CIM Real Estate Finance Trust (CMRF) 10-Q 11 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	6 Months Ended
	Jun. 30, 2017	Aug. 07, 2017
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	Jun. 30, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity common stock, shares outstanding (shares)		310.8

Condensed Consolidated Unaudite

Condensed Consolidated Unaudited Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Investment in real estate assets:
Land	$ 1,177,839	$ 1,156,417
Buildings, fixtures and improvements	3,350,096	3,214,212
Intangible lease assets	574,613	553,149
Total real estate investments, at cost	5,102,548	4,923,778
Less: accumulated depreciation and amortization	(461,179)	(389,768)
Total real estate investments, net	4,641,369	4,534,010
Cash and cash equivalents	10,376	9,754
Restricted cash	9,695	8,040
Rents and tenant receivables, net	67,403	65,446
Due from affiliates	1	58
Derivative assets, prepaid expenses, revenue bonds and other assets	8,280	5,513
Deferred costs, net	3,507	1,514
Total assets	4,740,631	4,624,335
LIABILITIES AND STOCKHOLDERS’ EQUITY
Notes payable and credit facility, net	2,421,750	2,246,259
Accounts payable and accrued expenses	27,110	25,310
Due to affiliates	1,333	5,333
Intangible lease liabilities, net	50,196	49,075
Distributions payable	16,003	16,498
Deferred rental income, derivative liabilities and other liabilities	20,974	15,091
Total liabilities	2,537,366	2,357,566
Commitments and contingencies
Redeemable common stock and noncontrolling interest	187,567	188,938
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value per share; 10,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value per share; 490,000,000 shares authorized, 311,684,539 and 311,817,004 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively	3,117	3,118
Capital in excess of par value	2,607,300	2,607,304
Accumulated distributions in excess of earnings	(593,831)	(531,567)
Accumulated other comprehensive loss	(888)	(1,024)
Total stockholders’ equity	2,015,698	2,077,831
Total liabilities, redeemable common stock, noncontrolling interest and stockholders’ equity	$ 4,740,631	$ 4,624,335

Condensed Consolidated Unaudit3

Condensed Consolidated Unaudited Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
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)	311,684,539	311,817,004
Common stock, shares outstanding (shares)	311,684,539	311,817,004

Condensed Consolidated Unaudit4

Condensed Consolidated Unaudited Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Rental income	$ 93,044	$ 88,310	$ 184,251	$ 175,971
Tenant reimbursement income	11,460	12,287	25,033	25,173
Total revenues	104,504	100,597	209,284	201,144
Operating expenses:
General and administrative	3,624	3,387	7,031	6,489
Property operating	6,851	4,777	13,536	10,865
Real estate tax	9,018	8,696	18,370	17,327
Advisory fees and expenses	10,903	10,325	21,714	20,513
Acquisition-related	163	1,803	1,410	2,175
Depreciation and amortization	35,189	33,456	69,684	66,947
Total operating expenses	65,748	62,444	131,745	124,316
Operating income	38,756	38,153	77,539	76,828
Other income (expense):
Interest expense and other, net	(22,101)	(19,322)	(44,633)	(37,943)
Income before real estate dispositions	16,655	18,831	32,906	38,885
Gain on dispositions of real estate, net	1,452	114	1,452	114
Net income	18,107	18,945	34,358	38,999
Net income allocated to noncontrolling interest	32	33	66	67
Net income attributable to the Company	$ 18,075	$ 18,912	$ 34,292	$ 38,932
Weighted average number of common shares outstanding:
Basic and diluted (in shares)	311,671,130	311,976,632	311,723,827	312,030,273
Net income per common share:
Basic and diluted (USD per share)	$ 0.06	$ 0.06	$ 0.11	$ 0.12
Distributions declared per common share (USD per share)	$ 0.16	$ 0.16	$ 0.31	$ 0.31

Condensed Consolidated Unaudit5

Condensed Consolidated Unaudited Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 18,107	$ 18,945	$ 34,358	$ 38,999
Other comprehensive (loss) income:
Unrealized loss on interest rate swaps	(3,798)	(4,821)	(2,274)	(17,286)
Amount of loss reclassified from other comprehensive (loss) income into income as interest expense	951	2,265	2,410	4,587
Total other comprehensive (loss) income	(2,847)	(2,556)	136	(12,699)
Comprehensive income	15,260	16,389	34,494	26,300
Comprehensive income allocated to noncontrolling interest	32	33	66	67
Comprehensive income attributable to the Company	$ 15,228	$ 16,356	$ 34,428	$ 26,233

Condensed Consolidated Unaudit6

Condensed Consolidated Unaudited Statement of Stockholders' Equity - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Accumulated Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)
Balance, (shares) at Dec. 31, 2016	311,817,004	311,817,004
Balance, at Dec. 31, 2016	$ 2,077,831	$ 3,118	$ 2,607,304	$ (531,567)	$ (1,024)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (shares)		5,167,802
Issuance of common stock	51,673	$ 52	51,621
Distributions to investors	(96,556)			(96,556)
Redemptions of common stock (shares)		(5,300,267)
Redemptions of common stock	(52,973)	$ (53)	(52,920)
Changes in redeemable common stock	1,295		1,295
Comprehensive income	$ 34,428			34,292	136
Balance, (shares) at Jun. 30, 2017	311,684,539	311,684,539
Balance, at Jun. 30, 2017	$ 2,015,698	$ 3,117	$ 2,607,300	$ (593,831)	$ (888)

Condensed Consolidated Unaudit7

Condensed Consolidated Unaudited Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 34,358	$ 38,999
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, net	68,763	66,392
Amortization of deferred financing costs	2,586	2,740
Amortization of fair value adjustment of mortgage notes payable assumed	(42)	(42)
Straight-line rental income	(4,736)	(5,904)
Bad debt expense	787	0
Equity in income of unconsolidated joint venture	0	(383)
Return on investment from unconsolidated joint venture	0	383
Fair value adjustment to contingent consideration	(250)	(1,347)
Gain on derivative instruments	(100)	0
Write-off of deferred financing costs	866	0
Gain on disposition of real estate assets, net	(1,452)	(114)
Changes in assets and liabilities:
Rents and tenant receivables	2,021	2,352
Prepaid expenses and other assets	(126)	516
Accounts payable and accrued expenses	1,870	3,162
Deferred rental income and other liabilities	5,559	(4,485)
Due from affiliates	57	47
Due to affiliates	(4,000)	(1,303)
Net cash provided by operating activities	106,161	101,013
Cash flows from investing activities:
Investment in real estate assets and capital expenditures	(190,621)	(99,182)
Investment in revenue bonds	(2,081)	0
Return of investment in unconsolidated joint venture	0	631
Proceeds from disposition of real estate assets	16,973	9,865
Payment of property escrow deposits	(6,820)	(3,665)
Refund of property escrow deposits	7,070	2,147
Change in restricted cash	(1,655)	(604)
Net cash used in investing activities	(177,134)	(90,808)
Cash flows from financing activities:
Redemptions of common stock	(52,973)	(56,161)
Distributions to investors	(45,378)	(42,409)
Proceeds from notes payable and credit facility	1,383,706	207,000
Repayments of credit facility and notes payable	(1,200,390)	(112,210)
Payment of loan deposits	(1,064)	(915)
Refund of loan deposits	1,064	595
Deferred financing costs paid	(13,228)	(1,006)
Distributions to noncontrolling interest	(142)	(128)
Net cash provided by (used in) financing activities	71,595	(5,234)
Net increase in cash and cash equivalents	622	4,971
Cash and cash equivalents, beginning of period	9,754	26,316
Cash and cash equivalents, end of period	$ 10,376	$ 31,287

