excess costs were not included in the financial statements of the Company because such costs were not a liability of the Company as they exceeded 0.75% of gross proceeds from the Offering. As the Company raises additional proceeds from the Offering, these excess costs may become payable to Cole Advisors. Reportable Segments The Company’s commercial real estate investments primarily consist of single-tenant, necessity commercial properties, which are leased to creditworthy tenants under long-term net leases and provide current operating cash flow. The commercial properties are geographically diversified throughout the United States and have similar economic characteristics. The Company’s management evaluates operating performance on an overall portfolio level; therefore the Company’s properties are one reportable segment. Recent Accounting Pronouncements Effective December 31, 2015, the Company early adopted the accounting and reporting requirements of ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation and Subsequent Measurement of Debt Issuance Costs (“ASU 2015-03”) and ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”), included in the FASB Accounting Standards Codification (“ASC”) for balance sheet classification of debt issuance costs requiring debt issuance costs to be presented as an offset to the related debt. The Company has applied these requirements retrospectively. Accordingly, the Company has offset $774,000 of previously reported debt issuance costs with the previously reported line of credit and note payable balance of $120.3 million in the Company’s December 31, 2014 consolidated balance sheet. The adoption of these accounting and reporting requirements had no impact on the Company’s consolidated statements of operations or consolidated statements of cash flows. ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”) — The evaluation of limited partnerships or similar entities as variable interest entities (“VIEs”), was modified. The revised requirements may affect the method of consolidation for reporting entities involved with such entities. Additional disclosure is required for entities not previously included in the reporting entity as a VIE. ASU 2015-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. Application of the revised standards may follow the retrospective approach or a modified retrospective approach. The Company has evaluated the effect of ASU 2015-02 and noted that there will not be an impact to the Company’s consolidated financial statements. From time to time, new accounting pronouncements are issued by various standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company is currently evaluating the effect that certain of these new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s consolidated financial statements: ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) - The requirements were amended to remove inconsistencies in revenue requirements and to provide a more complete framework for addressing revenue issues across a broad range of industries and transaction types. The revised standard’s core principle is that a company should recognize revenue to depict the transfer of promised goods or 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. These provisions are effective January 1, 2018, and are to be applied retrospectively, with early adoption permitted for periods beginning after December 15, 2016 and interim periods thereafter. ASU No. 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”) - The amendments in this update eliminate the requirement that an acquirer in a business combination retrospectively account for measurement-period adjustments. Measurement-period adjustments should be recognized during the period in which the adjustment amount is determined, including any earnings impact that the acquirer would have recorded in prior periods if the accounting was completed at the acquisition date. These provisions are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, with early adoption permitted. ASU No. 2016-01, Financial Instruments (Subtopic 825-10) - The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). The amendments in this update also require an entity to present separately in other comprehensive income (loss), the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the consolidated balance sheets or the accompanying notes to the financial statements. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. On February 25, 2016, the FASB issued Accounting Standards Codification (“ASC”) 842 (“ASC 842”), Leases , which replaces the existing guidance in ASC 840, Leases . ASC 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASC 842 requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use (“ROU”) asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the ROU asset and for operating leases the lessee would recognize a straight-line total lease expense.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS GAAP defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. GAAP emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows: Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 – Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs). Level 3 – Unobservable inputs, which are only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability. The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities: Line of credit and notes payable – The fair value is estimated by discounting the expected cash flows based on estimated borrowing rates available to the Company as of the measurement date. As of December 31, 2015 , the estimated fair value of the Company’s debt was $119.3 million compared to a carrying value of $119.5 million . As of December 31, 2014 the estimated fair value of the Company’s debt was $120.3 million , which approximated the carrying value on that date. The fair value of the Company’s debt is estimated using Level 2 inputs. Marketable securities – The Company’s marketable securities are carried at fair value and are valued using Level 1 inputs. The estimated fair value of the Company’s marketable securities are based on quoted market prices that are readily and regularly available in an active market. Derivative instruments – The Company’s derivative instruments are comprised of interest rate swaps. All derivative instruments are carried at fair value and are valued using Level 2 inputs. The fair value of these instruments is determined using interest rate market pricing models. The Company includes the impact of credit valuation adjustments on derivative instruments measured at fair value. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. However, as of December 31, 2015, the Company has assessed the overall 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 the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Other financial instruments – The Company considers the carrying values of its cash and cash equivalents, restricted cash, tenant and other receivables, accounts payable and accrued expenses, other liabilities, due to affiliates and distributions payable to approximate their fair values because of the short period of time between their origination and their expected realization and based on their highly-liquid nature. Due to the short-term maturities of these instruments, Level 1 inputs are utilized to estimate the fair value of these financial instruments. Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize, or be liable for, on disposition of the financial assets and liabilities. As of December 31, 2015 , there have been no transfers of financial assets or liabilities between fair value hierarchy levels. In accordance with the fair value hierarchy described above, the following tables show 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 December 31, 2015 and 2014 (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2015 (Level 1) (Level 2) (Level 3) Financial asset: Marketable securities $ 5,237 $ 5,237 $ — $ — Financial liability: Interest rate swaps $ (302 ) $ — $ (302 ) $ — Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2014 (Level 1) (Level 2) (Level 3) Financial asset: Marketable Securities $ 490 $ 490 $ — $ —

Real Estate Acquistions

Real Estate Acquistions	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
REAL ESTATE ACQUISITIONS	REAL ESTATE ACQUISITIONS 2015 Property Acquisitions During the year ended December 31, 2015 , the Company acquired a 100% interest in seven properties for an aggregate purchase price of $52.3 million (the “ 2015 Acquisitions ”). The Company purchased the 2015 Acquisitions with net proceeds from the Offering and available borrowings. The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation (in thousands): December 31, 2015 Land $ 11,505 Building and improvements 37,381 Acquired in-place leases 5,054 Acquired above-market leases 28 Acquired below-market leases (1,694 ) Total purchase price $ 52,274 The Company recorded revenue of $425,000 and net loss of $267,000 for the year ended December 31, 2015 related to the 2015 Acquisitions . In addition, the Company recorded $809,000 of acquisition-related expenses for the year ended December 31, 2015 . The following information summarizes selected financial information of the Company, as if all of the 2015 Acquisitions were completed on January 1, 2014 for each period presented below. The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the years ended December 31, 2015 and 2014 (in thousands): Year Ended December 31, 2015 December 31, 2014 Pro forma basis (unaudited): Revenue $ 23,322 $ 17,943 Net income $ 9,296 $ 1,523 The unaudited pro forma information for the year ended December 31, 2015 was adjusted to exclude acquisition-related expenses recorded during such periods related to the 2015 Acquisitions . Accordingly, these expenses were instead recognized in the pro forma information for the year ended December 31, 2014 . The pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2015, nor does it purport to represent the results of future operations. 2014 Property Acquisitions During the year ended December 31, 2014 , the Company acquired a 100% interest in 43 properties for an aggregate purchase price of $126.4 million (the “ 2014 Acquisitions ”). The Company purchased the 2014 Acquisitions with net proceeds from the Offering, combined with proceeds from borrowings, as discussed in Note 8 to these consolidated financial statements. The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation for the acquisitions purchased during the year ended December 31, 2014 (in thousands): December 31, 2014 Land $ 22,312 Building and improvements 88,082 Acquired in place leases 13,260 Acquired above-market leases 3,614 Acquired below-market leases (863 ) Total purchase price $ 126,405 The Company recorded revenue of $4.4 million and net income of $737,000 for the year ended December 31, 2014 related to the 2014 Acquisitions . In addition, the Company recorded $1.5 million of acquisition-related expenses for the year ended December 31, 2014 . The following information summarizes selected financial information of the Company, as if all of the 2014 Acquisitions were completed on January 1, 2013 for each period presented below. The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the years ended December 31, 2014 and 2013 (in thousands): Year Ended December 31, 2014 December 31, 2013 Pro forma basis (unaudited): Revenue $ 18,951 $ 15,171 Net income $ 2,620 $ 1,630 The unaudited pro forma information for the year ended December 31, 2014 was adjusted to exclude acquisition-related expenses recorded during such periods related to the 2014 Acquisitions . These expenses were recognized in the unaudited pro forma information for the year ended December 31, 2013 . The unaudited pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2014, nor does it purport to represent the results of future operations. 2013 Property Acquisitions During the year ended December 31, 2013, the Company acquired a 100% interest in 22 commercial properties for an aggregate purchase price of $70.5 million (the “2013 Acquisitions”). The Company purchased the 2013 Acquisitions with net proceeds from the Offering, combined with proceeds from borrowings, as discussed in Note 7 to these consolidated financial statements. The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation (in thousands): December 31, 2013 Land $ 11,378 Building and improvements 51,500 Acquired in-place leases 7,963 Acquired above market leases 213 Acquired below market leases (520 ) Total purchase price $ 70,534 The Company recorded revenue of $2.2 million and net income of $337,000 for the year ended December 31, 2013 related to the 2013 Acquisitions. In addition, the Company recorded $852,000 of acquisition-related expenses for the year ended December 31, 2013. The following information summarizes selected financial information of the Company, as if all of the 2013 Acquisitions were completed on January 1, 2012 for each period presented below. The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the years ended December 31, 2013 and 2012 (in thousands): Year Ended December 31, 2013 December 31, 2012 Pro forma basis (unaudited): Revenue $ 8,771 $ 8,538 Net income $ 879 $ 859 The unaudited pro forma information for the year ended December 31, 2013 was adjusted to exclude acquisition costs related to the 2013 Acquisitions. These costs were recognized in the unaudited pro forma information for the year ended December 31, 2012. The unaudited pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of periods presented, nor does it purport to represent the results of future operations. Property Concentrations As of December 31, 2015 , no single tenant accounted for greater than 10% of the Company’s 2015 gross annualized rental revenues. Tenants in the discount store , manufacturing and home and garden industries accounted for 13% , 12% and 11% , respectively, of the Company’s 2015 gross annualized rental revenues. Additionally, the Company has certain geographic concentrations in its property holdings. In particular, as of December 31, 2015 , six of the Company’s properties were located in Texas , accounting for 10% , of the Company’s 2015 gross annualized rental revenues.

Intangible Lease Assets

Intangible Lease Assets	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE LEASE ASSETS	INTANGIBLE LEASE ASSETS Intangible lease assets consisted of the following (in thousands, except weighted average life amounts): As of December 31, 2015 2014 In-place leases, net of accumulated amortization of $4,005 and $2,317, respectively (with a weighted average life remaining of 11.0 and 12.1 years, respectively). $ 25,019 $ 23,130 Acquired above-market leases, net of accumulated amortization of $525 and $204, respectively (with a weighted average life remaining of 10.8 and 11.7 years, respectively). 3,331 3,723 $ 28,350 $ 26,853 Amortization expense related to the in-place lease assets for the years ended December 31, 2015 , 2014 and 2013 , was $2.1 million , $1.6 million and $528,000 , respectively. Amortization expense related to the acquired above-market lease assets for the years ended December 31, 2015 , 2014 and 2013 was $347,000 , $174,000 and $21,000 , respectively, and was recorded as a reduction to rental income in the consolidated statements of operations. As of December 31, 2015 , the estimated amortization expense relating to the intangible lease assets for each of the five succeeding fiscal years is as follows (in thousands): Amortization Year ending December 31, In-Place Leases Above-Market Leases 2016 $ 2,386 $ 355 2017 $ 2,362 $ 348 2018 $ 2,303 $ 320 2019 $ 2,290 $ 314 2020 $ 2,289 $ 313

Marketable Securities

Marketable Securities	12 Months Ended
	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES	MARKETABLE SECURITIES The Company owned marketable securities with an estimated fair value of $5.2 million and $490,000 as of December 31, 2015 and 2014 , respectively. The following is a summary of the Company’s available-for-sale securities as of December 31, 2015 (in thousands): Available-for-sale securities Amortized Cost Basis Unrealized Loss Fair Value U.S. Treasury Bonds $ 1,350 $ (7 ) $ 1,343 U.S. Agency Bonds 1,251 (8 ) 1,243 Corporate Bonds 2,709 (58 ) 2,651 Total available-for-sale securities $ 5,310 $ (73 ) $ 5,237 The following table provides the activity for the marketable securities during the year ended December 31, 2015 (in thousands): Amortized Cost Basis Unrealized Gain (Loss) Fair Value Marketable securities as of January 1, 2015 $ 487 $ 3 $ 490 Face value of marketable securities acquired 6,811 — 6,811 Premiums and discounts on purchase of marketable securities, net of acquisition costs 143 — 143 Amortization on marketable securities (12 ) (12 ) Sales and maturities of securities (2,119 ) 17 (2,102 ) Unrealized loss on marketable securities — (93 ) (93 ) Marketable securities as of December 31, 2015 $ 5,310 $ (73 ) $ 5,237 During the year ended December 31, 2015 , the Company sold 65 marketable securities for aggregate proceeds of $2.1 million . Unrealized gains (losses) on marketable securities are recorded in other comprehensive income (loss), with a portion of the amount subsequently reclassified into other expense on the statement of operations as securities are sold and gains (losses) are recognized. For the year ended December 31, 2015, the amount reclassified related to the sales was a loss of $17,000 . In addition, the Company recorded an unrealized loss of $93,000 on its investments, which is included in accumulated other comprehensive income (loss) on the accompanying consolidated statement of stockholders ’ equity for the year ended December 31, 2015 and the consolidated balance sheet as of December 31, 2015 . The following table shows the fair value and gross unrealized losses of the Company’s available-for-sale securities as of December 31, 2015 and the length of time the available-for-sale securities have been in the unrealized loss position (in thousands): Less than 12 Months 12 Months or More Total Fair Unrealized Losses Fair Unrealized Losses Fair Unrealized Losses U.S. Treasury Bonds $ 1,207 $ (8 ) $ — $ — $ 1,207 $ (8 ) U.S. Agency Bonds 1,071 (6 ) 173 (2 ) 1,244 (8 ) Corporate Bonds 1,953 (24 ) 547 (35 ) 2,500 (59 ) Total temporarily impaired securities $ 4,231 $ (38 ) $ 720 $ (37 ) $ 4,951 $ (75 ) The scheduled maturities of the Company’s marketable securities as of December 31, 2015 are as follows (in thousands): Available-for-sale securities Amortized Cost Estimated Fair Value Due within one year $ 533 $ 532 Due after one year through five years 1,625 1,614 Due after five years through ten years 2,471 2,415 Due after ten years 681 676 Total $ 5,310 $ 5,237 Actual maturities of marketable securities can differ from contractual maturities because borrowers on certain debt securities may have the right to prepay their respective debt obligations at any time. In addition, factors such as prepayments and interest rates may affect the yields on such securities. In estimating other-than-temporary impairment losses, management considers a variety of factors, including (1) whether the Company has the intent to sell the impaired security, (2) whether the Company expects to hold the investment for a period of time sufficient to allow for anticipated recovery in fair value, and (3) whether the company expects to recover the entire amortized cost basis of the security. The Company believes that none of the unrealized losses on investment securities are other-than-temporary as management expects the Company will fully recover the entire amortized cost basis of all securities. As of December 31, 2015, the Company had no other-than-temporary impairment losses.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES In the normal course of business, the Company uses certain types of derivative instruments for the purpose of managing or hedging its interest rate risk. During the year ended December 31, 2015 , the Company entered into two interest rate swap agreements. The following table summarizes the terms of the Company’s executed swap agreements designated as hedging instruments as of December 31, 2015 (in thousands). The Company did not have any executed swap agreements as of December 31, 2014 . Outstanding Notional Fair Value of Liabilities Balance Sheet Location Amount as of December 31, 2015 Interest Rates (1) Effective Dates Maturity Dates December 31, 2015 December 31, 2014 Interest Rate Swaps Deferred rental income, derivative liabilities and other liabilities $ 49,240 3.43% to 3.57% 6/30/2015 to 12/1/2015 9/12/2019 to 12/1/2020 $ (302 ) $ — ____________________________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of December 31, 2015. Additional disclosures related to the fair value of the Company’s derivative instruments are included in Note 3 to these consolidated financial statements. The notional amount under the interest rate swap agreements is an indication of the extent of the Company’s involvement in each instrument, 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 debt. The change in fair value of the effective portion of the derivative instruments that are designated as hedges is recorded in other comprehensive income (loss), with a portion of the amount subsequently reclassified to interest expense as interest payments are made on the Company’s variable rate debt. For the year ended December 31, 2015 , the amount reclassified was $284,000 . Any ineffective portion of the change in fair value of the derivative instruments is recorded in interest expense. During the next 12 months, the Company estimates that an additional $425,000 will be reclassified from other comprehensive income (loss) as an increase to interest expense. The Company has agreements with each of its derivative counterparties that contain provisions whereby, if the Company defaults on certain of its unsecured indebtedness, the Company could also be declared in default on its derivative obligations resulting in an acceleration of payment. If the Company had breached any of these provisions, it could have been required to settle its obligations, under the agreements at their aggregate termination value, inclusive of interest payments, of $314,000 , which includes accrued interest, at December 31, 2015 . 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 credit quality of the Company and the respective counterparty. There were no termination events or events of default related to the interest rate swaps as of December 31, 2015 .

