Cim Income Nav 10-Q 14 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	9 Months Ended
	Sep. 30, 2018	Nov. 07, 2018
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	Sep. 30, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
W Shares Common Stock
Entity Information
Entity Common Stock, Shares Outstanding		18.7
A Shares Common Stock
Entity Information
Entity Common Stock, Shares Outstanding		12.4
I Shares Common Stock
Entity Information
Entity Common Stock, Shares Outstanding		1.2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Real estate assets:
Land	$ 144,248	$ 129,344
Buildings and improvements	636,579	488,741
Intangible lease assets	122,179	93,891
Total real estate assets, at cost	903,006	711,976
Less: accumulated depreciation and amortization	(58,437)	(40,550)
Total real estate assets, net	844,569	671,426
Investment in marketable securities	5,245	5,496
Total real estate assets and marketable securities, net	849,814	676,922
Cash and cash equivalents	3,002	2,923
Restricted cash	801	1
Rents and tenant receivables, net	9,666	7,377
Derivative assets, prepaid expenses, property escrow deposits and other assets	5,897	2,731
Deferred costs, net	1,121	1,359
Due from affiliates	0	100
Assets held for sale	16,813	8,050
Total assets	887,114	699,463
LIABILITIES AND EQUITY
Credit facility and notes payable, net	372,292	274,830
Accrued expenses and accounts payable	4,700	3,374
Due to affiliates	25,304	21,980
Intangible lease liabilities, net	14,582	12,753
Distributions payable	2,512	2,126
Deferred rental income and other liabilities	1,878	1,930
Total liabilities	421,268	316,993
Commitments and contingencies
Redeemable common stock	57,068	47,024
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	466,155	378,266
Accumulated distributions in excess of earnings	(63,605)	(45,506)
Accumulated other comprehensive income	5,144	1,657
Total stockholders’ equity	408,009	334,674
Non-controlling interests	769	772
Total equity	408,778	335,446
Total liabilities, redeemable common stock, and equity	887,114	699,463
W Shares Common Stock
STOCKHOLDERS’ EQUITY
Common stock	185	158
A Shares Common Stock
STOCKHOLDERS’ EQUITY
Common stock	119	88
I Shares Common Stock
STOCKHOLDERS’ EQUITY
Common stock	$ 11	$ 11

Condensed Consolidated Unaudite

Condensed Consolidated Unaudited Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
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
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)	18,509,975	15,837,102
Common stock, shares outstanding (in shares)	18,509,975	15,837,102
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)	11,867,670	8,793,223
Common stock, shares outstanding (in shares)	11,867,670	8,793,223
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)	1,144,914	1,065,232
Common stock, shares outstanding (in shares)	1,144,914	1,065,232

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Interest income on marketable securities	$ 34	$ 31	$ 97	$ 90
Total revenues	18,970	13,244	51,972	34,396
Operating expenses:
General and administrative	1,815	1,685	5,271	4,823
Property operating	694	561	1,942	1,244
Real estate tax	1,428	998	3,767	2,319
Advisory fees and expenses	1,492	1,128	4,152	3,063
Acquisition-related	103	333	1,385	1,629
Depreciation and amortization	7,248	5,174	20,023	13,259
Impairment	2,267	0	2,267	0
Total operating expenses	15,047	9,879	38,807	26,337
Operating income	3,923	3,365	13,165	8,059
Other expense:
Interest expense and other, net	(3,863)	(3,289)	(10,450)	(7,536)
Income before real estate dispositions	60	76	2,715	523
Gain on disposition of real estate, net	128	0	55	0
Net income	188	76	2,770	523
Net income allocated to noncontrolling interest	9	8	26	26
Net income attributable to the Company	179	68	2,744	497
W Shares Common Stock
Other expense:
Net income attributable to the Company	$ 111	$ 54	$ 1,714	$ 358
Weighted average number of common shares outstanding:
Basic and diluted (in shares)	18,182,303	14,918,858	17,225,420	13,995,961
Net income (loss) per common share:
Basic and diluted (in dollars per share)	$ 0.01	$ 0	$ 0.10	$ 0.03
Distributions declared per common share (in dollars per share)	$ 0.25	$ 0.25	$ 0.73	$ 0.73
A Shares Common Stock
Other expense:
Net income attributable to the Company	$ 55	$ 7	$ 921	$ 111
Weighted average number of common shares outstanding:
Basic and diluted (in shares)	11,357,959	7,218,560	10,219,353	6,002,601
Net income (loss) per common share:
Basic and diluted (in dollars per share)	$ 0	$ 0	$ 0.09	$ 0.02
Distributions declared per common share (in dollars per share)	$ 0.25	$ 0.25	$ 0.73	$ 0.73
I Shares Common Stock
Other expense:
Net income attributable to the Company	$ 13	$ 7	$ 109	$ 28
Weighted average number of common shares outstanding:
Basic and diluted (in shares)	1,087,161	907,766	1,002,333	856,058
Net income (loss) per common share:
Basic and diluted (in dollars per share)	$ 0.01	$ 0.01	$ 0.11	$ 0.03
Distributions declared per common share (in dollars per share)	$ 0.25	$ 0.25	$ 0.73	$ 0.73
Rental income
Revenues:
Rental and related revenues	$ 16,902	$ 11,822	$ 46,605	$ 31,188
Tenant reimbursement income
Revenues:
Rental and related revenues	$ 2,034	$ 1,391	$ 5,270	$ 3,118

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 188	$ 76	$ 2,770	$ 523
Other comprehensive income
Unrealized holding (loss) gain on marketable securities	(10)	14	(122)	66
Reclassification adjustment for realized loss (gain) included in income as other expense	1	(4)	2	(4)
Unrealized gain (loss) on interest rate swaps	607	116	3,727	(75)
Amount of (gain) loss reclassified from other comprehensive income into income as interest expense and other, net	(158)	166	(157)	428
Total other comprehensive income	440	292	3,450	415
Comprehensive income	628	368	6,220	938
Comprehensive income allocated to noncontrolling interest	9	8	26	26
Comprehensive income attributable to the Company	$ 619	$ 360	$ 6,194	$ 912

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes In Equity (Unaudited) - 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 Income	Total Stockholders’ Equity	Non- Controlling Interests
Balance, shares (in shares) at Dec. 31, 2016					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)					4,045,992	3,480,749	126,160
Issuance of common stock	140,221				$ 40	$ 35	$ 1	140,145			140,221
Conversion of shares (in shares)					(55,096)		54,673
Distributions declared	(15,255)								(15,255)		(15,255)
Commissions, dealer manager and distribution fees	(9,034)							(9,034)			(9,034)
Other offering costs	(1,035)							(1,035)			(1,035)
Redemptions of common stock, shares (in shares)					(1,210,302)	(186,556)	(52,163)
Redemptions of common stock	(26,157)				$ (12)	$ (2)	$ 0	(26,143)			(26,157)
Changes in redeemable common stock	(11,107)							(11,107)			(11,107)
Distributions to non-controlling interests	(35)											(35)
Comprehensive income	938								497	415	912	26
Balance, shares (in shares) at Sep. 30, 2017					15,242,210	7,743,545	916,940
Balance at Sep. 30, 2017	314,546				$ 153	$ 78	$ 9	352,643	(39,157)	43	313,769	777
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting changes	0								(37)	37	0
Balance, shares (in shares) at Dec. 31, 2017		15,837,102	8,793,223	1,065,232	15,837,102	8,793,223	1,065,232
Balance at Dec. 31, 2017	335,446				$ 158	$ 88	$ 11	378,266	(45,506)	1,657	334,674	772
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)					3,859,377	3,596,649	251,744
Issuance of common stock	142,530				$ 39	$ 36	$ 2	142,453			142,530
Distributions declared	(20,806)								(20,806)		(20,806)
Commissions, dealer manager and distribution fees	(9,188)							(9,188)			(9,188)
Other offering costs	(1,052)							(1,052)			(1,052)
Redemptions of common stock, shares (in shares)					(1,186,504)	(522,202)	(172,062)
Redemptions of common stock	(34,299)				$ (12)	$ (5)	$ (2)	(34,280)			(34,299)
Changes in redeemable common stock	(10,044)							(10,044)			(10,044)
Distributions to non-controlling interests	(29)											(29)
Comprehensive income	6,220								2,744	3,450	6,194	26
Balance, shares (in shares) at Sep. 30, 2018		18,509,975	11,867,670	1,144,914	18,509,975	11,867,670	1,144,914
Balance at Sep. 30, 2018	$ 408,778				$ 185	$ 119	$ 11	$ 466,155	$ (63,605)	$ 5,144	$ 408,009	$ 769

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net income	$ 2,770,000	$ 523,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, net	19,628,000	12,995,000
Straight-line rental income	(2,305,000)	(1,304,000)
Amortization of deferred financing costs	817,000	1,541,000
Amortization on marketable securities	6,000	10,000
Gain on disposition of real estate assets, net	(55,000)	0
Loss (gain) on sale of marketable securities	2,000	(4,000)
Ineffectiveness of interest rate swaps	0	(17,000)
Write-off of deferred financing costs	35,000	97,000
Bad debt expense	0	1,000
Impairment of real estate asset	2,267,000	0
Changes in assets and liabilities:
Rents and tenant receivables	1,000	(1,122,000)
Prepaid expenses and other assets	(113,000)	(307,000)
Accrued expenses and accounts payable	1,486,000	544,000
Deferred rental income and other liabilities	(35,000)	658,000
Due from affiliates	100,000	0
Due to affiliates	(958,000)	(268,000)
Net cash provided by operating activities	23,646,000	13,347,000
Cash flows from investing activities:
Investment in real estate assets and capital expenditures	(217,444,000)	(201,054,000)
Investment in marketable securities	(831,000)	(1,173,000)
Proceeds from sale and maturities of marketable securities	954,000	1,405,000
Proceeds from disposition of real estate assets	15,380,000	0
Payment of property escrow deposits	(4,990,000)	(4,340,000)
Refund of property escrow deposits	5,490,000	4,750,000
Net cash used in investing activities	(201,441,000)	(200,412,000)
Cash flows from financing activities:
Proceeds from issuance of common stock	132,527,000	132,874,000
Offering costs on issuance of common stock	(5,958,000)	(5,789,000)
Redemptions of common stock	(34,299,000)	(26,157,000)
Distributions to stockholders	(10,417,000)	(7,449,000)
Proceeds from credit facility and notes payable	184,500,000	289,065,000
Repayments of credit facility	(87,500,000)	(188,000,000)
Payment of loan deposits	0	(125,000)
Refund of loan deposits	0	125,000
Deferred financing costs paid	(150,000)	(3,541,000)
Change in escrowed investor proceeds liability	0	(75,000)
Distributions to noncontrolling interests	(29,000)	(35,000)
Net cash provided by financing activities	178,674,000	190,893,000
Net increase in cash and cash equivalents and restricted cash	879,000	3,828,000
Cash and cash equivalents and restricted cash, beginning of period	2,924,000	5,271,000
Cash and cash equivalents and restricted cash, end of period	2,924,000	5,271,000
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Total cash and cash equivalents and restricted cash	$ 3,803,000	$ 9,099,000

