Cim Income Nav 10-Q 12 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 09, 2017
Entity Information
Entity Registrant Name	COLE REAL ESTATE INCOME STRATEGY (DAILY NAV), INC.
Entity Central Index Key	1,498,542
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
W Shares Common Stock
Entity Information
Entity Common Stock, Shares Outstanding		13,900,000
A Shares Common Stock
Entity Information
Entity Common Stock, Shares Outstanding		5,800,000
I Shares Common Stock
Entity Information
Entity Common Stock, Shares Outstanding		855,000

Condensed Consolidated Unaudite

Condensed Consolidated Unaudited Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Investment in real estate assets:
Land	$ 102,047	$ 86,858
Buildings and improvements	351,840	319,589
Intangible lease assets	59,347	52,965
Total real estate investments, at cost	513,234	459,412
Less: accumulated depreciation and amortization	(26,429)	(22,638)
Total real estate investments, net	486,805	436,774
Investment in marketable securities	5,499	5,563
Total real estate investments and marketable securities, net	492,304	442,337
Cash and cash equivalents	3,429	4,671
Restricted cash	555	600
Rents and tenant receivables, net	4,759	4,206
Prepaid expenses, property escrow deposits, and other assets	475	684
Deferred costs, net	861	1,074
Total assets	502,383	453,572
LIABILITIES AND EQUITY
Notes payable and credit facility, net	178,249	159,143
Accrued expenses and accounts payable	2,359	2,798
Escrowed investor proceeds	0	75
Due to affiliates	16,604	14,786
Intangible lease liabilities, net	6,979	5,798
Distributions payable	1,601	1,444
Deferred rental income, derivative liabilities, and other liabilities	1,683	1,442
Total liabilities	207,475	185,486
Commitments and contingencies
Redeemable common stock	35,256	32,076
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	287,777	259,817
Accumulated distributions in excess of earnings	(28,996)	(24,399)
Accumulated other comprehensive loss	(112)	(372)
Total stockholders’ equity	258,865	235,224
Non-controlling interests	787	786
Total equity	259,652	236,010
Total liabilities, redeemable common stock, and equity	502,383	453,572
W Shares Common Stock
STOCKHOLDERS’ EQUITY
Common stock	135	125
A Shares Common Stock
STOCKHOLDERS’ EQUITY
Common stock	53	45
I Shares Common Stock
STOCKHOLDERS’ EQUITY
Common stock	$ 8	$ 8

Condensed Consolidated Unaudit3

Condensed Consolidated Unaudited Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
A Shares Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	163,000,000	163,000,000
Common stock, shares issued (in shares)	5,266,335	4,449,352
Common stock, shares outstanding (in shares)	5,266,335	4,449,352
I Shares Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	163,000,000	163,000,000
Common stock, shares issued (in shares)	818,400	788,270
Common stock, shares outstanding (in shares)	818,400	788,270
W Shares Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	164,000,000	164,000,000
Common stock, shares issued (in shares)	13,459,208	12,461,616
Common stock, shares outstanding (in shares)	13,459,208	12,461,616

Condensed Consolidated Unaudit4

Condensed Consolidated Unaudited Statement of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Rental income	$ 9,207	$ 5,284
Tenant reimbursement income	789	639
Interest income on marketable securities	30	31
Total revenues	10,026	5,954
Operating expenses:
General and administrative	1,751	1,071
Property operating	290	232
Real estate tax	593	493
Advisory fees and expenses	923	550
Acquisition-related	849	340
Depreciation and amortization	3,670	2,058
Total operating expenses	8,076	4,744
Operating income	1,950	1,210
Other income (expense):
Interest expense and other, net	(2,027)	(1,227)
Net (loss)	(77)	(17)
Net income allocated to noncontrolling interest	9	0
Net (loss) attributable to the Company	$ (86)	$ (17)
Weighted average number of common shares outstanding:
Basic and diluted (shares)	18,705,271	10,591,618
Net (loss) per common share:
Basic and diluted (in dollars per share)	$ 0	$ 0
Distributions declared per common share (in dollars per share)	$ 0.24	$ 0.24

Condensed Consolidated Unaudit5

Condensed Consolidated Unaudited Statement of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net loss	$ (77)	$ (17)
Other comprehensive income (loss):
Unrealized holding gain on marketable securities	10	113
Reclassification adjustment for loss included in income as other expense	2	3
Unrealized gain (loss) on interest rate swaps	99	(990)
Amount of loss reclassified from other comprehensive income into income as interest expense	149	138
Total other comprehensive income (loss)	260	(736)
Comprehensive income (loss)	183	(753)
Comprehensive income allocated to noncontrolling interest	9	0
Comprehensive income (loss) attributable to the Company	$ 174	$ (753)

Condensed Consolidated Unaudit6

Condensed Consolidated Unaudited Statement of Stockholders' Equity - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands	Total	W Shares Common Stock	A Shares Common Stock	I Shares 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	Parent	Noncontrolling Interest
Balance, shares (in shares) at Dec. 31, 2016		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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)					1,285,430	840,372	5,666
Issuance of common stock	39,002				$ 12	$ 8		38,982			39,002
Conversion of shares (in shares)					(55,096)		54,673
Distributions to investors	(4,511)								(4,511)		(4,511)
Commissions, dealer manager and distribution fees	(2,391)							(2,391)			(2,391)
Other offering costs	(288)							(288)			(288)
Redemptions of common stock, shares (in shares)					(232,742)	(23,389)	(30,209)
Redemptions of common stock	(5,165)				$ (2)			(5,163)			(5,165)
Changes in redeemable common stock	(3,180)							(3,180)			(3,180)
Distributions to non-controlling interests	(8)											(8)
Comprehensive income	183								(86)	260	174	9
Balance, shares (in shares) at Mar. 31, 2017		13,459,208	5,266,335	818,400	13,459,208	5,266,335	818,400
Balance at Mar. 31, 2017	$ 259,652				$ 135	$ 53	$ 8	$ 287,777	$ (28,996)	$ (112)	$ 258,865	$ 787

Condensed Consolidated Unaudit7

Condensed Consolidated Unaudited Statement of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (77)	$ (17)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization, net	3,605	2,051
Straight-line rental income	(382)	(207)
Amortization of deferred financing costs	365	138
Amortization on marketable securities	3	3
Loss on sale of marketable securities	2	3
Gain on derivative instruments	(19)	0
Bad debt expense	0	1
Changes in assets and liabilities:
Rents and tenant receivables	(171)	(133)
Prepaid expenses and other assets	4	19
Accounts payable and accrued expenses	(439)	(172)
Deferred rental income and other liabilities	443	349
Due to affiliates	541	(219)
Net cash provided by operating activities	3,875	1,816
Cash flows from investing activities:
Investment in real estate assets and capital expenditures	(52,455)	(17,689)
Investment in marketable securities	(182)	(81)
Proceeds from sale and maturities of marketable securities	253	152
Payment of property escrow deposits	(365)	(871)
Refund of property escrow deposits	635	828
Change in restricted cash	45	(95)
Net cash used in investing activities	(52,069)	(17,756)
Cash flows from financing activities:
Proceeds from issuance of common stock	36,848	30,773
Offering costs on issuance of common stock	(1,402)	(861)
Redemptions of common stock	(5,165)	(3,807)
Distributions to investors	(2,200)	(1,283)
Proceeds from credit facility and notes payable	43,000	5,000
Repayments of credit facility	(24,000)	(15,000)
Deferred financing costs paid	(46)	0
Change in escrowed investor proceeds liability	(75)	95
Distributions to noncontrolling interests	(8)	0
Net cash provided by financing activities	46,952	14,917
Net decrease in cash and cash equivalents	(1,242)	(1,023)
Cash and cash equivalents, beginning of period	4,671	14,840
Cash and cash equivalents, end of period	3,429	13,817
Supplemental disclosures of non-cash investing and financing activities:
Accrued dealer manager fee, distribution fee, and other offering costs	14,579	8,039
Distributions to investors declared and unpaid	1,601	927
Common stock issued through distribution reinvestment plan	2,154	1,161
Change in fair value of marketable securities	12	116
Change in fair value of interest rate swaps	248	(852)
Supplemental cash flow disclosures:
Interest paid	$ 1,561	$ 1,039