Credit Facility and Notes Payab

Credit Facility and Notes Payable	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
CREDIT FACILITY AND NOTES PAYABLE	CREDIT FACILITY AND NOTES PAYABLE As of December 31, 2015 , the Company had $117.7 million of debt outstanding, including net deferred financing costs, with weighted average years to maturity of 5.3 years and a weighted average interest rate of 3.58% . The following table summarizes the debt balances as of December 31, 2015 and 2014 , and the debt activity for the year ended December 31, 2015 (in thousands): During the Year Ended December 31, 2015 Balance as of Debt Issuances, Net (1) Repayments (1) Accretion Balance as of Credit facility $ 100,000 $ 33,000 $ (83,000 ) $ — $ 50,000 Fixed rate debt 20,304 49,190 — — 69,494 Line of credit with affiliate — 10,000 (10,000 ) — — Total debt 120,304 92,190 (93,000 ) — 119,494 Deferred costs (2) (774 ) (1,218 ) — 228 (1,764 ) Total debt, net $ 119,530 $ 90,972 $ (93,000 ) $ 228 $ 117,730 ____________________________________ (1) Includes deferred financing costs incurred during the period. (2) Deferred costs relate to mortgage notes payable and the term portion of the Credit Facility, as discussed in Note 2. As of December 31, 2015 , the Company had fixed rate debt outstanding of $69.5 million , including $9.2 million of variable rate debt that is fixed through interest rate swap agreements, which has the effect of fixing the variable interest rate per annum through the maturity of the variable rate debt. The fixed rate debt has interest rates ranging from 3.58% to 4.05% per annum and as of December 31, 2015 , the fixed rate debt had a weighted average interest rate of 3.84% . The debt outstanding matures on various dates from December 2020 to February 2025 . The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the fixed rate debt outstanding was $114.9 million as of December 31, 2015 . Each of the mortgage notes payable comprising the fixed rate debt is secured by the respective properties on which the debt was placed. The Company has an amended and restated credit agreement (the “Amended Credit Agreement”) with JPMorgan Chase Bank, N.A. as administrative agent (“JPMorgan Chase”), that provides for borrowings up to $125.0 million , which is comprised of $85.0 million in revolving loans (the “Revolving Loans”) and a $40.0 million term loan (the “Term Loan”), collectively, the credit facility (the “Credit Facility”). The Term Loan matures on September 12, 2019 and the Revolving Loans mature on September 12, 2017; however, the Company may elect to extend the maturity date for the Revolving Loans to September 12, 2019, subject to satisfying certain conditions described in the Amended Credit Agreement. The Credit Facility bears interest at rates dependent upon the type of loan specified by the Company and the overall leverage ratio. For a eurodollar rate loan, the interest rate will be equal to the one-month, two-month, three-month or six-month London Interbank Offered Rate (“LIBOR”) for the interest period, as elected by the Company, multiplied by the statutory reserve rate, as defined in the Amended Credit Agreement (the “Eurodollar Rate”), plus an interest rate spread ranging from 1.90% to 2.45% . For base rate committed loans, the interest rate will be equal to a rate ranging from 0.90% to 1.45% , depending on the Company’s leverage ratio as defined in the Amended Credit Agreement, plus the greatest of: (a) JPMorgan Chase’s Prime Rate; (b) the Federal Funds Effective Rate (as defined in the Amended Credit Agreement) plus 0.50% ; and (c) one-month LIBOR multiplied by the statutory reserve rate plus 1.0% . As of December 31, 2015 , the Revolving Loans outstanding totaled $10.0 million at an interest rate of 2.32% , and the Term Loan outstanding totaled $40.0 million , which was subject to an interest rate swap agreement (the “Swapped Term Loan”). As of December 31, 2015 , the all-in rate for the Swapped Term Loan was 3.43% . The Company had $75.0 million in unused capacity, subject to borrowing availability, as of December 31, 2015. The Amended Credit Agreement contains customary representations, warranties, borrowing conditions and affirmative, negative and financial covenants, including minimum net worth, debt service coverage and leverage ratio requirements and dividend payout and REIT status requirements. The Amended Credit Agreement also includes usual and customary events of default and remedies for facilities of this nature. In particular, the Credit Agreement includes a requirement for the Company to maintain a minimum consolidated net worth greater than or equal to the sum of (i) $63.0 million plus (ii) 75% of the issuance of equity from the date of the Credit Agreement, a leverage ratio less than or equal to 60.0% and a fixed charge coverage ratio greater than 1.50 . Based on the Company’s analysis and review of its results of operations and financial condition, as of December 31, 2015 , the Company believes it was in compliance with the covenants of the Amended Credit Agreement. In addition, the Company had a $20.0 million unsecured revolving line of credit with Series C, LLC, an affiliate of the Company’s advisor (“Series C Loan”), which matured on December 15, 2015. The Series C Loan was approved by a majority of the Company’s board of directors (including a majority of the independent directors) not otherwise interested in the transaction as fair, competitive and commercially reasonable and no less favorable to the Company than a comparable loan between unaffiliated parties under the same circumstances. Maturities The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt as of December 31, 2015 for each of the five succeeding fiscal years and the period thereafter (in thousands): Year ending December 31, Principal Repayments 2016 $ — 2017 10,000 2018 — 2019 40,000 2020 9,240 Thereafter 60,254 Total $ 119,494

Acquired Below-Market Lease Int

Acquired Below-Market Lease Intangibles	12 Months Ended
	Dec. 31, 2015
Intangible Liabilities Disclosure [Abstract]
ACQUIRED BELOW MARKET LEASE INTANGIBLES	ACQUIRED BELOW-MARKET LEASE INTANGIBLES Acquired below-market lease intangibles consisted of the following (in thousands, except weighted average life amounts): As of December 31, 2015 2014 Acquired below-market leases, net of accumulated amortization of $481 and $279, respectively (with a weighted average life remaining of 10.7 and 12.6 years, respectively) $ 3,513 $ 2,058 During the years ended December 31, 2015 , 2014 and 2013 , $209,000 , $153,000 and $75,000 , respectively, were recorded as an increase to rental and other property income resulting from the amortization of the intangible lease liabilities. As of December 31, 2015 , the estimated amortization of the intangible lease liabilities for each of the five succeeding fiscal years is as follows (in thousands): Amortization of Year ending December 31, Below-Market Leases 2016 $ 378 2017 $ 377 2018 $ 363 2019 $ 352 2020 $ 351

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
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 and claims. The Company is not aware of any material pending legal proceedings, other than ordinary routine litigation incidental to the Company’s business, to which the Company is a party or of which the Company’s properties are the subject. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. In addition, the Company may own or acquire certain properties that are subject to environmental remediation. Generally, the seller of the property, the tenant of the property and/or another third party is responsible for environmental remediation costs related to a property. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify the Company against future remediation costs. The Company also carries environmental liability insurance on its properties that provides limited coverage for any remediation liability and/or pollution liability for third-party bodily injury and/or property damage claims for which the Company may be liable. The Company is not aware of any environmental matters which it believes are reasonably likely to have a material effect on its results of operations, financial condition or liquidity.

Related-Party Transactions and

Related-Party Transactions and Arrangements	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS	RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS The Company has incurred, and will continue to incur, commissions, fees and expenses payable to Cole Advisors and certain of its affiliates in connection with the Offering, and the acquisition, management and performance of the Company’s assets. Offering In connection with the Offering, CCC, the Company’s dealer manager, will receive selling commissions, an asset-based dealer manager fee and/or an asset-based distribution fee, as summarized in the table below for each class of common stock: Selling Commission (1) Dealer Manager Fee (2) Distribution Fee (2) W Shares — 0.55 % — A Shares up to 3.75% 0.55 % 0.50 % I Shares — 0.25 % — ____________________________________ (1) The selling commission is based on the offering price for A Shares. The selling commission expressed as a percentage of NAV per A Share, rather than the offering price, is up to 3.90% , subject to rounding and the effect of volume discounts the Company is offering on certain purchases of $150,001 or more of A Shares. Selling commissions are deducted directly from the offering price for A Shares and paid to CCC. CCC reallows 100% of the selling commissions on A Shares to participating broker-dealers. (2) The dealer manager and distribution fees accrue daily in an amount equal to 1/365th of the percentage of NAV per W Share, A Share or I Share, as applicable, for such day on a continuous basis. CCC, in its sole discretion, may reallow a portion of the dealer manager fee and distribution fee to participating broker-dealers. All organization and offering expenses associated with the sale of the Company’s common stock (excluding selling commissions, the distribution fee and the dealer manager fee) are paid for by Cole Advisors or its affiliates and can be reimbursed by the Company up to 0.75% of the aggregate gross offering proceeds, excluding selling commissions charged on A Shares sold in the Primary Offering. As of December 31, 2015 , Cole Advisors or its affiliates had paid organization and offering costs in excess of the 0.75% in connection with the Offering. These excess costs were not included in the financial statements of the Company because such costs were not a liability of the Company as they exceeded 0.75% of gross proceeds from the Offering. As the Company raises additional proceeds from the Offering, these excess costs may become payable to Cole Advisors. The Company recorded commissions, fees and expense reimbursements as shown in the table below for services provided by Cole Advisors and its affiliates related to the services described above during the years indicated (in thousands): Year Ended December 31, 2015 2014 2013 Offering: Selling commissions $ 301 $ 563 $ 16 Selling commissions reallowed by CCC $ 301 $ 563 $ 16 Distribution fee $ 89 $ 36 $ — Distribution fee reallowed by CCC $ 81 $ 34 $ — Dealer manager fees $ 764 $ 556 $ 229 Dealer manager fees reallowed by CCC $ 96 $ 49 $ 7 Organization and offering expense reimbursement $ 464 $ 520 $ 406 As of December 31, 2015 , $478,000 had been incurred, but not yet paid, for services provided by Cole Advisors or its affiliates in connection with the offering stage of the Offering and was a liability of the Company. Acquisitions, Operations and Performance The Company pays Cole Advisors an asset-based advisory fee that is payable in arrears on a monthly basis and accrues daily in an amount equal to 1/365th of 0.90% of the Company’s NAV for each class of common stock, for each day. The Company reimburses Cole Advisors for the operating expenses it paid or incurred in connection with the services provided to the Company, subject to the limitation that the Company will not reimburse for any amount by which its operating expenses (including the advisory fee) at the end of the four preceding fiscal quarters exceeds the greater of (1) 2% of average invested assets, or (2) 25% of net income other than any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of assets for that period. Cole Advisors waived its right to receive operating expense reimbursements for the years ended December 31, 2015 , 2014 and 2013 ; accordingly, the Company did not reimburse Cole Advisors for any such expenses during the years ended December 31, 2015 , 2014 and 2013 . In addition, the Company reimburses Cole Advisors for all out-of-pocket expenses incurred in connection with the acquisition of the Company’s investments. While most of the acquisition expenses are expected to be paid to third parties, a portion of the out-of-pocket acquisition expenses may be reimbursed to Cole Advisors or its affiliates. Acquisition expenses, together with any acquisition fees paid to third parties for a particular real estate-related asset, will in no event exceed 6% of the gross purchase price of such asset. Cole Advisors waived its right to receive acquisition expense reimbursements for the years ended December 31, 2014 and 2013 ; accordingly, the Company did not reimburse Cole Advisors for any such expenses during those years. Beginning in 2013, Cole Advisors implemented an expense cap, whereby Cole Advisors will fund all general and administrative expenses of the Company that are in excess of an amount calculated by multiplying the average net asset value, or NAV, for the respective three month period by an annualized rate of 1.25% (the “Excess G&A”). General and administrative expenses, as presented in these consolidated financial statements, include, but are not limited to, legal fees, audit fees, board of directors costs, professional fees, escrow and trustee fees, insurance, state franchise and income taxes and fees for unused amounts on the Credit Facility. At Cole Advisors’ discretion, it may fund the Excess G&A through reimbursement to the Company or payment to third parties on behalf of the Company, but in no event will the Company be liable to Cole Advisors in future periods for such amounts paid or reimbursed. During the year ended December 31, 2015 , the Company incurred $773,000 of Excess G&A which was reimbursable by Cole Advisors, of which $248,000 had not been reimbursed and was due to the Company as of December 31, 2015 . As of December 31, 2015 , the $248,000 was included as a reduction to amounts due to affiliates on the consolidated balance sheet. Beginning January 1, 2016, Cole Advisors will no longer fund Excess G&A. As compensation for services provided pursuant to the advisory agreement, the Company will also pay Cole Advisors a performance-based fee calculated based on the Company’s annual total return to stockholders for each class of common stock (defined below), payable annually in arrears. The performance fee will be calculated such that for any calendar year in which the total return per share for a particular class exceeds 6% (the “ 6% Return”), Cole Advisors will receive 25% of the excess total return on such class above the 6% Return allocable to that class, but in no event will the Company pay Cole Advisors more than 10% of the aggregate total return, for that class, for such year. However, in the event the NAV per share of the Company’s W Shares, A Shares and I Shares decreases below the base NAV for the respective share class ( $15.00 , $16.72 and $16.82 for the W Shares, A Shares and I Shares, respectively) (the “Base NAV”), the performance-based fee for a respective class will not be calculated on any increase in NAV up to the Base NAV for the respective share class. In addition, the performance fee will not be paid with respect to any calendar year in which the NAV per share as of the last business day of the calendar year (the “Ending NAV”) for the respective share class is less than the Base NAV of that class. The Base NAV of any share class is subject to downward adjustment in the event that the Company’s board of directors, including a majority of the independent directors, determines that such an adjustment is necessary to provide an appropriate incentive to Cole Advisors to perform in a manner that seeks to maximize stockholder value and is in the best interests of the Company’s stockholders. In the event of any stock dividend, stock split, recapitalization or similar change in the Company’s capital structure, the Base NAV for the respective share class shall be ratably adjusted to reflect the effect of any such event. The total return to stockholders is defined, for each class of the Company’s common stock, as the change in NAV per share plus distributions per share for such class. The NAV per share for a class calculated on the last trading day of a calendar year shall be the amount against which changes in NAV per share for such class are measured during the subsequent calendar year. Therefore, for each class of the Company’s common stock, payment of the performance-based component of the advisory fee (1) is contingent upon the Company’s actual annual total return exceeding the 6% Return and the Ending NAV per share for the respective share class being greater than the Base NAV of that class, (2) will vary in amount based on the Company’s actual performance, (3) cannot cause the Company’s total return as a percentage of stockholders’ invested capital for the year to be reduced below 6% , and (4) is payable to Cole Advisors if the Company’s total return exceeds the 6% Return in a particular calendar year, even if the total return to stockholders (or any particular stockholder) on a cumulative basis over any longer or shorter period has been less than 6% per annum. Cole Advisors will not be obligated to return any portion of advisory fees paid based on the Company’s subsequent performance. The Company recorded fees and expense reimbursements as shown in the table below for services provided by Cole Advisors or its affiliates related to the services described above during the years indicated (in thousands): Year Ended December 31, 2015 2014 2013 Acquisitions, Operations and Performance: Acquisition expense reimbursement $ 369 $ 490 $ — Advisory fee $ 1,290 $ 926 $ 375 Operating expense reimbursement $ — $ — $ — Performance fee $ 1,246 $ 1,076 $ 431 As of December 31, 2015 , $1.7 million of the amounts shown above had been incurred, but not yet paid, for services provided by Cole Advisors or its affiliates in connection with the acquisitions and operations stage and was a liability of the Company. Cole Advisors waived its right to receive acquisition expense reimbursements for the twelve months ended December 31, 2013; accordingly, the Company did not reimburse Cole Advisors for any acquisition expenses during this period. Additionally, Cole Advisors waived its right to receive operating expense reimbursements for the twelve months ended December 31, 2015 , 2014 and 2013 , accordingly, the Company did not reimburse Cole Advisors for any such expenses during the twelve months ended during these periods. During the years ended December 31, 2015 , 2014 and 2013 , Cole Advisors permanently waived its right to receive expense reimbursements totaling $1.3 million , $931,000 and $1.1 million , respectively. Due to Affiliates As of December 31, 2015 , $2.0 million was due to Cole Advisors and its affiliates primarily related to performance fees, advisory, dealer manager and distribution fees and the reimbursement of organization and offering expenses, which were included in amounts due to affiliates on the consolidated balance sheets. As of December 31, 2014 , $1.8 million was due to Cole Advisors and its affiliates related to performance fees, advisory, dealer manager and distribution fees, organization and offering expenses, and escrow deposits and acquisition expenses that were paid on the Company’s behalf in connection with the acquisition of the Company’s properties and were included in amounts due to affiliates on the consolidated balance sheets.

Economic Dependency

Economic Dependency	12 Months Ended
	Dec. 31, 2015
Economic Dependency [Abstract]
ECONOMIC DEPENDENCY	ECONOMIC DEPENDENCY Under various agreements, the Company has engaged or will engage Cole Advisors and its affiliates to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, the sale of shares of the Company’s common stock available for issuance, as well as other administrative responsibilities for the Company including accounting services and investor relations. As a result of these relationships, the Company is dependent upon Cole Advisors and its affiliates. In the event that these companies are unable to provide the Company with these services, the Company would be required to find alternative providers of these services.

Property Dispositions

Property Dispositions	12 Months Ended
	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
PROPERTY DISPOSITIONS	PROPERTY DISPOSITIONS During the year ended December 31, 2015 , the Company disposed of four single-tenant properties and one multi-tenant property, for an aggregate gross sales price of $21.9 million and a gain of $5.6 million . No disposition fees were paid to affiliates in connection with the sale of the properties and the Company has no continuing involvement with these properties. The gain on sale of real estate is included in gain on disposition of real estate, net in the consolidated statements of operations for all periods presented. The Company did not dispose of any properties during the years ended December 31, 2014 or 2013 .

