Cim Income Nav 10-K 28 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Mar. 23, 2017	Jun. 30, 2016
Entity Registrant Name	COLE REAL ESTATE INCOME STRATEGY (DAILY NAV), INC.
Entity Central Index Key	1,498,542
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 237.7
W Shares Common Stock
Entity Common Stock, Shares Outstanding		13,400,000
A Shares Common Stock
Entity Common Stock, Shares Outstanding		5,200,000
I Shares Common Stock
Entity Common Stock, Shares Outstanding		818,400

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Investment in real estate assets:
Land	$ 86,858	$ 49,785
Buildings and improvements	319,589	187,616
Intangible lease assets	52,965	32,880
Total real estate investments, at cost	459,412	270,281
Less: accumulated depreciation and amortization	(22,638)	(12,698)
Total real estate investments, net	436,774	257,583
Investment in marketable securities	5,563	5,237
Total real estate investments and marketable securities, net	442,337	262,820
Cash and cash equivalents	4,671	14,840
Restricted cash	600	118
Rents and tenant receivables, net	4,206	2,655
Property escrow deposits, prepaid expenses and other assets	684	250
Deferred costs, net	1,074	819
Total assets	453,572	281,502
LIABILITIES AND EQUITY
Notes payable and credit facility, net	159,143	117,730
Accrued expenses and accounts payable	2,798	2,122
Escrowed investor proceeds	75	50
Due to affiliates	14,786	8,235
Intangible lease liabilities, net	5,798	3,513
Distributions payable	1,444	788
Deferred rental income, derivative liabilities and other liabilities	1,442	1,120
Total liabilities	185,486	133,558
Commitments and contingencies
Redeemable common stock	32,076	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	259,817	140,202
Accumulated distributions in excess of earnings	(24,399)	(9,949)
Accumulated other comprehensive loss	(372)	(375)
Total stockholders’ equity	235,224	129,977
Non-controlling interests	786	0
Total equity	236,010	129,977
Total liabilities, redeemable common stock, and equity	453,572	281,502
W Shares Common Stock
STOCKHOLDERS’ EQUITY:
Common stock, value	125	78
A Shares Common Stock
STOCKHOLDERS’ EQUITY:
Common stock, value	45	14
I Shares Common Stock
STOCKHOLDERS’ EQUITY:
Common stock, value	$ 8	$ 7

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized	490,000,000
Common stock, shares outstanding	20,400,000
W Shares Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	164,000,000	164,000,000
Common stock, shares issued	12,461,616	7,825,063
Common stock, shares outstanding	12,461,616	7,825,063
A Shares Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	163,000,000	163,000,000
Common stock, shares issued	4,449,352	1,371,763
Common stock, shares outstanding	4,449,352	1,371,763
I Shares Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	163,000,000	163,000,000
Common stock, shares issued	788,270	657,624
Common stock, shares outstanding	788,270	657,624

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Rental income	$ 24,574	$ 17,345	$ 12,338
Tenant reimbursement income	2,620	1,688	959
Interest income on marketable securities	117	76	8
Total revenues	27,311	19,109	13,305
Operating expenses:
General and administrative	4,544	1,794	1,337
Property operating	1,090	644	473
Real estate tax	2,055	1,204	661
Advisory fees and expenses	2,760	2,536	2,002
Acquisition-related	3,251	809	1,495
Depreciation and amortization	9,533	6,457	4,535
Total operating expenses	23,233	13,444	10,503
Operating income	4,078	5,665	2,802
Other (expense) income:
Interest expense and other, net	(5,380)	(3,980)	(2,551)
(Loss) income before real estate dispositions	(1,302)	1,685	251
Gain on disposition of real estate, net	0	5,642	0
Net (loss) income	(1,302)	7,327	251
Net loss allocated to noncontrolling interest	(10)	0	0
Net (loss) income attributable to the Company	$ (1,292)	$ 7,327	$ 251
Weighted average number of common shares outstanding:
Basic and diluted (shares)	13,418,544	7,912,968	6,019,518
Net (loss) income per common share:
Basic and diluted (in dollars per share)	$ (0.10)	$ 0.93	$ 0.04
Distributions declared per common share (in dollars per share)	$ 0.98	$ 0.98	$ 0.97

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (1,302)	$ 7,327	$ 251
Other comprehensive (loss) income:
Unrealized holding gain (loss) on marketable securities	44	(93)	7
Less: reclassification adjustment for loss (gain) included in income as other expense	0	17	(1)
Unrealized loss on interest rate swaps	(580)	(586)	0
Amount of loss reclassified from other comprehensive income into income as interest expense	539	284	0
Total other comprehensive income (loss)	3	(378)	6
Comprehensive (loss) income	(1,299)	6,949	257
Comprehensive loss allocated to noncontrolling interest	(10)	0	0
Comprehensive (loss) income attributable to the Company	$ (1,289)	$ 6,949	$ 257

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	W Shares Common Stock	A Shares Common Stock	I Shares Common Stock	Common Stock	Common StockW Shares Common Stock	Common StockA Shares Common Stock	Common StockI Shares Common Stock	Capital in Excess of Par Value	Accumulated Distributions in Excess of Earnings	Accumulated Other Comprehensive (Loss) Income	Parent	Noncontrolling Interest
Balance, shares at Dec. 31, 2013						3,993,916	23,767	129,176
Balance at Dec. 31, 2013	$ 53,026					$ 40	$ 0	$ 1	$ 56,937	$ (3,949)	$ (3)	$ 53,026	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, shares						3,070,377	874,181	127,349
Issuance of common stock	69,949					$ 31	$ 9	$ 2	69,907			69,949
Distributions to investors	(5,841)									(5,841)		(5,841)
Commissions, dealer manager and distribution fees	(3,300)								(3,300)			(3,300)
Other offering costs	(520)								(520)			(520)
Redemptions (in shares)						(1,052,250)	(572)
Redemptions of common stock	(17,969)					$ (11)			(17,958)			(17,969)
Changes in redeemable common stock	(5,563)								(5,563)			(5,563)
Comprehensive loss	257									251	6	257
Balance, shares at Dec. 31, 2014						6,012,043	897,376	256,525
Balance at Dec. 31, 2014	90,039					$ 60	$ 9	$ 3	99,503	(9,539)	3	90,039	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, shares						2,689,946	541,431	175,819
Issuance of common stock	62,171					$ 27	$ 6	$ 2	62,136			62,171
Distributions to investors	(7,737)									(7,737)		(7,737)
Commissions, dealer manager and distribution fees	(2,602)								(2,602)			(2,602)
Other offering costs	(464)								(464)			(464)
Redemptions (in shares)						(650,835)	(67,044)
Redemptions of common stock	(12,957)					$ (7)	$ (1)		(12,949)			(12,957)
Changes in redeemable common stock	(5,422)								(5,422)			(5,422)
Conversion of shares (in shares)						(226,091)		225,280
Conversion of shares	0					$ (2)		$ 2
Comprehensive loss	6,949									7,327	(378)	6,949
Balance, shares at Dec. 31, 2015		7,825,063	1,371,763	657,624		7,825,063	1,371,763	657,624
Balance at Dec. 31, 2015	129,977					$ 78	$ 14	$ 7	140,202	(9,949)	(375)	129,977	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, shares					8,700,000	5,418,786	3,181,316	130,646
Issuance of common stock	161,035				$ 161,000	$ 55	$ 32	$ 1	160,947			161,035
Distributions to investors	(13,158)									(13,158)		(13,158)
Commissions, dealer manager and distribution fees	(9,904)								(9,904)			(9,904)
Other offering costs	(1,192)								(1,192)			(1,192)
Redemptions (in shares)		(782,000)	(104,000)			(782,233)	(103,727)
Redemptions of common stock	(16,136)	$ (14,300)	$ (1,900)			$ (8)	$ (1)		(16,127)			(16,136)
Changes in redeemable common stock	(14,109)								(14,109)			(14,109)
Comprehensive loss	(1,299)									(1,292)	3	(1,289)	(10)
Contributions from non-controlling interests	$ 796												796
Balance, shares at Dec. 31, 2016	20,400,000	12,461,616	4,449,352	788,270		12,461,616	4,449,352	788,270
Balance at Dec. 31, 2016	$ 236,010					$ 125	$ 45	$ 8	$ 259,817	$ (24,399)	$ (372)	$ 235,224	$ 786

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net (loss) income	$ (1,302)	$ 7,327	$ 251
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization, net	9,538	6,630	4,581
Straight-line rental income	(1,067)	(717)	(397)
Amortization of deferred financing costs	716	465	727
Amortization on marketable securities	16	12	2
Gain on disposition of real estate assets, net	0	(5,642)	0
Loss (gain) on sale of marketable securities	0	17	(1)
Bad debt expense	17	2	0
Changes in assets and liabilities:
Rents and tenant receivables	(501)	(1,077)	(289)
Prepaid expenses and other assets	4	114	(257)
Accounts payable and accrued expenses	664	884	709
Deferred rental income and other liabilities	253	233	324
Due to affiliates	(45)	(14)	924
Net cash provided by operating activities	8,293	8,234	6,574
Cash flows from investing activities:
Investment in real estate assets and capital expenditures	(186,432)	(52,555)	(126,580)
Investment in marketable securities	(1,638)	(6,954)	(290)
Proceeds from sale and maturities of marketable securities	1,340	2,102	265
Proceeds from disposition of real estate assets	0	21,398	0
Payment of property escrow deposits	(4,817)	0	0
Refund of property escrow deposits	4,407	0	0
Change in restricted cash	(482)	(93)	80
Net cash used in investing activities	(187,622)	(36,102)	(126,525)
Cash flows from financing activities:
Proceeds from issuance of common stock	155,051	58,835	67,631
Offering costs on issuance of common stock	(4,500)	(1,414)	(1,612)
Redemptions of common stock	(16,136)	(12,957)	(17,969)
Distributions to investors	(6,518)	(4,208)	(3,245)
Proceeds from credit facility and notes payable	69,675	82,190	119,358
Repayments of credit facility	(28,000)	(83,000)	(42,954)
Proceeds from line of credit with affiliate	0	10,000	0
Repayments of line of credit with affiliate	0	(10,000)	0
Deferred financing costs paid	(1,233)	(1,252)	(2,059)
Contributions from noncontrolling interest	796	0	0
Change in escrowed investor proceeds liability	25	25	(80)
Net cash provided by financing activities	169,160	38,219	119,070
Net (decrease) increase in cash and cash equivalents	(10,169)	10,351	(881)
Cash and cash equivalents, beginning of year	14,840	4,489	5,370
Cash and cash equivalents, end of year	4,671	14,840	4,489
Supplemental disclosures of non-cash investing and financing activities:
Accrued dealer manager fee, distribution fee, and other offering costs	13,302	6,706	5,054
Distributions to investors declared and unpaid	1,444	788	595
Common stock issued through distribution reinvestment plan	5,984	3,336	2,318
Change in fair value of marketable securities	44	(73)	6
Change in fair value of interest rate swaps	(41)	(302)	0
Accrued capital expenditures	12	50	0
Supplemental cash flow disclosures:
Interest paid	$ 4,346	$ 3,404	$ 1,728

Organization and Business

Organization and Business	12 Months Ended
	Dec. 31, 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 with 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 a registration statement filed on Form S-11 (Registration No. 333-213271) filed on February 10, 2017 (the “Continuing Offering Registration Statement”), the Company is offering up to $4.0 billion in shares of common stock of the three classes (the “Offering”), consisting of $3.5 billion in shares in the Company’s primary offering (the “Primary Offering”) and $500.0 million in shares pursuant to a distribution reinvestment plan (the “DRIP”). The Company is offering to sell any combination of W Shares, A Shares and I Shares with a dollar value up to the maximum offering amount. As of December 31, 2016 , the Company had issued approximately 20.4 million shares of common stock in the Offering for gross offering proceeds of $361.0 million before offering costs and selling commissions of $5.7 million , and the current portion of dealer manager fees and distribution fees of $3.3 million . The per share purchase price for each class of common stock varies from day-to-day and, on each business day, is equal to, for each class of common stock, the Company’s net asset value (“NAV”) for such class, divided by the number of shares of that class outstanding as of the close of business on such a day, plus, for A Shares sold in the Primary Offering, applicable selling commissions. The Company’s NAV per share is calculated daily as of the close of business by an independent fund accountant using a process that reflects (1) estimated values of each of the Company’s commercial real estate assets, related liabilities and notes receivable secured by real estate provided periodically by the Company’s independent valuation expert in individual appraisal reports, (2) daily updates in the price of liquid assets for which third party market quotes are available, (3) accruals of daily distributions, and (4) estimates of daily accruals, on a net basis, of operating revenues, expenses, debt service costs and fees. As of December 31, 2016 , the NAV per share for W Shares, A Shares, and I Shares was $18.15 , $18.01 , and $18.29 , 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, (2) notes receivable secured by commercial real estate, including the origination of loans, and (3) cash, cash equivalents, other short-term investments and traded real estate-related securities. As of December 31, 2016 , the Company owned 108 commercial properties, which includes properties owned through a consolidated joint venture arrangement (the “Consolidated Joint Venture”), located in 34 states, containing 3.1 million rentable square feet of commercial space, including the square feet of buildings which are on land subject to ground leases. As of December 31, 2016 , the rentable square feet at these properties was 99.3% leased, including month-to-month agreements, if any. The Company is structured as a perpetual-life, non-exchange traded REIT. This means that, subject to regulatory approval of its 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	12 Months Ended
	Dec. 31, 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 interpretative clarification regarding its industry’s accounting of the recognition of ongoing periodic fees (“OPFs”), which are 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 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 changes in 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 income (loss) 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 changes in equity January 1, 2014 and 2015 beginning balances and the commissions, dealer manager and distribution fees, and the consolidated statements of cash flows – supplemental disclosures of non-cash investing and financing activities for the years ended December 31, 2015 and 2014 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 Changes in 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, 2014 $ 59,573 $ 55,662 $ (2,636 ) $ (2,636 ) $ 56,937 $ 53,026 Commissions, dealer manager and distribution fees $ (1,155 ) $ (1,155 ) $ (2,145 ) $ (2,145 ) $ (3,300 ) $ (3,300 ) Balance, December 31, 2014 $ 104,284 $ 94,820 $ (4,781 ) $ (4,781 ) $ 99,503 $ 90,039 Commissions, dealer manager and distribution fees $ (1,154 ) $ (1,154 ) $ (1,448 ) $ (1,448 ) $ (2,602 ) $ (2,602 ) Balance, December 31, 2015 $ 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 As Previously Reported Adjustment As Restated Accrued dealer manager fee, distribution fee, and other offering costs Year Ended December 31, 2014 $ 273 $ 4,781 $ 5,054 Year Ended December 31, 2015 $ 477 $ 6,229 $ 6,706

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying consolidated financial statements. Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and the Consolidated Joint Venture in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. The Company evaluates its relationships and investments to determine if it has variable interests. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. If the Company determines that it has a variable interest in an entity, it evaluates whether such interest is in a variable interest entity (“VIE”). VIEs are entities where investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or where equity investors, as a group, lack one of the following characteristics: (a) the power to direct the activities that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of the entity, or (c) the right to receive the expected returns of the entity. The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations. During the year ended December 31, 2016 , the Company adopted the U.S. Financial Accounting Standards Board (the “FASB”) Accounting Standards Update (“ASU”) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , which simplifies consolidation accounting by reducing the number of consolidation models and changing various aspects of current GAAP, including certain consolidation criteria for a VIE. For legal entities being evaluated for consolidation, the Company must first determine whether the interests that it holds and fees it receives qualify as variable interests in the entity. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. The Company’s evaluation includes consideration of fees paid to the Company where the Company acts as a decision maker or service provider to the entity being evaluated. If the Company determines that it holds a variable interest in an entity, it evaluates whether that entity is a VIE. A VIE must be consolidated by its primary beneficiary, which is generally defined as the party who has a controlling financial interest in the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance and its obligation to absorb losses from or right to receive benefits of the VIE that could potentially be significant to the VIE. The Company consolidates any VIEs when the Company is determined to be the primary beneficiary of the VIE and the difference between consolidating the VIE and accounting for it using the equity method could be material to the Company’s consolidated financial statements. The Company continually evaluates the need to consolidate any VIEs based on standards set forth in GAAP as described above. As of December 31, 2016 , the Company determined that it had a controlling interest in the Consolidated Joint Venture and therefore met the GAAP requirements for consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Real Estate Investments Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition, excluding acquisition-related expenses, construction and any tenant improvements, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All 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 years ended December 31, 2016 , 2015 or 2014 . Assets Held for Sale When a real estate asset is identified by the Company as held for sale, the Company will cease depreciation and amortization of the assets related to the property and estimate the fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount would be recorded to reflect the estimated fair value of the property, net of selling costs. There were no assets identified as held for sale as of December 31, 2016 or 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 identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place leases, based in each case on their respective fair values. Acquisition-related expenses are expensed as incurred. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The fair values of above- and below-market lease intangibles are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) an estimate of fair market lease rates for the corresponding in-place leases, which is generally obtained from independent appraisals, measured over a period equal to the remaining non-cancelable term of the lease including, for below-market leases, any bargain renewal periods. The above- and below-market lease intangibles are capitalized as intangible lease assets or liabilities, respectively. Above-market leases are amortized as a reduction to rental income over the remaining terms of the respective leases. Below-market leases are amortized as an increase to rental income over the remaining terms of the respective leases, including any bargain renewal periods. In considering whether or not the Company expects a tenant to execute a bargain renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition, such as the financial strength of the tenant, the remaining lease term, the tenant mix of the leased property, the Company’s relationship with the tenant and the availability of competing tenant space. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above- or below-market lease intangibles relating to that lease would be recorded as an adjustment to rental income. The fair values of in-place leases include estimates of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rental and other property income which are avoided by acquiring a property with an in-place lease. Direct costs associated with obtaining a new tenant include leasing commissions, legal and other related expenses and are estimated in part by utilizing information obtained from independent appraisals and management’s consideration of current market costs to execute a similar lease. The intangible values of opportunity costs, which are calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease, are capitalized as intangible lease assets and are amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed. The Company may acquire certain properties subject to contingent consideration arrangements that may obligate the Company to pay additional consideration to the seller based on the outcome of future events. Additionally, the Company may acquire certain properties for which it funds certain contingent consideration amounts into an escrow account pending the outcome of certain future events. The outcome may result in the release of all or a portion of the escrow funds to the Company or the seller or a combination thereof. Contingent consideration arrangements, including amounts funded through an escrow account, will be recorded upon acquisition of the respective property at their estimated fair value, and any changes to the estimated fair value, subsequent to acquisition, will be reflected in the accompanying consolidated statements of operations in acquisition-related fees and expenses. The determination of the amount of contingent consideration arrangements is based on the probability of several possible outcomes as identified by management. The Company will estimate the fair value of assumed mortgage notes payable based upon indications of current market pricing for similar types of debt financing with similar maturities. Assumed mortgage notes payable will initially be recorded at their estimated fair value as of the assumption date, and any difference between such estimated fair value and the mortgage note’s outstanding principal balance will be amortized or accreted to interest expense over the term of the respective mortgage note payable. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations. Investment in Marketable Securities Investment in marketable securities consists primarily of the Company ’ s investment in corporate and government debt securities. The Company determines the appropriate classification for debt securities at the time of purchase and reevaluates such designation as of each balance sheet date. As of December 31, 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 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 consolidated statements of operations in interest and other expense, net. Upon the sale of a security, the realized net gain or loss is computed on the specific identification method. Noncontrolling Interest in Consolidated Joint Venture On December 16, 2016, the Company completed the formation of the Consolidated Joint Venture. The Company determined it had a controlling interest in the Consolidated Joint Venture and, therefore, met the GAAP requirements for consolidation. The Company recorded net loss of $10,000 and received contributions of $796,000 during the year ended December 31, 2016 . The Company recorded the noncontrolling interest of $786,000 as of December 31, 2016 , in the consolidated balance sheet. Restricted Cash The Company had $600,000 and $118,000 in restricted cash as of December 31, 2016 and 2015 , respectively. Included in restricted cash were escrowed investor proceeds of $75,000 and $50,000 for which shares of common stock had not been issued as of December 31, 2016 and 2015 , respectively. Restricted cash as of December 31, 2016 included $500,000 held by a lender in an escrow account for a certain property in accordance with the associated loan agreement, and no amounts were held for such loan as of December 31, 2015 . Additionally, as of December 31, 2016 and 2015 , the Company had $25,000 and $68,000 , respectively, held in a lockbox account. As part of certain debt agreements, rent from certain of the Company’s tenants is deposited directly into a lockbox account, from which funds in excess of the required minimum balance are disbursed on a weekly basis to the Company. Cash Concentrations Cash and cash equivalents include cash in bank accounts, as well as investments in highly-liquid money market funds. The Company deposits cash with several high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) up to an insurance limit of $250,000. At times, the Company’s cash and cash equivalents may exceed federally insured levels. Although the Company bears risk on amounts in excess of those insured by the FDIC, it has not experienced and does not anticipate any losses due to the high quality of the institutions where the deposits are held. Deferred Financing Costs Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining commitments for financing. The presentation of all deferred financing costs, other than those associated with the revolving loan portion of the credit facility, are classified such that the debt issuance costs related to a recognized debt liability are presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability rather than as an asset. Debt issuance costs related to securing a revolving line of credit are presented as an asset and amortized ratably over the term of the line of credit arrangement. As such, the Company’s current and corresponding prior period total deferred financing costs, net in the accompanying consolidated balance sheets relate only to the revolving loan portion of the credit facility and the historical presentation, amortization and treatment of unamortized costs are still applicable. As of December 31, 2016 and 2015 , the Company had $1.1 million and $819,000 , respectively, of deferred financing costs, net of accumulated amortization, related to the revolving credit facility. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined the financing will not close. Derivative Instruments and Hedging Activities The Company accounts for its derivative instruments at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the effective portion of any derivative instrument that is designated as a hedge is recorded as other comprehensive (loss) income. The changes in fair value for derivative instruments that are not designated as hedges or that do not meet the hedge accounting criteria are recorded as a gain or loss to operations. Due to Affiliates Cole Advisors and certain of its affiliates received, and will continue to receive, fees, reimbursements and compensation in connection with services provided relating to the Offering and the acquisition, management and performance of the Company’s assets. As of December 31, 2016 and 2015 , $14.8 million and $8.2 million , respectively, was due to Cole Advisors and its affiliates for such services, as discussed in Note 12 — Related-Party Transactions and Arrangements to these consolidated financial statements. Redeemable Common Stock The Company has adopted a share redemption program that permits its stockholders to redeem their shares, subject to certain limitations discussed in Note 14 — Stockholders’ Equity to these consolidated financial statements. The Company records amounts that are redeemable under the share redemption program as redeemable common stock outside of permanent equity on its consolidated balance sheets. Redeemable common stock is recorded at the greater of the carrying amount or redemption value each reporting period. Changes in the value from period to period are recorded as an adjustment to capital in excess of par value. As of December 31, 2016 and 2015 , the quarterly redemption capacity was equal to 10% of the Company’s NAV and this amount was recorded as redeemable common stock on the consolidated balance sheets for a total of $32.1 million and $18.0 million , respectively. As of December 31, 2016 and 2015 , certain shares were not permitted to be redeemed subject to certain limitations as discussed in Note 14 — Stockholders’ Equity to these consolidated financial statements. 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 indicated 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 payable to CCC is recognized at the time each share is sold and included in due to affiliates in the consolidated 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 $12.5 million and $6.2 million , as of December 31, 2016 and 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 earned and collectability is reasonably assured. 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. As of December 31, 2016 , the Company had an allowance for uncollectible accounts of $2,000 . The Company had no allowances as of December 31, 2015 . Income Taxes The Company elected to be taxed, and currently qualifies, as a REIT for federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Company generally is not subject to federal corporate income tax to the extent it distributes its taxable income to its stockholders, and so long as it, among other things, distributes at least 90% of its annual taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). REITs are subject to a number of other organizational and operational requirements. Even if the Company maintains its qualification for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. (Loss) Earnings Per Share The Company has three classes of common stock with nonforfeitable dividend rights that are determined based on a different NAV for each class. Accordingly, the Company utilizes the two-class method to determine its earnings per share, which results in the same earnings per share when rounded to within less than one cent for each of the classes. Under the two-class method, earnings per class of common stock are computed by dividing the sum of the distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of shares for each class of common stock for the respective period. Diluted (loss) income per share considers the effect of any potentially dilutive share equivalents, of which the Company had none for each of the years ended December 31, 2016 , 2015 or 2014 . Offering and Related Costs Cole Advisors funds all of the organization and offering costs associated with the sale of the Company’s common stock (excluding selling commissions, the distribution fee and the dealer manager fee) and is reimbursed for such costs up to 0.75% of gross proceeds from the Offering, excluding selling commissions charged on A Shares sold in the Primary Offering. As of December 31, 2016 , Cole Advisors, or its affiliates, had paid organization and offering costs in excess of the 0.75% in connection with the Offering. These excess costs were not included in the financial statements of the Company because such costs were not a liability of the Company as they exceeded 0.75% of gross proceeds from the Offering. As the Company raises additional proceeds from the Offering, these excess costs may become payable to Cole Advisors. Reportable Segments The Company’s commercial real estate investments primarily consist of single-tenant, necessity commercial properties, which are leased to creditworthy tenants under long-term net leases and provide current operating cash flow. The commercial properties are geographically diversified throughout the United States and have similar economic characteristics. The Company’s management evaluates operating performance on an overall portfolio level; therefore the Company’s properties are one reportable segment. Recent Accounting Pronouncements 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. Except as otherwise stated below, 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: Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, as amended (“ASU 2014-09”) — The requirements were amended to remove inconsistencies in revenue requirements and to provide a more complete framework for addressing revenue issues across a broad range of industries and transaction types. The revised standard’s core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. 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. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. The Company is currently assessing the adoption methodology. In accordance with the Company’s plan for the adoption of ASU 2014-09, the Company’s implementation team has identified the Company’s revenue streams, and is performing an in-depth review of the Company’s revenue contracts to identify the related performance obligations and to evaluate the impact on the Company’s consolidated financial statements and internal accounting processes and controls. As the majority of the Company’s revenue is derived from real estate lease contracts, as discussed in relation to ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”), the Company does not expect that the adoption of ASU 2014-09 or related amendments and modifications issued by the FASB will have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, which replaces the existing guidance in Accounting Standards Codification 840, Leases (Topic 842) . ASU 2016-02 requires a dual approach for lessee accounting under which a lessee would account for leases as either 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 ASU 2016-02 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. A modified retrospective approach is required for existing leases that have not expired upon adoption. Early adoption is permitted. The Company’s implementation team is developing an inventory of all leases, as well as identifying any non-lease components in the lease arrangements, and evaluating the impact to the Company and its consolidated financial statements. ASU No. 2016-01, Financial Instruments (Subtopic 825-10) — The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). The amendments in this update also require an entity to present separately in other comprehensive income (loss), the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the consolidated balance sheets or the accompanying notes to the consolidated financial statements. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. 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. The Company plans to adopt ASU 2016-05 prospectively and will consider for any future novations. 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 those years, beginning after December 15, 2018. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which is intended to address diversity in practice related to how certain cash receipts and cash payments are presented and cla