Organization and Business

Organization and Business	9 Months Ended
	Sep. 30, 2018
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. On November 13, 2017, VEREIT Operating Partnership, L.P. (“VEREIT OP”), a former affiliated entity of our sponsor, CCO Group (as defined below), entered into a Purchase and Sale Agreement with CCA Acquisition, LLC (“CCA”), a newly-formed affiliate of CIM Group, LLC (“CIM”), pursuant to which CCA agreed to acquire all of the issued and outstanding shares of common stock of Cole Capital Advisors, Inc., the direct or indirect owner of Cole Real Estate Income Strategy (Daily NAV) Advisors, LLC (“Cole Income NAV Strategy Advisors”), Cole Capital Corporation and CREI Advisors, LLC (“CREI Advisors”), the Company’s external advisor, dealer manager and property manager, respectively (the “Transaction”). On February 1, 2018, the Transaction was completed. Immediately following the completion of the Transaction, Cole Capital Advisors, Inc. and the Company’s dealer manager were each converted into Delaware limited liability companies, Cole Capital Advisors, Inc.’s name was changed to CCO Group, LLC, and the dealer manager’s name was changed to CCO Capital, LLC (“CCO Capital”). As a result of the Transaction, CIM owns and/or controls CCO Group, LLC and its subsidiaries (collectively, “CCO Group”), and CCO Group, LLC owns and controls Cole Income NAV Strategy Advisors, CCO Capital and CREI Advisors, the Company’s external advisor, dealer manager for the Offerings (as defined below) and property manager, respectively. In addition, as part of the Transaction, VEREIT OP and CCO Group, LLC entered into a services agreement (the “Services Agreement”) pursuant to which VEREIT OP is obligated to provide certain services to CCO Group and to the Company, Cole Credit Property Trust IV, Inc. (“CCPT IV”), Cole Credit Property Trust V, Inc. (“CCPT V”), Cole Office & Industrial REIT (CCIT II), Inc. (“CCIT II”), and Cole Office & Industrial REIT (CCIT III), Inc. (“CCIT III”) (CCPT IV, CCPT V, CCIT II, CCIT III, and the Company, collectively, the “Cole REITs ® ”), including operational real estate support. VEREIT OP is obligated to provide such services through March 31, 2019 (or, if later, the date of the last government filing other than a tax filing made by any of the Cole REITs with respect to its 2018 fiscal year) (the “Initial Services Term”) and is obligated to provide consulting and research services through December 31, 2023 as requested by CCO Group, LLC. Despite the indirect change of ownership and control of the Company’s advisor, dealer manager, property manager and sponsor, the Company expects that, during the Initial Services Term of the Services Agreement, the advisory, dealer manager and property management services the Company receives will continue without any material changes in personnel (except as supplemented by the management oversight of CIM personnel) or material change in service procedures. CCO Group, LLC is evaluating and intends to effectuate during the Initial Services Term of the Services Agreement an appropriate transition of VEREIT OP’s services under the Services Agreement to other CIM affiliates or third parties with the goal of ensuring continuity and minimizing disruption. 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”). On October 9, 2018, the Company filed a Form 8-K publicly disclosing its intention to make certain modifications to the Offering, which modification the Company anticipated would be effective on or about November 1, 2018. Subject to receipt of necessary regulatory approvals, the Company currently anticipates that these changes will be effective on or about November 19, 2018. 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 September 30, 2018 , the Company had issued approximately 38.4 million shares of common stock in the Offering, including 1.8 million shares issued in DRIP, for gross offering proceeds of $693.1 million before offering costs and selling commissions of $13.3 million , and the current portion of dealer manager fees and distribution fees of $8.7 million . The per share purchase price for each class of common stock varies from day-to-day and, on each business day, is equal to, for each class of common stock, the Company’s net asset value (“NAV”) for such class, divided by the number of shares of that class outstanding as of the close of business on such a day, plus, for A Shares sold in the Primary Offering, applicable selling commissions. The Company’s NAV per share is calculated daily as of the close of business by an independent fund accountant using a process that reflects (1) estimated values of each of the Company’s commercial real estate assets, related liabilities and notes receivable secured by real estate provided periodically by the Company’s independent valuation expert in individual appraisal reports, (2) daily updates in the price of liquid assets for which third party market quotes are available, (3) accruals of daily distributions, and (4) estimates of daily accruals, on a net basis, of operating revenues, expenses, debt service costs and fees. As of September 30, 2018 , the NAV per share for W Shares, A Shares and I Shares was $18.20 , $17.93 and $18.41 , 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 and other investments secured by commercial real estate, including the origination of loans, and (3) U.S. government securities, agency securities, corporate debt and other investments for which there is reasonable liquidity. As of September 30, 2018 , the Company owned 152 commercial properties, including properties owned through a consolidated joint venture arrangement (the “Consolidated Joint Venture”), located in 35 states, containing 5.7 million rentable square feet of commercial space, including the square feet of buildings that are on land subject to ground leases. As of September 30, 2018 , the rentable square feet at these properties was 99.6% 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The summary of significant accounting policies presented below is designed to assist in understanding the Company’s condensed consolidated financial statements. 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 financial statements. Principles of Consolidation and Basis of Presentation The condensed consolidated 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, 2017 , and related notes thereto set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . The condensed consolidated 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 financial statements include the accounts of the Company, its wholly-owned subsidiaries and the Consolidated Joint Venture in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. The Company evaluates its relationships and investments to determine if it has variable interests. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. If the Company determines that it has a variable interest in an entity, it evaluates whether such interest is in a variable interest entity (“VIE”). VIEs are entities where investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or where equity investors, as a group, lack one of the following characteristics: (a) the power to direct the activities that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of the entity, or (c) the right to receive the expected returns of the entity. The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations. 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 condensed 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 September 30, 2018 and December 31, 2017 , the Company determined that it had a controlling interest in the Consolidated Joint Venture and therefore met the GAAP requirements for consolidation. Reclassifications In connection with the adoption of Accounting Standards Update (“ASU”) ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”), certain reclassifications have been made to prior period balances to conform to the current presentation in the condensed consolidated statements of cash flows. Under ASU 2016-18, transfers to or from restricted cash, which have previously been shown in the Company’s investing activities section of the condensed consolidated statements of cash flows, are now required to be shown as part of the total change in cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows. This change resulted in a decrease in cash flows used in investing activities of $99,000 during the nine months ended September 30, 2017 . The Company adopted ASU 2017-12, as defined in “Recent Accounting Pronouncements,” during the first quarter of fiscal year 2018. Accordingly, for the nine months ended September 30, 2018 , the Company recorded a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of accumulated distributions in excess of earnings of $37,000 . 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Real Estate Assets Real estate assets are stated at cost, less accumulated depreciation and amortization. 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; changes in anticipated holding periods; 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. During the nine months ended September 30, 2018 , the Company recorded impairment changes of $2.3 million , related to one anchored shopping center classified as held for sale, due to the carrying value being greater than the estimated fair value of the property, net of selling costs . No impairment indicators were identified and no impairment losses were recorded during the nine months ended September 30, 2017 . The Company is in the process of determining if anticipated holding periods for certain properties may materially differ from the initial intended holding periods for such properties, which could result in an impairment charge in the future. Assets Held for Sale When a real estate asset is identified by the Company as held for sale, the Company will cease recording depreciation and amortization of the assets related to the property and estimate its 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 is then recorded to reflect the estimated fair value of the property, net of selling costs. There was one asset, with a carrying value of $19.1 million and a mortgage note payable of $11.3 million , identified as held for sale as of September 30, 2018 . As of December 31, 2017 , the Company identified one property as held for sale, which was sold subsequent to December 31, 2017 . 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 and other intangibles, based in each case on their respective fair values. 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. In April 2017, the Company elected to early adopt 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. Beginning in April 2017, all real estate acquisitions qualified as asset acquisitions, and as such, acquisition-related fees and certain acquisition-related expenses related to these asset acquisitions were capitalized and allocated to tangible and intangible assets and liabilities, as described above. Prior to the adoption of ASU 2017-01 in April 2017, all of the Company’s real estate acquisitions were accounted for as business combinations and, as such, acquisition-related expenses related to these business combination acquisitions were expensed as incurred. Prior to April 2017, acquisition-related expenses in the Company’s condensed consolidated statements of operations primarily consisted of legal, deed transfer and other costs related to real estate purchase transactions, including costs incurred for deals that were not consummated. The Company expects its future acquisitions to qualify as asset acquisitions and, as such, the Company will allocate the purchase price to acquired tangible assets and identified intangible assets and liabilities on a relative fair value basis. 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 September 30, 2018 , 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 . 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 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 $26,000 and paid distributions of $29,000 related to the noncontrolling interest during the nine months ended September 30, 2018 . The Company recorded the noncontrolling interest of $769,000 and $772,000 as of September 30, 2018 and December 31, 2017 , on the condensed consolidated balance sheets. Restricted Cash The Company had $801,000 and $1,000 in restricted cash as of September 30, 2018 and December 31, 2017 , respectively. Included in restricted cash was $153,000 and $1,000 held by lenders in lockbox accounts as of September 30, 2018 and December 31, 2017 , respectively. 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. Restricted cash as of September 30, 2018 also included $648,000 held in escrow for tenant improvements at a certain property in accordance with the associated lease agreement, and no amounts were held for such a lease as of December 31, 2017 . Dealer Manager and Distribution Fees The Company pays CCO Capital 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 CCO Capital is recognized at the time each share is sold and included in due to affiliates in the condensed consolidated balance sheets with a corresponding decrease to capital in excess of par value. The Company recognized a liability for future dealer manager and distribution fees payable to CCO Capital of $23.4 million and $19.2 million , as of September 30, 2018 and December 31, 2017 , respectively. Revenue Recognition Certain properties have leases where the minimum rental payment increases 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. Effective January 1, 2018, the Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which supersedes the revenue recognition requirements in Revenue Recognition, Accounting Standards Codification (“ASC”) Topic 605 and requires an entity to recognize revenue in a way that depicts 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 Company records revenue for real estate taxes and insurance reimbursed by its tenants on the leased properties, with offsetting expenses in real estate taxes and property operating expenses, respectively, within the condensed consolidated statements of operations as the Company has concluded it is the primary obligor. The Company has identified its revenue streams as rental income from leasing arrangements and tenant reimbursement income, which are outside of the scope of Topic 606. The Company adopted ASU 2014-09 using the modified retrospective approach and determined it did not have a material impact on the Company’s condensed consolidated financial statements. The Company continually reviews receivables related to rent, including any straight-line rent, and current and future operating expense reimbursements from tenants, and determines their 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 uncertain, the Company will record an increase in the allowance for uncollectible accounts. As of September 30, 2018 and December 31, 2017 , the Company had no allowance for uncollectible accounts. Earnings (Loss) and Distributions 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 can result in different earnings per share for each of the classes. Under the two-class method, earnings per share of each 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 income per share, when applicable, considers the effect of any potentially dilutive share equivalen ts, of which the Company had none for ea ch of the three and nine months ended September 30, 2018 or 2017 . Distributions per share are calculated based on the authorized daily distribution rate. 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 new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s condensed consolidated financial statements. In February 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). The amendments in this update require that most lease obligations be recognized as a right of use asset with a corresponding liability on the balance sheet. The guidance also requires additional qualitative and quantitative disclosures to assess the amount, timing and uncertainty of cash flows arising from leases. ASU 2016-02 and subsequent amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The guidance, including optional practical expedients, should be implemented for the earliest period presented using a modified retrospective approach. The Company is currently in the process of finalizing its assessment of its inventory of leases that will be impacted by adoption of the new guidance. The Company does not expect the adoption to have a material impact on the accounting treatment of the Company’s net leases, which are the primary source of the Company’s revenues. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). The targeted amendments in this ASU are designed to help simplify certain aspects of hedge accounting and result in a more accurate portrayal of the economics of an entity’s risk management activities in its financial statements. ASU 2017-12 applies to the Company’s interest rate swaps designated as cash flow hedges. ASU 2017-12 requires all changes in the fair value of highly effective cash flow hedges to be recorded in accumulated other comprehensive income. Under current GAAP, the ineffective portion of the change in fair value of cash flow hedges is recognized directly in earnings. This eliminates the requirement to separately measure and disclose ineffectiveness for qualifying cash flow hedges. ASU 2017-12 is effective for public entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. ASU 2017-12 is required to be adopted using a modified retrospective approach with early adoption permitted. The Company early adopted ASU 2017-12 during the first quarter of fiscal year 2018. Accordingly, during the nine months ended September 30, 2018 , the Company recorded a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of accumulated distributions in excess of earnings of $37,000 . In August 2018, the FASB issued ASU No. 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). This ASU amends and removes several disclosure requirements including the valuation processes for Level 3 fair value measurements. ASU 2018-13 also modifies some disclosure requirements and requires additional disclosures for changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and requires the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The provisions of ASU 2018-13 are effective January 1, 2020 using a prospective transition method for amendments effecting changes in unrealized gains and losses, significant unobservable inputs used to develop Level 3 fair value measurements and narrative description on uncertainty of measurements. The remaining provisions of the ASU are to be applied retrospectively, and early adoption is permitted. The Company is evaluating the impact of this ASU's adoption, and does not believe this ASU will have a material impact on its condensed consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2018
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: Credit facility and notes payable — The fair value is estimated by discounting the expected cash flows based on estimated borrowing rates available to the Company as of the measurement date. Current and prior period liabilities’ carrying and fair values exclude net deferred financing costs. These financial instruments are valued using Level 2 inputs. As of September 30, 2018 , the estimated fair value of the Company’s debt was $368.0 million , compared to a carrying value of $375.2 million . As of December 31, 2017 , the estimated fair value of the Company’s debt was $274.0 million , compared to a carrying value of $278.2 million . 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 September 30, 2018 and December 31, 2017, 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, t he 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 September 30, 2018 and December 31, 2017 , there have been no transfers of financial assets or liabilities between fair value hierarchy levels. Items Measured at Fair Value on a Recurring Basis 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 September 30, 2018 and December 31, 2017 (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs September 30, 2018 (Level 1) (Level 2) (Level 3) Financial asset: Interest rate swaps $ 5,271 $ — $ 5,271 $ — Marketable securities 5,245 5,245 — — Total financial assets $ 10,516 $ 5,245 $ 5,271 $ — Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2017 (Level 1) (Level 2) (Level 3) Financial asset: Interest rate swaps $ 1,718 $ — $ 1,718 $ — Marketable securities 5,496 5,496 — — Total financial assets $ 7,214 $ 5,496 $ 1,718 $ — Financial liabilities: Interest rate swaps $ (17 ) $ — $ (17 ) $ — Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges) Certain financial and nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. The Company’s process for identifying and recording impairment related to real estate assets and intangible assets is discussed in Note 2 — Summary of Significant Accounting Policies. As discussed in Note 4 — Real Estate Assets, during the nine months ended September 30, 2018 , real estate assets related to one anchored shopping center held for sale and totaling approximately 149,000 square feet was deemed to be impaired, due to the carrying value being greater than the selling price. The carrying value was reduced to an estimated fair value of $16.8 million , resulting in impairment charges of $2.3 million . The Company determined that the selling price used to determine the fair value was a Level 2 input. The following table presents the impairment charges by asset class recorded during the nine months ended September 30, 2018 (in thousands): Nine Months Ended September 30, 2018 Asset class impaired: Land $ 454 Buildings and improvements 1,000 Intangible lease assets 1,176 Intangible lease liabilities (363 ) Total impairment loss $ 2,267

