Cim Real Estate Finance Trust (CMRF) 10-Q 13 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	9 Months Ended
	Sep. 30, 2015	Nov. 10, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	COLE CREDIT PROPERTY TRUST IV, INC.
Entity Central Index Key	1,498,547
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity common stock, shares outstanding		311.1

Condensed Consolidated Unaudite

Condensed Consolidated Unaudited Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Investment in real estate assets:
Land	$ 1,083,593	$ 972,983
Buildings and improvements, less accumulated depreciation of $137,539 and $78,186, respectively	2,871,358	2,539,770
Acquired intangible lease assets, less accumulated amortization of $82,663 and $48,085, respectively	415,965	391,917
Total investment in real estate assets, net	4,370,916	3,904,670
Investment in unconsolidated joint venture	18,525	19,170
Total investment in real estate and related assets, net	4,389,441	3,923,840
Cash and cash equivalents	34,594	55,287
Restricted cash	9,508	4,560
Rents and tenant receivables, less allowance for doubtful accounts of $201 and $67, respectively	45,977	34,929
Due from affiliates	3	470
Property escrow deposits, prepaid expenses and other assets	4,006	7,137
Deferred financing costs, less accumulated amortization of $10,139 and $6,781, respectively	15,649	12,924
Assets held for sale	1,086	0
Total assets	4,500,264	4,039,147
LIABILITIES AND STOCKHOLDERS’ EQUITY
Credit facility and notes payable, net	1,940,424	1,466,507
Accounts payable and accrued expenses	44,358	25,355
Due to affiliates	5,386	5,473
Acquired below-market lease intangibles, less accumulated amortization of $13,888 and $8,807, respectively	61,254	55,535
Distributions payable	15,973	16,189
Deferred rental income, derivative liabilities and other liabilities	29,521	21,710
Total liabilities	$ 2,096,916	$ 1,590,769
Commitments and contingencies
Redeemable common stock and noncontrolling interest	$ 178,700	$ 121,972
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value; 10,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value; 490,000,000 shares authorized, 310,902,853 and 304,950,000 shares issued and outstanding, respectively	3,109	3,050
Capital in excess of par value	2,607,386	2,607,448
Accumulated distributions in excess of earnings	(372,549)	(280,035)
Accumulated other comprehensive loss	(13,298)	(4,057)
Total stockholders’ equity	2,224,648	2,326,406
Total liabilities and stockholders’ equity	$ 4,500,264	$ 4,039,147

Condensed Consolidated Unaudit3

Condensed Consolidated Unaudited Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Buildings and improvements, accumulated depreciation	$ 137,539	$ 78,186
Acquired intangible lease assets, accumulated amortization	82,663	48,085
Allowance for doubtful accounts receivable	201	67
Deferred financing costs, accumulated amortization	10,139	6,781
Acquired below market lease intangibles, accumulated amortization	$ 13,888	$ 8,807
Preferred stock, par value (USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	10,000,000	10,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	490,000,000	490,000,000
Common stock, shares issued (shares)	310,902,853	304,950,000
Common stock, shares outstanding (shares)	310,902,853	304,950,000

Condensed Consolidated Unaudit4

Condensed Consolidated Unaudited Statement of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Rental and other property income	$ 81,958	$ 56,522	$ 236,472	$ 149,870
Tenant reimbursement income	12,230	8,069	34,207	23,133
Total revenue	94,188	64,591	270,679	173,003
Expenses:
General and administrative expenses	2,664	2,555	8,832	8,546
Property operating expenses	5,068	3,804	14,882	10,505
Real estate tax expenses	9,361	5,831	24,908	15,626
Advisory fees and expenses	8,926	6,011	25,733	16,078
Acquisition-related expenses	2,518	21,009	11,785	39,755
Depreciation	20,469	14,298	59,353	37,304
Amortization	10,486	7,385	30,233	20,137
Total operating expenses	59,492	60,893	175,726	147,951
Operating income	34,696	3,698	94,953	25,052
Interest expense and other	(16,211)	(7,845)	(43,177)	(23,063)
Net income (loss)	18,485	(4,147)	51,776	1,989
Net income (loss) allocated to noncontrolling interest	33	9	84	(5)
Net income (loss) attributable to the Company	$ 18,452	$ (4,156)	$ 51,692	$ 1,994
Weighted average number of common shares outstanding:
Basic and diluted (in shares)	310,373,519	301,550,277	308,443,392	288,015,506
Net income (loss) attributable to the Company per common share:
Basic and diluted (USD per share)	$ 0.06	$ (0.01)	$ 0.17	$ 0.01
Distributions declared per common share (USD per share)	$ 0.16	$ 0.16	$ 0.47	$ 0.47

Condensed Consolidated Unaudit5

Condensed Consolidated Unaudited Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 18,485	$ (4,147)	$ 51,776	$ 1,989
Other comprehensive (loss) income:
Unrealized (loss) gain on interest rate swaps	(10,036)	1,630	(13,730)	(3,933)
Amount of loss reclassified from other comprehensive (loss) income into income as interest expense	1,912	1,324	4,489	3,920
Total other comprehensive (loss) income	(8,124)	2,954	(9,241)	(13)
Comprehensive income (loss)	10,361	(1,193)	42,535	1,976
Comprehensive income (loss) allocated to noncontrolling interest	33	9	84	(5)
Comprehensive income (loss) attributable to the Company	$ 10,328	$ (1,202)	$ 42,451	$ 1,981

Condensed Consolidated Unaudit6

Condensed Consolidated Unaudited Statement of Stockholder's Equity - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Accumulated Distributions in Excess of Earnings	Accumulated Other Comprehensive Loss
Balance (shares) at Dec. 31, 2014	304,950,000	304,950,000
Balance at Dec. 31, 2014	$ 2,326,406	$ 3,050	$ 2,607,448	$ (280,035)	$ (4,057)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (shares)		8,868,132
Issuance of common stock	84,244	$ 88	84,156
Distributions to investors	(144,206)			(144,206)
Redemptions and cancellations of common stock (shares)		(2,915,279)
Redemptions and cancellations of common stock	(28,165)	$ (29)	(28,136)
Changes in redeemable common stock	(56,082)		(56,082)
Comprehensive income (loss)	$ 42,451			51,692	(9,241)
Balance (shares) at Sep. 30, 2015	310,902,853	310,902,853
Balance at Sep. 30, 2015	$ 2,224,648	$ 3,109	$ 2,607,386	$ (372,549)	$ (13,298)

Condensed Consolidated Unaudit7

Condensed Consolidated Unaudited Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 51,776	$ 1,989
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	59,353	37,304
Amortization of intangible lease assets and below-market lease intangibles, net	29,795	19,227
Amortization of deferred financing costs	3,358	2,388
Amortization of fair value adjustment of mortgage notes payable assumed	(278)	(73)
Straight-line rental income	(8,923)	(5,582)
Bad debt expense	178	206
Equity in income of unconsolidated joint venture	(660)	(563)
Return on investment from unconsolidated joint venture	900	441
Fair value adjustment to contingent consideration	(1,756)	0
Changes in assets and liabilities:
Rents and tenant receivables	(2,303)	(6,598)
Prepaid expenses and other assets	(768)	(1,365)
Accounts payable and accrued expenses	10,289	8,931
Deferred rental income, derivative liabilities and other liabilities	(2,554)	2,681
Due from affiliates	467	0
Due to affiliates	(87)	(1,464)
Net cash provided by operating activities	138,787	57,522
Cash flows from investing activities:
Investment in real estate assets and capital expenditures	(472,116)	(1,320,383)
Real estate developments	(51,818)	(24,173)
Return of investment in unconsolidated joint venture	405	0
Escrowed funds for acquisition of real estate investments	0	(70,254)
Payment of property escrow deposits	(436)	(6,148)
Refund of property escrow deposits	4,335	7,863
Change in restricted cash	(4,948)	2,960
Net cash used in investing activities	(524,578)	(1,410,135)
Cash flows from financing activities:
Proceeds from issuance of common stock	0	837,668
Redemptions and cancellations of common stock	(28,165)	(6,426)
Offering costs on issuance of common stock	0	(84,914)
Distributions to investors	(60,178)	(53,405)
Proceeds from notes payable and borrowing facilities	928,366	450,000
Repayments of notes payable and borrowing facilities	(469,405)	(289)
Payment of loan deposits	(2,742)	0
Refund of loan deposits	2,742	545
Change in escrowed investor proceeds	0	(5,147)
Deferred financing costs paid	(6,082)	(777)
Contributions from noncontrolling interests	762	965
Distributions to noncontrolling interests	(200)	0
Other financing activities	0	(689)
Net cash provided by financing activities	365,098	1,137,531
Net decrease in cash and cash equivalents	(20,693)	(215,082)
Cash and cash equivalents, beginning of period	55,287	300,574
Cash and cash equivalents, end of period	$ 34,594	$ 85,492