Organization and Business

Organization and Business	6 Months Ended
	Jun. 30, 2017
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 elected to be taxed, and currently qualifies, as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning with its 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. (“VEREIT”), a widely-held public company whose shares of common stock are listed on the New York Stock Exchange (NYSE: VER). VEREIT indirectly owns and/or controls the Company’s external advisor, 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. 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 the distribution reinvestment plan (the “DRIP”) portion of the Offering 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 portion of the Offering 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 portion of the Offering 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. 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 portion of the Offering. The remaining approximately 404,000 unsold shares from the Offering were deregistered. The Company registered $247.0 million of shares of common stock under the DRIP pursuant to a Registration Statement filed on Form S-3 (Registration No. 333-192958) (the “Initial DRIP Offering”), 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 ceased issuing shares under the Initial DRIP Offering effective as of June 30, 2016. At the completion of the Initial DRIP Offering, a total of approximately $241.7 million of common stock had been issued. The remaining $5.3 million of unsold shares from the Initial DRIP Offering were deregistered. The Company registered an additional $600.0 million of shares of common stock under the DRIP pursuant to a Registration Statement filed on Form S-3 (Registration No. 333-212832) (the “Secondary DRIP Offering,” and together with the Initial DRIP Offering, the “DRIP Offerings,” and the DRIP Offerings collectively with the Offering, the “Offerings”), which was filed with the SEC on August 2, 2016 and automatically became effective with the SEC upon filing. The Company began to issue shares under the Secondary DRIP Offering on August 2, 2016 and will continue to issue shares under the Secondary DRIP Offering. On September 27, 2015, the Company announced that its board of directors (the “Board”) had 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. On November 10, 2016, the Board established an updated estimated per share net asset value (“NAV”) of the Company’s common stock, as of September 30, 2016, of $9.92 per share. On March 24, 2017, the Board established an updated estimated per share NAV of the Company’s common stock, as of December 31, 2016, of $10.08 per share. In determining the estimated per share NAVs as of August 31, 2015, September 30, 2016 and December 31, 2016, the Board considered information and analysis, including valuation materials that were provided by a third-party valuation expert, information provided by CR IV Advisors, and the estimated per share NAV recommendation made by the valuation committee of the Board, which committee is comprised entirely of independent directors. The Company’s estimated per share NAVs are not audited or reviewed by its independent registered public accounting firm. Prior to October 1, 2015, distributions were reinvested in shares of the Company’s common stock under the DRIP at a price of $9.50 per share. From October 1, 2015 to November 13, 2016, distributions were reinvested in shares of the Company’s common stock under the DRIP at a price of $9.70 per share, the estimated value per share as of August 31, 2015, as determined by the Board. From November 14, 2016 to March 27, 2017, distributions were reinvested in shares of the Company’s common stock under the DRIP at a price of $9.92 per share, the estimated per share NAV as of September 30, 2016, as determined by the Board. Commencing on March 28, 2017, distributions are reinvested in shares of the Company’s common stock under the DRIP at a price of $10.08 per share, the estimated per share NAV as of December 31, 2016, as determined by the Board. As of June 30, 2017 , the Company had issued approximately 334.3 million shares of its common stock in the Offerings, including 36.0 million shares issued in the DRIP Offerings, for gross offering proceeds of $3.3 billion before organization and offering costs, selling commissions and dealer manager fees of $306.0 million . As of June 30, 2017 , the Company owned 898 properties, which includes nine properties owned through a consolidated joint venture arrangement (the “Consolidated Joint Venture”), comprising 27.3 million rentable square feet of commercial space located in 45 states. As of June 30, 2017 , the rentable square feet at these properties was 98.0% leased, including month-to-month agreements, if any.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The summary of significant accounting policies presented below is designed to assist in understanding the Company’s condensed consolidated unaudited financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”), in all material respects, and have been consistently applied in preparing the accompanying condensed consolidated unaudited financial statements. Principles of Consolidation and Basis of Presentation The condensed consolidated unaudited financial statements of the Company have been prepared in accordance with the rules and regulations of the 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 GAAP for complete financial statements. In the opinion of management, the statements for the interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for such periods. Results for these interim periods are not necessarily indicative of full year results. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2016 , and related notes thereto, set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . The condensed consolidated unaudited financial statements should also be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this Quarterly Report on Form 10-Q. The condensed consolidated unaudited financial statements include the accounts of the Company, its wholly-owned subsidiaries and the Consolidated Joint Venture in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. The Company evaluates its relationships and investments to determine if it has variable interests. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. If the Company determines that it has a variable interest in an entity, it evaluates whether such interest is in a variable interest entity (“VIE”). VIEs are entities where investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or where equity investors, as a group, lack one of the following characteristics: (a) the power to direct the activities that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of the entity, or (c) the right to receive the expected returns of the entity. The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations. For legal entities being evaluated for consolidation, the Company must first determine whether the interests that it holds and fees it receives qualify as variable interests in the entity. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. The Company’s evaluation includes consideration of fees paid to the Company where the Company acts as a decision maker or service provider to the entity being evaluated. If the Company determines that it holds a variable interest in an entity, it evaluates whether that entity is a VIE. A VIE must be consolidated by its primary beneficiary, which is generally defined as the party who has a controlling financial interest in the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance and its obligation to absorb losses from or right to receive benefits of the VIE that could potentially be significant to the VIE. The Company consolidates any VIEs when the Company is determined to be the primary beneficiary of the VIE, and the difference between consolidating the VIE and accounting for it using the equity method could be material to the Company’s consolidated financial statements. The Company continually evaluates the need to consolidate any VIEs based on standards set forth in GAAP as described above. As of June 30, 2017 and December 31, 2016 , the Company determined that it had a controlling interest in the Consolidated Joint Venture and therefore met the GAAP requirements for consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated unaudited financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Real Estate Investments Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the costs of acquisition, including acquisition-related fees and certain 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 costs are expensed as incurred. In April 2017, the Company early adopted Accounting Standards Update (“ASU”) No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”), which clarifies the definition of a business by adding guidance to assist entities in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company’s acquisitions qualify as asset acquisitions, and as such, acquisition-related fees and certain acquisition-related expenses related to these asset acquisitions are capitalized. Prior to the adoption of ASU 2017-01, all acquisition-related fees and expenses were expensed as incurred. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Site improvements 15 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term Recoverability of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to, bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, rental concessions and other factors, a significant decrease in a property’s revenues due to lease terminations, vacancies, co-tenancy clauses, reduced lease rates or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value is determined using a discounted cash flow analysis and recent comparable sales transactions. No impairment losses were recorded during the six months ended June 30, 2017 or 2016 after the Company assessed the recoverability of its assets. Assets Held for Sale When a real estate asset is identified by the Company as held for sale, the Company will cease depreciation and amortization of the assets related to the property and estimate the fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount would be recorded to reflect the estimated fair value of the property, net of selling costs. There were no assets identified as held for sale as of June 30, 2017 or December 31, 2016 . Allocation of Purchase Price of Real Estate Assets Upon the acquisition of real properties, the Company allocates the purchase price, including acquisition-related fees and certain acquisition-related expenses after the adoption of ASU 2017-01, to acquired tangible assets, consisting of land, buildings and improvements, and to identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place leases, based in each case on their respective fair values. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations. Investment in Held-to-Maturity Securities The Company has investments classified as held-to-maturity securities, which consist of revenue bonds acquired in connection with the purchase of an anchored shopping center. The bonds have a 9.0% interest rate and mature on November 1, 2044. As of June 30, 2017 , the Company classified these investments as held-to-maturity as the Company has the intent and ability to hold the securities to maturity. These investments are initially recognized in derivative assets, prepaid expenses, revenue bonds and other assets on the condensed consolidated unaudited balance sheets and are subsequently measured using amortized cost. The Company’s investments in revenue bonds are reviewed for impairment, including the evaluation of changes in events or circumstances that may indicate that the carrying amount of the investment may not be recoverable. Realization is dependent on a number of factors, including investment performance, market conditions and payment structure. The Company will record an impairment charge if it is determined that a decline in the value of the investment below its carrying amount is other than temporary, recovery of its cost basis is uncertain, and/or it is uncertain if the investment will be held to maturity. The analysis of determining whether the impairment of a security is deemed to be other-than-temporary requires significant judgments and assumptions. The use of alternative judgments and assumptions could result in a different conclusion. Redeemable Noncontrolling 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 (the “Option”), which became effective on June 27, 2016 , whereby the Company will be required to purchase the ownership interest of the joint venture partner at fair market value. As of June 30, 2017 , the Option has not been exercised. The Company determined it had a controlling interest in the Consolidated Joint Venture and, therefore, met the GAAP requirements for consolidation. The Company recorded net income of $66,000 and paid distributions of $142,000 related to the noncontrolling interest during the six months ended June 30, 2017 . The Company recorded the noncontrolling interest of $2.5 million as temporary equity in the mezzanine section of the condensed consolidated unaudited balance sheets, due to the redemption option existing outside the control of the Company. Restricted Cash The Company had $9.7 million and $8.0 million in restricted cash as of June 30, 2017 and December 31, 2016 , respectively. Included in restricted cash was $4.1 million and $4.0 million held by lenders in lockbox accounts as of June 30, 2017 and December 31, 2016 , 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 disbursed to the Company. Also included in restricted cash was $5.6 million and $4.0 million held by lenders in escrow accounts for real estate taxes and other lender reserves for certain properties, in accordance with the associated lender’s loan agreement, as of June 30, 2017 and December 31, 2016 , respectively. Revenue Recognition Certain properties have leases where minimum rental payments increase during the term of the lease. The Company records rental income for the full term of each lease on a straight-line basis when earned and collectability is reasonably assured. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. The Company defers the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Expected reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursement income in the period when such costs are incurred. The Company continually reviews receivables related to rent, including any straight-line rent, and current and future operating expense reimbursements from tenants 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 uncertain, the Company will record an increase in the allowance for uncollectible accounts. As of June 30, 2017 and December 31, 2016 , the Company had an allowance for uncollectible accounts of $983,000 and $221,000 , respectively. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by various standard setting bodies that may have an impact on the Company’s accounting and reporting. Except as otherwise stated below, the Company is currently evaluating the effect that certain of these new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s condensed consolidated unaudited financial statements: In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which supersedes the revenue recognition requirements in Revenue Recognition, Accounting Standards Codification (“ASC”) (Topic 605) and will require an entity to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public business entities, the guidance should be applied to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. The Company is currently assessing the adoption methodology. Once ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which, as discussed below, sets forth principles for the recognition, measurement, presentation and disclosure of leases, goes into effect, ASU 2014-09 may apply to non-lease components in the lease agreements. In February 2016, the FASB issued ASU 2016-02, which will require that a lessee recognize assets and liabilities on the balance sheet for all leases with a lease term of more than 12 months, with the result being the recognition of a right of use asset and a lease liability and the disclosure of key information about the entity’s leasing arrangements. The lessor accounting model under ASU 2016-02 is similar to current guidance; however it limits the capitalization of initial direct leasing costs, such as internally generated costs. ASU 2016-02 retains a distinction between finance leases ( i.e., capital leases under current GAAP) and operating leases. The classification criteria for distinguishing between finance leases and operating leases will be substantially similar to the classification criteria for distinguishing between capital leases and operating leases under current GAAP. The amendments in ASU 2016-02 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. A modified retrospective approach is required for existing leases that have not expired upon adoption. The Company’s implementation team has developed an inventory of all leases and is identifying any non-lease components in the lease agreements and is evaluating the impact to the Company, both as lessor and lessee, and its consolidated financial statements. ASU No. 2016-01, Financial Instruments (Subtopic 825-10) — The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). The amendments in this update also require an entity to present separately in other comprehensive income (loss) the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the consolidated balance sheets or the accompanying notes to the consolidated financial statements. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) (“ASU 2016-13”). ASU 2016-13 is intended to improve financial reporting requiring more timely recognition of credit losses on loans and other financial instruments that are not accounted for at fair value through net income, including loans held for investment, held-to-maturity debt securities, trade and other receivables, net investment in leases and other such commitments. ASU 2016-13 requires that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The amendments in ASU 2016-13 require the Company to measure all expected credit losses based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets and eliminates the “incurred loss” methodology under current GAAP. ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2018. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which is intended to address diversity in practice related to how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted, and requires retrospective adoption unless it is impracticable to apply, in which case it is to be applied prospectively as of the earliest date practicable. The Company plans to adopt ASU 2016-15 during the fourth quarter of fiscal year 2017. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”), which provides guidance on the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. In accordance with ASU 2016-18, restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the statements of cash flows. The amendments of ASU 2016-18 are effective for reporting periods beginning after December 15, 2017, with early adoption permitted. The Company plans to adopt ASU 2016-18 during the fourth quarter of 2017 and apply the standard retrospectively for all periods presented. The Company does not expect it will have a material impact on its consolidated financial statements. In February 2017, the FASB issued ASU No. 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”), which clarifies the following: (1) nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty; (2) an entity should allocate consideration to each distinct asset by applying the guidance in Topic 606 on allocating the transaction price to performance obligations; and (3) requires entities to derecognize a distinct nonfinancial asset or distinct in substance nonfinancial asset in a partial sale transaction when it (a) does not have (or ceases to have) a controlling financial interest in the legal entity that holds the asset in accordance with Subtopic 810 and (b) transfers control of the asset in accordance with Topic 606. The adoption of this standard may result in higher gains on the sale of partial real estate interests, including contributions of nonfinancial assets to a joint venture or other noncontrolling investee, due to recognizing the full gain when the derecognition criteria are met and recording the retained noncontrolling interest at its fair value. ASU 2017-05 is effective for annual periods, and interim periods therein, beginning after December 15, 2017. Early adoption is permitted.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS GAAP defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. GAAP emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows: Level 1 — Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 — Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs). Level 3 — Unobservable inputs, which are only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability. The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities: Notes payable and 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. Current and prior period liabilities’ carrying and fair values exclude net deferred financing costs. These financial instruments are valued using Level 2 inputs. As of June 30, 2017 , the estimated fair value of the Company’s debt was $2.45 billion , compared to the carrying value of $2.44 billion . The estimated fair value of the Company’s debt as of December 31, 2016 was $2.25 billion , compared to the carrying value of $2.26 billion . Derivative instruments — The Company’s derivative instruments are comprised of interest rate swaps. All derivative instruments are carried at fair value and are valued using Level 2 inputs. The fair value of these instruments is determined using interest rate market pricing models. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the respective counterparties. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. However, as of June 30, 2017 and December 31, 2016 , the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Contingent consideration arrangements — The contingent consideration arrangements are carried at fair value and are valued using Level 3 inputs. The fair value of additional consideration paid in connection with the acquisition of properties subject to contingent consideration arrangements is determined based on key assumptions, including, but not limited to, rental rates, discount rates and the estimated timing and probability of successfully leasing vacant space subsequent to the Company’s acquisition of certain properties. Revenue bonds — The fair value estimates of the Company’s revenue bonds are based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques including discounted cash flow analysis. This analysis reflects the contractual terms of the bonds, including the period to maturity, and uses unobservable market-based inputs, including discount rates ranging from 7.75% to 9.0% . As a result, the Company has determined that its revenue bonds are classified in Level 3 of the fair value hierarchy. As of June 30, 2017 , the estimated fair value of the Company’s revenue bonds was $2.1 million . Other financial instruments — The Company considers the carrying values of its cash and cash equivalents, restricted cash, tenant receivables, accounts payable and accrued expenses, other liabilities, due to affiliates and distributions payable in order to approximate their fair values because of the short period of time between their origination and their expected realization as well as their highly-liquid nature. Due to the short-term maturities of these instruments, Level 1 inputs are utilized to estimate the fair value of these financial instruments. Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize, or be liable for, upon disposition of the financial assets and liabilities. As of June 30, 2017 and December 31, 2016 , there have been no transfers of financial assets or liabilities between fair value hierarchy levels. In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of June 30, 2017 and December 31, 2016 (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 assets: Interest rate swaps $ 3,137 $ — $ 3,137 $ — Total financial assets $ 3,137 $ — $ 3,137 $ — Financial liabilities: Interest rate swaps $ (3,925 ) $ — $ (3,925 ) $ — Contingent consideration (87 ) — — (87 ) Total financial liabilities $ (4,012 ) $ — $ (3,925 ) $ (87 ) 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 assets: Interest rate swaps $ 2,327 $ — $ 2,327 $ — Total financial assets $ 2,327 $ — $ 2,327 $ — Financial liabilities: Interest rate swaps $ (3,351 ) $ — $ (3,351 ) $ — Contingent consideration (337 ) — — (337 ) Total financial liabilities $ (3,688 ) $ — $ (3,351 ) $ (337 ) The following are reconciliations of the changes in financial assets and liabilities with Level 3 inputs in the fair value hierarchy for the six months ended June 30, 2017 and 2016 (in thousands): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Beginning Balance, December 31, 2016 $ (337 ) Purchases and fair value adjustments: Purchases 2,081 Fair value adjustments 250 Ending Balance, June 30, 2017 $ 1,994 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Beginning Balance, December 31, 2015 $ (4,538 ) Purchases and fair value adjustments: Purchases — Fair value adjustments 1,347 Ending Balance, June 30, 2016 $ (3,191 )