Intangible Lease Assets

Intangible Lease Assets	9 Months Ended
	Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE LEASE ASSETS	INTANGIBLE LEASE ASSETS Intangible lease assets of the Company consisted of the following as of September 30, 2018 and December 31, 2017 (in thousands, except weighted average life amounts): September 30, 2018 December 31, 2017 In-place leases and other intangibles, net of accumulated amortization of $18,606 and $12,955, respectively (each with a weighted average life remaining of 10.7 years) $ 91,003 $ 71,543 Acquired above-market leases, net of accumulated amortization of $2,153 and $1,522, respectively (with a weighted average life remaining of 11.2 years and 12.3 years, respectively) 10,417 7,871 $ 101,420 $ 79,414 Amortization of the above-market leases is recorded as a reduction to rental revenue, and amortization expense related to the in-place leases and other intangibles is included in depreciation and amortization in the accompanying condensed consolidated statements of operations. The following table summarizes the amortization expense related to the intangible lease assets for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 In-place lease and other intangible amortization $ 2,388 $ 1,892 $ 6,593 $ 4,680 Above-market lease amortization $ 254 $ 222 $ 689 $ 559 As of September 30, 2018 , the estimated amortization expense relating to the intangible lease assets is as follows (in thousands): Amortization In-Place Leases and Other Intangibles Above-Market Leases Remainder of 2018 $ 2,254 $ 237 2019 $ 9,588 $ 1,013 2020 $ 9,385 $ 1,006 2021 $ 9,206 $ 1,006 2022 $ 9,150 $ 1,005

Real Estate Assets

Real Estate Assets	9 Months Ended
	Sep. 30, 2018
Business Combinations [Abstract]
REAL ESTATE ASSETS	REAL ESTATE ASSETS 2018 Property Acquisitions During the nine months ended September 30, 2018 , the Company acquired a 100% interest in 16 commercial properties for an aggregate purchase price of $217.0 million (the “ 2018 Asset Acquisitions ”), which includes $1.3 million of external acquisition-related expenses that were capitalized in accordance with ASU 2017-01. Prior to the adoption of ASU 2017-01, costs related to property acquisitions were expensed as incurred. The Company funded the 2018 Asset Acquisitions with net proceeds from the Offering and available borrowings. The following table summarizes the purchase price allocation for the 2018 Asset Acquisitions purchased during the nine months ended September 30, 2018 (in thousands): 2018 Asset Acquisitions Land $ 23,371 Building and improvements 166,094 Acquired in-place leases and other intangibles (1) 27,639 Acquired above-market leases (2) 3,305 Intangible lease liabilities (3) (3,407 ) Total purchase price $ 217,002 ______________________ (1) The weighted average amortization period for acquired in-place leases and other intangibles was 13.0 years for the 2018 Asset Acquisitions . (2) The weighted average amortization period for acquired above-market leases was 10.5 years for the 2018 Asset Acquisitions . (3) The weighted average amortization period for acquired intangible lease liabilities was 16.9 years for the 2018 Asset Acquisitions . 2018 Property Dispositions During the nine months ended September 30, 2018 , the Company disposed of one anchored shopping center and two retail properties for an aggregate gross sales price of $16.0 million , resulting in proceeds of $15.4 million after closing costs and a net gain of $55,000 . No disposition fees were paid to affiliates in connection with the sales of these properties and the Company has no continuing involvement with these properties. The gain on sale of real estate is included in gain on disposition of real estate, net in the condensed consolidated statements of operations. 2018 Impairment of a Property The Company performs quarterly impairment review procedures, primarily through continuous monitoring of events and changes in circumstances that could indicate that the carrying value of certain of its real estate assets may not be recoverable. See Note 2 — Summary of Significant Accounting Policies for a discussion on the Company’s accounting policies regarding impairment of real estate assets. During the nine months ended September 30, 2018 , one property with a carrying value of $19.1 million was deemed to be impaired and its carrying value was reduced to an estimated fair value of $16.8 million , resulting in impairment charges of $2.3 million , which were recorded in the condensed consolidated statements of operations. See Note 3 — Fair Value Measurements for a further discussion on these impairment charges. 2017 Property Acquisitions During the nine months ended September 30, 2017 , the Company acquired a 100% interest in 27 commercial properties, of which 15 were determined to be asset acquisitions and 12 were acquired prior to the adoption of ASU 2017-01 in April 2017 and thus were accounted for as business combinations for an aggregate purchase price of $200.6 million (the “2017 Acquisitions”). The Company funded the 2017 Acquisitions with net proceeds from the Offering and available borrowings. The following table summarizes the consideration transferred for the properties purchased during the nine months ended September 30, 2017 (in thousands): 2017 Acquisitions Real estate assets: Purchase price of asset acquisitions $ 148,145 Purchase price of business combinations 52,457 Total purchase price of real estate assets acquired (1) $ 200,602 ______________________ (1) The weighted average amortization period for the 2017 Acquisitions is 11.8 years for acquired in-place leases, 15.7 years for acquired above-market leases and 11.3 years for acquired intangible lease liabilities. During the nine months ended September 30, 2017 , the Company acquired a 100% interest in 15 commercial properties for an aggregate purchase price of $148.1 million (the “2017 Asset Acquisitions”), which includes $1.2 million of external acquisition-related expenses that were capitalized in accordance with ASU 2017-01. Prior to the adoption of ASU 2017-01, costs related to property acquisitions were expensed as incurred. The following table summarizes the purchase price allocation for the 2017 Asset Acquisitions purchased during the nine months ended September 30, 2017 (in thousands): 2017 Asset Acquisitions Land $ 24,499 Building and improvements 112,520 Acquired in-place leases and other intangibles (1) 16,350 Acquired above-market leases (2) 1,522 Intangible lease liabilities (3) (6,746 ) Total purchase price $ 148,145 During the nine months ended September 30, 2017 , the Company acquired a 100% interest in 12 commercial properties for an aggregate purchase price of $52.5 million , which were accounted for as business combinations (the “ 2017 Business Combination Acquisitions ”). The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation for the 2017 Business Combination Acquisitions purchased during the nine months ended September 30, 2017 (in thousands): 2017 Business Combination Acquisitions Land $ 14,232 Building and improvements 22,292 Acquired in-place leases and other intangibles (1) 15,911 Acquired above-market leases (2) 1,423 Intangible lease liabilities (3) (1,401 ) Total purchase price $ 52,457 The Company recorded revenue of $892,000 and $2.5 million , respectively, and net income of $254,000 and $383,000 , respectively, for the three and nine months ended September 30, 2017 , related to the 2017 Business Combination Acquisitions . In addition, the Company recorded $426,000 of acquisition-related expenses for the three and nine months ended September 30, 2017 , which is included in acquisition-related expenses on the condensed consolidated statements of operations. The following table summarizes selected financial information of the Company as if all of the 2017 Business Combination 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 and nine months ended September 30, 2017 and 2016 , respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Pro forma basis Revenue $ 13,244 $ 7,779 $ 34,613 $ 21,854 Net income (loss) $ 66 $ (397 ) $ 873 $ (1,175 ) The unaudited pro forma information for the nine months ended September 30, 2017 was adjusted to exclude $426,000 of acquisition-related expenses recorded during such periods related to the 2017 Business Combination Acquisitions . Accordingly, these expenses were instead recognized in the pro forma information for the nine months ended September 30, 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. Consolidated Joint Venture As of September 30, 2018 , the Company had an interest in a Consolidated Joint Venture that owns and manages two properties, with total assets of $7.6 million , which included $7.2 million of land, building and improvements and $641,000 of intangible assets, net of accumulated depreciation and amortization of $410,000 , and total liabilities of $69,000 . The Consolidated Joint Venture does not have any debt outstanding as of September 30, 2018 . 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 include s provisions for when additional contributions may be required to fund certain cash shortfalls.

Marketable Securities

Marketable Securities	9 Months Ended
	Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES	MARKETABLE SECURITIES The Company owned marketable securities with an estimated fair value of $5.2 million and $5.5 million as of September 30, 2018 and December 31, 2017 , respectively. The following is a summary of the Company’s available-for-sale securities as of September 30, 2018 (in thousands): Available-for-sale securities Amortized Cost Basis Unrealized (Loss) Gain Fair Value U.S. Treasury Bonds $ 1,740 $ (59 ) $ 1,681 U.S. Agency Bonds 732 (13 ) 719 Corporate Bonds 2,900 (55 ) 2,845 Total available-for-sale securities $ 5,372 $ (127 ) $ 5,245 The following table provides the activity for the marketable securities during the nine months ended September 30, 2018 (in thousands): Amortized Cost Basis Unrealized (Loss) Gain Fair Value Marketable securities as of January 1, 2018 $ 5,503 $ (7 ) $ 5,496 Face value of marketable securities acquired 834 — 834 Premiums and discounts on purchase of marketable securities, net of acquisition costs (3 ) — (3 ) Amortization on marketable securities (6 ) — (6 ) Sales and maturities of securities (956 ) 2 (954 ) Unrealized loss on marketable securities — (122 ) (122 ) Marketable securities as of September 30, 2018 $ 5,372 $ (127 ) $ 5,245 During the nine months ended September 30, 2018 , the Company sold 15 marketable securities for aggregate proceeds of $954,000 . Unrealized (losses) gains on marketable securities are recorded in other comprehensive income , 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 loss of $122,000 on its investments, which is included in accumulated other comprehensive income on the accompanying condensed consolidated statement of changes in equity for the nine months ended September 30, 2018 and the condensed consolidated balance sheet as of September 30, 2018 . The scheduled maturities of the Company’s marketable securities as of September 30, 2018 are as follows (in thousands): Available-for-sale securities Amortized Cost Estimated Fair Value Due within one year $ 341 $ 341 Due after one year through five years 2,343 2,299 Due after five years through ten years 2,305 2,227 Due after ten years 383 378 Total $ 5,372 $ 5,245 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 September 30, 2018 , the Company ha d no other-than-temporary impairment losses.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 2018
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 and nine months ended September 30, 2018 . As of September 30, 2018 , the Company had eight interest rate swap agreements. The following table summarizes the terms of the Company’s executed interest rate swap agreements designated as hedging instruments as of September 30, 2018 and December 31, 2017 (dollar amounts in thousands): Outstanding Notional Amount as of Interest Effective Maturity Fair Value of Assets and (Liabilities) as of Balance Sheet Location September 30, 2018 Rate (1) Date Date September 30, 2018 December 31, 2017 Interest Rate Swaps Derivative assets, prepaid expenses, property escrow deposits and other assets (2) $ 190,705 3.23% to 4.17% 6/30/2015 to 9/29/2017 9/12/2019 to 8/1/2022 $ 5,271 $ 1,718 ______________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of September 30, 2018 . (2) As of December 31, 2017, one of the interest rate swaps with an aggregate outstanding notional amount of $16.4 million was in a liability position with an aggregate fair value balance of $17,000 and is included in deferred rental income and other liabilities in the accompanying condensed consolidated balance sheets. Additional disclosures related to the fair value of the Company’s derivative instruments are included in Note 3 — Fair Value Measurements. 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 derivative instruments that are designated as hedges is recorded in other comprehensive income , with a portion of the amount subsequently reclassified to interest expense as interest payments are made on the Company’s variable rate debt. For the three and nine months ended September 30, 2018 , the amounts reclassified were gains of $158,000 and $157,000 , respectively. The amounts reclassified for the three and nine months ended September 30, 2017 , were losses of $166,000 and $428,000 , respectively. During the next 12 months, the Company estimates that an additional $1.6 million will be reclassified from other comprehensive income as a decrease to interest expense. The Company classifies cash flows from interest rate swap agreements as net cash provided by operating activities on the condensed consolidated statements of cash flows, as the Company’s accounting policy is to present cash flows from hedging instruments in the same category in the condensed consolidated statements of cash flows as the category for cash flows from hedged items. 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 and accrued interest. As of September 30, 2018 , all derivatives were in an asset position. Therefore, there was no termination value as of September 30, 2018 . 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 September 30, 2018 .