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY As of December 31, 2015 , the Company was authorized to issue up to 500,000,000 shares of capital stock. Of the total number of shares of capital stock authorized (a) 490,000,000 shares are designated as common stock, 164,000,000 of which are classified as W Shares, 163,000,000 of which are classified as A Shares, and 163,000,000 of which are classified as I Shares, and (b) 10,000,000 shares are designated as preferred stock. All shares of such stock have a par value of $0.01 per share. The Company’s board of directors may amend the charter from time to time to increase or decrease the aggregate number of authorized shares of capital stock or the number of authorized shares of capital stock of any class or series without stockholder approval. During the year ended December 31, 2015 , the Company issued a total of 3.4 million shares, including 185,000 shares issued under the DRIP, for gross proceeds of $61.9 million . As of December 31, 2015 , the Company had issued 11.7 million shares of common stock for cumulative gross proceeds of $199.1 million . NAV per Share Calculation The Company’s per share purchase and redemption price for each class varies from day-to-day. The Company has engaged an independent valuation expert which has expertise in appraising commercial real estate assets and related liabilities, to provide, on a rolling quarterly basis, valuations of each of the Company’s commercial real estate assets and related liabilities to be set forth in individual appraisal reports, and to adjust those valuations for events known to the independent valuation expert that it believes are likely to have a material impact on previously provided estimates of the value of the affected commercial real estate assets or related real estate liabilities. In addition, the calculation of NAV for each class includes liquid assets, which are priced daily using third party pricing services, and cash and cash equivalents. The Company has retained an independent fund accountant to calculate the daily NAV for each class, which uses a process that reflects (1) estimated values of each of the Company’s commercial real estate assets, related liabilities and notes receivable secured by real estate provided periodically by the Company’s independent valuation expert, in individual appraisal reports, (2) daily updates in the price of liquid assets for which third party market quotes are available, (3) accruals of the daily distributions for each class, and (4) estimates of daily accruals, on a net basis, of the Company’s operating revenues, expenses, including class-specific expenses, debt service costs and fees, including class-specific fees. Selling commissions will have no effect on the NAV of any class. The result of this calculation is the NAV for each class of shares as of the end of any business day. The NAV per share is determined by allocating the NAV to each share class based on its respective ownership percentage. The NAV for each class is then adjusted for contributions, redemptions and accruals of the class’s daily distributions and estimates of class-specific fee and expense accruals. Distributions reflect the daily distribution rate set by the Company’s board of directors, which may vary for each class. The NAV per share for each class is determined by dividing such class’s NAV on such day by the number of shares outstanding for that class as of the end of such business day, prior to giving effect to any share purchases or redemptions to be effected on such day. At regularly scheduled board of directors meetings, the Company’s board of directors reviews the process by which the Company’s advisor estimated the daily accruals and the independent fund accountant calculated the NAV per share, and the operation and results of the process to determine NAV per share generally. The Company’s NAV is not calculated in accordance with GAAP and is not audited by the independent registered public accounting firm. Distribution Reinvestment Plan Pursuant to the DRIP, the Company allows stockholders to elect to have their distributions reinvested in additional shares of the Company’s common stock. The purchase price for shares under the DRIP is equal to the NAV per share on the date that the distribution is payable, after giving effect to the distribution. During the years ended December 31, 2015 , 2014 and 2013 , 185,000 , 136,000 and 38,000 shares were purchased under the DRIP for $3.3 million , $2.3 million and $634,000 , respectively. Share Redemption Program The Company has adopted a share redemption plan whereby, on any business day, stockholders may request that the Company redeem all or any portion of their shares, subject to certain limitations described below. Pursuant to the share redemption program, the Company will initially redeem shares at a redemption price per share on any business day equal to the Company’s NAV per share for the class of shares being redeemed, without giving effect to any share purchases or redemptions to be effected on such day, less any applicable short-term trading fees. Subject to limited exceptions, stockholders who redeem their shares within the first 365 days from the date of purchase will be subject to a short-term trading fee of 2% of the aggregate NAV per share of the shares of common stock received. In each calendar quarter, net redemptions will be limited to 5% of the Company’s total NAV as of the end of the immediately preceding quarter. If less than the full 5% limit available for a quarter is used, the unused percentage will be carried over to the next quarter (the “Carryover Percent”), but the maximum carryover percentage will never exceed 15% in the aggregate, and net redemptions in any quarter may never exceed 10% of the prior quarter’s NAV. On each business day, the Company will calculate the maximum amount available for redemptions as 5% plus the Carryover Percent times the prior quarter-end’s NAV, plus share sales for the quarter, minus share redemptions for the quarter (the “Quarterly Limit”). Redemption requests will be satisfied on a first-come-first-served basis up to the Quarterly Limit. A redemption request must be received by 4:00 p.m. Eastern Time on the last business day that the New York Stock Exchange is open for trading prior to the end of a calendar quarter in order for the current Quarterly Limit to apply. For the quarter following a quarter in which the Company reached its Quarterly Limit (a “Limit Quarter”), a 5% per quarter redemption limitation will apply on a stockholder by stockholder basis, such that each of the Company’s stockholders will be allowed to request a redemption, at any time during that quarter, for a total of up to 5% of the shares they held as of the last day of the Limit Quarter, plus shares, if any, that the stockholder purchases during the in-progress quarter (the “Flow-regulator”). This prospective methodology for allocating available funds daily during a quarter for which a Flow-regulator is in effect (a “Flow-regulated Quarter”) is designed to treat all stockholders equally during the quarter as a whole, regardless of the particular day during the quarter when they choose to submit their redemption requests, based on the number of shares held by each stockholder as of the prior quarter-end. If, during a Flow-regulated Quarter, total redemptions for all stockholders in the aggregate are more than two and one-half percent of our total NAV as of the end of the immediately preceding quarter, then the Flow-regulator will continue to apply for the next succeeding quarter. If total redemptions for all stockholders in the aggregate during a Flow-regulated Quarter are equal to or less than two and one-half percent of our total NAV as of the end of the immediately preceding quarter, then the first-come, first-served Quarterly Limit discussed above will come back into effect for the next succeeding quarter, with the Quarterly Limit consisting of five percent plus any remaining amount of the Carryover Percent from the last quarter before the Flow-regulated Quarter (subject to the 10% quarterly limit). The Company adopted several restrictions with respect to the redemption of certain shares owned by CHC Investments, LLC, an affiliate of a former officer and director of the Company. This shareholder was not permitted to redeem its shares until the Company had raised $100.0 million in the Offering. Thereafter, redemption requests made for these shares would only be accepted (1) on the last business day of a calendar quarter, (2) after all redemption requests from all other stockholders for such quarter have been accepted and (3) to the extent that such redemptions do not cause net redemptions to exceed 5% of the Company’s total NAV as of the end of the immediately preceding quarter. Redemption requests for these shares would otherwise be subject to the same limitations as other stockholder redemption requests as described above. During the year ended December 31, 2015 , redemption requests were made that conformed to these requirements, resulting in redemptions by CHC Investments, LLC of 274,787 shares during the year. In addition, as of December 31, 2015 , VEREIT Properties Operating Partnership, L.P. (formerly known as ARC Properties Operating Partnership, L.P.) (“VEREIT OP”), as the successor to CHC, owned 13,333 W Shares. VEREIT OP was prohibited from selling these shares, which represents the initial investment in the Company, for so long as the Company’s sponsor is VEREIT OP or an affiliate of VEREIT OP; provided, however, that VEREIT OP could transfer ownership of all or a portion of such shares to other affiliates of the Company’s sponsor. The Company may fund redemptions with proceeds from any available source, including, but not limited to, available cash, proceeds from sales of additional shares, excess cash flow from operations, sales of liquid investments, incurrence of indebtedness and, if necessary, proceeds from the disposition of real estate properties or real estate-related assets. The Company may reserve borrowing capacity under its Credit Facility and elect to borrow against the Credit Facility in part to redeem shares presented for redemption during periods when the Company does not have sufficient proceeds from the sale of shares to fund all redemption requests. Additionally, the Company’s board of directors may modify or suspend its redemption plan at any time in its sole discretion if it believes that such action is in the best interests of the stockholders. As of December 31, 2015 , the quarterly redemption capacity was equal to 10% of the Company’s NAV and this amount was recorded as redeemable common stock on the consolidated balance sheet for a total of $18.0 million . During the year ended December 31, 2015 , the Company received redemption requests for, and redeemed approximately 651,000 W Shares of common stock for $11.8 million , and 67,000 A Shares of common stock for $1.2 million . Distributions Payable and Distribution Policy The Company’s board of directors authorized a daily distribution, based on 365 days in the calendar year of $0.002678083 per share for stockholders of record as of the close of business on each day of the period commencing on January 1, 2015 and ending on December 31, 2015 . The daily distribution amount for each class of outstanding common stock is adjusted based on the relative NAV of the various classes each day so that, from day to day, distributions constitute a uniform percentage of the NAV per share of all classes. As a result, from day to day, the per share daily distribution for each outstanding class of common stock may be higher or lower than the daily distribution amount authorized by our board of directors. As of December 31, 2015 , the Company had distributions payable of $788,000 . The distributions were paid in January 2016, of which $373,000 were reinvested in shares through the DRIP.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For federal income tax purposes, distributions to stockholders are characterized as ordinary dividends, capital gain distributions, or nontaxable distributions. Nontaxable distributions will reduce U.S stockholders’ basis (but not below zero) in their shares. The following table shows the character of the distributions we paid on a percentage basis for the years ended December 31, 2015 , 2014 , and 2013 : Character of Distributions (unaudited): 2015 (1) 2014 2013 Ordinary dividends 44.9 % 52.9 % 33.2 % Nontaxable distributions — % 47.1 % 66.8 % Capital gain distributions 55.1 % — % — % Total 100 % 100 % 100 % ____________________________________ (1) Includes dividend paid on January 4, 2016. During the years ended December 31, 2015 , 2014 and 2013 , the Company distributed as dividends to its shareholders 100% of its taxable income for federal income tax purposes. Accordingly, no provision for federal income taxes related to such taxable income was recorded on the Company’s financial statements. During the years ended December 31, 2015 , 2014 and 2013 , the Company incurred state and local income and franchise taxes of $120,000 , $75,000 and $35,000 , respectively, which were recorded in general and administrative expenses on the consolidated statements of operations. The Company had no unrecognized tax benefits as of or during the years ended December 31, 2015 , 2014 and 2013 . Any interest and penalties related to unrecognized tax benefits would be recognized within the provision for income taxes in the accompanying consolidated statements of operations. The Company files income tax returns in the U.S. federal jurisdiction, as well as various state jurisdictions, and is subject to routine examinations by the respective tax authorities.

Operating Leases

Operating Leases	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
OPERATING LEASES	OPERATING LEASES The Company’s real estate properties are leased to tenants under operating leases for which the terms and expirations vary. As of December 31, 2015 , the leases had a weighted-average remaining term of 10.9 years. The leases may have provisions to extend the lease agreements, options for early termination after paying a specified penalty, rights of first refusal to purchase the property at competitive market rates, and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. As of December 31, 2015 , the future minimum rental income from the Company’s investment in real estate assets under non-cancelable operating leases, assuming no exercise of renewal options for the succeeding five fiscal years was as follows (in thousands): Year ending December 31, Future Minimum Rental Income 2016 $ 19,618 2017 19,520 2018 19,332 2019 19,417 2020 19,539 Thereafter 126,272 Total $ 223,698

Quarterly Results (Unaudited)

Quarterly Results (Unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY RESULTS (UNAUDITED)	QUARTERLY RESULTS (UNAUDITED) Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2015 and 2014 (in thousands, except per share amounts). In the opinion of management, the information for the interim periods presented include all adjustments, which are of a normal and recurring nature, necessary to present a fair presentation of the results for each period. December 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 4,827 $ 4,565 $ 4,745 $ 4,972 Operating income 2,012 1,524 1,316 813 Net income (loss) 1,126 5,320 1,128 (247 ) Basic and diluted net income (loss) per common share (1) 0.16 0.71 0.14 (0.03 ) Distributions declared per common share (1) 0.24 0.24 0.25 0.25 ____________________________________ (1) The sum of the quarterly net income (loss) per share amounts does not agree to the full year net loss per share amounts. The Company calculates net income (loss) per share and distributions declared per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters. December 31, 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 2,352 $ 2,689 $ 3,442 $ 4,822 Operating income 738 659 622 783 Net income (loss) 281 115 (81 ) (64 ) Basic and diluted net income (loss) per common share (1) 0.06 0.02 (0.01 ) (0.01 ) Distributions declared per common share (1) 0.23 0.25 0.25 0.25 ____________________________________ (1) The sum of the quarterly net income (loss) per share amounts does not agree to the full year net loss per share amounts. The Company calculates net income (loss) per share and distributions declared per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Investment in Real Estate Assets Subsequent to December 31, 2015 and through March 24, 2016 , the Company acquired two real estate properties for an aggregate purchase price of $17.7 million . The acquisitions were funded with net proceeds from the Offering and available borrowings. The Company has not completed its initial purchase price allocations with respect to these properties and therefore cannot provide similar disclosures to those included in Note 4 in these consolidated financial statements for these properties. Status of the Offering As of March 24, 2016 , the Company had received $228.7 million in gross offering proceeds through the issuance of approximately 13.3 million shares of its common stock in the Offering (including shares issued pursuant to the DRIP). Credit Facility Subsequent to December 31, 2015 , the Company borrowed $5.0 million on the Credit Facility and repaid $15.0 million of the amounts outstanding under the Credit Facility. As of March 24, 2016 , the Company had $40.0 million outstanding under the Credit Facility, with a weighted average interest rate of 3.43% , and $85.0 million in unused capacity, subject to borrowing availability. Share Redemptions Subsequent to December 31, 2015 and through March 24, 2016 , the Company redeemed approximately 198,000 shares for $3.6 million .