Real Estate Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
REAL ESTATE INVESTMENTS	REAL ESTATE INVESTMENTS 2017 Property Acquisitions During the six months ended June 30, 2017 , the Company acquired 27 commercial properties for an aggregate purchase price of $186.7 million (the “ 2017 Acquisitions”), of which 23 were determined to be asset acquisitions and four were accounted for as business combinations as they were acquired prior to the adoption of ASU 2017-01 in April 2017. The Company funded the 2017 Acquisitions with net cash provided by operations and available borrowings. The following table summarizes the consideration transferred for the properties purchased during the six months ended June 30, 2017 (in thousands): 2017 Acquisitions Investments in real estate: Purchase price of asset acquisitions $ 131,281 Purchase price of business combinations 55,386 Total purchase price of real estate investments acquired (1) $ 186,667 ______________________ (1) The weighted average amortization period for the 2017 Acquisitions is 12.3 years for acquired in-place leases, 13.6 years for acquired above-market leases and 8.2 years for acquired intangible lease liabilities. During the six months ended June 30, 2017 , the Company acquired a 100% interest in 23 commercial properties for an aggregate purchase price of $131.3 million , which were accounted for as asset acquisitions (the “ 2017 Asset Acquisitions ”). The aggregate purchase price includes $3.4 million of external acquisition-related expenses that were capitalized in accordance with ASU 2017-01. Prior to the adoption of ASU 2017-01, costs related to property acquisitions were expensed as incurred. The following table summarizes the purchase price allocation for the 2017 Asset Acquisitions purchased during the six months ended June 30, 2017 (in thousands): 2017 Asset Acquisitions Land $ 14,382 Buildings, fixtures and improvements 100,711 Acquired in-place leases 13,799 Acquired above-market leases 3,531 Revenue bonds 2,081 Intangible lease liabilities (3,223 ) Total purchase price $ 131,281 During the six months ended June 30, 2017 , the Company acquired a 100% interest in four commercial properties for an aggregate purchase price of $55.4 million , which were accounted for as business combinations (the “ 2017 Business Combination Acquisitions ”). The purchase price allocation for each of the Company’s 2017 Business Combination Acquisitions is preliminary and subject to change as the Company finalizes the allocations, which the Company expects will be prior to the end of the current fiscal year. The Company preliminarily allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the preliminary purchase price allocations for the 2017 Business Combination Acquisitions purchased during the six months ended June 30, 2017 (in thousands): 2017 Business Combination Acquisitions Land $ 9,983 Buildings, fixtures and improvements 41,886 Acquired in-place leases 5,186 Acquired above-market leases 998 Intangible lease liabilities (2,667 ) Total purchase price $ 55,386 The Company recorded revenue for the three and six months ended June 30, 2017 of $1.3 million and $2.3 million , respectively, and net income of $558,000 and a net loss of $328,000 for the three and six months ended June 30, 2017 , respectively, related to the 2017 Business Combination Acquisitions . In addition, the Company recorded $25,000 and $1.3 million , respectively, of acquisition-related expenses for the three and six months ended June 30, 2017 , which is included in acquisition-related expenses on the condensed consolidated unaudited statements of operations. The following information summarizes selected financial information of the Company as if all of the 2017 Business Combination Acquisitions were completed on January 1, 2016 for each period presented below. The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the three and six months ended June 30, 2017 and 2016 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Pro forma basis: Revenue $ 104,504 $ 101,918 $ 209,595 $ 203,724 Net income $ 18,075 $ 19,324 $ 35,378 $ 38,366 The pro forma information for the three and six months ended June 30, 2017 was adjusted to exclude $25,000 and $1.3 million , respectively, of acquisition-related fees and expenses recorded during such periods related to the 2017 Business Combination Acquisitions . Accordingly, these expenses were instead recognized in the pro forma information for the three and six months ended June 30, 2016 . The pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2016 , nor does it purport to represent the results of future operations. 2017 Property Dispositions During the six months ended June 30, 2017 , the Company disposed of 11 retail properties for an aggregate gross sales price of $17.7 million , resulting in proceeds of $17.0 million after closing costs and a gain of $1.5 million . No disposition fees were paid to CR IV Advisors or its affiliates in connection with the sale of the properties and the Company has no continuing involvement with these properties. The gain on sale of real estate is included in gain on disposition of real estate, net in the consolidated statements of operations. 2016 Property Acquisitions During the six months ended June 30, 2016 , the Company acquired eight commercial properties for an aggregate purchase price of $99.9 million (the “ 2016 Acquisitions”). The 2016 Acquisitions were accounted for as business combinations. The Company funded the 2016 Acquisitions with net proceeds from the Initial DRIP Offering, net cash provided by operations 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 allocations for acquisitions purchased during the six months ended June 30, 2016 (in thousands): 2016 Acquisitions Land $ 23,448 Buildings, fixtures and improvements 67,821 Acquired in-place leases (1) 8,983 Acquired above-market leases (2) 2,013 Intangible lease liabilities (3) (2,324 ) Total purchase price $ 99,941 ____________________________________ (1) The weighted average amortization period for acquired in-place leases is 7.3 years for the 2016 Acquisitions. (2) The weighted average amortization period for acquired above-market leases is 5.8 years for the 2016 Acquisitions. (3) The weighted average amortization period for acquired intangible lease liabilities is 6.3 years for the 2016 Acquisitions. The Company recorded revenue for the three and six months ended June 30, 2016 of $1.3 million and $1.9 million , respectively, and a net loss for the three and six months ended June 30, 2016 of $1.6 million and $1.8 million , respectively, related to the 2016 Acquisitions. The following information summarizes selected financial information of the Company as if all of the 2016 Acquisitions were completed on January 1, 2015 for each period presented below. The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the three and six months ended June 30, 2016 and 2015 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Pro forma basis: Revenue $ 101,940 $ 92,875 $ 203,887 $ 181,170 Net income $ 19,335 $ 13,664 $ 37,620 $ 27,258 The pro forma information for the three and six months ended June 30, 2016 was adjusted to exclude $1.8 million and $2.2 million , respectively, of acquisition-related fees and expenses recorded during the three and six months ended June 30, 2016 . Accordingly, these costs were instead recognized in the pro forma information for the three and six months ended June 30, 2015 . The pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2015 , nor does it purport to represent the results of future operations. 2016 Property Dispositions During the six months ended June 30, 2016 , the Company disposed of two retail properties for an aggregate gross sales price of $10.2 million , resulting in proceeds of $9.9 million after closing costs and a gain of $114,000 . No disposition fees were paid to CR IV Advisors or its affiliates in connection with the sale of the properties and the Company has no continuing involvement with these properties. The gain on sale of real estate is included in gain on disposition of real estate, net in the consolidated statements of operations. Consolidated Joint Venture As of June 30, 2017 , the Company had an interest in a Consolidated Joint Venture that owns and manages nine properties, with total assets of $53.1 million , which included $52.5 million of real estate assets, net of accumulated depreciation and amortization of $4.4 million , and total liabilities of $745,000 . The Consolidated Joint Venture does not have any debt outstanding as of June 30, 2017 . The Company has the ability to control operating and financial policies of the Consolidated Joint Venture. There are restrictions on the use of these assets as the Company would generally be required to obtain the partner’s (the “Consolidated Joint Venture Partner”) approval in accordance with the joint venture agreement for any major transactions. The Company and the Consolidated Joint Venture Partner are subject to the provisions of the joint venture agreement, which includes provisions for when additional contributions may be required to fund certain cash shortfalls.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES In the normal course of business, the Company uses certain types of derivative instruments for the purpose of managing or hedging its interest rate risk. As of June 30, 2017 , the Company had 12 executed interest rate swap agreements. The following table summarizes the terms of the Company’s 11 interest rate swap agreements designated as hedging instruments effective as of June 30, 2017 and December 31, 2016 (dollar amounts in thousands): Outstanding Notional Fair Value of Assets and (Liabilities) Balance Sheet Amount as of Interest Effective Maturity June 30, December 31, Location June 30, 2017 Rates (1) Dates Dates 2017 2016 Interest Rate Swaps Derivative assets, prepaid expenses, revenue bonds and other assets $ 690,066 2.55% to 3.91% 6/30/2015 to 9/1/2016 8/15/2018 to 7/1/2021 $ 3,137 $ 2,327 Interest Rate Swaps Deferred rental income, derivative liabilities and other liabilities $ 338,737 3.46% to 4.75% 6/24/2013 to 8/23/2013 6/24/2018 to 8/24/2020 $ (1,400 ) $ (3,351 ) ____________________________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of June 30, 2017 . During the six months ended June 30, 2017 , the Company entered into one interest rate swap agreement associated with a $811.7 million notional amount, effective on August 15, 2018. The following table summarizes the terms of this interest rate swap agreement designated as a hedging instrument as of June 30, 2017 and December 31, 2016 (dollar amounts in thousands): Outstanding Notional Fair Value of Liability Balance Sheet Amount as of Interest Effective Maturity June 30, December 31, Location June 30, 2017 Rate (1) Date Date 2017 2016 Interest Rate Swap Deferred rental income, derivative liabilities and other liabilities $ 811,666 3.77 % 8/15/2018 3/15/2021 $ (2,525 ) $ — ____________________________________ (1) The interest rate consists of the underlying index swapped to a fixed rate and the applicable interest rate spread as of June 30, 2017 . Additional disclosures related to the fair value of the Company’s derivative instruments are included in Note 3 — Fair Value Measurements. The notional amount under the interest rate swap agreements is an indication of the extent of the Company’s involvement in each instrument, but does not represent exposure to credit, interest rate or market risks. Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company designated the interest rate swaps as cash flow hedges in order to hedge the variability of the anticipated cash flows on its variable rate debt. The change in fair value of the effective portion of the derivative instruments that are designated as hedges is recorded in other comprehensive income (loss), with a portion of the amount subsequently reclassified to interest expense as interest payments are made on the Company’s variable rate debt. For the three months ended June 30, 2017 and 2016 , the amounts reclassified were $1.0 million and $2.3 million , respectively, and for the six months ended June 30, 2017 and 2016 , the amounts reclassified were $2.4 million and $4.6 million , respectively. During the next 12 months, the Company estimates that an additional $232,000 will be reclassified from other comprehensive income (loss) as an increase to interest expense. Any ineffective portion of the change in fair value of the derivative instruments is recorded in interest expense. During the six months ended June 30, 2017 , $100,000 of the change in the fair value of the interest rate swaps was considered ineffective. There were no portions of the change in the fair value of the interest rate swaps that were considered ineffective during the six months ended June 30, 2016 . The Company has agreements with each of its derivative counterparties that contain provisions whereby if the Company defaults on certain of its unsecured indebtedness, the Company could also be declared in default on its derivative obligations, resulting in an acceleration of payment. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value, inclusive of interest payments, of $4.3 million at June 30, 2017 . In addition, the Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company believes it mitigates its credit risk by entering into agreements with creditworthy counterparties. The Company records credit risk valuation adjustments on its interest rate swaps based on the credit quality of the Company and the respective counterparty. There were no termination events or events of default related to the interest rate swaps as of June 30, 2017 .