Organization and Business

Organization and Business	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS	ORGANIZATION AND BUSINESS Cole Credit Property Trust IV, Inc. (the “Company”) is a Maryland corporation, incorporated on July 27, 2010 , that qualified as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning in the taxable year ended December 31, 2012. The Company is the sole general partner of and owns, directly or indirectly, 100% of the partnership interests in Cole Operating Partnership IV, LP, a Delaware limited partnership. The Company is externally managed by Cole REIT Advisors IV, LLC (“CR IV Advisors”), a Delaware limited liability company and an affiliate of the Company’s sponsor, Cole Capital ® , which is a trade name used to refer to a group of affiliated entities directly or indirectly controlled by VEREIT, Inc. (formerly known as American Realty Capital Properties, Inc.) (“VEREIT”), a self-managed publicly traded REIT organized as a Maryland corporation and listed on the New York Stock Exchange (NYSE: VER). On February 7, 2014 , VEREIT acquired Cole Real Estate Investments, Inc. (“Cole”), which, prior to its acquisition, indirectly owned and/or controlled the Company’s external advisor, CR IV Advisors, the Company’s dealer manager for the Offering (as defined below), Cole Capital Corporation (“CCC”), the Company’s property manager, CREI Advisors, LLC (“CREI Advisors”), and the Company’s sponsor, Cole Capital. As a result of VEREIT’s acquisition of Cole, VEREIT indirectly owns and/or controls CR IV Advisors, CCC, CREI Advisors and Cole Capital. On January 26, 2012 , pursuant to a Registration Statement on Form S-11 (Registration No. 333-169533) (the “Registration Statement”) filed under the Securities Act of 1933, as amended (the “Securities Act”), the Company commenced its initial public offering on a “best efforts” basis of up to a maximum of $2.975 billion in shares of common stock (the “Offering”). On November 25, 2013 , the Company reallocated $400.0 million in shares from its distribution reinvestment plan (the “DRIP”) to the primary portion of the Offering, and on February 18, 2014 , the Company reallocated an additional $23.0 million in shares from the DRIP to the primary portion of the Offering. As a result of these reallocations, the Offering offered up to a maximum of approximately 292.3 million shares of common stock at a price of $10.00 per share in the primary portion of the Offering and up to approximately 5.5 million additional shares pursuant to the DRIP under which the Company’s stockholders could have elected to have distributions reinvested in additional shares of common stock at a price of $9.50 per share. As of February 25, 2014, the Company no longer accepted subscription agreements in connection with the Offering because it had received subscription agreements that allowed it to reach the maximum primary offering. The Company ceased issuing shares in the Offering on April 4, 2014 . At the completion of the Offering, a total of approximately 297.4 million shares of common stock had been issued, including approximately 292.3 million shares of common stock sold to the public pursuant to the primary portion of the Offering and approximately 5.1 million shares of common stock issued pursuant to the DRIP. The remaining approximately 404,000 unsold shares from the Offering were deregistered. In addition, the Company registered 26.0 million shares of common stock under the DRIP pursuant to a Registration Statement filed on Form S-3 (Registration No. 333-192958) (the “DRIP Offering” and collectively with the Offering, the “Offerings”), which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on December 19, 2013 and automatically became effective with the SEC upon filing. The Company has issued, and expects that it will continue to issue, shares of common stock in the DRIP Offering. On September 27, 2015, the Company announced that its board of directors (the “Board”) established an estimated value of the Company’s common stock, as of August 31, 2015, of $9.70 per share for purposes of assisting broker-dealers that participated in the Offering in meeting their customer account statement reporting obligations under National Association of Securities Dealers Conduct Rule 2340. Going forward, the Company intends to publish an updated estimated value per share on at least an annual basis. Pursuant to the terms of the Company’s DRIP, as of August 31, 2015, distributions are reinvested in shares of our common stock at $9.70 per share, the estimated per share value as determined by the Board. Effective September 3, 2015, T. Patrick Duncan was elected as an independent director of the Company by the Board. Mr. Duncan was also appointed as a member of the audit committee of the Board. Mr. Duncan replaced J. Marc Myers, who resigned as a director due to personal reasons. Mr. Myers’s resignation was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. On November 11, 2015, Mr. Duncan was elected as non-executive chairman of the Board, replacing Thomas W. Roberts as chairman of the Board. Mr. Roberts will continue to serve as the Company’s president and chief executive officer, as well as a director of the Company. As of September 30, 2015 , the Company had issued approximately 315.0 million shares of its common stock in the Offerings, including 17.7 million shares issued in the DRIP Offering, for gross offering proceeds of $3.1 billion before organization and offering costs, selling commissions and dealer manager fees of $306.0 million . As of September 30, 2015 , the Company had redeemed approximately 4.1 million shares for $39.9 million (at an average price per share of $9.69 ). As of September 30, 2015 , the Company owned 853 properties, which includes nine properties owned through a consolidated joint venture arrangement (the “Consolidated Joint Venture”), comprising 22.9 million rentable square feet of commercial space located in 45 states. As of September 30, 2015 , the rentable space at these properties was 98% leased. In addition, through an unconsolidated joint venture arrangement, as of September 30, 2015 , the Company had an interest in one property comprising 176,000 rentable square feet of commercial space (the “Unconsolidated Joint Venture”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Basis of Presentation The condensed consolidated unaudited financial statements of the Company have been prepared in accordance with the rules and regulations of the SEC 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 accounting principles generally accepted in the United States of America (“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, 2014 , and related notes thereto set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . The condensed consolidated unaudited financial statements should also be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this Quarterly Report on Form 10-Q. The condensed consolidated unaudited financial statements include the accounts of the Company, 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”). A VIE is broadly defined as an entity where either (1) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance or (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations. A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to 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, its form of ownership interest, its representation on the entity’s governing body, the size and seniority of its investment, its ability and the rights of other investors to participate in policy making decisions and to replace the manager of and/or liquidate the entity. The Company continually evaluates the need to consolidate its joint venture arrangements based on standards set forth in GAAP. In determining whether the Company has a controlling interest in a joint venture arrangement and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, power to make decisions and contractual and substantive participating rights of the partners/members as well as whether the entity is a VIE for which the Company may be the primary beneficiary. As of September 30, 2015 and December 31, 2014 , the Company determined that it had a controlling interest in the Consolidated Joint Venture, and, therefore, met the requirements for consolidation. As of September 30, 2015 and December 31, 2014 , the Company was not required to consolidate the Unconsolidated Joint Venture as the applicable joint venture entity did not qualify as a VIE and the Company did not meet the control requirement for consolidation. Reclassifications Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. The Company has chosen to break out the details of (i) real estate tax expenses in the Company’s condensed consolidated statements of operations, (ii) amount of loss reclassified from accumulated other comprehensive (loss) income into income as interest expense in the Company’s condensed consolidated statements of comprehensive income (loss), and (iii) straight-line rental income, fair value adjustment to contingent consideration, and real estate developments in the Company’s condensed consolidated statement of cash flows. As such, the corresponding prior period amounts have also been broken out into separate line items to conform to the current financial statement presentation. The reclassifications for the three and nine months ended September 30, 2014 had no effect on previously reported totals or subtotals. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Investment in and Recoverability of Real Estate Assets Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition, excluding acquisition-related expenses, construction and any tenant improvements, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All repairs and maintenance are expensed as incurred. The Company is required to make subjective assessments as to the useful lives of its depreciable assets. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life of the assets. Real estate assets, other than land, are depreciated or amortized on a straight-line basis. The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to, bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, rental concessions and other factors, a significant decrease in a property’s revenues due to lease terminations, vacancies, co-tenancy clauses, reduced lease rates or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value is determined using a discounted cash flow analysis and recent comparable sales transactions. As of September 30, 2015 , the Company noted potential impairment indicators at a property with an aggregate carrying value of $2.7 million . However, the Company’s estimate of undiscounted cash flows indicated that such carrying amount was expected to be recovered as of September 30, 2015 , and as such no impairment loss was recorded. Nonetheless, it is possible that the estimate of undiscounted cash flows may change in the near term, which may result in the need to record an impairment loss to reduce such asset to fair value. Any such impairment losses will affect the Company’s assets and stockholders’ equity, operating and net income and comprehensive income. The evaluation of properties for potential impairment requires the Company’s management to exercise significant judgment and to make certain assumptions. The use of different judgments and assumptions could result in different conclusions. No impairment indicators were identified and no impairment losses were recorded during the nine months ended September 30, 2014 . When developing estimates of expected future cash flows, the Company makes certain assumptions regarding future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, terminal capitalization and discount rates, the expected number of months it takes to re-lease the property, required tenant improvements and the number of years the property will be held for investment. The use of alternative assumptions in estimating expected future cash flows could result in a different determination of the property’s expected future cash flows and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the fair value of the real estate assets. When a real estate asset is identified by the Company as held for sale, the Company will cease depreciation and amortization of the assets related to the property and estimate the fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount would be recorded to reflect the estimated fair value of the property, net of selling costs. During the nine months ended September 30, 2015 , the Company identified one land parcel as held for sale, which was sold subsequent to September 30, 2015 , as discussed in Note 11 to these condensed consolidated unaudited financial statements. No assets were identified as held for sale as of December 31, 2014 . Allocation of Purchase Price of Real Estate Assets Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, based in each case on their respective fair values. Acquisition-related expenses are expensed as incurred. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The fair values of above-market and below-market lease intangibles are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) an estimate of fair market lease rates for the corresponding in-place leases, which is generally obtained from independent appraisals, measured over a period equal to the remaining non-cancelable term of the lease including, for below-market leases, any bargain renewal periods. The above-market and below-market lease intangibles are capitalized as intangible lease assets or liabilities, respectively. Above-market leases are amortized as a reduction to rental income over the remaining terms of the respective leases. Below-market leases are amortized as an increase to rental income over the remaining terms of the respective leases, including any bargain renewal periods. In considering whether or not the Company expects a tenant to execute a bargain renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition, such as the financial strength of the tenant, the remaining lease term, the tenant mix of the leased property, the Company’s relationship with the tenant and the availability of competing tenant space. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above-market or below-market lease intangibles relating to that lease would be recorded as an adjustment to rental income. The fair values of in-place leases include estimates of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rental and other property income, which are avoided by acquiring a property with an in-place lease. Direct costs associated with obtaining a new tenant include commissions and other direct costs and are estimated in part by utilizing information obtained from independent appraisals and management’s consideration of current market costs to execute a similar lease. The intangible values of opportunity costs, which are calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease, are capitalized as intangible lease assets and are amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed. The Company has acquired, and may continue to acquire, certain properties subject to contingent consideration arrangements that may obligate the Company to pay additional consideration to the seller based on the outcome of future events (the “Contingent Payments”). Additionally, the Company may acquire certain properties for which it funds certain contingent consideration amounts into an escrow account pending the outcome of certain future events. The outcome may result in the release of all or a portion of the escrowed funds to the Company or the seller or a combination thereof. Contingent consideration arrangements are based on a predetermined formula and have set time periods regarding the obligation to make future payments, including funds released to the seller from escrow accounts, or the right to receive escrowed funds as set forth in the respective purchase and sale agreement. Contingent consideration arrangements, including amounts funded through an escrow account, are recorded upon acquisition of the respective property at their estimated fair values, and any changes to the estimated fair values subsequent to acquisition are reflected in the accompanying condensed consolidated unaudited statements of operations. The determination of the amount of contingent consideration arrangements is based on the probability of several possible outcomes as identified by management. The Company estimates the fair value of assumed mortgage notes payable based upon indications of current market pricing for similar types of debt financing with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and any difference between such estimated fair value and the mortgage note’s outstanding principal balance is amortized to interest expense over the term of the respective mortgage note payable. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations. Noncontrolling Interest-Redeemable Interest in Consolidated Joint Venture On June 27, 2014 , the Company completed the formation of the Consolidated Joint Venture. Pursuant to the joint venture agreement, the joint venture partner has a right to exercise an option after two years whereby the Company will be required to purchase the ownership interest of the joint venture partner at fair market value. The Company determined it had a controlling interest in the Consolidated Joint Venture and therefore met the GAAP requirements for consolidation. The Company recorded the noncontrolling interest of $2.7 million as temporary equity, in the mezzanine section of the balance sheet, due to the redemption option existing outside the control of the Company. Investment in Unconsolidated Joint Venture The Company accounts for its unconsolidated joint venture arrangement using the equity method of accounting as the Company has the ability to exercise significant influence, but not control, over operating and financial policies of this investment. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for the Company’s share of equity in the Unconsolidated Joint Venture’s earnings and distributions. The Company is required to determine whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of its investment in the Unconsolidated Joint Venture. If an event or change in circumstance has occurred, the Company is required to evaluate the Unconsolidated Joint Venture for potential impairment and determine if the carrying amount of its investment exceeds its fair value. An impairment charge is recorded when an impairment is deemed to be other-than-temporary. To determine whether an impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until the carrying amount is fully recovered. The evaluation of an investment in an Unconsolidated Joint Venture for potential impairment requires the Company’s management to exercise significant judgment and to make certain assumptions. The use of different judgments and assumptions could result in different conclusions. No impairment indicators were identified and no impairment losses were recorded related to the Unconsolidated Joint Venture for the nine months ended September 30, 2015 and 2014 . Restricted Cash The Company had $9.5 million and $4.6 million in restricted cash as of September 30, 2015 and December 31, 2014 , respectively. Included in restricted cash was $396,000 and $2.7 million held by lenders in lockbox accounts as of September 30, 2015 and December 31, 2014 , respectively. As part of certain debt agreements, rents from certain encumbered properties are deposited directly into a lockbox account, from which the monthly debt service payment is disbursed to the lender and the excess is then disbursed to the Company. Also included in restricted cash was $9.1 million and $1.9 million held by lenders in escrow accounts for real estate taxes and other lender reserves for certain properties, in accordance with the respective lender’s loan agreement, as of September 30, 2015 and December 31, 2014 , respectively. Cash and Cash Equivalents As of September 30, 2015 , the Company had cash on deposit, including restricted cash, at 11 financial institutions, four of which had Company deposits in excess of federally insured levels, totaling $34.6 million ; however, the Company has not experienced any losses in such accounts. The Company limits significant cash deposits to accounts held by financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits. Property Concentrations As of September 30, 2015 , no single tenant accounted for greater than 10% of the Company’s 2015 gross annualized rental revenues. The Company had certain geographic concentrations in its property holdings. In particular, as of September 30, 2015 , 77 of the Company’s properties were located in California and 101 of the Company’s properties were located in Texas , which accounted for 11% and 10% , respectively, of the Company’s 2015 gross annualized rental revenues. In addition, the Company had tenants in the discount store and pharmacy industries, which comprised 14% and 11% , respectively, of the Company’s 2015 gross annualized rental revenues. Revenue Recognition Certain properties have leases where minimum rental payments increase during the term of the lease. The Company records rental income for the full term of each lease on a straight-line basis. When the Company acquires a property, the terms of any existing leases are considered to commence as of the acquisition date for the purpose of this calculation. The Company defers the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Expected reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursement income in the period when such costs are incurred. The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the Company will record an increase in the allowance for uncollectible accounts or record a direct write-off of the receivable in the condensed consolidated unaudited statements of operations and comprehensive income (loss). As of September 30, 2015 and December 31, 2014, the Company had an allowance for uncollectible accounts of $201,000 and $67,000 , respectively. Recent Accounting Pronouncements In May 2014, the U.S. Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes the revenue recognition requirements in Revenue Recognition (Topic 605) and requires an entity to recognize revenue in a way that depicts the transfer of promised goods or services to customers, including real estate sales, in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB provided for a one-year deferral of the effective date for ASU 2014-09, which is now effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is permitted for annual reporting periods beginning after December 15, 2016 and the interim periods within that year. The Company is currently evaluating the impact of the new standard on the Company’s condensed consolidated unaudited financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”), which eliminates the deferral of Financial Accounting Standard 167, modifies the evaluation of whether limited partnerships and similar legal entities are variable or voting interest entities, eliminates the presumption that the general partner should consolidate a limited partnership, modifies the consolidation analysis for reporting entities that are involved with variable interest entities, particularly those that have fee arrangements and related party relationships, and provides a scope exception for reporting entities with interests in legal entities that operate as registered money market funds. These changes will require re-evaluation of the consolidation conclusion for certain entities and will require the Company to revise its analysis regarding the consolidation or deconsolidation of such entities. ASU 2015-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. Companies may elect to apply the amendments in ASU 2015-02 using a modified retrospective approach or by applying the amendments retrospectively. The Company is currently evaluating the impact of the new standard on the Company’s condensed consolidated unaudited financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation and Subsequent Measurement of Debt Issuance Costs (“ASU 2015-03”). The update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than presenting the deferred charge as an asset. The previous requirement to recognize debt issuance costs as deferred charges conflicts with the guidance in FASB Concepts Statement No. 6, “Elements of Financial Statements”, which states that debt issuance costs are similar to debt discounts and effectively reduce the proceeds of borrowing, thereby increasing the effective interest rate. FASB Concepts Statement No. 6 further states that debt issuance costs cannot be an asset because they provide no future economic benefit. After the update is adopted, debt disclosures would include the face amount of the debt liability and the effective interest rate. In August 2015, the FASB sought to clarify questions that arose after ASU 2015-03 was issued by issuing ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”). The update clarifies that debt issuance costs related to securing a revolving line of credit may be presented as an asset and subsequently amortized ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. Both ASU 2015-03 and ASU 2015-15 are effective for fiscal years beginning after December 15, 2015, and are to be applied retrospectively, with early adoption permitted. The Company is currently evaluating the impact of these new standards on the Company’s condensed consolidated unaudited financial statements. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”), which eliminates the requirement that an acquirer in a business combination retrospectively account for measurement-period adjustments. Measurement-period adjustments should be recognized during the period in which the adjustment amount is determined, including any earnings impact that the acquirer would have recorded in prior periods if the accounting was completed at the acquisition date. ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of this new standard on the Company’s condensed consolidated unaudited financial statements.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS GAAP defines fair value, establishes a framework for measuring fair value, and requires disclosures about fair value measurements. GAAP emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows: Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 – Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs). Level 3 – Unobservable inputs, which are only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability. The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities: Notes payable and credit facility – The fair value is estimated by discounting the expected cash flows based on estimated borrowing rates available to the Company as of the measurement date. These financial instruments are considered Level 2. As of September 30, 2015 and December 31, 2014 , the estimated fair value of the Company’s debt was $1.95 billion and $1.5 billion , respectively, which approximated the carrying value at each such date. Derivative instruments – The Company’s derivative instruments are comprised of interest rate swaps. All derivative instruments are carried at fair value and are valued using Level 2 inputs. The fair value of these instruments is determined using interest rate market pricing models. The Company includes the impact of credit valuation adjustments on derivative instruments measured at fair value. Contingent consideration arrangements – The contingent consideration arrangements are carried at fair value and are valued using Level 3 inputs. The fair value of the Contingent Payments is determined based on the estimated timing and probability of successfully leasing vacant space subsequent to the Company’s acquisition of certain properties. During the nine months ended September 30, 2015 , the Company recorded an additional obligation with an estimated fair value of $2.9 million upon purchase of a property. In addition, during the nine months ended September 30, 2015 , the fair value of the outstanding contingent consideration arrangements had a net decrease of $1.8 million , which resulted in a reduction to acquisition-related expenses in the accompanying condensed consolidated unaudited statements of operations. The total estimated fair value of contingent consideration arrangements was $4.5 million and $3.4 million as of September 30, 2015 and December 31, 2014 , respectively, and is included in the accompanying condensed consolidated unaudited balance sheets in deferred rental income, derivative liabilities and other liabilities. Other financial instruments – The Company considers the carrying values of its cash and cash equivalents, restricted cash, tenant and other receivables, accounts payable and accrued expenses, other liabilities, due to affiliates and distributions payable to approximate their fair values because of the short period of time between their origination and their expected realization and based on their highly-liquid nature. Due to the short-term maturities of these instruments, Level 1 inputs are utilized to estimate the fair value of these financial instruments. Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize, or be liable for, on disposition of such financial assets and liabilities. As of September 30, 2015 , there have been no transfers of financial assets or liabilities between fair value hierarchy levels. In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial asset and liabilities that are required to be measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial liabilities: Interest rate swaps $ (13,298 ) $ — $ (13,298 ) $ — Contingent consideration (4,529 ) — — (4,529 ) Total financial liabilities $ (17,827 ) $ — $ (13,298 ) $ (4,529 ) Balance as of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial liabilities: Interest rate swaps $ (4,057 ) $ — $ (4,057 ) $ — Contingent consideration (3,405 ) — — (3,405 ) Total financial liabilities $ (7,462 ) $ — $ (4,057 ) $ (3,405 ) The following are reconciliations of the changes in liabilities with Level 3 inputs in the fair value hierarchy for the nine months ended September 30, 2015 and 2014 (in thousands): Contingent Consideration Arrangements Beginning Balance, December 31, 2014 $ (3,405 ) Purchases and fair value adjustments: Purchases (2,880 ) Fair value adjustments 1,756 Ending Balance, September 30, 2015 $ (4,529 ) Contingent Consideration Arrangements Beginning Balance, December 31, 2013 $ (784 ) Purchases and payments made: Purchases (5,342 ) Principal payments made 689 Ending Balance, September 30, 2014 $ (5,437 )