SCHEDULE III _ Real Estate Asse

SCHEDULE III – Real Estate Assets and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION	Gross Amount at Which Initial Costs to Company Total Carried At Accumulated Buildings & Adjustment December 31, 2015 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) Acquired Constructed Real Estate Held for Investment the Company Has Invested in Under Operating Leases Advance Auto: Macomb Township, MI (f) $ 718 $ 1,146 $ — $ 1,864 $ 125 12/20/2011 2009 Ravenswood, WV (f) 150 645 53 848 9 6/17/2015 1996 Sedalia, MO (f) 374 1,187 — 1,561 74 9/23/2013 2013 Algonac Plaza: Algonac, MI (f) 1,097 7,718 — 8,815 546 8/30/2013 2002 Amcor Rigid Plastics: Ames, IA $ 8,300 775 12,179 — 12,954 393 9/19/2014 1996 Aspen Dental: Someset, KY (f) 285 1,037 — 1,322 38 8/18/2014 2014 AT&T: Oklahoma City, OK (f) 622 1,493 — 2,115 79 5/1/2014 2013 AutoZone: Vandalia, OH 532 778 — — 778 — 10/10/2014 2014 Burger King: Midwest City, OK 765 576 413 — 989 13 9/30/2014 2015 Carrier Rental Systems: Houston, TX 2,800 749 3,832 — 4,581 127 9/4/2014 2006 Chili ’ s & Petsmart: Panama City, FL — 1,371 4,411 — 5,782 5 12/10/2015 2005 CVS: Austin, TX (f) 1,417 1,579 — 2,996 166 12/8/2011 1997 Erie, PA (f) 1,007 1,157 — 2,164 120 12/9/2011 1999 Mansfield, OH (f) 270 1,691 — 1,961 175 12/9/2011 1998 Wisconsin Rapids, WA 1,790 517 2,148 — 2,665 113 12/13/2013 2013 DaVita Dialysis: Austell, GA (f) 581 2,359 — 2,940 99 5/6/2014 2009 Dollar General: Berwick, LA (f) 141 1,448 — 1,589 123 11/30/2012 2012 Gladwin, MI 780 121 1,119 — 1,240 59 1/24/2014 2013 Independence, MO 837 276 1,017 — 1,293 76 3/15/2013 2012 Lexington, MI 707 89 1,033 — 1,122 55 1/24/2014 2013 Ocala, FL (f) 205 1,308 — 1,513 55 5/7/2014 2013 Redfield, SD (f) 43 839 — 882 30 9/5/2014 2014 Sardis City, AL (f) 334 1,058 — 1,392 81 6/26/2013 2012 Sioux Falls, SD (f) 293 989 — 1,282 44 6/25/2014 2014 Stacy, MN 658 84 810 — 894 23 11/6/2014 2014 St. Joseph, MO (f) 197 972 — 1,169 72 4/2/2013 2013 Topeka, KS 794 176 882 — 1,058 29 10/22/2014 2014 Enid Crossing: Enid, OK 3,407 685 4,426 — 5,111 221 6/30/2014 2013 Family Dollar: Centreville, AL (f) 50 1,122 — 1,172 50 4/29/2014 2013 Danville, VA (f) 228 774 — 1,002 39 6/17/2014 2013 Darby, MT 881 244 889 — 1,133 33 9/30/2014 2014 Denton, NC (f) 334 545 — 879 26 6/17/2014 2012 Deridder, LA (f) 183 746 — 929 32 9/3/2014 2014 Hampton, AR 651 131 741 — 872 34 9/15/2014 2014 Londonderry, OH (f) 65 1,078 — 1,143 44 9/3/2014 2014 Tatum, NM 700 130 805 — 935 42 3/31/2014 2014 West Portsmouth, OH (f) 214 768 — 982 27 9/23/2014 2004 Gross Amount at Which Initial Costs to Company Total Carried At Accumulated Buildings & Adjustment December 31, 2015 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) Acquired Constructed FedEx: Elko, NV (f) $ 186 $ 2,024 $ — $ 2,210 $ 140 5/28/2013 2012 Norfolk, NE (f) 618 2,499 — 3,117 160 8/19/2013 2013 Spirit Lake, IA (f) 115 2,501 — 2,616 136 12/12/2013 2013 FleetPride: Mobile, AL (f) 695 2,445 — 3,140 18 10/22/2015 2015 Great White: Oklahoma City, OK (f) 323 4,031 — 4,354 180 5/29/2014 1973 Headwaters: Bryan, TX (f) 273 961 — 1,234 36 7/23/2014 2014 Home Depot Center: Orland Park, IL (f) 5,694 13,100 — 18,794 20 12/31/2015 1993 Jo-Ann: Roseville, MI (f) 506 2,747 — 3,253 198 9/30/2013 2013 Kum & Go: Cedar Rapids, IA 1,501 630 1,679 — 2,309 119 5/3/2013 2011 Lowe ’ s: Fremont, OH 5,312 1,287 7,125 278 8,690 428 12/11/2013 1996 Mattress Firm: Fairview Park, OH (f) 646 830 — 1,476 36 6/16/2014 2014 Gadsden, AL (f) 393 1,413 — 1,806 95 6/10/2013 2012 Phoenix, AZ (f) 550 956 — 1,506 48 2/26/2014 2014 Mattress Firm & AT&T: Woodbury, MN (f) 812 2,238 — 3,050 123 1/24/2014 2013 McAlister ’ s Deli: Amarillo, TX (f) 435 1,050 — 1,485 57 3/27/2014 2010 Shawnee, OK (f) 601 1,054 — 1,655 54 3/27/2014 2007 National Tire & Battery: Conyers, GA 1,657 522 1,845 — 2,367 63 9/26/2014 1995 Natural Grocers: Prescott, AZ 2,367 795 2,802 — 3,597 216 5/6/2013 2012 Northern Tool: Hoover, AK (f) 691 2,150 — 2,841 81 8/15/2014 2014 O ’ Reilly Auto Parts: Fayetteville, NC (f) 132 1,246 — 1,378 56 3/18/2014 2012 PetSmart: Little Rock, AR (f) 1,283 2,820 — 4,103 194 7/19/2013 1996 McAllen, TX 2,924 1,961 1,994 — 3,955 106 9/30/2014 1995 Raising Cane ’ s: Avondale, AZ (f) 3,292 — — 3,292 — 5/23/2014 2013 Sherwin-Williams: Douglasville, GA (f) 417 578 — 995 37 8/2/2013 2009 Lawrenceville, GA (f) 320 845 — 1,165 57 9/24/2013 2013 Shopko: Larned, KS (f) 49 1,727 — 1,776 73 6/30/2014 2008 Shoppes at Battle Bridge: Raleigh, NC 6,300 1,450 8,436 — 9,886 312 9/4/2014 2008 Sleepy ’ s: Roanoke Rapids, NC (f) 238 1,267 — 1,505 13 8/17/2015 2015 Sunoco: Merritt Island, FL (f) 577 1,762 — 2,339 119 4/12/2013 2008 Gross Amount at Which Initial Costs to Company Total Carried At Accumulated Buildings & Adjustment December 31, 2015 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) Acquired Constructed Tailwinds: Denton, TX (f) $ 884 $ 7,747 $ — $ 8,631 $ 253 9/30/2014 2013 Tellico Greens: Loudon, TN 3,000 823 3,959 — 4,782 219 12/20/2013 2008 Time Warner: Streetsboro, OH 3,543 811 3,849 — 4,660 131 9/30/2014 2003 Tire Centers: Decatur, AL 1,311 208 1,329 — 1,537 45 10/3/2014 1998 Title Resource: Mount Laurel, NJ 9,240 2,188 12,380 — 14,568 62 11/24/2015 2004 TJ Maxx: Danville, IL (f) 271 2,528 — 2,799 182 9/23/2013 2013 Walgreens: Albuquerque, NM (f) 789 1,609 11 2,409 166 12/7/2011 1995 Coweta, OK 2,600 725 3,246 — 3,971 126 6/30/2014 2009 Reidsville, NC 3,603 610 3,801 — 4,411 396 10/19/2011 2008 St. Louis, MO 2,534 307 3,205 — 3,512 111 8/8/2014 2007 West Marine: Mystic, CT (f) 1,168 3,132 — 4,300 25 9/11/2015 2014 TOTAL: $ 69,494 $ 49,785 $ 187,274 $ 342 $ 237,401 $ 8,168 ____________________________________ (a) As of December 31, 2015 , the Company owned 70 single tenant, freestanding retail properties and seven multi-tenant retail properties. (b) The aggregate cost for federal income tax purposes was approximately $237.3 million . (c) The following is a reconciliation of total real estate carrying value for the years ended December 31: 2015 2014 2013 Balance, beginning of period $ 203,111 $ 92,717 $ 29,839 Additions Acquisitions 48,885 110,394 62,878 Improvements 226 — — Total additions 49,111 110,394 62,878 Deductions Cost of real estate sold 14,821 — — Balance, end of period $ 237,401 $ 203,111 $ 92,717 (d) The following is a reconciliation of accumulated depreciation for the years ended December 31: 2015 2014 2013 Balance, beginning of period $ 4,459 $ 1,451 $ 440 Additions Acquisitions - Depreciation Expense for Building & Tenant Improvements Acquired 4,358 2,987 990 Improvements - Depreciation Expense for Tenant Improvements & Building Equipment 14 21 21 Total additions 4,372 3,008 1,011 Deductions Cost of real estate sold 663 — — Total deductions 663 — — Balance, end of period $ 8,168 $ 4,459 $ 1,451 (e) The Company’s assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, buildings are depreciated over 40 years , and tenant improvements are amortized over the remaining life of the lease or the useful life, whichever is shorter. (f) Part of the Credit Facility’s Borrowing Base. As of December 31, 2015 , the Company had $50.0 million outstanding under the Credit Facility.

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of presentation	The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying consolidated financial statements.
Principles of consolidation and basis of presentation	Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Reclassifications	Reclassifications The Company has chosen to break out the details of (i) real estate tax expenses from property operating expenses in the Company’s consolidated statements of operations and (ii) straight-line rental income in the Company’s consolidated statement of cash flows. The Company has also chosen to combine the depreciation of $3.0 million and $1.0 million for the years ended December 31, 2014 and 2013, respectively, and amortization of $1.5 million and $519,000 for the years ended December 31, 2014 and 2013, respectively, into the line item depreciation and amortization in the consolidated statements of operations. Further, the Company has modified the presentation of debt issuance costs related to a recognized debt liability to be presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability (specifically relating to mortgage notes payable and the term portion of the credit facility), rather than presenting the costs as an asset, for all periods presented. As such, the corresponding prior period amounts have also been broken out into separate line items to conform to the current financial statement presentation.
Use of estimates	Use of Estimates The preparation of financial statements in conformity with GAAP 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Investment in and recoverability of real estate assets	Real Estate Investments Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition, excluding acquisition-related expenses, construction and any tenant improvements, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All repairs and maintenance are expensed as incurred. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term Recoverability of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to, bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, rental concessions and other factors, a significant decrease in a property’s revenues due to lease terminations, vacancies, co-tenancy clauses, reduced lease rates or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value will be determined using a discounted cash flow analysis and recent comparable sales transactions. The evaluation of properties for potential impairment requires the Company’s management to exercise significant judgment and to make certain assumptions. The use of different judgments and assumptions could result in different conclusions. No impairment indicators were identified and no impairment losses were recorded during the years ended December 31, 2015 , 2014 or 2013 . Assets Held for Sale When a real estate asset is identified by the Company as held for sale, the Company will cease depreciation and amortization of the assets related to the property and estimate the fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount would be recorded to reflect the estimated fair value of the property, net of selling costs. There were no assets identified as held for sale as of December 31, 2015 or 2014 .
Allocation of purchase price of real estate assets	Allocation of Purchase Price of Real Estate Assets Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place leases, based in each case on their respective fair values. Acquisition-related expenses are expensed as incurred. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The fair values of above- and below-market lease intangibles are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) an estimate of fair market lease rates for the corresponding in-place leases, which is generally obtained from independent appraisals, measured over a period equal to the remaining non-cancelable term of the lease including, for below-market leases, any bargain renewal periods. The above- and below-market lease intangibles are capitalized as intangible lease assets or liabilities, respectively. Above-market leases are amortized as a reduction to rental income over the remaining terms of the respective leases. Below-market leases are amortized as an increase to rental income over the remaining terms of the respective leases, including any bargain renewal periods. In considering whether or not the Company expects a tenant to execute a bargain renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition, such as the financial strength of the tenant, the remaining lease term, the tenant mix of the leased property, the Company’s relationship with the tenant and the availability of competing tenant space. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above- or below-market lease intangibles relating to that lease would be recorded as an adjustment to rental income. The fair values of in-place leases include estimates of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rental and other property income which are avoided by acquiring a property with an in-place lease. Direct costs associated with obtaining a new tenant include commissions and other direct costs, and are estimated in part by utilizing information obtained from independent appraisals and management’s consideration of current market costs to execute a similar lease. The intangible values of opportunity costs, which are calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease, are capitalized as intangible lease assets and are amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed. The Company may acquire certain properties subject to contingent consideration arrangements that may obligate the Company to pay additional consideration to the seller based on the outcome of future events. Additionally, the Company may acquire certain properties for which it funds certain contingent consideration amounts into an escrow account pending the outcome of certain future events. The outcome may result in the release of all or a portion of the escrow funds to the Company or the seller or a combination thereof. Contingent consideration arrangements, including amounts funded through an escrow account, will be recorded upon acquisition of the respective property at their estimated fair value, and any changes to the estimated fair value, subsequent to acquisition, will be reflected in the accompanying consolidated statements of operations. The determination of the amount of contingent consideration arrangements is based on the probability of several possible outcomes as identified by management. The Company will estimate the fair value of assumed mortgage notes payable based upon indications of current market pricing for similar types of debt financing with similar maturities. Assumed mortgage notes payable will initially be recorded at their estimated fair value as of the assumption date, and any difference between such estimated fair value and the mortgage note’s outstanding principal balance will be amortized or accreted to interest expense over the term of the respective mortgage note payable. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations.
Investment in marketable securities	Investment in Marketable Securities Investment in marketable securities consists primarily of the Company ’ s investment in corporate and government debt securities. The Company determines the appropriate classification for debt securities at the time of purchase and reevaluates such designation as of each balance sheet date. As of December 31, 2015 , the Company classified its investments as available-for-sale as the Company is not actively trading the securities; however, the Company may sell them prior to their maturity. These investments are carried at their estimated fair value with unrealized gains and losses reported in accumulated other comprehensive income (loss). The Company monitors its available-for-sale securities for impairments. A loss is recognized when the Company determines that a decline in the estimated fair value of a security below its amortized cost is other-than-temporary. The Company considers many factors in determining whether the impairment of a security is deemed to be other-than-temporary, including, but not limited to, the length of time the security has had a decline in estimated fair value below its amortized cost, the amount of the unrealized loss, the intent and ability of the Company to hold the security for a period of time sufficient for a recovery in value, recent events specific to the issuer or industry, external credit ratings and recent changes in such ratings. The analysis of determining whether the impairment of a security is deemed to be other-than-temporary requires significant judgments and assumptions. The use of alternative judgments and assumptions could result in a different conclusion. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method and is recorded in the accompanying consolidated statements of operations in interest and other expense, net. Upon the sale of a security, the realized net gain or loss is computed on the specific identification method.
Restricted cash and cash concentrations	Restricted Cash The Company had $118,000 and $25,000 in restricted cash as of December 31, 2015 and 2014 . Included in restricted cash were escrowed investor proceeds of $50,000 and $25,000 for which shares of common stock had not been issued as of December 31, 2015 and 2014 , respectively. Additionally, as of December 31, 2015, the Company had $68,000 in lender cash management accounts. As part of certain debt agreements, rent from certain of the Company’s tenants is deposited directly into a lockbox account, from which funds in excess of the required minimum balance are disbursed on a weekly basis to the Company. Cash Concentrations As of December 31, 2015 , the Company had cash on deposit, including restricted cash, at four financial institutions, one of which the Company had deposits in excess of federally insured levels totaling $14.4 million ; however, the Company has not experienced any losses in such accounts. The Company limits significant cash deposits to accounts held by financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits.
Deferred financing costs	Deferred Financing Costs Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining commitments for financing. As discussed in “Reclassifications” and “Recent Accounting Pronouncements” in this note, the Company historically presented the costs as an asset for the respective financing agreements. These costs were amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are written off when the associated debt was refinanced or repaid before maturity. Pursuant to the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2015-03, the presentation of all deferred financing costs, other than those associated with the revolving credit facility, has been reclassified such that the debt issuance costs related to a recognized debt liability is presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability rather than as an asset. However, the Company has not reclassified the presentation of deferred financing costs related to the revolving credit facility as, pursuant to FASB ASU 2015-15, debt issuance costs related to securing a revolving line of credit may be presented as an asset and amortized ratably over the term of the line of credit arrangement. As such, the Company’s current and corresponding prior period total deferred financing costs, net in the accompanying consolidated balance sheets relate only to the revolving credit facility and the historical presentation, amortization and treatment of unamortized costs are still applicable. As of December 31, 2015 and 2014, the Company had $819,000 and $1.0 million , respectively, of deferred financing costs, net of accumulated amortization, related to the revolving credit facility. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined the financing will not close.
Due to affiliates	Due to Affiliates Cole Advisors and certain of its affiliates received, and will continue to receive, fees, reimbursements and compensation in connection with services provided relating to the Offering and the acquisition, management and performance of the Company’s assets. As of December 31, 2015 and 2014 , $2.0 million and $1.8 million , respectively, was due to Cole Advisors and its affiliates for such services, as discussed in Note 11 to these consolidated financial statements.
Derivative instruments and hedging activities	Derivative Instruments and Hedging Activities The Company accounts for its derivative instruments at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the effective portion of any derivative instrument that is designated as a hedge is recorded as other comprehensive income (loss). The changes in fair value for derivative instruments that are not designated as hedges or that do not meet the hedge accounting criteria are recorded as a gain or loss to operations.
Redeemable common stock	Redeemable Common Stock The Company has adopted a share redemption program that permits its stockholders to redeem their shares, subject to certain limitations discussed in Note 14 to these consolidated financial statements. The Company records amounts that are redeemable under the share redemption program as redeemable common stock outside of permanent equity on its consolidated balance sheets. Redeemable common stock is recorded at the greater of the carrying amount or redemption value each reporting period. Changes in the value from period to period are recorded as an adjustment to capital in excess of par value. As of December 31, 2015 and 2014 , the quarterly redemption capacity was equal to 10% of the Company’s NAV and this amount was recorded as redeemable common stock on the consolidated balance sheets for a total of $18.0 million and $12.5 million , respectively. As of December 31, 2015 and 2014 , certain shares were not permitted to be redeemed subject to certain limitations as discussed in Note 14 to these consolidated financial statements.
Revenue recognition	Revenue Recognition Certain properties have leases where minimum rental payments increase during the term of the lease. The Company records rental income for the full term of each lease on a straight-line basis. When the Company acquires a property, the terms of any existing leases are considered to commence as of the acquisition date for the purpose of this calculation. The Company defers the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Expected reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursement income in the period when such costs are incurred. The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the Company will record an increase in the allowance for uncollectible accounts or record a direct write-off of the receivable in the consolidated statements of operations and comprehensive income (loss). No allowances were recorded as of December 31, 2015 or 2014 .
Income taxes	Income Taxes The Company elected to be taxed, and qualified, as a REIT for federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Company generally is not subject to federal corporate income tax to the extent it distributes its taxable income to its stockholders, and so long as it, among other things, distributes at least 90% of its annual taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). REITs are subject to a number of other organizational and operational requirements. Even if the Company maintains its qualification for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income.
Earnings (loss) per share	Earnings (Loss) Per Share We have three classes of common stock with nonforfeitable dividend rights that are determined based on a different NAV for each class. Accordingly, we utilize the two-class method to determine our earnings per share, which results in the same earnings per share for each of the classes. Diluted income (loss) per share considers the effect of any potentially dilutive share equivalents, of which the Company had none for each of the years ended December 31, 2015 , 2014 or 2013 .
Offering and related costs	Offering and Related Costs Cole Advisors funds all of the organization and offering costs associated with the sale of the Company’s common stock (excluding selling commissions, the distribution fee and the dealer manager fee) and is reimbursed for such costs up to 0.75% of gross proceeds from the Offering, excluding selling commissions charged on A Shares sold in the Primary Offering. As of December 31, 2015 , Cole Advisors, or its affiliates, had paid organization and offering costs in excess of the 0.75% in connection with the Offering. These excess costs were not included in the financial statements of the Company because such costs were not a liability of the Company as they exceeded 0.75% of gross proceeds from the Offering. As the Company raises additional proceeds from the Offering, these excess costs may become payable to Cole Advisors.
Reportable segments	Reportable Segments The Company’s commercial real estate investments primarily consist of single-tenant, necessity commercial properties, which are leased to creditworthy tenants under long-term net leases and provide current operating cash flow. The commercial properties are geographically diversified throughout the United States and have similar economic characteristics. The Company’s management evaluates operating performance on an overall portfolio level; therefore the Company’s properties are one reportable segment.
Recent accounting pronouncements	Recent Accounting Pronouncements Effective December 31, 2015, the Company early adopted the accounting and reporting requirements of ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation and Subsequent Measurement of Debt Issuance Costs (“ASU 2015-03”) and ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”), included in the FASB Accounting Standards Codification (“ASC”) for balance sheet classification of debt issuance costs requiring debt issuance costs to be presented as an offset to the related debt. The Company has applied these requirements retrospectively. Accordingly, the Company has offset $774,000 of previously reported debt issuance costs with the previously reported line of credit and note payable balance of $120.3 million in the Company’s December 31, 2014 consolidated balance sheet. The adoption of these accounting and reporting requirements had no impact on the Company’s consolidated statements of operations or consolidated statements of cash flows. ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”) — The evaluation of limited partnerships or similar entities as variable interest entities (“VIEs”), was modified. The revised requirements may affect the method of consolidation for reporting entities involved with such entities. Additional disclosure is required for entities not previously included in the reporting entity as a VIE. ASU 2015-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. Application of the revised standards may follow the retrospective approach or a modified retrospective approach. The Company has evaluated the effect of ASU 2015-02 and noted that there will not be an impact to the Company’s consolidated financial statements. From time to time, new accounting pronouncements are issued by various standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company is currently evaluating the effect that certain of these new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s consolidated financial statements: ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) - The requirements were amended to remove inconsistencies in revenue requirements and to provide a more complete framework for addressing revenue issues across a broad range of industries and transaction types. The revised standard’s core principle is that a company should recognize revenue to depict the transfer of promised goods or 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. These provisions are effective January 1, 2018, and are to be applied retrospectively, with early adoption permitted for periods beginning after December 15, 2016 and interim periods thereafter. ASU No. 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”) - The amendments in this update eliminate the requirement that an acquirer in a business combination retrospectively account for measurement-period adjustments. Measurement-period adjustments should be recognized during the period in which the adjustment amount is determined, including any earnings impact that the acquirer would have recorded in prior periods if the accounting was completed at the acquisition date. These provisions are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, with early adoption permitted. ASU No. 2016-01, Financial Instruments (Subtopic 825-10) - The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). The amendments in this update also require an entity to present separately in other comprehensive income (loss), the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the consolidated balance sheets or the accompanying notes to the financial statements. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. On February 25, 2016, the FASB issued Accounting Standards Codification (“ASC”) 842 (“ASC 842”), Leases , which replaces the existing guidance in ASC 840, Leases . ASC 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASC 842 requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use (“ROU”) asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the ROU asset and for operating leases the lessee would recognize a straight-line total lease expense.

