Cim Income Nav 10-Q12 Aug 162016 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares shares in Thousands	6 Months Ended
	Jun. 30, 2016	Aug. 09, 2016
Entity Information
Entity Registrant Name	COLE REAL ESTATE INCOME STRATEGY (DAILY NAV), INC.
Entity Central Index Key	1,498,542
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Wrap Class common stock
Entity Information
Entity Common Stock, Shares Outstanding		10,400
Advisor Class common stock
Entity Information
Entity Common Stock, Shares Outstanding		2,900
Institutional Class common stock
Entity Information
Entity Common Stock, Shares Outstanding		726

Condensed Consolidated Unaudite

Condensed Consolidated Unaudited Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Investment in real estate assets:
Land	$ 54,675	$ 49,785
Buildings and improvements	221,213	187,616
Intangible lease assets	36,094	32,880
Total real estate investments, at cost	311,982	270,281
Less: accumulated depreciation and amortization	(17,161)	(12,698)
Total real estate investments, net	294,821	257,583
Investment in marketable securities	5,219	5,237
Total real estate investments and marketable securities, net	300,040	262,820
Cash and cash equivalents	29,885	14,840
Restricted cash	632	118
Rents and tenant receivables, net	3,027	2,655
Property escrow deposits, prepaid expenses and other assets	402	250
Deferred costs, net	726	819
Total assets	334,712	281,502
LIABILITIES AND STOCKHOLDERS’ EQUITY
Credit facility and notes payable, net	118,985	117,730
Accrued expenses and accounts payable	2,010	2,122
Escrowed investor proceeds	77	50
Due to affiliates	10,553	8,235
Intangible lease liabilities, net	3,372	3,513
Distributions payable	1,030	788
Derivative liabilities, deferred rental income, and other liabilities	2,397	1,120
Total liabilities	138,424	133,558
Commitments and contingencies
Redeemable common stock	23,952	17,967
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	189,325	140,202
Accumulated distributions in excess of earnings	(15,806)	(9,949)
Accumulated other comprehensive loss	(1,314)	(375)
Total stockholders’ equity	172,336	129,977
Total liabilities and stockholders’ equity	334,712	281,502
A Shares common stock, $0.01 par value; 163,000,000 shares authorized, 2,509,300 and 1,371,763 shares issued and outstanding, respectively
STOCKHOLDERS’ EQUITY
Common stock	25	14
I Shares common stock, $0.01 par value; 163,000,000 shares authorized, 722,600 and 657,624 shares issued and outstanding, respectively
STOCKHOLDERS’ EQUITY
Common stock	7	7
W Shares common stock, $0.01 par value; 164,000,000 shares authorized, 9,857,652 and 7,825,063 shares issued and outstanding, respectively
STOCKHOLDERS’ EQUITY
Common stock	$ 99	$ 78

Condensed Consolidated Unaudit3

Condensed Consolidated Unaudited Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common Class A
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	163,000,000	163,000,000
Common stock, shares issued (in shares)	2,509,300	1,371,763
Common stock, shares outstanding (in shares)	2,509,300	1,371,763
Common Class I
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	163,000,000	163,000,000
Common stock, shares issued (in shares)	722,600	657,624
Common stock, shares outstanding (in shares)	722,600	657,624
Common Class W
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	164,000,000	164,000,000
Common stock, shares issued (in shares)	9,857,652	7,825,063
Common stock, shares outstanding (in shares)	9,857,652	7,825,063

Condensed Consolidated Unaudit4

Condensed Consolidated Unaudited Statement of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Rental income	$ 5,713	$ 4,238	$ 10,997	$ 8,725
Tenant reimbursement income	600	310	1,239	647
Interest income on marketable securities	28	17	59	20
Total revenues	6,341	4,565	12,295	9,392
Operating expenses:
General and administrative	1,115	418	2,186	853
Property operating	212	152	444	332
Real estate tax	477	206	970	415
Advisory fees and expenses	636	709	1,186	993
Acquisition-related	703	(2)	1,043	67
Depreciation and amortization	2,226	1,558	4,284	3,196
Total operating expenses	5,369	3,041	10,113	5,856
Operating income	972	1,524	2,182	3,536
Other income (expense):
Interest expense and other, net	(1,252)	(882)	(2,479)	(1,768)
(Loss) income before real estate dispositions	(280)	642	(297)	1,768
Gain on disposition of real estate, net	0	4,678	0	4,678
Net (loss) income	$ (280)	$ 5,320	$ (297)	$ 6,446
Weighted average number of common shares outstanding:
Basic and diluted (shares)	12,211,730	7,504,384	11,401,674	7,331,680
Net (loss) income per common share:
Basic and diluted (in dollars per share)	$ (0.02)	$ 0.71	$ (0.03)	$ 0.88
Distributions declared per common share (in dollars per share)	$ 0.24	$ 0.24	$ 0.49	$ 0.48

Condensed Consolidated Unaudit5

Condensed Consolidated Unaudited Statement of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (280)	$ 5,320	$ (297)	$ 6,446
Other comprehensive loss:
Unrealized holding gain (loss) on marketable securities	60	(63)	173	(61)
Less: reclassification adjustment for (gain) loss included in income as other expense	(7)	4	(4)	7
Unrealized loss on interest rate swaps	(392)	(175)	(1,382)	(175)
Amount of loss reclassified from other comprehensive income into income as interest expense	136	1	274	1
Total other comprehensive loss	(203)	(233)	(939)	(228)
Comprehensive (loss) income	$ (483)	$ 5,087	$ (1,236)	$ 6,218

Condensed Consolidated Unaudit6

Condensed Consolidated Unaudited Statement of Stockholders' Equity - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands	Total	Common Class A	Common Class I	Common Class W	Common StockCommon Class A	Common StockCommon Class I	Common StockCommon Class W	Capital in Excess of Par Value	Accumulated Distributions in Excess of Earnings	Accumulated Other Comprehensive Loss
Balance, shares (in shares) at Dec. 31, 2015		1,371,763	657,624	7,825,063	1,371,763	657,624	7,825,063
Balance at Dec. 31, 2015	$ 129,977				$ 14	$ 7	$ 78	$ 140,202	$ (9,949)	$ (375)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)					1,203,651	64,976	2,482,180
Issuance of common stock	69,154				$ 12	$ 0	$ 25	69,117
Distributions to investors	(5,560)								(5,560)
Commissions, dealer manager and distribution fees	(4,100)							(4,100)
Other offering costs	(513)							(513)
Redemptions of common stock, shares (in shares)					(66,114)		(449,591)
Redemptions of common stock	(9,401)				$ (1)		$ (4)	(9,396)
Changes in redeemable common stock	(5,985)							(5,985)
Comprehensive loss	(1,236)								(297)	(939)
Balance, shares (in shares) at Jun. 30, 2016		2,509,300	722,600	9,857,652	2,509,300	722,600	9,857,652
Balance at Jun. 30, 2016	$ 172,336				$ 25	$ 7	$ 99	$ 189,325	$ (15,806)	$ (1,314)

Condensed Consolidated Unaudit7

Condensed Consolidated Unaudited Statement of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net (loss) income	$ (297)	$ 6,446
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization, net	4,253	3,294
Straight-line rental income	(440)	(379)
Amortization of deferred financing costs	282	194
Amortization on marketable securities	7	4
Gain on disposition of real estate assets, net	0	(4,678)
(Gain) loss on sale of marketable securities	(4)	7
Bad debt expense	8	2
Changes in assets and liabilities:
Rents and tenant receivables	60	(24)
Prepaid expenses and other assets	168	(222)
Accounts payable and accrued expenses	(126)	(222)
Deferred rental income and other liabilities	169	(24)
Due to affiliates	(483)	(945)
Net cash provided by operating activities	3,597	3,453
Cash flows from investing activities:
Investment in real estate assets and capital expenditures	(41,618)	(865)
Investment in marketable securities	(376)	(5,394)
Proceeds from sale and maturities of marketable securities	560	577
Proceeds from disposition of real estate assets	0	17,403
Payment of property escrow deposits	(1,291)	0
Refund of property escrow deposits	971	0
Change in restricted cash	(514)	(132)
Net cash (used in) provided by investing activities	(42,268)	11,589
Cash flows from financing activities:
Proceeds from issuance of common stock	66,639	13,841
Offering costs on issuance of common stock	(1,812)	(542)
Redemptions of common stock	(9,401)	(5,513)
Distributions to investors	(2,803)	(2,020)
Proceeds from credit facility and notes payable	16,275	39,950
Repayments of credit facility	(15,000)	(51,000)
Proceeds from line of credit with affiliate	0	10,000
Repayments of line of credit with affiliate	0	(10,000)
Deferred financing costs paid	(209)	(863)
Change in escrowed investor proceeds liability	27	55
Net cash provided by (used in) financing activities	53,716	(6,092)
Net increase in cash and cash equivalents	15,045	8,950
Cash and cash equivalents, beginning of period	14,840	4,489
Cash and cash equivalents, end of period	29,885	13,439
Supplemental disclosures of non-cash investing and financing activities:
Accrued dealer manager fee, distribution fee, and other offering costs	9,507	5,062
Distributions declared and unpaid	1,030	612
Common stock issued through distribution reinvestment plan	2,515	1,517
Change in fair value of marketable securities	96	(54)
Change in fair value of interest rate swaps	(1,108)	(174)
Accrued capital expenditures	14	0
Supplemental cash flow disclosures:
Interest paid	$ 2,054	$ 1,581