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 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: Notes payable and credit facility — 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 and the carrying value of the Company’s debt were each $161.2 million as of December 31, 2016 . 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 December 31, 2016 and 2015 , the Company has assessed the overall significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Other financial instruments — The Company considers the carrying values of its cash and cash equivalents, restricted cash, tenant 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 as well as 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, upon disposition of the financial assets and liabilities. As of December 31, 2016 and 2015 , there have been no transfers of financial assets or liabilities between fair value hierarchy levels. In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2016 and 2015 (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2016 (Level 1) (Level 2) (Level 3) Financial asset: Interest rate swaps $ 28 $ — $ 28 $ — Marketable securities 5,563 5,563 — — Total assets $ 5,591 $ 5,563 $ 28 $ — Financial liability: Interest rate swaps $ (371 ) $ — $ (371 ) $ — Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2015 (Level 1) (Level 2) (Level 3) Financial asset: Marketable securities $ 5,237 $ 5,237 $ — $ — Financial liability: Interest rate swaps $ (302 ) $ — $ (302 ) $ —

Real Estate Investments

Real Estate Investments	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
REAL ESTATE INVESTMENTS	REAL ESTATE INVESTMENTS 2016 Property Acquisitions During the year ended December 31, 2016 , the Company acquired 31 commercial properties, including properties held in the Consolidated Joint Venture, for an aggregate purchase price of $186.3 million (the “ 2016 Acquisitions ”). The Company purchased the 2016 Acquisitions with net proceeds from the Offering and available borrowings. The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation for the acquisitions purchased during the year ended December 31, 2016 (in thousands): 2016 Acquisitions Land $ 37,073 Building and improvements 131,828 Acquired in-place leases (1) 17,293 Acquired above-market leases (2) 2,828 Intangible lease liabilities (3) (2,733 ) Total purchase price $ 186,289 ______________________ (1) The weighted average amortization period for acquired in-place leases is 15.9 years for the 2016 Acquisitions . (2) The weighted average amortization period for acquired above-market leases is 16.6 years for the 2016 Acquisitions . (3) The weighted average amortization period for acquired intangible lease liabilities is 15.5 years for the 2016 Acquisitions . The Company recorded revenue of $4.1 million and net income of $1.0 million for the year ended December 31, 2016 related to the 2016 Acquisitions . In addition, the Company recorded $1.4 million of acquisition-related expenses for the year ended December 31, 2016 . 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 years ended December 31, 2016 and 2015 (in thousands): Year Ended December 31, 2016 December 31, 2015 Pro forma basis (unaudited): Revenue $ 37,204 $ 33,132 Net income $ 963 $ 9,254 The unaudited pro forma information for the year ended December 31, 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 year ended December 31, 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. Consolidated Joint Venture On December 12, 2016, the Company completed the formation of the Consolidated Joint Venture. As of December 31, 2016 , the Company had an interest in a Consolidated Joint Venture that owns and manages two properties, with total assets of $7.9 million , which included $7.8 million of real estate assets, net of accumulated depreciation and amortization of $10,000 , and total liabilities of $86,000 . The Consolidated Joint Venture does not have any debt outstanding as of December 31, 2016 . The Company has the ability to control operating and financial policies of the Consolidated Joint Venture. There are restrictions on the use of these assets as the Company would generally be required to obtain the partner’s (the “Consolidated Joint Venture Partner”) approval in accordance with the joint venture agreement for any major transactions. The Company and the Consolidated Joint Venture Partner are subject to the provisions of the joint venture agreement, which includes provisions for when additional contributions may be required to fund certain cash shortfalls. 2015 Property Acquisitions During the year ended December 31, 2015 , the Company acquired a 100% interest in seven properties for an aggregate purchase price of $52.3 million (the “ 2015 Acquisitions ”). The Company purchased the 2015 Acquisitions with net proceeds from the Offering and available borrowings. The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation for the acquisitions purchased during the year ended December 31, 2015 (in thousands): 2015 Acquisitions Land $ 11,505 Building and improvements 37,381 Acquired in-place leases (1) 5,054 Acquired above-market leases (2) 28 Intangible lease liabilities (3) (1,694 ) Total purchase price $ 52,274 ______________________ (1) The weighted average amortization period for acquired in-place leases was 10.0 years for the 2015 Acquisitions . (2) The weighted average amortization period for acquired above-market leases was 8.5 years for the 2015 Acquisitions . (3) The weighted average amortization period for acquired intangible lease liabilities was 9.8 years for the 2015 Acquisitions . The Company recorded revenue of $425,000 and net loss of $267,000 for the year ended December 31, 2015 related to the 2015 Acquisitions . In addition, the Company recorded $809,000 of acquisition-related expenses for the year ended December 31, 2015 . The following information summarizes selected financial information of the Company, as if all of the 2015 Acquisitions were completed on January 1, 2014 for each period presented below. The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the years ended December 31, 2015 and 2014 (in thousands): Year Ended December 31, 2015 December 31, 2014 Pro forma basis (unaudited): Revenue $ 23,322 $ 17,943 Net income $ 9,296 $ 1,523 The unaudited pro forma information for the year ended December 31, 2015 was adjusted to exclude acquisition-related expenses recorded during such periods related to the 2015 Acquisitions . These expenses were instead recognized in the unaudited pro forma information for the year ended December 31, 2014 . The unaudited pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2014 , nor does it purport to represent the results of future operations. 2015 Property Dispositions During the year ended December 31, 2015 , the Company disposed of four retail properties and one anchored shopping center property, for an aggregate gross sales price of $21.9 million and a gain of $5.6 million . No disposition fees were paid to affiliates in connection with the sale of the properties and the Company has no continuing involvement with these properties. The gain on sale of real estate is included in gain on disposition of real estate, net in the consolidated statements of operations for all periods presented. The Company did not dispose of any properties during the years ended December 31, 2016 or 2014 . 2014 Property Acquisitions During the year ended December 31, 2014 , the Company acquired a 100% interest in 43 commercial properties for an aggregate purchase price of $126.4 million (the “ 2014 Acquisitions ”). The Company purchased the 2014 Acquisitions with net proceeds from the Offering and available borrowings. The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation for the acquisitions purchased during the year ended December 31, 2014 (in thousands): 2014 Acquisitions Land $ 22,312 Building and improvements 88,082 Acquired in-place leases (1) 13,260 Acquired above-market leases (2) 3,614 Intangible lease liabilities (3) (863 ) Total purchase price $ 126,405 ______________________ (1) The weighted average amortization period for acquired in-place leases was 12.8 years for the 2014 Acquisitions . (2) The weighted average amortization period for acquired above-market leases was 12.7 years for the 2014 Acquisitions . (3) The weighted average amortization period for acquired intangible lease liabilities was 10.3 years for the 2014 Acquisitions . The Company recorded revenue of $4.4 million and net income of $737,000 for the year ended December 31, 2014 related to the 2014 Acquisitions. In addition, the Company recorded $1.5 million of acquisition-related expenses for the year ended December 31, 2014 . The following information summarizes selected financial information of the Company, as if all of the 2014 Acquisitions were completed on January 1, 2013 for each period presented below. The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the years ended December 31, 2014 and 2013 (in thousands): Year Ended December 31, 2014 December 31, 2013 Pro forma basis (unaudited): Revenue $ 18,951 $ 15,171 Net income $ 2,620 $ 1,630 The unaudited pro forma information for the year ended December 31, 2014 was adjusted to exclude acquisition-related expenses recorded during such periods related to the 2014 Acquisitions . These expenses were instead recognized in the unaudited pro forma information for the year ended December 31, 2013 . The unaudited pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2013 , nor does it purport to represent the results of future operations.

Intangible Lease Assets

Intangible Lease Assets	12 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE LEASE ASSETS	INTANGIBLE LEASE ASSETS Intangible lease assets consisted of the following (in thousands, except weighted average life amounts) As of December 31, 2016 2015 In-place leases, net of accumulated amortization of $6,942 and $4,005, respectively (with a weighted average life remaining of 12.0 and 11.0 years, respectively). $ 39,353 $ 25,019 Acquired above-market leases, net of accumulated amortization of $927 and $525, respectively (with a weighted average life remaining of 12.3 and 10.8 years, respectively). 5,743 3,331 $ 45,096 $ 28,350 Amortization expense related to the in-place lease assets for the years ended December 31, 2016 , 2015 and 2014 , was $3.0 million , $2.1 million and $1.6 million , respectively. Amortization expense related to the acquired above-market lease assets for the years ended December 31, 2016 , 2015 and 2014 was $417,000 , $347,000 and $174,000 , respectively, and was recorded as a reduction to rental income in the consolidated statements of operations. As of December 31, 2016 , the estimated amortization expense relating to the intangible lease assets for each of the five succeeding fiscal years is as follows (in thousands): Amortization Year ending December 31, In-Place Leases Above-Market Leases 2017 $ 4,267 $ 541 2018 $ 4,199 $ 514 2019 $ 4,161 $ 507 2020 $ 3,951 $ 507 2021 $ 3,782 $ 507

Marketable Securities

Marketable Securities	12 Months Ended
	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES	MARKETABLE SECURITIES The Company owned marketable securities with an estimated fair value of $5.6 million and $5.2 million as of December 31, 2016 and 2015 , respectively. The following is a summary of the Company’s available-for-sale securities as of December 31, 2016 (in thousands): Available-for-sale securities Amortized Cost Basis Unrealized Loss Fair Value U.S. Treasury Bonds $ 2,284 $ (21 ) $ 2,263 U.S. Agency Bonds 587 (2 ) 585 Corporate Bonds 2,721 (6 ) 2,715 Total available-for-sale securities $ 5,592 $ (29 ) $ 5,563 The following table provides the activity for the marketable securities during the year ended December 31, 2016 (in thousands): Amortized Cost Basis Unrealized Gain (Loss) Fair Value Marketable securities as of January 1, 2016 $ 5,310 $ (73 ) $ 5,237 Face value of marketable securities acquired 1,628 — 1,628 Premiums and discounts on purchase of marketable securities, net of acquisition costs 10 — 10 Amortization on marketable securities (16 ) — (16 ) Sales and maturities of securities (1,340 ) — (1,340 ) Unrealized gain on marketable securities — 44 44 Marketable securities as of December 31, 2016 $ 5,592 $ (29 ) $ 5,563 During the year ended December 31, 2016 , the Company sold 67 marketable securities for aggregate proceeds of $1.3 million . Unrealized gains (losses) on marketable securities are recorded in other comprehensive income (loss), with a portion of the amount subsequently reclassified into other expense, net on the accompanying consolidated statements of operations as securities are sold and gains (losses) are recognized. For the year ended December 31, 2016 , the Company recorded an unrealized gain of $44,000 on its investments, which is included in accumulated other comprehensive (loss) income on the accompanying consolidated statement of changes in equity for the year ended December 31, 2016 and the consolidated balance sheet as of December 31, 2016 . The following table shows the fair value and gross unrealized losses of the Company’s available-for-sale securities as of December 31, 2016 and the length of time the available-for-sale securities have been in the unrealized loss position (in thousands): Less than 12 Months 12 Months or More Total Fair Unrealized Losses Fair Unrealized Losses Fair Unrealized Losses U.S. Treasury Bonds $ 1,905 $ (22 ) $ — $ — $ 1,905 $ (22 ) U.S. Agency Bonds 301 (2 ) 96 (1 ) 397 (3 ) Corporate Bonds 1,516 (13 ) 278 (2 ) 1,794 (15 ) Total temporarily impaired securities $ 3,722 $ (37 ) $ 374 $ (3 ) $ 4,096 $ (40 ) The scheduled maturities of the Company’s marketable securities as of December 31, 2016 are as follows (in thousands): Available-for-sale securities Amortized Cost Estimated Fair Value Due within one year $ 745 $ 745 Due after one year through five years 2,319 2,308 Due after five years through ten years 2,432 2,415 Due after ten years 96 95 Total $ 5,592 $ 5,563 Actual maturities of marketable securities can differ from contractual maturities because borrowers on certain debt securities may have the right to prepay their respective debt obligations at any time. In addition, factors such as prepayments and interest rates may affect the yields on such securities. In estimating other-than-temporary impairment losses, management considers a variety of factors, including (1) whether the Company has the intent to sell the impaired security, (2) whether the Company expects to hold the investment for a period of time sufficient to allow for anticipated recovery in fair value, and (3) whether the company expects to recover the entire amortized cost basis of the security. The Company believes that none of the unrealized losses on investment securities are other-than-temporary as management expects the Company will fully recover the entire amortized cost basis of all securities. As of December 31, 2016 , the Company had no other-than-temporary impairment losses.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	12 Months Ended
	Dec. 31, 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. During the year ended December 31, 2016 , the Company entered into one interest rate swap agreement. As of December 31, 2016 the Company had three interest rate swap agreements. The following table summarizes the terms of the Company’s executed interest rate swap agreements designated as hedging instruments as of December 31, 2016 and 2015 (in thousands): Outstanding Notional Amount as of December 31, 2016 Fair Value of Assets and (Liabilities) Balance Sheet Location Interest Rates (1) Effective Dates Maturity Dates December 31, 2016 December 31, 2015 Interest Rate Swaps Property escrow deposits, prepaid expenses and other assets $ 9,240 3.57% 12/1/2015 12/1/2020 $ 28 $ (27 ) Interest Rate Swaps Deferred rental income, derivative liabilities and other liabilities $ 56,400 3.43% to 4.17% 6/30/2015 to 12/16/2016 9/12/2019 to 1/1/2022 $ (371 ) $ (275 ) ____________________________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of December 31, 2016 . Additional disclosures related to the fair value of the Company’s derivative instruments are included in Note 4 — Fair Value Measurements to these consolidated financial statements. The notional amount under the interest rate swap agreements is an indication of the extent of the Company’s involvement in each instrument, but does not represent exposure to credit, interest rate or market risks. Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company designated the interest rate swaps as cash flow hedges 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) income, with a portion of the amount subsequently reclassified to interest expense as interest payments are made on the Company’s variable rate debt. For the year ended December 31, 2016 , and 2015 , the amount reclassified was $539,000 and $284,000 . During the next 12 months, the Company estimates that an additional $472,000 will be reclassified from other comprehensive (loss) income as an increase to interest expense. Any ineffective portion of the change in fair value of the derivative instruments is recorded in interest expense. There were no portions of the change in the fair value of the interest rate swaps that were considered ineffective during the years ended December 31, 2016 and 2015 . 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 $388,000 , which includes accrued interest, at December 31, 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 December 31, 2016 .