Notes Payable And Credit Facili

Notes Payable And Credit Facility	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
NOTES PAYABLE AND CREDIT FACILITY	NOTES PAYABLE AND CREDIT FACILITY As of June 30, 2017 , the Company had $2.4 billion of debt outstanding, including net deferred financing costs, with weighted average years to maturity of 4.7 years and a weighted average interest rate of 3.5% . The weighted average years to maturity is computed using the scheduled repayment date as specified in each loan agreement where applicable. The weighted average interest rate is computed using the interest rate in effect until the scheduled repayment date. Should a loan not be repaid by its scheduled repayment date, the applicable interest rate will increase as specified in the respective loan agreement. The following table summarizes the debt balances as of June 30, 2017 and December 31, 2016 , and the debt activity for the six months ended June 30, 2017 (in thousands): During the Six Months Ended June 30, 2017 Balance as of December 31, 2016 Debt Issuances & Assumptions (1) Repayments and Modifications Accretion and (Amortization) Balance as of Fixed rate debt $ 1,164,622 $ 53,206 $ (224 ) $ — $ 1,217,604 Variable rate debt 53,500 — — — 53,500 Credit facility 1,039,666 1,330,500 (1,200,166 ) — 1,170,000 Total debt 2,257,788 1,383,706 (1,200,390 ) — 2,441,104 Net premiums (2) 506 — — (43 ) 463 Deferred costs (3) (12,035 ) (10,078 ) 503 (4 ) 1,793 (19,817 ) Total debt, net $ 2,246,259 $ 1,373,628 $ (1,199,887 ) $ 1,750 $ 2,421,750 ____________________________________ (1) Includes deferred financing costs incurred during the period. (2) Net premiums on mortgage notes payable were recorded upon the assumption of the respective debt instruments. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective debt instruments using the effective-interest method. (3) Deferred costs relate to mortgage notes payable and the term portion of the credit facility. (4) Represents deferred financing costs of the term portion of the credit facility written off during the period resulting from the Second Amended and Restated Credit Agreement, as defined below. As of June 30, 2017 , the fixed rate debt outstanding of $1.2 billion included $217.1 million of variable rate debt that is fixed through interest rate swap agreements, which has the effect of fixing the variable interest rates per annum through the maturity date of the variable rate debt. The fixed rate debt has interest rates ranging from 2.6% to 5.0% per annum. The fixed rate debt outstanding matures on various dates from June 2018 through October 2025 . The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the fixed rate debt outstanding was $2.2 billion as of June 30, 2017 . 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 June 30, 2017 , the variable rate debt outstanding of $53.5 million had a weighted average interest rate of 3.7% . The variable rate debt outstanding matures on various dates from February 2018 to February 2020 . With respect to the Company’s $57.2 million of debt maturing within the next year, the Company expects to use borrowings available under the Credit Facility (as defined below) or enter into new financing arrangements in order to meet its debt obligations. 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 June 30, 2017 . During the six months ended June 30, 2017 , the Company entered into a second amended and restated unsecured credit agreement (the “Second Amended and Restated Credit Agreement”) with JPMorgan Chase Bank, N.A. as administrative agent (“JPMorgan Chase”) that provides for borrowings of up to $1.40 billion , which includes a $1.05 billion unsecured term loan (the “Term Loan”) and up to $350.0 million in unsecured revolving loans (the “Revolving Loans” and collectively, with the Term Loan, the “Credit Facility”). The Term Loan matures on March 15, 2022 and the Revolving Loans mature on March 15, 2021 ; however, the Company has the right to extend the maturity date of the Revolving Loans to March 15, 2022. Depending upon the type of loan specified and overall leverage ratio, the Credit Facility bears interest at (i) the one-month, two-month, three-month or six-month London Interbank Offered Rate (“LIBOR”) multiplied by the statutory reserve rate (the “Eurodollar Rate”) plus an interest rate spread ranging from 1.65% to 2.25% or (ii) a base rate, ranging from 0.65% to 1.25% , plus the greater of: (a) JPMorgan Chase’s Prime Rate; (b) the Federal Funds Effective Rate (as defined in the Second Amended and Restated Credit Agreement) plus 0.50% ; or (c) the one-month LIBOR multiplied by the statutory reserve rate plus 1.00% . As of June 30, 2017 , the Revolving Loans outstanding totaled $120.0 million at a weighted average interest rate of 2.9% . As of June 30, 2017 , the Term Loan outstanding totaled $1.05 billion , $811.7 million of which is subject to interest rate swap agreements (the “Swapped Term Loan”). The interest rate swap agreements had the effect of fixing the Eurodollar Rate per annum of the Swapped Term Loan. As of June 30, 2017 , the weighted average all-in rate for the Swapped Term Loan was 3.2% . As of June 30, 2017 , the Company had $1.17 billion outstanding under the Credit Facility at a weighted average interest rate of 3.1% and $229.4 million in unused capacity, subject to borrowing availability. The Second 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 Second Amended and Restated Credit Agreement requires the Company to maintain a minimum consolidated net worth greater than or equal to the sum of (i) $2.0 billion plus (ii) 75% of the issuance of equity from the date of the Second 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 equal to or less than 60% , an unsecured debt service coverage ratio equal to or greater than 1.75 , a secured debt ratio equal to or less than 40% and the amount of secured debt that is recourse debt at no greater than 15% of total asset value. The Company believes it was in compliance with the financial covenants under the Second Amended and Restated Credit Agreement, as well as the financial covenants under the Company’s various fixed and variable rate debt agreements, as of June 30, 2017 .

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	6 Months Ended
	Jun. 30, 2017
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW DISCLOSURES	SUPPLEMENTAL CASH FLOW DISCLOSURES Supplemental cash flow disclosures for the six months ended June 30, 2017 and 2016 are as follows (in thousands): Six Months Ended June 30, 2017 2016 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Distributions declared and unpaid $ 16,003 $ 15,971 Accrued capital expenditures $ 605 $ 309 Common stock issued through distribution reinvestment plan $ 51,673 $ 55,100 Change in fair value of interest rate swaps $ 136 $ (12,699 ) Supplemental Cash Flow Disclosures: Interest paid $ 41,178 $ 35,413

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation In the ordinary course of business, the Company may become subject to litigation and claims. The Company is not aware of any material pending legal proceedings, other than ordinary routine litigation incidental to the Company’s business, to which the Company is a party or of which the Company’s properties are the subject. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. In addition, the Company may own or acquire certain properties that are subject to environmental remediation. Generally, the seller of the property, the tenant of the property and/or another third party is responsible for environmental remediation costs related to a property. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify the Company against future remediation costs. The Company also carries environmental liability insurance on its properties that provides limited coverage for any remediation liability and/or pollution liability for third-party bodily injury and/or property damage claims for which the Company may be liable. The Company is not aware of any environmental matters which it believes are reasonably likely to have a material effect on its results of operations, financial condition or liquidity.

Related-Party Transactions and

Related-Party Transactions and Arrangements	6 Months Ended
	Jun. 30, 2017
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 Offerings and the acquisition, management and disposition of its assets. Acquisition fees and expenses The Company pays CR IV Advisors or its affiliates 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. In addition, the Company reimburses CR IV Advisors or its affiliates 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, unless otherwise approved by a majority of the Board, including a majority of the Company’s independent directors, as commercially competitive, fair and reasonable to the Company. Advisory fees and expenses The Company pays CR IV Advisors a monthly advisory fee based upon the Company’s monthly average invested assets, which, effective January 1, 2017, is based on the estimated market value of such assets used to determine the Company’s estimated per share NAV as of December 31, 2016, as discussed in Note 1 — Organization and Business, and for those assets acquired subsequent to December 31, 2016, is based on the purchase price. The monthly advisory fee is equal to the following amounts: (1) an annualized rate of 0.75% paid on the Company’s average invested assets that are between $0 and $2.0 billion ; (2) an annualized rate of 0.70% paid on the Company’s average invested assets that are between $2.0 billion and $4.0 billion ; and (3) an annualized rate of 0.65% paid on the Company’s average invested assets that are over $4.0 billion . Operating expenses 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 the 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 excluding 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 CR IV Advisors or its affiliates for the salaries and benefits paid to personnel in connection with the services for which CR IV Advisors receives acquisition fees, and the Company will not reimburse CR IV Advisors for salaries and benefits paid to the Company’s executive officers. Disposition fees 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 one or more properties (or the Company’s entire portfolio), the Company will pay CR IV Advisors or its affiliates a disposition fee in an amount equal to up to one-half of the real estate or brokerage commission paid by the Company to third parties on the sale of such property, not to exceed 1.0% of the contract price of the property sold; provided, however, in no event may the total disposition fees paid to CR IV Advisors, its affiliates and 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. During the three and six months ended June 30, 2017 and 2016 , no disposition fees were incurred for any such services provided by CR IV Advisors or its affiliates. Subordinated performance fees 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, from regular distributions plus special distributions paid from proceeds of such sale, 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 the three and six months ended June 30, 2017 and 2016 , no subordinated performance fees were incurred related to any such events. 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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Acquisition fees and expenses $ 2,686 $ 1,052 $ 3,998 $ 2,355 Advisory fees and expenses $ 10,903 $ 10,325 $ 21,714 $ 20,513 Operating expenses $ 1,096 $ 1,021 $ 2,423 $ 2,014 Of the amounts shown above, $1.3 million and $4.3 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 six months ended June 30, 2017 and 2016 , respectively, and such amounts were recorded as liabilities of the Company as of such dates. Due to/from Affiliates As of June 30, 2017 and December 31, 2016 , $1.3 million and $5.3 million , respectively, had been incurred primarily for advisory and operating expenses by CR IV Advisors or its affiliates, but had not yet been reimbursed by the Company. These amounts were included in due to affiliates in the condensed consolidated unaudited balance sheets as of such periods. As of June 30, 2017 and December 31, 2016 , $1,000 and $58,000 , respectively, were due from CR IV Advisors or its affiliates related to amounts received by affiliates of the advisor which were due to the Company.