Organization and Business

Organization and Business	6 Months Ended
Organization and Business	Jun. 30, 2016
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 its 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 interests 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 June 30, 2016 , the Company had issued approximately 15.4 million shares of common stock in the Offering for gross offering proceeds of $269.1 million before offering costs and selling commissions, and the current portion of dealer manager fees and distribution fees of $6.0 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 the previous 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 June 30, 2016 , the NAV per share for W Shares, A Shares and I Shares was $18.31 , $18.21 and $18.42 , 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 June 30, 2016 , the Company owned 90 commercial properties located in 30 states, containing 2.3 million rentable square feet of commercial space, including the square feet of buildings which are on land subject to ground leases. As of June 30, 2016 , the rentable space at these properties was 99.2% 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.

Correction of Prior Period Amou

Correction of Prior Period Amounts	6 Months Ended
Correction of Prior Period Amounts	Jun. 30, 2016
Accounting Changes and Error Corrections [Abstract]
CORRECTION OF PRIOR PERIOD AMOUNTS	CORRECTION OF PRIOR PERIOD AMOUNTS During the second quarter of 2016, the Company was advised of a recent interpretative clarification regarding our industry’s accounting of the recognition of ongoing periodic fees (“OPFs”), which include dealer manager fees and distribution fees that are paid monthly related to the issuance of certain classes of common stock. The Company previously recorded OPFs as a reduction to equity on a monthly basis when payment was due to the dealer manager. The Company assessed this policy in light of the recent interpretive clarification, and determined that a liability should have been recorded for the estimated amount of total OPFs to be paid in future periods upon issuance of shares structured with OPFs. This determination affected the consolidated balance sheets, consolidated statements of stockholders’ equity and supplemental disclosures of non-cash investing and financing activities for historical periods beginning in 2011 through March 31, 2016. There was no impact to the statements of operations or comprehensive (loss) income or net cash provided by (used in) operating, investing or financing activities as presented in the consolidated statements of cash flows. The Company assessed the materiality of the correction on prior periods' financial statements in accordance with Accounting Standards Codification 250 (“ASC 250”), Presentation of Financial Statements , and concluded that these misstatements were not material to any of the Company's previously issued consolidated financial statements. In accordance with ASC 250, the consolidated balance sheet as of December 31, 2015, the consolidated statement of stockholders’ equity January 1, 2016 beginning balance and the consolidated statements of cash flows – supplemental disclosures of non-cash investing and financing activities for the six months ended June 30, 2015 have been adjusted to reflect the correction. The following tables show the affected line items within the consolidated financial statements (dollars in thousands): Consolidated Balance Sheet December 31, 2015 As Previously Reported Adjustment As Restated Due to affiliates $ 2,006 $ 6,229 $ 8,235 Total liabilities $ 127,329 $ 6,229 $ 133,558 Capital in excess of par value $ 146,431 $ (6,229 ) $ 140,202 Total stockholders’ equity $ 136,206 $ (6,229 ) $ 129,977 Consolidated Statement of Stockholders’ Equity Capital in Excess of Par Value Total Stockholders’ Equity Capital in Excess of Par Value Total Stockholders’ Equity Capital in Excess of Par Value Total Stockholders’ Equity As Previously Reported Adjustment As Restated Balance, January 1, 2016 $ 146,431 $ 136,206 $ (6,229 ) $ (6,229 ) $ 140,202 $ 129,977 Consolidated Statements of Cash Flows – Supplemental Disclosures of Non-cash Investing and Financing Activities Six Months Ended June 30, 2015 As Previously Reported Adjustment As Restated Accrued dealer manager fee, distribution fee, and other offering costs $ 282 $ 4,780 $ 5,062

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The summary of significant accounting policies presented below is designed to assist in understanding the Company’s condensed consolidated unaudited 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 condensed consolidated unaudited financial statements. Principles of Consolidation and Basis of Presentation The condensed consolidated unaudited financial statements of the Company have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission regarding interim financial reporting, including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements for the interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for such periods. Results for these interim periods are not necessarily indicative of full year results. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2015 , and related notes thereto set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . The condensed consolidated unaudited financial statements should also be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this Quarterly Report on Form 10-Q. The condensed consolidated unaudited financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Reclassifications Certain amounts in the Company’s prior period condensed consolidated unaudited financial statements have been reclassified to conform to the current period presentation. The Company has chosen to break out the details of (i) real estate tax expenses from property operating expenses in the Company’s condensed consolidated unaudited statements of operations and (ii) straight-line rental income in the Company’s condensed consolidated unaudited statements of cash flows. The Company has also chosen to combine depreciation of $1.1 million and $2.1 million and amortization of $504,000 and $1.1 million for the three and six months ended June 30, 2015 , respectively, into the line item depreciation and amortization in the condensed consolidated unaudited statements of operations. The unrealized loss on interest rate swaps line item from the prior year has been disaggregated within the condensed consolidated unaudited statements of other comprehensive (loss) income into the captions unrealized loss on interest rate swaps and amount of loss reclassified from other comprehensive income into income as interest expense. These reclassifications had no effect on previously reported totals or subtotals. 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 condensed consolidated unaudited 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, construction and any tenant improvements, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All acquisition-related expenses, 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. No impairment indicators were identified and no impairment losses were recorded during the six months ended June 30, 2016 or 2015 . 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 June 30, 2016 or December 31, 2015 . 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 to 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 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 June 30, 2016 , 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 (loss) income. 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 condensed consolidated unaudited 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 $632,000 and $118,000 in restricted cash as of June 30, 2016 and December 31, 2015 , respectively. Included in restricted cash were escrowed investor proceeds of $77,000 and $50,000 for which shares of common stock had not been issued as of June 30, 2016 and December 31, 2015 , respectively. Restricted cash as of June 30, 2016 included $500,000 held by a lender in an escrow account for a certain property in accordance with the respective loan agreement, and no amounts were held as of December 31, 2015 . Additionally, as of June 30, 2016 and December 31, 2015 , the Company had $55,000 and $68,000 , respectively, 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. Dealer Manager and Distribution Fees The Company pays CCC dealer manager and distribution fees, which are calculated on a daily basis in the amount of 1/365th of the amount summarized in the table below for each class of common stock: Dealer Manager Fee Distribution Fee W Shares 0.55 % — A Shares 0.55 % 0.50 % I Shares 0.25 % — The dealer manager and distribution fees are paid monthly in arrears. An estimated liability for future dealer manager and distribution fees fees payable to CCC is recognized at the time each share is sold and included in due to affiliates in the condensed consolidated unaudited balance sheets with a corresponding decrease to capital in excess of par value. The Company recognized a liability for future dealer manager and distribution fees payable to CCC of $8.9 million and $6.2 million , as of June 30, 2016 and December 31, 2015, respectively. 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 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, including any unbilled straight-line rent, 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 condensed consolidated unaudited statements of operations and comprehensive (loss) income. As of June 30, 2016 , the Company had an allowance for uncollectible accounts of $8,000 . No allowance for uncollectible accounts was recorded as of December 31, 2015 . Earnings 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 three and six months ended June 30, 2016 or 2015. Recent Accounting Pronouncements Accounting Standards Update (“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. The Company has evaluated the effect of ASU 2015-16 and believes its adoption was not significant 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 — 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. The revised standard also clarifies that an entity should evaluate whether it is the principal or the agent for each specified good or service promised in a contract to a customer. 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. 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 (loss) income, 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 Financial Accounting Standards Board issued ASC 842 (“ASC 842”), Leases , which replaces the existing guidance in ASC 840, Leases . 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. The provisions of ASC 842 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2018 and are required to be applied on a modified retrospective approach. Early adoption is permitted. ASU No. 2016-05, Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (“ASU 2016-05”) — The amendments in this update clarify that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument does not, in and of itself, require de-designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. These provisions are effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) (“ASU 2016-13”). ASU 2016-13 requires more timely recording of credit losses on loans and other financial instruments that are not accounted for at fair value through net income, including loans held for investment, held-to-maturity debt securities, trade and other receivables, net investment in leases and other such commitments. ASU 2016-13 requires that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The amendments in ASU 2016-13 require the Company to measure all expected credit losses based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets and eliminates the “incurred loss” methodology in current GAAP. ASU 2016-13 is effective for fiscal years, and interim periods within, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within, beginning after December 15, 2018.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2016
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 under current market conditions. 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. The estimated fair value of the Company’s debt was $120.8 million as of June 30, 2016 , which approximated the carrying value on that date. As of December 31, 2015 , the fair value of the Company’s debt was $119.3 million compared to a carrying value on that date of $119.5 million . 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. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the respective counterparties. 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 June 30, 2016 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of 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 June 30, 2016 , 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 June 30, 2016 and December 31, 2015 (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs June 30, 2016 (Level 1) (Level 2) (Level 3) Financial asset: Marketable securities $ 5,219 $ 5,219 $ — $ — Financial liabilities: Interest rate swaps $ (1,410 ) $ — $ (1,410 ) $ — 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 liabilities: Interest rate swaps $ (302 ) $ — $ (302 ) $ —