Credit Facility and Notes Payab

Credit Facility and Notes Payable	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
CREDIT FACILITY AND NOTES PAYABLE	CREDIT FACILITY AND NOTES PAYABLE As of September 30, 2018 , the Company had $372.3 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 3.71% . The weighted average years to maturity is computed using the scheduled 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 scheduled repayment date. Should a loan not be repaid by its scheduled 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 September 30, 2018 and December 31, 2017 , and the debt activity for the nine months ended September 30, 2018 (in thousands): During the Nine Months Ended September 30, 2018 Balance as of Debt Issuance, Net (1) Repayments Amortization Balance as of September 30, 2018 Credit facility $ 128,500 $ 184,500 $ (87,500 ) $ — $ 225,500 Fixed rate debt 149,734 — — — 149,734 Total debt 278,234 184,500 (87,500 ) — 375,234 Deferred costs (2) (3,404 ) — 35 (3) 427 (2,942 ) Total debt, net $ 274,830 $ 184,500 $ (87,465 ) $ 427 $ 372,292 ______________________ (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. (3) Represents deferred financing costs written off, related to the repayment of one loan upon the sale of the property securing the loan. As of September 30, 2018 , the Company had fixed rate debt outstanding of $149.7 million , including $78.2 million of variable rate debt that is fixed through interest rate swap agreements, which h as the effect of fixing the variable interest rate per annum through the maturity date of the variable rate debt. The fixed rate debt has interest rates ranging from 3.37% to 4.17% per annum and as of September 30, 2018 , the fixed rate debt had a weighted average interest rate of 3.87% . 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 $263.8 million as of September 30, 2018 . Each of the mortgage notes payable comprising the fixed rate debt is secured by the respective properties on which the debt was placed. T he Company is party to a second amended and restated credit agreement (the “Second Amended Credit Agreement”) with JPMorgan Chase Bank, N.A. as administrative agent (“JPMorgan Chase”), that provides for borrowings up to $425.0 million , which is comprised of up to $212.5 million in unsecured revolving loans (the “Revolving Loans”) and up to $212.5 million in unsecured term loans (the “Term Loans”) (collectively, with the Revolving Loans the “Credit Facility”). The Term Loans mature on September 6, 2022 and the Revolving Loans mature on September 6, 2021 ; however, the Company may elect to extend the maturity date for the Revolving Loans for up to two six-month periods, but no later than September 6, 2022 , subject to satisfying certain conditions contained in the Second Amended Credit Agreement. 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 1.70% to 2.20% for Revolving Loans and 1.60% to 2.10% for Term Loans; or (ii) a base rate ranging from 0.70% to 1.20% for Revolving Loans and 0.60% to 1.10% for Term Loans, plus the greater of: (a) JPMorgan Chase’s Prime Rate (as defined in the Second Amended Credit Agreement); (b) the Federal Funds Effective Rate (as defined in the Second Amended Credit Agreement) plus 0.50% ; or (c) the one-month LIBOR multiplied by the statutory reserve rate plus 1.0% . As of September 30, 2018 , the Revolving Loans outstanding totaled $13.0 million at an interest rate of 3.98% and the Term Loans outstanding totaled $212.5 million , $112.5 million of which is subject to interest rate swap agreements (the “Swapped Term Loans”). The interest rate swap agreements have the effect of fixing the Eurodollar Rate per annum of the Swapped Term Loans. As of September 30, 2018 , the weighted average all-in rate for the Swapped Term Loans was 3.35% . As of September 30, 2018 , the Company had $225.5 million outstanding under the Credit Facility at a weighted average interest rate of 3.61% and $199.5 million in unused capacity, subject to borrowing availability. The Second Amended Credit Agreement contains provisions with respect to covenants, events of default and remedies customary for facilities of this nature. In particular, the Second Amended Credit Agreement requires the Company to maintain a minimum consolidated net worth greater than or equal to the sum of (i) $367.1 million plus (ii) 75% of the equity issued (iii) minus the aggregate amount of any redemptions or similar transaction from the date of the Second Amended Credit Agreement, 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 , a secured debt ratio equal to or less than 40% , and the amount of secured debt that is recourse debt at no greater than 15% of total asset value . As of September 30, 2018 , the Company believes it was in compliance with the financial covenants of the Second Amended Credit Agreement, as well as the financial covenants under the Company’s various fixed and variable rate debt agreements. Maturities The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt subsequent to September 30, 2018 (in thousands): Principal Repayments Remainder of 2018 $ — 2019 — 2020 9,240 2021 44,717 2022 304,327 Thereafter 16,950 Total $ 375,234

Intangible Lease Liabilities

Intangible Lease Liabilities	9 Months Ended
	Sep. 30, 2018
Other Liabilities Disclosure [Abstract]
INTANGIBLE LEASE LIABILITIES	INTANGIBLE LEASE LIABILITIES Intangible lease liabilities of the Company consisted of the following as of September 30, 2018 and December 31, 2017 (in thousands, except weighted average life): September 30, 2018 December 31, 2017 Acquired below-market liabilities, net of accumulated amortization of $2,890 and $2,075, respectively (with a weighted average life remaining of 11.8 years and 11.2 years, respectively) $ 14,582 $ 12,753 Amortization of below-market leases is recorded as an increase to rental revenue in the accompanying condensed consolidated statements of operations. The following table summarizes the amortization of below-market leases related to the intangible lease liabilities for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Amortization of below-market leases $ 389 $ 345 $ 1,111 $ 849 As of September 30, 2018 , the estimated amortization of the intangible lease liabilities is as follows (in thousands): Amortization of Below-Market Leases Remainder of 2018 $ 404 2019 $ 1,586 2020 $ 1,559 2021 $ 1,318 2022 $ 1,277

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	9 Months Ended
	Sep. 30, 2018
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW DISCLOSURES	SUPPLEMENTAL CASH FLOW DISCLOSURES Supplemental cash flow disclosures for the nine months ended September 30, 2018 and 2017 are as follows (in thousands): Nine Months Ended September 30, 2018 2017 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Change in accrued dealer manager fee and distribution fee $ 7,007 $ 6,798 Distributions to stockholders declared and unpaid $ 2,512 $ 1,903 Common stock issued through distribution reinvestment plan $ 10,003 $ 7,347 Change in fair value of marketable securities $ (120 ) $ 62 Change in fair value of interest rate swaps $ 3,570 $ 353 Accrued capital expenditures $ — $ 8 Accrued deferred financing costs $ 3 $ 28 Supplemental Cash Flow Disclosures: Interest paid $ 9,373 $ 5,436

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation In the ordinary course of business, the Company may become subject to litigation and claims. The Company is not aware of any material pending legal proceedings, other than ordinary routine litigation incidental to the Company’s business, to which the Company is a party or of which the Company’s properties are the subject. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. In addition, the Company may own or acquire certain properties that are subject to environmental remediation. Generally, the seller of the property, the tenant of the property and/or another third party is responsible for environmental remediation costs related to a property. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify the Company against future remediation costs. The Company also carries environmental liability insurance on its properties that provides limited coverage for any remediation liability and/or pollution liability for third-party bodily injury and/or property damage claims for which the Company may be liable. The Company is not aware of any environmental matters which it believes are reasonably likely to have a material effect on its results of operations, financial condition or liquidity.

Related-Party Transactions and

Related-Party Transactions and Arrangements	9 Months Ended
	Sep. 30, 2018
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 Income NAV Strategy 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, CCO Capital, 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 CCO Capital. The Company has been advised that CCO Capital 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. CCO Capital, 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 Income NAV Strategy 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 September 30, 2018 , Cole Income NAV Strategy 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 Income NAV Strategy Advisors. Advisory fees and expenses The Company pays Cole Income NAV Strategy 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 Income NAV Strategy 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 Income NAV Strategy 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 Income NAV Strategy 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 Income NAV Strategy 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 Income NAV Strategy 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 Income NAV Strategy 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 Income NAV Strategy 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 Income NAV Strategy 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 Income NAV Strategy 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 nine months ended September 30, 2018 and 2017 . The Company incurred commissions, fees and expense reimbursements as shown in the table below for services provided by Cole Income NAV Strategy Advisors and its affiliates related to the services described above during the periods indicated (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Selling commissions $ 778 $ 759 $ 2,181 $ 2,236 Distribution fee (1) $ 257 $ 163 $ 690 $ 402 Dealer manager fees (1) $ 758 $ 565 $ 2,094 $ 1,514 Organization and offering expense reimbursement $ 369 $ 353 $ 1,052 $ 1,035 Acquisition expense reimbursement $ 100 $ 316 $ 1,333 $ 1,161 Advisory fee $ 1,492 $ 1,128 $ 4,152 $ 3,063 Operating expense reimbursement $ 598 $ 647 $ 1,937 $ 2,226 ______________________ (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 CCO Capital of $23.4 million , which are included in due to affiliates in the condensed consolidated balance sheets, with a corresponding decrease to capital in excess of par value, as described in Note 2 — Summary of Significant Accounting Policies. Services Agreement Pursuant to the Services Agreement, VEREIT OP, which is affiliated with one of the Company’s directors, is obligated to provide certain services to CCO Group and to the Company, including operational real estate support. The Company is not a party to the Services Agreement. See Note 13 — Economic Dependency for a discussion of the Services Agreement. Due to/from Affiliates As of September 30, 2018 and December 31, 2017 , $25.3 million and $22.0 million , respec tively, was due to Cole Income NAV Strategy Advisors or its affiliates primarily related to the estimated liability for current and future dealer manager and distribution fees, the reimbursement of organization and offering expenses and advisory fees, which were included in amounts due to affiliates on the condensed consolidated balance sheets. As of December 31, 2017 , $100,000 was due from Cole Income NAV Strategy Advisors or its affiliates related to amounts received by affiliates of the advisor which were due to the Company. No such amounts were due as of September 30, 2018 .

Economic Dependency

Economic Dependency	9 Months Ended
	Sep. 30, 2018
Economic Dependency [Abstract]
ECONOMIC DEPENDENCY	ECONOMIC DEPENDENCY Under various agreements, the Company has engaged and may in the future engage Cole Income NAV Strategy 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 stockholder relations. As a result of these relationships, the Company is dependent upon Cole Income NAV Strategy 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. Services Agreement Pursuant to the Services Agreement, VEREIT OP is obligated to provide certain services to CCO Group and to the Company, including operational real estate support. VEREIT OP will continue to provide such services through March 31, 2019 (or, if later, the date of the last government filing other than a tax filing made by any of the Cole REITs with respect to its 2018 fiscal year) and will provide consulting and research services through December 31, 2023 as requested by CCO Group, LLC. Despite the indirect change of ownership and control of the Company’s advisor, dealer manager, property manager and sponsor, the Company expects that, during the Initial Services Term of the Services Agreement, the advisory, dealer manager and property management services the Company receives will continue without any material changes in personnel (except as supplemented by the management oversight of CIM personnel) or material change in service procedures. During the Initial Services Term of the Services Agreement, CCO Group, LLC intends to evaluate and effectuate an appropriate transition of VEREIT OP’s services under the Services Agreement to other CIM affiliates or third parties with the goal of ensuring continuity and minimizing disruption.

Operating Leases

Operating Leases	9 Months Ended
	Sep. 30, 2018
Leases [Abstract]
OPERATING LEASES	OPERATING LEASES The Company’s real estate assets are leased to tenants under operating leases for which the terms and expirations vary. As of September 30, 2018 , the leases had a weighted-average remaining term of 10.7 years . Certain leases include provisions to extend the lease agreements, options for early termination after paying a specified penalty, rights of first refusal to purchase the property at competitive market rates, and other negotiated terms and conditions. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. As of September 30, 2018 , the future minimum rental income from the Company’s real estate assets under non-cancelable operating leases, assuming no exercise of renewal options for the succeeding five fiscal years and thereafter, was as follows (in thousands): Future Minimum Rental Income Remainder of 2018 $ 20,072 2019 65,016 2020 65,380 2021 65,571 2022 65,631 Thereafter 451,908 Total $ 733,578