Notes Payable and Credit Facili

Notes Payable and Credit Facility	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
NOTES PAYABLE AND CREDIT FACILITY	NOTES PAYABLE AND CREDIT FACILITY As of December 31, 2016 , the Company had $159.1 million of debt outstanding, including net deferred financing costs, with weighted average years to maturity of 4.4 years and a weighted average interest rate of 3.56% . The weighted average years to maturity is computed using the anticipated repayment date as specified in each loan agreement where applicable. The weighted average interest rate is computed using the interest rate in effect until the anticipated repayment date. Should the loan not be repaid at the anticipated repayment date, the applicable interest rate will increase as specified in the respective loan agreement until the extended maturity date. The following table summarizes the debt balances as of December 31, 2016 and 2015 , and the debt activity for the year ended December 31, 2016 (in thousands): During the Year Ended December 31, 2016 Balance as of January 1, 2016 Debt Issuances, Net (1) Repayments (1) Accretion Balance as of Credit facility $ 50,000 $ 42,000 $ (28,000 ) $ — $ 64,000 Fixed rate debt 69,494 27,675 — — 97,169 Total debt 119,494 69,675 (28,000 ) — 161,169 Deferred costs (2) (1,764 ) (593 ) — 331 (2,026 ) Total debt, net $ 117,730 $ 69,082 $ (28,000 ) $ 331 $ 159,143 ____________________________________ (1) Includes deferred financing costs incurred during the period. (2) Deferred costs relate to mortgage notes payable and the term portion of the Credit Facility, as discussed in Note 3 — Summary of Significant Accounting Policies. As of December 31, 2016 , the Company had fixed rate debt outstanding of $97.2 million , including $25.6 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 4.17% per annum and as of December 31, 2016 , the fixed rate debt had a weighted average interest rate of 3.84% . The debt outstanding matures on various dates from December 2020 to February 2025 . The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the fixed rate debt outstanding was $164.9 million as of December 31, 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, that provides for borrowings up to $225.0 million , which is comprised of $153.0 million in Revolving Loans and $72.0 million in Term Loans, collectively, the Credit Facility. The Term Loans mature 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, should the Company convert to an unsecured revolving credit facility, the overall leverage ratio. For a eurodollar rate loan, the interest rate will be equal to the one-month, two-month, three-month or six-month London Interbank Offered Rate (“LIBOR”) for the interest period, as elected by the Company, multiplied by the statutory reserve rate, as defined in the Amended Credit Agreement (the “Eurodollar Rate”), plus an interest rate spread ranging from 1.90% to 2.45% . For base rate committed loans, the interest rate will be equal to a rate ranging from 0.90% to 1.45% , depending on the Company’s leverage ratio as defined in the Amended Credit Agreement, plus the greatest of: (a) JPMorgan Chase’s Prime Rate; (b) the Federal Funds Effective Rate (as defined in the Amended Credit Agreement) plus 0.50% ; and (c) one-month LIBOR multiplied by the statutory reserve rate plus 1.0% . As of December 31, 2016 , there were no amounts outstanding under the Revolving Loans, and the Term Loans outstanding totaled $64.0 million , $40.0 million of which is subject to an interest rate swap agreement (the “Swapped Term Loan”). As of December 31, 2016 , the all-in rate for the Swapped Term Loan was 3.43% . The Company had $161.0 million in unused capacity, subject to borrowing availability, as of December 31, 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 Amended 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 Amended Credit Agreement, a leverage ratio less than or equal to 60.0% and a fixed charge coverage ratio greater than 1.50 . As of December 31, 2016 , the Company believes it was in compliance with the financial covenants of the Amended Credit Agreement, as well as the financial covenants under the Company’s various fixed and variable rate debt agreements. Maturities The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt as of December 31, 2016 for each of the five succeeding fiscal years and the period thereafter (in thousands): Year ending December 31, Principal Repayments 2017 $ — 2018 — 2019 64,000 2020 9,240 2021 31,717 Thereafter 56,212 Total $ 161,169

Intangible Lease Liabilities

Intangible Lease Liabilities	12 Months Ended
	Dec. 31, 2016
Intangible Liabilities Disclosure [Abstract]
INTANGIBLE LEASE LIABILITIES	INTANGIBLE LEASE LIABILITIES Intangible lease liabilities consisted of the following (in thousands, except weighted average life amounts): As of December 31, 2016 2015 Acquired below-market liabilities, net of accumulated amortization of $929 and $481, respectively (with a weighted average life remaining of 11.9 and 10.7 years, respectively) $ 5,798 $ 3,513 During the years ended December 31, 2016 , 2015 and 2014 , $448,000 , $209,000 and $153,000 , respectively, were recorded as an increase to rental income resulting from the amortization of the intangible lease liabilities. As of December 31, 2016 , the estimated amortization of the intangible lease liabilities for each of the five succeeding fiscal years is as follows (in thousands): Amortization of Year ending December 31, Below-Market Leases 2017 $ 792 2018 $ 779 2019 $ 767 2020 $ 740 2021 $ 505

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation In the ordinary course of business, the Company may become subject to litigation 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 December 31, 2016 , the Company had entered into purchase agreements with unaffiliated third-party sellers to acquire a 100% interest in five retail properties, subject to meeting certain criteria, for an aggregate purchase price of $38.8 million , exclusive of closing costs. As of December 31, 2016 , the Company had $410,000 of property escrow deposits held by escrow agents in connection with these future property acquisitions. These deposits are included in the consolidated balance sheets in property escrow deposits, prepaid expenses and other assets. As of December 31, 2016 , these escrow deposits have 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	12 Months Ended
	Dec. 31, 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. The Company has been advised that CCC intends to reallow 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 December 31, 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. Cole Advisors waived its right to receive operating expense reimbursements for the years ended December 31, 2015 and 2014 ; accordingly, the Company did not reimburse Cole Advisors for any such expenses during the years ended December 31, 2015 and 2014 . 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 year ended December 31, 2015 , the Company incurred $773,000 of Excess G&A which was reimbursed by Cole Advisors, of which $248,000 was included as a reduction to amounts due to affiliates on the consolidated balance sheet. Beginning January 1, 2016, Cole Advisors ceased to fund 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 year ended December 31, 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 years indicated (in thousands): Year Ended December 31, 2016 2015 2014 Offering: Selling commissions $ 2,121 $ 301 $ 563 Distribution fee (1) $ 246 $ 89 $ 36 Dealer manager fees (1) $ 1,310 $ 764 $ 556 Organization and offering expense reimbursement $ 1,192 $ 464 $ 520 Acquisition expense reimbursement $ 1,622 $ 369 $ 490 Advisory fee $ 2,760 $ 1,290 $ 926 Operating expense reimbursement $ 1,656 $ — $ — Performance fee $ — $ 1,246 $ 1,076 ______________________ (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 consolidated balance sheets, with a corresponding decrease to capital in excess of par value, as described in Note 3 – Summary of Significant Accounting Policies. As of December 31, 2016 , $2.3 million of the amounts shown above had been incurred, but not yet paid, for services provided by Cole Advisors or its affiliates in connection with the acquisitions and operations stage and was a liability of the Company. Cole Advisors waived its right to receive operating expense reimbursements for the twelve months ended December 31, 2015 and 2014 , accordingly, the Company did not reimburse Cole Advisors for any such expenses during the twelve months ended during these periods. During the years ended December 31, 2015 and 2014 , Cole Advisors permanently waived its right to receive expense reimbursements totaling $1.3 million and $931,000 , respectively. Due to Affiliates As of December 31, 2016 and December 31, 2015 , $14.8 million and $8.2 million , respectively, was due to Cole Advisors and 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 amounts due to affiliates on the consolidated balance sheets.

Economic Dependency

Economic Dependency	12 Months Ended
	Dec. 31, 2016
Economic Dependency [Abstract]
ECONOMIC DEPENDENCY	ECONOMIC DEPENDENCY Under various agreements, the Company has engaged or may 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.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY As of December 31, 2016 , the Company was authorized to issue up to 500,000,000 shares of capital stock. Of the total number of shares of capital stock authorized (a) 490,000,000 shares are designated as common stock, 164,000,000 of which are classified as W Shares, 163,000,000 of which are classified as A Shares, and 163,000,000 of which are classified as I Shares, and (b) 10,000,000 shares are designated as preferred stock. All shares of such stock have a par value of $0.01 per share. The Company’s board of directors may amend the charter from time to time to increase or decrease the aggregate number of authorized shares of capital stock or the number of authorized shares of capital stock of any class or series without stockholder approval. During the year ended December 31, 2016 , the Company issued a total of 8.7 million shares, including 328,000 shares issued under the DRIP, for gross proceeds of $161.0 million . As of December 31, 2016 , the Company had issued 20.4 million shares of common stock for cumulative gross proceeds of $361.0 million . NAV per Share Calculation The Company’s per share purchase and redemption price for each class varies from day-to-day. The Company has engaged an independent valuation expert which has expertise in appraising commercial real estate assets and related liabilities, to provide, on a rolling quarterly basis, valuations of each of the Company’s commercial real estate assets and related liabilities to be set forth in individual appraisal reports, and to adjust those valuations for events known to the independent valuation expert that it believes are likely to have a material impact on previously provided estimates of the value of the affected commercial real estate assets or related real estate liabilities. In addition, the calculation of NAV for each class includes liquid assets, which are priced daily using third party pricing services, and cash and cash equivalents. The Company has retained an independent fund accountant to calculate the daily NAV for each class, which uses a process that reflects (1) estimated values of each of the Company’s commercial real estate assets, related liabilities and notes receivable secured by real estate provided periodically by the Company’s independent valuation expert, in individual appraisal reports, (2) daily updates in the price of liquid assets for which third party market quotes are available, (3) accruals of the daily distributions for each class, and (4) estimates of daily accruals, on a net basis, of the Company’s operating revenues, expenses, including class-specific expenses, debt service costs and fees, including class-specific fees. Selling commissions will have no effect on the NAV of any class. NAV is intended to reflect the Company’s estimated value on the date that the NAV is determined, and the NAV of any class at any given time will not reflect any obligation to pay future trail fees that may become payable after the date the NAV is determined. As a result, the estimated liability for the future dealer manager and distribution fees, which is accrued at the time each share is sold, will have no effect on the NAV of any class. The result of this calculation is the NAV for each class of shares as of the end of any business day. The NAV per share is determined by allocating the NAV to each share class based on its respective ownership percentage. The NAV for each class is then adjusted for contributions, redemptions and accruals of the class’s daily distributions and estimates of class-specific fee and expense accruals. Distributions reflect the daily distribution rate set by the Company’s board of directors, which may vary for each class. The NAV per share for each class is determined by dividing such class’s NAV on such day by the number of shares outstanding for that class as of the end of such business day, prior to giving effect to any share purchases or redemptions to be effected on such day. At regularly scheduled board of directors meetings, the Company’s board of directors reviews the process by which the Company’s advisor estimated the daily accruals and the independent fund accountant calculated the NAV per share, and the operation and results of the process to determine NAV per share generally. The Company’s NAV is not calculated in accordance with GAAP and is not audited by the independent registered public accounting firm. Distribution Reinvestment Plan Pursuant to the DRIP, the Company allows stockholders to elect to have their distributions reinvested in additional shares of the Company’s common stock. The purchase price for shares under the DRIP is equal to the NAV per share on the date that the distribution is payable, after giving effect to the distribution. During the years ended December 31, 2016 , 2015 and 2014 , 328,000 , 185,000 and 136,000 shares were purchased under the DRIP for $6.0 million , $3.3 million and $2.3 million , respectively. Share Redemption Program The Company has adopted a share redemption plan whereby, on any business day, stockholders may request that the Company redeem all or any portion of their shares, subject to certain limitations described below. Pursuant to the share redemption program, the Company will initially redeem shares at a redemption price per share on any business day equal to the Company’s NAV per share for the class of shares being redeemed, without giving effect to any share purchases or redemptions to be effected on such day, less any applicable short-term trading fees. Subject to limited exceptions, stockholders who redeem their shares within the first 365 days from the date of purchase will be subject to a short-term trading fee of 2% of the aggregate NAV per share of the shares of common stock received. In each calendar quarter, net redemptions will be limited to 5% of the Company’s total NAV as of the end of the immediately preceding quarter. If less than the full 5% limit available for a quarter is used, the unused percentage will be carried over to the next quarter (the “Carryover Percent”), but the maximum carryover percentage will never exceed 15% in the aggregate, and net redemptions in any quarter may never exceed 10% of the prior quarter’s NAV. On each business day, the Company will calculate the maximum amount available for redemptions as 5% plus the Carryover Percent times the prior quarter-end’s NAV, plus share sales for the quarter, minus share redemptions for the quarter (the “Quarterly Limit”). Redemption requests will be satisfied on a first-come-first-served basis up to the Quarterly Limit. A redemption request must be received by 4:00 p.m. Eastern Time on the last business day that the New York Stock Exchange is open for trading prior to the end of a calendar quarter in order for the current Quarterly Limit to apply. For the quarter following a quarter in which the Company reached its Quarterly Limit (a “Limit Quarter”), a 5% per quarter redemption limitation will apply on a stockholder by stockholder basis, such that each of the Company’s stockholders will be allowed to request a redemption, at any time during that quarter, for a total of up to 5% of the shares they held as of the last day of the Limit Quarter, plus shares, if any, that the stockholder purchases during the in-progress quarter (the “Flow-regulator”). This prospective methodology for allocating available funds daily during a quarter for which a Flow-regulator is in effect (a “Flow-regulated Quarter”) is designed to treat all stockholders equally during the quarter as a whole, regardless of the particular day during the quarter when they choose to submit their redemption requests, based on the number of shares held by each stockholder as of the prior quarter-end. If, during a Flow-regulated Quarter, total redemptions for all stockholders in the aggregate are more than two and one-half percent of the Company’s total NAV as of the end of the immediately preceding quarter, then the Flow-regulator will continue to apply for the next succeeding quarter. If total redemptions for all stockholders in the aggregate during a Flow-regulated Quarter are equal to or less than two and one-half percent of the Company’s total NAV as of the end of the immediately preceding quarter, then the first-come, first-served Quarterly Limit discussed above will come back into effect for the next succeeding quarter, with the Quarterly Limit consisting of five percent plus any remaining amount of the Carryover Percent from the last quarter before the Flow-regulated Quarter (subject to the 10% quarterly limit). The Company adopted several restrictions with respect to the redemption of certain shares owned by CHC Investments, LLC, an affiliate of a former officer and director of the Company. This shareholder was not permitted to redeem its shares until the Company had raised $100.0 million in the Offering. Thereafter, redemption requests made for these shares would only be accepted (1) on the last business day of a calendar quarter, (2) after all redemption requests from all other stockholders for such quarter have been accepted and (3) to the extent that such redemptions do not cause net redemptions to exceed 5% of the Company’s total NAV as of the end of the immediately preceding quarter. Redemption requests for these shares would otherwise be subject to the same limitations as other stockholder redemption requests as described above. During the year ended December 31, 2016 , redemption requests were made that conformed to these requirements, resulting in redemptions by CHC Investments, LLC of 178,264 shares during the year. As of December 31, 2016 , CHC Investments, LLC had no shares outstanding. In addition, as of December 31, 2016 , VEREIT Properties Operating Partnership, L.P. (formerly known as ARC Properties Operating Partnership, L.P.) (“VEREIT OP”), as the successor to CHC, owned 13,333 W Shares. VEREIT OP was prohibited from selling these shares, which represents the initial investment in the Company, for so long as the Company’s sponsor is VEREIT OP or an affiliate of VEREIT OP; provided, however, that VEREIT OP could transfer ownership of all or a portion of such shares to other affiliates of the Company’s sponsor. The Company may fund redemptions with proceeds from any available source, including, but not limited to, available cash, proceeds from sales of additional shares, excess cash flow from operations, sales of liquid investments, incurrence of indebtedness and, if necessary, proceeds from the disposition of real estate properties or real estate-related assets. The Company may reserve borrowing capacity under its Credit Facility and elect to borrow against the Credit Facility in part to redeem shares presented for redemption during periods when the Company does not have sufficient proceeds from the sale of shares to fund all redemption requests. Additionally, the Company’s board of directors may modify or suspend its redemption plan at any time in its sole discretion if it believes that such action is in the best interests of the stockholders. As of December 31, 2016 , the quarterly redemption capacity was equal to 10% of the Company’s NAV and this amount was recorded as redeemable common stock on the consolidated balance sheet for a total of $32.1 million . During the year ended December 31, 2016 , the Company received redemption requests for, and redeemed approximately 782,000 W Shares of common stock for $14.3 million , and 104,000 A Shares of common stock for $1.9 million . Distributions Payable and Distribution Policy The Company’s board of directors authorized a daily distribution, based on 365 days in the calendar year of $0.002678083 per share for stockholders of record as of the close of business on each day of the period commencing on January 1, 2016 and ending on June 30, 2017 . The daily distribution amount for each class of outstanding common stock is adjusted based on the relative NAV of the various classes each day so that, from day to day, distributions constitute a uniform percentage of the NAV per share of all classes. As a result, from day to day, the per share daily distribution for each outstanding class of common stock may be higher or lower than the daily distribution amount authorized by the Company’s board of directors. As of December 31, 2016 , the Company had distributions payable of $1.4 million .

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For federal income tax purposes, distributions to stockholders are characterized as ordinary dividends, capital gain distributions, or nondividend distributions. Nondividend distributions will reduce U.S stockholders’ basis (but not below zero) in their shares. The following table shows the character of the distributions paid on a percentage basis for the years ended December 31, 2016 , 2015 , and 2014 : Character of Distributions (unaudited): 2016 2015 (1) 2014 Ordinary dividends 33.0 % 44.9 % 52.9 % Nondividend distributions 67.0 % — % 47.1 % Capital gain distributions — % 55.1 % — % Total 100 % 100 % 100 % ____________________________________ (1) Includes dividend paid on January 4, 2016. During the years ended December 31, 2016 , 2015 and 2014 , the Company distributed as dividends to its shareholders 100% of its taxable income for federal income tax purposes. Accordingly, no provision for federal income taxes related to such taxable income was recorded in the Company’s consolidated financial statements. During the years ended December 31, 2016 , 2015 and 2014 , the Company incurred state and local income and franchise taxes of $88,000 , $120,000 and $75,000 , respectively, which were recorded in general and administrative expenses on the consolidated statements of operations. The Company had no unrecognized tax benefits as of or during the years ended December 31, 2016 , 2015 and 2014 . Any interest and penalties related to unrecognized tax benefits would be recognized within the provision for income taxes in the accompanying consolidated statements of operations. The Company files income tax returns in the U.S. federal jurisdiction, as well as various state jurisdictions, and is subject to routine examinations by the respective tax authorities.

Operating Leases

Operating Leases	12 Months Ended
	Dec. 31, 2016
Leases [Abstract]
OPERATING LEASES	OPERATING LEASES The Company’s real estate properties are leased to tenants under operating leases for which the terms and expirations vary. As of December 31, 2016 , the leases had a weighted-average remaining term of 10.6 years . The leases may have provisions to extend the lease agreements, options for early termination after paying a specified penalty, rights of first refusal to purchase the property at competitive market rates, and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. As of December 31, 2016 , the future minimum rental income from the Company’s investment in real estate assets under non-cancelable operating leases, assuming no exercise of renewal options for the succeeding five fiscal years was as follows (in thousands): Year ending December 31, Future Minimum Rental Income 2017 $ 32,506 2018 32,435 2019 32,581 2020 32,320 2021 32,208 Thereafter 199,267 Total $ 361,317

Quarterly Results (Unaudited)

Quarterly Results (Unaudited)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY RESULTS (UNAUDITED)	QUARTERLY RESULTS (UNAUDITED) Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2016 and 2015 (in thousands, except per share amounts). In the opinion of management, the information for the interim periods presented include all adjustments, which are of a normal and recurring nature, necessary to present a fair presentation of the results for each period. December 31, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 5,954 $ 6,341 $ 6,889 $ 8,127 Operating income $ 1,210 $ 972 $ 956 $ 940 Net loss $ (17 ) $ (280 ) $ (370 ) $ (625 ) Basic and diluted net loss per common share (1) $ — $ (0.02 ) $ (0.03 ) $ (0.04 ) Distributions declared per common share (1) $ 0.24 $ 0.24 $ 0.25 $ 0.25 ____________________________________ (1) The sum of the quarterly net loss per share amounts does not agree to the full year net loss per share amounts. The Company calculates net loss per share and distributions declared per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters. December 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 4,827 $ 4,565 $ 4,745 $ 4,972 Operating income $ 2,012 $ 1,524 $ 1,316 $ 813 Net income (loss) $ 1,126 $ 5,320 $ 1,128 $ (247 ) Basic and diluted net income (loss) per common share (1) $ 0.16 $ 0.71 $ 0.14 $ (0.03 ) Distributions declared per common share (1) $ 0.24 $ 0.24 $ 0.25 $ 0.25 ____________________________________ (1) The sum of the quarterly net income (loss) per share amounts does not agree to the full year net income per share amounts. The Company calculates net income (loss) per share and distributions declared per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The following events occurred subsequent to December 31, 2016: Investment in Real Estate Assets Subsequent to December 31, 2016 , the Company acquired 12 real estate properties for an aggregate purchase price of $52.5 million . The acquisitions were funded with net proceeds from the Offering and available borrowings. The Company has not completed its initial purchase price allocations with respect to these properties and therefore cannot provide similar disclosures to those included in Note 5 in these consolidated financial statements for these properties.