Real Estate Acquisitions

Real Estate Acquisitions	6 Months Ended
Real Estate Acquisitions	Jun. 30, 2016
Business Combinations [Abstract]
REAL ESTATE ACQUISITIONS	REAL ESTATE ACQUISITIONS 2016 Property Acquisitions During the six months ended June 30, 2016 , the Company acquired a 100% interest in 13 commercial properties for an aggregate purchase price of $41.6 million (the “ 2016 Acquisitions ”). The Company purchased the 2016 Acquisitions with net proceeds from the Offering and available borrowings. The purchase price allocation for each of the Company’s acquisitions is preliminary and subject to change as it finalizes the allocation, which will be prior to the end of the current fiscal year. The Company preliminarily allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the preliminary purchase price allocation for the properties purchased during the six months ended June 30, 2016 (in thousands): June 30, 2016 Land $ 4,890 Building and improvements 33,578 Acquired in-place leases (1) 3,165 Acquired above-market leases (2) 67 Intangible lease liabilities (3) (69 ) Total purchase price $ 41,631 (1) The weighted average amortization period for acquired in-place leases is 12.7 years for acquisitions completed during the six months ended June 30, 2016 . (2) The weighted average amortization period for acquired above-market leases is 10.7 years for acquisitions completed during the six months ended June 30, 2016 . (3) The weighted average amortization period for acquired intangible lease liabilities is 10.7 years for acquisitions completed during the six months ended June 30, 2016 . The Company recorded revenue of $577,000 and $681,000 , respectively, and net income of $62,000 and $59,000 , respectively, for the three and six months ended June 30, 2016 related to the 2016 Acquisitions . In addition, the Company recorded $279,000 and $330,000 of acquisition-related expenses for the three and six months ended June 30, 2016 , respectively, which is included in acquisition-related expenses on the condensed consolidated unaudited statements of operations. The following information summarizes selected financial information of the Company, as if all of the 2016 Acquisitions were completed on January 1, 2015 for each period presented below. The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the three and six months ended June 30, 2016 and 2015 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Pro forma basis (unaudited) Revenue $ 6,523 $ 5,324 $ 13,132 $ 10,910 Net income $ (135 ) $ 5,363 $ 63 $ 6,535 The unaudited pro forma information for the three and six months ended June 30, 2016 was adjusted to exclude acquisition-related expenses recorded during such periods related to the 2016 Acquisitions . Accordingly, these expenses were instead recognized in the pro forma information for the three and six months ended June 30, 2015 . 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. 2015 Property Acquisition During the six months ended June 30, 2015 , the Company acquired a 100% interest in one commercial property for an aggregate purchase price of $865,000 (the “2015 Acquisition”). The Company purchased the 2015 Acquisition with net proceeds from the Offering combined with proceeds from borrowings. The Company allocated the purchase price of this property to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation for the property purchased during the six months ended June 30, 2015 (in thousands): June 30, 2015 Land $ 150 Building and improvements 645 Acquired in-place leases 91 Intangible lease liabilities (21 ) Total purchase price $ 865 The Company recorded revenue of $3,000 and net loss of $19,000 for the three and six months ended June 30, 2015 , respectively, related to the 2015 Acquisition. In addition, the Company recorded $20,000 of acquisition related expenses for the three and six months ended June 30, 2015 , which is included in acquisition related (income) expenses on the condensed consolidated unaudited statement of operations. The following information summarizes selected financial information of the Company as if the 2015 Acquisition was 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 three and six months ended June 30, 2015 and 2014 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Pro forma basis Revenue $ 4,581 $ 2,708 $ 9,427 $ 5,079 Net income $ 5,344 $ 120 $ 6,475 $ 386 The pro forma information for the three and six months ended June 30, 2015 was adjusted to exclude acquisition related expenses recorded during such periods related to the 2015 Acquisition. Accordingly, these expenses were instead recognized in the pro forma information for the three and six months ended June 30, 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 transaction occurred at the beginning of 2014 , nor does it purport to represent the results of future operations. Property Concentrations As of June 30, 2016 , no single tenant and no single geographic concentration accounted for greater than 10% of the Company’s 2016 gross annualized rental revenues. Tenants in the discount store , drugstore , and manufacturing industries accounted for 16% , 12% , and 11% , respectively, of the Company’s 2016 gross annualized rental revenues.

Marketable Securities

Marketable Securities	6 Months Ended
Marketable Securities	Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES	MARKETABLE SECURITIES The Company owned marketable securities with an estimated fair value of $5.2 million as of both June 30, 2016 and December 31, 2015 . The following is a summary of the Company’s available-for-sale securities as of June 30, 2016 (in thousands): Available-for-Sale Securities Amortized Cost Basis Unrealized Gain Fair Value U.S. Treasury Bonds $ 1,544 $ 24 $ 1,568 U.S. Agency Bonds 1,064 5 1,069 Corporate Bonds 2,515 67 2,582 Total available-for-sale securities $ 5,123 $ 96 $ 5,219 The following table provides the activity for the marketable securities during the six months ended June 30, 2016 (in thousands): Amortized Cost Basis Unrealized (Loss) Gain Fair Value Marketable securities as of January 1, 2016 $ 5,310 $ (73 ) $ 5,237 Face value of marketable securities acquired 370 — 370 Premiums and discounts on purchase of marketable securities, net of acquisition costs 6 — 6 Amortization on marketable securities (7 ) — (7 ) Sales and maturities of securities (556 ) (4 ) (560 ) Unrealized gain on marketable securities — 173 173 Marketable securities as of June 30, 2016 $ 5,123 $ 96 $ 5,219 During the six months ended June 30, 2016 , the Company sold 36 marketable securities for aggregate proceeds of $560,000 . Unrealized gains (losses) on marketable securities are recorded in other comprehensive (loss) income, 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. In addition, the Company recorded an unrealized gain of $173,000 on its investments, which is included in accumulated other comprehensive loss on the accompanying condensed consolidated unaudited statement of stockholders’ equity for the six months ended June 30, 2016 and the condensed consolidated unaudited balance sheet as of June 30, 2016 . The scheduled maturities of the Company’s marketable securities as of June 30, 2016 are as follows (in thousands): Available-for-Sale Securities Amortized Cost Estimated Fair Value Due within one year $ 762 $ 763 Due after one year through five years 1,809 1,827 Due after five years through ten years 1,949 2,022 Due after ten years 603 607 Total $ 5,123 $ 5,219 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 June 30, 2016 , the Company had no other-than-temporary impairment losses.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
Derivative Instruments and Hedging Activities	Jun. 30, 2016
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. The following table summarizes the terms of the Company’s executed interest rate swap agreements designated as hedging instruments as of June 30, 2016 and December 31, 2015 (in thousands): Outstanding Notional Amount as of Interest Effective Maturity Fair Value of Liabilities as of Balance Sheet Location June 30, 2016 Rate (1) Date Date June 30, 2016 December 31, 2015 Interest Rate Swaps Derivative liabilities, deferred rental income, and other liabilities $ 49,240 3.43% to 3.57% 6/30/15 to 12/1/15 9/12/19 to 12/1/20 $ (1,410 ) $ (302 ) (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of June 30, 2016 . Additional disclosures related to the fair value of the Company’s derivative instruments are included in Note 4 to these condensed consolidated unaudited 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 in order 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 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 three and six months ended June 30, 2016 , the amounts reclassified were $136,000 and $274,000 , respectively. The amount reclassified for both the three and six months ended June 30, 2015 was $1,000 . 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 $520,000 will be reclassified from other comprehensive 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 an aggregate termination value, inclusive of interest payments, of $1.5 million , which includes accrued interest, at June 30, 2016 . 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 June 30, 2016 .