Organization and Business

Organization and Business	3 Months Ended
	Mar. 31, 2017
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) 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 March 31, 2017 , the Company had issued approximately 22.5 million shares of common stock in the Offering for gross offering proceeds of $400.0 million before offering costs and selling commissions, and the current portion of dealer manager fees and distribution fees of $10.4 million . The per share purchase price for each class of common stock varies from day-to-day and, on each business day, is equal to, for each class of common stock, the Company’s net asset value (“NAV”) for such class, divided by the number of shares of that class outstanding as of the close of business on such day, plus, for A Shares sold in the Primary Offering, applicable selling commissions. The Company’s NAV per share is calculated daily as of the close of business by an independent fund accountant using a process that reflects (1) estimated values of each of the Company’s commercial real estate assets, related liabilities and notes receivable secured by real estate provided periodically by the Company’s independent valuation expert in individual appraisal reports, (2) daily updates in the price of liquid assets for which third party market quotes are available, (3) accruals of daily distributions, and (4) estimates of daily accruals, on a net basis, of operating revenues, expenses, debt service costs and fees. As of March 31, 2017 , the NAV per share for W Shares, A Shares and I Shares was $18.08 , $17.91 and $18.22 , 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 March 31, 2017 , the Company owned 120 commercial properties, which includes properties owned through a consolidated joint venture arrangement (the “Consolidated Joint Venture”), located in 35 states, containing 3.4 million rentable square feet of commercial space, including the square feet of buildings which are on land subject to ground leases. As of March 31, 2017 , 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	3 Months Ended
	Mar. 31, 2017
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 an 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 condensed consolidated unaudited statements of cash flows – supplemental disclosures of non-cash investing and financing activities for the three months ended March 31, 2016 have been adjusted to reflect the correction. Condensed Consolidated Unaudited Statements of Cash Flows – Supplemental Disclosures of Non-Cash Investing and Financing Activities Three Months Ended March 31, 2016 As Previously Reported Adjustment As Restated Accrued dealer manager fee, distribution fee, and other offering costs $ 531 $ 7,508 $ 8,039

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The summary of significant accounting policies presented below is designed to assist in understanding the Company’s condensed consolidated unaudited financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying condensed consolidated unaudited financial statements. Principles of Consolidation and Basis of Presentation The condensed consolidated unaudited financial statements of the Company have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission regarding interim financial reporting, including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements for the interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for such periods. Results for these interim periods are not necessarily indicative of full year results. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2016 , and related notes thereto set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . The condensed consolidated unaudited financial statements should also be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this Quarterly Report on Form 10-Q. The condensed consolidated unaudited financial statements include the accounts of the Company and its wholly-owned subsidiaries 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. 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 March 31, 2017 , 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 condensed consolidated unaudited financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Real Estate Investments Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the costs 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 costs 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 Site improvements 15 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 three months ended March 31, 2017 or 2016 . 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 March 31, 2017 or December 31, 2016 . Allocation of Purchase Price of Real Estate Assets Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and to identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place leases, based in each case on their respective fair values. Acquisition-related expenses are expensed as incurred. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations. Investment in Marketable Securities Investment in marketable securities consists primarily of the Company’s investment in corporate and government debt securities. The Company determines the appropriate classification for debt securities at the time of purchase and reevaluates such designation as of each balance sheet date. As of March 31, 2017 , 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 income (loss). The Company monitors its available-for-sale securities for impairments. A loss is recognized when the Company determines that a decline in the estimated fair value of a security below its amortized cost is other-than-temporary. The Company considers many factors in determining whether the impairment of a security is deemed to be other-than-temporary, including, but not limited to, the length of time the security has had a decline in estimated fair value below its amortized cost, the amount of the unrealized loss, the intent and ability of the Company to hold the security for a period of time sufficient for a recovery in value, recent events specific to the issuer or industry, external credit ratings and recent changes in such ratings. The analysis of determining whether the impairment of a security is deemed to be other-than-temporary requires significant judgments and assumptions. The use of alternative judgments and assumptions could result in a different conclusion. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method and is recorded in the accompanying condensed consolidated unaudited statements of operations in interest and other expense, net. Upon the sale of a security, the realized net gain or loss is computed on the specific identification method. 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 income of $9,000 and paid distributions of $8,000 related to the noncontrolling interest during the three months ended March 31, 2017 . The Company recorded the noncontrolling interest of $787,000 and $786,000 as of March 31, 2017 and December 31, 2016 , on the condensed consolidated unaudited balance sheets. Restricted Cash The Company had $555,000 and $600,000 in restricted cash as of March 31, 2017 and December 31, 2016 , respectively. Included in restricted cash as of March 31, 2017 and December 31, 2016 was $500,000 held by a lender in an escrow account for a certain property in accordance with the associated loan agreement. Additionally, 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. As of March 31, 2017 and December 31, 2016 , the Company had $55,000 and $25,000 , respectively, held in a lockbox account. In addition, restricted cash included $75,000 of escrowed investor proceeds for which shares of common stock had not been issued as of December 31, 2016 . There were no such proceeds as of March 31, 2017 . 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 condensed consolidated unaudited balance sheets with a corresponding decrease to capital in excess of par value. The Company recognized a liability for future dealer manager and distribution fees payable to CCC of $13.7 million and $12.5 million , as of March 31, 2017 and December 31, 2016 , 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 March 31, 2017 , the Company did not have an allowance for uncollectible accounts. The Company had an allowance for uncollectible accounts of $2,000 as of December 31, 2016 . 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 three months ended March 31, 2017 or 2016 . 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 condensed consolidated unaudited 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 below 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. 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 it 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. Upon adoption, the Company expects that most future acquisitions (or disposals) will qualify as asset acquisitions (or disposals) and certain future acquisition related expenses associated with these asset acquisitions will be capitalized. In February 2017, the FASB issued ASU No. 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”), which clarifies the following: (1) nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty; (2) an entity should allocate consideration to each distinct asset by applying the guidance in Topic 606 on allocating the transaction price to performance obligations; and (3) entities must derecognize a distinct nonfinancial asset or distinct in substance nonfinancial asset in a partial sale transaction when it (a) does not have (or ceases to have) a controlling financial interest in the legal entity that holds the asset in accordance with Subtopic 810 and (b) transfers control of the asset in accordance with Subtopic 606. ASU 2017-05 is effective for annual periods, and interim periods therein, beginning after December 15, 2017. Early adoption is permitted.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
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 line of credit — 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 was $180.2 million and $161.2 million as of March 31, 2017 and December 31, 2016 . 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 March 31, 2017 and December 31, 2016, 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 March 31, 2017 and December 31, 2016 , there have been no transfers of financial assets or liabilities between fair value hierarchy levels. In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016 (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs March 31, 2017 (Level 1) (Level 2) (Level 3) Financial asset: Interest rate swaps $ 93 $ — $ 93 $ — Marketable securities 5,499 5,499 — — Total financial assets $ 5,592 $ 5,499 $ 93 $ — Financial liabilities: Interest rate swaps $ (169 ) $ — $ (169 ) $ — 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 financial assets $ 5,591 $ 5,563 $ 28 $ — Financial liabilities: Interest rate swaps $ (371 ) $ — $ (371 ) $ —