Real Estate Acquisitions

Real Estate Acquisitions	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
REAL ESTATE ACQUISITIONS	REAL ESTATE ACQUISITIONS 2015 Property Acquisitions During the nine months ended September 30, 2015 , the Company acquired 94 commercial properties, including properties held in the Consolidated Joint Venture, for an aggregate purchase price of $485.5 million (the “ 2015 Acquisitions”). The Company purchased the 2015 Acquisitions with net proceeds from the Offerings and available borrowings. The purchase price allocation for each of the Company’s acquisitions is preliminary and subject to change as the Company finalizes the allocation, which will be no later than twelve months from the acquisition date. The Company preliminarily allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the preliminary purchase price allocation for acquisitions purchased during the nine months ended September 30, 2015 (in thousands): 2015 Acquisitions Land $ 111,696 Building and improvements 326,155 Acquired in-place leases 52,006 Acquired above-market leases 6,657 Acquired below-market leases (10,800 ) Fair value adjustment of assumed notes payable (253 ) Total purchase price $ 485,461 The Company recorded revenue for the three and nine months ended September 30, 2015 of $8.9 million and $17.3 million , respectively, and a net income (loss) for the three and nine months ended September 30, 2015 of $329,000 and $(6.2) million , respectively, related to the 2015 Acquisitions. The following information summarizes selected financial information of the Company as if all of the 2015 Acquisitions were completed on January 1, 2014 for each period presented below. The table below presents the Company’s estimated revenue and net income (loss), on a pro forma basis, for the three and nine months ended September 30, 2015 and 2014 , respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Pro forma basis: Revenue $ 95,232 $ 74,548 $ 282,887 $ 202,536 Net income (loss) $ 21,134 $ (3,561 ) $ 66,265 $ (346 ) The pro forma information for the three and nine months ended September 30, 2015 was adjusted to exclude $2.5 million and $11.8 million , respectively, of acquisition-related expenses recorded during the three and nine months ended September 30, 2015 . Accordingly, these costs were instead recognized in the pro forma information for the nine months ended September 30, 2014 . The pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2014 , nor does it purport to represent the results of future operations. Development Project During the year ended December 31, 2014, the Company acquired one land parcel, upon which an approximately 1.6 million square foot industrial property is expected to be constructed. The land, acquired for an aggregate amount of $23.9 million , is included in buildings and improvements on the accompanying condensed consolidated unaudited balance sheet. As of September 30, 2015 , the Company had a total investment of $90.7 million and has committed to invest an additional estimated amount of $16.7 million related to the development project, subject to satisfaction of certain criteria. 2014 Property Acquisitions During the nine months ended September 30, 2014 , the Company acquired 334 commercial properties, including properties held in the Consolidated Joint Venture, for an aggregate purchase price of $1.3 billion (the “ 2014 Acquisitions”). The Company purchased the 2014 Acquisitions with net proceeds from the Offering and available borrowings. The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation (in thousands): 2014 Acquisitions Land $ 298,370 Building and improvements 928,198 Acquired in-place leases 122,822 Acquired above-market leases 13,110 Acquired below-market leases (13,319 ) Fair value adjustment of assumed notes payable (765 ) Total purchase price $ 1,348,416 The Company recorded revenue for the three and nine months ended September 30, 2014 of $16.8 million and $28 million , respectively, and a net loss for the three and nine months ended September 30, 2014 of $14.5 million and $27.5 million , respectively, related to the 2014 Acquisitions. The following information summarizes selected financial information of the Company as if all of the 2014 Acquisitions were completed on January 1, 2013 for each period presented below. The table below presents the Company’s estimated revenue and net income (loss), on a pro forma basis, for the three and nine months ended September 30, 2014 and 2013 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2014 2013 2014 2013 Pro forma basis: Revenue $ 78,302 $ 60,789 $ 235,678 $ 154,195 Net income (loss) $ 26,537 $ 1,873 $ 79,726 $ (36,451 ) The pro forma information for the three and nine months ended September 30, 2014 was adjusted to exclude $21.0 million and $39.8 million , respectively, of acquisition-related expenses recorded during the three and nine months ended September 30, 2014 . Accordingly, these costs were instead recognized in the pro forma information for the three and nine months ended September 30, 2013 . 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 2013 , nor does it purport to represent the results of future operations.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES In the normal course of business, the Company uses certain types of derivative instruments for the purpose of managing or hedging its interest rate risk. The following table summarizes the terms of the Company’s executed interest rate swap agreements designated as hedging instruments as of September 30, 2015 and December 31, 2014 (dollars in thousands): Outstanding Notional Fair Value of Liabilities as of Balance Sheet Amount as of Interest Effective Maturity September 30, December 31, Location September 30, 2015 Rates (1) Dates Dates 2015 2014 Interest Rate Swaps (2) Deferred rental income, derivative liabilities and other liabilities $ 869,503 3.00% to 4.75% 6/24/2013 to 12/31/2015 6/24/2018 to 10/01/2020 $ (13,298 ) $ (4,057 ) (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of September 30, 2015 . (2) As of September 30, 2015 , the Company had six interest rate swap agreements. During the three months ended September 30, 2015 , the Company entered into two interest rate swap agreements, one of which was entered into on September 29, 2015 with an effective date of October 1, 2015. Additional disclosures related to the fair value of the Company’s derivative instruments are included in Note 3. The notional amount under the interest rate swap agreements is an indication of the extent of the Company’s involvement in each instrument, but does not represent exposure to credit, interest rate or market risks. Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company designated the interest rate swaps as cash flow hedges, to hedge the variability of the anticipated cash flows on its variable rate debt. The change in fair value of the effective portion of the derivative instruments that are designated as hedges is recorded in other comprehensive income (loss), with a portion of the amount subsequently reclassified to interest expense as interest payments are made on the Company’s variable-rate debt, and for the three and nine months ended September 30, 2015 was $1.9 million and $4.5 million , respectively. The amount reclassified to interest expense as interest payments for the three and nine months ended September 30, 2014 was $1.3 million and $3.9 million , respectively. Any ineffective portion of the change in fair value of the derivative instruments is recorded in interest expense. During the next 12 months, the Company estimates that an additional $8.2 million will be reclassified from other comprehensive income (loss) as an increase to interest expense. The following table summarizes the unrealized (loss) income on the Company’s derivative instruments and hedging activities for the three and nine months ended September 30, 2015 and 2014 (in thousands): Amount of (Loss) Income Recognized in Other Comprehensive Income (Loss) Three Months Ended September 30, Nine Months Ended September 30, Derivatives in Cash Flow Hedging Relationships 2015 2014 2015 2014 Interest Rate Swaps (1) $ (8,124 ) $ 2,954 $ (9,241 ) $ (13 ) (1) There were no portions of the change in the fair value of the interest rate swaps that were considered ineffective during the three and nine months ended September 30, 2015 or 2014. The Company has agreements with each of its derivative counterparties that contain a provision whereby if the Company defaults on certain of its unsecured indebtedness, the Company could also be declared in default on its derivative obligations, resulting in an acceleration of payment. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value, inclusive of interest payments, of $14.0 million at September 30, 2015 . In addition, the Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company believes it mitigates its credit risk by entering into agreements with creditworthy counterparties. The Company records credit risk valuation adjustments on its interest rate swaps based on the respective credit quality of the Company and the counterparty. There were no termination events or events of default related to the interest rate swaps as of September 30, 2015 .