Economic Dependency

Economic Dependency	6 Months Ended
	Jun. 30, 2017
Economic Dependency [Abstract]
ECONOMIC DEPENDENCY	ECONOMIC DEPENDENCY Under various agreements, the Company has engaged and may in the future engage CR IV Advisors or its affiliates to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, 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 or its affiliates. In the event that these companies are unable to provide the Company with these services, the Company would be required to find alternative providers of these services.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The following events occurred subsequent to June 30, 2017 : Redemption of Shares of Common Stock Subsequent to June 30, 2017 , the Company redeemed approximately 2.5 million shares pursuant to the Company’s share redemption program for $25.6 million (at an average price per share of $10.08 ). Management, in its discretion, limited the amount of shares redeemed for the three months ended June 30, 2017 to shares issued in the DRIP Offerings during the respective period. The remaining redemption requests totaling approximately 7.8 million shares went unfulfilled. Investment in Real Estate Assets Subsequent to June 30, 2017 , the Company acquired one commercial real estate property for a purchase price of $4.2 million . The Company has not completed its initial purchase price allocation with respect to this property and therefore cannot provide similar disclosures to those included in Note 4 — Real Estate Investments in these condensed consolidated unaudited financial statements for this property. Property Disposition Subsequent to June 30, 2017 , the Company disposed of one commercial real estate property for a gross sales price of $2.9 million , resulting in proceeds of $2.8 million after closing costs and a gain of $465,000 . No disposition fees were paid to CR IV Advisors or its affiliates in connection with the sale of the property and the Company has no continuing involvement with this property.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Accounting	The summary of significant accounting policies presented below is designed to assist in understanding the Company’s condensed consolidated unaudited financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”), in all material respects, and have been consistently applied in preparing the accompanying condensed consolidated unaudited financial statements.
Principles of Consolidation and Basis of Presentation	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 GAAP for complete financial statements. In the opinion of management, the statements for the interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for such periods. Results for these interim periods are not necessarily indicative of full year results. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2016 , and related notes thereto, set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . The condensed consolidated unaudited financial statements should also be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this Quarterly Report on Form 10-Q. The condensed consolidated unaudited financial statements include the accounts of the Company, its wholly-owned subsidiaries and the Consolidated Joint Venture in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. The Company evaluates its relationships and investments to determine if it has variable interests. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. If the Company determines that it has a variable interest in an entity, it evaluates whether such interest is in a variable interest entity (“VIE”). VIEs are entities where investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or where equity investors, as a group, lack one of the following characteristics: (a) the power to direct the activities that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of the entity, or (c) the right to receive the expected returns of the entity. The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations. For legal entities being evaluated for consolidation, the Company must first determine whether the interests that it holds and fees it receives qualify as variable interests in the entity. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. The Company’s evaluation includes consideration of fees paid to the Company where the Company acts as a decision maker or service provider to the entity being evaluated. If the Company determines that it holds a variable interest in an entity, it evaluates whether that entity is a VIE. A VIE must be consolidated by its primary beneficiary, which is generally defined as the party who has a controlling financial interest in the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance and its obligation to absorb losses from or right to receive benefits of the VIE that could potentially be significant to the VIE. The Company consolidates any VIEs when the Company is determined to be the primary beneficiary of the VIE, and the difference between consolidating the VIE and accounting for it using the equity method could be material to the Company’s consolidated financial statements. The Company continually evaluates the need to consolidate any VIEs based on standards set forth in GAAP as described above. As of June 30, 2017 and December 31, 2016 , the Company determined that it had a controlling interest in the Consolidated Joint Venture and therefore met the GAAP requirements for consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated unaudited financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Real Estate Investments, Recoverability of Real Estate Assets, and Assets Held for Sale	Real Estate Investments Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the costs of acquisition, including acquisition-related fees and certain 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 costs are expensed as incurred. In April 2017, the Company early adopted Accounting Standards Update (“ASU”) No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”), which clarifies the definition of a business by adding guidance to assist entities in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company’s acquisitions qualify as asset acquisitions, and as such, acquisition-related fees and certain acquisition-related expenses related to these asset acquisitions are capitalized. Prior to the adoption of ASU 2017-01, all acquisition-related fees and expenses were expensed as incurred. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Site improvements 15 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term Recoverability of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to, bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, rental concessions and other factors, a significant decrease in a property’s revenues due to lease terminations, vacancies, co-tenancy clauses, reduced lease rates or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value is determined using a discounted cash flow analysis and recent comparable sales transactions. No impairment losses were recorded during the six months ended June 30, 2017 or 2016 after the Company assessed the recoverability of its assets. Assets Held for Sale When a real estate asset is identified by the Company as held for sale, the Company will cease depreciation and amortization of the assets related to the property and estimate the fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount would be recorded to reflect the estimated fair value of the property, net of selling costs.
Allocation of Purchase Price of Real Estate Assets	Allocation of Purchase Price of Real Estate Assets Upon the acquisition of real properties, the Company allocates the purchase price, including acquisition-related fees and certain acquisition-related expenses after the adoption of ASU 2017-01, to acquired tangible assets, consisting of land, buildings and improvements, and to identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place leases, based in each case on their respective fair values. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations.
Investment in Held-to-Maturity Securities	Investment in Held-to-Maturity Securities The Company has investments classified as held-to-maturity securities, which consist of revenue bonds acquired in connection with the purchase of an anchored shopping center. The bonds have a 9.0% interest rate and mature on November 1, 2044. As of June 30, 2017 , the Company classified these investments as held-to-maturity as the Company has the intent and ability to hold the securities to maturity. These investments are initially recognized in derivative assets, prepaid expenses, revenue bonds and other assets on the condensed consolidated unaudited balance sheets and are subsequently measured using amortized cost. The Company’s investments in revenue bonds are reviewed for impairment, including the evaluation of changes in events or circumstances that may indicate that the carrying amount of the investment may not be recoverable. Realization is dependent on a number of factors, including investment performance, market conditions and payment structure. The Company will record an impairment charge if it is determined that a decline in the value of the investment below its carrying amount is other than temporary, recovery of its cost basis is uncertain, and/or it is uncertain if the investment will be held to maturity. The analysis of determining whether the impairment of a security is deemed to be other-than-temporary requires significant judgments and assumptions. The use of alternative judgments and assumptions could result in a different conclusion.
Redeemable Noncontrolling Interest in Consolidated Joint Venture	Redeemable Noncontrolling 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 (the “Option”), which became effective on June 27, 2016 , whereby the Company will be required to purchase the ownership interest of the joint venture partner at fair market value. As of June 30, 2017 , the Option has not been exercised. The Company determined it had a controlling interest in the Consolidated Joint Venture and, therefore, met the GAAP requirements for consolidation. The Company recorded net income of $66,000 and paid distributions of $142,000 related to the noncontrolling interest during the six months ended June 30, 2017 . The Company recorded the noncontrolling interest of $2.5 million as temporary equity in the mezzanine section of the condensed consolidated unaudited balance sheets, due to the redemption option existing outside the control of the Company.
Restricted Cash	Restricted Cash The Company had $9.7 million and $8.0 million in restricted cash as of June 30, 2017 and December 31, 2016 , respectively. Included in restricted cash was $4.1 million and $4.0 million held by lenders in lockbox accounts as of June 30, 2017 and December 31, 2016 , 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 disbursed to the Company. Also included in restricted cash was $5.6 million and $4.0 million held by lenders in escrow accounts for real estate taxes and other lender reserves for certain properties, in accordance with the associated lender’s loan agreement, as of June 30, 2017 and December 31, 2016 , respectively.
Revenue Recognition	Revenue Recognition Certain properties have leases where minimum rental payments increase during the term of the lease. The Company records rental income for the full term of each lease on a straight-line basis when earned and collectability is reasonably assured. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. The Company defers the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Expected reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursement income in the period when such costs are incurred. The Company continually reviews receivables related to rent, including any straight-line rent, and current and future operating expense reimbursements from tenants 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 uncertain, the Company will record an increase in the allowance for uncollectible accounts.
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by various standard setting bodies that may have an impact on the Company’s accounting and reporting. Except as otherwise stated below, the Company is currently evaluating the effect that certain of these new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s condensed consolidated unaudited financial statements: In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which supersedes the revenue recognition requirements in Revenue Recognition, Accounting Standards Codification (“ASC”) (Topic 605) and will require an entity to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public business entities, the guidance should be applied to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. The Company is currently assessing the adoption methodology. Once ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which, as discussed below, sets forth principles for the recognition, measurement, presentation and disclosure of leases, goes into effect, ASU 2014-09 may apply to non-lease components in the lease agreements. In February 2016, the FASB issued ASU 2016-02, which will require that a lessee recognize assets and liabilities on the balance sheet for all leases with a lease term of more than 12 months, with the result being the recognition of a right of use asset and a lease liability and the disclosure of key information about the entity’s leasing arrangements. The lessor accounting model under ASU 2016-02 is similar to current guidance; however it limits the capitalization of initial direct leasing costs, such as internally generated costs. ASU 2016-02 retains a distinction between finance leases ( i.e., capital leases under current GAAP) and operating leases. The classification criteria for distinguishing between finance leases and operating leases will be substantially similar to the classification criteria for distinguishing between capital leases and operating leases under current GAAP. The amendments in ASU 2016-02 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. A modified retrospective approach is required for existing leases that have not expired upon adoption. The Company’s implementation team has developed an inventory of all leases and is identifying any non-lease components in the lease agreements and is evaluating the impact to the Company, both as lessor and lessee, and its consolidated financial statements. ASU No. 2016-01, Financial Instruments (Subtopic 825-10) — The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). The amendments in this update also require an entity to present separately in other comprehensive income (loss) the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the consolidated balance sheets or the accompanying notes to the consolidated financial statements. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) (“ASU 2016-13”). ASU 2016-13 is intended to improve financial reporting requiring more timely recognition of credit losses on loans and other financial instruments that are not accounted for at fair value through net income, including loans held for investment, held-to-maturity debt securities, trade and other receivables, net investment in leases and other such commitments. ASU 2016-13 requires that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The amendments in ASU 2016-13 require the Company to measure all expected credit losses based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets and eliminates the “incurred loss” methodology under current GAAP. ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2018. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which is intended to address diversity in practice related to how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted, and requires retrospective adoption unless it is impracticable to apply, in which case it is to be applied prospectively as of the earliest date practicable. The Company plans to adopt ASU 2016-15 during the fourth quarter of fiscal year 2017. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”), which provides guidance on the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. In accordance with ASU 2016-18, restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the statements of cash flows. The amendments of ASU 2016-18 are effective for reporting periods beginning after December 15, 2017, with early adoption permitted. The Company plans to adopt ASU 2016-18 during the fourth quarter of 2017 and apply the standard retrospectively for all periods presented. The Company does not expect it will have a material impact on its consolidated financial statements. In February 2017, the FASB issued ASU No. 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”), which clarifies the following: (1) nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty; (2) an entity should allocate consideration to each distinct asset by applying the guidance in Topic 606 on allocating the transaction price to performance obligations; and (3) requires entities to derecognize a distinct nonfinancial asset or distinct in substance nonfinancial asset in a partial sale transaction when it (a) does not have (or ceases to have) a controlling financial interest in the legal entity that holds the asset in accordance with Subtopic 810 and (b) transfers control of the asset in accordance with Topic 606. The adoption of this standard may result in higher gains on the sale of partial real estate interests, including contributions of nonfinancial assets to a joint venture or other noncontrolling investee, due to recognizing the full gain when the derecognition criteria are met and recording the retained noncontrolling interest at its fair value. ASU 2017-05 is effective for annual periods, and interim periods therein, beginning after December 15, 2017. Early adoption is permitted.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2017
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 Site improvements 15 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2017
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 assets and liabilities that are required to be measured at fair value on a recurring basis as of June 30, 2017 and December 31, 2016 (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 assets: Interest rate swaps $ 3,137 $ — $ 3,137 $ — Total financial assets $ 3,137 $ — $ 3,137 $ — Financial liabilities: Interest rate swaps $ (3,925 ) $ — $ (3,925 ) $ — Contingent consideration (87 ) — — (87 ) Total financial liabilities $ (4,012 ) $ — $ (3,925 ) $ (87 ) 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 assets: Interest rate swaps $ 2,327 $ — $ 2,327 $ — Total financial assets $ 2,327 $ — $ 2,327 $ — Financial liabilities: Interest rate swaps $ (3,351 ) $ — $ (3,351 ) $ — Contingent consideration (337 ) — — (337 ) Total financial liabilities $ (3,688 ) $ — $ (3,351 ) $ (337 )
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following are reconciliations of the changes in financial assets and liabilities with Level 3 inputs in the fair value hierarchy for the six months ended June 30, 2017 and 2016 (in thousands): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Beginning Balance, December 31, 2016 $ (337 ) Purchases and fair value adjustments: Purchases 2,081 Fair value adjustments 250 Ending Balance, June 30, 2017 $ 1,994 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Beginning Balance, December 31, 2015 $ (4,538 ) Purchases and fair value adjustments: Purchases — Fair value adjustments 1,347 Ending Balance, June 30, 2016 $ (3,191 )