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The following events occurred subsequent to September 30, 2018 : Acquisitions of Real Estate Assets Subsequent to September 30, 2018 , the Company acquired a 100% interest in [ three ] real estate properties for an aggregate purchase price of [ $37.2 million ]. The acquisitions were funded with net proceeds from the Offering and available borrowings. The Company has not completed its initial purchase price allocations with respect to these properties and therefore cannot provide a similar disclosure to those included in Note 4 — Real Estate Assets in these condensed consolidated unaudited financial statements for this property. Disposition of Real Estate Assets As of September 30, 2018 , one property was classified as held for sale, as discussed in Note 2 — Summary of Significant Accounting Policies. Subsequent to September 30, 2018 , the Company disposed of this property for an aggregate gross sales price of $17.1 million , resulting in proceeds of $5.4 million after closing costs and the repayment of the $11.3 million fixed rate debt secured by the disposed property and a loss of $247,000 . No disposition fees were paid to CIM Income NAV Advisors or its affiliates in connection with the sale of the property and the Company has no continuing involvement with this property. Credit Facility and Notes Payable Subsequent to September 30, 2018 , the Company entered into an interest rate swap agreement associated with $100.0 million of the Term Loans that had the effect of fixing the Eurodollar Rate per annum beginning on October 31, 2018 through September 6, 2022 at 3.04% plus an interest rate spread.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Basis of presentation	The condensed consolidated 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, 2017 , and related notes thereto set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . The condensed consolidated 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 financial statements include the accounts of the Company, its wholly-owned subsidiaries and the Consolidated Joint Venture in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation.
Variable interest entity	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 condensed 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 September 30, 2018 and December 31, 2017 , the Company determined that it had a controlling interest in the Consolidated Joint Venture and therefore met the GAAP requirements for consolidation. 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.
Reclassifications	In connection with the adoption of Accounting Standards Update (“ASU”) ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”), certain reclassifications have been made to prior period balances to conform to the current presentation in the condensed consolidated statements of cash flows. Under ASU 2016-18, transfers to or from restricted cash, which have previously been shown in the Company’s investing activities section of the condensed consolidated statements of cash flows, are now required to be shown as part of the total change in cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows. This change resulted in a decrease in cash flows used in investing activities of $99,000 during the nine months ended September 30, 2017 . The Company adopted ASU 2017-12, as defined in “Recent Accounting Pronouncements,” during the first quarter of fiscal year 2018. Accordingly, for the nine months ended September 30, 2018 , the Company recorded a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of accumulated distributions in excess of earnings of $37,000
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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Real Estate Assets, Recoverability of Real Estate Assets, and Assets Held for Sale	Real estate assets are stated at cost, less accumulated depreciation and amortization. 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; changes in anticipated holding periods; 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. During the nine months ended September 30, 2018 , the Company recorded impairment changes of $2.3 million , related to one anchored shopping center classified as held for sale, due to the carrying value being greater than the estimated fair value of the property, net of selling costs . No impairment indicators were identified and no impairment losses were recorded during the nine months ended September 30, 2017 . The Company is in the process of determining if anticipated holding periods for certain properties may materially differ from the initial intended holding periods for such properties, which could result in an impairment charge in the future. Assets Held for Sale When a real estate asset is identified by the Company as held for sale, the Company will cease recording depreciation and amortization of the assets related to the property and estimate its 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 is then 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 and other intangibles, based in each case on their respective fair values. 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. In April 2017, the Company elected to early adopt 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. Beginning in April 2017, all real estate acquisitions qualified as asset acquisitions, and as such, acquisition-related fees and certain acquisition-related expenses related to these asset acquisitions were capitalized and allocated to tangible and intangible assets and liabilities, as described above. Prior to the adoption of ASU 2017-01 in April 2017, all of the Company’s real estate acquisitions were accounted for as business combinations and, as such, acquisition-related expenses related to these business combination acquisitions were expensed as incurred. Prior to April 2017, acquisition-related expenses in the Company’s condensed consolidated statements of operations primarily consisted of legal, deed transfer and other costs related to real estate purchase transactions, including costs incurred for deals that were not consummated. The Company expects its future acquisitions to qualify as asset acquisitions and, as such, the Company will allocate the purchase price to acquired tangible assets and identified intangible assets and liabilities on a relative fair value basis.
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 September 30, 2018 , 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 . 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 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 $801,000 and $1,000 in restricted cash as of September 30, 2018 and December 31, 2017 , respectively. Included in restricted cash was $153,000 and $1,000 held by lenders in lockbox accounts as of September 30, 2018 and December 31, 2017 , respectively. As part of certain debt agreements, rent from certain of the Company’s tenants is deposited directly into a lockbox account, from which funds in excess of the required minimum balance are disbursed on a weekly basis to the Company.
Dealer manager and distribution fees	The Company pays CCO Capital 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 CCO Capital is recognized at the time each share is sold and included in due to affiliates in the condensed consolidated balance sheets with a corresponding decrease to capital in excess of par value.
Revenue recognition	Certain properties have leases where the minimum rental payment increases 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. Effective January 1, 2018, the Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which supersedes the revenue recognition requirements in Revenue Recognition, Accounting Standards Codification (“ASC”) Topic 605 and requires an entity to recognize revenue in a way that depicts 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 Company records revenue for real estate taxes and insurance reimbursed by its tenants on the leased properties, with offsetting expenses in real estate taxes and property operating expenses, respectively, within the condensed consolidated statements of operations as the Company has concluded it is the primary obligor. The Company has identified its revenue streams as rental income from leasing arrangements and tenant reimbursement income, which are outside of the scope of Topic 606. The Company adopted ASU 2014-09 using the modified retrospective approach and determined it did not have a material impact on the Company’s condensed consolidated financial statements. The Company continually reviews receivables related to rent, including any straight-line rent, and current and future operating expense reimbursements from tenants, and determines their 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 uncertain, the Company will record an increase in the allowance for uncollectible accounts.
Earnings (loss) and distributions 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 can result in different earnings per share for each of the classes. Under the two-class method, earnings per share of each 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 income per share, when applicable, considers the effect of any potentially dilutive share equivalen ts, of which the Company had none for ea ch of the three and nine months ended September 30, 2018 or 2017 . Distributions per share are calculated based on the authorized daily distribution rate.
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 new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s condensed consolidated financial statements. In February 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). The amendments in this update require that most lease obligations be recognized as a right of use asset with a corresponding liability on the balance sheet. The guidance also requires additional qualitative and quantitative disclosures to assess the amount, timing and uncertainty of cash flows arising from leases. ASU 2016-02 and subsequent amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The guidance, including optional practical expedients, should be implemented for the earliest period presented using a modified retrospective approach. The Company is currently in the process of finalizing its assessment of its inventory of leases that will be impacted by adoption of the new guidance. The Company does not expect the adoption to have a material impact on the accounting treatment of the Company’s net leases, which are the primary source of the Company’s revenues. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). The targeted amendments in this ASU are designed to help simplify certain aspects of hedge accounting and result in a more accurate portrayal of the economics of an entity’s risk management activities in its financial statements. ASU 2017-12 applies to the Company’s interest rate swaps designated as cash flow hedges. ASU 2017-12 requires all changes in the fair value of highly effective cash flow hedges to be recorded in accumulated other comprehensive income. Under current GAAP, the ineffective portion of the change in fair value of cash flow hedges is recognized directly in earnings. This eliminates the requirement to separately measure and disclose ineffectiveness for qualifying cash flow hedges. ASU 2017-12 is effective for public entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. ASU 2017-12 is required to be adopted using a modified retrospective approach with early adoption permitted. The Company early adopted ASU 2017-12 during the first quarter of fiscal year 2018. Accordingly, during the nine months ended September 30, 2018 , the Company recorded a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of accumulated distributions in excess of earnings of $37,000 . In August 2018, the FASB issued ASU No. 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). This ASU amends and removes several disclosure requirements including the valuation processes for Level 3 fair value measurements. ASU 2018-13 also modifies some disclosure requirements and requires additional disclosures for changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and requires the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The provisions of ASU 2018-13 are effective January 1, 2020 using a prospective transition method for amendments effecting changes in unrealized gains and losses, significant unobservable inputs used to develop Level 3 fair value measurements and narrative description on uncertainty of measurements. The remaining provisions of the ASU are to be applied retrospectively, and early adoption is permitted. The Company is evaluating the impact of this ASU's adoption, and does not believe this ASU will have a material impact on its condensed consolidated financial statements.
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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2018
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 CCO Capital 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)	9 Months Ended
	Sep. 30, 2018
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 September 30, 2018 and December 31, 2017 (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs September 30, 2018 (Level 1) (Level 2) (Level 3) Financial asset: Interest rate swaps $ 5,271 $ — $ 5,271 $ — Marketable securities 5,245 5,245 — — Total financial assets $ 10,516 $ 5,245 $ 5,271 $ — Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2017 (Level 1) (Level 2) (Level 3) Financial asset: Interest rate swaps $ 1,718 $ — $ 1,718 $ — Marketable securities 5,496 5,496 — — Total financial assets $ 7,214 $ 5,496 $ 1,718 $ — Financial liabilities: Interest rate swaps $ (17 ) $ — $ (17 ) $ —
Schedule of Impairment Charges	The following table presents the impairment charges by asset class recorded during the nine months ended September 30, 2018 (in thousands): Nine Months Ended September 30, 2018 Asset class impaired: Land $ 454 Buildings and improvements 1,000 Intangible lease assets 1,176 Intangible lease liabilities (363 ) Total impairment loss $ 2,267

Intangible Lease Assets (Tables

Intangible Lease Assets (Tables)	9 Months Ended
	Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of finite-lived intangible assets	Intangible lease assets of the Company consisted of the following as of September 30, 2018 and December 31, 2017 (in thousands, except weighted average life amounts): September 30, 2018 December 31, 2017 In-place leases and other intangibles, net of accumulated amortization of $18,606 and $12,955, respectively (each with a weighted average life remaining of 10.7 years) $ 91,003 $ 71,543 Acquired above-market leases, net of accumulated amortization of $2,153 and $1,522, respectively (with a weighted average life remaining of 11.2 years and 12.3 years, respectively) 10,417 7,871 $ 101,420 $ 79,414
Schedule of finite-lived intangible assets amortization expense	The following table summarizes the amortization expense related to the intangible lease assets for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 In-place lease and other intangible amortization $ 2,388 $ 1,892 $ 6,593 $ 4,680 Above-market lease amortization $ 254 $ 222 $ 689 $ 559
Schedule of finite-lived intangible assets, future amortization expense	As of September 30, 2018 , the estimated amortization expense relating to the intangible lease assets is as follows (in thousands): Amortization In-Place Leases and Other Intangibles Above-Market Leases Remainder of 2018 $ 2,254 $ 237 2019 $ 9,588 $ 1,013 2020 $ 9,385 $ 1,006 2021 $ 9,206 $ 1,006 2022 $ 9,150 $ 1,005

Real Estate Assets (Tables)

Real Estate Assets (Tables)	9 Months Ended
	Sep. 30, 2018
Business Combinations [Abstract]
Schedule of asset acquisitions	The following table summarizes the purchase price allocation for the 2017 Asset Acquisitions purchased during the nine months ended September 30, 2017 (in thousands): 2017 Asset Acquisitions Land $ 24,499 Building and improvements 112,520 Acquired in-place leases and other intangibles (1) 16,350 Acquired above-market leases (2) 1,522 Intangible lease liabilities (3) (6,746 ) Total purchase price $ 148,145 The following table summarizes the purchase price allocation for the 2018 Asset Acquisitions purchased during the nine months ended September 30, 2018 (in thousands): 2018 Asset Acquisitions Land $ 23,371 Building and improvements 166,094 Acquired in-place leases and other intangibles (1) 27,639 Acquired above-market leases (2) 3,305 Intangible lease liabilities (3) (3,407 ) Total purchase price $ 217,002 ______________________ (1) The weighted average amortization period for acquired in-place leases and other intangibles was 13.0 years for the 2018 Asset Acquisitions . (2) The weighted average amortization period for acquired above-market leases was 10.5 years for the 2018 Asset Acquisitions . (3) The weighted average amortization period for acquired intangible lease liabilities was 16.9 years for the 2018 Asset Acquisitions .
Schedule of purchase price allocation	The following table summarizes the purchase price allocation for the 2017 Business Combination Acquisitions purchased during the nine months ended September 30, 2017 (in thousands): 2017 Business Combination Acquisitions Land $ 14,232 Building and improvements 22,292 Acquired in-place leases and other intangibles (1) 15,911 Acquired above-market leases (2) 1,423 Intangible lease liabilities (3) (1,401 ) Total purchase price $ 52,457 The following table summarizes the consideration transferred for the properties purchased during the nine months ended September 30, 2017 (in thousands): 2017 Acquisitions Real estate assets: Purchase price of asset acquisitions $ 148,145 Purchase price of business combinations 52,457 Total purchase price of real estate assets acquired (1) $ 200,602 ______________________ (1) The weighted average amortization period for the 2017 Acquisitions is 11.8 years for acquired in-place leases, 15.7 years for acquired above-market leases and 11.3 years for acquired intangible lease liabilities.
Business acquisition, pro forma information	The table below presents the Company’s estimated revenue and net income (loss) , on a pro forma basis, for the three and nine months ended September 30, 2017 and 2016 , respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Pro forma basis Revenue $ 13,244 $ 7,779 $ 34,613 $ 21,854 Net income (loss) $ 66 $ (397 ) $ 873 $ (1,175 )

Marketable Securities (Tables)

Marketable Securities (Tables)	9 Months Ended
	Sep. 30, 2018
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 September 30, 2018 (in thousands): Available-for-sale securities Amortized Cost Basis Unrealized (Loss) Gain Fair Value U.S. Treasury Bonds $ 1,740 $ (59 ) $ 1,681 U.S. Agency Bonds 732 (13 ) 719 Corporate Bonds 2,900 (55 ) 2,845 Total available-for-sale securities $ 5,372 $ (127 ) $ 5,245
Schedule of available-for-sale securities reconciliation	The following table provides the activity for the marketable securities during the nine months ended September 30, 2018 (in thousands): Amortized Cost Basis Unrealized (Loss) Gain Fair Value Marketable securities as of January 1, 2018 $ 5,503 $ (7 ) $ 5,496 Face value of marketable securities acquired 834 — 834 Premiums and discounts on purchase of marketable securities, net of acquisition costs (3 ) — (3 ) Amortization on marketable securities (6 ) — (6 ) Sales and maturities of securities (956 ) 2 (954 ) Unrealized loss on marketable securities — (122 ) (122 ) Marketable securities as of September 30, 2018 $ 5,372 $ (127 ) $ 5,245
Investments classified by contractual maturity date	The scheduled maturities of the Company’s marketable securities as of September 30, 2018 are as follows (in thousands): Available-for-sale securities Amortized Cost Estimated Fair Value Due within one year $ 341 $ 341 Due after one year through five years 2,343 2,299 Due after five years through ten years 2,305 2,227 Due after ten years 383 378 Total $ 5,372 $ 5,245

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2018
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 September 30, 2018 and December 31, 2017 (dollar amounts in thousands): Outstanding Notional Amount as of Interest Effective Maturity Fair Value of Assets and (Liabilities) as of Balance Sheet Location September 30, 2018 Rate (1) Date Date September 30, 2018 December 31, 2017 Interest Rate Swaps Derivative assets, prepaid expenses, property escrow deposits and other assets (2) $ 190,705 3.23% to 4.17% 6/30/2015 to 9/29/2017 9/12/2019 to 8/1/2022 $ 5,271 $ 1,718 ______________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of September 30, 2018 . (2) As of December 31, 2017, one of the interest rate swaps with an aggregate outstanding notional amount of $16.4 million was in a liability position with an aggregate fair value balance of $17,000 and is included in deferred rental income and other liabilities in the accompanying condensed consolidated balance sheets.