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Schedule of reclassifications	The following table presents the previously reported balances and the reclassified balances for the impacted line items of the December 31, 2014 consolidated balance sheet (in thousands): December 31, 2014 As Previously Reported Investment in real estate assets: Land $ 46,455 Buildings and improvements, less accumulated depreciation of $4,459 152,197 Acquired intangible lease assets, less accumulated amortization of $2,521 26,853 Total investment in real estate assets, net $ 225,505 December 31, 2014 As Reclassified Investment in real estate assets: Land $ 46,455 Buildings and improvements 156,656 Intangible lease assets 29,374 Total real estate investments, at cost 232,485 Less: accumulated depreciation and amortization (6,980 ) Total real estate investments, net $ 225,505
Investment in and valuation of real estate and related assets	The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Schedule of fair value of company's financial assets and liabilities	In accordance with the fair value hierarchy described above, the following tables show 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 December 31, 2015 and 2014 (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2015 (Level 1) (Level 2) (Level 3) Financial asset: Marketable securities $ 5,237 $ 5,237 $ — $ — Financial liability: Interest rate swaps $ (302 ) $ — $ (302 ) $ — Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2014 (Level 1) (Level 2) (Level 3) Financial asset: Marketable Securities $ 490 $ 490 $ — $ —

Real Estate Acquistions (Tables

Real Estate Acquistions (Tables)	12 Months Ended
	Dec. 31, 2015
2015 Acquisitions
Business Acquisition [Line Items]
Schedule of purchase price allocation	The following table summarizes the purchase price allocation (in thousands): December 31, 2015 Land $ 11,505 Building and improvements 37,381 Acquired in-place leases 5,054 Acquired above-market leases 28 Acquired below-market leases (1,694 ) Total purchase price $ 52,274
Business acquisition, pro forma information	The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the years ended December 31, 2015 and 2014 (in thousands): Year Ended December 31, 2015 December 31, 2014 Pro forma basis (unaudited): Revenue $ 23,322 $ 17,943 Net income $ 9,296 $ 1,523
2014 Acquisitions
Business Acquisition [Line Items]
Schedule of purchase price allocation	The following table summarizes the purchase price allocation for the acquisitions purchased during the year ended December 31, 2014 (in thousands): December 31, 2014 Land $ 22,312 Building and improvements 88,082 Acquired in place leases 13,260 Acquired above-market leases 3,614 Acquired below-market leases (863 ) Total purchase price $ 126,405
Business acquisition, pro forma information	The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the years ended December 31, 2014 and 2013 (in thousands): Year Ended December 31, 2014 December 31, 2013 Pro forma basis (unaudited): Revenue $ 18,951 $ 15,171 Net income $ 2,620 $ 1,630
2013 acquisitions
Business Acquisition [Line Items]
Schedule of purchase price allocation	The following table summarizes the purchase price allocation (in thousands): December 31, 2013 Land $ 11,378 Building and improvements 51,500 Acquired in-place leases 7,963 Acquired above market leases 213 Acquired below market leases (520 ) Total purchase price $ 70,534
Business acquisition, pro forma information	The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the years ended December 31, 2013 and 2012 (in thousands): Year Ended December 31, 2013 December 31, 2012 Pro forma basis (unaudited): Revenue $ 8,771 $ 8,538 Net income $ 879 $ 859

Intangible Lease Assets (Tables

Intangible Lease Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of finite-lived intangible assets	Intangible lease assets consisted of the following (in thousands, except weighted average life amounts): As of December 31, 2015 2014 In-place leases, net of accumulated amortization of $4,005 and $2,317, respectively (with a weighted average life remaining of 11.0 and 12.1 years, respectively). $ 25,019 $ 23,130 Acquired above-market leases, net of accumulated amortization of $525 and $204, respectively (with a weighted average life remaining of 10.8 and 11.7 years, respectively). 3,331 3,723 $ 28,350 $ 26,853
Schedule of finite-lived intangible assets, future amortization expense	As of December 31, 2015 , the estimated amortization expense relating to the intangible lease assets for each of the five succeeding fiscal years is as follows (in thousands): Amortization Year ending December 31, In-Place Leases Above-Market Leases 2016 $ 2,386 $ 355 2017 $ 2,362 $ 348 2018 $ 2,303 $ 320 2019 $ 2,290 $ 314 2020 $ 2,289 $ 313

Marketable Securities (Tables)

Marketable Securities (Tables)	12 Months Ended
	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	The following is a summary of the Company’s available-for-sale securities as of December 31, 2015 (in thousands): Available-for-sale securities Amortized Cost Basis Unrealized Loss Fair Value U.S. Treasury Bonds $ 1,350 $ (7 ) $ 1,343 U.S. Agency Bonds 1,251 (8 ) 1,243 Corporate Bonds 2,709 (58 ) 2,651 Total available-for-sale securities $ 5,310 $ (73 ) $ 5,237
Schedule of available-for-sale securities reconciliation	The following table provides the activity for the marketable securities during the year ended December 31, 2015 (in thousands): Amortized Cost Basis Unrealized Gain (Loss) Fair Value Marketable securities as of January 1, 2015 $ 487 $ 3 $ 490 Face value of marketable securities acquired 6,811 — 6,811 Premiums and discounts on purchase of marketable securities, net of acquisition costs 143 — 143 Amortization on marketable securities (12 ) (12 ) Sales and maturities of securities (2,119 ) 17 (2,102 ) Unrealized loss on marketable securities — (93 ) (93 ) Marketable securities as of December 31, 2015 $ 5,310 $ (73 ) $ 5,237
Unrealized gain (loss) on investments	The following table shows the fair value and gross unrealized losses of the Company’s available-for-sale securities as of December 31, 2015 and the length of time the available-for-sale securities have been in the unrealized loss position (in thousands): Less than 12 Months 12 Months or More Total Fair Unrealized Losses Fair Unrealized Losses Fair Unrealized Losses U.S. Treasury Bonds $ 1,207 $ (8 ) $ — $ — $ 1,207 $ (8 ) U.S. Agency Bonds 1,071 (6 ) 173 (2 ) 1,244 (8 ) Corporate Bonds 1,953 (24 ) 547 (35 ) 2,500 (59 ) Total temporarily impaired securities $ 4,231 $ (38 ) $ 720 $ (37 ) $ 4,951 $ (75 )
Investments classified by contractual maturity date	The scheduled maturities of the Company’s marketable securities as of December 31, 2015 are as follows (in thousands): Available-for-sale securities Amortized Cost Estimated Fair Value Due within one year $ 533 $ 532 Due after one year through five years 1,625 1,614 Due after five years through ten years 2,471 2,415 Due after ten years 681 676 Total $ 5,310 $ 5,237

Derivative Instruments and He33

Derivative Instruments and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative instruments	The following table summarizes the terms of the Company’s executed swap agreements designated as hedging instruments as of December 31, 2015 (in thousands). The Company did not have any executed swap agreements as of December 31, 2014 . Outstanding Notional Fair Value of Liabilities Balance Sheet Location Amount as of December 31, 2015 Interest Rates (1) Effective Dates Maturity Dates December 31, 2015 December 31, 2014 Interest Rate Swaps Deferred rental income, derivative liabilities and other liabilities $ 49,240 3.43% to 3.57% 6/30/2015 to 12/1/2015 9/12/2019 to 12/1/2020 $ (302 ) $ — ____________________________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of December 31, 2015.

Credit Facility and Notes Pay34

Credit Facility and Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Summary of debt activity	The following table summarizes the debt balances as of December 31, 2015 and 2014 , and the debt activity for the year ended December 31, 2015 (in thousands): During the Year Ended December 31, 2015 Balance as of Debt Issuances, Net (1) Repayments (1) Accretion Balance as of Credit facility $ 100,000 $ 33,000 $ (83,000 ) $ — $ 50,000 Fixed rate debt 20,304 49,190 — — 69,494 Line of credit with affiliate — 10,000 (10,000 ) — — Total debt 120,304 92,190 (93,000 ) — 119,494 Deferred costs (2) (774 ) (1,218 ) — 228 (1,764 ) Total debt, net $ 119,530 $ 90,972 $ (93,000 ) $ 228 $ 117,730 ____________________________________ (1) Includes deferred financing costs incurred during the period. (2) Deferred costs relate to mortgage notes payable and the term portion of the Credit Facility, as discussed in Note 2.
Schedule of maturities of long-term debt	The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt as of December 31, 2015 for each of the five succeeding fiscal years and the period thereafter (in thousands): Year ending December 31, Principal Repayments 2016 $ — 2017 10,000 2018 — 2019 40,000 2020 9,240 Thereafter 60,254 Total $ 119,494

Acquired Below-Market Lease I35

Acquired Below-Market Lease Intangibles (Tables)	12 Months Ended
	Dec. 31, 2015
Intangible Liabilities Disclosure [Abstract]
Schedule of finite-lived intangible liabilities	Acquired below-market lease intangibles consisted of the following (in thousands, except weighted average life amounts): As of December 31, 2015 2014 Acquired below-market leases, net of accumulated amortization of $481 and $279, respectively (with a weighted average life remaining of 10.7 and 12.6 years, respectively) $ 3,513 $ 2,058
Schedule of finite-lived intangible assets, future amortization expense	As of December 31, 2015 , the estimated amortization of the intangible lease liabilities for each of the five succeeding fiscal years is as follows (in thousands): Amortization of Year ending December 31, Below-Market Leases 2016 $ 378 2017 $ 377 2018 $ 363 2019 $ 352 2020 $ 351

Related-Party Transactions an36

Related-Party Transactions and Arrangements (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Schedule of related party transactions	The Company recorded commissions, fees and expense reimbursements as shown in the table below for services provided by Cole Advisors and its affiliates related to the services described above during the years indicated (in thousands): Year Ended December 31, 2015 2014 2013 Offering: Selling commissions $ 301 $ 563 $ 16 Selling commissions reallowed by CCC $ 301 $ 563 $ 16 Distribution fee $ 89 $ 36 $ — Distribution fee reallowed by CCC $ 81 $ 34 $ — Dealer manager fees $ 764 $ 556 $ 229 Dealer manager fees reallowed by CCC $ 96 $ 49 $ 7 Organization and offering expense reimbursement $ 464 $ 520 $ 406 In connection with the Offering, CCC, the Company’s dealer manager, will receive selling commissions, an asset-based dealer manager fee and/or an asset-based distribution fee, as summarized in the table below for each class of common stock: Selling Commission (1) Dealer Manager Fee (2) Distribution Fee (2) W Shares — 0.55 % — A Shares up to 3.75% 0.55 % 0.50 % I Shares — 0.25 % — ____________________________________ (1) The selling commission is based on the offering price for A Shares. The selling commission expressed as a percentage of NAV per A Share, rather than the offering price, is up to 3.90% , subject to rounding and the effect of volume discounts the Company is offering on certain purchases of $150,001 or more of A Shares. Selling commissions are deducted directly from the offering price for A Shares and paid to CCC. CCC reallows 100% of the selling commissions on A Shares to participating broker-dealers. (2) The dealer manager and distribution fees accrue daily in an amount equal to 1/365th of the percentage of NAV per W Share, A Share or I Share, as applicable, for such day on a continuous basis. CCC, in its sole discretion, may reallow a portion of the dealer manager fee and distribution fee to participating broker-dealers. The Company recorded fees and expense reimbursements as shown in the table below for services provided by Cole Advisors or its affiliates related to the services described above during the years indicated (in thousands): Year Ended December 31, 2015 2014 2013 Acquisitions, Operations and Performance: Acquisition expense reimbursement $ 369 $ 490 $ — Advisory fee $ 1,290 $ 926 $ 375 Operating expense reimbursement $ — $ — $ — Performance fee $ 1,246 $ 1,076 $ 431

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of dividends and distributions	The following table shows the character of the distributions we paid on a percentage basis for the years ended December 31, 2015 , 2014 , and 2013 : Character of Distributions (unaudited): 2015 (1) 2014 2013 Ordinary dividends 44.9 % 52.9 % 33.2 % Nontaxable distributions — % 47.1 % 66.8 % Capital gain distributions 55.1 % — % — % Total 100 % 100 % 100 % ____________________________________ (1) Includes dividend paid on January 4, 2016.

Operating Leases (Tables)

Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Schedule of future minimum rental payments for operating leases	As of December 31, 2015 , the future minimum rental income from the Company’s investment in real estate assets under non-cancelable operating leases, assuming no exercise of renewal options for the succeeding five fiscal years was as follows (in thousands): Year ending December 31, Future Minimum Rental Income 2016 $ 19,618 2017 19,520 2018 19,332 2019 19,417 2020 19,539 Thereafter 126,272 Total $ 223,698

Quarterly Results (Unaudited) (

Quarterly Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly financial information	Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2015 and 2014 (in thousands, except per share amounts). In the opinion of management, the information for the interim periods presented include all adjustments, which are of a normal and recurring nature, necessary to present a fair presentation of the results for each period. December 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 4,827 $ 4,565 $ 4,745 $ 4,972 Operating income 2,012 1,524 1,316 813 Net income (loss) 1,126 5,320 1,128 (247 ) Basic and diluted net income (loss) per common share (1) 0.16 0.71 0.14 (0.03 ) Distributions declared per common share (1) 0.24 0.24 0.25 0.25 ____________________________________ (1) The sum of the quarterly net income (loss) per share amounts does not agree to the full year net loss per share amounts. The Company calculates net income (loss) per share and distributions declared per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters. December 31, 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 2,352 $ 2,689 $ 3,442 $ 4,822 Operating income 738 659 622 783 Net income (loss) 281 115 (81 ) (64 ) Basic and diluted net income (loss) per common share (1) 0.06 0.02 (0.01 ) (0.01 ) Distributions declared per common share (1) 0.23 0.25 0.25 0.25 ____________________________________ (1) The sum of the quarterly net income (loss) per share amounts does not agree to the full year net loss per share amounts. The Company calculates net income (loss) per share and distributions declared per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.