Notes Payable And Credit Facili

Notes Payable And Credit Facility	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
NOTES PAYABLE AND CREDIT FACILITY	NOTES PAYABLE AND CREDIT FACILITY As of September 30, 2015 , the Company had $1.9 billion of debt outstanding, with weighted average years to maturity of 4.3 years and a weighted average interest rate of 3.2% . The following table summarizes the debt balances as of September 30, 2015 and December 31, 2014 and the debt activity for the nine months ended September 30, 2015 (in thousands): During the Nine Months Ended September 30, 2015 Balance as of December 31, 2014 Debt Issuances & Assumption Repayments Other (1) Balance as of Fixed rate debt $ 566,507 $ 271,180 $ (405 ) $ (24 ) $ 837,258 Variable rate debt — 53,500 — — 53,500 Credit facility 900,000 618,666 (469,000 ) — 1,049,666 Total $ 1,466,507 $ 943,346 $ (469,405 ) $ (24 ) $ 1,940,424 (1) Represents fair value adjustment of an assumed mortgage note payable, net of amortization. As of September 30, 2015 , the fixed rate debt outstanding of $837.3 million included $57.8 million of variable rate debt that is fixed through interest rate swap agreements, which had the effect of fixing the variable interest rates per annum through the maturity date of the variable rate debt. In addition, the fixed rate debt includes mortgage notes assumed with a total face amount of $40.2 million and a fair value of $41.2 million at the date of assumption. The fixed rate debt has interest rates ranging from 3.35% to 5.23% per annum. The debt outstanding matures on various dates from November 2015 through October 2025 . The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the fixed rate debt outstanding was $1.5 billion as of September 30, 2015 . Each of the mortgage notes payable, comprising the fixed rate debt, is secured by the respective properties on which the debt was placed. As of September 30, 2015 , the variable rate debt outstanding of $53.5 million had a weighted average interest rate of 2.86% . The variable rate debt outstanding matures on various dates from February 2018 to February 2020 . The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the variable rate debt outstanding was $106.8 million as of September 30, 2015 . The Company has an amended and restated unsecured credit facility (the “Credit Facility”) with JPMorgan Chase Bank, N.A. (“JPMorgan Chase”), which provides for borrowings of up to $1.2 billion , which includes a $561.7 million unsecured term loan (the “Term Loan”) and up to $643.3 million in unsecured revolving loans (the “Revolving Loans”). The Credit Facility may be increased up to a maximum of $1.6 billion . The Term Loan matures on August 15, 2018 and the Revolving Loans mature on August 15, 2017 ; however, the Company may elect to extend the maturity date for the Revolving Loans to August 15, 2018 subject to satisfying certain conditions set forth in the amended and restated unsecured credit agreement among the Company and JPMorgan Chase, as administrative agent (as amended, the “Amended and Restated Credit Agreement”). Depending upon the type of loan specified and overall leverage ratio, the Revolving Loans bear interest at 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 (i) an interest rate spread ranging from 1.65% when the Company’s overall leverage ratio, generally defined in the Amended and Restated Credit Agreement as the total consolidated outstanding indebtedness of the Company divided by the total asset value of the Company (as defined in the Amended and Restated Credit Agreement) (the “Leverage Ratio”) is 45% or less to 2.50% when the Leverage Ratio is greater than 60% (the “Spread”) or (ii) a base rate, ranging from 0.65% when the Leverage Ratio is 45% or less to 1.50% when the Leverage Ratio is greater than 60% , plus the greater of: (a) JPMorgan Chase’s Prime Rate; (b) the Federal Funds Effective Rate (as defined in the Amended and Restated Credit Agreement) plus 0.50% ; or (c) the Eurodollar Rate plus 1.00% . The Company executed an interest rate swap agreement on certain cash flows related to variable rate debt, which is currently associated with $300.0 million of the Term Loan (the “2013 Swapped Term Loan”), which had the effect of fixing the variable interest rate per annum on August 15, 2013 through the maturity date of the loan at 1.713% (the “2013 Swap Rate”). Based on the Company’s leverage ratio, the 2013 Swapped Term Loan bears interest at the 2013 Swap Rate plus the Spread, which totaled 3.36% as of September 30, 2015 . During the nine months ended September 30, 2015 , the Company executed an interest rate swap agreement on certain cash flows related to variable rate debt, which is currently associated with $261.7 million of the Term Loan (the “2015 Swapped Term Loan”), which had the effect of fixing the variable interest rate per annum on May 29, 2015 through the maturity date of the loan at 1.130% (the “2015 Swap Rate”). Based on the Company’s leverage ratio, the 2015 Swapped Term Loan bears interest at the 2015 Swap Rate plus the Spread, which totaled 2.78% as of September 30, 2015 . The Company also executed an interest rate swap agreement during the nine months ended September 30, 2015 on certain cash flows related to variable rate debt, which currently represents $250.0 million of the Revolving Loans (the “Swapped Revolver Loan”), which had the effect of fixing the variable interest rate per annum beginning on December 31, 2015 through the maturity date of the Revolving Loans at 1.353% (the “Swapped Revolver Rate”). The Swapped Revolver Loan will bear interest at the Swapped Revolver Rate plus the Spread, which totaled 3.0% as of September 30, 2015 . As of September 30, 2015 , the Company had $1.0 billion outstanding under the Credit Facility and $155.3 million available for borrowing. The Amended and Restated Credit Agreement contains provisions with respect to covenants, events of default and remedies customary for facilities of this nature. In particular, the Amended and Restated Credit Agreement requires the Company to maintain a minimum consolidated net worth greater than or equal to the sum of (i) $425.0 million plus (ii) 75% of the issuance of equity from the date of the Amended and Restated 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 less than or equal to 50% , an unsecured debt service coverage ratio equal to or greater than 1.75 and a secured debt ratio equal to or less than 30% . Based on the Company’s analysis and review of its results of operations and financial condition, the Company believes it was in compliance with the covenants under the Amended and Restated Credit Agreement as of September 30, 2015 .

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	9 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW DISCLOSURES	SUPPLEMENTAL CASH FLOW DISCLOSURES Supplemental cash flow disclosures for the nine months ended September 30, 2015 and 2014 are as follows (in thousands): Nine Months Ended September 30, 2015 2014 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Distributions declared and unpaid $ 15,973 $ 15,539 Accrued capital expenditures $ 16,435 $ 5,405 Common stock issued through distribution reinvestment plan $ 84,244 $ 76,349 Net unrealized loss on interest rate swaps $ (9,241 ) $ (13 ) Contingent consideration recorded upon property acquisitions $ 2,880 $ 5,342 Fair value of notes payable assumed in real estate acquisition $ 15,233 $ 25,979 Supplemental Cash Flow Disclosures: Interest paid $ 39,852 $ 21,366

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation In the ordinary course of business, the Company may become subject to litigation and claims. The Company is not aware of any material pending legal proceedings, other than ordinary routine litigation incidental to the Company’s business, to which the Company is a party or of which the Company’s properties are the subject. Purchase Commitments As of September 30, 2015 , the Company had entered into purchase agreements with unaffiliated third-party sellers to acquire a 100% interest in eight retail properties, subject to meeting certain criteria, for an aggregate purchase price of $66.0 million , exclusive of closing costs. As of September 30, 2015 , the Company had $886,000 of property escrow deposits held by escrow agents in connection with these future property acquisitions, all of which will be forfeited if the transactions are not completed under certain circumstances. Additionally, the Company was contractually obligated to purchase 25 properties under a purchase and sale agreement, of which the Company had purchased 24 properties as of September 30, 2015 . During the nine months ended September 30, 2015 , the seller released the Company from its obligation to purchase the remaining property. These deposits are included in the accompanying condensed consolidated unaudited balance sheets in property escrow deposits, prepaid expenses and other assets. None of these escrow deposits have been forfeited. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. In addition, the Company may own or acquire certain properties that are subject to environmental remediation. Generally, the seller of the property, the tenant of the property and/or another third party is responsible for environmental remediation costs related to a property subject to environmental remediation. 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 or pollution liability for third-party bodily injury 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, 2015
Related Party Transactions [Abstract]
RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS	RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS The Company has incurred commissions, fees and expenses payable to CR IV Advisors and certain of its affiliates in connection with the Offering and the acquisition, management and disposition of its assets. Offering In connection with the Offering, CCC, the Company’s dealer manager for the Offering, received selling commissions of up to 7.0% of gross offering proceeds before reallowance of selling commissions earned by participating broker-dealers. CCC reallowed 100% of selling commissions earned to participating broker-dealers. In addition, CCC received up to 2.0% of gross offering proceeds before reallowance to participating broker-dealers as a dealer manager fee in connection with the primary portion of the Offering. CCC, in its sole discretion, has reallowed a portion of its dealer manager fee to participating broker-dealers. No selling commissions or dealer manager fees are or were paid to CCC or other participating broker-dealers with respect to shares issued pursuant to the DRIP portion of the Offering or the DRIP Offering. All other organization and offering expenses associated with the sale of the Company’s common stock in the Offering (excluding selling commissions and dealer manager fees) were paid by CR IV Advisors or its affiliates and were reimbursed by the Company up to 2.0% of aggregate gross offering proceeds. A portion of the other organization and offering expenses were considered to be underwriting compensation. The Company recorded commissions, fees and expense reimbursements as shown in the table below for services provided by CR IV Advisors or its affiliates related to the services described above during the periods indicated (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Offering: Selling commissions $ — $ — $ — $ 55,902 Selling commissions reallowed by CCC $ — $ — $ — $ 55,902 Dealer manager fees $ — $ — $ — $ 16,780 Dealer manager fees reallowed by CCC $ — $ — $ — $ 9,326 Other offering costs $ — $ — $ — $ 7,271 All amounts related to the nine months ended September 30, 2014 have been paid to CR IV Advisors and its affiliates. Acquisitions and Operations CR IV Advisors or its affiliates also receive acquisition fees of up to 2.0% of: (1) the contract purchase price of each property or asset the Company acquires; (2) the amount paid in respect of the development, construction or improvement of each asset the Company acquires; (3) the purchase price of any loan the Company acquires; and (4) the principal amount of any loan the Company originates. Additionally, CR IV Advisors or its affiliates are reimbursed for acquisition-related expenses incurred in the process of acquiring properties, so long as the total acquisition fees and expenses relating to the transaction do not exceed 6.0% of the contract purchase price. The Company pays CR IV Advisors a monthly advisory fee based upon the Company’s monthly average invested assets, which is equal to the following amounts: (1) an annualized rate of 0.75% paid on the value of the Company’s average invested assets that are between $0 to $2.0 billion ; (2) an annualized rate of 0.70% paid on the value of the Company’s average invested assets that are between $2.0 billion to $4.0 billion ; and (3) an annualized rate of 0.65% paid on the value of the Company’s average invested assets that are over $4.0 billion . The Company reimburses CR IV Advisors or its affiliates for certain expenses CR IV Advisors or its affiliates paid or incurred in connection with the services provided to the Company, subject to the limitation that the Company will not reimburse CR IV Advisors or its affiliates for any amount by which their operating expenses (including the advisory fee) at the end of the four preceding fiscal quarters exceed the greater of: (1) 2.0% of average invested assets, or (2) 25.0% 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. The Company will not reimburse for personnel costs in connection with services for which CR IV Advisors receives acquisition fees. The Company recorded fees and expense reimbursements as shown in the table below for services provided by CR IV Advisors or its affiliates related to the services described above during the periods indicated (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Acquisition and Operations: Acquisition fees and expenses $ 2,561 $ 16,948 $ 10,459 $ 30,099 Advisory fees and expenses $ 8,926 $ 6,011 $ 25,733 $ 16,078 Operating expenses $ 997 $ 731 $ 2,974 $ 2,513 Of the amounts shown above, $5.4 million and $1.1 million had been incurred, but not yet paid, for services provided by CR IV Advisors or its affiliates in connection with the acquisition and operations activities during the nine months ended September 30, 2015 and 2014 , respectively. The $5.4 million and $1.1 million incurred but not yet paid as of September 30, 2015 and 2014 , respectively, were liabilities of the Company as of such dates. Liquidation/Listing If CR IV Advisors or its affiliates provide a substantial amount of services (as determined by a majority of the Company’s independent directors) in connection with the sale of properties, the Company will pay CR IV Advisors or its affiliates a disposition fee in an amount equal to up to one-half of the brokerage commission paid on the sale of the property, not to exceed 1.0% of the contract price of the property sold; provided, however, in no event may the disposition fee paid to CR IV Advisors or its affiliates, when added to the real estate commissions paid to unaffiliated third parties, exceed the lesser of the customary competitive real estate commission or an amount equal to 6.0% of the contract sales price. If the Company is sold or its assets are liquidated, CR IV Advisors will be entitled to receive a subordinated performance fee equal to 15.0% of the net sale proceeds remaining after investors have received a return of their net capital invested and an 8.0% annual cumulative, non-compounded return. Alternatively, if the Company’s shares are listed on a national securities exchange, CR IV Advisors will be entitled to a subordinated performance fee equal to 15.0% of the amount by which the market value of the Company’s outstanding stock plus all distributions paid by the Company prior to listing exceeds the sum of the total amount of capital raised from investors and the amount of distributions necessary to generate an 8.0% annual cumulative, non-compounded return to investors. As an additional alternative, upon termination of the advisory agreement, CR IV Advisors may be entitled to a subordinated performance fee similar to the fee to which CR IV Advisors would have been entitled had the portfolio been liquidated (based on an independent appraised value of the portfolio) on the date of termination. During each of the nine months ended September 30, 2015 and 2014 , no commissions or fees were incurred for any services provided by CR IV Advisors and its affiliates in connection with the liquidation/listing stage. Due to/from Affiliates As of September 30, 2015 , $5.4 million was due to CR IV Advisors or its affiliates primarily related to advisory, operating and acquisition-related expenses that had not yet been reimbursed by the Company. As of December 31, 2014 , $5.5 million was due to CR IV Advisors or its affiliates primarily related to advisory, operating and acquisition-related expenses that had not yet been reimbursed by the Company. As of December 31, 2014, $470,000 was due from CR IV Advisors and its affiliates primarily related to amounts paid by the Company on dead deals which were reimbursable by the advisor.