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
REAL ESTATE INVESTMENTS	REAL ESTATE INVESTMENTS 2017 Property Acquisitions During the three months ended March 31, 2017 , the Company acquired a 100% interest in 12 commercial properties for an aggregate purchase price of $52.5 million (the “ 2017 Acquisitions ”). The Company funded the 2017 Acquisitions with net proceeds from the Offering and available borrowings. The purchase price allocation for each of the Company’s acquisitions is preliminary and subject to change as it finalizes the allocation, which the Company expects will be prior to the end of the current fiscal year. The Company preliminarily allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the preliminary purchase price allocation for the properties purchased during the three months ended March 31, 2017 (in thousands): 2017 Acquisitions Land $ 15,190 Building and improvements 32,252 Acquired in-place leases (1) 4,911 Acquired above-market leases (2) 1,518 Intangible lease liabilities (3) (1,414 ) Total purchase price $ 52,457 ______________________ (1) The weighted average amortization period for acquired in-place leases is 10.4 years for the 2017 Acquisitions . (2) The weighted average amortization period for acquired above-market leases is 10.2 years for the 2017 Acquisitions . (3) The weighted average amortization period for acquired intangible lease liabilities is 10.1 years for the 2017 Acquisitions . The Company recorded revenue of $648,000 and net loss of $78,000 for the three months ended March 31, 2017 related to the 2017 Acquisitions . The following information summarizes selected financial information of the Company, as if all of the 2017 Acquisitions were completed on January 1, 2016 for each period presented below. The table below presents the Company’s estimated revenue and net income (loss), on a pro forma basis, for the three months ended March 31, 2017 and 2016 (in thousands): Three Months Ended March 31, 2017 2016 Pro forma basis (unaudited) Revenue $ 10,229 $ 6,806 Net income (loss) $ 143 $ (301 ) The unaudited pro forma information for the three months ended March 31, 2017 was adjusted to exclude $426,000 of acquisition-related expenses recorded during such period related to the 2017 Acquisitions . Accordingly, these expenses were instead recognized in the pro forma information for the three months ended March 31, 2016 . 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 2016 , nor does it purport to represent the results of future operations. 2016 Property Acquisitions During the three months ended March 31, 2016 , the Company acquired a 100% interest in two commercial properties for an aggregate purchase price of $17.7 million (the “ 2016 Acquisitions ”). The Company funded 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. The following table summarizes the purchase price allocation for the properties purchased during the three months ended March 31, 2016 (in thousands): 2016 Acquisitions Land $ 2,383 Building and improvements 14,019 Acquired in-place leases (1) 1,281 Total purchase price $ 17,683 ______________________ (1) The weighted average amortization period for acquired in-place leases is 11.3 years for the 2016 Acquisitions . The Company recorded revenue of $103,000 , and net loss of $4,000 for the three months ended March 31, 2016 , related to the 2016 Acquisitions . In addition, the Company recorded $340,000 of acquisition-related expenses for the three months ended March 31, 2016 , which is included in acquisition-related expenses on the condensed consolidated unaudited statement of operations. The following information summarizes selected financial information of the Company as if the 2016 Acquisitions were completed on January 1, 2015 for each period presented below. The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the three months ended March 31, 2016 and 2015 (in thousands): Three Months Ended March 31, 2016 2015 Pro forma basis Revenue $ 6,153 $ 5,130 Net income $ 67 $ 1,155 The unaudited pro forma information for the three months ended March 31, 2016 was adjusted to exclude acquisition-related expenses recorded during such period related to the 2016 Acquisitions . Accordingly, these expenses were instead recognized in the pro forma information for the three months ended March 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 transaction occurred at the beginning of 2015 , nor does it purport to represent the results of future operations. Consolidated Joint Venture As of March 31, 2017 , 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 $67,000 , and total liabilities of $161,000 . The Consolidated Joint Venture does not have any debt outstanding as of March 31, 2017 . 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 approval of the partner (the “Consolidated Joint Venture Partner”) 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.

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES	MARKETABLE SECURITIES The Company owned marketable securities with an estimated fair value of $5.5 million and $5.6 million as of March 31, 2017 and December 31, 2016 , respectively. The following is a summary of the Company’s available-for-sale securities as of March 31, 2017 (in thousands): Available-for-sale securities Amortized Cost Basis Unrealized Gain Fair Value U.S. Treasury Bonds $ 2,203 $ (17 ) $ 2,186 U.S. Agency Bonds 516 (2 ) 514 Corporate Bonds 2,797 2 2,799 Total available-for-sale securities $ 5,516 $ (17 ) $ 5,499 The following table provides the activity for the marketable securities during the three months ended March 31, 2017 (in thousands): Amortized Cost Basis Unrealized (Loss) Gain Fair Value Marketable securities as of January 1, 2017 $ 5,592 $ (29 ) $ 5,563 Face value of marketable securities acquired 178 — 178 Premiums and discounts on purchase of marketable securities, net of acquisition costs 4 — 4 Amortization on marketable securities (3 ) — (3 ) Sales and maturities of securities (255 ) 2 (253 ) Unrealized gain on marketable securities — 10 10 Marketable securities as of March 31, 2017 $ 5,516 $ (17 ) $ 5,499 During the three months ended March 31, 2017 , the Company sold 17 marketable securities for aggregate proceeds of $253,000 . 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 condensed consolidated statements of operations as securities are sold and gains (losses) are recognized. In addition, the Company recorded an unrealized gain of $10,000 on its investments, which is included in accumulated other comprehensive loss on the accompanying condensed consolidated unaudited statement of changes in equity for the three months ended March 31, 2017 and the condensed consolidated unaudited balance sheet as of March 31, 2017 . The scheduled maturities of the Company’s marketable securities as of March 31, 2017 are as follows (in thousands): Available-for-sale securities Amortized Cost Estimated Fair Value Due within one year $ 610 $ 610 Due after one year through five years 2,312 2,304 Due after five years through ten years 2,503 2,495 Due after ten years 91 90 Total $ 5,516 $ 5,499 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 March 31, 2017 , the Company had no other-than-temporary impairment losses.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES In the normal course of business, the Company uses certain types of derivative instruments for the purpose of managing or hedging its interest rate risk. The Company did not enter into any interest rate swap agreements during the three months ended March 31, 2017 . The following table summarizes the terms of the Company’s executed interest rate swap agreements designated as hedging instruments as of March 31, 2017 and December 31, 2016 (in thousands): Outstanding Notional Amount as of Interest Effective Maturity Fair Value of Assets and (Liabilities) as of Balance Sheet Location March 31, 2017 Rate (1) Date Date March 31, 2017 December 31, 2016 Interest Rate Swaps Prepaid expenses, property escrow deposits, and other assets $ 49,240 3.43% to 3.57% 6/30/2015 to 12/1/2015 9/12/2019 to 12/1/2020 $ 93 $ 28 Interest Rate Swaps Deferred rental income, derivative liabilities, and other liabilities $ 16,400 4.17% 12/16/2016 1/1/2022 $ (169 ) $ (371 ) ______________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of March 31, 2017 . Additional disclosures related to the fair value of the Company’s derivative instruments are included in Note 4 — Fair Value Measurements to these condensed consolidated unaudited financial statements. The notional amount under the interest rate swap agreements is an indication of the extent of the Company’s involvement in each instrument, but does not represent exposure to credit, interest rate or market risks. Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company designated the interest rate swaps as cash flow hedges in order to hedge the variability of the anticipated cash flows on its variable rate debt. The change in fair value of the effective portion of the derivative instruments that are designated as hedges is recorded in other comprehensive income (loss), with a portion of the amount subsequently reclassified to interest expense as interest payments are made on the Company’s variable rate debt. For the three months ended March 31, 2017 and 2016, the amounts reclassified were $149,000 and $138,000 , respectively. During the next 12 months, the Company estimates that an additional $295,000 will be reclassified from other comprehensive income (loss) as an increase to interest expense. Any ineffective portion of the change in fair value of the derivative instruments is recorded in interest expense. During the three months ended March 31, 2017 , $19,000 of the change in the fair value of the interest rate swaps was considered ineffective. There were no portions of the change in the fair value of the interest rate swaps that were considered ineffective during the three months ended March 31, 2016. 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 $192,000 , which includes accrued interest, at March 31, 2017 . 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 March 31, 2017 .