Credit Facility and Notes Pay_2

Credit Facility and Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Summary of Debt Activity	The following table summarizes the debt balances as of September 30, 2018 and December 31, 2017 , and the debt activity for the nine months ended September 30, 2018 (in thousands): During the Nine Months Ended September 30, 2018 Balance as of Debt Issuance, Net (1) Repayments Amortization Balance as of September 30, 2018 Credit facility $ 128,500 $ 184,500 $ (87,500 ) $ — $ 225,500 Fixed rate debt 149,734 — — — 149,734 Total debt 278,234 184,500 (87,500 ) — 375,234 Deferred costs (2) (3,404 ) — 35 (3) 427 (2,942 ) Total debt, net $ 274,830 $ 184,500 $ (87,465 ) $ 427 $ 372,292 ______________________ (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. (3) Represents deferred financing costs written off, related to the repayment of one loan upon the sale of the property securing the loan.
Schedule of Maturities of Long-term Debt	The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt subsequent to September 30, 2018 (in thousands): Principal Repayments Remainder of 2018 $ — 2019 — 2020 9,240 2021 44,717 2022 304,327 Thereafter 16,950 Total $ 375,234

Intangible Lease Liabilities (T

Intangible Lease Liabilities (Tables)	9 Months Ended
	Sep. 30, 2018
Other Liabilities Disclosure [Abstract]
Schedule of finite-lived intangible liabilities	Intangible lease liabilities of the Company consisted of the following as of September 30, 2018 and December 31, 2017 (in thousands, except weighted average life): September 30, 2018 December 31, 2017 Acquired below-market liabilities, net of accumulated amortization of $2,890 and $2,075, respectively (with a weighted average life remaining of 11.8 years and 11.2 years, respectively) $ 14,582 $ 12,753
Schedule of amortization expense of below market lease	The following table summarizes the amortization of below-market leases related to the intangible lease liabilities for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Amortization of below-market leases $ 389 $ 345 $ 1,111 $ 849
Schedule of finite-lived intangible liabilities, future amortization expense	As of September 30, 2018 , the estimated amortization of the intangible lease liabilities is as follows (in thousands): Amortization of Below-Market Leases Remainder of 2018 $ 404 2019 $ 1,586 2020 $ 1,559 2021 $ 1,318 2022 $ 1,277

Supplemental Cash Flow Disclo_2

Supplemental Cash Flow Disclosure (Tables)	9 Months Ended
	Sep. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental cash flow disclosure	Supplemental cash flow disclosures for the nine months ended September 30, 2018 and 2017 are as follows (in thousands): Nine Months Ended September 30, 2018 2017 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Change in accrued dealer manager fee and distribution fee $ 7,007 $ 6,798 Distributions to stockholders declared and unpaid $ 2,512 $ 1,903 Common stock issued through distribution reinvestment plan $ 10,003 $ 7,347 Change in fair value of marketable securities $ (120 ) $ 62 Change in fair value of interest rate swaps $ 3,570 $ 353 Accrued capital expenditures $ — $ 8 Accrued deferred financing costs $ 3 $ 28 Supplemental Cash Flow Disclosures: Interest paid $ 9,373 $ 5,436

Related-Party Transactions an_2

Related-Party Transactions and Arrangements (Tables)	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	In connection with the Offering, CCO Capital, 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 CCO Capital. The Company has been advised that CCO Capital 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. CCO Capital, in its sole discretion, may reallow a portion of the dealer manager fee and distribution fee to participating broker-dealers. The Company incurred commissions, fees and expense reimbursements as shown in the table below for services provided by Cole Income NAV Strategy Advisors and its affiliates related to the services described above during the periods indicated (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Selling commissions $ 778 $ 759 $ 2,181 $ 2,236 Distribution fee (1) $ 257 $ 163 $ 690 $ 402 Dealer manager fees (1) $ 758 $ 565 $ 2,094 $ 1,514 Organization and offering expense reimbursement $ 369 $ 353 $ 1,052 $ 1,035 Acquisition expense reimbursement $ 100 $ 316 $ 1,333 $ 1,161 Advisory fee $ 1,492 $ 1,128 $ 4,152 $ 3,063 Operating expense reimbursement $ 598 $ 647 $ 1,937 $ 2,226 ______________________ (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 CCO Capital of $23.4 million , which are included in due to affiliates in the condensed consolidated balance sheets, with a corresponding decrease to capital in excess of par value, as described in Note 2 — Summary of Significant Accounting Policies.

Operating Leases (Tables)

Operating Leases (Tables)	9 Months Ended
	Sep. 30, 2018
Leases [Abstract]
Schedule of future minimum rental payments for operating leases	As of September 30, 2018 , the future minimum rental income from the Company’s real estate assets under non-cancelable operating leases, assuming no exercise of renewal options for the succeeding five fiscal years and thereafter, was as follows (in thousands): Future Minimum Rental Income Remainder of 2018 $ 20,072 2019 65,016 2020 65,380 2021 65,571 2022 65,631 Thereafter 451,908 Total $ 733,578

Organization and Business (Shar

Organization and Business (Shares Offerings) (Details)	9 Months Ended
	Sep. 30, 2018USD ($)class_of_stock$ / sharesshares	Sep. 30, 2017USD ($)	Dec. 31, 2017shares	Feb. 10, 2017USD ($)class_of_stock	Aug. 26, 2013class_of_stock	Dec. 06, 2011USD ($)
Organization and business
Issuance of common stock	$ 142,530,000	$ 140,221,000
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 issued (in shares) | shares	38,400,000
Issuance of common stock	$ 693,100,000
Offering costs, selling commissions and dealer manager fees	13,300,000
Dealer manager and distribution fees	$ 8,700,000
DRIP | Common Stock
Organization and business
Common stock, shares issued (in shares) | shares	1,800,000
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%
W Shares Common Stock
Organization and business
Common stock, shares issued (in shares) | shares	18,509,975		15,837,102
Net asset value per share (in dollars per share) | $ / shares	$ 18.20
W Shares Common Stock | Common Stock
Organization and business
Issuance of common stock	$ 39,000	40,000
A Shares Common Stock
Organization and business
Common stock, shares issued (in shares) | shares	11,867,670		8,793,223
Net asset value per share (in dollars per share) | $ / shares	$ 17.93
A Shares Common Stock | Common Stock
Organization and business
Issuance of common stock	$ 36,000	35,000
I Shares Common Stock
Organization and business
Common stock, shares issued (in shares) | shares	1,144,914		1,065,232
Net asset value per share (in dollars per share) | $ / shares	$ 18.41
I Shares Common Stock | Common Stock
Organization and business
Issuance of common stock	$ 2,000	$ 1,000

Organization and Business (Real

Organization and Business (Real Estate) (Details) ft² in Millions	Sep. 30, 2018ft²propertystates
Real Estate Properties [Line Items]
Number of states in which entity owns properties | states	35
Percentage of rentable space leased	99.60%
Consolidated properties
Real Estate Properties [Line Items]
Number of owned properties | property	152
Rentable square feet (in square feet) | ft²	5.7

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Reclassification) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Jan. 01, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in cash flows from investing activities	$ 201,441	$ 200,412
Cumulative effect of accounting changes				$ 0
Accumulated Distributions in Excess of Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of accounting changes				$ 37
Accounting Standards Update 2016-18
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in cash flows from investing activities		$ 99
Accounting Standard Update 2017-12 | Accumulated Distributions in Excess of Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of accounting changes			$ 37

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Real Estate) (Details)	9 Months Ended
	Sep. 30, 2018USD ($)property	Sep. 30, 2017USD ($)	Dec. 31, 2017property
Real Estate Properties [Line Items]
Impairment	$ 2,267,000	$ 0
Number of real estate property held for sale | property	1		1
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
Anchored Shopping Center
Real Estate Properties [Line Items]
Impairment	$ 2,300,000
Number of real estate property held for sale | property	1		1
Carrying value of real estate held-for-sale	$ 19,100,000
Mortgages held-for-sale	$ 11,300,000

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Noncontrolling Interest in Consolidated Joint Venture) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Accounting Policies [Abstract]
Net income allocated to noncontrolling interest	$ 9	$ 8	$ 26	$ 26
Payments to noncontrolling interests			29
Non-controlling interests	$ 769		$ 769		$ 772

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Restricted Cash) (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017
Restricted Cash and Cash Equivalents
Restricted cash	$ 801,000	$ 1,000	$ 501,000
Lockbox Accounts
Restricted Cash and Cash Equivalents
Restricted cash	153,000	1,000
Escrow Deposits [Member]
Restricted Cash and Cash Equivalents
Restricted cash	$ 648,000	$ 0

Summary of Significant Accoun_8

Summary of Significant Accounting Policies (Dealer Manager and Distribution Fees) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Related Party Transaction
Due to affiliates	$ 25,304	$ 21,980
Dealer manager
Related Party Transaction
Due to affiliates	$ 23,400	$ 19,200
Dealer Manager Fee | Dealer manager | W Shares Common Stock
Related Party Transaction
Daily asset based related party fee percent	0.55%
Dealer Manager Fee | Dealer manager | A Shares Common Stock
Related Party Transaction
Daily asset based related party fee percent	0.55%
Dealer Manager Fee | 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 Accoun_9

Summary of Significant Accounting Policies (Other) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)class_of_stockshares	Sep. 30, 2017shares	Sep. 30, 2018USD ($)class_of_stockshares	Sep. 30, 2017shares	Dec. 31, 2017USD ($)	Feb. 10, 2017class_of_stock
Accounting Policies [Abstract]
Allowance for doubtful accounts receivable | $	$ 0		$ 0		$ 0
Earnings (Loss) Per Share
Weighted average number diluted shares outstanding adjustment (in shares) | shares	0	0	0	0
Multi-class offering
Earnings (Loss) Per Share
Classes of common stock | class_of_stock	3		3			3

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Assets, Fair Value Disclosure [Abstract]
Marketable securities	$ 5,245,000		$ 5,496,000
Financial liabilities:
Impairment	2,267,000	$ 0
Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt outstanding	375,200,000		278,200,000
Fair value, inputs, level 2 | Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt outstanding	368,000,000		274,000,000
Recurring
Assets, Fair Value Disclosure [Abstract]
Marketable securities	5,245,000		5,496,000
Total assets	10,516,000		7,214,000
Recurring | Fair Value, Inputs, level 1
Assets, Fair Value Disclosure [Abstract]
Marketable securities	5,245,000		5,496,000
Total assets	5,245,000		5,496,000
Recurring | Fair value, inputs, level 2
Assets, Fair Value Disclosure [Abstract]
Marketable securities	0		0
Total assets	5,271,000		1,718,000
Recurring | Fair Value, Inputs, level 3
Assets, Fair Value Disclosure [Abstract]
Marketable securities	0		0
Total assets	0		0
Recurring | Interest rate swaps
Assets, Fair Value Disclosure [Abstract]
Derivative asset	5,271,000		1,718,000
Financial liabilities:
Interest rate swaps			(17,000)
Recurring | Interest rate swaps | Fair Value, Inputs, level 1
Assets, Fair Value Disclosure [Abstract]
Derivative asset	0		0
Financial liabilities:
Interest rate swaps			0
Recurring | Interest rate swaps | Fair value, inputs, level 2
Assets, Fair Value Disclosure [Abstract]
Derivative asset	5,271,000		1,718,000
Financial liabilities:
Interest rate swaps			(17,000)
Recurring | Interest rate swaps | Fair Value, Inputs, level 3
Assets, Fair Value Disclosure [Abstract]
Derivative asset	$ 0		0
Financial liabilities:
Interest rate swaps			$ 0