SCHEDULE III _ Real Estate Asse

SCHEDULE III – Real Estate Assets and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION	Gross Amount at Which Initial Costs to Company Total Carried At Accumulated Buildings & Adjustment December 31, 2016 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) Acquired Constructed Real Estate Held for Investment the Company Has Invested in Under Operating Leases: Advance Auto: Macomb Township, MI (f) $ 718 $ 1,146 $ — $ 1,864 $ 156 12/20/2011 2009 Ravenswood, WV (f) 150 645 58 853 26 6/17/2015 1996 Sedalia, MO (f) 374 1,187 — 1,561 107 9/23/2013 2013 Algonac Plaza: Algonac, MI (f) 1,097 7,718 — 8,815 771 8/30/2013 2002 Amcor Rigid Plastics: Ames, IA $8,300 775 12,179 — 12,954 698 9/19/2014 1996 Aspen Dental: Someset, KY (f) 285 1037 — 1322 66 8/18/2014 2014 At Home: Colorado Springs, CO (f) 989 9,347 — 10,336 72 9/9/2016 1969 O'Fallon, IL (f) 2,521 7,336 — 9,857 62 9/9/2016 1998 AT&T: Oklahoma City, OK (f) 622 1,493 — 2,115 128 5/1/2014 2013 AutoZone: Jesup, GA (f) 209 781 — 990 4 10/25/2016 2005 Vandalia, OH 532 778 — — 778 — 10/10/2014 2014 Biolife Plasma Services: Fort Wayne, IN 692 2,662 — 3354 3 12/16/2016 2007 Moorehead, MN 728 3,109 — 3837 4 12/16/2016 2008 Burger King: Midwest City, OK 765 576 413 — 989 24 9/30/2014 2015 Caliber Collision: Houston, TX (f) 466 4,929 — 5,395 52 8/11/2016 2016 Venice, FL (f) 857 2,662 — 3,519 28 8/12/2016 2015 Carrier Rental Systems: Houston, TX 2,800 749 3,832 — 4,581 226 9/4/2014 2006 Chili ’ s & Petsmart: Panama City, FL (f) 1,371 4,411 129 5,911 136 12/10/2015 2005 CVS: Austin, TX (f) 1,417 1,579 — 2,996 207 12/8/2011 1997 Erie, PA (f) 1,007 1,157 — 2,164 150 12/9/2011 1999 Mansfield, OH (f) 270 1,691 — 1,961 219 12/9/2011 1998 Wisconsin Rapids, WA 1,790 517 2,148 — 2,665 169 12/13/2013 2013 DaVita Dialysis: Austell, GA (f) 581 2,359 — 2,940 160 5/6/2014 2009 Dollar General: Ada, MN (f) 144 867 — 1,011 17 4/8/2016 2015 Berwick, LA (f) 141 1,448 — 1,589 162 11/30/2012 2012 Erie, IL (f) 67 974 — 1,041 14 6/30/2016 2016 Gladwin, MI 780 121 1,119 — 1,240 89 1/24/2014 2013 Glasford, IL (f) 167 904 — 1,071 13 6/24/2016 2016 Independence, MO 837 276 1,017 — 1,293 104 3/15/2013 2012 Lexington, MI 707 89 1,033 — 1,122 82 1/24/2014 2013 New Richland, MN (f) 173 900 — 1,073 13 6/24/2016 2016 Ocala, FL (f) 205 1,308 — 1,513 89 5/7/2014 2013 Pine River, MN (f) 230 872 — 1,102 17 4/8/2016 2016 Redfield, SD (f) 43 839 — 882 53 9/5/2014 2014 Sardis City, AL (f) 334 1,058 — 1,392 113 6/26/2013 2012 Gross Amount at Which Initial Costs to Company Total Carried At Accumulated Buildings & Adjustment December 31, 2016 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) Acquired Constructed Dollar General (continued): Sioux Falls, SD (f) $ 293 $ 989 $ — $ 1,282 $ 72 6/25/2014 2014 Stacy, MN $658 84 810 — 894 44 11/6/2014 2014 Starbuck, MN (f) 76 946 — 1,022 18 4/15/2016 2016 St. Joseph, MO (f) 197 972 — 1,169 98 4/2/2013 2013 Topeka, KS 794 176 882 — 1,058 53 10/22/2014 2014 Trimble, MO (f) 212 802 — 1,014 11 6/30/2016 2016 Wheaton, MN (f) 134 874 — 1,008 17 4/22/2016 2016 Winthrop, MN (f) 130 876 — 1,006 17 4/8/2016 2016 Enid Crossing: Enid, OK 3,407 685 4,426 — 5,111 364 6/30/2014 2013 Family Dollar: Centreville, AL (f) 50 1,122 — 1,172 79 4/29/2014 2013 Danville, VA (f) 228 774 — 1,002 65 6/17/2014 2013 Darby, MT 881 244 889 — 1,133 58 9/30/2014 2014 Denton, NC (f) 334 545 — 879 42 6/17/2014 2012 Deridder, LA (f) 183 746 — 929 57 9/3/2014 2014 Hampton, AR 651 131 741 — 872 59 9/15/2014 2014 Londonderry, OH (f) 65 1,078 — 1,143 78 9/3/2014 2014 Tatum, NM 700 130 805 — 935 65 3/31/2014 2014 West Portsmouth, OH (f) 214 768 — 982 47 9/23/2014 2004 FedEx: Elko, NV (f) 186 2,024 — 2,210 192 5/28/2013 2012 Norfolk, NE (f) 618 2,499 — 3,117 228 8/19/2013 2013 Spirit Lake, IA (f) 115 2,501 — 2,616 202 12/12/2013 2013 FleetPride: Mobile, AL (f) 695 2,445 — 3,140 102 10/22/2015 2015 Fresh Thyme: Worthington, OH (f) 2,648 6,498 — 9,146 65 8/9/2016 2015 Great White: Oklahoma City, OK (f) 323 4,031 — 4,354 291 5/29/2014 1973 Headwaters: Bryan, TX (f) 273 961 — 1,234 61 7/23/2014 2014 Home Depot Center: Orland Park, IL 11,275 5,694 13,100 10 18,804 468 12/31/2015 1993 Jo-Ann: Roseville, MI (f) 506 2,747 — 3,253 284 9/30/2013 2013 Kum & Go: Cedar Rapids, IA 1,501 630 1,679 — 2,309 163 5/3/2013 2011 LA Fitness: Pawtucket, RI (f) 5,556 7,071 — 12,627 60 10/11/2016 2015 Lowe’s: Fremont, OH 5,312 1,287 7,125 278 8,690 658 12/11/2013 1996 Marshalls: Wilkesboro, NC (f) 968 1,775 — 2,743 11 10/20/2016 1999 Marshalls & Petco: — Blaine, MN 1,642 5,170 — 6,812 8 12/29/2016 2016 Mattress Firm: Fairview Park, OH (f) 646 830 — 1,476 60 6/16/2014 2014 Gadsden, AL (f) 393 1,413 — 1,806 133 6/10/2013 2012 Phoenix, AZ (f) 550 956 — 1,506 74 2/26/2014 2014 Gross Amount at Which Initial Costs to Company Total Carried At Accumulated Buildings & Adjustment December 31, 2016 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) Acquired Constructed Mattress Firm & AT&T: Woodbury, MN (f) $ 812 $ 2,238 $ — $ 3,050 $ 185 1/24/2014 2013 Mattress Firm & Panera Bread: Elyria, OH (f) 1,100 2,836 — 3,936 63 4/7/2016 2015 McAlister ’ s Deli: Amarillo, TX (f) 435 1,050 — 1,485 88 3/27/2014 2010 Shawnee, OK (f) 601 1,054 — 1,655 84 3/27/2014 2007 Mister Carwash: Hudson, FL (f) 1,014 843 — 1,857 5 10/19/2016 2007 Spring Hill, FL (f) 961 1,156 — 2,117 6 10/19/2016 2008 National Tire & Battery: Conyers, GA $1,657 522 1,845 — 2,367 112 9/26/2014 1995 Natural Grocers: Prescott, AZ 2,367 795 2,802 — 3,597 299 5/6/2013 2012 Northern Tool: Hoover, AK (f) 691 2,150 — 2,841 140 8/15/2014 2014 O ’ Reilly Auto Parts: Decatur, GA (f) 491 985 — 1,476 8 9/12/2016 2007 Fayetteville, NC (f) 132 1,246 — 1,378 88 3/18/2014 2012 PetSmart: Little Rock, AR (f) 1,283 2,820 — 4,103 273 7/19/2013 1996 McAllen, TX 2,924 1,961 1,994 — 3,955 188 9/30/2014 1995 Raising Cane ’ s: Avondale, AZ (f) 3,292 — — 3,292 — 5/23/2014 2013 Sam's Club: Timonium, MD (f) 6,194 11,042 — 17,236 53 11/28/2016 2000 Sherwin-Williams: Douglasville, GA (f) 417 578 — 995 52 8/2/2013 2009 Lawrenceville, GA (f) 320 845 — 1,165 81 9/24/2013 2013 Pigeon Forge, TN (f) 393 661 — 1,054 2 11/1/2016 2015 Shopko: Larned, KS (f) 49 1,727 — 1,776 121 6/30/2014 2008 Nephi, UT (f) 180 2,872 — 3,052 61 3/4/2016 2015 Shoppes at Battle Bridge: Raleigh, NC 6,300 1,450 8,436 — 9,886 551 9/4/2014 2008 Sleepy ’ s: Roanoke Rapids, NC (f) 238 1,267 — 1,505 46 8/17/2015 2015 Sunoco: Merritt Island, FL (f) 577 1,762 — 2,339 164 4/12/2013 2008 Tailwinds: Denton, TX (f) 884 7,747 — 8,631 449 9/30/2014 2013 Tellico Greens: Loudon, TN 3,000 823 3,959 — 4,782 321 12/20/2013 2008 Teredata: Miami Township, OH 1,161 9,181 — 10,342 13 12/12/2016 2010 The Toro Company: Windom, MN (f) 73 8,708 — 8,781 139 5/19/2016 2016 Time Warner: Streetsboro, OH 3,543 811 3,849 — 4,660 233 9/30/2014 2003 Gross Amount at Which Initial Costs to Company Total Carried At Accumulated Buildings & Adjustment December 31, 2016 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) Acquired Constructed Tire Centers: Decatur, AL $1,311 $ 208 $ 1,329 $ — $ 1,537 $ 83 10/3/2014 1998 Title Resource: Mount Laurel, NJ 9,240 2,188 12,380 — 14,568 554 11/24/2015 2004 TJ Maxx: Danville, IL (f) 271 2,528 — 2,799 261 9/23/2013 2013 Triangle Town Place: Raleigh, NC 16,400 4,694 23,044 — 27,738 25 12/15/2016 2004 Walgreens: Albuquerque, NM (f) 789 1,609 11 2,409 206 12/7/2011 1995 Coweta, OK 2,600 725 3,246 — 3,971 207 6/30/2014 2009 Reidsville, NC 3,603 610 3,801 — 4,411 494 12/8/2011 2008 St. Louis, MO 2,534 307 3,205 — 3,512 191 8/8/2014 2007 Walgreens Distribution Facility: Findlay Township, PA (f) 2,203 11,146 — 13,349 270 2/29/2016 2015 West Marine: Mystic, CT (f) 1,168 3,132 — 4,300 114 9/11/2015 2014 TOTAL: $ 97,169 $ 86,858 $ 319,103 $ 486 $ 406,447 $ 14,768 ____________________________________ (a) As of December 31, 2016 , the Company owned 88 retail, six anchored shopping centers, 12 industrial and distribution and two office properties. (b) The aggregate cost for federal income tax purposes was approximately $449.8 million . (c) The following is a reconciliation of total real estate carrying value for the years ended December 31: 2016 2015 2014 Balance, beginning of period $ 237,401 $ 203,111 $ 92,717 Additions Acquisitions 168,901 48,885 110,394 Improvements 145 226 — Total additions 169,046 49,111 110,394 Deductions Cost of real estate sold — 14,821 — Total deductions — 14,821 — Balance, end of period $ 406,447 $ 237,401 $ 203,111 (d) The following is a reconciliation of accumulated depreciation for the years ended December 31: 2016 2015 2014 Balance, beginning of period $ 8,168 $ 4,459 $ 1,451 Additions Acquisitions - Depreciation Expense for Building & Tenant Improvements Acquired 6,576 4,358 2,987 Improvements - Depreciation Expense for Tenant Improvements & Building Equipment 24 14 21 Total additions 6,600 4,372 3,008 Deductions Cost of real estate sold — 663 — Total deductions — 663 — Balance, end of period $ 14,768 $ 8,168 $ 4,459 (e) The Company’s assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, buildings are depreciated over 40 years , and tenant improvements are amortized over the remaining life of the lease or the useful life, whichever is shorter. (f) Part of the Credit Facility’s Borrowing Base. As of December 31, 2016 , the Company had $64.0 million outstanding under the Credit Facility.

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of presentation	The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying consolidated financial statements.
Principles of consolidation and basis of presentation	Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and the Consolidated Joint Venture in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. The Company evaluates its relationships and investments to determine if it has variable interests. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. If the Company determines that it has a variable interest in an entity, it evaluates whether such interest is in a variable interest entity (“VIE”). VIEs are entities where investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or where equity investors, as a group, lack one of the following characteristics: (a) the power to direct the activities that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of the entity, or (c) the right to receive the expected returns of the entity. The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations. During the year ended December 31, 2016 , the Company adopted the U.S. Financial Accounting Standards Board (the “FASB”) Accounting Standards Update (“ASU”) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , which simplifies consolidation accounting by reducing the number of consolidation models and changing various aspects of current GAAP, including certain consolidation criteria for a VIE. For legal entities being evaluated for consolidation, the Company must first determine whether the interests that it holds and fees it receives qualify as variable interests in the entity. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. The Company’s evaluation includes consideration of fees paid to the Company where the Company acts as a decision maker or service provider to the entity being evaluated. If the Company determines that it holds a variable interest in an entity, it evaluates whether that entity is a VIE. A VIE must be consolidated by its primary beneficiary, which is generally defined as the party who has a controlling financial interest in the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance and its obligation to absorb losses from or right to receive benefits of the VIE that could potentially be significant to the VIE. The Company consolidates any VIEs when the Company is determined to be the primary beneficiary of the VIE and the difference between consolidating the VIE and accounting for it using the equity method could be material to the Company’s consolidated financial statements. The Company continually evaluates the need to consolidate any VIEs based on standards set forth in GAAP as described above. As of December 31, 2016 , the Company determined that it had a controlling interest in the Consolidated Joint Venture and therefore met the GAAP requirements for consolidation.
Use of estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Investment in and recoverability of real estate assets and assets held for sale	Real Estate Investments Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition, excluding acquisition-related expenses, construction and any tenant improvements, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All 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 years ended December 31, 2016 , 2015 or 2014 . 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	Allocation of Purchase Price of Real Estate Assets Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place leases, based in each case on their respective fair values. Acquisition-related expenses are expensed as incurred. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The fair values of above- and below-market lease intangibles are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) an estimate of fair market lease rates for the corresponding in-place leases, which is generally obtained from independent appraisals, measured over a period equal to the remaining non-cancelable term of the lease including, for below-market leases, any bargain renewal periods. The above- and below-market lease intangibles are capitalized as intangible lease assets or liabilities, respectively. Above-market leases are amortized as a reduction to rental income over the remaining terms of the respective leases. Below-market leases are amortized as an increase to rental income over the remaining terms of the respective leases, including any bargain renewal periods. In considering whether or not the Company expects a tenant to execute a bargain renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition, such as the financial strength of the tenant, the remaining lease term, the tenant mix of the leased property, the Company’s relationship with the tenant and the availability of competing tenant space. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above- or below-market lease intangibles relating to that lease would be recorded as an adjustment to rental income. The fair values of in-place leases include estimates of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rental and other property income which are avoided by acquiring a property with an in-place lease. Direct costs associated with obtaining a new tenant include leasing commissions, legal and other related expenses and are estimated in part by utilizing information obtained from independent appraisals and management’s consideration of current market costs to execute a similar lease. The intangible values of opportunity costs, which are calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease, are capitalized as intangible lease assets and are amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed. The Company may acquire certain properties subject to contingent consideration arrangements that may obligate the Company to pay additional consideration to the seller based on the outcome of future events. Additionally, the Company may acquire certain properties for which it funds certain contingent consideration amounts into an escrow account pending the outcome of certain future events. The outcome may result in the release of all or a portion of the escrow funds to the Company or the seller or a combination thereof. Contingent consideration arrangements, including amounts funded through an escrow account, will be recorded upon acquisition of the respective property at their estimated fair value, and any changes to the estimated fair value, subsequent to acquisition, will be reflected in the accompanying consolidated statements of operations in acquisition-related fees and expenses. The determination of the amount of contingent consideration arrangements is based on the probability of several possible outcomes as identified by management. The Company will estimate the fair value of assumed mortgage notes payable based upon indications of current market pricing for similar types of debt financing with similar maturities. Assumed mortgage notes payable will initially be recorded at their estimated fair value as of the assumption date, and any difference between such estimated fair value and the mortgage note’s outstanding principal balance will be amortized or accreted to interest expense over the term of the respective mortgage note payable. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations.
Investment in marketable securities	Investment in Marketable Securities Investment in marketable securities consists primarily of the Company ’ s investment in corporate and government debt securities. The Company determines the appropriate classification for debt securities at the time of purchase and reevaluates such designation as of each balance sheet date. As of December 31, 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 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 consolidated statements of operations in interest and other expense, net. Upon the sale of a security, the realized net gain or loss is computed on the specific identification method.
Noncontrolling Interest in Consolidated Joint Venture	Noncontrolling Interest in Consolidated Joint Venture On December 16, 2016, the Company completed the formation of the Consolidated Joint Venture. The Company determined it had a controlling interest in the Consolidated Joint Venture and, therefore, met the GAAP requirements for consolidation.
Restricted cash	Restricted Cash The Company had $600,000 and $118,000 in restricted cash as of December 31, 2016 and 2015 , respectively. Included in restricted cash were escrowed investor proceeds of $75,000 and $50,000 for which shares of common stock had not been issued as of December 31, 2016 and 2015 , respectively. Restricted cash as of December 31, 2016 included $500,000 held by a lender in an escrow account for a certain property in accordance with the associated loan agreement, and no amounts were held for such loan as of December 31, 2015 . Additionally, as of December 31, 2016 and 2015 , the Company had $25,000 and $68,000 , respectively, held in a lockbox account. As part of certain debt agreements, rent from certain of the Company’s tenants is deposited directly into a lockbox account, from which funds in excess of the required minimum balance are disbursed on a weekly basis to the Company.
Cash Concentrations	Cash Concentrations Cash and cash equivalents include cash in bank accounts, as well as investments in highly-liquid money market funds. The Company deposits cash with several high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) up to an insurance limit of $250,000. At times, the Company’s cash and cash equivalents may exceed federally insured levels. Although the Company bears risk on amounts in excess of those insured by the FDIC, it has not experienced and does not anticipate any losses due to the high quality of the institutions where the deposits are held.
Deferred financing costs	Deferred Financing Costs Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining commitments for financing. The presentation of all deferred financing costs, other than those associated with the revolving loan portion of the credit facility, are classified such that the debt issuance costs related to a recognized debt liability are presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability rather than as an asset. Debt issuance costs related to securing a revolving line of credit are presented as an asset and amortized ratably over the term of the line of credit arrangement. As such, the Company’s current and corresponding prior period total deferred financing costs, net in the accompanying consolidated balance sheets relate only to the revolving loan portion of the credit facility and the historical presentation, amortization and treatment of unamortized costs are still applicable. As of December 31, 2016 and 2015 , the Company had $1.1 million and $819,000 , respectively, of deferred financing costs, net of accumulated amortization, related to the revolving credit facility. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined the financing will not close.
Derivative instruments and hedging activities	Derivative Instruments and Hedging Activities The Company accounts for its derivative instruments at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the effective portion of any derivative instrument that is designated as a hedge is recorded as other comprehensive (loss) income. The changes in fair value for derivative instruments that are not designated as hedges or that do not meet the hedge accounting criteria are recorded as a gain or loss to operations.
Due to affiliates	Due to Affiliates Cole Advisors and certain of its affiliates received, and will continue to receive, fees, reimbursements and compensation in connection with services provided relating to the Offering and the acquisition, management and performance of the Company’s assets.
Redeemable common stock	Redeemable Common Stock The Company has adopted a share redemption program that permits its stockholders to redeem their shares, subject to certain limitations discussed in Note 14 — Stockholders’ Equity to these consolidated financial statements. The Company records amounts that are redeemable under the share redemption program as redeemable common stock outside of permanent equity on its consolidated balance sheets. Redeemable common stock is recorded at the greater of the carrying amount or redemption value each reporting period. Changes in the value from period to period are recorded as an adjustment to capital in excess of par value.
Dealer Manager and Distribution Fees	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 indicated 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 payable to CCC is recognized at the time each share is sold and included in due to affiliates in the consolidated balance sheets with a corresponding decrease to capital in excess of par value.
Revenue recognition	Revenue Recognition Certain properties have leases where minimum rental payments increase during the term of the lease. The Company records rental income for the full term of each lease on a straight-line basis when earned and collectability is reasonably assured. 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.
Income taxes	Income Taxes The Company elected to be taxed, and currently qualifies, as a REIT for federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Company generally is not subject to federal corporate income tax to the extent it distributes its taxable income to its stockholders, and so long as it, among other things, distributes at least 90% of its annual taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). REITs are subject to a number of other organizational and operational requirements. Even if the Company maintains its qualification for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income.
(Loss) Earnings per share	(Loss) Earnings Per Share The Company has three classes of common stock with nonforfeitable dividend rights that are determined based on a different NAV for each class. Accordingly, the Company utilizes the two-class method to determine its earnings per share, which results in the same earnings per share when rounded to within less than one cent for each of the classes. Under the two-class method, earnings per class of common stock are computed by dividing the sum of the distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of shares for each class of common stock for the respective period. Diluted (loss) income per share considers the effect of any potentially dilutive share equivalents, of which the Company had none for each of the years ended December 31, 2016 , 2015 or 2014 .
Offering and related costs	Offering and Related Costs Cole Advisors funds all of the organization and offering costs associated with the sale of the Company’s common stock (excluding selling commissions, the distribution fee and the dealer manager fee) and is reimbursed for such costs up to 0.75% of gross proceeds from the Offering, excluding selling commissions charged on A Shares sold in the Primary Offering. As of December 31, 2016 , Cole Advisors, or its affiliates, had paid organization and offering costs in excess of the 0.75% in connection with the Offering. These excess costs were not included in the financial statements of the Company because such costs were not a liability of the Company as they exceeded 0.75% of gross proceeds from the Offering. As the Company raises additional proceeds from the Offering, these excess costs may become payable to Cole Advisors.
Reportable segments	Reportable Segments The Company’s commercial real estate investments primarily consist of single-tenant, necessity commercial properties, which are leased to creditworthy tenants under long-term net leases and provide current operating cash flow. The commercial properties are geographically diversified throughout the United States and have similar economic characteristics. The Company’s management evaluates operating performance on an overall portfolio level; therefore the Company’s properties are one reportable segment.
Recent accounting pronouncements	Recent Accounting Pronouncements 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. Except as otherwise stated below, 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: Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, as amended (“ASU 2014-09”) — The requirements were amended to remove inconsistencies in revenue requirements and to provide a more complete framework for addressing revenue issues across a broad range of industries and transaction types. The revised standard’s core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. 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. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. The Company is currently assessing the adoption methodology. In accordance with the Company’s plan for the adoption of ASU 2014-09, the Company’s implementation team has identified the Company’s revenue streams, and is performing an in-depth review of the Company’s revenue contracts to identify the related performance obligations and to evaluate the impact on the Company’s consolidated financial statements and internal accounting processes and controls. As the majority of the Company’s revenue is derived from real estate lease contracts, as discussed in relation to ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”), the Company does not expect that the adoption of ASU 2014-09 or related amendments and modifications issued by the FASB will have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, which replaces the existing guidance in Accounting Standards Codification 840, Leases (Topic 842) . ASU 2016-02 requires a dual approach for lessee accounting under which a lessee would account for leases as either 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 ASU 2016-02 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. A modified retrospective approach is required for existing leases that have not expired upon adoption. Early adoption is permitted. The Company’s implementation team is developing an inventory of all leases, as well as identifying any non-lease components in the lease arrangements, and evaluating the impact to the Company and its consolidated financial statements. ASU No. 2016-01, Financial Instruments (Subtopic 825-10) — The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). The amendments in this update also require an entity to present separately in other comprehensive income (loss), the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the consolidated balance sheets or the accompanying notes to the consolidated financial statements. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. 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. The Company plans to adopt ASU 2016-05 prospectively and will consider for any future novations. 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 those years, beginning after December 15, 2018. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which is intended to address diversity in practice related to how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments in ASU 2016-15 address eight specific cash flow issues as well as application of the predominance principle (dependence on predominant source or use of receipt or payment) and are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. ASU 2016-15 requires retrospective adoption unless it is impracticable to apply, in which case it is to be applied prospectively as of the earliest date practicable. The Company plans to adopt ASU 2016-15 during the fourth quarter of fiscal year 2017. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”), which provides guidance on the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. Restricted cash and restricted cash equivalents should now be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the statements of cash flows. The amendments in ASU 2016-18 are effective for reporting periods beginning after December 15, 2017, with early adoption permitted. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”), which clarifies the definition of a business by adding guidance to assist entities in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for annual periods beginning after December 15, 2017, including interim periods within. Early adoption is permitted and is required to be applied prospectively to any transactions occurring within the period of adoption. The Company plans to adopt ASU 2017-01 during the first quarter of fiscal year 2017 and expects that most future acquisitions (or disposals) will qualify as asset acquisitions (or disposals). As such, future acquisition related expenses associated with these asset acquisitions will be capitalized.
Fair value measurement	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.
Fair value of financial instruments	The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities: Notes payable and credit facility — 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 and the carrying value of the Company’s debt were each $161.2 million as of December 31, 2016 . 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 December 31, 2016 and 2015 , the Company has assessed the overall significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Other financial instruments — The Company considers the carrying values of its cash and cash equivalents, restricted cash, tenant 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 as well as 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, upon disposition of the financial assets and liabilities.
Environmental Matters	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.