Credit Facility and Notes Payab

Credit Facility and Notes Payable	6 Months Ended
Credit Facility and Notes Payable	Jun. 30, 2016
Debt Disclosure [Abstract]
Credit Facility and Notes Payable	CREDIT FACILITY AND NOTES PAYABLE As of June 30, 2016 , the Company had $119.0 million of debt outstanding, including net deferred financing costs, with weighted average years to maturity of 5.1 years and a weighted average interest rate of 3.66% . The following table summarizes the debt balances as of June 30, 2016 and December 31, 2015 , and the debt activity for the six months ended June 30, 2016 (in thousands): During the Six Months Ended June 30, 2016 Balance as of Debt Issuance, Net (1) Repayments Accretion Balance as of June 30, 2016 Credit facility $ 50,000 $ 5,000 $ (15,000 ) $ — $ 40,000 Fixed rate debt 69,494 11,275 — — 80,769 Total debt 119,494 16,275 (15,000 ) — 120,769 Deferred costs (2) (1,764 ) (170 ) — 150 (1,784 ) Total debt, net $ 117,730 $ 16,105 $ (15,000 ) $ 150 $ 118,985 (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 of June 30, 2016 , the Company had fixed rate debt outstanding of $80.8 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 3.37% to 4.05% per annum and as of June 30, 2016 , the fixed rate debt had a weighted average interest rate of 3.77% . The fixed rate 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 $134.9 million as of June 30, 2016 . 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 June 30, 2016 , there were no amounts outstanding under the Revolving Loans, and the amount of the Term Loan outstanding totaled $40.0 million , which was subject to an interest rate swap agreement (the “Swapped Term Loan”). As of June 30, 2016 , the all-in rate for the Swapped Term Loan was 3.43% . The Company had $85.0 million in unused capacity, subject to borrowing availability, as of June 30, 2016 . 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 . As of June 30, 2016 , the Company believes it was in compliance with the covenants of the Amended Credit Agreement.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation In the ordinary course of business, the Company may become subject to litigation 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. Purchase Commitments As of June 30, 2016 , the Company had entered into a purchase agreement with an unaffiliated third-party seller to acquire a 100% interest in one retail property, subject to meeting certain criteria, for an aggregate purchase price of $10.7 million , exclusive of closing costs. As of June 30, 2016 , the Company had a $320,000 property escrow deposit held by an escrow agent in connection with this future property acquisition. This deposit is included in the condensed consolidated unaudited balance sheets in prepaid expenses, property escrow deposits and other assets. As of June 30, 2016 , this escrow deposit had not been forfeited. 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	6 Months Ended
Related-Party Transactions and Arrangements	Jun. 30, 2016
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. Selling commissions, dealer manager and distribution fees 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 will be calculated on a daily basis 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. Other organization and offering expenses All other 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 June 30, 2016 , Cole Advisors or its affiliates had paid organization and offering expenses in excess of the 0.75% in connection with the Offering. These excess amounts were not included in the financial statements of the Company because such amounts 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 amounts may become payable to Cole Advisors. Advisory fees and expenses 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. Operating expenses 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. Expense Cap Cole Advisors had an expense cap in place from October 1, 2013 through December 31, 2015, whereby Cole Advisors funded all general and administrative expenses of the Company that were in excess of an amount calculated by multiplying the average NAV for the respective three month period by an annualized rate of 1.25% (the “Excess G&A”). During the six months ended June 30, 2015, the Company incurred $155,000 of Excess G&A which was reimbursed by Cole Advisors subsequent to June 30, 2015. Beginning January 1, 2016, Cole Advisors no longer funded Excess G&A. Acquisition fees and expenses 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. Performance Fee 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 did not reach the 6% Return during the six months ended June 30, 2016 . The Company incurred 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 periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Selling commissions $ 421 $ 30 $ 804 $ 45 Selling commissions reallowed by CCC $ 421 $ 30 $ 804 $ 45 Distribution fees $ 50 (1) $ 20 (1) $ 88 (1) $ 40 (1) Distribution fees reallowed by CCC $ 46 $ 15 $ 79 $ 34 Dealer manager fees $ 295 (1) $ 181 (1) $ 552 (1) $ 351 (1) Dealer manager fees reallowed by CCC $ 32 $ 24 $ 60 $ 49 Organization and offering expense reimbursement $ 276 $ 80 $ 513 $ 115 Acquisition (income) expense reimbursement (2) $ 377 $ (23 ) $ 657 $ 40 Advisory fee $ 636 $ 306 $ 1,186 $ 590 Operating expense reimbursement $ 402 $ — $ 749 $ — Performance fee $ — $ 403 $ — $ 403 (1) Amounts are calculated for the respective period in accordance with the dealer manager agreement and exclude the estimated liability for the future dealer manager and distribution fees payable to CCC, which are included in due to affiliates in the condensed consolidated unaudited balance sheets, with a corresponding decrease to capital in excess of par value, as described in Note 3 – Summary of Significant Accounting Policies. (2) Includes amounts recorded during the three months ended June 30, 2015 to adjust expense accruals for actual amounts billed during the six months ended June 30, 2015. Due to Affiliates As of June 30, 2016 and December 31, 2015 , $10.6 million and $8.2 million , respectively, was due to Cole Advisors or its affiliates primarily related to the estimated liability for current and future dealer manager and distribution fees, advisory fees, the reimbursement of organization and offering expenses, and acquisition expenses which were included in due to affiliates on the condensed consolidated unaudited balance sheets.

Economic Dependency

Economic Dependency	6 Months Ended
Economic Dependency	Jun. 30, 2016
Economic Dependency [Abstract]
ECONOMIC DEPENDENCY	ECONOMIC DEPENDENCY Under various agreements, the Company has engaged or will engage Cole Advisors or 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 or 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.

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Investment in Real Estate Assets Subsequent to June 30, 2016 , the Company acquired a 100% interest in one real estate property for an aggregate purchase price of $10.7 million . The acquisition was funded with net proceeds from the Offering. The Company has not completed its initial purchase price allocation with respect to this property and therefore cannot provide similar disclosures to those included in Note 5 in these condensed consolidated unaudited financial statements for this property. Status of the Offering As of August 9, 2016 , the Company had received $286.6 million in gross offering proceeds through the issuance of approximately 16.3 million shares of its common stock in the Offering (including shares issued pursuant to the DRIP). Share Redemptions Subsequent to June 30, 2016 and through August 9, 2016 , the Company redeemed approximately 15,000 shares for $281,000 . Credit Facility As of August 9, 2016 , the Company had $40.0 million outstanding under the Credit Facility and $85.0 million in unused capacity, subject to borrowing availability.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of presentation	The condensed consolidated unaudited financial statements of the Company have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission regarding interim financial reporting, including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements for the interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for such periods. Results for these interim periods are not necessarily indicative of full year results. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2015 , and related notes thereto set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . The condensed consolidated unaudited financial statements should also be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this Quarterly Report on Form 10-Q.
Principles of consolidation	The condensed consolidated unaudited financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Reclassifications	Certain amounts in the Company’s prior period condensed consolidated unaudited financial statements have been reclassified to conform to the current period presentation. The Company has chosen to break out the details of (i) real estate tax expenses from property operating expenses in the Company’s condensed consolidated unaudited statements of operations and (ii) straight-line rental income in the Company’s condensed consolidated unaudited statements of cash flows. The Company has also chosen to combine depreciation of $1.1 million and $2.1 million and amortization of $504,000 and $1.1 million for the three and six months ended June 30, 2015 , respectively, into the line item depreciation and amortization in the condensed consolidated unaudited statements of operations. The unrealized loss on interest rate swaps line item from the prior year has been disaggregated within the condensed consolidated unaudited statements of other comprehensive (loss) income into the captions unrealized loss on interest rate swaps and amount of loss reclassified from other comprehensive income into income as interest expense. These reclassifications had no effect on previously reported totals or subtotals.
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 condensed consolidated unaudited financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Real Estate Investments, Recoverability of Real Estate Assets, and Assets Held for Sale	Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition, construction and any tenant improvements, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All acquisition-related expenses, 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. No impairment indicators were identified and no impairment losses were recorded during the six months ended June 30, 2016 or 2015 . 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.
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 to 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 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 June 30, 2016 , 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 (loss) income. 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 condensed consolidated unaudited 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 $632,000 and $118,000 in restricted cash as of June 30, 2016 and December 31, 2015 , respectively. Included in restricted cash were escrowed investor proceeds of $77,000 and $50,000 for which shares of common stock had not been issued as of June 30, 2016 and December 31, 2015 , respectively. Restricted cash as of June 30, 2016 included $500,000 held by a lender in an escrow account for a certain property in accordance with the respective loan agreement, and no amounts were held as of December 31, 2015 . Additionally, as of June 30, 2016 and December 31, 2015 , the Company had $55,000 and $68,000 , respectively, 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.
Dealer Manager and Distribution Fees	The Company pays CCC dealer manager and distribution fees, which are calculated on a daily basis in the amount of 1/365th of the amount summarized in the table below for each class of common stock: Dealer Manager Fee Distribution Fee W Shares 0.55 % — A Shares 0.55 % 0.50 % I Shares 0.25 % — The dealer manager and distribution fees are paid monthly in arrears. An estimated liability for future dealer manager and distribution fees fees payable to CCC is recognized at the time each share is sold and included in due to affiliates in the condensed consolidated unaudited balance sheets with a corresponding decrease to capital in excess of par value.
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 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, including any unbilled straight-line rent, 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 condensed consolidated unaudited statements of operations and comprehensive (loss) income. As of June 30, 2016 , the Company had an allowance for uncollectible accounts of $8,000 . No allowance for uncollectible accounts was recorded as of December 31, 2015 .
Earnings 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.
Recent accounting pronouncements	Accounting Standards Update (“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. The Company has evaluated the effect of ASU 2015-16 and believes its adoption was not significant 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 — 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. The revised standard also clarifies that an entity should evaluate whether it is the principal or the agent for each specified good or service promised in a contract to a customer. 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. 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 (loss) income, 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 Financial Accounting Standards Board issued ASC 842 (“ASC 842”), Leases , which replaces the existing guidance in ASC 840, Leases . 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. The provisions of ASC 842 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2018 and are required to be applied on a modified retrospective approach. Early adoption is permitted. ASU No. 2016-05, Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (“ASU 2016-05”) — The amendments in this update clarify that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument does not, in and of itself, require de-designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. These provisions are effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) (“ASU 2016-13”). ASU 2016-13 requires more timely recording of credit losses on loans and other financial instruments that are not accounted for at fair value through net income, including loans held for investment, held-to-maturity debt securities, trade and other receivables, net investment in leases and other such commitments. ASU 2016-13 requires that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The amendments in ASU 2016-13 require the Company to measure all expected credit losses based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets and eliminates the “incurred loss” methodology in current GAAP. ASU 2016-13 is effective for fiscal years, and interim periods within, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within, beginning after December 15, 2018.