Notes Payable and Credit Facili

Notes Payable and Credit Facility	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Notes Payable and Credit Facility	NOTES PAYABLE AND CREDIT FACILITY As of March 31, 2017 , the Company had $178.2 million of debt outstanding, including net deferred financing costs, with weighted average years to maturity of 3.8 years and a weighted average interest rate of 3.51% . 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 March 31, 2017 and December 31, 2016 , and the debt activity for the three months ended March 31, 2017 (in thousands): During the Three Months Ended March 31, 2017 Balance as of Debt Issuance, Net (1) Repayments Accretion Balance as of March 31, 2017 Credit facility $ 64,000 $ 43,000 $ (24,000 ) $ — $ 83,000 Fixed rate debt 97,169 — — — 97,169 Total debt 161,169 43,000 (24,000 ) — 180,169 Deferred costs (2) (2,026 ) (8 ) — 114 (1,920 ) Total debt, net $ 159,143 $ 42,992 $ (24,000 ) $ 114 $ 178,249 ______________________ (1) Includes deferred financing costs incurred during the period. (2) Deferred costs relate to mortgage notes payable and the term portion of the Credit Facility. As of March 31, 2017 , 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 March 31, 2017 , the fixed rate debt had a weighted average interest rate of 3.84% . The fixed rate debt outstanding matures on various dates from December 2020 to February 2025. The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the fixed rate debt outstanding was $165.1 million as of March 31, 2017 . Each of the mortgage notes payable comprising the fixed rate debt is secured by the respective properties on which the debt was placed. The Company has an amended and restated credit agreement (the “Amended Credit Agreement”) with JPMorgan Chase Bank, N.A. as administrative agent (“JPMorgan Chase”), that provides for borrowings up to $225.0 million , which is comprised of $153.0 million in revolving loans (the “Revolving Loans”), and $72.0 million in term loans (the “Term Loans”) and collectively, with the Revolving Loans, the credit facility (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 contained in the Amended Credit Agreement. With respect to the Company’s $11.0 million of debt maturing within the next year, the Company expects to refinance the debt or enter into new financing arrangements in order to meet its debt obligations. Depending upon the type of loan specified and overall leverage ratio, the Credit Facility bears interest at (i) the one-month, two-month, three-month or six-month London Interbank Offered Rate (“LIBOR”) multiplied by the statutory reserve rate (the “Eurodollar Rate”) plus an interest rate spread ranging from 1.90% to 2.45% ; or (ii) a base rate ranging from 0.90% to 1.45% , plus the greater of: (a) JPMorgan Chase’s Prime Rate (as defined in the Amended Credit Agreement); (b) the Federal Funds Effective Rate (as defined in the Amended Credit Agreement) plus 0.50% ; or (c) the one-month LIBOR plus 1.0% multiplied by the statutory reserve rate. As of March 31, 2017 , the Revolving Loans outstanding totaled $11.0 million at an interest rate of 2.79% and the Term Loans outstanding totaled $72.0 million , $40.0 million of which is subject to an interest rate swap agreement (the “Swapped Term Loan”). The interest rate swap agreement had the effect of fixing the Eurodollar Rate per annum of the Swapped Term Loan. As of March 31, 2017 , the all-in rate for the Swapped Term Loan was 3.43% . The Company had $83.0 million of debt outstanding under the Credit Facility as of March 31, 2017 at a weighted average interest rate of 3.13% and $142.0 million in unused capacity, subject to borrowing availability. The Amended Credit Agreement contains provisions with respect to covenants, events of default and remedies customary for facilities of this nature. In particular, the Amended Credit Agreement requires the Company to maintain a minimum consolidated net worth not less than $63.0 million plus 75% of the equity interests issued by the Company, a leverage ratio less than or equal to 60% , a fixed charge coverage ratio equal to or greater than 1.50 , an unsecured debt to unencumbered asset value ratio equal to or less than 60% , an unsecured debt service coverage ratio greater than 1.75 and a secured debt ratio equal to or less than 40% . As of March 31, 2017 , 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.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 , the Company had entered into purchase agreements with unaffiliated third-party sellers to acquire a 100% interest in three retail properties, subject to meeting certain criteria, for an aggregate purchase price of $12.3 million , exclusive of closing costs. As of March 31, 2017 , the Company had $140,000 of property escrow deposits held by escrow agents in connection with these future property acquisitions. These deposits are included in the condensed consolidated unaudited balance sheets in property escrow deposits, prepaid expenses and other assets. As of March 31, 2017 , 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	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 , 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. Acquisition 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 three months ended March 31, 2017 . The Company incurred commissions, fees and expense reimbursements as shown in the table below for services provided by Cole Advisors and its affiliates related to the services described above during the periods indicated (in thousands): Three Months Ended March 31, Offering: 2017 2016 Selling commissions $ 556 $ 383 Distribution fee (1) $ 107 $ 38 Dealer manager fees (1) $ 447 $ 257 Organization and offering expense reimbursement $ 288 $ 237 Acquisition expense reimbursement $ 416 $ 280 Advisory fee $ 923 $ 550 Operating expense reimbursement $ 959 $ 347 Performance fee $ — $ — ______________________ (1) Amounts are calculated for the respective period in accordance with the dealer manager agreement and exclude the estimated liability for the future dealer manager and distribution fees payable to CCC, which are included in due to affiliates in the condensed consolidated unaudited balance sheets, with a corresponding decrease to capital in excess of par value, as described in Note 3 — Summary of Significant Accounting Policies. Due to Affiliates As of March 31, 2017 and December 31, 2016 , $16.6 million and $14.8 million , respectively, was due to Cole Advisors or its affiliates primarily related to the estimated liability for current and future dealer manager and distribution fees, advisory fees, the reimbursement of organization and offering expenses, and acquisition expenses, which were included in amounts due to affiliates on the condensed consolidated unaudited balance sheets.