Correction of Prior Period Am28

Correction of Prior Period Amounts (Tables)	12 Months Ended
	Dec. 31, 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 Changes in 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, 2014 $ 59,573 $ 55,662 $ (2,636 ) $ (2,636 ) $ 56,937 $ 53,026 Commissions, dealer manager and distribution fees $ (1,155 ) $ (1,155 ) $ (2,145 ) $ (2,145 ) $ (3,300 ) $ (3,300 ) Balance, December 31, 2014 $ 104,284 $ 94,820 $ (4,781 ) $ (4,781 ) $ 99,503 $ 90,039 Commissions, dealer manager and distribution fees $ (1,154 ) $ (1,154 ) $ (1,448 ) $ (1,448 ) $ (2,602 ) $ (2,602 ) Balance, December 31, 2015 $ 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 As Previously Reported Adjustment As Restated Accrued dealer manager fee, distribution fee, and other offering costs Year Ended December 31, 2014 $ 273 $ 4,781 $ 5,054 Year Ended December 31, 2015 $ 477 $ 6,229 $ 6,706

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 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
Schedule of 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 indicated 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)	12 Months Ended
	Dec. 31, 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 December 31, 2016 and 2015 (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2016 (Level 1) (Level 2) (Level 3) Financial asset: Interest rate swaps $ 28 $ — $ 28 $ — Marketable securities 5,563 5,563 — — Total assets $ 5,591 $ 5,563 $ 28 $ — Financial liability: Interest rate swaps $ (371 ) $ — $ (371 ) $ — Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2015 (Level 1) (Level 2) (Level 3) Financial asset: Marketable securities $ 5,237 $ 5,237 $ — $ — Financial liability: Interest rate swaps $ (302 ) $ — $ (302 ) $ —

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2016
Acquisitions, 2016
Business Acquisition [Line Items]
Schedule of purchase price allocation	The following table summarizes the purchase price allocation for the acquisitions purchased during the year ended December 31, 2016 (in thousands): 2016 Acquisitions Land $ 37,073 Building and improvements 131,828 Acquired in-place leases (1) 17,293 Acquired above-market leases (2) 2,828 Intangible lease liabilities (3) (2,733 ) Total purchase price $ 186,289 ______________________ (1) The weighted average amortization period for acquired in-place leases is 15.9 years for the 2016 Acquisitions . (2) The weighted average amortization period for acquired above-market leases is 16.6 years for the 2016 Acquisitions . (3) The weighted average amortization period for acquired intangible lease liabilities is 15.5 years for the 2016 Acquisitions .
Business acquisition, pro forma information	The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the years ended December 31, 2016 and 2015 (in thousands): Year Ended December 31, 2016 December 31, 2015 Pro forma basis (unaudited): Revenue $ 37,204 $ 33,132 Net income $ 963 $ 9,254
Acquisitions, 2015
Business Acquisition [Line Items]
Schedule of purchase price allocation	The following table summarizes the purchase price allocation for the acquisitions purchased during the year ended December 31, 2015 (in thousands): 2015 Acquisitions Land $ 11,505 Building and improvements 37,381 Acquired in-place leases (1) 5,054 Acquired above-market leases (2) 28 Intangible lease liabilities (3) (1,694 ) Total purchase price $ 52,274 ______________________ (1) The weighted average amortization period for acquired in-place leases was 10.0 years for the 2015 Acquisitions . (2) The weighted average amortization period for acquired above-market leases was 8.5 years for the 2015 Acquisitions . (3) The weighted average amortization period for acquired intangible lease liabilities was 9.8 years for the 2015 Acquisitions .
Business acquisition, pro forma information	The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the years ended December 31, 2015 and 2014 (in thousands): Year Ended December 31, 2015 December 31, 2014 Pro forma basis (unaudited): Revenue $ 23,322 $ 17,943 Net income $ 9,296 $ 1,523
Acquisitions, 2014
Business Acquisition [Line Items]
Schedule of purchase price allocation	The following table summarizes the purchase price allocation for the acquisitions purchased during the year ended December 31, 2014 (in thousands): 2014 Acquisitions Land $ 22,312 Building and improvements 88,082 Acquired in-place leases (1) 13,260 Acquired above-market leases (2) 3,614 Intangible lease liabilities (3) (863 ) Total purchase price $ 126,405 ______________________ (1) The weighted average amortization period for acquired in-place leases was 12.8 years for the 2014 Acquisitions . (2) The weighted average amortization period for acquired above-market leases was 12.7 years for the 2014 Acquisitions . (3) The weighted average amortization period for acquired intangible lease liabilities was 10.3 years for the 2014 Acquisitions .
Business acquisition, pro forma information	The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the years ended December 31, 2014 and 2013 (in thousands): Year Ended December 31, 2014 December 31, 2013 Pro forma basis (unaudited): Revenue $ 18,951 $ 15,171 Net income $ 2,620 $ 1,630

Intangible Lease Assets (Tables

Intangible Lease Assets (Tables)	12 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of finite-lived intangible assets	Intangible lease assets consisted of the following (in thousands, except weighted average life amounts) As of December 31, 2016 2015 In-place leases, net of accumulated amortization of $6,942 and $4,005, respectively (with a weighted average life remaining of 12.0 and 11.0 years, respectively). $ 39,353 $ 25,019 Acquired above-market leases, net of accumulated amortization of $927 and $525, respectively (with a weighted average life remaining of 12.3 and 10.8 years, respectively). 5,743 3,331 $ 45,096 $ 28,350
Schedule of finite-lived intangible assets, future amortization expense	As of December 31, 2016 , the estimated amortization expense relating to the intangible lease assets for each of the five succeeding fiscal years is as follows (in thousands): Amortization Year ending December 31, In-Place Leases Above-Market Leases 2017 $ 4,267 $ 541 2018 $ 4,199 $ 514 2019 $ 4,161 $ 507 2020 $ 3,951 $ 507 2021 $ 3,782 $ 507

Marketable Securities (Tables)

Marketable Securities (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2016 (in thousands): Available-for-sale securities Amortized Cost Basis Unrealized Loss Fair Value U.S. Treasury Bonds $ 2,284 $ (21 ) $ 2,263 U.S. Agency Bonds 587 (2 ) 585 Corporate Bonds 2,721 (6 ) 2,715 Total available-for-sale securities $ 5,592 $ (29 ) $ 5,563
Schedule of available-for-sale securities reconciliation	The following table provides the activity for the marketable securities during the year ended December 31, 2016 (in thousands): Amortized Cost Basis Unrealized Gain (Loss) Fair Value Marketable securities as of January 1, 2016 $ 5,310 $ (73 ) $ 5,237 Face value of marketable securities acquired 1,628 — 1,628 Premiums and discounts on purchase of marketable securities, net of acquisition costs 10 — 10 Amortization on marketable securities (16 ) — (16 ) Sales and maturities of securities (1,340 ) — (1,340 ) Unrealized gain on marketable securities — 44 44 Marketable securities as of December 31, 2016 $ 5,592 $ (29 ) $ 5,563
Unrealized gain (loss) on investments	The following table shows the fair value and gross unrealized losses of the Company’s available-for-sale securities as of December 31, 2016 and the length of time the available-for-sale securities have been in the unrealized loss position (in thousands): Less than 12 Months 12 Months or More Total Fair Unrealized Losses Fair Unrealized Losses Fair Unrealized Losses U.S. Treasury Bonds $ 1,905 $ (22 ) $ — $ — $ 1,905 $ (22 ) U.S. Agency Bonds 301 (2 ) 96 (1 ) 397 (3 ) Corporate Bonds 1,516 (13 ) 278 (2 ) 1,794 (15 ) Total temporarily impaired securities $ 3,722 $ (37 ) $ 374 $ (3 ) $ 4,096 $ (40 )
Investments classified by contractual maturity date	The scheduled maturities of the Company’s marketable securities as of December 31, 2016 are as follows (in thousands): Available-for-sale securities Amortized Cost Estimated Fair Value Due within one year $ 745 $ 745 Due after one year through five years 2,319 2,308 Due after five years through ten years 2,432 2,415 Due after ten years 96 95 Total $ 5,592 $ 5,563

Derivative Instruments and He34

Derivative Instruments and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2016 and 2015 (in thousands): Outstanding Notional Amount as of December 31, 2016 Fair Value of Assets and (Liabilities) Balance Sheet Location Interest Rates (1) Effective Dates Maturity Dates December 31, 2016 December 31, 2015 Interest Rate Swaps Property escrow deposits, prepaid expenses and other assets $ 9,240 3.57% 12/1/2015 12/1/2020 $ 28 $ (27 ) Interest Rate Swaps Deferred rental income, derivative liabilities and other liabilities $ 56,400 3.43% to 4.17% 6/30/2015 to 12/16/2016 9/12/2019 to 1/1/2022 $ (371 ) $ (275 ) ____________________________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of December 31, 2016 .

Notes Payable and Credit Faci35

Notes Payable and Credit Facility (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Summary of debt activity	The following table summarizes the debt balances as of December 31, 2016 and 2015 , and the debt activity for the year ended December 31, 2016 (in thousands): During the Year Ended December 31, 2016 Balance as of January 1, 2016 Debt Issuances, Net (1) Repayments (1) Accretion Balance as of Credit facility $ 50,000 $ 42,000 $ (28,000 ) $ — $ 64,000 Fixed rate debt 69,494 27,675 — — 97,169 Total debt 119,494 69,675 (28,000 ) — 161,169 Deferred costs (2) (1,764 ) (593 ) — 331 (2,026 ) Total debt, net $ 117,730 $ 69,082 $ (28,000 ) $ 331 $ 159,143 ____________________________________ (1) Includes deferred financing costs incurred during the period. (2) Deferred costs relate to mortgage notes payable and the term portion of the Credit Facility, as discussed in Note 3 — Summary of Significant Accounting Policies.
Schedule of maturities of long-term debt	The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt as of December 31, 2016 for each of the five succeeding fiscal years and the period thereafter (in thousands): Year ending December 31, Principal Repayments 2017 $ — 2018 — 2019 64,000 2020 9,240 2021 31,717 Thereafter 56,212 Total $ 161,169

Intangible Lease Liabilities (T

Intangible Lease Liabilities (Tables)	12 Months Ended
	Dec. 31, 2016
Intangible Liabilities Disclosure [Abstract]
Schedule of finite-lived intangible liabilities	Intangible lease liabilities consisted of the following (in thousands, except weighted average life amounts): As of December 31, 2016 2015 Acquired below-market liabilities, net of accumulated amortization of $929 and $481, respectively (with a weighted average life remaining of 11.9 and 10.7 years, respectively) $ 5,798 $ 3,513
Schedule of finite-lived intangible assets, future amortization expense	As of December 31, 2016 , the estimated amortization of the intangible lease liabilities for each of the five succeeding fiscal years is as follows (in thousands): Amortization of Year ending December 31, Below-Market Leases 2017 $ 792 2018 $ 779 2019 $ 767 2020 $ 740 2021 $ 505

Related-Party Transactions an37

Related-Party Transactions and Arrangements (Tables)	12 Months Ended
	Dec. 31, 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. The Company has been advised that CCC intends to reallow 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 years indicated (in thousands): Year Ended December 31, 2016 2015 2014 Offering: Selling commissions $ 2,121 $ 301 $ 563 Distribution fee (1) $ 246 $ 89 $ 36 Dealer manager fees (1) $ 1,310 $ 764 $ 556 Organization and offering expense reimbursement $ 1,192 $ 464 $ 520 Acquisition expense reimbursement $ 1,622 $ 369 $ 490 Advisory fee $ 2,760 $ 1,290 $ 926 Operating expense reimbursement $ 1,656 $ — $ — Performance fee $ — $ 1,246 $ 1,076 ______________________ (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 consolidated balance sheets, with a corresponding decrease to capital in excess of par value, as described in Note 3 – Summary of Significant Accounting Policies.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of dividends and distributions	The following table shows the character of the distributions paid on a percentage basis for the years ended December 31, 2016 , 2015 , and 2014 : Character of Distributions (unaudited): 2016 2015 (1) 2014 Ordinary dividends 33.0 % 44.9 % 52.9 % Nondividend distributions 67.0 % — % 47.1 % Capital gain distributions — % 55.1 % — % Total 100 % 100 % 100 % ____________________________________ (1) Includes dividend paid on January 4, 2016.

Operating Leases (Tables)

Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2016
Leases [Abstract]
Schedule of future minimum rental payments for operating leases	As of December 31, 2016 , the future minimum rental income from the Company’s investment in real estate assets under non-cancelable operating leases, assuming no exercise of renewal options for the succeeding five fiscal years was as follows (in thousands): Year ending December 31, Future Minimum Rental Income 2017 $ 32,506 2018 32,435 2019 32,581 2020 32,320 2021 32,208 Thereafter 199,267 Total $ 361,317

Quarterly Results (Unaudited) (

Quarterly Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly financial information	Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2016 and 2015 (in thousands, except per share amounts). In the opinion of management, the information for the interim periods presented include all adjustments, which are of a normal and recurring nature, necessary to present a fair presentation of the results for each period. December 31, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 5,954 $ 6,341 $ 6,889 $ 8,127 Operating income $ 1,210 $ 972 $ 956 $ 940 Net loss $ (17 ) $ (280 ) $ (370 ) $ (625 ) Basic and diluted net loss per common share (1) $ — $ (0.02 ) $ (0.03 ) $ (0.04 ) Distributions declared per common share (1) $ 0.24 $ 0.24 $ 0.25 $ 0.25 ____________________________________ (1) The sum of the quarterly net loss per share amounts does not agree to the full year net loss per share amounts. The Company calculates net loss per share and distributions declared per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters. December 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 4,827 $ 4,565 $ 4,745 $ 4,972 Operating income $ 2,012 $ 1,524 $ 1,316 $ 813 Net income (loss) $ 1,126 $ 5,320 $ 1,128 $ (247 ) Basic and diluted net income (loss) per common share (1) $ 0.16 $ 0.71 $ 0.14 $ (0.03 ) Distributions declared per common share (1) $ 0.24 $ 0.24 $ 0.25 $ 0.25 ____________________________________ (1) The sum of the quarterly net income (loss) per share amounts does not agree to the full year net income per share amounts. The Company calculates net income (loss) per share and distributions declared per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.