Economic Dependency

Economic Dependency	9 Months Ended
	Sep. 30, 2015
Economic Dependency [Abstract]
ECONOMIC DEPENDENCY	ECONOMIC DEPENDENCY Under various agreements, the Company has engaged or will engage CR IV Advisors and its affiliates to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, the sale of shares of the Company’s common stock available for issuance, as well as other administrative responsibilities for the Company including accounting services and investor relations. As a result of these relationships, the Company is dependent upon CR IV Advisors and its affiliates. In the event that these companies are unable to provide the Company with these services, the Company would be required to find alternative providers of these services.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Issuance of Shares of Common Stock in the DRIP Offering The Company continues to issue shares of common stock in the DRIP Offering. As of November 10, 2015 , the Company had issued approximately 19.6 million shares pursuant to the DRIP Offering, resulting in gross proceeds to the Company of $186.7 million . Redemption of Shares of Common Stock Subsequent to September 30, 2015 and through November 10, 2015 , the Company redeemed approximately 1.8 million shares for $16.8 million (at an average price per share of $9.50 ). Credit Facility and Note Payable As of November 10, 2015 , the Company had $1.1 billion outstanding under the Credit Facility and available borrowings of $115.2 million . Subsequent to September 30, 2015 , the Company also entered into notes payable totaling $50 million , with a weighted average interest rate of 3.59% as of November 10, 2015 . Subsequent to September 30, 2015 , the Company also paid off a note payable totaling $14.9 million . Investment in Real Estate Assets Subsequent to September 30, 2015 and through November 10, 2015 , the Company acquired five commercial real estate properties for an aggregate purchase price of $64.3 million . Acquisition-related expenses totaling $1.6 million were expensed as incurred. The Company has not completed its initial purchase price allocations with respect to these properties and therefore cannot provide similar disclosures to those included in Note 4 to these condensed consolidated unaudited financial statements for these properties. Property Dispositions As of September 30, 2015 , one land parcel was classified as held for sale, as discussed in Note 2 to these condensed consolidated unaudited financial statements. Subsequent to September 30, 2015 , the Company sold the property for an aggregate gross sale price of $1.1 million resulting in net cash proceeds of $1.1 million and representing a loss of $81,000 , subject to finalization of closing costs.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The condensed consolidated unaudited financial statements of the Company have been prepared in accordance with the rules and regulations of the SEC 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 accounting principles generally accepted in the United States of America (“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, 2014 , and related notes thereto set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . The condensed consolidated unaudited financial statements should also be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this Quarterly Report on Form 10-Q. The condensed consolidated unaudited financial statements include the accounts of the Company, 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”). A VIE is broadly defined as an entity where either (1) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance or (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations. A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to 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, its form of ownership interest, its representation on the entity’s governing body, the size and seniority of its investment, its ability and the rights of other investors to participate in policy making decisions and to replace the manager of and/or liquidate the entity. The Company continually evaluates the need to consolidate its joint venture arrangements based on standards set forth in GAAP. In determining whether the Company has a controlling interest in a joint venture arrangement and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, power to make decisions and contractual and substantive participating rights of the partners/members as well as whether the entity is a VIE for which the Company may be the primary beneficiary. As of September 30, 2015 and December 31, 2014 , the Company determined that it had a controlling interest in the Consolidated Joint Venture, and, therefore, met the requirements for consolidation. As of September 30, 2015 and December 31, 2014 , the Company was not required to consolidate the Unconsolidated Joint Venture as the applicable joint venture entity did not qualify as a VIE and the Company did not meet the control requirement for consolidation.
Reclassifications	Reclassifications Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. The Company has chosen to break out the details of (i) real estate tax expenses in the Company’s condensed consolidated statements of operations, (ii) amount of loss reclassified from accumulated other comprehensive (loss) income into income as interest expense in the Company’s condensed consolidated statements of comprehensive income (loss), and (iii) straight-line rental income, fair value adjustment to contingent consideration, and real estate developments in the Company’s condensed consolidated statement of cash flows. As such, the corresponding prior period amounts have also been broken out into separate line items to conform to the current financial statement presentation. The reclassifications for the three and nine months ended September 30, 2014 had no effect on previously reported totals or subtotals.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Investment in and Recoverability of Real Estate Assets	Investment in and Recoverability of Real Estate Assets Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition, excluding acquisition-related expenses, construction and any tenant improvements, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All repairs and maintenance are expensed as incurred. The Company is required to make subjective assessments as to the useful lives of its depreciable assets. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life of the assets. Real estate assets, other than land, are depreciated or amortized on a straight-line basis. The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to, bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, rental concessions and other factors, a significant decrease in a property’s revenues due to lease terminations, vacancies, co-tenancy clauses, reduced lease rates or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value is determined using a discounted cash flow analysis and recent comparable sales transactions. As of September 30, 2015 , the Company noted potential impairment indicators at a property with an aggregate carrying value of $2.7 million . However, the Company’s estimate of undiscounted cash flows indicated that such carrying amount was expected to be recovered as of September 30, 2015 , and as such no impairment loss was recorded. Nonetheless, it is possible that the estimate of undiscounted cash flows may change in the near term, which may result in the need to record an impairment loss to reduce such asset to fair value. Any such impairment losses will affect the Company’s assets and stockholders’ equity, operating and net income and comprehensive income. The evaluation of properties for potential impairment requires the Company’s management to exercise significant judgment and to make certain assumptions. The use of different judgments and assumptions could result in different conclusions. No impairment indicators were identified and no impairment losses were recorded during the nine months ended September 30, 2014 . When developing estimates of expected future cash flows, the Company makes certain assumptions regarding future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, terminal capitalization and discount rates, the expected number of months it takes to re-lease the property, required tenant improvements and the number of years the property will be held for investment. The use of alternative assumptions in estimating expected future cash flows could result in a different determination of the property’s expected future cash flows and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the fair value of the real estate assets. When a real estate asset is identified by the Company as held for sale, the Company will cease depreciation and amortization of the assets related to the property and estimate the fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount would be recorded to reflect the estimated fair value of the property, net of selling costs. During the nine months ended September 30, 2015 , the Company identified one land parcel as held for sale, which was sold subsequent to September 30, 2015 , as discussed in Note 11 to these condensed consolidated unaudited financial statements.
Allocation of Purchase Price of Real Estate Assets	Allocation of Purchase Price of Real Estate Assets Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, based in each case on their respective fair values. Acquisition-related expenses are expensed as incurred. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The fair values of above-market and below-market lease intangibles are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) an estimate of fair market lease rates for the corresponding in-place leases, which is generally obtained from independent appraisals, measured over a period equal to the remaining non-cancelable term of the lease including, for below-market leases, any bargain renewal periods. The above-market and below-market lease intangibles are capitalized as intangible lease assets or liabilities, respectively. Above-market leases are amortized as a reduction to rental income over the remaining terms of the respective leases. Below-market leases are amortized as an increase to rental income over the remaining terms of the respective leases, including any bargain renewal periods. In considering whether or not the Company expects a tenant to execute a bargain renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition, such as the financial strength of the tenant, the remaining lease term, the tenant mix of the leased property, the Company’s relationship with the tenant and the availability of competing tenant space. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above-market or below-market lease intangibles relating to that lease would be recorded as an adjustment to rental income. The fair values of in-place leases include estimates of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rental and other property income, which are avoided by acquiring a property with an in-place lease. Direct costs associated with obtaining a new tenant include commissions and other direct costs and are estimated in part by utilizing information obtained from independent appraisals and management’s consideration of current market costs to execute a similar lease. The intangible values of opportunity costs, which are calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease, are capitalized as intangible lease assets and are amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed. The Company has acquired, and may continue to acquire, certain properties subject to contingent consideration arrangements that may obligate the Company to pay additional consideration to the seller based on the outcome of future events (the “Contingent Payments”). Additionally, the Company may acquire certain properties for which it funds certain contingent consideration amounts into an escrow account pending the outcome of certain future events. The outcome may result in the release of all or a portion of the escrowed funds to the Company or the seller or a combination thereof. Contingent consideration arrangements are based on a predetermined formula and have set time periods regarding the obligation to make future payments, including funds released to the seller from escrow accounts, or the right to receive escrowed funds as set forth in the respective purchase and sale agreement. Contingent consideration arrangements, including amounts funded through an escrow account, are recorded upon acquisition of the respective property at their estimated fair values, and any changes to the estimated fair values subsequent to acquisition are reflected in the accompanying condensed consolidated unaudited statements of operations. The determination of the amount of contingent consideration arrangements is based on the probability of several possible outcomes as identified by management. The Company estimates the fair value of assumed mortgage notes payable based upon indications of current market pricing for similar types of debt financing with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and any difference between such estimated fair value and the mortgage note’s outstanding principal balance is amortized to interest expense over the term of the respective mortgage note payable. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations.
Noncontrolling Interest-Redeemable Interest in Consolidated Joint Venture	Noncontrolling Interest-Redeemable Interest in Consolidated Joint Venture On June 27, 2014 , the Company completed the formation of the Consolidated Joint Venture. Pursuant to the joint venture agreement, the joint venture partner has a right to exercise an option after two years whereby the Company will be required to purchase the ownership interest of the joint venture partner at fair market value. The Company determined it had a controlling interest in the Consolidated Joint Venture and therefore met the GAAP requirements for consolidation.
Investment in Unconsolidated Joint Venture	Investment in Unconsolidated Joint Venture The Company accounts for its unconsolidated joint venture arrangement using the equity method of accounting as the Company has the ability to exercise significant influence, but not control, over operating and financial policies of this investment. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for the Company’s share of equity in the Unconsolidated Joint Venture’s earnings and distributions. The Company is required to determine whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of its investment in the Unconsolidated Joint Venture. If an event or change in circumstance has occurred, the Company is required to evaluate the Unconsolidated Joint Venture for potential impairment and determine if the carrying amount of its investment exceeds its fair value. An impairment charge is recorded when an impairment is deemed to be other-than-temporary. To determine whether an impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until the carrying amount is fully recovered. The evaluation of an investment in an Unconsolidated Joint Venture for potential impairment requires the Company’s management to exercise significant judgment and to make certain assumptions. The use of different judgments and assumptions could result in different conclusions.
Restricted Cash, Cash and Cash Equivalents	Restricted Cash The Company had $9.5 million and $4.6 million in restricted cash as of September 30, 2015 and December 31, 2014 , respectively. Included in restricted cash was $396,000 and $2.7 million held by lenders in lockbox accounts as of September 30, 2015 and December 31, 2014 , respectively. As part of certain debt agreements, rents from certain encumbered properties are deposited directly into a lockbox account, from which the monthly debt service payment is disbursed to the lender and the excess is then disbursed to the Company. Also included in restricted cash was $9.1 million and $1.9 million held by lenders in escrow accounts for real estate taxes and other lender reserves for certain properties, in accordance with the respective lender’s loan agreement, as of September 30, 2015 and December 31, 2014 , respectively. Cash and Cash Equivalents As of September 30, 2015 , the Company had cash on deposit, including restricted cash, at 11 financial institutions, four of which had Company deposits in excess of federally insured levels, totaling $34.6 million ; however, the Company has not experienced any losses in such accounts. The Company limits significant cash deposits to accounts held by financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits.
Property Concentrations	Property Concentrations As of September 30, 2015 , no single tenant accounted for greater than 10% of the Company’s 2015 gross annualized rental revenues. The Company had certain geographic concentrations in its property holdings. In particular, as of September 30, 2015 , 77 of the Company’s properties were located in California and 101 of the Company’s properties were located in Texas , which accounted for 11% and 10% , respectively, of the Company’s 2015 gross annualized rental revenues. In addition, the Company had tenants in the discount store and pharmacy industries, which comprised 14% and 11% , respectively, of the Company’s 2015 gross annualized rental revenues.
Revenue Recognition	Revenue Recognition Certain properties have leases where minimum rental payments increase during the term of the lease. The Company records rental income for the full term of each lease on a straight-line basis. When the Company acquires a property, the terms of any existing leases are considered to commence as of the acquisition date for the purpose of this calculation. The Company defers the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Expected reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursement income in the period when such costs are incurred.
Allowance for Uncollectible Accounts	The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the Company will record an increase in the allowance for uncollectible accounts or record a direct write-off of the receivable in the condensed consolidated unaudited statements of operations and comprehensive income (loss).
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the U.S. Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes the revenue recognition requirements in Revenue Recognition (Topic 605) and requires an entity to recognize revenue in a way that depicts the transfer of promised goods or services to customers, including real estate sales, in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB provided for a one-year deferral of the effective date for ASU 2014-09, which is now effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is permitted for annual reporting periods beginning after December 15, 2016 and the interim periods within that year. The Company is currently evaluating the impact of the new standard on the Company’s condensed consolidated unaudited financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”), which eliminates the deferral of Financial Accounting Standard 167, modifies the evaluation of whether limited partnerships and similar legal entities are variable or voting interest entities, eliminates the presumption that the general partner should consolidate a limited partnership, modifies the consolidation analysis for reporting entities that are involved with variable interest entities, particularly those that have fee arrangements and related party relationships, and provides a scope exception for reporting entities with interests in legal entities that operate as registered money market funds. These changes will require re-evaluation of the consolidation conclusion for certain entities and will require the Company to revise its analysis regarding the consolidation or deconsolidation of such entities. ASU 2015-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. Companies may elect to apply the amendments in ASU 2015-02 using a modified retrospective approach or by applying the amendments retrospectively. The Company is currently evaluating the impact of the new standard on the Company’s condensed consolidated unaudited financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation and Subsequent Measurement of Debt Issuance Costs (“ASU 2015-03”). The update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than presenting the deferred charge as an asset. The previous requirement to recognize debt issuance costs as deferred charges conflicts with the guidance in FASB Concepts Statement No. 6, “Elements of Financial Statements”, which states that debt issuance costs are similar to debt discounts and effectively reduce the proceeds of borrowing, thereby increasing the effective interest rate. FASB Concepts Statement No. 6 further states that debt issuance costs cannot be an asset because they provide no future economic benefit. After the update is adopted, debt disclosures would include the face amount of the debt liability and the effective interest rate. In August 2015, the FASB sought to clarify questions that arose after ASU 2015-03 was issued by issuing ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”). The update clarifies that debt issuance costs related to securing a revolving line of credit may be presented as an asset and subsequently amortized ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. Both ASU 2015-03 and ASU 2015-15 are effective for fiscal years beginning after December 15, 2015, and are to be applied retrospectively, with early adoption permitted. The Company is currently evaluating the impact of these new standards on the Company’s condensed consolidated unaudited financial statements. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”), which eliminates the requirement that an acquirer in a business combination retrospectively account for measurement-period adjustments. Measurement-period adjustments should be recognized during the period in which the adjustment amount is determined, including any earnings impact that the acquirer would have recorded in prior periods if the accounting was completed at the acquisition date. ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of this new standard on the Company’s condensed consolidated unaudited financial statements.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary of Useful Lives of Real Estate Assets	The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial asset and liabilities that are required to be measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial liabilities: Interest rate swaps $ (13,298 ) $ — $ (13,298 ) $ — Contingent consideration (4,529 ) — — (4,529 ) Total financial liabilities $ (17,827 ) $ — $ (13,298 ) $ (4,529 ) Balance as of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial liabilities: Interest rate swaps $ (4,057 ) $ — $ (4,057 ) $ — Contingent consideration (3,405 ) — — (3,405 ) Total financial liabilities $ (7,462 ) $ — $ (4,057 ) $ (3,405 )
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following are reconciliations of the changes in liabilities with Level 3 inputs in the fair value hierarchy for the nine months ended September 30, 2015 and 2014 (in thousands): Contingent Consideration Arrangements Beginning Balance, December 31, 2014 $ (3,405 ) Purchases and fair value adjustments: Purchases (2,880 ) Fair value adjustments 1,756 Ending Balance, September 30, 2015 $ (4,529 ) Contingent Consideration Arrangements Beginning Balance, December 31, 2013 $ (784 ) Purchases and payments made: Purchases (5,342 ) Principal payments made 689 Ending Balance, September 30, 2014 $ (5,437 )