Economic Dependency

Economic Dependency	3 Months Ended
	Mar. 31, 2017
Economic Dependency [Abstract]
ECONOMIC DEPENDENCY	ECONOMIC DEPENDENCY Under various agreements, the Company has engaged and may in the future engage Cole Advisors or its affiliates to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, the sale of shares of the Company’s common stock available for issuance, as well as other administrative responsibilities for the Company including accounting services and investor relations. As a result of these relationships, the Company is dependent upon Cole Advisors or its affiliates. In the event that these companies are unable to provide the Company with these services, the Company would be required to find alternative providers of these services.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The following events occurred subsequent to March 31, 2017 : Investment in Real Estate Assets Subsequent to March 31, 2017 , the Company acquired a 100% interest in nine real estate properties for an aggregate purchase price of $26.8 million . The acquisitions were funded with net proceeds from the Offering. The Company has not completed its initial purchase price allocation with respect to these properties and therefore cannot provide similar disclosures to those included in Note 5 — Real Estate Investments in these condensed consolidated unaudited financial statements for these properties.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of presentation	The condensed consolidated unaudited financial statements of the Company have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission regarding interim financial reporting, including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements for the interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for such periods. Results for these interim periods are not necessarily indicative of full year results. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2016 , and related notes thereto set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . The condensed consolidated unaudited financial statements should also be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this Quarterly Report on Form 10-Q.
Principles of consolidation	The condensed consolidated unaudited financial statements include the accounts of the Company and its wholly-owned subsidiaries and the Consolidated Joint Venture in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation.
Variable interest entity	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 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. 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 March 31, 2017 , 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 condensed consolidated unaudited financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Real Estate Investments, Recoverability of Real Estate Assets, and Assets Held for Sale	Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the costs 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 costs 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 Site improvements 15 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 three months ended March 31, 2017 or 2016 . Assets Held for Sale When a real estate asset is identified by the Company as held for sale, the Company will cease depreciation and amortization of the assets related to the property and estimate the fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount would be recorded to reflect the estimated fair value of the property, net of selling costs.
Allocation of purchase price of real estate assets	Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and to identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place leases, based in each case on their respective fair values. Acquisition-related expenses are expensed as incurred. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations.
Investment in marketable securities	Investment in marketable securities consists primarily of the Company’s investment in corporate and government debt securities. The Company determines the appropriate classification for debt securities at the time of purchase and reevaluates such designation as of each balance sheet date. As of March 31, 2017 , 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 income (loss). The Company monitors its available-for-sale securities for impairments. A loss is recognized when the Company determines that a decline in the estimated fair value of a security below its amortized cost is other-than-temporary. The Company considers many factors in determining whether the impairment of a security is deemed to be other-than-temporary, including, but not limited to, the length of time the security has had a decline in estimated fair value below its amortized cost, the amount of the unrealized loss, the intent and ability of the Company to hold the security for a period of time sufficient for a recovery in value, recent events specific to the issuer or industry, external credit ratings and recent changes in such ratings. The analysis of determining whether the impairment of a security is deemed to be other-than-temporary requires significant judgments and assumptions. The use of alternative judgments and assumptions could result in a different conclusion. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method and is recorded in the accompanying condensed consolidated unaudited statements of operations in interest and other expense, net. Upon the sale of a security, the realized net gain or loss is computed on the specific identification method.
Restricted cash	The Company had $555,000 and $600,000 in restricted cash as of March 31, 2017 and December 31, 2016 , respectively. Included in restricted cash as of March 31, 2017 and December 31, 2016 was $500,000 held by a lender in an escrow account for a certain property in accordance with the associated loan agreement. Additionally, 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. As of March 31, 2017 and December 31, 2016 , the Company had $55,000 and $25,000 , respectively, held in a lockbox account.
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 condensed consolidated unaudited balance sheets with a corresponding decrease to capital in excess of par value.
Revenue recognition	Certain properties have leases where minimum rental payments increase during the term of the lease. The Company records rental income for the full term of each lease on a straight-line basis when 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 March 31, 2017 , the Company did not have an allowance for uncollectible accounts. The Company had an allowance for uncollectible accounts of $2,000 as of December 31, 2016
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 three months ended March 31, 2017 or 2016 .
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 condensed consolidated unaudited 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 below 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. 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 it 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. Upon adoption, the Company expects that most future acquisitions (or disposals) will qualify as asset acquisitions (or disposals) and certain future acquisition related expenses associated with these asset acquisitions will be capitalized. In February 2017, the FASB issued ASU No. 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”), which clarifies the following: (1) nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty; (2) an entity should allocate consideration to each distinct asset by applying the guidance in Topic 606 on allocating the transaction price to performance obligations; and (3) entities must derecognize a distinct nonfinancial asset or distinct in substance nonfinancial asset in a partial sale transaction when it (a) does not have (or ceases to have) a controlling financial interest in the legal entity that holds the asset in accordance with Subtopic 810 and (b) transfers control of the asset in accordance with Subtopic 606. ASU 2017-05 is effective for annual periods, and interim periods therein, beginning after December 15, 2017. Early adoption is permitted.
Fair value measurements	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.

Correction of Prior Period Am21

Correction of Prior Period Amounts (Tables)	3 Months Ended
	Mar. 31, 2017
Accounting Changes and Error Corrections [Abstract]
Schedule of Prior Period Adjustments	Condensed Consolidated Unaudited Statements of Cash Flows – Supplemental Disclosures of Non-Cash Investing and Financing Activities Three Months Ended March 31, 2016 As Previously Reported Adjustment As Restated Accrued dealer manager fee, distribution fee, and other offering costs $ 531 $ 7,508 $ 8,039

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
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 Site improvements 15 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term
Dealer manager and distribution fee calculations	The Company pays CCC dealer manager and distribution fees, which are calculated on a daily basis in the amount of 1/365th of the amount 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)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016 (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs March 31, 2017 (Level 1) (Level 2) (Level 3) Financial asset: Interest rate swaps $ 93 $ — $ 93 $ — Marketable securities 5,499 5,499 — — Total financial assets $ 5,592 $ 5,499 $ 93 $ — Financial liabilities: Interest rate swaps $ (169 ) $ — $ (169 ) $ — 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 financial assets $ 5,591 $ 5,563 $ 28 $ — Financial liabilities: Interest rate swaps $ (371 ) $ — $ (371 ) $ —

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2017
2017 Acquisitions
Business Acquisition
Schedule of purchase price allocation	The following table summarizes the preliminary purchase price allocation for the properties purchased during the three months ended March 31, 2017 (in thousands): 2017 Acquisitions Land $ 15,190 Building and improvements 32,252 Acquired in-place leases (1) 4,911 Acquired above-market leases (2) 1,518 Intangible lease liabilities (3) (1,414 ) Total purchase price $ 52,457 ______________________ (1) The weighted average amortization period for acquired in-place leases is 10.4 years for the 2017 Acquisitions . (2) The weighted average amortization period for acquired above-market leases is 10.2 years for the 2017 Acquisitions . (3) The weighted average amortization period for acquired intangible lease liabilities is 10.1 years for the 2017 Acquisitions .
Business acquisition, pro forma information	The following information summarizes selected financial information of the Company, as if all of the 2017 Acquisitions were completed on January 1, 2016 for each period presented below. The table below presents the Company’s estimated revenue and net income (loss), on a pro forma basis, for the three months ended March 31, 2017 and 2016 (in thousands): Three Months Ended March 31, 2017 2016 Pro forma basis (unaudited) Revenue $ 10,229 $ 6,806 Net income (loss) $ 143 $ (301 )
2016 Acquisitions
Business Acquisition
Schedule of purchase price allocation	The following table summarizes the purchase price allocation for the properties purchased during the three months ended March 31, 2016 (in thousands): 2016 Acquisitions Land $ 2,383 Building and improvements 14,019 Acquired in-place leases (1) 1,281 Total purchase price $ 17,683 ______________________ (1) The weighted average amortization period for acquired in-place leases is 11.3 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 three months ended March 31, 2016 and 2015 (in thousands): Three Months Ended March 31, 2016 2015 Pro forma basis Revenue $ 6,153 $ 5,130 Net income $ 67 $ 1,155

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 (in thousands): Available-for-sale securities Amortized Cost Basis Unrealized Gain Fair Value U.S. Treasury Bonds $ 2,203 $ (17 ) $ 2,186 U.S. Agency Bonds 516 (2 ) 514 Corporate Bonds 2,797 2 2,799 Total available-for-sale securities $ 5,516 $ (17 ) $ 5,499
Schedule of available-for-sale securities reconciliation	The following table provides the activity for the marketable securities during the three months ended March 31, 2017 (in thousands): Amortized Cost Basis Unrealized (Loss) Gain Fair Value Marketable securities as of January 1, 2017 $ 5,592 $ (29 ) $ 5,563 Face value of marketable securities acquired 178 — 178 Premiums and discounts on purchase of marketable securities, net of acquisition costs 4 — 4 Amortization on marketable securities (3 ) — (3 ) Sales and maturities of securities (255 ) 2 (253 ) Unrealized gain on marketable securities — 10 10 Marketable securities as of March 31, 2017 $ 5,516 $ (17 ) $ 5,499
Investments classified by contractual maturity date	The scheduled maturities of the Company’s marketable securities as of March 31, 2017 are as follows (in thousands): Available-for-sale securities Amortized Cost Estimated Fair Value Due within one year $ 610 $ 610 Due after one year through five years 2,312 2,304 Due after five years through ten years 2,503 2,495 Due after ten years 91 90 Total $ 5,516 $ 5,499

Derivative Instruments and He26

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016 (in thousands): Outstanding Notional Amount as of Interest Effective Maturity Fair Value of Assets and (Liabilities) as of Balance Sheet Location March 31, 2017 Rate (1) Date Date March 31, 2017 December 31, 2016 Interest Rate Swaps Prepaid expenses, property escrow deposits, and other assets $ 49,240 3.43% to 3.57% 6/30/2015 to 12/1/2015 9/12/2019 to 12/1/2020 $ 93 $ 28 Interest Rate Swaps Deferred rental income, derivative liabilities, and other liabilities $ 16,400 4.17% 12/16/2016 1/1/2022 $ (169 ) $ (371 ) ______________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of March 31, 2017 .