Organization and Business (Deta

Organization and Business (Details) $ / shares in Units, ft² in Millions	Dec. 31, 2015USD ($)ft²statesclass_of_stockproperty$ / sharesshares	Dec. 31, 2015USD ($)ft²statesclass_of_stockproperty$ / sharesshares	Dec. 31, 2014USD ($)shares	Dec. 31, 2013USD ($)shares	Aug. 26, 2013USD ($)class_of_stock	Dec. 31, 2012shares	Dec. 06, 2011USD ($)
Organization and business [Line Items]
Classes of common stock, number | class_of_stock	3	3
Common stock, shares outstanding (in shares) | shares	11,700,000	11,700,000
Issuance of common stock	$ 199,100,000	$ 62,171,000	$ 69,949,000	$ 54,085,000
Common Class W
Organization and business [Line Items]
Common stock, shares outstanding (in shares) | shares	7,825,063	7,825,063	6,012,043
Share price (in dollars per share) | $ / shares	$ 18.24	$ 18.24
Common Class A
Organization and business [Line Items]
Common stock, shares outstanding (in shares) | shares	1,371,763	1,371,763	897,376
Share price (in dollars per share) | $ / shares	$ 18.17	$ 18.17
Common Class I
Organization and business [Line Items]
Common stock, shares outstanding (in shares) | shares	657,624	657,624	256,525
Share price (in dollars per share) | $ / shares	$ 18.31	$ 18.31
Initial public offering
Organization and business [Line Items]
Common stock, value authorized					$ 4,000,000,000		$ 4,000,000,000
Classes of common stock, additions, number | class_of_stock					2
Common stock, shares outstanding (in shares) | shares	11,700,000	11,700,000
Multi-Class Offering
Organization and business [Line Items]
Classes of common stock, number | class_of_stock					3
Primary offering | Initial public offering
Organization and business [Line Items]
Common stock, value authorized					$ 3,500,000,000
Distribution reinvestment plan | Initial public offering
Organization and business [Line Items]
Common stock, value authorized					$ 500,000,000
Consolidated properties
Organization and business [Line Items]
Number of owned properties (in number of properties) | property	77	77
Number of states in which entity owns properties (in number of states) | states	29	29
Net rentable square feet (in square feet) | ft²	1.9	1.9
Percentage of rentable space leased (in square feet)	99.10%	99.10%
Cole op
Organization and business [Line Items]
General partner partnership interest percentage		100.00%
Common Stock
Organization and business [Line Items]
Issuance of common stock		$ 61,900,000
Common Stock | Common Class W
Organization and business [Line Items]
Common stock, shares outstanding (in shares) | shares	7,825,063	7,825,063	6,012,043	3,993,916		914,037
Issuance of common stock		$ 27,000	$ 31,000	$ 32,000
Common Stock | Common Class A
Organization and business [Line Items]
Common stock, shares outstanding (in shares) | shares	1,371,763	1,371,763	897,376	23,767		0
Issuance of common stock		$ 6,000	$ 9,000
Common Stock | Common Class I
Organization and business [Line Items]
Common stock, shares outstanding (in shares) | shares	657,624	657,624	256,525	129,176		0
Issuance of common stock		$ 2,000	$ 2,000
Common Stock | Initial public offering
Organization and business [Line Items]
Issuance of common stock		199,900,000
Offering costs, selling commissions		$ 4,000,000

Summary of Significant Accoun41

Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2015USD ($)class_of_stockpropertysegmentshares	Dec. 31, 2014USD ($)propertyshares	Dec. 31, 2013USD ($)shares
Valuation of real estate and related assets [Line Items]
Depreciation		$ 3,000,000	$ 1,000,000
Amortization		1,500,000	519,000
Impairment	$ 0	$ 0	$ 0
Number of real estate properties, held for sale | property	0	0
Restricted cash	$ 118,000	$ 25,000
Escrowed investor proceeds	50,000	25,000
Deferred costs, net	$ 819,000	$ 1,022,000
Stock redemption program, number of shares authorized to be repurchased, quarterly redemption percentage of net asset value limitation	10.00%	10.00%
Redeemable common stock	$ 17,967,000	$ 12,545,000
Allowance for uncollectible accounts	$ 0	$ 0
Classes of common stock, number | class_of_stock	3
Antidilutive securities (in shares) | shares	0	0	0
Number of reportable segments | segment	1
Deferred finance costs, net	$ 1,764,000	$ 774,000
Long-term debt	119,494,000	120,304,000
Advisors
Valuation of real estate and related assets [Line Items]
Due to affiliates	$ 2,000,000	1,800,000
Advisors | Organization and offering expense reimbursement | Maximum
Valuation of real estate and related assets [Line Items]
Organization and offering expense (percentage)	0.75%
Buildings
Valuation of real estate and related assets [Line Items]
Acquired real estate asset, useful life (in years)	40 years
Lender Cash Management Accounts [Member]
Valuation of real estate and related assets [Line Items]
Restricted cash	$ 68,000
Notes Payable and Credit Facility, Net
Valuation of real estate and related assets [Line Items]
Deferred finance costs, net		$ 774,000

Summary of Significant Accoun42

Summary of Significant Accounting Policies - Reclassifications (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Land	$ 49,785	$ 46,455
Acquired intangible lease assets, less accumulated amortization of $2,521	28,350	26,853
Buildings and improvements	187,616	156,656
Intangible lease assets	32,880	29,374
Total real estate investments, at cost	270,281	232,485
Less: accumulated depreciation and amortization	(12,698)	(6,980)
Total real estate investments, net	257,583	225,505
Real estate investment property, accumulated depreciation	$ 12,698	6,980
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Land		46,455
Buildings and improvements, less accumulated depreciation of $4,459		152,197
Acquired intangible lease assets, less accumulated amortization of $2,521		26,853
Less: accumulated depreciation and amortization		(4,459)
Total real estate investments, net		225,505
Real estate investment property, accumulated depreciation		4,459
Intangible lease assets, accumulated amortization		$ 2,521

Summary of Significant Accoun43

Summary of Significant Accounting Policies - Concentration of credit risk (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)financial_institutions
Concentration Risk [Line Items]
Cash on deposit, number of financial institutions	4
Cash on deposit, number of financial institutions which had deposits in excess of current federally insured limits	1
Credit concentration risk | Demand deposits
Concentration Risk [Line Items]
Concentration risk, credit risk, financial instrument, maximum exposure | $	$ 14.4

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	$ 5,237	$ 490
Carrying amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Line of credit, fair value	119,500	120,300
Fair value, inputs, level 2 | Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Line of credit, fair value	119,300	120,300
Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	5,237	490
Fair Value, Measurements, Recurring | Fair value, inputs, level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	5,237	490
Fair Value, Measurements, Recurring | Fair value, inputs, level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	0	0
Fair Value, Measurements, Recurring | Fair value, inputs, level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	0	$ 0
Interest rate swaps | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability	(302)
Interest rate swaps | Fair Value, Measurements, Recurring | Fair value, inputs, level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability	0
Interest rate swaps | Fair Value, Measurements, Recurring | Fair value, inputs, level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability	(302)
Interest rate swaps | Fair Value, Measurements, Recurring | Fair value, inputs, level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability	$ 0

Real Estate Acquistions - Prope

Real Estate Acquistions - Property Acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)property	Dec. 31, 2013USD ($)property	Dec. 31, 2012USD ($)
Business Combination, Pro Forma Information [Abstract]
Acquisition related expenses	$ 809	$ 1,495	$ 852
2015 Acquisitions
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired	100.00%
Number of real estate acquisitions (in number of properties) | property	7
Aggregate purchase price	$ 52,300
Business Acquisition, Purchase Price Allocation [Abstract]
Land	11,505
Building and improvements	37,381
Total purchase price	52,274
Business Combination, Pro Forma Information [Abstract]
Revenue of acquiree since acquisition date	425
Net income (loss) of acquiree since acquisition date	(267)
Acquisition related expenses	809
Revenue	23,322	17,943
Net income	9,296	$ 1,523
2014 Acquisitions
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired		100.00%
Number of real estate acquisitions (in number of properties) | property		43
Aggregate purchase price		$ 126,400
Business Acquisition, Purchase Price Allocation [Abstract]
Land		22,312
Building and improvements		88,082
Total purchase price		126,405
Business Combination, Pro Forma Information [Abstract]
Revenue of acquiree since acquisition date		4,400
Net income (loss) of acquiree since acquisition date		737
Acquisition related expenses		1,500
Revenue		18,951	15,171
Net income		2,620	$ 1,630
2013 acquisitions
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired			100.00%
Number of real estate acquisitions (in number of properties) | property			22
Aggregate purchase price			$ 70,500
Business Acquisition, Purchase Price Allocation [Abstract]
Land			11,378
Building and improvements			51,500
Total purchase price			70,534
Business Combination, Pro Forma Information [Abstract]
Revenue of acquiree since acquisition date			2,200
Net income (loss) of acquiree since acquisition date			337
Acquisition related expenses			852
Revenue			8,771	$ 8,538
Net income			879	$ 859
Acquired in-place leases | 2015 Acquisitions
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired in-place leases and above-market leases	5,054
Acquired in-place leases | 2014 Acquisitions
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired in-place leases and above-market leases		13,260
Acquired in-place leases | 2013 acquisitions
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired in-place leases and above-market leases			7,963
Acquired above-market leases | 2015 Acquisitions
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired in-place leases and above-market leases	28
Acquired above-market leases | 2014 Acquisitions
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired in-place leases and above-market leases		3,614
Acquired above-market leases | 2013 acquisitions
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired in-place leases and above-market leases			213
Acquired below-market leases | 2015 Acquisitions
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired below-market leases	$ (1,694)
Acquired below-market leases | 2014 Acquisitions
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired below-market leases		$ (863)
Acquired below-market leases | 2013 acquisitions
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired below-market leases			$ (520)

Real Estate Acquisitions - Prop

Real Estate Acquisitions - Property Concentrations (Details)	12 Months Ended
	Dec. 31, 2015property
Gross Annualized Rental Revenues
Concentration Risk [Line Items]
Concentration risk (percentage)	10.00%
Customer Concentration Risk | Discount Store Industry | Gross Annualized Rental Revenues
Concentration Risk [Line Items]
Concentration risk (percentage)	13.00%
Customer Concentration Risk | Manufacturing Industry | Gross Annualized Rental Revenues
Concentration Risk [Line Items]
Concentration risk (percentage)	12.00%
Customer Concentration Risk | Home and Garden Industry | Gross Annualized Rental Revenues
Concentration Risk [Line Items]
Concentration risk (percentage)	11.00%
Texas
Concentration Risk [Line Items]
Number of owned properties (in number of properties)	6
Texas | Credit concentration risk | Gross Annualized Rental Revenues
Concentration Risk [Line Items]
Concentration risk (percentage)	10.00%

Intangible Lease Assets (Detail

Intangible Lease Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets, Net [Abstract]
Intangible lease assets	$ 28,350	$ 26,853
In-place leases
Finite-Lived Intangible Assets, Net [Abstract]
Intangible lease assets	25,019	23,130
Intangible lease assets, accumulated amortization	$ 4,005	$ 2,317
Useful life (in years)	11 years	12 years 1 month 6 days
Amortization of intangible assets	$ 2,100	$ 1,600	$ 528
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,016	2,386
2,017	2,362
2,018	2,303
2,019	2,290
2,020	2,289
Above-market leases
Finite-Lived Intangible Assets, Net [Abstract]
Intangible lease assets	3,331	3,723
Intangible lease assets, accumulated amortization	$ 525	$ 204
Useful life (in years)	10 years 9 months 18 days	11 years 8 months 12 days
Amortization of intangible assets	$ 347	$ 174	$ 21
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,016	355
2,017	348
2,018	320
2,019	314
2,020	$ 313

Marketable Securities (Details)

Marketable Securities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)security	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Schedule of Available-for-sale Securities [Line Items]
Investment in marketable securities				$ 5,237	$ 490
Amortized Cost Basis	$ 487	$ 487		5,310	487
Unrealized Loss	(73)	6	$ (4)
Fair Value	490	490		5,237	490
Amortized Cost Basis Rollforward
Marketable securities beginning balance	487
Face value of marketable securities acquired	6,811
Premiums and discounts on purchase of marketable securities, net of acquisition costs	143
Amortization on marketable securities	(12)
Sales and maturities of securities	(2,119)
Marketable securities ending balance	5,310	487
Unrealized Gain (Loss) Rollforward
Marketable securities beginning balance	3
Sales and maturities of securities	17
Unrealized loss on marketable securities	(93)
Marketable securities ending balance	(73)	3
Fair Value Rollforward
Marketable securities beginning balance	490
Face value of marketable securities acquired	6,811
Premiums and discounts on purchase of marketable securities, net of acquisition costs	143
Amortization on marketable securities	(12)
Sales and maturities of securities	(2,102)
Unrealized loss on marketable securities	(93)
Marketable securities ending balance	$ 5,237	490
Number of securities sold | security	65
Proceeds from sale and maturities of marketable securities	$ 2,102	265	119
Loss on sale of marketable securities	17	(1)	$ 2
Unrealized loss on investments	93
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value				4,231
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value				720
Available-for-sale securities, continuous unrealized loss position, fair value				4,951
Amortized Cost
Due within one year				533
Due after one year through five years				1,625
Due after five years through ten years				2,471
Due after ten years				681
Total	487	487		5,310	487
Estimated Fair Value
Due within one year				532
Due after one year through five years				1,614
Due after five years through ten years				2,415
Due after ten years				676
Total	490	$ 490		5,237	$ 490
Unrealized (loss)
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Available-for-sale securities, continuous unrealized loss position, less than 12 months, unrealized losses				(38)
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses				(37)
Available-for-sale securities, continuous unrealized loss position, unrealized losses				(75)
U.S. Treasury Bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	1,350			1,350
Fair Value	1,343			1,343
Amortized Cost Basis Rollforward
Marketable securities ending balance	1,350
Fair Value Rollforward
Marketable securities ending balance	1,343
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value				1,207
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value				0
Available-for-sale securities, continuous unrealized loss position, fair value				1,207
Amortized Cost
Total	1,350			1,350
Estimated Fair Value
Total	1,343			1,343
U.S. Treasury Bonds | Unrealized (loss)
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Available-for-sale securities, continuous unrealized loss position, less than 12 months, unrealized losses				(8)
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses				0
Available-for-sale securities, continuous unrealized loss position, unrealized losses				(8)
U.S. Agency Bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	1,251			1,251
Fair Value	1,243			1,243
Amortized Cost Basis Rollforward
Marketable securities ending balance	1,251
Fair Value Rollforward
Marketable securities ending balance	1,243
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value				1,071
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value				173
Available-for-sale securities, continuous unrealized loss position, fair value				1,244
Amortized Cost
Total	1,251			1,251
Estimated Fair Value
Total	1,243			1,243
U.S. Agency Bonds | Unrealized (loss)
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Available-for-sale securities, continuous unrealized loss position, less than 12 months, unrealized losses				(6)
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses				(2)
Available-for-sale securities, continuous unrealized loss position, unrealized losses				(8)
Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	2,709			2,709
Fair Value	2,651			2,651
Amortized Cost Basis Rollforward
Marketable securities ending balance	2,709
Fair Value Rollforward
Marketable securities ending balance	2,651
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value				1,953
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value				547
Available-for-sale securities, continuous unrealized loss position, fair value				2,500
Amortized Cost
Total	2,709			2,709
Estimated Fair Value
Total	2,651			2,651
Corporate Bonds | Unrealized (loss)
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Available-for-sale securities, continuous unrealized loss position, less than 12 months, unrealized losses				(24)
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses				(35)
Available-for-sale securities, continuous unrealized loss position, unrealized losses				$ (59)
Available-for-sale securities
Schedule of Available-for-sale Securities [Line Items]
Unrealized Loss	(73)
Available-for-sale securities | U.S. Treasury Bonds
Schedule of Available-for-sale Securities [Line Items]
Unrealized Loss	(7)
Available-for-sale securities | U.S. Agency Bonds
Schedule of Available-for-sale Securities [Line Items]
Unrealized Loss	(8)
Available-for-sale securities | Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Unrealized Loss	$ (58)

Derivative Instruments and He49

Derivative Instruments and Hedging Activities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)swap_agreement	Dec. 31, 2014USD ($)swap_agreement	Dec. 31, 2013USD ($)
Derivatives, Fair Value [Line Items]
Amount of loss reclassified from other comprehensive (loss) income into income as interest expense	$ 284	$ 0	$ 0
Interest rate swaps
Derivatives, Fair Value [Line Items]
Number of swap agreements | swap_agreement	2	0
Cash Flow Hedging | Interest rate swaps
Derivatives, Fair Value [Line Items]
Interest rate cash flow hedge gain (loss) to be reclassified during next twelve months	$ 425
Derivative liability, event of default, termination amount	314
Cash Flow Hedging | Interest rate swaps | Deferred rental income, derivative liabilities and other liabilities
Derivatives, Fair Value [Line Items]
Outstanding Notional	49,240
Fair Value of Liabilities	$ (302)	$ 0
Minimum | Cash Flow Hedging | Interest rate swaps | Deferred rental income, derivative liabilities and other liabilities
Derivatives, Fair Value [Line Items]
Interest rate (percentage)	3.43%
Maximum | Cash Flow Hedging | Interest rate swaps | Deferred rental income, derivative liabilities and other liabilities
Derivatives, Fair Value [Line Items]
Interest rate (percentage)	3.57%

Credit Facility and Notes Pay50

Credit Facility and Notes Payable - Narrative (Details)	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Long-term debt, including net deferred financing costs	$ 117,730,000	$ 119,530,000
Weighted average years to maturity (in years)	5 years 3 months 17 days
Weighted average interest rate (percentage)	3.58%
Long-term debt	$ 119,494,000	120,304,000
Line of credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	125,000,000
Line of credit facility, covenant, minimum consolidated net worth	$ 63,000,000
Line of credit facility, covenant, minimum consolidated net worth, percentage of equity issuance	75.00%
Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 85,000,000
Line of credit, amount outstanding	$ 10,000,000
Interest rate at period end (percentage)	2.32%
Line of credit | Minimum
Debt Instrument [Line Items]
Fixed charged coverage ratio	1.50
Line of credit | Maximum
Debt Instrument [Line Items]
Line of credit facility, covenant, leverage ratio	60.00%
Line of credit | JPMorgan Chase, Term Loan | Revolving credit facility
Debt Instrument [Line Items]
Long-term debt	$ 50,000,000	100,000,000
Line of credit | Secured Revolving Credit Facility, Eurodollar Rate | Minimum | Revolving credit facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (percentage)	1.90%
Line of credit | Secured Revolving Credit Facility, Eurodollar Rate | Maximum | Revolving credit facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (percentage)	2.45%
Line of credit | Secured Revolving Credit Facility, Base Rate | Minimum | Revolving credit facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (percentage)	0.90%
Line of credit | Secured Revolving Credit Facility, Base Rate | Maximum | Revolving credit facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (percentage)	1.45%
Line of credit | Secured Revolving Credit Facility | Revolving credit facility | Federal Funds Effective Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (percentage)	0.50%
Line of credit | Secured Revolving Credit Facility | Revolving credit facility | Statutory Reserve Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (percentage)	1.00%
Line of credit | Affiliated Line of Credit, Series C, LLC Loan | Revolving credit facility
Debt Instrument [Line Items]
Long-term debt	$ 0	0
Line of credit | JPMorgan Chase, Credit Facility | Revolving credit facility
Debt Instrument [Line Items]
Line of credit, remaining borrowing capacity	75,000,000
Unsecured Debt | Revolving credit facility | Affiliate of Company Advisor | Series C, LLC
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	20,000,000
Unsecured Debt | JPMorgan Chase, Term Loan | Term Loan
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	40,000,000
Unsecured Debt | Swapped Term Loan | Term Loan | Interest rate swaps | Cash Flow Hedging
Debt Instrument [Line Items]
Line of credit, amount outstanding	$ 40,000,000
Interest rate at period end (percentage)	3.43%
Loans Payable | Fixed Rate Debt
Debt Instrument [Line Items]
Weighted average interest rate (percentage)	3.84%
Long-term debt	$ 69,494,000	$ 20,304,000
Debt security, amount, aggregate gross real estate assets net of gross Intangible lease liabilities	$ 114,900,000
Loans Payable | Fixed Rate Debt | Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.58%
Loans Payable | Fixed Rate Debt | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.05%
Loans Payable | Fixed rate debt, variable rate debt fixed through the use of interest rate swaps
Debt Instrument [Line Items]
Long-term debt	$ 9,200,000