Correction of Prior Period Am21

Correction of Prior Period Amounts (Tables)	6 Months Ended
Correction of Prior Period Amounts (Tables)	Jun. 30, 2016
Accounting Changes and Error Corrections [Abstract]
Schedule of Prior Period Adjustments	The following tables show the affected line items within the consolidated financial statements (dollars in thousands): Consolidated Balance Sheet December 31, 2015 As Previously Reported Adjustment As Restated Due to affiliates $ 2,006 $ 6,229 $ 8,235 Total liabilities $ 127,329 $ 6,229 $ 133,558 Capital in excess of par value $ 146,431 $ (6,229 ) $ 140,202 Total stockholders’ equity $ 136,206 $ (6,229 ) $ 129,977 Consolidated Statement of Stockholders’ Equity Capital in Excess of Par Value Total Stockholders’ Equity Capital in Excess of Par Value Total Stockholders’ Equity Capital in Excess of Par Value Total Stockholders’ Equity As Previously Reported Adjustment As Restated Balance, January 1, 2016 $ 146,431 $ 136,206 $ (6,229 ) $ (6,229 ) $ 140,202 $ 129,977 Consolidated Statements of Cash Flows – Supplemental Disclosures of Non-cash Investing and Financing Activities Six Months Ended June 30, 2015 As Previously Reported Adjustment As Restated Accrued dealer manager fee, distribution fee, and other offering costs $ 282 $ 4,780 $ 5,062

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Tables)	6 Months Ended
Summary of Significant Accounting Policies (Tables)	Jun. 30, 2016
Accounting Policies [Abstract]
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
Dealer manager and distribution fee calculations	The Company pays CCC dealer manager and distribution fees, which are calculated on a daily basis in the amount of 1/365th of the amount summarized in the table below for each class of common stock: Dealer Manager Fee Distribution Fee W Shares 0.55 % — A Shares 0.55 % 0.50 % I Shares 0.25 % —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2016
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 June 30, 2016 and December 31, 2015 (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs June 30, 2016 (Level 1) (Level 2) (Level 3) Financial asset: Marketable securities $ 5,219 $ 5,219 $ — $ — Financial liabilities: Interest rate swaps $ (1,410 ) $ — $ (1,410 ) $ — 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 liabilities: Interest rate swaps $ (302 ) $ — $ (302 ) $ —

Real Estate Acquisitions (Table

Real Estate Acquisitions (Tables)	6 Months Ended
Real Estate Acquisitions (Tables)	Jun. 30, 2016
2016 Acquisitions
Business Acquisition
Schedule of purchase price allocation	The following table summarizes the preliminary purchase price allocation for the properties purchased during the six months ended June 30, 2016 (in thousands): June 30, 2016 Land $ 4,890 Building and improvements 33,578 Acquired in-place leases (1) 3,165 Acquired above-market leases (2) 67 Intangible lease liabilities (3) (69 ) Total purchase price $ 41,631 (1) The weighted average amortization period for acquired in-place leases is 12.7 years for acquisitions completed during the six months ended June 30, 2016 . (2) The weighted average amortization period for acquired above-market leases is 10.7 years for acquisitions completed during the six months ended June 30, 2016 . (3) The weighted average amortization period for acquired intangible lease liabilities is 10.7 years for acquisitions completed during the six months ended June 30, 2016
Business acquisition, pro forma information	The following information summarizes selected financial information of the Company, as if all of the 2016 Acquisitions were completed on January 1, 2015 for each period presented below. The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the three and six months ended June 30, 2016 and 2015 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Pro forma basis (unaudited) Revenue $ 6,523 $ 5,324 $ 13,132 $ 10,910 Net income $ (135 ) $ 5,363 $ 63 $ 6,535
2015 Acquisitions
Business Acquisition
Schedule of purchase price allocation	The following table summarizes the purchase price allocation for the property purchased during the six months ended June 30, 2015 (in thousands): June 30, 2015 Land $ 150 Building and improvements 645 Acquired in-place leases 91 Intangible lease liabilities (21 ) Total purchase price $ 865
Business acquisition, pro forma information	The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the three and six months ended June 30, 2015 and 2014 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Pro forma basis Revenue $ 4,581 $ 2,708 $ 9,427 $ 5,079 Net income $ 5,344 $ 120 $ 6,475 $ 386

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
Marketable Securities (Tables)	Jun. 30, 2016
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 June 30, 2016 (in thousands): Available-for-Sale Securities Amortized Cost Basis Unrealized Gain Fair Value U.S. Treasury Bonds $ 1,544 $ 24 $ 1,568 U.S. Agency Bonds 1,064 5 1,069 Corporate Bonds 2,515 67 2,582 Total available-for-sale securities $ 5,123 $ 96 $ 5,219
Schedule of available-for-sale securities reconciliation	The following table provides the activity for the marketable securities during the six months ended June 30, 2016 (in thousands): Amortized Cost Basis Unrealized (Loss) Gain Fair Value Marketable securities as of January 1, 2016 $ 5,310 $ (73 ) $ 5,237 Face value of marketable securities acquired 370 — 370 Premiums and discounts on purchase of marketable securities, net of acquisition costs 6 — 6 Amortization on marketable securities (7 ) — (7 ) Sales and maturities of securities (556 ) (4 ) (560 ) Unrealized gain on marketable securities — 173 173 Marketable securities as of June 30, 2016 $ 5,123 $ 96 $ 5,219
Investments classified by contractual maturity date	The scheduled maturities of the Company’s marketable securities as of June 30, 2016 are as follows (in thousands): Available-for-Sale Securities Amortized Cost Estimated Fair Value Due within one year $ 762 $ 763 Due after one year through five years 1,809 1,827 Due after five years through ten years 1,949 2,022 Due after ten years 603 607 Total $ 5,123 $ 5,219

Derivative Instruments and He26

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
Derivative Instruments and Hedging Activities (Tables)	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative instruments	The following table summarizes the terms of the Company’s executed interest rate swap agreements designated as hedging instruments as of June 30, 2016 and December 31, 2015 (in thousands): Outstanding Notional Amount as of Interest Effective Maturity Fair Value of Liabilities as of Balance Sheet Location June 30, 2016 Rate (1) Date Date June 30, 2016 December 31, 2015 Interest Rate Swaps Derivative liabilities, deferred rental income, and other liabilities $ 49,240 3.43% to 3.57% 6/30/15 to 12/1/15 9/12/19 to 12/1/20 $ (1,410 ) $ (302 ) (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of June 30, 2016 .