Organization and Business (Shar

Organization and Business (Shares offerings) (Details)	Dec. 31, 2016USD ($)class_of_stock$ / sharesshares	Dec. 31, 2016USD ($)class_of_stock$ / sharesshares	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)shares	Feb. 10, 2017USD ($)class_of_stock	Dec. 31, 2013shares	Aug. 26, 2013class_of_stock	Dec. 06, 2011USD ($)
Class of Stock [Line Items]
Classes of common stock, number | class_of_stock	3	3
Common stock, shares outstanding (in shares) | shares	20,400,000	20,400,000
Proceeds from issuance of common stock | $	$ 361,000,000	$ 155,051,000	$ 58,835,000	$ 67,631,000
W Shares Common Stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares) | shares	12,461,616	12,461,616	7,825,063
Share price (in dollars per share) | $ / shares	$ 18.15	$ 18.15
A Shares Common Stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares) | shares	4,449,352	4,449,352	1,371,763
Share price (in dollars per share) | $ / shares	$ 18.01	$ 18.01
I Shares Common Stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares) | shares	788,270	788,270	657,624
Share price (in dollars per share) | $ / shares	$ 18.29	$ 18.29
Common Stock | W Shares Common Stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares) | shares	12,461,616	12,461,616	7,825,063	6,012,043		3,993,916
Common Stock | A Shares Common Stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares) | shares	4,449,352	4,449,352	1,371,763	897,376		23,767
Common Stock | I Shares Common Stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares) | shares	788,270	788,270	657,624	256,525		129,176
Initial public offering
Class of Stock [Line Items]
Common stock, value authorized | $								$ 4,000,000,000
Classes of common stock, additions, number | class_of_stock							2
Common stock, shares outstanding (in shares) | shares	20,400,000	20,400,000
Initial public offering | Common Stock
Class of Stock [Line Items]
Proceeds from issuance of common stock | $		$ 361,000,000
Offering costs, selling commissions | $		5,700,000
Dealer manager and distribution fees | $		$ 3,300,000
Initial public offering | Subsequent event
Class of Stock [Line Items]
Common stock, value authorized | $					$ 4,000,000,000
Classes of common stock, number | class_of_stock					3
Primary offering | Subsequent event
Class of Stock [Line Items]
Common stock, value authorized | $					$ 3,500,000,000
Distribution reinvestment plan | Subsequent event
Class of Stock [Line Items]
Common stock, value authorized | $					$ 500,000,000
Cole op
Class of Stock [Line Items]
General partner partnership interest percentage		100.00%

Organization and Business (Real

Organization and Business (Real Estate) (Details) - Consolidated properties ft² in Millions	Dec. 31, 2016ft²statesproperty
Real Estate Properties [Line Items]
Number of owned properties (in number of properties) | property	108
Number of states in which entity owns properties (in number of states) | states	34
Net rentable square feet (in square feet) | ft²	3.1
Percentage of rentable space leased (in square feet)	99.30%

Correction of Prior Period Am43

Correction of Prior Period Amounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Due to affiliates				$ 14,786	$ 8,235
Total liabilities				185,486	133,558
Capital in excess of par value				259,817	140,202
Total stockholders’ equity	$ 129,977	$ 90,039	$ 53,026	$ 235,224	129,977
Consolidated Statement of Changes in Equity
Balance beginning of period	129,977	90,039	53,026
Commissions, dealer manager and distribution fees	(9,904)	(2,602)	(3,300)
Balance end of period	235,224	129,977	90,039
Accrued dealer manager fee, distribution fee, and other offering costs	13,302	6,706	5,054
Capital in Excess of Par Value
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total stockholders’ equity	140,202	99,503	56,937		140,202
Consolidated Statement of Changes in Equity
Balance beginning of period	140,202	99,503	56,937
Commissions, dealer manager and distribution fees	(9,904)	(2,602)	(3,300)
Balance end of period		140,202	99,503
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	94,820	55,662		136,206
Consolidated Statement of Changes in Equity
Balance beginning of period	136,206	94,820	55,662
Commissions, dealer manager and distribution fees		(1,154)	(1,155)
Balance end of period		136,206	94,820
Accrued dealer manager fee, distribution fee, and other offering costs		477	273
As Previously Reported | Capital in Excess of Par Value
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total stockholders’ equity	146,431	104,284	59,573		146,431
Consolidated Statement of Changes in Equity
Balance beginning of period	146,431	104,284	59,573
Commissions, dealer manager and distribution fees		(1,154)	(1,155)
Balance end of period		146,431	104,284
Adjustment | Change in Recognition of Ongoing Periodic Fees
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)	(4,781)	(2,636)		(6,229)
Consolidated Statement of Changes in Equity
Balance beginning of period	(6,229)	(4,781)	(2,636)
Commissions, dealer manager and distribution fees		(1,448)	(2,145)
Balance end of period		(6,229)	(4,781)
Accrued dealer manager fee, distribution fee, and other offering costs		6,229	4,781
Adjustment | Change in Recognition of Ongoing Periodic Fees | Capital in Excess of Par Value
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total stockholders’ equity	(6,229)	(4,781)	(2,636)		$ (6,229)
Consolidated Statement of Changes in Equity
Balance beginning of period	$ (6,229)	(4,781)	(2,636)
Commissions, dealer manager and distribution fees		(1,448)	(2,145)
Balance end of period		$ (6,229)	$ (4,781)

Summary of Significant Accoun44

Summary of Significant Accounting Policies (Real Estate Investments) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Impairment	$ 0	$ 0	$ 0
Real estate held for sale	$ 0	$ 0
Buildings
Real Estate Properties [Line Items]
Acquired real estate asset, useful life	40 years

Summary of Significant Accoun45

Summary of Significant Accounting Policies (Noncontrolling Interest in Consolidated Joint Venture) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Noncontrolling Interest [Line Items]
Net loss allocated to noncontrolling interest	$ 10	$ 0	$ 0
Contributions from noncontrolling interest	796	0	0
Non controlling interest	236,010	129,977	90,039	$ 53,026
Noncontrolling Interest
Noncontrolling Interest [Line Items]
Non controlling interest	$ 786	$ 0	$ 0	$ 0

Summary of Significant Accoun46

Summary of Significant Accounting Policies (Restricted Cash and Cash Concentrations) (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 600,000	$ 118,000
Escrowed Investor Proceeds
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	75,000	50,000
Lender cash management accounts
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	500,000	0
Lockbox Accounts
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 25,000	$ 68,000

Summary of Significant Accoun47

Summary of Significant Accounting Policies (Other Narrative) (Details)	12 Months Ended
	Dec. 31, 2016USD ($)class_of_stocksegmentshares	Dec. 31, 2015USD ($)shares	Dec. 31, 2014shares
Accounting Policies [Abstract]
Deferred costs, net	$ 1,074,000	$ 819,000
Due to affiliates	$ 14,786,000	$ 8,235,000
Stock redemption program, number of shares authorized to be repurchased, quarterly redemption percentage of net asset value limitation	10.00%	10.00%
Redeemable common stock	$ 32,076,000	$ 17,967,000
Allowance for uncollectible accounts	$ 2,000	$ 0
Classes of common stock, number | class_of_stock	3
Potentially dilutive share equivalents | shares	0	0	0
Number of reportable segments | segment	1

Summary of Significant Accoun48

Summary of Significant Accounting Policies (Dealer Manager and Distribution Fees) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Due to affiliate	$ 14,786	$ 8,235
Dealer manager
Class of Stock [Line Items]
Due to affiliate	$ 12,500	$ 6,200
W Shares Common Stock | Dealer manager fees | Dealer manager
Class of Stock [Line Items]
Daily asset based related party fee percent	0.55%
W Shares Common Stock | Distribution fees | Dealer manager
Class of Stock [Line Items]
Daily asset based related party fee percent	0.00%
A Shares Common Stock | Dealer manager fees | Dealer manager
Class of Stock [Line Items]
Daily asset based related party fee percent	0.55%
A Shares Common Stock | Distribution fees | Dealer manager
Class of Stock [Line Items]
Daily asset based related party fee percent	0.50%
I Shares Common Stock | Dealer manager fees | Dealer manager
Class of Stock [Line Items]
Daily asset based related party fee percent	0.25%
I Shares Common Stock | Distribution fees | Dealer manager
Class of Stock [Line Items]
Daily asset based related party fee percent	0.00%

Summary of Significant Accoun49

Summary of Significant Accounting Policies (Offering and related costs) (Details)	Dec. 31, 2016
Organization and offering expense reimbursement | Advisors | Maximum
Related Party Transaction
Organization and offering expense (percentage)	0.75%

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - Fair value, inputs, level 2 - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Line of credit, fair value	$ 161.2	$ 119.3
Carrying amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Line of credit, fair value	$ 161.2	$ 119.5

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of fair value of company's financial assets and liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 5,563	$ 5,237
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	5,563	5,237
Total assets	5,591
Fair Value, Measurements, Recurring | Fair value, inputs, level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	5,563	5,237
Total assets	5,563
Fair Value, Measurements, Recurring | Fair value, inputs, level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Total assets	28
Fair Value, Measurements, Recurring | Fair value, inputs, level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Total assets	0
Fair Value, Measurements, Recurring | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	28
Derivative liability	(371)	(302)
Fair Value, Measurements, Recurring | Interest rate swaps | Fair value, inputs, level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0
Derivative liability	0	0
Fair Value, Measurements, Recurring | Interest rate swaps | Fair value, inputs, level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	28
Derivative liability	(371)	(302)
Fair Value, Measurements, Recurring | Interest rate swaps | Fair value, inputs, level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0
Derivative liability	$ 0	$ 0

Real Estate Investments (Narrat

Real Estate Investments (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)property
Business Acquisition [Line Items]
Acquisition related expenses	$ 3,251	$ 809	$ 1,495
Acquisitions, 2016
Business Acquisition [Line Items]
Number of real estate acquisitions (in number of properties) | property	31
Aggregate purchase price	$ 186,300
Revenue of acquiree since acquisition date	4,100
Net income (loss) of acquiree since acquisition date	1,000
Acquisition related expenses	$ 1,400
Acquisitions, 2015
Business Acquisition [Line Items]
Number of real estate acquisitions (in number of properties) | property		7
Aggregate purchase price		$ 52,300
Revenue of acquiree since acquisition date		425
Net income (loss) of acquiree since acquisition date		(267)
Acquisition related expenses		$ 809
Business acquisition, percentage of voting interests acquired		100.00%
Acquisitions, 2014
Business Acquisition [Line Items]
Number of real estate acquisitions (in number of properties) | property			43
Aggregate purchase price			$ 126,400
Revenue of acquiree since acquisition date			4,400
Net income (loss) of acquiree since acquisition date			737
Acquisition related expenses			$ 1,500
Business acquisition, percentage of voting interests acquired			100.00%

Real Estate Investments (Purcha

Real Estate Investments (Purchase price allocation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Acquisitions, 2016
Business Acquisition, Purchase Price Allocation [Abstract]
Land	$ 37,073
Building and improvements	131,828
Total purchase price	$ 186,289
Below market lease, weighted average useful life	15 years 6 months
Acquisitions, 2016 | Acquired in-place leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired in-place leases and above-market leases	$ 17,293
Weighted average useful life	15 years 10 months 24 days
Acquisitions, 2016 | Acquired above-market leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired in-place leases and above-market leases	$ 2,828
Weighted average useful life	16 years 7 months 6 days
Acquisitions, 2016 | Acquired below-market leases
Business Acquisition, Purchase Price Allocation [Abstract]
Intangible lease liabilities	$ (2,733)
Acquisitions, 2015
Business Acquisition, Purchase Price Allocation [Abstract]
Land		$ 11,505
Building and improvements		37,381
Total purchase price		$ 52,274
Below market lease, weighted average useful life		9 years 9 months 18 days
Acquisitions, 2015 | Acquired in-place leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired in-place leases and above-market leases		$ 5,054
Weighted average useful life		10 years
Acquisitions, 2015 | Acquired above-market leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired in-place leases and above-market leases		$ 28
Weighted average useful life		8 years 6 months
Acquisitions, 2015 | Acquired below-market leases
Business Acquisition, Purchase Price Allocation [Abstract]
Intangible lease liabilities		$ (1,694)
Acquisitions, 2014
Business Acquisition, Purchase Price Allocation [Abstract]
Land			$ 22,312
Building and improvements			88,082
Total purchase price			$ 126,405
Below market lease, weighted average useful life			10 years 3 months 18 days
Acquisitions, 2014 | Acquired in-place leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired in-place leases and above-market leases			$ 13,260
Weighted average useful life			12 years 9 months 18 days
Acquisitions, 2014 | Acquired above-market leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired in-place leases and above-market leases			$ 3,614
Weighted average useful life			12 years 8 months 12 days
Acquisitions, 2014 | Acquired below-market leases
Business Acquisition, Purchase Price Allocation [Abstract]
Intangible lease liabilities			$ (863)

Real Estate Investments (Pro fo

Real Estate Investments (Pro forma basis) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Acquisitions, 2016
Business Combination, Pro Forma Information [Abstract]
Revenue	$ 37,204	$ 33,132
Net income	$ 963	9,254
Acquisitions, 2015
Business Combination, Pro Forma Information [Abstract]
Revenue		23,322	$ 17,943
Net income		$ 9,296	1,523
Acquisitions, 2014
Business Combination, Pro Forma Information [Abstract]
Revenue			18,951	$ 15,171
Net income			$ 2,620	$ 1,630

Real Estate Investments (Consol

Real Estate Investments (Consolidated Joint Venture) (Details) $ in Thousands	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)
Variable Interest Entity [Line Items]
Total assets	$ 453,572	$ 281,502
Real estate assets	436,774	257,583
Total liabilities	185,486	$ 133,558
Consolidated joint venture
Variable Interest Entity [Line Items]
Total assets	7,900
Real estate assets	7,800
Accumulated depreciation and amortization	10
Total liabilities	$ 86
Consolidated properties
Variable Interest Entity [Line Items]
Number of owned properties (in number of properties) | property	108
Consolidated properties | Consolidated joint venture
Variable Interest Entity [Line Items]
Number of owned properties (in number of properties) | property	2

Real Estate Investments (2015 P

Real Estate Investments (2015 Property Dispositions) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)multi-tenant_property	Dec. 31, 2015USD ($)multi-tenant_propertysingle_tenant_property	Dec. 31, 2014USD ($)multi-tenant_property
Business Combinations [Abstract]
Number of single tenant properties sold | single_tenant_property		4
Number of multi tenant properties sold | multi-tenant_property	0	1	0
Gross sales price of real estate		$ 21,900
Gain on disposition of real estate, net	$ 0	$ 5,642	$ 0

Intangible Lease Assets (Detail

Intangible Lease Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets, Net [Abstract]
Intangible lease assets	$ 45,096	$ 28,350
In-Place Leases
Finite-Lived Intangible Assets, Net [Abstract]
Intangible lease assets	39,353	25,019
Intangible lease assets, accumulated amortization	$ 6,942	$ 4,005
Useful life	12 years	11 years
Amortization of intangible assets	$ 3,000	$ 2,100	$ 1,600
Above-Market Leases
Finite-Lived Intangible Assets, Net [Abstract]
Intangible lease assets	5,743	3,331
Intangible lease assets, accumulated amortization	$ 927	$ 525
Useful life	12 years 3 months 18 days	10 years 9 months 18 days
Amortization of intangible assets	$ 417	$ 347	$ 174

Intangible Lease Assets (Estima

Intangible Lease Assets (Estimated Amortization of Intangible lease assets) (Details) $ in Thousands	Dec. 31, 2016USD ($)
In-Place Leases
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,017	$ 4,267
2,018	4,199
2,019	4,161
2,020	3,951
2,021	3,782
Above-Market Leases
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,017	541
2,018	514
2,019	507
2,020	507
2,021	$ 507

Marketable Securities (Narrativ

Marketable Securities (Narrative) (Details)	12 Months Ended
	Dec. 31, 2016USD ($)security	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Investments, Debt and Equity Securities [Abstract]
Marketable securities	$ 5,563,000	$ 5,237,000
Number of securities sold | security	67
Proceeds from sale and maturities of marketable securities	$ 1,340,000	$ 2,102,000	$ 265,000
Unrealized gain on marketable securities	44,000
Other than temporary impairment losses, investments, available-for-sale securities	$ 0

Marketable Securities (Schedule

Marketable Securities (Schedule of available for sale securities) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	$ 5,592	$ 5,310
Unrealized Loss	(29)	(73)
Fair Value	5,563	$ 5,237
U.S. Treasury Bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	2,284
Unrealized Loss	(21)
Fair Value	2,263
U.S. Agency Bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	587
Unrealized Loss	(2)
Fair Value	585
Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	2,721
Unrealized Loss	(6)
Fair Value	$ 2,715

Marketable Securities (Schedu61

Marketable Securities (Schedule of available-for-sale securities reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Amortized Cost Basis Rollforward
Marketable securities, beginning balance	$ 5,310
Face value of marketable securities acquired	1,628
Premiums and discounts on purchase of marketable securities, net of acquisition costs	10
Amortization on marketable securities	(16)
Sales and maturities of securities	(1,340)
Marketable securities, ending balance	5,592	$ 5,310
Unrealized Gain (Loss) Rollforward
Unrealized Gain (Loss), beginning balance	(73)
Sales and maturities of securities	0	17	$ (1)
Unrealized gain on marketable securities	44
Unrealized Gain (Loss), ending balance	(29)	(73)
Fair Value Rollforward
Marketable securities beginning balance	5,237
Face value of marketable securities acquired	1,628
Premiums and discounts on purchase of marketable securities, net of acquisition costs	10
Amortization on marketable securities	(16)
Sales and maturities of securities	(1,340)
Unrealized gain on marketable securities	44
Marketable securities ending balance	$ 5,563	$ 5,237

Marketable Securities (Schedu62

Marketable Securities (Schedule of unrealized gain (loss) on investments) (Details) $ in Thousands	Dec. 31, 2016USD ($)
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value	$ 3,722
Available-for-sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	(37)
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value	374
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	(3)
Available-for-sale securities, continuous unrealized loss position, fair value	4,096
Available-for-sale securities, continuous unrealized loss position, unrealized losses	(40)
U.S. Treasury Bonds
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value	1,905
Available-for-sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	(22)
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value	0
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	0
Available-for-sale securities, continuous unrealized loss position, fair value	1,905
Available-for-sale securities, continuous unrealized loss position, unrealized losses	(22)
U.S. Agency Bonds
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value	301
Available-for-sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	(2)
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value	96
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	(1)
Available-for-sale securities, continuous unrealized loss position, fair value	397
Available-for-sale securities, continuous unrealized loss position, unrealized losses	(3)
Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value	1,516
Available-for-sale securities, continuous unrealized loss position, less than 12 months, unrealized losses	(13)
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value	278
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, unrealized losses	(2)
Available-for-sale securities, continuous unrealized loss position, fair value	1,794
Available-for-sale securities, continuous unrealized loss position, unrealized losses	$ (15)

Marketable Securities (Schedu63

Marketable Securities (Schedule of investments classified by contractual maturity date) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Amortized Cost
Due within one year	$ 745
Due after one year through five years	2,319
Due after five years through ten years	2,432
Due after ten years	96
Total	5,592
Estimated Fair Value
Due within one year	745
Due after one year through five years	2,308
Due after five years through ten years	2,415
Due after ten years	95
Total	$ 5,563	$ 5,237

Derivative Instruments and He64

Derivative Instruments and Hedging Activities (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)swap_agreement	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Derivatives, Fair Value [Line Items]
Amount of loss reclassified from other comprehensive (loss) income into income as interest expense	$ 539	$ 284	$ 0
Interest rate swaps
Derivatives, Fair Value [Line Items]
Number of instruments entered into | swap_agreement	1
Number of swap agreements | swap_agreement	3
Interest rate swaps | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Interest rate cash flow hedge gain (loss) to be reclassified during next twelve months	$ 472
Derivative liability, event of default, termination amount	$ 388

Derivative Instruments and He65

Derivative Instruments and Hedging Activities (Schedule of derivative instruments) (Details) - Cash Flow Hedging - Interest rate swaps - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Property escrow deposits, prepaid expenses and other assets
Derivatives, Fair Value [Line Items]
Outstanding Notional Amount	$ 9,240
Interest Rates	3.57%
Fair Value of Assets	$ 28	$ (27)
Deferred rental income, derivative liabilities and other liabilities
Derivatives, Fair Value [Line Items]
Outstanding Notional Amount	56,400
Fair Value of (Liabilities)	$ (371)	$ (275)
Minimum | Deferred rental income, derivative liabilities and other liabilities
Derivatives, Fair Value [Line Items]
Interest Rates	3.43%
Maximum | Deferred rental income, derivative liabilities and other liabilities
Derivatives, Fair Value [Line Items]
Interest Rates	4.17%

Notes Payable and Credit Faci66

Notes Payable and Credit Facility (Schedule of Debt) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Weighted average years to maturity	4 years 4 months 13 days
Weighted average interest rate	3.56%
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, net	69,675
Debt issuances, net	(593)
Proceeds from debt, net of issuance costs	69,082
Repayments	(28,000)
Accretion	331
Amortization of deferred financing costs	331
Long-term debt, gross, ending balance	161,169
Deferred costs, end of period	(2,026)
Total debt, net, end of period	159,143
Line of credit
Debt [Roll Forward]
Long-term debt, gross, beginning balance	50,000
Debt issuances, net	42,000
Repayments	(28,000)
Long-term debt, gross, ending balance	$ 64,000
Fixed Rate Debt
Debt Instrument [Line Items]
Weighted average interest rate	3.84%
Debt [Roll Forward]
Long-term debt, gross, beginning balance	$ 69,494
Debt issuances, net	27,675
Repayments	0
Long-term debt, gross, ending balance	$ 97,169

Notes Payable and Credit Faci67

Notes Payable and Credit Facility (Fixed rate debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term debt	$ 161,169	$ 119,494
Weighted average interest rate	3.56%
Fixed Rate Debt
Debt Instrument [Line Items]
Long-term debt	$ 97,169	$ 69,494
Weighted average interest rate	3.84%
Debt security, amount, aggregate gross real estate assets net of gross Intangible lease liabilities	$ 164,900
Fixed Rate Debt | Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.37%
Fixed Rate Debt | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.17%
Variable Rate Debt | Interest rate swaps
Debt Instrument [Line Items]
Long-term debt	$ 25,600

Notes Payable and Credit Faci68

Notes Payable and Credit Facility (Credit facility) (Details)	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Line of Credit Facility [Line Items]
Line of credit, amount outstanding	$ 159,143,000	$ 117,730,000
Line of credit | JPMorgan Chase Bank, N.A.
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	225,000,000
Line of credit, remaining borrowing capacity	161,000,000
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 | JPMorgan Chase Bank, N.A. | Minimum
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage	0.90%
Fixed charged coverage ratio	1.50
Line of credit | JPMorgan Chase Bank, N.A. | Maximum
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage	1.45%
Line of credit facility, covenant, leverage ratio	60.00%
Line of credit | JPMorgan Chase Bank, N.A. | Statutory Reserve Rate | Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.90%
Line of credit | JPMorgan Chase Bank, N.A. | Statutory Reserve Rate | Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.45%
Line of credit | JPMorgan Chase Bank, N.A. | Federal Funds Effective Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Line of credit | JPMorgan Chase Bank, N.A. | One-Month LIBOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Line of credit | JPMorgan Chase Bank, N.A. | Revolving credit facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 153,000,000
Line of credit, amount outstanding	0
Line of credit | JPMorgan Chase Bank, N.A. | Term Loan
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	72,000,000
Line of credit, amount outstanding	64,000,000
Line of credit | JPMorgan Chase Bank, N.A. | Term Loan | Interest rate swaps
Line of Credit Facility [Line Items]
Line of credit, amount outstanding	$ 40,000,000
Interest rate at period end	3.43%