Credit Facility and Notes Pay51

Credit Facility and Notes Payable - Schedule of Debt (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Debt [Roll Forward]
Long-term debt, gross, beginning balance	$ 120,304
Deferred costs, beginning of period	(774)
Total debt, net, beginning of period	119,530
Debt issuances, net	92,190
Debt issuances, net	(1,218)
Proceeds from debt, net of issuance costs	90,972
Repayments	(93,000)
Accretion	228
Amortization of deferred financing costs	228
Long-term debt, gross, ending balance	119,494
Deferred costs, end of period	(1,764)
Total debt, net, end of period	117,730
Loans Payable | Fixed Rate Debt
Debt [Roll Forward]
Long-term debt, gross, beginning balance	20,304
Debt issuances, net	49,190
Repayments	0
Long-term debt, gross, ending balance	69,494
Revolving credit facility | Line of credit | JPMorgan Chase, Term Loan
Debt [Roll Forward]
Long-term debt, gross, beginning balance	100,000
Debt issuances, net	33,000
Repayments	(83,000)
Long-term debt, gross, ending balance	50,000
Revolving credit facility | Line of credit | Affiliated Line of Credit, Series C, LLC Loan
Debt [Roll Forward]
Long-term debt, gross, beginning balance	0
Debt issuances, net	10,000
Repayments	(10,000)
Long-term debt, gross, ending balance	$ 0

Credit Facility and Notes Pay52

Credit Facility and Notes Payable - Future Debt Repayments Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Long-term Debt, Fiscal Year Maturity [Abstract]
2,016	$ 0
2,017	10,000
2,018	0
2,019	40,000
2,020	9,240
Thereafter	60,254
Total	$ 119,494	$ 120,304

Acquired Below-Market Lease I53

Acquired Below-Market Lease Intangibles (Details) - Acquired below-market leases - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Liabilities, Net [Abstract]
Finite-lived intangible liabilities, net	$ 3,513	$ 2,058
Finite-lived intangible liabilities, accumulated amortization	$ 481	$ 279
Finite-lived intangible liabilities, useful life (in years)	10 years 8 months 12 days	12 years 7 months 6 days
Amortization of intangible liabilities	$ 209	$ 153	$ 75
Finite-Lived Intangible Liabilities, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,016	378
2,017	377
2,018	363
2,019	352
2,020	$ 351

Related-Party Transactions an54

Related-Party Transactions and Arrangements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Due to affiliates	$ 2,006,000	$ 1,816,000
Common Class W
Related Party Transaction [Line Items]
Share price, base net asset value (in dollars per share)	$ 15
Common Class A
Related Party Transaction [Line Items]
Share price, base net asset value (in dollars per share)	16.72
Common Class I
Related Party Transaction [Line Items]
Share price, base net asset value (in dollars per share)	$ 16.82
Advisors
Related Party Transaction [Line Items]
Daily asset based related party fee (percentage)	0.90%
Excess general and administrative expense, annualized rate limitation (percentage)	1.25%
Due to affiliates	$ 2,000,000	1,800,000
Advisors | Minimum
Related Party Transaction [Line Items]
Operating expense reimbursement percent of average invested assets (percentage)	2.00%
Operating expense reimbursement percent of net income (percentage)	25.00%
Selling commissions | Dealer manager | Common Class W
Related Party Transaction [Line Items]
Daily asset based related party fee (percentage)	0.00%
Selling commissions | Dealer manager | Common Class A
Related Party Transaction [Line Items]
Daily asset based related party fee (percentage)	3.75%
Common stock, share purchase volume discount	$ 150,001
Selling commissions | Dealer manager | Common Class I
Related Party Transaction [Line Items]
Daily asset based related party fee (percentage)	0.00%
Selling commissions | Dealer manager | Maximum | Common Class A
Related Party Transaction [Line Items]
Daily asset based related party fee (percentage)	3.90%
Selling commissions | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 301,000	563,000	$ 16,000
Selling commissions reallowed by CCC | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 301,000	563,000	16,000
Selling commissions reallowed by CCC | Advisors | Common Class A
Related Party Transaction [Line Items]
Daily asset based related party fee reallowed to third party (percentage)	100.00%
Distribution fee | Dealer manager | Common Class W
Related Party Transaction [Line Items]
Daily asset based related party fee (percentage)	0.00%
Distribution fee | Dealer manager | Common Class A
Related Party Transaction [Line Items]
Daily asset based related party fee (percentage)	0.50%
Distribution fee | Dealer manager | Common Class I
Related Party Transaction [Line Items]
Daily asset based related party fee (percentage)	0.00%
Distribution fee | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 89,000	36,000	0
Distribution fee reallowed by CCC | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 81,000	34,000	0
Dealer manager fees | Dealer manager | Common Class W
Related Party Transaction [Line Items]
Daily asset based related party fee (percentage)	0.55%
Dealer manager fees | Dealer manager | Common Class A
Related Party Transaction [Line Items]
Daily asset based related party fee (percentage)	0.55%
Dealer manager fees | Dealer manager | Common Class I
Related Party Transaction [Line Items]
Daily asset based related party fee (percentage)	0.25%
Dealer manager fees | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 764,000	556,000	229,000
Dealer manager fees reallowed by CCC | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	96,000	49,000	7,000
Organization and offering expense reimbursement | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 464,000	520,000	406,000
Organization and offering expense reimbursement | Advisors | Maximum
Related Party Transaction [Line Items]
Organization and offering expense (percentage)	0.75%
Commissions, fees and expense reimbursements | Advisors
Related Party Transaction [Line Items]
Due to affiliates	$ 478,000
Acquisition expense reimbursement | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 369,000	490,000	0
Acquisition expense reimbursement | Advisors | Maximum
Related Party Transaction [Line Items]
Total return threshold to receive performance fee (percentage)	6.00%
Excess general and administrative expenses to be reimbursed | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 773,000
Due from related parties	248,000
Advisory fee | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	1,290,000	926,000	375,000
Operating expense reimbursement | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	0	0
Performance fee | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 1,246,000	1,076,000	431,000
Performance fee | Advisors | Maximum
Related Party Transaction [Line Items]
Total return threshold to receive performance fee (percentage)	10.00%
Fees and expense reimbursements | Advisors
Related Party Transaction [Line Items]
Due to affiliates	$ 1,700,000
Waived Fees and Expense Reimbursements | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 1,300,000	$ 931,000	$ 1,100,000

Property Dispositions (Details)

Property Dispositions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)multi-tenant_propertysingle_tenant_property	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Number of single tenant properties sold | single_tenant_property	4
Number of multi tenant properties sold | multi-tenant_property	1
Gross sales price of real estate	$ 21,900
Gain on disposition of real estate, net	$ 5,642	$ 0	$ 0

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	Dec. 31, 2015	Jan. 31, 2016	Mar. 24, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Equity, Class of Treasury Stock [Line Items]
Common stock and preferred stock, shares authorized (up to)	500,000,000			500,000,000
Common stock, shares authorized (in shares)	490,000,000			490,000,000
Preferred stock, shares authorized (in shares)	10,000,000			10,000,000	10,000,000
Common stock, par value (usd per share)	$ 0.01			$ 0.01
Issuance of common stock	$ 199,100,000			$ 62,171,000	$ 69,949,000	$ 54,085,000
Common stock, shares outstanding (in shares)	11,700,000			11,700,000
Common stock issued through distribution reinvestment plan				$ 3,336,000	2,318,000	634,000
Stock redemption program, short-term trading fee, percentage of aggregate net asset value per share of common stock (percentage)				2.00%
Stock redemption program, number of shares authorized to be repurchased, percentage of weighted average number of shares outstanding (percentage)				5.00%
Stock redemption program, number of shares authorized to be repurchased, carryover (percentage)				15.00%
Stock redemption program, number of shares authorized to be repurchased, carryover percentage quarterly net asset value limitation (percentage)				10.00%
Offer amount limit before the owner is permitted to redeem any of its common stock shares				$ 100,000,000
Redeemable common stock	$ 17,967,000			17,967,000	12,545,000
Redemptions of common stock				$ 12,957,000	17,969,000	627,000
Dividend, common stock and preferred stock, number of days in the calendar year for the daily distribution				365 days
Daily distributions payable (in dollars per share)				$ 0.002678083
Distributions declared and unpaid	$ 788,000			$ 788,000	$ 595,000	$ 317,000
Common Stock
Equity, Class of Treasury Stock [Line Items]
Issuance of common stock (in shares)				3,400,000
Shares issued pursuant to a distribution reinvestment plan (in shares)				185,000	136,000	38,000
Issuance of common stock				$ 61,900,000
Common stock issued through distribution reinvestment plan				$ 3,300,000	$ 2,300,000	$ 634,000
Common Class W
Equity, Class of Treasury Stock [Line Items]
Common stock, shares authorized (in shares)	164,000,000			164,000,000	164,000,000
Common stock, par value (usd per share)	$ 0.01			$ 0.01	$ 0.01
Common stock, shares outstanding (in shares)	7,825,063			7,825,063	6,012,043
Redemptions of common stock (in shares)				651,000
Redemptions of common stock				$ 11,800,000
Common Class W | Common Stock
Equity, Class of Treasury Stock [Line Items]
Issuance of common stock (in shares)				2,689,946	3,070,377	3,247,362
Issuance of common stock				$ 27,000	$ 31,000	$ 32,000
Common stock, shares outstanding (in shares)	7,825,063			7,825,063	6,012,043	3,993,916	914,037
Redemptions of common stock (in shares)				650,835	1,052,250	38,542
Redemptions of common stock				$ 7,000	$ 11,000
Common Class W | Common Stock | CHC
Equity, Class of Treasury Stock [Line Items]
Redemptions (in shares)				274,787
Common Class W | Common Stock | Vereit Operating Partnership, L.P.
Equity, Class of Treasury Stock [Line Items]
Common stock, shares outstanding (in shares)	13,333			13,333
Common Class A
Equity, Class of Treasury Stock [Line Items]
Common stock, shares authorized (in shares)	163,000,000			163,000,000	163,000,000
Common stock, par value (usd per share)	$ 0.01			$ 0.01	$ 0.01
Common stock, shares outstanding (in shares)	1,371,763			1,371,763	897,376
Redemptions of common stock (in shares)				67,000
Redemptions of common stock				$ 1,200,000
Common Class A | Common Stock
Equity, Class of Treasury Stock [Line Items]
Issuance of common stock (in shares)				541,431	874,181	23,767
Issuance of common stock				$ 6,000	$ 9,000
Common stock, shares outstanding (in shares)	1,371,763			1,371,763	897,376	23,767	0
Redemptions of common stock (in shares)				67,044	572
Redemptions of common stock				$ 1,000
Common Class I
Equity, Class of Treasury Stock [Line Items]
Common stock, shares authorized (in shares)	163,000,000			163,000,000	163,000,000
Common stock, par value (usd per share)	$ 0.01			$ 0.01	$ 0.01
Common stock, shares outstanding (in shares)	657,624			657,624	256,525
Common Class I | Common Stock
Equity, Class of Treasury Stock [Line Items]
Issuance of common stock (in shares)				175,819	127,349	235
Issuance of common stock				$ 2,000	$ 2,000
Common stock, shares outstanding (in shares)	657,624			657,624	256,525	129,176	0
Subsequent event
Equity, Class of Treasury Stock [Line Items]
Issuance of common stock (in shares)			13,300,000
Issuance of common stock			$ 228,700,000
Common stock issued through distribution reinvestment plan		$ 373,000
Redemptions of common stock (in shares)			198,000
Redemptions of common stock			$ 3,600,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Ordinary dividends (percentage)	44.90%	52.90%	33.20%
Nontaxable distributions (percentage)	0.00%	47.10%	66.80%
Capital gain distributions (percentage)	55.10%	0.00%	0.00%
Dividends (percentage)	100.00%	100.00%	100.00%
State and local income tax and franchise tax expense	$ 120	$ 75	$ 35

Operating Leases (Details)

Operating Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Leases [Abstract]
Weighted average remaining term of leases	10 years 10 months 24 days
2,016	$ 19,618
2,017	19,520
2,018	19,332
2,019	19,417
2,020	19,539
Thereafter	126,272
Total	$ 223,698

Quarterly Results (Unaudited)59

Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 4,972	$ 4,745	$ 4,565	$ 4,827	$ 4,822	$ 3,442	$ 2,689	$ 2,352	$ 19,109	$ 13,305	$ 5,089
Operating income	813	1,316	1,524	2,012	783	622	659	738	5,665	2,802	410
Net income (loss)	$ (247)	$ 1,128	$ 5,320	$ 1,126	$ (64)	$ (81)	$ 115	$ 281	$ 7,327	$ 251	$ (534)
Basic and diluted net income (loss) per common share (in dollars per share)	$ (0.03)	$ 0.14	$ 0.71	$ 0.16	$ (0.01)	$ (0.01)	$ 0.02	$ 0.06	$ 0.93	$ 0.04	$ (0.21)
Distributions declared per common share (in dollars per share)	$ 0.25	$ 0.25	$ 0.24	$ 0.24	$ 0.25	$ 0.25	$ 0.25	$ 0.23

Subsequent Events (Details)

Subsequent Events (Details) shares in Thousands, $ in Thousands	Dec. 31, 2015USD ($)	Mar. 28, 2016USD ($)	Mar. 24, 2016USD ($)propertyshares	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Subsequent Event [Line Items]
Issuance of common stock	$ 199,100			$ 62,171	$ 69,949	$ 54,085
Repayments of lines of credit				83,000	42,954	25,615
Redemptions of common stock				$ 12,957	$ 17,969	$ 627
Subsequent event
Subsequent Event [Line Items]
Number of real estate acquisitions (in number of properties) | property			2
Aggregate purchase price			$ 17,700
Issuance of common stock			$ 228,700
Issuance of common stock (in shares) | shares			13,300
Redemptions of common stock (in shares) | shares			198
Redemptions of common stock			$ 3,600
Subsequent event | Line of credit
Subsequent Event [Line Items]
Line of credit facility, increase, additional borrowings		$ 5,000
Repayments of lines of credit		$ 15,000
Line of credit, amount outstanding			$ 40,000
Long-term debt, weighted average interest rate			3.43%
Line of credit, remaining borrowing capacity			$ 85,000