Credit Facility and Notes Pay27

Credit Facility and Notes Payable (Tables)	6 Months Ended
Credit Facility and Notes Payable (Tables)	Jun. 30, 2016
Debt Disclosure [Abstract]
Summary of Debt Activity	The following table summarizes the debt balances as of June 30, 2016 and December 31, 2015 , and the debt activity for the six months ended June 30, 2016 (in thousands): During the Six Months Ended June 30, 2016 Balance as of Debt Issuance, Net (1) Repayments Accretion Balance as of June 30, 2016 Credit facility $ 50,000 $ 5,000 $ (15,000 ) $ — $ 40,000 Fixed rate debt 69,494 11,275 — — 80,769 Total debt 119,494 16,275 (15,000 ) — 120,769 Deferred costs (2) (1,764 ) (170 ) — 150 (1,784 ) Total debt, net $ 117,730 $ 16,105 $ (15,000 ) $ 150 $ 118,985 (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.

Related-Party Transactions an28

Related-Party Transactions and Arrangements (Tables)	6 Months Ended
Related-Party Transactions and Arrangements (Tables)	Jun. 30, 2016
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	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 will be calculated on a daily basis 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 incurred 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 periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Selling commissions $ 421 $ 30 $ 804 $ 45 Selling commissions reallowed by CCC $ 421 $ 30 $ 804 $ 45 Distribution fees $ 50 (1) $ 20 (1) $ 88 (1) $ 40 (1) Distribution fees reallowed by CCC $ 46 $ 15 $ 79 $ 34 Dealer manager fees $ 295 (1) $ 181 (1) $ 552 (1) $ 351 (1) Dealer manager fees reallowed by CCC $ 32 $ 24 $ 60 $ 49 Organization and offering expense reimbursement $ 276 $ 80 $ 513 $ 115 Acquisition (income) expense reimbursement (2) $ 377 $ (23 ) $ 657 $ 40 Advisory fee $ 636 $ 306 $ 1,186 $ 590 Operating expense reimbursement $ 402 $ — $ 749 $ — Performance fee $ — $ 403 $ — $ 403 (1) Amounts are calculated for the respective period in accordance with the dealer manager agreement and exclude the estimated liability for the future dealer manager and distribution fees payable to CCC, which are included in due to affiliates in the condensed consolidated unaudited balance sheets, with a corresponding decrease to capital in excess of par value, as described in Note 3 – Summary of Significant Accounting Policies. (2) Includes amounts recorded during the three months ended June 30, 2015 to adjust expense accruals for actual amounts billed during the six months ended June 30, 2015

Organization and Business (Deta

Organization and Business (Details) $ / shares in Units, ft² in Millions	6 Months Ended
	Jun. 30, 2016USD ($)ft²class_of_stockstatesproperty$ / sharesshares	Dec. 31, 2015shares	Aug. 26, 2013USD ($)class_of_stock	Dec. 06, 2011USD ($)
Organization and business
Issuance of common stock	$ 69,154,000
Number of states in which entity owns properties \| states	30
Percentage of rentable space leased	99.20%
Consolidated properties
Organization and business
Number of owned properties \| property	90
Rentable square feet (in square feet) \| ft²	2.3
Common Class W
Organization and business
Common stock, shares outstanding (in shares) \| shares	9,857,652	7,825,063
Share price (in dollars per share) \| $ / shares	$ 18.31
Common Class A
Organization and business
Common stock, shares outstanding (in shares) \| shares	2,509,300	1,371,763
Share price (in dollars per share) \| $ / shares	$ 18.21
Common Class I
Organization and business
Common stock, shares outstanding (in shares) \| shares	722,600	657,624
Share price (in dollars per share) \| $ / shares	$ 18.42
Common Stock \| Common Class W
Organization and business
Common stock, shares outstanding (in shares) \| shares	9,857,652	7,825,063
Issuance of common stock	$ 25,000
Common Stock \| Common Class A
Organization and business
Common stock, shares outstanding (in shares) \| shares	2,509,300	1,371,763
Issuance of common stock	$ 12,000
Common Stock \| Common Class I
Organization and business
Common stock, shares outstanding (in shares) \| shares	722,600	657,624
Issuance of common stock	$ 0
IPO
Organization and business
Common stock, value authorized				$ 4,000,000,000
Classes of common stock, additions \| class_of_stock			2
IPO \| Common Stock
Organization and business
Common stock, shares outstanding (in shares) \| shares	15,400,000
Issuance of common stock	$ 269,100,000
Organization and offering costs, selling commissions and dealer manager fees	$ 6,000,000
Multi-class offering
Organization and business
Common stock, value authorized			$ 4,000,000,000
Classes of common stock \| class_of_stock	3		3
Multi-class offering \| Primary offering
Organization and business
Common stock, value authorized			$ 3,500,000,000
Multi-class offering \| Distribution reinvestment plan
Organization and business
Common stock, value authorized			$ 500,000,000
Cole OP
Organization and business
General partner partnership interest percentage	100.00%

Correction of Prior Period Am30

Correction of Prior Period Amounts (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Due to affiliates	$ 10,553		$ 8,235
Total liabilities	138,424		133,558
Capital in excess of par value	189,325		140,202
Total stockholders’ equity	172,336		129,977
Accrued dealer manager fee, distribution fee, and other offering costs	9,507	$ 5,062
Capital in Excess of Par Value
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total stockholders’ equity	$ 189,325		140,202
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Due to affiliates			2,006
Total liabilities			127,329
Capital in excess of par value			146,431
Total stockholders’ equity			136,206
Accrued dealer manager fee, distribution fee, and other offering costs		282
As Previously Reported \| Capital in Excess of Par Value
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total stockholders’ equity			146,431
Change in Recognition of Ongoing Periodic Fees \| Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Due to affiliates			6,229
Total liabilities			6,229
Capital in excess of par value			(6,229)
Total stockholders’ equity			(6,229)
Accrued dealer manager fee, distribution fee, and other offering costs		$ 4,780
Change in Recognition of Ongoing Periodic Fees \| Adjustment \| Capital in Excess of Par Value
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total stockholders’ equity			$ (6,229)

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Details)	3 Months Ended		6 Months Ended
Summary of Significant Accounting Policies (Details)	Jun. 30, 2016USD ($)class_of_stockpropertyshares	Jun. 30, 2015USD ($)shares	Jun. 30, 2016USD ($)class_of_stockpropertyshares	Jun. 30, 2015USD ($)shares	Dec. 31, 2015USD ($)property	Aug. 26, 2013class_of_stock
Valuation of real estate and related assets
Depreciation		$ 1,100,000		$ 2,100,000
Amortization		$ 504,000		1,100,000
Impairment			$ 0	$ 0
Number of real estate properties held for sale \| property	0		0		0
Restricted cash	$ 632,000		$ 632,000		$ 118,000
Escrowed investor proceeds	77,000		77,000		50,000
Due to affiliates	10,553,000		10,553,000		8,235,000
Allowance for doubtful accounts receivable	$ 8,000		$ 8,000		0
Weighted average number diluted shares outstanding adjustment (in shares) \| shares	0	0	0	0
Dealer manager
Valuation of real estate and related assets
Due to affiliates	$ 8,900,000		$ 8,900,000		6,200,000
W Shares common stock, $0.01 par value; 164,000,000 shares authorized, 9,857,652 and 7,825,063 shares issued and outstanding, respectively \| Dealer Manager Fee \| Dealer manager
Valuation of real estate and related assets
Daily asset based related party fee percent	0.55%		0.55%
W Shares common stock, $0.01 par value; 164,000,000 shares authorized, 9,857,652 and 7,825,063 shares issued and outstanding, respectively \| Distribution Fee \| Dealer manager
Valuation of real estate and related assets
Daily asset based related party fee percent	0.00%		0.00%
A Shares common stock, $0.01 par value; 163,000,000 shares authorized, 2,509,300 and 1,371,763 shares issued and outstanding, respectively \| Dealer Manager Fee \| Dealer manager
Valuation of real estate and related assets
Daily asset based related party fee percent	0.55%		0.55%
A Shares common stock, $0.01 par value; 163,000,000 shares authorized, 2,509,300 and 1,371,763 shares issued and outstanding, respectively \| Distribution Fee \| Dealer manager
Valuation of real estate and related assets
Daily asset based related party fee percent	0.50%		0.50%
I Shares common stock, $0.01 par value; 163,000,000 shares authorized, 722,600 and 657,624 shares issued and outstanding, respectively \| Dealer Manager Fee \| Dealer manager
Valuation of real estate and related assets
Daily asset based related party fee percent	0.25%		0.25%
I Shares common stock, $0.01 par value; 163,000,000 shares authorized, 722,600 and 657,624 shares issued and outstanding, respectively \| Distribution Fee \| Dealer manager
Valuation of real estate and related assets
Daily asset based related party fee percent	0.00%		0.00%
Building
Valuation of real estate and related assets
Acquired real estate asset, useful life (years)			40 years
Held by lender in escrow
Valuation of real estate and related assets
Restricted cash	$ 500,000		$ 500,000
Lender Cash Management Accounts
Valuation of real estate and related assets
Restricted cash	$ 55,000		$ 55,000		$ 68,000
Multi-class offering
Valuation of real estate and related assets
Classes of common stock \| class_of_stock	3		3			3