Real Estate Acquisitions (Table

Real Estate Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary purchase price allocation for acquisitions purchased during the nine months ended September 30, 2015 (in thousands): 2015 Acquisitions Land $ 111,696 Building and improvements 326,155 Acquired in-place leases 52,006 Acquired above-market leases 6,657 Acquired below-market leases (10,800 ) Fair value adjustment of assumed notes payable (253 ) Total purchase price $ 485,461 The following table summarizes the purchase price allocation (in thousands): 2014 Acquisitions Land $ 298,370 Building and improvements 928,198 Acquired in-place leases 122,822 Acquired above-market leases 13,110 Acquired below-market leases (13,319 ) Fair value adjustment of assumed notes payable (765 ) Total purchase price $ 1,348,416
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, 2014 and 2013 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2014 2013 2014 2013 Pro forma basis: Revenue $ 78,302 $ 60,789 $ 235,678 $ 154,195 Net income (loss) $ 26,537 $ 1,873 $ 79,726 $ (36,451 ) 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, 2015 and 2014 , respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Pro forma basis: Revenue $ 95,232 $ 74,548 $ 282,887 $ 202,536 Net income (loss) $ 21,134 $ (3,561 ) $ 66,265 $ (346 )

Derivative Instruments and He23

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2015
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, 2015 and December 31, 2014 (dollars in thousands): Outstanding Notional Fair Value of Liabilities as of Balance Sheet Amount as of Interest Effective Maturity September 30, December 31, Location September 30, 2015 Rates (1) Dates Dates 2015 2014 Interest Rate Swaps (2) Deferred rental income, derivative liabilities and other liabilities $ 869,503 3.00% to 4.75% 6/24/2013 to 12/31/2015 6/24/2018 to 10/01/2020 $ (13,298 ) $ (4,057 ) (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of September 30, 2015 . (2) As of September 30, 2015 , the Company had six interest rate swap agreements. During the three months ended September 30, 2015 , the Company entered into two interest rate swap agreements, one of which was entered into on September 29, 2015 with an effective date of October 1, 2015.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The following table summarizes the unrealized (loss) income on the Company’s derivative instruments and hedging activities for the three and nine months ended September 30, 2015 and 2014 (in thousands): Amount of (Loss) Income Recognized in Other Comprehensive Income (Loss) Three Months Ended September 30, Nine Months Ended September 30, Derivatives in Cash Flow Hedging Relationships 2015 2014 2015 2014 Interest Rate Swaps (1) $ (8,124 ) $ 2,954 $ (9,241 ) $ (13 ) (1) There were no portions of the change in the fair value of the interest rate swaps that were considered ineffective during the three and nine months ended September 30, 2015 or 2014.

Notes Payable And Credit Faci24

Notes Payable And Credit Facility (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the debt balances as of September 30, 2015 and December 31, 2014 and the debt activity for the nine months ended September 30, 2015 (in thousands): During the Nine Months Ended September 30, 2015 Balance as of December 31, 2014 Debt Issuances & Assumption Repayments Other (1) Balance as of Fixed rate debt $ 566,507 $ 271,180 $ (405 ) $ (24 ) $ 837,258 Variable rate debt — 53,500 — — 53,500 Credit facility 900,000 618,666 (469,000 ) — 1,049,666 Total $ 1,466,507 $ 943,346 $ (469,405 ) $ (24 ) $ 1,940,424 (1) Represents fair value adjustment of an assumed mortgage note payable, net of amortization.

Supplemental Cash Flow Disclo25

Supplemental Cash Flow Disclosures (Tables)	9 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Supplemental cash flow disclosures for the nine months ended September 30, 2015 and 2014 are as follows (in thousands): Nine Months Ended September 30, 2015 2014 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Distributions declared and unpaid $ 15,973 $ 15,539 Accrued capital expenditures $ 16,435 $ 5,405 Common stock issued through distribution reinvestment plan $ 84,244 $ 76,349 Net unrealized loss on interest rate swaps $ (9,241 ) $ (13 ) Contingent consideration recorded upon property acquisitions $ 2,880 $ 5,342 Fair value of notes payable assumed in real estate acquisition $ 15,233 $ 25,979 Supplemental Cash Flow Disclosures: Interest paid $ 39,852 $ 21,366

Related-Party Transactions an26

Related-Party Transactions and Arrangements - (Tables)	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The Company recorded commissions, fees and expense reimbursements as shown in the table below for services provided by CR IV Advisors or its affiliates related to the services described above during the periods indicated (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Offering: Selling commissions $ — $ — $ — $ 55,902 Selling commissions reallowed by CCC $ — $ — $ — $ 55,902 Dealer manager fees $ — $ — $ — $ 16,780 Dealer manager fees reallowed by CCC $ — $ — $ — $ 9,326 Other offering costs $ — $ — $ — $ 7,271 The Company recorded fees and expense reimbursements as shown in the table below for services provided by CR IV Advisors or its affiliates related to the services described above during the periods indicated (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Acquisition and Operations: Acquisition fees and expenses $ 2,561 $ 16,948 $ 10,459 $ 30,099 Advisory fees and expenses $ 8,926 $ 6,011 $ 25,733 $ 16,078 Operating expenses $ 997 $ 731 $ 2,974 $ 2,513

Organization and Business (Deta

Organization and Business (Details) $ / shares in Units, ft² in Thousands	Apr. 04, 2014shares	Feb. 18, 2014USD ($)$ / sharesshares	Nov. 25, 2013USD ($)	Sep. 30, 2015USD ($)ft²propertystatesshares	Sep. 30, 2015USD ($)ft²propertystates$ / sharesshares	Aug. 31, 2015$ / shares	Dec. 31, 2014shares	Dec. 19, 2013shares	Jan. 26, 2012USD ($)
Organization and business [Line Items]
Common stock, shares authorized (in shares)				490,000,000	490,000,000		490,000,000
Share price (in dollars per share) | $ / shares						$ 9.70
Issuance of common stock | $				$ 84,244,000
Number of owned properties (in number of properties) | property				853	853
Rentable square feet (in square feet) | ft²				22,900	22,900
Number of states in which entity owns properties (in number of states) | states				45	45
Percentage of rentable space leased				98.00%	98.00%
Consolidated Properties
Organization and business [Line Items]
Number of owned properties (in number of properties) | property				9	9
Unconsolidated joint venture
Organization and business [Line Items]
Number of owned properties (in number of properties) | property				1	1
Rentable square feet (in square feet) | ft²				176	176
Common Stock
Organization and business [Line Items]
Issuance of common stock, shares (in shares)				8,868,132
Issuance of common stock | $				$ 88,000
Common Stock
Organization and business [Line Items]
Redemptions of common stock, shares					4,100,000
Redemptions of common stock | $					$ 39,900,000
Stock redemption, average price per share | $ / shares					$ 9.69
Distribution reinvestment plan
Organization and business [Line Items]
Share price (in dollars per share) | $ / shares						$ 9.70
Common stock shares registered dividend reinvestment plan								26,000,000
IPO
Organization and business [Line Items]
Common stock, shares authorized, value | $									$ 2,975,000,000
Share price (in dollars per share) | $ / shares		$ 10
Issuance of common stock, shares (in shares)	297,400,000
Unsold shares deregistered	404,000
IPO | Common Stock
Organization and business [Line Items]
Issuance of common stock, shares (in shares)	292,300,000
IPO | Distribution reinvestment plan
Organization and business [Line Items]
Common stock, shares authorized (in shares)		5,500,000
Share price (in dollars per share) | $ / shares		$ 9.50
Issuance of common stock, shares (in shares)	5,100,000
IPO | Maximum
Organization and business [Line Items]
Common stock, shares authorized (in shares)		292,300,000
IPO | Maximum | Distribution reinvestment plan
Organization and business [Line Items]
Common stock, shares authorized, value reallocated | $		$ 23,000,000	$ 400,000,000
IPO And Secondary Offering
Organization and business [Line Items]
Issuance of common stock, shares (in shares)					315,000,000
Issuance of common stock | $					$ 3,100,000,000
Offering costs, selling commissions, and dealer management fees | $					$ 306,000,000
IPO And Secondary Offering | Distribution reinvestment plan
Organization and business [Line Items]
Stock issued during period, shares, dividend reinvestment plan					17,700,000
CCPT IV OP
Organization and business [Line Items]
General partner partnership interest percentage				100.00%