SCHEDULE III _ Real Estate As61

SCHEDULE III – Real Estate Assets and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2015USD ($)multi-tenant_propertysingle_tenant_property	Dec. 31, 2014USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				$ 69,494
Initial Costs to Company
Land				49,785
Buildings and Improvements				187,274
Total Adjustment to Basis				342
Gross Amount at Which Carried At December 31, 2015	$ 203,111	$ 92,717	$ 29,839	237,401	$ 203,111
Accumulated Depreciation	4,459	1,451	440	$ 8,168	4,459
Number of single-tenant freestanding retail properties, owned | single_tenant_property				70
Number of multi-tenant retail properties, owned | multi-tenant_property				7
Property, plant, and equipment, land and real estate assets, aggregate tax basis				$ 237,300
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance, beginning of period	203,111	92,717	29,839
Additions
Acquisitions	48,885	110,394	62,878
Improvements	226	0	0
Total additions	49,111	110,394	62,878
Deductions
Cost of real estate sold	14,821	0	0
Balance, end of period	237,401	203,111	92,717
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance, beginning of period	4,459	1,451	440
Additions
Acquisitions - Depreciation Expense for Building & Tenant Improvements Acquired	4,358	2,987	990
Improvements - Depreciation Expense for Tenant Improvements & Building Equipment	14	21	21
Total additions	4,372	3,008	1,011
Deductions
Cost of real estate sold	663	0	0
Total deductions	663	0	0
Balance, end of period	$ 8,168	$ 4,459	$ 1,451
Credit facility outstanding				117,730	$ 119,530
Line of credit
Deductions
Credit facility outstanding				50,000
Buildings
Deductions
Acquired real estate asset, useful life (in years)	40 years
Advance Auto | Macomb Township, MI
Initial Costs to Company
Land				718
Buildings and Improvements				1,146
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	$ 1,864			1,864
Accumulated Depreciation	125			125
Deductions
Balance, end of period	1,864
Deductions
Balance, end of period	125
Advance Auto | Ravenswood, WV
Initial Costs to Company
Land				150
Buildings and Improvements				645
Total Adjustment to Basis				53
Gross Amount at Which Carried At December 31, 2015	848			848
Accumulated Depreciation	9			9
Deductions
Balance, end of period	848
Deductions
Balance, end of period	9
Advance Auto | Sedalia, MO
Initial Costs to Company
Land				374
Buildings and Improvements				1,187
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	1,561			1,561
Accumulated Depreciation	74			74
Deductions
Balance, end of period	1,561
Deductions
Balance, end of period	74
Algonac Plaza | Algonac, MI
Initial Costs to Company
Land				1,097
Buildings and Improvements				7,718
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	8,815			8,815
Accumulated Depreciation	546			546
Deductions
Balance, end of period	8,815
Deductions
Balance, end of period	546
Amcor Rigid Plastics | Ames, IA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				8,300
Initial Costs to Company
Land				775
Buildings and Improvements				12,179
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	12,954			12,954
Accumulated Depreciation	393			393
Deductions
Balance, end of period	12,954
Deductions
Balance, end of period	393
Aspen Dental | Someset, KY
Initial Costs to Company
Land				285
Buildings and Improvements				1,037
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	1,322			1,322
Accumulated Depreciation	38			38
Deductions
Balance, end of period	1,322
Deductions
Balance, end of period	38
AT&T | Oklahoma City, OK
Initial Costs to Company
Land				622
Buildings and Improvements				1,493
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	2,115			2,115
Accumulated Depreciation	79			79
Deductions
Balance, end of period	2,115
Deductions
Balance, end of period	79
AutoZone | Vandalia, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				532
Initial Costs to Company
Land				778
Buildings and Improvements				0
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	778			778
Accumulated Depreciation	0			0
Deductions
Balance, end of period	778
Deductions
Balance, end of period	0
Burger King | Midwest City, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				765
Initial Costs to Company
Land				576
Buildings and Improvements				413
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	989			989
Accumulated Depreciation	13			13
Deductions
Balance, end of period	989
Deductions
Balance, end of period	13
Carrier Rental Systems | Houston, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				2,800
Initial Costs to Company
Land				749
Buildings and Improvements				3,832
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	4,581			4,581
Accumulated Depreciation	127			127
Deductions
Balance, end of period	4,581
Deductions
Balance, end of period	127
Chili's and Petsmart | Panama City, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Costs to Company
Land				1,371
Buildings and Improvements				4,411
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	5,782			5,782
Accumulated Depreciation	5			5
Deductions
Balance, end of period	5,782
Deductions
Balance, end of period	5
CVS | Austin, TX
Initial Costs to Company
Land				1,417
Buildings and Improvements				1,579
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	2,996			2,996
Accumulated Depreciation	166			166
Deductions
Balance, end of period	2,996
Deductions
Balance, end of period	166
CVS | Erie, PA
Initial Costs to Company
Land				1,007
Buildings and Improvements				1,157
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	2,164			2,164
Accumulated Depreciation	120			120
Deductions
Balance, end of period	2,164
Deductions
Balance, end of period	120
CVS | Mansfield, OH
Initial Costs to Company
Land				270
Buildings and Improvements				1,691
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	1,961			1,961
Accumulated Depreciation	175			175
Deductions
Balance, end of period	1,961
Deductions
Balance, end of period	175
CVS | Wisconsin Rapids, WA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				1,790
Initial Costs to Company
Land				517
Buildings and Improvements				2,148
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	2,665			2,665
Accumulated Depreciation	113			113
Deductions
Balance, end of period	2,665
Deductions
Balance, end of period	113
DaVita Dialysis | Austell, GA
Initial Costs to Company
Land				581
Buildings and Improvements				2,359
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	2,940			2,940
Accumulated Depreciation	99			99
Deductions
Balance, end of period	2,940
Deductions
Balance, end of period	99
Dollar General | Berwick, LA
Initial Costs to Company
Land				141
Buildings and Improvements				1,448
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	1,589			1,589
Accumulated Depreciation	123			123
Deductions
Balance, end of period	1,589
Deductions
Balance, end of period	123
Dollar General | Gladwin, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				780
Initial Costs to Company
Land				121
Buildings and Improvements				1,119
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	1,240			1,240
Accumulated Depreciation	59			59
Deductions
Balance, end of period	1,240
Deductions
Balance, end of period	59
Dollar General | Independence, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				837
Initial Costs to Company
Land				276
Buildings and Improvements				1,017
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	1,293			1,293
Accumulated Depreciation	76			76
Deductions
Balance, end of period	1,293
Deductions
Balance, end of period	76
Dollar General | Lexington, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				707
Initial Costs to Company
Land				89
Buildings and Improvements				1,033
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	1,122			1,122
Accumulated Depreciation	55			55
Deductions
Balance, end of period	1,122
Deductions
Balance, end of period	55
Dollar General | Ocala, FL
Initial Costs to Company
Land				205
Buildings and Improvements				1,308
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	1,513			1,513
Accumulated Depreciation	55			55
Deductions
Balance, end of period	1,513
Deductions
Balance, end of period	55
Dollar General | Redfield, SD
Initial Costs to Company
Land				43
Buildings and Improvements				839
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	882			882
Accumulated Depreciation	30			30
Deductions
Balance, end of period	882
Deductions
Balance, end of period	30
Dollar General | Sardis City, AL
Initial Costs to Company
Land				334
Buildings and Improvements				1,058
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	1,392			1,392
Accumulated Depreciation	81			81
Deductions
Balance, end of period	1,392
Deductions
Balance, end of period	81
Dollar General | Sioux Falls, SD
Initial Costs to Company
Land				293
Buildings and Improvements				989
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	1,282			1,282
Accumulated Depreciation	44			44
Deductions
Balance, end of period	1,282
Deductions
Balance, end of period	44
Dollar General | Stacy, MN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				658
Initial Costs to Company
Land				84
Buildings and Improvements				810
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	894			894
Accumulated Depreciation	23			23
Deductions
Balance, end of period	894
Deductions
Balance, end of period	23
Dollar General | St. Joseph, MO
Initial Costs to Company
Land				197
Buildings and Improvements				972
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	1,169			1,169
Accumulated Depreciation	72			72
Deductions
Balance, end of period	1,169
Deductions
Balance, end of period	72
Dollar General | Topeka, KS
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				794
Initial Costs to Company
Land				176
Buildings and Improvements				882
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	1,058			1,058
Accumulated Depreciation	29			29
Deductions
Balance, end of period	1,058
Deductions
Balance, end of period	29
Enid Crossing | Enid, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				3,407
Initial Costs to Company
Land				685
Buildings and Improvements				4,426
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	5,111			5,111
Accumulated Depreciation	221			221
Deductions
Balance, end of period	5,111
Deductions
Balance, end of period	221
Family Dollar | Centreville, AL
Initial Costs to Company
Land				50
Buildings and Improvements				1,122
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	1,172			1,172
Accumulated Depreciation	50			50
Deductions
Balance, end of period	1,172
Deductions
Balance, end of period	50
Family Dollar | Danville, VA
Initial Costs to Company
Land				228
Buildings and Improvements				774
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	1,002			1,002
Accumulated Depreciation	39			39
Deductions
Balance, end of period	1,002
Deductions
Balance, end of period	39
Family Dollar | Darby, MT
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				881
Initial Costs to Company
Land				244
Buildings and Improvements				889
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	1,133			1,133
Accumulated Depreciation	33			33
Deductions
Balance, end of period	1,133
Deductions
Balance, end of period	33
Family Dollar | Denton, NC
Initial Costs to Company
Land				334
Buildings and Improvements				545
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	879			879
Accumulated Depreciation	26			26
Deductions
Balance, end of period	879
Deductions
Balance, end of period	26
Family Dollar | Deridder, LA
Initial Costs to Company
Land				183
Buildings and Improvements				746
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	929			929
Accumulated Depreciation	32			32
Deductions
Balance, end of period	929
Deductions
Balance, end of period	32
Family Dollar | Hampton, AR
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				651
Initial Costs to Company
Land				131
Buildings and Improvements				741
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	872			872
Accumulated Depreciation	34			34
Deductions
Balance, end of period	872
Deductions
Balance, end of period	34
Family Dollar | Londonderry, OH
Initial Costs to Company
Land				65
Buildings and Improvements				1,078
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	1,143			1,143
Accumulated Depreciation	44			44
Deductions
Balance, end of period	1,143
Deductions
Balance, end of period	44
Family Dollar | Tatum, NM
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				700
Initial Costs to Company
Land				130
Buildings and Improvements				805
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	935			935
Accumulated Depreciation	42			42
Deductions
Balance, end of period	935
Deductions
Balance, end of period	42
Family Dollar | West Portsmouth, OH
Initial Costs to Company
Land				214
Buildings and Improvements				768
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	982			982
Accumulated Depreciation	27			27
Deductions
Balance, end of period	982
Deductions
Balance, end of period	27
FedEx | Elko, NV
Initial Costs to Company
Land				186
Buildings and Improvements				2,024
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	2,210			2,210
Accumulated Depreciation	140			140
Deductions
Balance, end of period	2,210
Deductions
Balance, end of period	140
FedEx | Norfolk, NE
Initial Costs to Company
Land				618
Buildings and Improvements				2,499
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	3,117			3,117
Accumulated Depreciation	160			160
Deductions
Balance, end of period	3,117
Deductions
Balance, end of period	160
FedEx | Spirit Lake, IA
Initial Costs to Company
Land				115
Buildings and Improvements				2,501
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	2,616			2,616
Accumulated Depreciation	136			136
Deductions
Balance, end of period	2,616
Deductions
Balance, end of period	136
FleetPride | Mobile, AL
Initial Costs to Company
Land				695
Buildings and Improvements				2,445
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	3,140			3,140
Accumulated Depreciation	18			18
Deductions
Balance, end of period	3,140
Deductions
Balance, end of period	18
Great White | Oklahoma City, OK
Initial Costs to Company
Land				323
Buildings and Improvements				4,031
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	4,354			4,354
Accumulated Depreciation	180			180
Deductions
Balance, end of period	4,354
Deductions
Balance, end of period	180
Headwaters | Bryan, TX
Initial Costs to Company
Land				273
Buildings and Improvements				961
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	1,234			1,234
Accumulated Depreciation	36			36
Deductions
Balance, end of period	1,234
Deductions
Balance, end of period	36
Home Depot Center | Orland Park, IL
Initial Costs to Company
Land				5,694
Buildings and Improvements				13,100
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	18,794			18,794
Accumulated Depreciation	20			20
Deductions
Balance, end of period	18,794
Deductions
Balance, end of period	20
Jo-Ann's | Roseville, MI
Initial Costs to Company
Land				506
Buildings and Improvements				2,747
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	3,253			3,253
Accumulated Depreciation	198			198
Deductions
Balance, end of period	3,253
Deductions
Balance, end of period	198
Kum & Go | Cedar Rapids, IA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				1,501
Initial Costs to Company
Land				630
Buildings and Improvements				1,679
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	2,309			2,309
Accumulated Depreciation	119			119
Deductions
Balance, end of period	2,309
Deductions
Balance, end of period	119
Lowe's | Fremont, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				5,312
Initial Costs to Company
Land				1,287
Buildings and Improvements				7,125
Total Adjustment to Basis				278
Gross Amount at Which Carried At December 31, 2015	8,690			8,690
Accumulated Depreciation	428			428
Deductions
Balance, end of period	8,690
Deductions
Balance, end of period	428
Mattress Firm | Fairview Park, OH
Initial Costs to Company
Land				646
Buildings and Improvements				830
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	1,476			1,476
Accumulated Depreciation	36			36
Deductions
Balance, end of period	1,476
Deductions
Balance, end of period	36
Mattress Firm | Gadsden, AL
Initial Costs to Company
Land				393
Buildings and Improvements				1,413
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	1,806			1,806
Accumulated Depreciation	95			95
Deductions
Balance, end of period	1,806
Deductions
Balance, end of period	95
Mattress Firm | Phoenix, AZ
Initial Costs to Company
Land				550
Buildings and Improvements				956
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	1,506			1,506
Accumulated Depreciation	48			48
Deductions
Balance, end of period	1,506
Deductions
Balance, end of period	48
Mattress Firm & AT&T | Woodbury, MN
Initial Costs to Company
Land				812
Buildings and Improvements				2,238
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	3,050			3,050
Accumulated Depreciation	123			123
Deductions
Balance, end of period	3,050
Deductions
Balance, end of period	123
McAlister's Deli | Amarillo, TX
Initial Costs to Company
Land				435
Buildings and Improvements				1,050
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	1,485			1,485
Accumulated Depreciation	57			57
Deductions
Balance, end of period	1,485
Deductions
Balance, end of period	57
McAlister's Deli | Shawnee, OK
Initial Costs to Company
Land				601
Buildings and Improvements				1,054
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	1,655			1,655
Accumulated Depreciation	54			54
Deductions
Balance, end of period	1,655
Deductions
Balance, end of period	54
National Tire & Battery | Conyers, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				1,657
Initial Costs to Company
Land				522
Buildings and Improvements				1,845
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	2,367			2,367
Accumulated Depreciation	63			63
Deductions
Balance, end of period	2,367
Deductions
Balance, end of period	63
Natural Grocers | Prescott, AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				2,367
Initial Costs to Company
Land				795
Buildings and Improvements				2,802
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	3,597			3,597
Accumulated Depreciation	216			216
Deductions
Balance, end of period	3,597
Deductions
Balance, end of period	216
Northern Tool | Hoover, AK
Initial Costs to Company
Land				691
Buildings and Improvements				2,150
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	2,841			2,841
Accumulated Depreciation	81			81
Deductions
Balance, end of period	2,841
Deductions
Balance, end of period	81
O'Reilly Auto Parts | Fayetteville, NC
Initial Costs to Company
Land				132
Buildings and Improvements				1,246
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	1,378			1,378
Accumulated Depreciation	56			56
Deductions
Balance, end of period	1,378
Deductions
Balance, end of period	56
PetSmart | Little Rock, AR
Initial Costs to Company
Land				1,283
Buildings and Improvements				2,820
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	4,103			4,103
Accumulated Depreciation	194			194
Deductions
Balance, end of period	4,103
Deductions
Balance, end of period	194
PetSmart | McAllen, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				2,924
Initial Costs to Company
Land				1,961
Buildings and Improvements				1,994
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	3,955			3,955
Accumulated Depreciation	106			106
Deductions
Balance, end of period	3,955
Deductions
Balance, end of period	106
Raising Canes | Avondale, AZ
Initial Costs to Company
Land				3,292
Buildings and Improvements				0
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	3,292			3,292
Accumulated Depreciation	0			0
Deductions
Balance, end of period	3,292
Deductions
Balance, end of period	0
Sherwin-Williams | Douglasville, GA
Initial Costs to Company
Land				417
Buildings and Improvements				578
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	995			995
Accumulated Depreciation	37			37
Deductions
Balance, end of period	995
Deductions
Balance, end of period	37
Sherwin-Williams | Lawrenceville, GA
Initial Costs to Company
Land				320
Buildings and Improvements				845
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	1,165			1,165
Accumulated Depreciation	57			57
Deductions
Balance, end of period	1,165
Deductions
Balance, end of period	57
Shopko | Larned, KS
Initial Costs to Company
Land				49
Buildings and Improvements				1,727
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	1,776			1,776
Accumulated Depreciation	73			73
Deductions
Balance, end of period	1,776
Deductions
Balance, end of period	73
Shoppes at Battle Bridge | Raleigh, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				6,300
Initial Costs to Company
Land				1,450
Buildings and Improvements				8,436
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	9,886			9,886
Accumulated Depreciation	312			312
Deductions
Balance, end of period	9,886
Deductions
Balance, end of period	312
Sleepy's | Roanoke Rapids, NC
Initial Costs to Company
Land				238
Buildings and Improvements				1,267
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	1,505			1,505
Accumulated Depreciation	13			13
Deductions
Balance, end of period	1,505
Deductions
Balance, end of period	13
Sunoco | Merritt Island, FL
Initial Costs to Company
Land				577
Buildings and Improvements				1,762
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	2,339			2,339
Accumulated Depreciation	119			119
Deductions
Balance, end of period	2,339
Deductions
Balance, end of period	119
Tailwinds | Denton, TX
Initial Costs to Company
Land				884
Buildings and Improvements				7,747
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	8,631			8,631
Accumulated Depreciation	253			253
Deductions
Balance, end of period	8,631
Deductions
Balance, end of period	253
Tellico Greens | Loudon, TN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				3,000
Initial Costs to Company
Land				823
Buildings and Improvements				3,959
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	4,782			4,782
Accumulated Depreciation	219			219
Deductions
Balance, end of period	4,782
Deductions
Balance, end of period	219
Time Warner | Streetsboro, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				3,543
Initial Costs to Company
Land				811
Buildings and Improvements				3,849
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	4,660			4,660
Accumulated Depreciation	131			131
Deductions
Balance, end of period	4,660
Deductions
Balance, end of period	131
Tire Centers | Decatur, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				1,311
Initial Costs to Company
Land				208
Buildings and Improvements				1,329
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	1,537			1,537
Accumulated Depreciation	45			45
Deductions
Balance, end of period	1,537
Deductions
Balance, end of period	45
Title Resource | Mount Laurel, NJ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				9,240
Initial Costs to Company
Land				2,188
Buildings and Improvements				12,380
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	14,568			14,568
Accumulated Depreciation	62			62
Deductions
Balance, end of period	14,568
Deductions
Balance, end of period	62
TJ Maxx | Danville, IL
Initial Costs to Company
Land				271
Buildings and Improvements				2,528
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	2,799			2,799
Accumulated Depreciation	182			182
Deductions
Balance, end of period	2,799
Deductions
Balance, end of period	182
Walgreens | Albuquerque, NM
Initial Costs to Company
Land				789
Buildings and Improvements				1,609
Total Adjustment to Basis				11
Gross Amount at Which Carried At December 31, 2015	2,409			2,409
Accumulated Depreciation	166			166
Deductions
Balance, end of period	2,409
Deductions
Balance, end of period	166
Walgreens | Coweta, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				2,600
Initial Costs to Company
Land				725
Buildings and Improvements				3,246
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	3,971			3,971
Accumulated Depreciation	126			126
Deductions
Balance, end of period	3,971
Deductions
Balance, end of period	126
Walgreens | Reidsville, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				3,603
Initial Costs to Company
Land				610
Buildings and Improvements				3,801
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	4,411			4,411
Accumulated Depreciation	396			396
Deductions
Balance, end of period	4,411
Deductions
Balance, end of period	396
Walgreens | St. Louis, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				2,534
Initial Costs to Company
Land				307
Buildings and Improvements				3,205
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	3,512			3,512
Accumulated Depreciation	111			111
Deductions
Balance, end of period	3,512
Deductions
Balance, end of period	111
West Marine | Mystic, CT
Initial Costs to Company
Land				1,168
Buildings and Improvements				3,132
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2015	4,300			4,300
Accumulated Depreciation	25			$ 25
Deductions
Balance, end of period	4,300
Deductions
Balance, end of period	$ 25