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Marketable securities	$ 5,219	$ 5,237
Carrying amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Line of credit	120,800	119,500
Fair value, inputs, level 2 \| Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Line of credit	120,800	119,300
Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Marketable securities	5,219	5,237
Recurring \| Fair Value, Inputs, level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Marketable securities	5,219	5,237
Recurring \| Fair value, inputs, level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Marketable securities	0	0
Recurring \| Fair Value, Inputs, level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Marketable securities	0	0
Recurring \| Interest rate swaps
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Liability	(1,410)	(302)
Recurring \| Interest rate swaps \| Fair Value, Inputs, level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Liability	0	0
Recurring \| Interest rate swaps \| Fair value, inputs, level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Liability	(1,410)	(302)
Recurring \| Interest rate swaps \| Fair Value, Inputs, level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Liability	$ 0	$ 0

Real Estate Acquisitions (Detai

Real Estate Acquisitions (Details) $ in Thousands	3 Months Ended			6 Months Ended
Real Estate Acquisitions (Details) $ in Thousands	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2016USD ($)property	Jun. 30, 2015USD ($)property	Jun. 30, 2014USD ($)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Acquisition-related expenses	$ 703	$ (2)		$ 1,043	$ 67
2016 Acquisitions
Business Acquisition
Business acquisition, percentage of voting interests acquired	100.00%			100.00%
Number of real estate acquisitions (in number of properties) \| property				13
Total purchase price				$ 41,600
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Land	$ 4,890			4,890
Building and improvements	33,578			33,578
Total purchase price	41,631			$ 41,631
Finite-lived intangible lease liability, useful life (years)				10 years 7 months 25 days
Revenue of acquiree since acquisition date	577			$ 681
Net income (loss) of acquiree since acquisition date	62			59
Acquisition-related expenses	279			330
Pro forma basis
Revenue	6,523	5,324		13,132	10,910
Net income (loss)	(135)	$ 5,363		63	$ 6,535
2016 Acquisitions \| In-place leases
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Acquired in-place leases	3,165			$ 3,165
Weighted average amortization period (years)				12 years 7 months 25 days
2016 Acquisitions \| Above-market leases
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Acquired in-place leases	67			$ 67
Weighted average amortization period (years)				10 years 7 months 25 days
2016 Acquisitions \| Below market leases
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible lease liabilities	$ (69)			$ (69)
2015 Acquisitions
Business Acquisition
Business acquisition, percentage of voting interests acquired		100.00%			100.00%
Number of real estate acquisitions (in number of properties) \| property					1
Total purchase price					$ 865
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Land		$ 150			150
Building and improvements		645			645
Total purchase price		865			865
Revenue of acquiree since acquisition date		3			3
Net income (loss) of acquiree since acquisition date		(19)			(19)
Acquisition-related expenses		20			20
Pro forma basis
Revenue		4,581	$ 2,708		9,427	$ 5,079
Net income (loss)		5,344	$ 120		6,475	$ 386
2015 Acquisitions \| In-place leases
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Acquired in-place leases		91			91
2015 Acquisitions \| Below market leases
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible lease liabilities		$ (21)			$ (21)

Real Estate Acquisitions - Prop

Real Estate Acquisitions - Property Concentrations (Details) - Customer concentration risk - Gross annualized rental revenues by industry	6 Months Ended
	Jun. 30, 2016
Discount store industry
Concentration Risk
Concentration risk, percentage	16.00%
Drugstore industry
Concentration Risk
Concentration risk, percentage	12.00%
Manufacturing industry
Concentration Risk
Concentration risk, percentage	11.00%

Marketable Securities (Details)

Marketable Securities (Details) $ in Thousands	6 Months Ended
Marketable Securities (Details) $ in Thousands	Jun. 30, 2016USD ($)security	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Investments, Debt and Equity Securities [Abstract]
Investment in marketable securities	$ 5,219		$ 5,237
Available-for-sale Securities, Other Disclosure Items [Abstract]
Number of securities sold \| security	36
Proceeds from sale and maturities of marketable securities	$ 560	$ 577
Unrealized gain on investments	$ 173

Marketable Securities (Schedule

Marketable Securities (Schedule of available-for-sale securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized cost basis	$ 5,123	$ 5,310
Unrealized Gain	96	(73)
Fair Value	5,219	$ 5,237
U.S. Treasury Bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized cost basis	1,544
Unrealized Gain	24
Fair Value	1,568
U.S. Agency Bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized cost basis	1,064
Unrealized Gain	5
Fair Value	1,069
Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized cost basis	2,515
Unrealized Gain	67
Fair Value	$ 2,582

Marketable Securities (Schedu37

Marketable Securities (Schedule of available-for-sale securities reconciliation) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Amortized Cost Basis Rollforward
Marketable securities as of January 1, 2016	$ 5,310
Face value of marketable securities acquired	370
Premiums and discounts on purchase of marketable securities, net of acquisition costs	6
Amortization on marketable securities	(7)
Sales and maturities of securities	(556)
Marketable securities as of June 30, 2016	5,123
Fair Value Rollforward
Marketable securities as of January 1, 2016	5,237
Face value of marketable securities acquired	370
Premiums and discounts on purchase of marketable securities, net of acquisition costs	6
Amortization on marketable securities	(7)
Sales and maturities of securities	(560)
Unrealized gain on marketable securities	173
Marketable securities as of June 30, 2016	5,219
Unrealized Loss(Gain) Rollforward
Unrealized (Loss) Gain	(73)
Sales and maturities of securities	(4)
Unrealized gain on marketable securities	173
Unrealized (Loss) Gain	$ 96

Marketable Securities (Schedu38

Marketable Securities (Schedule of Maturities) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Amortized Cost
Due within one year	$ 762
Due after one year through five years	1,809
Due after five years through ten years	1,949
Due after ten years	603
Amortized cost basis	5,123
Estimated Fair Value
Due within one year	763
Due after one year through five years	1,827
Due after five years through ten years	2,022
Due after ten years	607
Estimated Fair Value	$ 5,219	$ 5,237

Derivative Instruments and He39

Derivative Instruments and Hedging Activities (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Amount of loss reclassified from other comprehensive income into income as interest expense	$ 136,000	$ 1,000	$ 274,000	$ 1,000
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	520,000		520,000
Derivative liability, event of default, termination amount	1,500,000		1,500,000
Cash Flow Hedging \| Interest rate swaps \| Derivative liabilities, deferred rental income, and other liabilities
Derivatives, Fair Value [Line Items]
Outstanding notional amount	49,240,000		49,240,000
Fair value of liabilities	$ (1,410,000)		$ (1,410,000)		$ (302,000)
Minimum \| Cash Flow Hedging \| Interest rate swaps \| Derivative liabilities, deferred rental income, and other liabilities
Derivatives, Fair Value [Line Items]
Interest rate (percentage)	3.43%		3.43%
Maximum \| Cash Flow Hedging \| Interest rate swaps \| Derivative liabilities, deferred rental income, and other liabilities
Derivatives, Fair Value [Line Items]
Interest rate (percentage)	3.57%		3.57%

Credit Facility and Notes Pay40

Credit Facility and Notes Payable - Narrative (Details)	6 Months Ended
Credit Facility and Notes Payable - Narrative (Details)	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Long-term debt, including net deferred financing costs	$ 118,985,000	$ 117,730,000
Weighted average years to maturity	5 years 1 month 6 days
Weighted average interest rate (percentage)	3.66%
Debt outstanding	$ 120,769,000	119,494,000
Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	125,000,000
Credit facility and notes payable, net	40,000,000
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
JPMorgan Chase, Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt outstanding	40,000,000	50,000,000
JPMorgan Chase, Revolving Credit Facility \| Unsecured Debt \| Term Loan
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	40,000,000
Credit facility and notes payable, net	$ 0
Fixed Rate Debt \| Loans Payable
Debt Instrument [Line Items]
Weighted average interest rate (percentage)	3.77%
Debt outstanding	$ 80,769,000	$ 69,494,000
Debt security, amount, aggregate gross real estate assets net of gross intangible lease liabilities	134,900,000
Fixed rate debt, variable rate debt fixed through the use of interest rate swaps [Member] \| Loans Payable
Debt Instrument [Line Items]
Debt outstanding	9,200,000
JPMorgan Chase, Credit Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, remaining borrowing capacity	$ 85,000,000
Federal Funds Effective Rate \| Secured Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	0.50%
Statutory Reserve Rate \| Secured Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	1.00%
Minimum \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, covenant, fixed charge coverage ratio	1.50
Minimum \| Fixed Rate Debt \| Loans Payable
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.37%
Minimum \| Secured Revolving Credit Facility, Eurodollar Rate \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	1.90%
Minimum \| Secured Revolving Credit Facility, Base Rate \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	0.90%
Maximum \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, covenant, leverage ratio	60.00%
Maximum \| Fixed Rate Debt \| Loans Payable
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.05%
Maximum \| Secured Revolving Credit Facility, Eurodollar Rate \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	2.45%
Maximum \| Secured Revolving Credit Facility, Base Rate \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	1.45%
Interest rate swaps \| Cash Flow Hedging \| 2015 Swapped Term Loan \| Unsecured Debt \| Term Loan
Debt Instrument [Line Items]
Interest rate at period end (percentage)	3.43%