Notes Payable and Credit Faci27

Notes Payable and Credit Facility (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Summary of Debt Activity	The following table summarizes the debt balances as of March 31, 2017 and December 31, 2016 , and the debt activity for the three months ended March 31, 2017 (in thousands): During the Three Months Ended March 31, 2017 Balance as of Debt Issuance, Net (1) Repayments Accretion Balance as of March 31, 2017 Credit facility $ 64,000 $ 43,000 $ (24,000 ) $ — $ 83,000 Fixed rate debt 97,169 — — — 97,169 Total debt 161,169 43,000 (24,000 ) — 180,169 Deferred costs (2) (2,026 ) (8 ) — 114 (1,920 ) Total debt, net $ 159,143 $ 42,992 $ (24,000 ) $ 114 $ 178,249 ______________________ (1) Includes deferred financing costs incurred during the period. (2) Deferred costs relate to mortgage notes payable and the term portion of the Credit Facility

Related-Party Transactions an28

Related-Party Transactions and Arrangements (Tables)	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The Company incurred commissions, fees and expense reimbursements as shown in the table below for services provided by Cole Advisors and its affiliates related to the services described above during the periods indicated (in thousands): Three Months Ended March 31, Offering: 2017 2016 Selling commissions $ 556 $ 383 Distribution fee (1) $ 107 $ 38 Dealer manager fees (1) $ 447 $ 257 Organization and offering expense reimbursement $ 288 $ 237 Acquisition expense reimbursement $ 416 $ 280 Advisory fee $ 923 $ 550 Operating expense reimbursement $ 959 $ 347 Performance fee $ — $ — ______________________ (1) Amounts are calculated for the respective period in accordance with the dealer manager agreement and exclude the estimated liability for the future dealer manager and distribution fees payable to CCC, which are included in due to affiliates in the condensed consolidated unaudited balance sheets, with a corresponding decrease to capital in excess of par value, as described in Note 3 — Summary of Significant Accounting Policies. 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.

Organization and Business (Shar

Organization and Business (Shares Offerings) (Details)	3 Months Ended
	Mar. 31, 2017USD ($)class_of_stock$ / sharesshares	Dec. 31, 2016shares	Aug. 26, 2013USD ($)class_of_stock	Dec. 06, 2011USD ($)
Organization and business
Issuance of common stock	$ 39,002,000
W Shares Common Stock
Organization and business
Common stock, shares outstanding (in shares) | shares	13,459,208	12,461,616
Share price (in dollars per share) | $ / shares	$ 18.08
A Shares Common Stock
Organization and business
Common stock, shares outstanding (in shares) | shares	5,266,335	4,449,352
Share price (in dollars per share) | $ / shares	$ 17.91
I Shares Common Stock
Organization and business
Common stock, shares outstanding (in shares) | shares	818,400	788,270
Share price (in dollars per share) | $ / shares	$ 18.22
Common Stock | W Shares Common Stock
Organization and business
Common stock, shares outstanding (in shares) | shares	13,459,208	12,461,616
Issuance of common stock	$ 12,000
Common Stock | A Shares Common Stock
Organization and business
Common stock, shares outstanding (in shares) | shares	5,266,335	4,449,352
Issuance of common stock	$ 8,000
Common Stock | I Shares Common Stock
Organization and business
Common stock, shares outstanding (in shares) | shares	818,400	788,270
IPO
Organization and business
Common stock, value authorized				$ 4,000,000,000
Classes of common stock, additions | class_of_stock			2
IPO | Common Stock
Organization and business
Common stock, shares outstanding (in shares) | shares	22,500,000
Issuance of common stock	$ 400,000,000
Offering costs, selling commissions and dealer manager fees	$ 10,400,000
Multi-class offering
Organization and business
Common stock, value authorized			$ 4,000,000,000
Classes of common stock | class_of_stock	3		3
Primary Offering
Organization and business
Common stock, value authorized			$ 3,500,000,000
Distribution Reinvestment Plan
Organization and business
Common stock, value authorized			$ 500,000,000
Cole OP
Organization and business
General partner partnership interest percentage	100.00%

Organization and Business (Real

Organization and Business (Real Estate) (Details) ft² in Millions	Mar. 31, 2017ft²statesproperty
Real Estate Properties [Line Items]
Number of states in which entity owns properties | states	35
Percentage of rentable space leased	99.30%
Consolidated properties
Real Estate Properties [Line Items]
Number of owned properties | property	120
Rentable square feet (in square feet) | ft²	3.4

Correction of Prior Period Am31

Correction of Prior Period Amounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accrued dealer manager fee, distribution fee, and other offering costs	$ 14,579	$ 8,039
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accrued dealer manager fee, distribution fee, and other offering costs		531
Change in Recognition of Ongoing Periodic Fees | Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accrued dealer manager fee, distribution fee, and other offering costs		$ 7,508

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Real Estate) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Real Estate Properties [Line Items]
Impairment	$ 0	$ 0
Real estate held for sale	$ 0		$ 0
Building
Real Estate Properties [Line Items]
Acquired real estate asset, useful life (years)	40 years
Site Improvements
Real Estate Properties [Line Items]
Acquired real estate asset, useful life (years)	15 years

Summary of Significant Accoun33

Summary of Significant Accounting Policies (Noncontrolling Interest in Consolidated Joint Venture) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Variable Interest Entity [Line Items]
Net income allocated to noncontrolling interest	$ 9	$ 0
Payments to noncontrolling interests	8
Stockholders' equity, including portion attributable to noncontrolling interest	259,652		$ 236,010
Noncontrolling Interest
Variable Interest Entity [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest	$ 787		$ 786

Summary of Significant Accoun34

Summary of Significant Accounting Policies (Restricted Cash) (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents
Restricted cash	$ 555,000	$ 600,000
Held by lender in escrow
Restricted Cash and Cash Equivalents
Restricted cash	500,000	500,000
Lockbox Accounts
Restricted Cash and Cash Equivalents
Restricted cash	55,000	25,000
Escrowed Investor Proceeds [Member]
Restricted Cash and Cash Equivalents
Restricted cash	$ 0	$ 75,000

Summary of Significant Accoun35

Summary of Significant Accounting Policies (Dealer Manager and Distribution Fees) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Related Party Transaction
Due to affiliates	$ 16,604	$ 14,786
Dealer manager
Related Party Transaction
Due to affiliates	$ 13,700	$ 12,500
Dealer manager fees | Dealer manager | W Shares Common Stock
Related Party Transaction
Daily asset based related party fee percent	0.55%
Dealer manager fees | Dealer manager | A Shares Common Stock
Related Party Transaction
Daily asset based related party fee percent	0.55%
Dealer manager fees | Dealer manager | I Shares Common Stock
Related Party Transaction
Daily asset based related party fee percent	0.25%
Distribution fee | Dealer manager | W Shares Common Stock
Related Party Transaction
Daily asset based related party fee percent	0.00%
Distribution fee | Dealer manager | A Shares Common Stock
Related Party Transaction
Daily asset based related party fee percent	0.50%
Distribution fee | Dealer manager | I Shares Common Stock
Related Party Transaction
Daily asset based related party fee percent	0.00%

Summary of Significant Accoun36

Summary of Significant Accounting Policies (Other) (Details)	3 Months Ended
	Mar. 31, 2017USD ($)class_of_stockshares	Mar. 31, 2016shares	Dec. 31, 2016USD ($)	Aug. 26, 2013class_of_stock
Revenue Recognition
Allowance for doubtful accounts receivable | $	$ 0		$ 2,000
Earnings Per Share
Weighted average number diluted shares outstanding adjustment (in shares) | shares	0	0
Multi-class offering
Earnings Per Share
Classes of common stock | class_of_stock	3			3