Notes Payable and Credit Faci69

Notes Payable and Credit Facility (Future Debt Repayments Schedule) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Long-term Debt, Fiscal Year Maturity [Abstract]
2,017	$ 0
2,018	0
2,019	64,000
2,020	9,240
2,021	31,717
Thereafter	56,212
Total	$ 161,169	$ 119,494

Intangible Lease Liabilities (D

Intangible Lease Liabilities (Details) - Acquired below-market leases - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Liabilities, Net [Abstract]
Finite-lived intangible liabilities, net	$ 5,798	$ 3,513
Finite-lived intangible liabilities, accumulated amortization	$ 929	$ 481
Finite-lived intangible liabilities, useful life	11 years 10 months 24 days	10 years 8 months 12 days
Amortization of intangible liabilities	$ 448	$ 209	$ 153

Intangible Lease Liabilities (S

Intangible Lease Liabilities (Schedule of fiscal year maturity) (Details) - Acquired below-market leases $ in Thousands	Dec. 31, 2016USD ($)
Finite-Lived Intangible Liabilities, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,017	$ 792
2,018	779
2,019	767
2,020	740
2,021	$ 505

Commitments and Contingencies (

Commitments and Contingencies (Purchase Commitments) (Details) - Real estate investments purchase commitments $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)property
Long-term Purchase Commitment [Line Items]
Purchase commitment, percentage of voting interests acquired	100.00%
Number of real estate acquisitions (in number of properties) | property	5
Purchase commitment, aggregate purchase price	$ 38,800
Escrow deposit	$ 410

Related-Party Transactions an73

Related-Party Transactions and Arrangements (Selling commissions, dealer manager and distribution fees) (Details) - Dealer manager	Dec. 31, 2016USD ($)
Selling commissions
Related Party Transaction
Related party transaction, expense reallowed, percent	100.00%
Common Class W | Selling commissions
Related Party Transaction
Daily asset based related party fee percent	0.00%
Common Class W | Dealer manager fees
Related Party Transaction
Daily asset based related party fee percent	0.55%
Common Class W | Distribution fees
Related Party Transaction
Daily asset based related party fee percent	0.00%
Common Class A | Selling commissions
Related Party Transaction
Daily asset based related party fee percent	3.75%
Common stock, share purchase volume discount	$ 150,001
Common Class A | Selling commissions | Maximum
Related Party Transaction
Daily asset based related party fee percent	3.90%
Common Class A | Dealer manager fees
Related Party Transaction
Daily asset based related party fee percent	0.55%
Common Class A | Distribution fees
Related Party Transaction
Daily asset based related party fee percent	0.50%
Common Class I | Selling commissions
Related Party Transaction
Daily asset based related party fee percent	0.00%
Common Class I | Dealer manager fees
Related Party Transaction
Daily asset based related party fee percent	0.25%
Common Class I | Distribution fees
Related Party Transaction
Daily asset based related party fee percent	0.00%

Related-Party Transactions an74

Related-Party Transactions and Arrangements (Other organization and offering expenses and Advisory fees and expenses) (Details) - Advisors	12 Months Ended
	Dec. 31, 2016
Advisory Fees and Expenses
Related Party Transaction
Distribution and stockholder servicing fee, percentage of net asset value, daily accrual rate	0.00025%
Maximum | Organization and offering expense reimbursement
Related Party Transaction
Related party transaction, expenses from transactions with related party, percentage of gross offering proceeds	0.75%

Related-Party Transactions an75

Related-Party Transactions and Arrangements (Operating expenses, Expense Cap and Acquisition fees and expenses) (Details) - Advisors - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction
Annualized rate, excess general and administrative expense	1.25%
Excess General And Administrative Expenses To Be Reimbursed
Related Party Transaction
Related party transaction, expenses from transactions with related party		$ 773
Due from related parties		248
Acquisition expense reimbursement
Related Party Transaction
Related party transaction, expenses from transactions with related party	$ 1,622	$ 369	$ 490
Minimum | Operating expenses
Related Party Transaction
Operating expense reimbursement percent of average invested assets	2.00%
Operating expense reimbursement percent of net income	25.00%
Maximum | Acquisition expense reimbursement
Related Party Transaction
Acquisition and expenses percentage	6.00%

Related-Party Transactions an76

Related-Party Transactions and Arrangements (Performance Fee) (Details)	Dec. 31, 2016$ / shares
Common Class W
Related Party Transaction
Share price, base net asset value (in dollars per share)	$ 15
Common Class A
Related Party Transaction
Share price, base net asset value (in dollars per share)	16.72
Common Class I
Related Party Transaction
Share price, base net asset value (in dollars per share)	$ 16.82
Minimum | Advisors | Performance fee
Related Party Transaction
Total return threshold to receive performance fee	6.00%
Minimum | Advisors | Operating expenses
Related Party Transaction
Operating expense reimbursement percent of net income	25.00%
Maximum | Advisors | Performance fee
Related Party Transaction
Total return threshold to receive performance fee	10.00%

Related-Party Transactions an77

Related-Party Transactions and Arrangements (Schedule of Related Party Transaction) (Details) - Advisors - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction
Due to cole advisor	$ 14,800	$ 8,200
Commissions, fees and expense reimbursements
Related Party Transaction
Due to cole advisor	2,300
Selling commissions
Related Party Transaction
Related party transaction, expenses from transactions with related party	2,121	301	$ 563
Distribution fees
Related Party Transaction
Related party transaction, expenses from transactions with related party	246	89	36
Dealer manager fees
Related Party Transaction
Related party transaction, expenses from transactions with related party	1,310	764	556
Organization and offering expense reimbursement
Related Party Transaction
Related party transaction, expenses from transactions with related party	1,192	464	520
Acquisition expense reimbursement
Related Party Transaction
Related party transaction, expenses from transactions with related party	1,622	369	490
Advisory fee
Related Party Transaction
Related party transaction, expenses from transactions with related party	2,760	1,290	926
Operating expense reimbursement
Related Party Transaction
Related party transaction, expenses from transactions with related party	1,656	0	0
Performance fee
Related Party Transaction
Related party transaction, expenses from transactions with related party	0	1,246	$ 1,076
Waived fees and expense reimbursement
Related Party Transaction
Related party transaction, expenses from transactions with related party	$ 1,300	$ 931

Related-Party Transactions an78

Related-Party Transactions and Arrangements (Due to Affiliates) (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Advisors
Related Party Transaction
Due to cole advisor	$ 14.8	$ 8.2

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Class of Stock [Line Items]
Common stock and preferred stock, shares authorized (up to)	500,000,000	500,000,000
Common stock, shares authorized	490,000,000	490,000,000
Preferred stock, shares authorized	10,000,000	10,000,000	10,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Issuance of common stock		$ 161,035	$ 62,171	$ 69,949
Common stock, shares outstanding	20,400,000	20,400,000
Proceeds from issuance of common stock	$ 361,000	$ 155,051	$ 58,835	$ 67,631
Common Stock
Class of Stock [Line Items]
Issuance of common stock, shares		8,700,000
Shares issued pursuant to a distribution reinvestment plan (in shares)		328,000	185,000	136,000
Issuance of common stock		$ 161,000
W Shares Common Stock
Class of Stock [Line Items]
Common stock, shares authorized	164,000,000	164,000,000	164,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares outstanding	12,461,616	12,461,616	7,825,063
W Shares Common Stock | Common Stock
Class of Stock [Line Items]
Issuance of common stock, shares		5,418,786	2,689,946	3,070,377
Issuance of common stock		$ 55	$ 27	$ 31
Common stock, shares outstanding	12,461,616	12,461,616	7,825,063	6,012,043	3,993,916
A Shares Common Stock
Class of Stock [Line Items]
Common stock, shares authorized	163,000,000	163,000,000	163,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares outstanding	4,449,352	4,449,352	1,371,763
A Shares Common Stock | Common Stock
Class of Stock [Line Items]
Issuance of common stock, shares		3,181,316	541,431	874,181
Issuance of common stock		$ 32	$ 6	$ 9
Common stock, shares outstanding	4,449,352	4,449,352	1,371,763	897,376	23,767
I Shares Common Stock
Class of Stock [Line Items]
Common stock, shares authorized	163,000,000	163,000,000	163,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares outstanding	788,270	788,270	657,624
I Shares Common Stock | Common Stock
Class of Stock [Line Items]
Issuance of common stock, shares		130,646	175,819	127,349
Issuance of common stock		$ 1	$ 2	$ 2
Common stock, shares outstanding	788,270	788,270	657,624	256,525	129,176

Stockholders' Equity (Distribut

Stockholders' Equity (Distribution Reinvestment Plan) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Common stock issued through distribution reinvestment plan	$ 5,984	$ 3,336	$ 2,318
Common Stock
Class of Stock [Line Items]
Shares issued pursuant to a distribution reinvestment plan (in shares)	328,000	185,000	136,000
Common stock issued through distribution reinvestment plan	$ 6,000	$ 3,300	$ 2,300

Stockholders' Equity (Share Red

Stockholders' Equity (Share Redemption Program) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Equity, Class of Treasury Stock [Line Items]
Stock redemption program, short-term trading fee, percentage of aggregate net asset value per share of common stock	2.00%
Stock redemption program, number of shares authorized to be repurchased, percentage of weighted average number of shares outstanding	5.00%
Stock redemption program, number of shares authorized to be repurchased, carryover	15.00%
Stock redemption program, number of shares authorized to be repurchased, carryover percentage quarterly net asset value limitation	10.00%
Offer amount limit before the owner is permitted to redeem any of its common stock shares	$ 100,000,000
Common stock, shares outstanding (in shares)	20,400,000
Redeemable common stock	$ 32,076,000	$ 17,967,000
Redemptions of common stock	$ 16,136,000	$ 12,957,000	$ 17,969,000
W Shares Common Stock
Equity, Class of Treasury Stock [Line Items]
Redemptions (in shares)	782,000
Common stock, shares outstanding (in shares)	12,461,616	7,825,063
Redemptions of common stock	$ 14,300,000
A Shares Common Stock
Equity, Class of Treasury Stock [Line Items]
Redemptions (in shares)	104,000
Common stock, shares outstanding (in shares)	4,449,352	1,371,763
Redemptions of common stock	$ 1,900,000
Common Stock | CHC
Equity, Class of Treasury Stock [Line Items]
Redemptions (in shares)	178,264
Common Stock | W Shares Common Stock
Equity, Class of Treasury Stock [Line Items]
Redemptions (in shares)	782,233	650,835	1,052,250
Common stock, shares outstanding (in shares)	12,461,616	7,825,063	6,012,043	3,993,916
Redemptions of common stock	$ 8,000	$ 7,000	$ 11,000
Common Stock | W Shares Common Stock | Vereit Operating Partnership, L.P.
Equity, Class of Treasury Stock [Line Items]
Common stock, shares outstanding (in shares)	13,333
Common Stock | A Shares Common Stock
Equity, Class of Treasury Stock [Line Items]
Redemptions (in shares)	103,727	67,044	572
Common stock, shares outstanding (in shares)	4,449,352	1,371,763	897,376	23,767
Redemptions of common stock	$ 1,000	$ 1,000

Stockholders' Equity (Distrib82

Stockholders' Equity (Distributions Payable and Distribution Policy) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Equity [Abstract]
Dividend, common stock and preferred stock, number of days in the calendar year for the daily distribution	365 days
Daily distributions payable (in dollars per share)	$ 0.002678083
Distributions to investors declared and unpaid	$ 1,444	$ 788	$ 595

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Ordinary dividends	33.00%	44.90%	52.90%
Nondividend distributions	67.00%	0.00%	47.10%
Capital gain distributions	0.00%	55.10%	0.00%
Total	100.00%	100.00%	100.00%
Distributions, percentage of taxable income	100.00%	100.00%	100.00%
Provision for income taxes	$ 0
State and local income tax and franchise tax expense	88,000	$ 120,000	$ 75,000
Unrecognized tax benefits	$ 0	$ 0	$ 0

Operating Leases (Details)

Operating Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Leases [Abstract]
Weighted average remaining term of leases	10 years 7 months 6 days
2,017	$ 32,506
2,018	32,435
2,019	32,581
2,020	32,320
2,021	32,208
Thereafter	199,267
Total	$ 361,317

Quarterly Results (Unaudited)85

Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 8,127	$ 6,889	$ 6,341	$ 5,954	$ 4,972	$ 4,745	$ 4,565	$ 4,827	$ 27,311	$ 19,109	$ 13,305
Operating income	940	956	972	1,210	813	1,316	1,524	2,012	4,078	5,665	2,802
Net income (loss)	$ (625)	$ (370)	$ (280)	$ (17)	$ (247)	$ 1,128	$ 5,320	$ 1,126	$ (1,292)	$ 7,327	$ 251
Basic and diluted net income (loss) per common share (in dollars per share)	$ (0.04)	$ (0.03)	$ (0.02)	$ 0	$ (0.03)	$ 0.14	$ 0.71	$ 0.16	$ (0.10)	$ 0.93	$ 0.04
Distributions declared per common share (in dollars per share)	$ 0.25	$ 0.25	$ 0.24	$ 0.24	$ 0.25	$ 0.25	$ 0.24	$ 0.24	$ 0.98	$ 0.98	$ 0.97

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent event $ in Millions	3 Months Ended
	Mar. 28, 2017USD ($)property
Subsequent Event [Line Items]
Number of real estate acquisitions (in number of properties) | property	12
Aggregate purchase price | $	$ 52.5