Credit Facility and Notes Pay41

Credit Facility and Notes Payable - Schedule of Debt (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Debt [Roll Forward]
Long-term debt, gross, beginning balance	$ 119,494
Deferred costs, beginning of period	(1,764)
Total debt, net, beginning of period	117,730
Debt issuances, gross	16,275
Debt issuances, net	(170)
Proceeds from debt, net of issuance costs	16,105
Repayments	(15,000)
Accretion	150
Amortization of deferred financing costs	150
Long-term debt, gross, ending balance	120,769
Deferred costs, end of period	(1,784)
Total debt, net, ending of period	118,985
Loans Payable \| Fixed Rate Debt
Debt [Roll Forward]
Long-term debt, gross, beginning balance	69,494
Debt issuances, gross	11,275
Repayments	0
Long-term debt, gross, ending balance	80,769
Revolving Credit Facility \| Line of Credit \| JPMorgan Chase, Revolving Credit Facility
Debt [Roll Forward]
Long-term debt, gross, beginning balance	50,000
Debt issuances, gross	5,000
Repayments	(15,000)
Long-term debt, gross, ending balance	$ 40,000

Commitments and Contingencies (

Commitments and Contingencies (Details) - Unaffiliated third party sellers $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)property
Business Acquisition
Business acquisition, percentage of voting interests acquired	100.00%
Number of real estate acquisitions (in number of properties) \| property	1
Total purchase price	$ 10,700
Escrow deposit	$ 320

Related-Party Transactions an43

Related-Party Transactions and Arrangements (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Advisors
Related Party Transaction
Annualized rate, excess general and administrative expense	1.25%		1.25%
Due to cole advisor	$ 10,600,000		$ 10,600,000		$ 8,200,000
Advisors \| Minimum
Related Party Transaction
Operating expense reimbursement percent of average invested assets	2.00%		2.00%
Operating expense reimbursement percent of net income	25.00%		25.00%
Dealer Manager Fee \| Advisors
Related Party Transaction
Related party transaction, expenses from transactions with related party	$ 295,000	$ 181,000	$ 552,000	$ 351,000
Distribution Fee \| Advisors
Related Party Transaction
Related party transaction, expenses from transactions with related party	50,000	20,000	88,000	40,000
Selling commissions \| Advisors
Related Party Transaction
Related party transaction, expenses from transactions with related party	421,000	30,000	804,000	45,000
Selling commissions reallowed by CCC \| Advisors
Related Party Transaction
Related party transaction, expenses from transactions with related party	421,000	30,000	804,000	45,000
Organization and offering expense reimbursement \| Advisors
Related Party Transaction
Related party transaction, expenses from transactions with related party	$ 276,000	80,000	$ 513,000	115,000
Organization and offering expense reimbursement \| Advisors \| Maximum
Related Party Transaction
Organization and offering expense limit (percent)	0.75%		0.75%
Distribution fees reallowed by CCC \| Advisors
Related Party Transaction
Related party transaction, expenses from transactions with related party	$ 46,000	15,000	$ 79,000	34,000
Dealer manager fees reallowed by CCC \| Advisors
Related Party Transaction
Related party transaction, expenses from transactions with related party	32,000	24,000	$ 60,000	49,000
Acquisition expense reimbursement \| Advisors
Related Party Transaction
Asset based advisory fee, percentage of NAV, daily accrual rate			0.00025%
Related party transaction, expenses from transactions with related party	$ 377,000	(23,000)	$ 657,000	40,000
Acquisition expense reimbursement \| Advisors \| Maximum
Related Party Transaction
Acquisition and advisory fee (percent)	6.00%		6.00%
Excess General And Administrative Expenses To Be Reimbursed \| Advisors
Related Party Transaction
Related party transaction, expenses from transactions with related party			$ 155,000
Advisory fee \| Advisors
Related Party Transaction
Related party transaction, expenses from transactions with related party	$ 636,000	306,000	1,186,000	590,000
Operating expense reimbursement \| Advisors
Related Party Transaction
Related party transaction, expenses from transactions with related party	402,000	0	749,000	0
Performance fee \| Advisors
Related Party Transaction
Related party transaction, expenses from transactions with related party	$ 0	$ 403,000	$ 0	$ 403,000
Performance fee, percent applied to total return on stockholders' capital between 6 percent and 10 percent	25.00%		25.00%
Performance fee \| Advisors \| Maximum
Related Party Transaction
Total return threshold to receive performance fee (percent)	10.00%		10.00%
Performance fee \| Advisors \| Minimum
Related Party Transaction
Total return threshold to receive performance fee (percent)	6.00%		6.00%
Common Class W
Related Party Transaction
Share price, base net asset value (in dollars per share)	$ 15		$ 15
Common Class W \| Dealer Manager Fee \| Dealer manager
Related Party Transaction
Daily asset based related party fee percent (up to 3.75% for common class A shares)	0.55%		0.55%
Common Class W \| Distribution Fee \| Dealer manager
Related Party Transaction
Daily asset based related party fee percent (up to 3.75% for common class A shares)	0.00%		0.00%
Common Class W \| Selling commissions \| Dealer manager
Related Party Transaction
Daily asset based related party fee percent (up to 3.75% for common class A shares)	0.00%		0.00%
Common Class A
Related Party Transaction
Share price, base net asset value (in dollars per share)	$ 16.72		$ 16.72
Common Class A \| Dealer Manager Fee \| Dealer manager
Related Party Transaction
Daily asset based related party fee percent (up to 3.75% for common class A shares)	0.55%		0.55%
Common Class A \| Distribution Fee \| Dealer manager
Related Party Transaction
Daily asset based related party fee percent (up to 3.75% for common class A shares)	0.50%		0.50%
Common Class A \| Selling commissions \| Dealer manager
Related Party Transaction
Daily asset based related party fee percent (up to 3.75% for common class A shares)	3.75%		3.75%
Common stock, share purchase volume discount	$ 150,001		$ 150,001
Common Class A \| Selling commissions \| Dealer manager \| Maximum
Related Party Transaction
Daily asset based related party fee percent (up to 3.75% for common class A shares)	3.90%		3.90%
Common Class A \| Selling commissions reallowed by CCC \| Advisors
Related Party Transaction
Daily asset based related party fee reallowed to third party percent	100.00%		100.00%
Common Class I
Related Party Transaction
Share price, base net asset value (in dollars per share)	$ 16.82		$ 16.82
Common Class I \| Dealer Manager Fee \| Dealer manager
Related Party Transaction
Daily asset based related party fee percent (up to 3.75% for common class A shares)	0.25%		0.25%
Common Class I \| Distribution Fee \| Dealer manager
Related Party Transaction
Daily asset based related party fee percent (up to 3.75% for common class A shares)	0.00%		0.00%
Common Class I \| Selling commissions \| Dealer manager
Related Party Transaction
Daily asset based related party fee percent (up to 3.75% for common class A shares)	0.00%		0.00%

Subsequent Events (Details)

Subsequent Events (Details) shares in Thousands	1 Months Ended		6 Months Ended
Subsequent Events (Details) shares in Thousands	Aug. 11, 2016USD ($)property	Aug. 09, 2016USD ($)shares	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Subsequent Event
Issuance of common stock			$ 69,154,000
Line of credit, amount outstanding			$ 118,985,000	$ 117,730,000
Subsequent event
Subsequent Event
Issuance of common stock		$ 286,600,000
Issuance of common stock (in shares) \| shares		16,300
Redemption of stock (in shares) \| shares		15
Value of stock redeemed (in usd)		$ 281,000
Subsequent event \| Line of Credit
Subsequent Event
Line of credit, amount outstanding		40,000,000
Line of credit, remaining borrowing capacity		$ 85,000,000
Acquisitions, Subsequent Period \| Subsequent event
Subsequent Event
Business acquisition, percentage of voting interests acquired	100.00%
Number of real estate acquisitions (in number of properties) \| property	1
Total purchase price	$ 10,700,000