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Marketable securities	$ 5,499	$ 5,563
Reported value measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt outstanding	180,200	161,200
Fair value, inputs, level 2 | Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt outstanding	180,200	161,200
Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Marketable securities	5,499	5,563
Total assets	5,592	5,591
Recurring | Fair Value, Inputs, level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Marketable securities	5,499	5,563
Total assets	5,499	5,563
Recurring | Fair value, inputs, level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Marketable securities	0	0
Total assets	93	28
Recurring | Fair Value, Inputs, level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Marketable securities	0	0
Total assets	0	0
Recurring | Interest rate swaps
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	93	28
Interest rate swaps	(169)	(371)
Recurring | Interest rate swaps | Fair Value, Inputs, level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	0	0
Interest rate swaps	0	0
Recurring | Interest rate swaps | Fair value, inputs, level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	93	28
Interest rate swaps	(169)	(371)
Recurring | Interest rate swaps | Fair Value, Inputs, level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Derivative Asset	0	0
Interest rate swaps	$ 0	$ 0

Real Estate Investments (Narrat

Real Estate Investments (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)property	Mar. 31, 2016USD ($)property
Business Acquisition
Acquisition-related expenses	$ 849	$ 340
2017 Acquisitions
Business Acquisition
Business acquisition, percentage of voting interests acquired	100.00%
Number of real estate acquisitions (in number of properties) | property	12
Total purchase price	$ 52,500
Revenue of acquiree since acquisition date	648
Net income (loss) of acquiree	(78)
Acquisition-related expenses	$ 426
2016 Acquisitions
Business Acquisition
Business acquisition, percentage of voting interests acquired		100.00%
Number of real estate acquisitions (in number of properties) | property		2
Total purchase price		$ 17,700
Revenue of acquiree since acquisition date		103
Net income (loss) of acquiree		(4)
Acquisition-related expenses		$ 340

Real Estate Investments (Schedu

Real Estate Investments (Schedule of purchase price allocation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
2017 Acquisitions
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Land	$ 15,190
Building and improvements	32,252
Total purchase price	52,457
2017 Acquisitions | In-place leases
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Acquired in-place leases	$ 4,911
Weighted average amortization period (years)	10 years 4 months 24 days
2017 Acquisitions | Above-market leases
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Acquired in-place leases	$ 1,518
Weighted average amortization period (years)	10 years 2 months 12 days
2017 Acquisitions | Below market leases
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible lease liabilities	$ (1,414)
Below market lease, weighted average useful life	10 years 1 month 6 days
2016 Acquisitions
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Land		$ 2,383
Building and improvements		14,019
Total purchase price		17,683
2016 Acquisitions | In-place leases
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Acquired in-place leases		$ 1,281
Weighted average amortization period (years)		11 years 3 months 18 days

Real Estate Investments (Busine

Real Estate Investments (Business acquisition, Pro forma information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
2017 Acquisitions
Pro forma basis
Revenue	$ 10,229	$ 6,806
Net income (loss)	$ 143	(301)
2016 Acquisitions
Pro forma basis
Revenue		6,153	$ 5,130
Net income (loss)		$ 67	$ 1,155

Real Estate Investments Consoli

Real Estate Investments Consolidated Joint Venture (Details) $ in Thousands	Mar. 31, 2017USD ($)property	Dec. 31, 2016USD ($)
Business Acquisition
Assets	$ 502,383	$ 453,572
Total real estate investments, net	486,805	436,774
Liabilities	207,475	$ 185,486
Consolidated joint venture
Business Acquisition
Assets	7,900
Total real estate investments, net	7,800
Accumulated depreciation, depletion and amortization, property, plant, and equipment	67
Liabilities	$ 161
Consolidated properties
Business Acquisition
Number of owned properties | property	120
Consolidated properties | Consolidated joint venture
Business Acquisition
Number of owned properties | property	2

Marketable Securities (Narrativ

Marketable Securities (Narrative) (Details)	3 Months Ended
	Mar. 31, 2017USD ($)security	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Investments, Debt and Equity Securities [Abstract]
Marketable securities	$ 5,499,000		$ 5,563,000
Available-for-sale Securities, Other Disclosure Items [Abstract]
Number of securities sold | security	17
Proceeds from sale and maturities of marketable securities	$ 253,000	$ 152,000
Unrealized gain on marketable securities	10,000
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	Mar. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	$ 5,516	$ 5,592
Unrealized Gain	(17)	(29)
Fair Value	5,499	$ 5,563
U.S. Treasury Bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	2,203
Unrealized Gain	(17)
Fair Value	2,186
U.S. Agency Bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	516
Unrealized Gain	(2)
Fair Value	514
Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	2,797
Unrealized Gain	2
Fair Value	$ 2,799

Marketable Securities (Schedu44

Marketable Securities (Schedule of available-for-sale securities reconciliation) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Amortized Cost Basis Rollforward
Marketable securities as of January 1, 2017	$ 5,592
Face value of marketable securities acquired	178
Premiums and discounts on purchase of marketable securities, net of acquisition costs	4
Amortization on marketable securities	(3)
Sales and maturities of securities	(255)
Marketable securities as of March 31, 2017	5,516
Unrealized Loss(Gain) Rollforward
Marketable securities as of January 1, 2017	(29)
Sales and maturities of securities	2
Marketable securities as of March 31, 2017	(17)
Fair Value Rollforward
Marketable securities as of January 1, 2017	5,563
Face value of marketable securities acquired	178
Premiums and discounts on purchase of marketable securities, net of acquisition costs	4
Amortization on marketable securities	(3)
Sales and maturities of securities	(253)
Unrealized gain on marketable securities	10
Unrealized gain on marketable securities	10
Marketable securities as of March 31, 2017	$ 5,499

Marketable Securities (Schedu45

Marketable Securities (Schedule of Maturities) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Amortized Cost
Due within one year	$ 610
Due after one year through five years	2,312
Due after five years through ten years	2,503
Due after ten years	91
Total	5,516
Estimated Fair Value
Due within one year	610
Due after one year through five years	2,304
Due after five years through ten years	2,495
Due after ten years	90
Total	$ 5,499	$ 5,563

Derivative Instruments and He46

Derivative Instruments and Hedging Activities (Schedule of derivative instruments) (Details) - Cash Flow Hedging - Interest rate swaps - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Prepaid expenses, property escrow deposits, and other assets
Derivatives, Fair Value [Line Items]
Outstanding notional amount	$ 49,240
Fair value of assets	93	$ 28
Deferred rental income, derivative liabilities, and other liabilities
Derivatives, Fair Value [Line Items]
Outstanding notional amount	16,400
Fair value of liabilities	$ (169)	$ (371)
Interest rate (percentage)	4.17%
Minimum | Prepaid expenses, property escrow deposits, and other assets
Derivatives, Fair Value [Line Items]
Interest rate (percentage)	3.43%
Maximum | Prepaid expenses, property escrow deposits, and other assets
Derivatives, Fair Value [Line Items]
Interest rate (percentage)	3.57%

Derivative Instruments and He47

Derivative Instruments and Hedging Activities (Narrative) (Details)	3 Months Ended
	Mar. 31, 2017USD ($)derivative	Mar. 31, 2016USD ($)
Derivatives, Fair Value [Line Items]
Amount of loss reclassified from other comprehensive income into income as interest expense	$ 149,000	$ 138,000
Portion of change in fair value of derivative considered ineffective	$ 19,000	$ 0
Cash Flow Hedging | Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative liability, number of instruments entered into | derivative	0
Interest rate cash flow hedge gain (loss) to be reclassified during next twelve months	$ 295,000
Derivative liability, event of default, termination amount	$ 192,000

Notes Payable and Credit Faci48

Notes Payable and Credit Facility (Schedule of Debt) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Debt [Roll Forward]
Long-term debt, gross, beginning balance	$ 161,169
Deferred costs, beginning of period	(2,026)
Total debt, net, beginning of period	159,143
Debt issuances, gross	43,000
Debt issuances, net	(8)
Proceeds from debt, net of issuance costs	42,992
Repayments	(24,000)
Accretion	114
Amortization of deferred financing costs	114
Long-term debt, gross, ending balance	180,169
Deferred costs, end of period	(1,920)
Total debt, net, ending of period	178,249
Credit Facility
Debt [Roll Forward]
Long-term debt, gross, beginning balance	64,000
Debt issuances, gross	43,000
Repayments	(24,000)
Long-term debt, gross, ending balance	83,000
Fixed Rate Debt
Debt [Roll Forward]
Long-term debt, gross, beginning balance	97,169
Debt issuances, gross	0
Repayments	0
Long-term debt, gross, ending balance	$ 97,169