SCHEDULE III _ Real Estate As87

SCHEDULE III – Real Estate Assets and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2016USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				$ 97,169
Initial Costs to Company
Land				86,858
Buildings and Improvements				319,103
Total Adjustment to Basis				486
Gross Amount at Which Carried At December 31, 2016	$ 237,401	$ 203,111	$ 92,717	406,447
Accumulated Depreciation	8,168	4,459	1,451	14,768
Property, plant, and equipment, land and real estate assets, aggregate tax basis				449,800
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance, beginning of period	237,401	203,111	92,717
Additions
Acquisitions	168,901	48,885	110,394
Improvements	145	226	0
Total additions	169,046	49,111	110,394
Deductions
Cost of real estate sold	0	14,821	0
Total deductions	0	14,821	0
Balance, end of period	406,447	237,401	203,111
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance, beginning of period	8,168	4,459	1,451
Additions
Acquisitions - Depreciation Expense for Building & Tenant Improvements Acquired	6,576	4,358	2,987
Improvements - Depreciation Expense for Tenant Improvements & Building Equipment	24	14	21
Total additions	6,600	4,372	3,008
Deductions
Cost of real estate sold	0	663	0
Total deductions	0	663	0
Balance, end of period	$ 14,768	$ 8,168	$ 4,459
Line of credit
Deductions
Credit facility outstanding				64,000
Buildings
Deductions
Acquired real estate asset, useful life	40 years
Advance Auto | Macomb Township, MI
Initial Costs to Company
Land				718
Buildings and Improvements				1,146
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	$ 1,864			1,864
Accumulated Depreciation	156			156
Deductions
Balance, end of period	1,864
Deductions
Balance, end of period	156
Advance Auto | Ravenswood, WV
Initial Costs to Company
Land				150
Buildings and Improvements				645
Total Adjustment to Basis				58
Gross Amount at Which Carried At December 31, 2016	853			853
Accumulated Depreciation	26			26
Deductions
Balance, end of period	853
Deductions
Balance, end of period	26
Advance Auto | Sedalia, MO
Initial Costs to Company
Land				374
Buildings and Improvements				1,187
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,561			1,561
Accumulated Depreciation	107			107
Deductions
Balance, end of period	1,561
Deductions
Balance, end of period	107
Algonac Plaza | Algonac, MI
Initial Costs to Company
Land				1,097
Buildings and Improvements				7,718
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	8,815			8,815
Accumulated Depreciation	771			771
Deductions
Balance, end of period	8,815
Deductions
Balance, end of period	771
Amcor Rigid Plastics | Ames, IA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				8,300
Initial Costs to Company
Land				775
Buildings and Improvements				12,179
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	12,954			12,954
Accumulated Depreciation	698			698
Deductions
Balance, end of period	12,954
Deductions
Balance, end of period	698
Aspen Dental | Someset, KY
Initial Costs to Company
Land				285
Buildings and Improvements				1,037
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,322			1,322
Accumulated Depreciation	66			66
Deductions
Balance, end of period	1,322
Deductions
Balance, end of period	66
At Home | Colorado Springs, CO
Initial Costs to Company
Land				989
Buildings and Improvements				9,347
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	10,336			10,336
Accumulated Depreciation	72			72
Deductions
Balance, end of period	10,336
Deductions
Balance, end of period	72
At Home | O'Fallon, IL
Initial Costs to Company
Land				2,521
Buildings and Improvements				7,336
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	9,857			9,857
Accumulated Depreciation	62			62
Deductions
Balance, end of period	9,857
Deductions
Balance, end of period	62
AT&T | Oklahoma City, OK
Initial Costs to Company
Land				622
Buildings and Improvements				1,493
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	2,115			2,115
Accumulated Depreciation	128			128
Deductions
Balance, end of period	2,115
Deductions
Balance, end of period	128
AutoZone | Jesup, GA
Initial Costs to Company
Land				209
Buildings and Improvements				781
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	990			990
Accumulated Depreciation	4			4
Deductions
Balance, end of period	990
Deductions
Balance, end of period	4
AutoZone | Vandalia, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				532
Initial Costs to Company
Land				778
Buildings and Improvements				0
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	778			778
Accumulated Depreciation	0			0
Deductions
Balance, end of period	778
Deductions
Balance, end of period	0
Biolife Plasma Services | Fort Wayne, IN
Initial Costs to Company
Land				692
Buildings and Improvements				2,662
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	3,354			3,354
Accumulated Depreciation	3			3
Deductions
Balance, end of period	3,354
Deductions
Balance, end of period	3
Biolife Plasma Services | Moorehead, MN
Initial Costs to Company
Land				728
Buildings and Improvements				3,109
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	3,837			3,837
Accumulated Depreciation	4			4
Deductions
Balance, end of period	3,837
Deductions
Balance, end of period	4
Burger King | Midwest City, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				765
Initial Costs to Company
Land				576
Buildings and Improvements				413
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	989			989
Accumulated Depreciation	24			24
Deductions
Balance, end of period	989
Deductions
Balance, end of period	24
Caliber Collision Center | Houston, TX
Initial Costs to Company
Land				466
Buildings and Improvements				4,929
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	5,395			5,395
Accumulated Depreciation	52			52
Deductions
Balance, end of period	5,395
Deductions
Balance, end of period	52
Caliber Collision Center | Venice, FL
Initial Costs to Company
Land				857
Buildings and Improvements				2,662
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	3,519			3,519
Accumulated Depreciation	28			28
Deductions
Balance, end of period	3,519
Deductions
Balance, end of period	28
Carrier Rental Systems | Houston, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				2,800
Initial Costs to Company
Land				749
Buildings and Improvements				3,832
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	4,581			4,581
Accumulated Depreciation	226			226
Deductions
Balance, end of period	4,581
Deductions
Balance, end of period	226
Chili's and Petsmart | Panama City, FL
Initial Costs to Company
Land				1,371
Buildings and Improvements				4,411
Total Adjustment to Basis				129
Gross Amount at Which Carried At December 31, 2016	5,911			5,911
Accumulated Depreciation	136			136
Deductions
Balance, end of period	5,911
Deductions
Balance, end of period	136
CVS | Austin, TX
Initial Costs to Company
Land				1,417
Buildings and Improvements				1,579
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	2,996			2,996
Accumulated Depreciation	207			207
Deductions
Balance, end of period	2,996
Deductions
Balance, end of period	207
CVS | Erie, PA
Initial Costs to Company
Land				1,007
Buildings and Improvements				1,157
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	2,164			2,164
Accumulated Depreciation	150			150
Deductions
Balance, end of period	2,164
Deductions
Balance, end of period	150
CVS | Mansfield, OH
Initial Costs to Company
Land				270
Buildings and Improvements				1,691
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,961			1,961
Accumulated Depreciation	219			219
Deductions
Balance, end of period	1,961
Deductions
Balance, end of period	219
CVS | Wisconsin Rapids, WA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				1,790
Initial Costs to Company
Land				517
Buildings and Improvements				2,148
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	2,665			2,665
Accumulated Depreciation	169			169
Deductions
Balance, end of period	2,665
Deductions
Balance, end of period	169
DaVita Dialysis | Austell, GA
Initial Costs to Company
Land				581
Buildings and Improvements				2,359
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	2,940			2,940
Accumulated Depreciation	160			160
Deductions
Balance, end of period	2,940
Deductions
Balance, end of period	160
Dollar General | Ada, MN
Initial Costs to Company
Land				144
Buildings and Improvements				867
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,011			1,011
Accumulated Depreciation	17			17
Deductions
Balance, end of period	1,011
Deductions
Balance, end of period	17
Dollar General | Berwick, LA
Initial Costs to Company
Land				141
Buildings and Improvements				1,448
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,589			1,589
Accumulated Depreciation	162			162
Deductions
Balance, end of period	1,589
Deductions
Balance, end of period	162
Dollar General | Erie, IL
Initial Costs to Company
Land				67
Buildings and Improvements				974
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,041			1,041
Accumulated Depreciation	14			14
Deductions
Balance, end of period	1,041
Deductions
Balance, end of period	14
Dollar General | Gladwin, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				780
Initial Costs to Company
Land				121
Buildings and Improvements				1,119
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,240			1,240
Accumulated Depreciation	89			89
Deductions
Balance, end of period	1,240
Deductions
Balance, end of period	89
Dollar General | Glasford, IL
Initial Costs to Company
Land				167
Buildings and Improvements				904
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,071			1,071
Accumulated Depreciation	13			13
Deductions
Balance, end of period	1,071
Deductions
Balance, end of period	13
Dollar General | Independence, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				837
Initial Costs to Company
Land				276
Buildings and Improvements				1,017
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,293			1,293
Accumulated Depreciation	104			104
Deductions
Balance, end of period	1,293
Deductions
Balance, end of period	104
Dollar General | Lexington, MI
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				707
Initial Costs to Company
Land				89
Buildings and Improvements				1,033
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,122			1,122
Accumulated Depreciation	82			82
Deductions
Balance, end of period	1,122
Deductions
Balance, end of period	82
Dollar General | New Richland, MN
Initial Costs to Company
Land				173
Buildings and Improvements				900
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,073			1,073
Accumulated Depreciation	13			13
Deductions
Balance, end of period	1,073
Deductions
Balance, end of period	13
Dollar General | Ocala, FL
Initial Costs to Company
Land				205
Buildings and Improvements				1,308
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,513			1,513
Accumulated Depreciation	89			89
Deductions
Balance, end of period	1,513
Deductions
Balance, end of period	89
Dollar General | Pine River, MN
Initial Costs to Company
Land				230
Buildings and Improvements				872
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,102			1,102
Accumulated Depreciation	17			17
Deductions
Balance, end of period	1,102
Deductions
Balance, end of period	17
Dollar General | Redfield, SD
Initial Costs to Company
Land				43
Buildings and Improvements				839
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	882			882
Accumulated Depreciation	53			53
Deductions
Balance, end of period	882
Deductions
Balance, end of period	53
Dollar General | Sardis City, AL
Initial Costs to Company
Land				334
Buildings and Improvements				1,058
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,392			1,392
Accumulated Depreciation	113			113
Deductions
Balance, end of period	1,392
Deductions
Balance, end of period	113
Dollar General | Sioux Falls, SD
Initial Costs to Company
Land				293
Buildings and Improvements				989
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,282			1,282
Accumulated Depreciation	72			72
Deductions
Balance, end of period	1,282
Deductions
Balance, end of period	72
Dollar General | Stacy, MN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				658
Initial Costs to Company
Land				84
Buildings and Improvements				810
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	894			894
Accumulated Depreciation	44			44
Deductions
Balance, end of period	894
Deductions
Balance, end of period	44
Dollar General | Starbuck, MN
Initial Costs to Company
Land				76
Buildings and Improvements				946
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,022			1,022
Accumulated Depreciation	18			18
Deductions
Balance, end of period	1,022
Deductions
Balance, end of period	18
Dollar General | St. Joseph, MO
Initial Costs to Company
Land				197
Buildings and Improvements				972
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,169			1,169
Accumulated Depreciation	98			98
Deductions
Balance, end of period	1,169
Deductions
Balance, end of period	98
Dollar General | Topeka, KS
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				794
Initial Costs to Company
Land				176
Buildings and Improvements				882
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,058			1,058
Accumulated Depreciation	53			53
Deductions
Balance, end of period	1,058
Deductions
Balance, end of period	53
Dollar General | Trimble, MO
Initial Costs to Company
Land				212
Buildings and Improvements				802
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,014			1,014
Accumulated Depreciation	11			11
Deductions
Balance, end of period	1,014
Deductions
Balance, end of period	11
Dollar General | Wheaton, MN
Initial Costs to Company
Land				134
Buildings and Improvements				874
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,008			1,008
Accumulated Depreciation	17			17
Deductions
Balance, end of period	1,008
Deductions
Balance, end of period	17
Dollar General | Winthrop, MN
Initial Costs to Company
Land				130
Buildings and Improvements				876
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,006			1,006
Accumulated Depreciation	17			17
Deductions
Balance, end of period	1,006
Deductions
Balance, end of period	17
Enid Crossing | Enid, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				3,407
Initial Costs to Company
Land				685
Buildings and Improvements				4,426
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	5,111			5,111
Accumulated Depreciation	364			364
Deductions
Balance, end of period	5,111
Deductions
Balance, end of period	364
Family Dollar | Centreville, AL
Initial Costs to Company
Land				50
Buildings and Improvements				1,122
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,172			1,172
Accumulated Depreciation	79			79
Deductions
Balance, end of period	1,172
Deductions
Balance, end of period	79
Family Dollar | Danville, VA
Initial Costs to Company
Land				228
Buildings and Improvements				774
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,002			1,002
Accumulated Depreciation	65			65
Deductions
Balance, end of period	1,002
Deductions
Balance, end of period	65
Family Dollar | Darby, MT
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				881
Initial Costs to Company
Land				244
Buildings and Improvements				889
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,133			1,133
Accumulated Depreciation	58			58
Deductions
Balance, end of period	1,133
Deductions
Balance, end of period	58
Family Dollar | Denton, NC
Initial Costs to Company
Land				334
Buildings and Improvements				545
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	879			879
Accumulated Depreciation	42			42
Deductions
Balance, end of period	879
Deductions
Balance, end of period	42
Family Dollar | Deridder, LA
Initial Costs to Company
Land				183
Buildings and Improvements				746
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	929			929
Accumulated Depreciation	57			57
Deductions
Balance, end of period	929
Deductions
Balance, end of period	57
Family Dollar | Hampton, AR
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				651
Initial Costs to Company
Land				131
Buildings and Improvements				741
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	872			872
Accumulated Depreciation	59			59
Deductions
Balance, end of period	872
Deductions
Balance, end of period	59
Family Dollar | Londonderry, OH
Initial Costs to Company
Land				65
Buildings and Improvements				1,078
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,143			1,143
Accumulated Depreciation	78			78
Deductions
Balance, end of period	1,143
Deductions
Balance, end of period	78
Family Dollar | Tatum, NM
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				700
Initial Costs to Company
Land				130
Buildings and Improvements				805
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	935			935
Accumulated Depreciation	65			65
Deductions
Balance, end of period	935
Deductions
Balance, end of period	65
Family Dollar | West Portsmouth, OH
Initial Costs to Company
Land				214
Buildings and Improvements				768
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	982			982
Accumulated Depreciation	47			47
Deductions
Balance, end of period	982
Deductions
Balance, end of period	47
FedEx | Elko, NV
Initial Costs to Company
Land				186
Buildings and Improvements				2,024
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	2,210			2,210
Accumulated Depreciation	192			192
Deductions
Balance, end of period	2,210
Deductions
Balance, end of period	192
FedEx | Norfolk, NE
Initial Costs to Company
Land				618
Buildings and Improvements				2,499
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	3,117			3,117
Accumulated Depreciation	228			228
Deductions
Balance, end of period	3,117
Deductions
Balance, end of period	228
FedEx | Spirit Lake, IA
Initial Costs to Company
Land				115
Buildings and Improvements				2,501
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	2,616			2,616
Accumulated Depreciation	202			202
Deductions
Balance, end of period	2,616
Deductions
Balance, end of period	202
FleetPride | Mobile, AL
Initial Costs to Company
Land				695
Buildings and Improvements				2,445
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	3,140			3,140
Accumulated Depreciation	102			102
Deductions
Balance, end of period	3,140
Deductions
Balance, end of period	102
Fresh Thyme | Worthington, OH
Initial Costs to Company
Land				2,648
Buildings and Improvements				6,498
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	9,146			9,146
Accumulated Depreciation	65			65
Deductions
Balance, end of period	9,146
Deductions
Balance, end of period	65
Great White | Oklahoma City, OK
Initial Costs to Company
Land				323
Buildings and Improvements				4,031
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	4,354			4,354
Accumulated Depreciation	291			291
Deductions
Balance, end of period	4,354
Deductions
Balance, end of period	291
Headwaters | Bryan, TX
Initial Costs to Company
Land				273
Buildings and Improvements				961
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,234			1,234
Accumulated Depreciation	61			61
Deductions
Balance, end of period	1,234
Deductions
Balance, end of period	61
Home Depot Center | Orland Park, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				11,275
Initial Costs to Company
Land				5,694
Buildings and Improvements				13,100
Total Adjustment to Basis				10
Gross Amount at Which Carried At December 31, 2016	18,804			18,804
Accumulated Depreciation	468			468
Deductions
Balance, end of period	18,804
Deductions
Balance, end of period	468
Jo-Ann's | Roseville, MI
Initial Costs to Company
Land				506
Buildings and Improvements				2,747
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	3,253			3,253
Accumulated Depreciation	284			284
Deductions
Balance, end of period	3,253
Deductions
Balance, end of period	284
Kum & Go | Cedar Rapids, IA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				1,501
Initial Costs to Company
Land				630
Buildings and Improvements				1,679
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	2,309			2,309
Accumulated Depreciation	163			163
Deductions
Balance, end of period	2,309
Deductions
Balance, end of period	163
L.A. Fitness | Pawtucket, RI
Initial Costs to Company
Land				5,556
Buildings and Improvements				7,071
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	12,627			12,627
Accumulated Depreciation	60			60
Deductions
Balance, end of period	12,627
Deductions
Balance, end of period	60
Lowe's | Fremont, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				5,312
Initial Costs to Company
Land				1,287
Buildings and Improvements				7,125
Total Adjustment to Basis				278
Gross Amount at Which Carried At December 31, 2016	8,690			8,690
Accumulated Depreciation	658			658
Deductions
Balance, end of period	8,690
Deductions
Balance, end of period	658
Marshalls | Wilkesboro, NC
Initial Costs to Company
Land				968
Buildings and Improvements				1,775
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	2,743			2,743
Accumulated Depreciation	11			11
Deductions
Balance, end of period	2,743
Deductions
Balance, end of period	11
Marshalls & Petco | Blaine, MN
Initial Costs to Company
Land				1,642
Buildings and Improvements				5,170
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	6,812			6,812
Accumulated Depreciation	8			8
Deductions
Balance, end of period	6,812
Deductions
Balance, end of period	8
Mattress Firm | Fairview Park, OH
Initial Costs to Company
Land				646
Buildings and Improvements				830
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,476			1,476
Accumulated Depreciation	60			60
Deductions
Balance, end of period	1,476
Deductions
Balance, end of period	60
Mattress Firm | Gadsden, AL
Initial Costs to Company
Land				393
Buildings and Improvements				1,413
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,806			1,806
Accumulated Depreciation	133			133
Deductions
Balance, end of period	1,806
Deductions
Balance, end of period	133
Mattress Firm | Phoenix, AZ
Initial Costs to Company
Land				550
Buildings and Improvements				956
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,506			1,506
Accumulated Depreciation	74			74
Deductions
Balance, end of period	1,506
Deductions
Balance, end of period	74
Mattress Firm & AT&T | Woodbury, MN
Initial Costs to Company
Land				812
Buildings and Improvements				2,238
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	3,050			3,050
Accumulated Depreciation	185			185
Deductions
Balance, end of period	3,050
Deductions
Balance, end of period	185
Mattress Firm & Panera Bread | Elyria, OH
Initial Costs to Company
Land				1,100
Buildings and Improvements				2,836
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	3,936			3,936
Accumulated Depreciation	63			63
Deductions
Balance, end of period	3,936
Deductions
Balance, end of period	63
McAlister's Deli | Amarillo, TX
Initial Costs to Company
Land				435
Buildings and Improvements				1,050
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,485			1,485
Accumulated Depreciation	88			88
Deductions
Balance, end of period	1,485
Deductions
Balance, end of period	88
McAlister's Deli | Shawnee, OK
Initial Costs to Company
Land				601
Buildings and Improvements				1,054
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,655			1,655
Accumulated Depreciation	84			84
Deductions
Balance, end of period	1,655
Deductions
Balance, end of period	84
Mister Carwash | Hudson, FL
Initial Costs to Company
Land				1,014
Buildings and Improvements				843
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,857			1,857
Accumulated Depreciation	5			5
Deductions
Balance, end of period	1,857
Deductions
Balance, end of period	5
Mister Carwash | Spring Hill, FL
Initial Costs to Company
Land				961
Buildings and Improvements				1,156
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	2,117			2,117
Accumulated Depreciation	6			6
Deductions
Balance, end of period	2,117
Deductions
Balance, end of period	6
National Tire & Battery | Conyers, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				1,657
Initial Costs to Company
Land				522
Buildings and Improvements				1,845
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	2,367			2,367
Accumulated Depreciation	112			112
Deductions
Balance, end of period	2,367
Deductions
Balance, end of period	112
Natural Grocers | Prescott, AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				2,367
Initial Costs to Company
Land				795
Buildings and Improvements				2,802
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	3,597			3,597
Accumulated Depreciation	299			299
Deductions
Balance, end of period	3,597
Deductions
Balance, end of period	299
Northern Tool | Hoover, AK
Initial Costs to Company
Land				691
Buildings and Improvements				2,150
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	2,841			2,841
Accumulated Depreciation	140			140
Deductions
Balance, end of period	2,841
Deductions
Balance, end of period	140
O'Reilly Auto Parts | Decatur, GA
Initial Costs to Company
Land				491
Buildings and Improvements				985
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,476			1,476
Accumulated Depreciation	8			8
Deductions
Balance, end of period	1,476
Deductions
Balance, end of period	8
O'Reilly Auto Parts | Fayetteville, NC
Initial Costs to Company
Land				132
Buildings and Improvements				1,246
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,378			1,378
Accumulated Depreciation	88			88
Deductions
Balance, end of period	1,378
Deductions
Balance, end of period	88
PetSmart | Little Rock, AR
Initial Costs to Company
Land				1,283
Buildings and Improvements				2,820
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	4,103			4,103
Accumulated Depreciation	273			273
Deductions
Balance, end of period	4,103
Deductions
Balance, end of period	273
PetSmart | McAllen, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				2,924
Initial Costs to Company
Land				1,961
Buildings and Improvements				1,994
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	3,955			3,955
Accumulated Depreciation	188			188
Deductions
Balance, end of period	3,955
Deductions
Balance, end of period	188
Raising Canes | Avondale, AZ
Initial Costs to Company
Land				3,292
Buildings and Improvements				0
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	3,292			3,292
Accumulated Depreciation	0			0
Deductions
Balance, end of period	3,292
Deductions
Balance, end of period	0
Sam's Club | Timonium, MD
Initial Costs to Company
Land				6,194
Buildings and Improvements				11,042
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	17,236			17,236
Accumulated Depreciation	53			53
Deductions
Balance, end of period	17,236
Deductions
Balance, end of period	53
Sherwin-Williams | Douglasville, GA
Initial Costs to Company
Land				417
Buildings and Improvements				578
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	995			995
Accumulated Depreciation	52			52
Deductions
Balance, end of period	995
Deductions
Balance, end of period	52
Sherwin-Williams | Lawrenceville, GA
Initial Costs to Company
Land				320
Buildings and Improvements				845
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,165			1,165
Accumulated Depreciation	81			81
Deductions
Balance, end of period	1,165
Deductions
Balance, end of period	81
Sherwin-Williams | Pigeon Forge, TN
Initial Costs to Company
Land				393
Buildings and Improvements				661
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,054			1,054
Accumulated Depreciation	2			2
Deductions
Balance, end of period	1,054
Deductions
Balance, end of period	2
Shopko | Larned, KS
Initial Costs to Company
Land				49
Buildings and Improvements				1,727
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,776			1,776
Accumulated Depreciation	121			121
Deductions
Balance, end of period	1,776
Deductions
Balance, end of period	121
Shopko | Nephi, UT
Initial Costs to Company
Land				180
Buildings and Improvements				2,872
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	3,052			3,052
Accumulated Depreciation	61			61
Deductions
Balance, end of period	3,052
Deductions
Balance, end of period	61
Shoppes at Battle Bridge | Raleigh, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				6,300
Initial Costs to Company
Land				1,450
Buildings and Improvements				8,436
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	9,886			9,886
Accumulated Depreciation	551			551
Deductions
Balance, end of period	9,886
Deductions
Balance, end of period	551
Sleepy's | Roanoke Rapids, NC
Initial Costs to Company
Land				238
Buildings and Improvements				1,267
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,505			1,505
Accumulated Depreciation	46			46
Deductions
Balance, end of period	1,505
Deductions
Balance, end of period	46
Sunoco | Merritt Island, FL
Initial Costs to Company
Land				577
Buildings and Improvements				1,762
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	2,339			2,339
Accumulated Depreciation	164			164
Deductions
Balance, end of period	2,339
Deductions
Balance, end of period	164
Tailwinds | Denton, TX
Initial Costs to Company
Land				884
Buildings and Improvements				7,747
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	8,631			8,631
Accumulated Depreciation	449			449
Deductions
Balance, end of period	8,631
Deductions
Balance, end of period	449
Tellico Greens | Loudon, TN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				3,000
Initial Costs to Company
Land				823
Buildings and Improvements				3,959
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	4,782			4,782
Accumulated Depreciation	321			321
Deductions
Balance, end of period	4,782
Deductions
Balance, end of period	321
Teredata | Miami Township, OH
Initial Costs to Company
Land				1,161
Buildings and Improvements				9,181
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	10,342			10,342
Accumulated Depreciation	13			13
Deductions
Balance, end of period	10,342
Deductions
Balance, end of period	13
The Toro Company | Windom, MN
Initial Costs to Company
Land				73
Buildings and Improvements				8,708
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	8,781			8,781
Accumulated Depreciation	139			139
Deductions
Balance, end of period	8,781
Deductions
Balance, end of period	139
Time Warner | Streetsboro, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				3,543
Initial Costs to Company
Land				811
Buildings and Improvements				3,849
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	4,660			4,660
Accumulated Depreciation	233			233
Deductions
Balance, end of period	4,660
Deductions
Balance, end of period	233
Tire Centers | Decatur, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				1,311
Initial Costs to Company
Land				208
Buildings and Improvements				1,329
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	1,537			1,537
Accumulated Depreciation	83			83
Deductions
Balance, end of period	1,537
Deductions
Balance, end of period	83
Title Resource | Mount Laurel, NJ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				9,240
Initial Costs to Company
Land				2,188
Buildings and Improvements				12,380
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	14,568			14,568
Accumulated Depreciation	554			554
Deductions
Balance, end of period	14,568
Deductions
Balance, end of period	554
TJ Maxx | Danville, IL
Initial Costs to Company
Land				271
Buildings and Improvements				2,528
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	2,799			2,799
Accumulated Depreciation	261			261
Deductions
Balance, end of period	2,799
Deductions
Balance, end of period	261
Triangle Town Place | Raleigh, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				16,400
Initial Costs to Company
Land				4,694
Buildings and Improvements				23,044
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	27,738			27,738
Accumulated Depreciation	25			25
Deductions
Balance, end of period	27,738
Deductions
Balance, end of period	25
Walgreens | Albuquerque, NM
Initial Costs to Company
Land				789
Buildings and Improvements				1,609
Total Adjustment to Basis				11
Gross Amount at Which Carried At December 31, 2016	2,409			2,409
Accumulated Depreciation	206			206
Deductions
Balance, end of period	2,409
Deductions
Balance, end of period	206
Walgreens | Coweta, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				2,600
Initial Costs to Company
Land				725
Buildings and Improvements				3,246
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	3,971			3,971
Accumulated Depreciation	207			207
Deductions
Balance, end of period	3,971
Deductions
Balance, end of period	207
Walgreens | Reidsville, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				3,603
Initial Costs to Company
Land				610
Buildings and Improvements				3,801
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	4,411			4,411
Accumulated Depreciation	494			494
Deductions
Balance, end of period	4,411
Deductions
Balance, end of period	494
Walgreens | St. Louis, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				2,534
Initial Costs to Company
Land				307
Buildings and Improvements				3,205
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	3,512			3,512
Accumulated Depreciation	191			191
Deductions
Balance, end of period	3,512
Deductions
Balance, end of period	191
Walgreens Distribution Facility | Findlay Township, PA
Initial Costs to Company
Land				2,203
Buildings and Improvements				11,146
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	13,349			13,349
Accumulated Depreciation	270			270
Deductions
Balance, end of period	13,349
Deductions
Balance, end of period	270
West Marine | Mystic, CT
Initial Costs to Company
Land				1,168
Buildings and Improvements				3,132
Total Adjustment to Basis				0
Gross Amount at Which Carried At December 31, 2016	4,300			4,300
Accumulated Depreciation	114			$ 114
Deductions
Balance, end of period	4,300
Deductions
Balance, end of period	$ 114
Retail
Initial Costs to Company
Number of properties | property	88
Anchored Shopping Center
Initial Costs to Company
Number of properties | property	6
Industrial Property
Initial Costs to Company
Number of properties | property	12
Office
Initial Costs to Company
Number of properties | property	2