Summary of Significant Accoun28

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	Jun. 27, 2014	Sep. 30, 2015	Dec. 31, 2014
Valuation of real estate and related assets [Line Items]
Carrying value of real estate		$ 2,700
Consolidated joint venture options, vesting period	2 years
Noncontrolling interest	$ 2,700
Restricted cash		9,508	$ 4,560
Allowance for doubtful accounts receivable		201	67
Restricted cash, rents from certain encumbered properties
Valuation of real estate and related assets [Line Items]
Restricted cash		396	2,700
Restricted cash, tenant and capital improvements, leasing commissions, repairs and maintenance and other lender reserves for certain properties
Valuation of real estate and related assets [Line Items]
Restricted cash		$ 9,100	$ 1,900
Building
Valuation of real estate and related assets [Line Items]
Acquired real estate asset, useful life		40 years

Summary of Significant Accoun29

Summary of Significant Accounting Policies - Concentration of credit risk (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)financial_institutionpropertytenant
Concentration Risk [Line Items]
Cash on deposit, number of financial institutions (financial institutions) | financial_institution	11
Cash on deposit, number of financial institutions which have deposits in excess of current federally insured limits (financial institutions) | financial_institution	4
Concentration risk, credit risk, financial instrument, maximum exposure | $	$ 34.6
Number of owned properties (in number of properties)	853
Geographic concentration risk | California
Concentration Risk [Line Items]
Number of owned properties (in number of properties)	77
Geographic concentration risk | Texas
Concentration Risk [Line Items]
Number of owned properties (in number of properties)	101
Gross annualized rental revenue | Customer concentration risk
Concentration Risk [Line Items]
Number of tenants (in tenants) | tenant	0
Gross annualized rental revenue | Customer concentration risk | Discount store industry
Concentration Risk [Line Items]
Concentration risk, percentage	14.00%
Gross annualized rental revenue | Customer concentration risk | Pharmacy Industry
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%
Gross annualized rental revenue | Geographic concentration risk | California
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%
Gross annualized rental revenue | Geographic concentration risk | Texas
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Additional obligation	$ 2,880,000	$ 5,342,000
Decrease in obligation	(1,756,000)
Contingent consideration recorded upon property acquisitions	2,880,000	5,342,000
Fair value assets and liabilities, transfers amount	0
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Contingent consideration	(2,880,000)	$ (5,342,000)
Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration recorded upon property acquisitions	4,529,000		$ 3,405,000
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Contingent consideration	(4,529,000)		(3,405,000)
Total liabilities	(17,827,000)		(7,462,000)
Interest Rate Swaps | Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Financial liabilities	(13,298,000)		(4,057,000)
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration recorded upon property acquisitions	0		0
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Contingent consideration	0		0
Total liabilities	0		0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest Rate Swaps | Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Financial liabilities	0		0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Lines of credit, fair value disclosure	1,950,000,000		1,500,000,000
Significant Other Observable Inputs (Level 2) | Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration recorded upon property acquisitions	0		0
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Contingent consideration	0		0
Total liabilities	(13,298,000)		(4,057,000)
Significant Other Observable Inputs (Level 2) | Interest Rate Swaps | Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Financial liabilities	(13,298,000)		(4,057,000)
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration recorded upon property acquisitions	4,500,000		3,400,000
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Contingent consideration	(4,500,000)		(3,400,000)
Significant Unobservable Inputs (Level 3) | Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration recorded upon property acquisitions	4,529,000		3,405,000
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Contingent consideration	(4,529,000)		(3,405,000)
Total liabilities	(4,529,000)		(3,405,000)
Significant Unobservable Inputs (Level 3) | Interest Rate Swaps | Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Financial liabilities	0		0
Contingent Consideration Obligation | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Additional obligation	2,900,000
Decrease in obligation	1,800,000
Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Lines of credit, fair value disclosure	$ 1,950,000,000		$ 1,500,000,000

Fair Value Measurements - Liabi

Fair Value Measurements - Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ (3,405)	$ (784)
Purchases	(2,880)	(5,342)
Fair value adjustments	1,756
Principal payments made		689
Ending balance	$ (4,529)	$ (5,437)

Real Estate Acquisitions (Detai

Real Estate Acquisitions (Details) $ in Thousands, ft² in Millions	3 Months Ended			9 Months Ended			12 Months Ended
	Sep. 30, 2015USD ($)ft²land_parcel	Sep. 30, 2014USD ($)	Sep. 30, 2013USD ($)	Sep. 30, 2015USD ($)ft²land_parcelproperty	Sep. 30, 2014USD ($)property	Sep. 30, 2013USD ($)	Dec. 31, 2014USD ($)ft²land_parcel
Pro forma basis (unaudited)
Acquisition-related expenses	$ 2,518	$ 21,009		$ 11,785	$ 39,755
Number of land parcels (parcel) | land_parcel	1			1
Rentable square feet (in square feet) | ft²	22.9			22.9
2015 Acquisitions
Business Acquisition [Line Items]
Number of businesses acquired (in properties) | property				94
Total purchase price				$ 485,500
Business Acquisition, Purchase Price Allocation [Abstract]
Land	$ 111,696			111,696
Building and improvements	326,155			326,155
Fair value adjustment of assumed notes payable	(253)			(253)
Total purchase price	485,461			485,461
Business combination, pro forma information, revenue of acquiree since acquisition date, actual	8,900			17,300
Business combination, pro forma information, earnings (loss) of acquiree since acquisition date, actual	329			(6,200)
Pro forma basis (unaudited)
Revenue	95,232	74,548		282,887	202,536
Net income (loss)	21,134	(3,561)		66,265	$ (346)
Acquisition-related expenses	2,500			11,800
2015 Acquisitions | Acquired in-place leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired finite-lived intangible asset - leases, amount	52,006			52,006
2015 Acquisitions | Acquired above-market leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired finite-lived intangible asset - leases, amount	6,657			6,657
2015 Acquisitions | Acquired below-market leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired below-market leases	(10,800)			(10,800)
Development Projects
Business Acquisition [Line Items]
Total purchase price							$ 23,900
Pro forma basis (unaudited)
Number of land parcels (parcel) | land_parcel							1
Rentable square feet (in square feet) | ft²							1.6
Total investment	$ 90,700			90,700
Additional estimated investment				$ 16,700
2014 Acquisitions
Business Acquisition [Line Items]
Number of businesses acquired (in properties) | property					334
Business Acquisition, Purchase Price Allocation [Abstract]
Land		298,370			$ 298,370
Building and improvements		928,198			928,198
Fair value adjustment of assumed notes payable		(765)			(765)
Total purchase price		1,348,416			1,348,416
Business combination, pro forma information, revenue of acquiree since acquisition date, actual		16,800			28,000
Business combination, pro forma information, earnings (loss) of acquiree since acquisition date, actual		(14,500)			(27,500)
Pro forma basis (unaudited)
Revenue		78,302	$ 60,789		235,678	$ 154,195
Net income (loss)		26,537	$ 1,873		79,726	$ (36,451)
Acquisition-related expenses		21,000			39,800
2014 Acquisitions | Acquired in-place leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired finite-lived intangible asset - leases, amount		122,822			122,822
2014 Acquisitions | Acquired above-market leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired finite-lived intangible asset - leases, amount		13,110			13,110
2014 Acquisitions | Acquired below-market leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired below-market leases		$ (13,319)			$ (13,319)

Derivative Instruments and He33

Derivative Instruments and Hedging Activities (Details) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015USD ($)derivative	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)derivative	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Derivatives, Fair Value [Line Items]
Amount of loss reclassified from other comprehensive (loss) income into income as interest expense		$ 1,912	$ 1,324	$ 4,489	$ 3,920
Cash Flow Hedging | Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Amount of (Loss) Income Recognized in Other Comprehensive Income (Loss)	[1]	(8,124)	$ 2,954	(9,241)	$ (13)
Derivative liability, event of default, termination amount		14,000		14,000
Cash Flow Hedging | Interest Rate Swaps | Deferred rental income, derivative liabilities and other liabilities
Derivatives, Fair Value [Line Items]
Outstanding Notional Amount	[2]	869,503		869,503
Fair Value of Liabilities as of	[2]	$ (13,298)		$ (13,298)		$ (4,057)
Number of interest rate swap agreements (derivative) | derivative		6		6
Number of interest rate swaps entered into | derivative		2
Cash Flow Hedging | Interest Rate Swaps | Deferred rental income, derivative liabilities and other liabilities | Minimum
Derivatives, Fair Value [Line Items]
Interest Rate	[2],[3]	3.00%		3.00%
Cash Flow Hedging | Interest Rate Swaps | Deferred rental income, derivative liabilities and other liabilities | Maximum
Derivatives, Fair Value [Line Items]
Interest Rate	[2],[3]	4.75%		4.75%
Interest Expense | Cash Flow Hedging | Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months		$ 8,200		$ 8,200
[1]	There were no portions of the change in the fair value of the interest rate swaps that were considered ineffective during the three and nine months ended September 30, 2015 or 2014.
[2]	As of September 30, 2015, the Company had six interest rate swap agreements. During the three months ended September 30, 2015, the Company entered into two interest rate swap agreements, one of which was entered into on September 29, 2015 with an effective date of October 1, 2015.
[3]	The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of September 30, 2015.