Fair Value Measurements- Assets

Fair Value Measurements- Assets Measured at Non-Recurring Basis (Details) ft² in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)ft²property	Sep. 30, 2017USD ($)	Dec. 31, 2017property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of real estate property held for sale | property	1		1
Impairment of real estate asset	$ 2,267,000	$ 0
Nonrecurring | Fair value, inputs, level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate asset	2,267,000
Nonrecurring | Intangible lease liabilities | Fair value, inputs, level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate asset	363,000
Nonrecurring | Property, plant and equipment | Land | Fair value, inputs, level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate asset	454,000
Nonrecurring | Property, plant and equipment | Buildings and improvements | Fair value, inputs, level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate asset	1,000,000
Nonrecurring | Intangible lease assets | Fair value, inputs, level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate asset	$ 1,176,000
Anchored Shopping Center
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of real estate property held for sale | property	1		1
Area of real estate impaired | ft²	149
Impairment of real estate asset	$ 2,300,000
Anchored Shopping Center | Nonrecurring | Fair value, inputs, level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets held for sale	16,800,000
Impairment of real estate asset	$ 2,300,000

Intangible Lease Assets (Detail

Intangible Lease Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Intangible leased assets	$ 101,420	$ 79,414
Acquired in-place leases and other intangibles
Finite-Lived Intangible Assets [Line Items]
Intangible leased assets	91,003	71,543
Accumulated amortization	$ 18,606	$ 12,955
Useful life	10 years 8 months 11 days	10 years 8 months 11 days
Acquired above-market leases
Finite-Lived Intangible Assets [Line Items]
Intangible leased assets	$ 10,417	$ 7,871
Accumulated amortization	$ 2,153	$ 1,522
Useful life	11 years 2 months	12 years 3 months 18 days

Real Estate Assets (Property Ac

Real Estate Assets (Property Acquisitions Narrative) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)property	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Business Acquisition
Percent of assets acquired	100.00%
Number of properties acquired through business combinations and asset acquisitions in the period | property	16
Total purchase price	$ 903,006		$ 711,976
External acquisition-related capitalized expenses	1,300	$ 1,200
Wholly Owned Properties
Business Acquisition
Percent of assets acquired		100.00%
Total purchase price	$ 217,002	$ 148,145

Intangible Lease Assets (Schedu

Intangible Lease Assets (Schedule of finite-lived intangible assets amortization expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Acquired in-place leases and other intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 2,388	$ 1,892	$ 6,593	$ 4,680
Acquired above-market leases
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 254	$ 222	$ 689	$ 559

Real Estate Assets (Assets and

Real Estate Assets (Assets and Liabilities Acquired Through Asset Acquisition) (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Real Estate [Line Items]
Land	$ 144,248		$ 129,344
Buildings and improvements	636,579		488,741
Intangible lease assets	122,179		93,891
Total real estate assets, at cost	$ 903,006		$ 711,976
Below market lease, weighted average useful life	11 years 9 months		11 years 2 months 11 days
Acquired in-place leases and other intangibles
Real Estate [Line Items]
Weighted average amortization period (years)	13 years
Acquired above-market leases
Real Estate [Line Items]
Weighted average amortization period (years)	10 years 6 months	15 years 8 months 12 days
Intangible lease liabilities
Real Estate [Line Items]
Intangible lease liabilities		$ (1,401)
Below market lease, weighted average useful life	16 years 10 months 24 days	11 years 3 months 24 days
In-place leases
Real Estate [Line Items]
Weighted average amortization period (years)		11 years 9 months 25 days
Wholly Owned Properties
Real Estate [Line Items]
Land	$ 23,371	$ 24,499
Buildings and improvements	166,094	112,520
Total real estate assets, at cost	217,002	148,145
Wholly Owned Properties | Acquired in-place leases and other intangibles
Real Estate [Line Items]
Intangible lease assets	27,639	16,350
Wholly Owned Properties | Acquired above-market leases
Real Estate [Line Items]
Intangible lease assets	3,305	1,522
Wholly Owned Properties | Intangible lease liabilities
Real Estate [Line Items]
Intangible lease liabilities	$ (3,407)	$ (6,746)

Intangible Lease Assets (Estima

Intangible Lease Assets (Estimated Amortization of Intangible lease assets) (Details) $ in Thousands	Sep. 30, 2018USD ($)
Acquired in-place leases and other intangibles
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2018	$ 2,254
2,019	9,588
2,020	9,385
2,021	9,206
2,022	9,150
Acquired above-market leases
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2018	237
2,019	1,013
2,020	1,006
2,021	1,006
2,022	$ 1,005

Real Estate Assets (2018 Proper

Real Estate Assets (2018 Property Disposition) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)property	Sep. 30, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposition of real estate assets			$ 15,380,000	$ 0
Gain on disposition of real estate, net	$ 128,000	$ 0	55,000	$ 0
Property Disposition 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate sales proceeds			16,000,000
Proceeds from disposition of real estate assets			15,400,000
Gain on disposition of real estate, net			55,000
Disposition Fees Expense | Advisors | Property Disposition 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Related party transaction, expenses from transactions with related party			$ 0
Anchored Shopping Center | Property Disposition 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property			1
Retail Property | Property Disposition 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property			2

Real Estate Assets (2018 Impair

Real Estate Assets (2018 Impairment of a Property) (Details)	9 Months Ended
	Sep. 30, 2018USD ($)property	Sep. 30, 2017USD ($)	Dec. 31, 2017property
Real Estate [Line Items]
Number of real estate property held for sale | property	1		1
Impairment of real estate asset	$ 2,267,000	$ 0
Anchored Shopping Center
Real Estate [Line Items]
Number of real estate property held for sale | property	1		1
Carrying value of real estate held-for-sale	$ 19,100,000
Impairment of real estate asset	2,300,000
Fair value, inputs, level 2 | Nonrecurring
Real Estate [Line Items]
Impairment of real estate asset	2,267,000
Fair value, inputs, level 2 | Nonrecurring | Anchored Shopping Center
Real Estate [Line Items]
Fair value of assets held for sale	16,800,000
Impairment of real estate asset	$ 2,300,000

Real Estate Assets (2017 Asset

Real Estate Assets (2017 Asset and Business Acquisition Narrative) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)property
Business Combinations [Abstract]
Interest in businesses and assets acquired during the period	100.00%
Number of properties acquired through business combinations and asset acquisitions in the period	27
Number of properties acquired through asset acquisitions	15
Number of properties acquired through business combinations (in number of properties)	12
Total payments to acquire properties through asset acquisition and business combinations | $	$ 200,602

Real Estate Assets (2017 Proper

Real Estate Assets (2017 Property Acquisition) (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Payments to Acquire Real Estate [Abstract]
Purchase price of asset acquisitions		$ 148,145
Purchase price of business combinations		52,457
Total purchase price of real estate assets acquired		$ 200,602
Below market lease, weighted average useful life	11 years 9 months		11 years 2 months 11 days
In-place leases
Payments to Acquire Real Estate [Abstract]
Weighted average amortization period (years)		11 years 9 months 25 days
Acquired above-market leases
Payments to Acquire Real Estate [Abstract]
Weighted average amortization period (years)	10 years 6 months	15 years 8 months 12 days
Intangible lease liabilities
Payments to Acquire Real Estate [Abstract]
Below market lease, weighted average useful life	16 years 10 months 24 days	11 years 3 months 24 days

Real Estate Assets (2017 Busine

Real Estate Assets (2017 Business Combination Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)property
Business Acquisition
Percent of assets acquired		100.00%		100.00%
Number of real estate acquisitions (in number of properties) | property				12
Total purchase price				$ 52,457
Acquisition-related expenses	$ 103	$ 333	$ 1,385	1,629
2017 Acquisitions
Business Acquisition
Revenue of acquiree since acquisition date		892		2,500
Net income (loss) of acquiree		254		383
Acquisition-related expenses		$ 426		$ 426

Real Estate Assets (2017 Schedu

Real Estate Assets (2017 Schedule of Business Combination Purchase Price allocation) (Details) $ in Thousands	Sep. 30, 2017USD ($)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Land	$ 14,232
Building and improvements	22,292
Total purchase price	52,457
Acquired in-place leases and other intangibles
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible assets other than goodwill, acquired	15,911
Acquired above-market leases
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible assets other than goodwill, acquired	1,423
Intangible lease liabilities
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible lease liabilities	$ (1,401)

Real Estate Assets (Business Ac

Real Estate Assets (Business Acquisition, Pro Forma Information) (Details) - 2017 Acquisitions - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Pro forma basis
Revenue	$ 13,244	$ 7,779	$ 34,613	$ 21,854
Net income (loss)	$ 66	$ (397)	$ 873	$ (1,175)

Real Estate Assets (Consolidate

Real Estate Assets (Consolidated Joint Venture) (Details) $ in Thousands	Sep. 30, 2018USD ($)property	Dec. 31, 2017USD ($)
Business Acquisition
Assets	$ 887,114	$ 699,463
Total real estate investments, net	844,569	671,426
Intangible leased assets	101,420	79,414
Liabilities	421,268	$ 316,993
Consolidated joint venture
Business Acquisition
Assets	7,600
Total real estate investments, net	7,200
Intangible leased assets	641
Accumulated depreciation, depletion and amortization, property, plant, and equipment	410
Liabilities	$ 69
Consolidated properties
Business Acquisition
Number of owned properties | property	152
Consolidated properties | Consolidated joint venture
Business Acquisition
Number of owned properties | property	2

Marketable Securities (Narrativ

Marketable Securities (Narrative) (Details)	9 Months Ended
	Sep. 30, 2018USD ($)security	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Investments, Debt and Equity Securities [Abstract]
Investment in marketable securities	$ 5,245,000		$ 5,496,000
Number of securities sold | security	15
Proceeds from sale and maturities of marketable securities	$ 954,000	$ 1,405,000
Unrealized gain (loss) on marketable securities	(122,000)
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	Sep. 30, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 5,372	$ 5,503
Unrealized (Loss) Gain	(127)	(7)
Marketable securities	5,245	$ 5,496
U.S. Treasury Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	1,740
Unrealized (Loss) Gain	(59)
Marketable securities	1,681
U.S. Agency Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	732
Unrealized (Loss) Gain	(13)
Marketable securities	719
Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	2,900
Unrealized (Loss) Gain	(55)
Marketable securities	$ 2,845

Marketable Securities (Schedu_2

Marketable Securities (Schedule of available-for-sale securities reconciliation) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Amortized Cost Basis Rollforward
Marketable securities as of January 1, 2018	$ 5,503
Face value of marketable securities acquired	834
Premiums and discounts on purchase of marketable securities, net of acquisition costs	(3)
Amortization on marketable securities	(6)
Sales and maturities of securities	(956)
Marketable securities as of September 30, 2018	5,372
Unrealized Loss(Gain) Rollforward
Marketable securities as of January 1, 2018	(7)
Sales and maturities of securities	2
Unrealized loss on marketable securities	(122)
Marketable securities as of September 30, 2018	(127)
Fair Value Rollforward
Marketable securities as of January 1, 2018	5,496
Face value of marketable securities acquired	834
Premiums and discounts on purchase of marketable securities, net of acquisition costs	(3)
Amortization on marketable securities	(6)
Sales and maturities of securities	(954)
Unrealized loss on marketable securities	(122)
Marketable securities as of September 30, 2018	$ 5,245

Marketable Securities (Schedu_3

Marketable Securities (Schedule of Maturities) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Amortized Cost
Due within one year	$ 341
Due after one year through five years	2,343
Due after five years through ten years	2,305
Due after ten years	383
Amortized Cost Basis	5,372	$ 5,503
Estimated Fair Value
Due within one year	341
Due after one year through five years	2,299
Due after five years through ten years	2,227
Due after ten years	378
Total	$ 5,245	$ 5,496

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities (Narrative) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)derivativeswap_agreement	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)derivativeswap_agreement	Sep. 30, 2017USD ($)
Derivatives, Fair Value [Line Items]
Derivative liability, number of instruments entered into | derivative	0		0
Derivative, number of instruments held | swap_agreement	8		8
Amount of gain (loss) reclassified from other comprehensive income into income as interest expense and other, net	$ 158,000	$ (166,000)	$ 157,000	$ (428,000)
Termination value	0		0
Cash Flow Hedging | Interest rate swaps
Derivatives, Fair Value [Line Items]
Interest rate cash flow hedge gain (loss) to be reclassified during next twelve months	$ 1,600,000		$ 1,600,000

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities (Schedule of derivative instruments) (Details) - Cash Flow Hedging - Interest rate swaps - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Derivative assets, prepaid expenses, property escrow deposits and other assets
Derivatives, Fair Value [Line Items]
Outstanding notional amount	$ 190,705
Fair value of assets	$ 5,271	$ 1,718
Deferred rental income, derivative liabilities and other liabilities
Derivatives, Fair Value [Line Items]
Outstanding notional amount		16,400
Aggregate fair value balance of interest rate swap in liability position		$ 17
Minimum | Derivative assets, prepaid expenses, property escrow deposits and other assets
Derivatives, Fair Value [Line Items]
Interest rate (percentage)	3.23%
Maximum | Derivative assets, prepaid expenses, property escrow deposits and other assets
Derivatives, Fair Value [Line Items]
Interest rate (percentage)	4.17%