Real Estate Investments (Tables

Real Estate Investments (Tables)	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Schedule of Real Estate Properties [Table Text Block]	The following table summarizes the consideration transferred for the properties purchased during the six months ended June 30, 2017 (in thousands): 2017 Acquisitions Investments in real estate: Purchase price of asset acquisitions $ 131,281 Purchase price of business combinations 55,386 Total purchase price of real estate investments acquired (1) $ 186,667 ______________________ (1) The weighted average amortization period for the 2017 Acquisitions is 12.3 years for acquired in-place leases, 13.6 years for acquired above-market leases and 8.2 years for acquired intangible lease liabilities.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary purchase price allocations for the 2017 Business Combination Acquisitions purchased during the six months ended June 30, 2017 (in thousands): 2017 Business Combination Acquisitions Land $ 9,983 Buildings, fixtures and improvements 41,886 Acquired in-place leases 5,186 Acquired above-market leases 998 Intangible lease liabilities (2,667 ) Total purchase price $ 55,386 The following table summarizes the purchase price allocation for the 2017 Asset Acquisitions purchased during the six months ended June 30, 2017 (in thousands): 2017 Asset Acquisitions Land $ 14,382 Buildings, fixtures and improvements 100,711 Acquired in-place leases 13,799 Acquired above-market leases 3,531 Revenue bonds 2,081 Intangible lease liabilities (3,223 ) Total purchase price $ 131,281 The following table summarizes the purchase price allocations for acquisitions purchased during the six months ended June 30, 2016 (in thousands): 2016 Acquisitions Land $ 23,448 Buildings, fixtures and improvements 67,821 Acquired in-place leases (1) 8,983 Acquired above-market leases (2) 2,013 Intangible lease liabilities (3) (2,324 ) Total purchase price $ 99,941 ____________________________________ (1) The weighted average amortization period for acquired in-place leases is 7.3 years for the 2016 Acquisitions. (2) The weighted average amortization period for acquired above-market leases is 5.8 years for the 2016 Acquisitions. (3) The weighted average amortization period for acquired intangible lease liabilities is 6.3 years for the 2016 Acquisitions.
Business Acquisition, Pro Forma Information	The following information summarizes selected financial information of the Company as if all of the 2017 Business Combination Acquisitions were completed on January 1, 2016 for each period presented below. The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the three and six months ended June 30, 2017 and 2016 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Pro forma basis: Revenue $ 104,504 $ 101,918 $ 209,595 $ 203,724 Net income $ 18,075 $ 19,324 $ 35,378 $ 38,366 The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the three and six months ended June 30, 2016 and 2015 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Pro forma basis: Revenue $ 101,940 $ 92,875 $ 203,887 $ 181,170 Net income $ 19,335 $ 13,664 $ 37,620 $ 27,258

Derivative Instruments and He23

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table summarizes the terms of the Company’s 11 interest rate swap agreements designated as hedging instruments effective as of June 30, 2017 and December 31, 2016 (dollar amounts in thousands): Outstanding Notional Fair Value of Assets and (Liabilities) Balance Sheet Amount as of Interest Effective Maturity June 30, December 31, Location June 30, 2017 Rates (1) Dates Dates 2017 2016 Interest Rate Swaps Derivative assets, prepaid expenses, revenue bonds and other assets $ 690,066 2.55% to 3.91% 6/30/2015 to 9/1/2016 8/15/2018 to 7/1/2021 $ 3,137 $ 2,327 Interest Rate Swaps Deferred rental income, derivative liabilities and other liabilities $ 338,737 3.46% to 4.75% 6/24/2013 to 8/23/2013 6/24/2018 to 8/24/2020 $ (1,400 ) $ (3,351 ) ____________________________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of June 30, 2017 . During the six months ended June 30, 2017 , the Company entered into one interest rate swap agreement associated with a $811.7 million notional amount, effective on August 15, 2018. The following table summarizes the terms of this interest rate swap agreement designated as a hedging instrument as of June 30, 2017 and December 31, 2016 (dollar amounts in thousands): Outstanding Notional Fair Value of Liability Balance Sheet Amount as of Interest Effective Maturity June 30, December 31, Location June 30, 2017 Rate (1) Date Date 2017 2016 Interest Rate Swap Deferred rental income, derivative liabilities and other liabilities $ 811,666 3.77 % 8/15/2018 3/15/2021 $ (2,525 ) $ — ____________________________________ (1) The interest rate consists of the underlying index swapped to a fixed rate and the applicable interest rate spread as of June 30, 2017 .

Notes Payable And Credit Faci24

Notes Payable And Credit Facility (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the debt balances as of June 30, 2017 and December 31, 2016 , and the debt activity for the six months ended June 30, 2017 (in thousands): During the Six Months Ended June 30, 2017 Balance as of December 31, 2016 Debt Issuances & Assumptions (1) Repayments and Modifications Accretion and (Amortization) Balance as of Fixed rate debt $ 1,164,622 $ 53,206 $ (224 ) $ — $ 1,217,604 Variable rate debt 53,500 — — — 53,500 Credit facility 1,039,666 1,330,500 (1,200,166 ) — 1,170,000 Total debt 2,257,788 1,383,706 (1,200,390 ) — 2,441,104 Net premiums (2) 506 — — (43 ) 463 Deferred costs (3) (12,035 ) (10,078 ) 503 (4 ) 1,793 (19,817 ) Total debt, net $ 2,246,259 $ 1,373,628 $ (1,199,887 ) $ 1,750 $ 2,421,750 ____________________________________ (1) Includes deferred financing costs incurred during the period. (2) Net premiums on mortgage notes payable were recorded upon the assumption of the respective debt instruments. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective debt instruments using the effective-interest method. (3) Deferred costs relate to mortgage notes payable and the term portion of the credit facility. (4) Represents deferred financing costs of the term portion of the credit facility written off during the period resulting from the Second Amended and Restated Credit Agreement, as defined below.

Supplemental Cash Flow Disclo25

Supplemental Cash Flow Disclosures (Tables)	6 Months Ended
	Jun. 30, 2017
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Supplemental cash flow disclosures for the six months ended June 30, 2017 and 2016 are as follows (in thousands): Six Months Ended June 30, 2017 2016 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Distributions declared and unpaid $ 16,003 $ 15,971 Accrued capital expenditures $ 605 $ 309 Common stock issued through distribution reinvestment plan $ 51,673 $ 55,100 Change in fair value of interest rate swaps $ 136 $ (12,699 ) Supplemental Cash Flow Disclosures: Interest paid $ 41,178 $ 35,413

Related Party Transactions and

Related Party Transactions and Arrangements (Tables)	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Acquisition fees and expenses $ 2,686 $ 1,052 $ 3,998 $ 2,355 Advisory fees and expenses $ 10,903 $ 10,325 $ 21,714 $ 20,513 Operating expenses $ 1,096 $ 1,021 $ 2,423 $ 2,014