Notes Payable And Credit Faci34

Notes Payable And Credit Facility (Details) - USD ($)		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014
Short-Term and Long-Term Debt [Roll Forward]
Notes payable and credit facility, beginning balance		$ 1,466,507,000
Debt Issuances & Assumption		943,346,000
Repayments		(469,405,000)
Debt instrument, increase (decrease), other, net	[1]	(24,000)
Notes payable and credit facility, ending balance		$ 1,940,424,000
Debt instrument, weighted average years to maturity		4 years 3 months
Debt, weighted average interest rate		3.20%
Fair value of notes payable assumed in real estate acquisition		$ 15,233,000	$ 25,979,000
Fixed rate debt
Short-Term and Long-Term Debt [Roll Forward]
Notes payable and credit facility, beginning balance		566,507,000
Debt Issuances & Assumption		271,180,000
Repayments		(405,000)
Debt instrument, increase (decrease), other, net	[1]	(24,000)
Notes payable and credit facility, ending balance		837,258,000
Variable rate debt
Short-Term and Long-Term Debt [Roll Forward]
Notes payable and credit facility, beginning balance		0
Debt Issuances & Assumption		53,500,000
Repayments		0
Debt instrument, increase (decrease), other, net	[1]	0
Notes payable and credit facility, ending balance		53,500,000
Debt security, amount, aggregate gross real estate assets net of gross intangible lease liabilities		106,800,000
Line of credit | Revolving credit facility
Short-Term and Long-Term Debt [Roll Forward]
Line of credit, current borrowing capacity		$ 155,300,000
Line of credit | Revolving credit facility | LIBOR
Short-Term and Long-Term Debt [Roll Forward]
Debt instrument, basis spread on variable rate		1.00%
Line of credit | Revolving credit facility | Federal funds rate plus
Short-Term and Long-Term Debt [Roll Forward]
Debt instrument, basis spread on variable rate		0.50%
Line of credit | Term loan | Cash Flow Hedging | Interest Rate Swaps
Short-Term and Long-Term Debt [Roll Forward]
Derivative, Amount of Hedged Item		$ 300,000,000
Notes payable
Short-Term and Long-Term Debt [Roll Forward]
Debt security, amount, aggregate gross real estate assets net of gross intangible lease liabilities		1,500,000,000
Unsecured Debt | Term loan | Cash Flow Hedging | Interest Rate Swaps
Short-Term and Long-Term Debt [Roll Forward]
Derivative, Amount of Hedged Item		$ 261,700,000
Fixed rate debt | Notes payable | Minimum
Short-Term and Long-Term Debt [Roll Forward]
Line of credit fixed interest rate		3.35%
Fixed rate debt | Notes payable | Maximum
Short-Term and Long-Term Debt [Roll Forward]
Line of credit fixed interest rate		5.23%
Fixed rate debt | Mortgage notes payable
Short-Term and Long-Term Debt [Roll Forward]
Notes payable and credit facility, ending balance		$ 40,200,000
Fair value of notes payable assumed in real estate acquisition		$ 41,200,000
Variable rate debt | Notes payable
Short-Term and Long-Term Debt [Roll Forward]
Debt, weighted average interest rate		2.86%
JPMorgan chase, revolving credit facility | Line of credit | Revolving credit facility
Short-Term and Long-Term Debt [Roll Forward]
Notes payable and credit facility, beginning balance		$ 900,000,000
Debt Issuances & Assumption		618,666,000
Repayments		(469,000,000)
Debt instrument, increase (decrease), other, net	[1]	0
Notes payable and credit facility, ending balance		1,049,666,000
Line of credit, maximum borrowing capacity		1,600,000,000
Line of credit facility, covenant, minimum consolidated net worth		$ 425,000,000
Line of credit facility, covenant, minimum consolidated net worth, percentage of equity issuance		75.00%
JPMorgan chase, revolving credit facility | Line of credit | Revolving credit facility | Minimum
Short-Term and Long-Term Debt [Roll Forward]
Line of credit facility, covenant, leverage ratio		60.00%
Debt instrument, covenant, unsecured debt to unencumbered asset value ratio		50.00%
Line of credit facility, covenant, secured debt ratio		30.00%
JPMorgan chase, revolving credit facility | Line of credit | Revolving credit facility | Maximum
Short-Term and Long-Term Debt [Roll Forward]
Debt instrument, covenant, fixed charge coverage ratio		1.50
Line of credit facility, covenant, unsecured debt service coverage ratio		1.75
JPMorgan chase, revolving credit facility | Unsecured Debt
Short-Term and Long-Term Debt [Roll Forward]
Line of credit, maximum borrowing capacity		$ 1,200,000,000
JPMorgan chase, revolving credit facility | Unsecured Debt | Revolving credit facility
Short-Term and Long-Term Debt [Roll Forward]
Line of credit, maximum borrowing capacity		643,300,000
JPMorgan chase, revolving credit facility | Unsecured Debt | Term loan
Short-Term and Long-Term Debt [Roll Forward]
Line of credit, maximum borrowing capacity		561,700,000
Fixed rate debt, variable rate debt fixed through the use of interest rate swaps | Notes payable
Short-Term and Long-Term Debt [Roll Forward]
Notes payable and credit facility, ending balance		$ 57,800,000
Eurodollar rate loan | Unsecured Debt | Revolving credit facility | LIBOR | Minimum
Short-Term and Long-Term Debt [Roll Forward]
Debt instrument, basis spread on variable rate		1.65%
Eurodollar rate loan | Unsecured Debt | Revolving credit facility | LIBOR | Maximum
Short-Term and Long-Term Debt [Roll Forward]
Debt instrument, basis spread on variable rate		2.50%
Secured Revolving Credit Facility, Eurodollar Rate | Line of credit | Revolving credit facility | Leverage Ratio Less than or Equal to Fifty Percent
Short-Term and Long-Term Debt [Roll Forward]
Leverage Ratio		45.00%
Secured Revolving Credit Facility, Eurodollar Rate | Line of credit | Revolving credit facility | Leverage Ratio Greater than Sixty-Five Percent
Short-Term and Long-Term Debt [Roll Forward]
Leverage Ratio		60.00%
Base rate committed loans | Unsecured Debt | Base Rate | Minimum
Short-Term and Long-Term Debt [Roll Forward]
Debt instrument, basis spread on variable rate		0.65%
Base rate committed loans | Unsecured Debt | Base Rate | Maximum
Short-Term and Long-Term Debt [Roll Forward]
Debt instrument, basis spread on variable rate		1.50%
2015 Swapped Term Loan | Unsecured Debt | Term loan | Cash Flow Hedging | Interest Rate Swaps
Short-Term and Long-Term Debt [Roll Forward]
Debt, weighted average interest rate		2.78%
Derivative, interest rate swap, effective fixed rate		1.13%
JP Morgan Chase, Swapped Revolver Loan | Unsecured Debt | Revolving credit facility | Cash Flow Hedging | Interest Rate Swaps
Short-Term and Long-Term Debt [Roll Forward]
Debt, weighted average interest rate		3.00%
Derivative, Amount of Hedged Item		$ 250,000,000
Derivative, interest rate swap, effective fixed rate		1.353%
2013 Swapped Term Loan | Unsecured Debt | Term loan | Cash Flow Hedging | Interest Rate Swaps
Short-Term and Long-Term Debt [Roll Forward]
Debt, weighted average interest rate		3.36%
Derivative, interest rate swap, effective fixed rate		1.713%
[1]	Represents fair value adjustment of an assumed mortgage note payable, net of amortization.

Supplemental Cash Flow Disclo35

Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Distributions declared and unpaid	$ 15,973	$ 15,539	$ 15,973	$ 15,539	$ 16,189
Accrued capital expenditures			16,435	5,405
Common stock issued through distribution reinvestment plan			84,244	76,349
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(8,124)	2,954	(9,241)	(13)
Contingent consideration recorded upon property acquisitions	$ 2,880	$ 5,342	2,880	5,342
Fair value of notes payable assumed in real estate acquisition			15,233	25,979
Supplemental Cash Flow Disclosures:
Interest paid			$ 39,852	$ 21,366

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)property
Capital addition purchase commitments
Unrecorded Unconditional Purchase Obligation [Line Items]
Ownership interest acquired	100.00%
Number of businesses acquired (in properties)	8
Total purchase price | $	$ 66,000
Escrow deposit, property acquisition | $	$ 886
Purchase agreement for 25 properties
Unrecorded Unconditional Purchase Obligation [Line Items]
Number of businesses acquired (in properties)	24
Number of properties committed to purchase (in properties)	25

Related-Party Transactions an37

Related-Party Transactions and Arrangements (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Due to affiliates	$ 5,386,000		$ 5,386,000		$ 5,473,000
Advisors
Related Party Transaction [Line Items]
Due to affiliates	$ 5,400,000		$ 5,400,000		5,500,000
Cumulative noncompounded annual return	8.00%		8.00%
Advisors | Listing commission
Related Party Transaction [Line Items]
Commissions performance and other fees percent	15.00%		15.00%
Advisors | Minimum
Related Party Transaction [Line Items]
Operating expense reimbursement percent of average invested assets	2.00%		2.00%
Operating expense reimbursement percent of net income	25.00%		25.00%
Average invested assets between $0 to $2 billion | Advisors
Related Party Transaction [Line Items]
Asset management or advisory fees percent	0.75%		0.75%
Average invested assets between $0 to $2 billion | Advisors | Maximum
Related Party Transaction [Line Items]
Average invested assets	$ 2,000,000,000		$ 2,000,000,000
Average invested assets between $0 to $2 billion | Advisors | Minimum
Related Party Transaction [Line Items]
Average invested assets	$ 0		$ 0
Average invested assets between $2 billion to $4 billion | Advisors
Related Party Transaction [Line Items]
Asset management or advisory fees percent	0.70%		0.70%
Average invested assets between $2 billion to $4 billion | Advisors | Maximum
Related Party Transaction [Line Items]
Average invested assets	$ 4,000,000,000		$ 4,000,000,000
Average invested assets between $2 billion to $4 billion | Advisors | Minimum
Related Party Transaction [Line Items]
Average invested assets	$ 2,000,000,000		$ 2,000,000,000
Average invested assets over $4 billion | Advisors
Related Party Transaction [Line Items]
Asset management or advisory fees percent	0.65%		0.65%
Average invested assets over $4 billion | Advisors | Minimum
Related Party Transaction [Line Items]
Average invested assets	$ 4,000,000,000		$ 4,000,000,000
Selling commissions | Dealer manager commission | Maximum
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees	7.00%		7.00%
Selling commissions | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 0	$ 0	$ 0	$ 55,902,000
Selling commissions reallowed by cole capital | Dealer manager commission reallowed
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees	100.00%		100.00%
Selling commissions reallowed by cole capital | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 0	0	$ 0	55,902,000
Dealer manager fee | Dealer manager
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees	2.00%		2.00%
Dealer manager fee | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 0	0	$ 0	16,780,000
Dealer manager fee reallowed by cole capital | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	0	0	9,326,000
Other organization and offering expenses | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 0	0	$ 0	7,271,000
Other organization and offering expenses | Advisors | Maximum
Related Party Transaction [Line Items]
Organization and offering expense	2.00%		2.00%
Acquisition fees and expenses | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 2,561,000	16,948,000	$ 10,459,000	30,099,000
Acquisition fees and expenses | Advisors | Maximum
Related Party Transaction [Line Items]
Acquisition and advisory fee	6.00%		6.00%
Acquisition fees and expenses | Advisors | Maximum | Contract purchase price of each asset
Related Party Transaction [Line Items]
Acquisition and advisory fee	2.00%		2.00%
Advisory fees and expenses | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 8,926,000	6,011,000	$ 25,733,000	16,078,000
Operating expenses | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	997,000	731,000	2,974,000	2,513,000
Acquisitions and operations costs | Advisors
Related Party Transaction [Line Items]
Due to affiliates	$ 5,400,000	$ 1,100,000	$ 5,400,000	$ 1,100,000
Property sales commission | Advisors | Contract sale price of each property
Related Party Transaction [Line Items]
Commissions performance and other fees percent	1.00%		1.00%
Brokerage Commission Fee | Advisors | Maximum
Related Party Transaction [Line Items]
Commissions performance and other fees percent	50.00%		50.00%
Property portfolio | Advisors | Maximum
Related Party Transaction [Line Items]
Commissions performance and other fees percent	6.00%		6.00%
Performance fee | Advisors
Related Party Transaction [Line Items]
Commissions performance and other fees percent	15.00%		15.00%
Dead Deals Reimbursable by Advisor | Advisors
Related Party Transaction [Line Items]
Due to affiliates					$ 470,000

Subsequent Events - (Details)

Subsequent Events - (Details) $ / shares in Units, $ in Thousands, shares in Millions	Nov. 10, 2015USD ($)shares	Nov. 10, 2015USD ($)property$ / sharesshares	Sep. 30, 2015USD ($)land_parcel	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)land_parcelproperty	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Subsequent Event
Issuance of common stock					$ 84,244
Debt, long-term and short-term, combined amount			$ 1,940,424		$ 1,940,424		$ 1,466,507
Debt, weighted average interest rate			3.20%		3.20%
Acquisition costs			$ 2,518	$ 21,009	$ 11,785	$ 39,755
Number of land parcels (parcel) | land_parcel			1		1
2015 Acquisitions
Subsequent Event
Number of businesses acquired (in properties) | property					94
Total purchase price					$ 485,500
Acquisition costs			$ 2,500		11,800
Credit facility | Line of credit
Subsequent Event
Line of credit, current borrowing capacity			155,300		155,300
Credit facility | Line of credit | JPMorgan chase, revolving credit facility
Subsequent Event
Debt, long-term and short-term, combined amount			$ 1,049,666		$ 1,049,666		$ 900,000
Subsequent event
Subsequent Event
Redemptions of common stock, shares | shares		1.8
Redemptions of common stock		$ 16,800
Stock redemption, average price per share | $ / shares		$ 9.50
Notes assumed		$ 50,000
Repayment of debt		14,900
Proceeds from sale of property held-for-sale		1,100
Loss on disposition of property		$ 81
Subsequent event | 2015 Acquisitions
Subsequent Event
Number of businesses acquired (in properties) | property		5
Total purchase price		$ 64,300
Acquisition costs	$ 1,600
Subsequent event | Notes payable
Subsequent Event
Debt, weighted average interest rate	3.59%	3.59%
Subsequent event | Credit facility | Line of credit
Subsequent Event
Line of credit, current borrowing capacity	$ 115,200	$ 115,200
Subsequent event | Credit facility | Line of credit | JPMorgan chase, revolving credit facility
Subsequent Event
Debt, long-term and short-term, combined amount	$ 1,100,000	1,100,000
Subsequent event | Secondary offering
Subsequent Event
Issuance of common stock, shares (in shares) | shares	19.6
Issuance of common stock		$ 186,700