Credit Facility and Notes Pay_3

Credit Facility and Notes Payable (Fixed Rate Debt) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Long-term debt, including net deferred financing costs	$ 372,292	$ 274,830
Weighted average years to maturity	3 years 9 months 18 days
Weighted average interest rate (percentage)	3.71%
Debt outstanding	$ 375,234	278,234
Fixed rate debt
Debt Instrument [Line Items]
Weighted average interest rate (percentage)	3.87%
Debt outstanding	$ 149,734	$ 149,734
Debt security, amount, aggregate gross real estate assets net of gross intangible lease liabilities	$ 263,800
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	$ 78,200

Credit Facility and Notes Pay_4

Credit Facility and Notes Payable (Schedule of Debt) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Debt [Roll Forward]
Long-term debt, gross, beginning balance	$ 278,234
Deferred costs, beginning of period	(3,404)
Total debt, net, beginning of period	274,830
Debt issuances, gross	184,500
Debt issuances, net	0
Proceeds from debt, net of issuance costs	184,500
Repayments	(87,500)
Deferred costs	35
Repayments and modifications, total debt, net	(87,465)
Amortization	427
Amortization of deferred financing costs	427
Long-term debt, gross, ending balance	375,234
Deferred costs, end of period	(2,942)
Total debt, net, ending of period	372,292
Credit facility
Debt [Roll Forward]
Long-term debt, gross, beginning balance	128,500
Debt issuances, gross	184,500
Repayments	(87,500)
Long-term debt, gross, ending balance	225,500
Fixed rate debt
Debt [Roll Forward]
Long-term debt, gross, beginning balance	149,734
Debt issuances, gross	0
Repayments	0
Long-term debt, gross, ending balance	$ 149,734

Credit Facility and Notes Pay_5

Credit Facility and Notes Payable (Amended Credit Agreement) (Details)	9 Months Ended
	Sep. 30, 2018USD ($)	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Notes payable and credit facility, net	$ 372,292,000	$ 274,830,000
Weighted average interest rate (percentage)	3.71%
Line of Credit | JPMorgan Chase Bank, N.A.
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 425,000,000
Notes payable and credit facility, net	$ 225,500,000
Weighted average interest rate (percentage)	3.61%
Line of credit, remaining borrowing capacity	$ 199,500,000
Line of credit facility, covenant, minimum consolidated net worth	$ 367,145,340
Line of credit facility, covenant, minimum consolidated net worth, percentage of equity issuance	75.00%
Debt instrument, covenant, secured leverage ratio, maximum	40.00%
Debt instrument, covenant, secured recourse debt coverage ratio, maximum	15.00%
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]
Line of credit facility, covenant, leverage ratio	175.00%
Debt instrument, covenant, fixed charge coverage ratio	1.5
Line of Credit | JPMorgan Chase Bank, N.A. | Maximum
Debt Instrument [Line Items]
Line of credit facility, covenant, leverage ratio	60.00%
Debt Instrument, covenant, unsecured debt to unencumbered asset value ratio	60.00%
Line of Credit | Revolving Credit Facility | JPMorgan Chase Bank, N.A.
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 212,500,000
Notes payable and credit facility, net	$ 13,000,000
Interest rate at period end (percentage)	3.98%
Line of Credit | Revolving Credit Facility | JPMorgan Chase Bank, N.A. | Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	0.70%
Line of Credit | Revolving Credit Facility | JPMorgan Chase Bank, N.A. | Minimum | Statutory Reserve Rate
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	1.70%
Line of Credit | Revolving Credit Facility | JPMorgan Chase Bank, N.A. | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	1.20%
Line of Credit | Revolving Credit Facility | JPMorgan Chase Bank, N.A. | Maximum | Statutory Reserve Rate
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	2.20%
Line of Credit | Term Loan | JPMorgan Chase Bank, N.A.
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 212,500,000
Notes payable and credit facility, net	$ 212,500,000
Line of Credit | Term Loan | JPMorgan Chase Bank, N.A. | Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	0.60%
Line of Credit | Term Loan | JPMorgan Chase Bank, N.A. | Minimum | Statutory Reserve Rate
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	1.60%
Line of Credit | Term Loan | JPMorgan Chase Bank, N.A. | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	1.10%
Line of Credit | Term Loan | JPMorgan Chase Bank, N.A. | Maximum | Statutory Reserve Rate
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	2.10%
Line of Credit | Term Loan | JPMorgan Chase Bank, N.A. | Interest rate swaps
Debt Instrument [Line Items]
Notes payable and credit facility, net	$ 112,500,000
Line of Credit | Term Loan | JPMorgan Chase Bank, N.A. | Interest rate swaps | Cash Flow Hedging
Debt Instrument [Line Items]
Weighted average interest rate (percentage)	3.35%

Credit Facility and Notes Pay_6

Credit Facility and Notes Payable (Schedule Of Aggregate Principal Repayments) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Remainder of 2018	$ 0
2,019	0
2,020	9,240
2,021	44,717
2,022	304,327
Thereafter	16,950
Total	$ 375,234	$ 278,234

Intangible Lease Liabilities (S

Intangible Lease Liabilities (Schedule of lease liabilities) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Other Liabilities Disclosure [Abstract]
Below market leases net of amortization	$ 14,582	$ 12,753
Below market lease, accumulated amortization	$ 2,890	$ 2,075
Below market lease, weighted average useful life	11 years 9 months	11 years 2 months 11 days

Intangible Lease Liabilities _2

Intangible Lease Liabilities (Schedule of amortization expense of below market lease) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Other Liabilities Disclosure [Abstract]
Amortization of below market lease	$ 389	$ 345	$ 1,111	$ 849

Intangible Lease Liabilities _3

Intangible Lease Liabilities (Schedule of future amortization expense) (Details) $ in Thousands	Sep. 30, 2018USD ($)
Below Market Lease, Amortization Income, Maturity Schedule [Abstract]
Remainder of 2018	$ 404
2,019	1,586
2,020	1,559
2,021	1,318
2,022	$ 1,277

Supplemental Cash Flow Disclo_3

Supplemental Cash Flow Disclosure (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Change in accrued dealer manager fee and distribution fee	$ 7,007	$ 6,798
Distributions to stockholders declared and unpaid	2,512	1,903	$ 2,126
Common stock issued through distribution reinvestment plan	10,003	7,347
Change in fair value of marketable securities	(120)	62
Change in fair value of interest rate swaps	3,570	353
Accrued capital expenditures	0	8
Accrued deferred financing costs	3	28
Supplemental Cash Flow Disclosures:
Interest paid	$ 9,373	$ 5,436

Related-Party Transactions an_3

Related-Party Transactions and Arrangements (Selling commissions, dealer manager and distribution fees) (Details)	Sep. 30, 2018USD ($)
W Shares Common Stock | Dealer manager | Selling commissions
Related Party Transaction
Daily asset based related party fee percent of NAV per share	0.00%
W Shares Common Stock | Dealer manager | Dealer Manager Fee
Related Party Transaction
Daily asset based related party fee percent of NAV per share	0.55%
W Shares Common Stock | Dealer manager | Distribution Fee
Related Party Transaction
Daily asset based related party fee percent of NAV per share	0.00%
A Shares Common Stock | Dealer manager | Selling commissions
Related Party Transaction
Common stock, share purchase volume discount	$ 150,001
A Shares Common Stock | Dealer manager | Dealer Manager Fee
Related Party Transaction
Daily asset based related party fee percent of NAV per share	0.55%
A Shares Common Stock | Dealer manager | Distribution Fee
Related Party Transaction
Daily asset based related party fee percent of NAV per share	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 of NAV per share	0.00%
I Shares Common Stock | Dealer manager | Dealer Manager Fee
Related Party Transaction
Daily asset based related party fee percent of NAV per share	0.25%
I Shares Common Stock | Dealer manager | Distribution Fee
Related Party Transaction
Daily asset based related party fee percent of NAV per share	0.00%
Maximum | A Shares Common Stock | Dealer manager | Selling commissions
Related Party Transaction
Daily asset based related party fee percent of NAV per share	3.75%
Daily asset based related party fee percent based on offering price per share	3.90%

Related-Party Transactions an_4

Related-Party Transactions and Arrangements (Other organization and offering expenses and Advisory fees and expenses) (Details) - Advisors	9 Months Ended
	Sep. 30, 2018
Advisory fees and expenses
Related Party Transaction
Distribution and stockholder servicing fee, percentage of net asset value, daily accrual rate	0.00247%
Maximum | Organization and offering expense reimbursement
Related Party Transaction
Organization and offering expense limit (percent)	0.75%

Related-Party Transactions an_5

Related-Party Transactions and Arrangements (Operating expenses and Acquisition expenses) (Details) - Advisors	Sep. 30, 2018
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 an_6

Related-Party Transactions and Arrangements (Performance Fee) (Details) - $ / shares	Sep. 30, 2018	Sep. 30, 2017
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%	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 an_7

Related-Party Transactions and Arrangements (Schedule of Related Party Transaction) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Related Party Transaction
Due to affiliates	$ 25,304		$ 25,304		$ 21,980
Advisors | Selling commissions
Related Party Transaction
Related party transaction, expenses from transactions with related party	778	$ 759	2,181	$ 2,236
Advisors | Distribution Fee
Related Party Transaction
Related party transaction, expenses from transactions with related party	257	163	690	402
Advisors | Dealer Manager Fee
Related Party Transaction
Related party transaction, expenses from transactions with related party	758	565	2,094	1,514
Advisors | Organization and offering expense reimbursement
Related Party Transaction
Related party transaction, expenses from transactions with related party	369	353	1,052	1,035
Advisors | Acquisition expense reimbursement
Related Party Transaction
Related party transaction, expenses from transactions with related party	100	316	1,333	1,161
Advisors | Advisory fee
Related Party Transaction
Related party transaction, expenses from transactions with related party	1,492	1,128	4,152	3,063
Advisors | Operating expense reimbursement
Related Party Transaction
Related party transaction, expenses from transactions with related party	598	$ 647	1,937	$ 2,226
Dealer manager
Related Party Transaction
Due to affiliates	$ 23,400		$ 23,400		$ 19,200

Related-Party Transactions an_8

Related-Party Transactions and Arrangements (Due to/from Affiliates) (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Related Party Transaction
Due from affiliates	$ 0	$ 100,000
Advisors
Related Party Transaction
Due to CIM Income NAV Advisors	25,300,000	22,000,000
Due from affiliates	$ 0	$ 100,000

Operating Leases (Details)

Operating Leases (Details) $ in Thousands	Sep. 30, 2018USD ($)
Leases [Abstract]
Operating lease, weighted average remaining lease term	10 years 8 months 12 days
Operating Leases, Future Minimum Payments Receivable [Abstract]
Remainder of 2018	$ 20,072
2,019	65,016
2,020	65,380
2,021	65,571
2,022	65,631
Thereafter	451,908
Total	$ 733,578

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details)	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 14, 2018USD ($)property	Sep. 30, 2018USD ($)property	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)property	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)property
Acquisitions of Real Estate Assets [Abstract]
Percent of assets acquired				100.00%
Number of properties acquired through business combinations and asset acquisitions in the period | property				16
Total purchase price		$ 903,006,000		$ 903,006,000		$ 711,976,000
Disposition of Real Estate Assets [Abstract]
Number of real estate property held for sale | property		1		1		1
Proceeds from disposition of real estate assets				$ 15,380,000	$ 0
Gain (loss) on disposition of real estate, net		$ 128,000	$ 0	55,000	$ 0
Subsequent Event
Acquisitions of Real Estate Assets [Abstract]
Percent of assets acquired	100.00%
Number of properties acquired through business combinations and asset acquisitions in the period | property	3
Total purchase price	$ 37,200,000
Subsequent Event | Interest rate swaps
Disposition of Real Estate Assets [Abstract]
Derivative notional amount	$ 100,000,000
Interest rate of derivative	3.04%
Property Disposition 2018
Disposition of Real Estate Assets [Abstract]
Aggregate sales proceeds				16,000,000
Proceeds from disposition of real estate assets				15,400,000
Gain (loss) on disposition of real estate, net				55,000
Property Disposition 2018 | Subsequent Event
Disposition of Real Estate Assets [Abstract]
Aggregate sales proceeds	$ 17,100,000
Proceeds from disposition of real estate assets	5,400,000
Repayments of debt	11,300,000
Gain (loss) on disposition of real estate, net	(247,000)
Disposition Fees Expense | Advisors | Property Disposition 2018
Disposition of Real Estate Assets [Abstract]
Related party transaction, expenses from transactions with related party				$ 0
Disposition Fees Expense | Advisors | Property Disposition 2018 | Subsequent Event
Disposition of Real Estate Assets [Abstract]
Related party transaction, expenses from transactions with related party	$ 0