Notes Payable and Credit Faci49

Notes Payable and Credit Facility (Fixed Rate Debt) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term debt, including net deferred financing costs	$ 178,249	$ 159,143
Weighted average years to maturity	3 years 9 months 26 days
Weighted average interest rate (percentage)	3.51%
Debt outstanding	$ 180,169	161,169
Fixed Rate Debt
Debt Instrument [Line Items]
Weighted average interest rate (percentage)	3.84%
Debt outstanding	$ 97,169	$ 97,169
Debt security, amount, aggregate gross real estate assets net of gross intangible lease liabilities	$ 165,100
Minimum | Fixed Rate Debt
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.37%
Maximum | Fixed Rate Debt
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.17%
Interest rate swaps | Variable Rate Debt
Debt Instrument [Line Items]
Debt outstanding	$ 25,600

Notes Payable and Credit Faci50

Notes Payable and Credit Facility (Amended Credit Agreement) (Details)	3 Months Ended
	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Notes payable and credit facility, net	$ 178,249,000	$ 159,143,000
Weighted average interest rate (percentage)	3.51%
Line of Credit | JPMorgan Chase Bank, N.A.
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 225,000,000
Notes payable and credit facility, net	$ 83,000,000
Weighted average interest rate (percentage)	3.13%
Line of credit, remaining borrowing capacity	$ 142,000,000
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%
Debt instrument, covenant, secured leverage ratio, maximum	40.00%
Line of Credit | JPMorgan Chase Bank, N.A. | Federal Funds Effective Rate
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	0.50%
Line of Credit | JPMorgan Chase Bank, N.A. | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	1.00%
Line of Credit | JPMorgan Chase Bank, N.A. | Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	0.90%
Line of credit facility, covenant, leverage ratio	175.00%
Debt instrument, covenant, fixed charge coverage ratio	1.50
Line of Credit | JPMorgan Chase Bank, N.A. | Minimum | Statutory Reserve Rate
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	1.90%
Line of Credit | JPMorgan Chase Bank, N.A. | Maximum
Debt Instrument [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. | Maximum | Statutory Reserve Rate
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	2.45%
Line of Credit | Revolving Credit Facility | JPMorgan Chase Bank, N.A.
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 153,000,000
Notes payable and credit facility, net	$ 11,000,000
Line of credit facility, interest rate during period	2.79%
Line of Credit | Term Loan | JPMorgan Chase Bank, N.A.
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 72,000,000
Notes payable and credit facility, net	72,000,000
Line of Credit | Term Loan | JPMorgan Chase Bank, N.A. | Interest rate swaps
Debt Instrument [Line Items]
Notes payable and credit facility, net	$ 40,000,000
Line of Credit | Term Loan | JPMorgan Chase Bank, N.A. | Interest rate swaps | Cash Flow Hedging
Debt Instrument [Line Items]
Interest rate at period end (percentage)	3.43%

Commitments and Contingencies (

Commitments and Contingencies (Details) - Real estate investment purchase commitments $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)property
Business Acquisition
Business acquisition, percentage of voting interests acquired	100.00%
Number of real estate acquisitions (in number of properties) | property	3
Total purchase price	$ 12,300
Escrow deposit	$ 140

Related-Party Transactions an52

Related-Party Transactions and Arrangements (Selling commissions, dealer manager and distribution fees) (Details)	Mar. 31, 2017USD ($)
W Shares Common Stock | Dealer manager | Selling commissions
Related Party Transaction
Daily asset based related party fee percent	0.00%
W Shares Common Stock | Dealer manager | Dealer manager fees
Related Party Transaction
Daily asset based related party fee percent	0.55%
W Shares Common Stock | Dealer manager | Distribution fee
Related Party Transaction
Daily asset based related party fee percent	0.00%
A Shares Common Stock | Dealer manager | Selling commissions
Related Party Transaction
Daily asset based related party fee percent	3.75%
Common stock, share purchase volume discount	$ 150,001
A Shares Common Stock | Dealer manager | Dealer manager fees
Related Party Transaction
Daily asset based related party fee percent	0.55%
A Shares Common Stock | Dealer manager | Distribution fee
Related Party Transaction
Daily asset based related party fee percent	0.50%
A Shares Common Stock | Advisors | Selling commissions reallowed by CCC
Related Party Transaction
Daily asset based related party fee reallowed to third party percent	100.00%
I Shares Common Stock | Dealer manager | Selling commissions
Related Party Transaction
Daily asset based related party fee percent	0.00%
I Shares Common Stock | Dealer manager | Dealer manager fees
Related Party Transaction
Daily asset based related party fee percent	0.25%
I Shares Common Stock | Dealer manager | Distribution fee
Related Party Transaction
Daily asset based related party fee percent	0.00%
Maximum | A Shares Common Stock | Dealer manager | Selling commissions
Related Party Transaction
Daily asset based related party fee percent	3.90%

Related-Party Transactions an53

Related-Party Transactions and Arrangements (Other organization and offering expenses and Advisory fees and expenses) (Details) - Advisors	3 Months Ended
	Mar. 31, 2017
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
Organization and offering expense limit (percent)	0.75%

Related-Party Transactions an54

Related-Party Transactions and Arrangements (Operating expenses, Expense Cap and Acquisition expenses) (Details) - Advisors	Mar. 31, 2017
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 advisory fee (percent)	6.00%

Related-Party Transactions an55

Related-Party Transactions and Arrangements (Performance Fee) (Details)	Mar. 31, 2017$ / shares
Advisors | Performance fee
Related Party Transaction
Performance fee, percent applied to total return on stockholders' capital between 6 percent and 10 percent	25.00%
Minimum | Advisors | Performance fee
Related Party Transaction
Total return threshold to receive performance fee (percent)	6.00%
Maximum | Advisors | Performance fee
Related Party Transaction
Total return threshold to receive performance fee (percent)	10.00%
W Shares Common Stock
Related Party Transaction
Share price, base net asset value (in dollars per share)	$ 15
A Shares Common Stock
Related Party Transaction
Share price, base net asset value (in dollars per share)	16.72
I Shares Common Stock
Related Party Transaction
Share price, base net asset value (in dollars per share)	$ 16.82

Related-Party Transactions an56

Related-Party Transactions and Arrangements (Schedule of Related Party Transaction) (Details) - Advisors - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Selling commissions
Related Party Transaction
Related party transaction, expenses from transactions with related party	$ 556	$ 383
Distribution fee
Related Party Transaction
Related party transaction, expenses from transactions with related party	107	38
Dealer manager fees
Related Party Transaction
Related party transaction, expenses from transactions with related party	447	257
Organization and offering expense reimbursement
Related Party Transaction
Related party transaction, expenses from transactions with related party	288	237
Acquisition expense reimbursement
Related Party Transaction
Related party transaction, expenses from transactions with related party	416	280
Advisory fee
Related Party Transaction
Related party transaction, expenses from transactions with related party	923	550
Operating expense reimbursement
Related Party Transaction
Related party transaction, expenses from transactions with related party	959	347
Performance fee
Related Party Transaction
Related party transaction, expenses from transactions with related party	$ 0	$ 0

Related-Party Transactions an57

Related-Party Transactions and Arrangements (Due to Affiliates) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Advisors
Related Party Transaction
Due to cole advisor	$ 16.6	$ 14.8

Subsequent Events (Investment i

Subsequent Events (Investment in Real Estate Assets) (Details) - Subsequent event - Acquisitions, Subsequent Period $ in Millions	1 Months Ended
	May 11, 2017USD ($)property
Subsequent Event
Business acquisition, percentage of voting interests acquired	100.00%
Number of real estate acquisitions (in number of properties) | property	9
Total purchase price | $	$ 26.8