Organization and Business (Deta

Organization and Business (Details) $ / shares in Units, ft² in Millions	Apr. 04, 2014shares	Feb. 18, 2014USD ($)$ / sharesshares	Nov. 25, 2013USD ($)	Jun. 30, 2017USD ($)ft²statespropertyshares	Jun. 30, 2016USD ($)	Dec. 31, 2016$ / sharesshares	Nov. 13, 2016$ / shares	Sep. 30, 2016$ / shares	Aug. 02, 2016USD ($)	Sep. 30, 2015$ / shares	Sep. 27, 2015$ / shares	Dec. 19, 2013USD ($)	Jan. 26, 2012USD ($)
Organization and business [Line Items]
Common stock, shares authorized (shares)				490,000,000		490,000,000
Issuance of common stock | $				$ 51,673,000
Common stock, shares outstanding (shares)				311,684,539		311,817,004
Number of owned properties (property) | property				898
Rentable square feet (sqft) | ft²				27.3
Number of states in which entity owns properties (state) | states				45
Percentage of rentable space leased				98.00%
Consolidated Properties
Organization and business [Line Items]
Number of owned properties (property) | property				9
The Share Redemption Program
Organization and business [Line Items]
Net asset value per share (USD per share) | $ / shares						$ 10.08		$ 9.92
IPO
Organization and business [Line Items]
Common stock, shares authorized, value (maximum) | $													$ 2,975,000,000
Common stock, shares authorized, value reallocated | $		$ 23,000,000	$ 400,000,000
Common stock, shares authorized (shares)		292,300,000
Share price (USD per share) | $ / shares		$ 10									$ 9.70
Issuance of common stock (shares)	297,400,000
Shares subscribed and issued (shares)	292,300,000
Unsold shares deregistered (shares)	404,000
Issuance of common stock | $				$ 3,300,000,000
Net asset value per share (USD per share) | $ / shares								$ 9.92
Common stock, shares outstanding (shares)				334,300,000
Offering costs, selling commissions, and dealer management fees | $				$ 306,000,000
Distribution reinvestment plan
Organization and business [Line Items]
Common stock, shares authorized (shares)		5,500,000
Share price (USD per share) | $ / shares		$ 9.50					$ 9.70			$ 9.50
Shares subscribed and issued (shares)	5,100,000
Common stock shares registered dividend reinvestment plan, value | $									$ 600,000,000			$ 247,000,000
Issuance of common stock | $					$ 241,700,000
Shares deregistered, value | $					$ 5,300,000
Common stock, shares outstanding (shares)				36,000,000
CCPT IV OP
Organization and business [Line Items]
General partner partnership interest percentage				100.00%

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Real Estate Investment) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Real Estate Properties [Line Items]
Impairment of real estate assets	$ 0	$ 0
Real estate held-for-sale	$ 0		$ 0
Building
Real Estate Properties [Line Items]
Acquired real estate asset, useful life	40 years
Site improvements
Real Estate Properties [Line Items]
Acquired real estate asset, useful life	15 years
Held-to-maturity revenue bonds
Real Estate Properties [Line Items]
Stated interest rate (percent)	9.00%

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Redeemable Noncontrolling Interest in Consolidated Joint Venture) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Accounting Policies [Abstract]
Net income allocated to noncontrolling interest	$ 32	$ 33	$ 66	$ 67
Payments to Noncontrolling Interests			142	$ 128
Noncontrolling interest	$ 2,500		$ 2,500

Summary of Significant Accoun30

Summary of Significant Accounting Policies (Restricted Cash) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 9,695	$ 8,040
Restricted cash, held by lenders in lockbox accounts
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	4,100	4,000
Restricted cash, held by lenders in escrow
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 5,600	$ 4,000

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Revenue Recognition) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Allowance for doubtful accounts receivable	$ 983	$ 221

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Significant Other Observable Inputs (Level 2) | Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value disclosure	$ 2,450	$ 2,250
Significant Other Observable Inputs (Level 2) | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value disclosure	$ 2,440	$ 2,260
Significant Unobservable Inputs (Level 3) | Investments | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, discount rate	7.75%
Significant Unobservable Inputs (Level 3) | Investments | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, discount rate	9.00%
Significant Unobservable Inputs (Level 3) | Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revenue bonds	$ 2.1

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - Fair value, measurements, recurring - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	$ 3,137	$ 2,327
Total financial assets	3,137	2,327
Interest rate swaps	(3,925)	(3,351)
Contingent consideration	(87)	(337)
Total financial liabilities	(4,012)	(3,688)
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	0	0
Total financial assets	0	0
Interest rate swaps	0	0
Contingent consideration	0	0
Total financial liabilities	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	3,137	2,327
Total financial assets	3,137	2,327
Interest rate swaps	(3,925)	(3,351)
Contingent consideration	0	0
Total financial liabilities	(3,925)	(3,351)
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	0	0
Total financial assets	0	0
Interest rate swaps	0	0
Contingent consideration	(87)	(337)
Total financial liabilities	$ (87)	$ (337)

Fair Value Measurements (Sche34

Fair Value Measurements (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ (337)	$ (4,538)
Purchases	2,081
Purchases		0
Fair value adjustments	250	1,347
Ending balance		$ (3,191)
Ending Balance	$ 1,994

Real Estate Investments (Narrat

Real Estate Investments (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)property	Jun. 30, 2016USD ($)property
Business Acquisition [Line Items]
Number of properties acquired | property			27
Total purchase price	$ 186,700		$ 186,700
Acquisition costs	163	$ 1,803	$ 1,410	$ 2,175
2017 Acquisitions
Business Acquisition [Line Items]
Number of businesses acquired (property) | property			4
Below market lease, weighted average useful life			8 years 2 months 12 days
Business combination, pro forma information, revenue of acquiree since acquisition date, actual	1,300		$ 2,300
Business combination, pro forma information, earnings (loss) of acquiree since acquisition date, actual	558		(328)
Acquisition costs	25		1,300
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	55,386		55,386
2016 Acquisitions
Business Acquisition [Line Items]
Number of businesses acquired (property) | property				8
Below market lease, weighted average useful life				6 years 3 months 17 days
Purchase price of business combinations				$ 99,900
Business combination, pro forma information, revenue of acquiree since acquisition date, actual		1,300		1,900
Business combination, pro forma information, earnings (loss) of acquiree since acquisition date, actual		(1,600)		(1,800)
Acquisition costs		$ 1,800		$ 2,200
2017 Asset Acquisitions
Business Acquisition [Line Items]
Total purchase price	131,281		$ 131,281
Number of properties acquired | property			23
External acquisition-related expense	$ 3,400		$ 3,400
Acquired in-place leases | 2017 Acquisitions
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life			12 years 3 months 18 days
Acquired in-place leases | 2016 Acquisitions
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life				7 years 3 months 17 days
Acquired above-market leases | 2017 Acquisitions
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life			13 years 7 months 6 days
Acquired above-market leases | 2016 Acquisitions
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life				5 years 9 months 17 days

Real Estate Investments (Purcha

Real Estate Investments (Purchase Price of Real Estate Investment) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Purchase price of asset acquisitions	$ 186,700
Total purchase price of real estate investments acquired	5,102,548	$ 4,923,778
2017 Acquisitions
Business Acquisition [Line Items]
Purchase price of business combinations	55,386
Total purchase price of real estate investments acquired	186,667
2017 Asset Acquisitions
Business Acquisition [Line Items]
Purchase price of asset acquisitions	$ 131,281

Real Estate Investments (Schedu

Real Estate Investments (Schedule of Recognized Identified Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016
Business Acquisition [Line Items]
Land	$ 1,177,839	$ 1,156,417
Total purchase price	186,700
2017 Asset Acquisitions
Business Acquisition [Line Items]
Land	14,382
Buildings, fixtures and improvements	100,711
Acquired in-place leases	13,799
Acquired above-market leases	3,531
Revenue bonds	2,081
Intangible lease liabilities	(3,223)
Total purchase price	131,281
2017 Acquisitions
Business Acquisition, Purchase Price Allocation [Abstract]
Land	9,983
Buildings, fixtures and improvements	41,886
Intangible lease liabilities	(2,667)
Total purchase price	55,386
2016 Acquisitions
Business Acquisition, Purchase Price Allocation [Abstract]
Land			$ 23,448
Buildings, fixtures and improvements			67,821
Intangible lease liabilities			(2,324)
Total purchase price			99,941
Acquired in-place leases | 2017 Acquisitions
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired finite-lived intangible asset - leases, amount	5,186
Acquired in-place leases | 2016 Acquisitions
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired finite-lived intangible asset - leases, amount			8,983
Acquired above-market leases | 2017 Acquisitions
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired finite-lived intangible asset - leases, amount	$ 998
Acquired above-market leases | 2016 Acquisitions
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired finite-lived intangible asset - leases, amount			$ 2,013

Real Estate Investments (Busine

Real Estate Investments (Business Acquisition, Pro Forma Information) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Pro forma basis (unaudited)
Acquisition costs	$ 163	$ 1,803		$ 1,410	$ 2,175
2017 Acquisitions
Pro forma basis (unaudited)
Revenue	104,504	101,918		209,595	203,724
Net income	18,075	19,324		35,378	38,366
Acquisition costs	$ 25			$ 1,300
2016 Acquisitions
Pro forma basis (unaudited)
Revenue		101,940	$ 92,875		203,887	$ 181,170
Net income		19,335	$ 13,664		37,620	$ 27,258
Acquisition costs		$ 1,800			$ 2,200

Real Estate Investments (Proper

Real Estate Investments (Property Dispositions) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)property	Jun. 30, 2016USD ($)property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposition of properties			$ 16,973,000	$ 9,865,000
Gain on dispositions of real estate, net	$ 1,452,000	$ 114,000	$ 1,452,000	$ 114,000
Property Dispositions, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | property			11
Aggregate gross sales price			$ 17,700,000
Proceeds from disposition of properties			17,000,000
Gain on dispositions of real estate, net			1,500,000
Property Dispositions, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | property				2
Aggregate gross sales price				$ 10,200,000
Proceeds from disposition of properties				9,900,000
Gain on dispositions of real estate, net				114,000
Affiliated entity | Disposition fee | Property Dispositions, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposition fees paid			$ 0
Affiliated entity | Disposition fee | Property Dispositions, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposition fees paid				$ 0

Real Estate Investments (Consol

Real Estate Investments (Consolidated Joint Ventures) (Details) $ in Thousands	Jun. 30, 2017USD ($)property	Dec. 31, 2016USD ($)
Business Acquisition [Line Items]
Number of owned properties (property) | property	898
Assets	$ 4,740,631	$ 4,624,335
Real estate investments, at cost	5,102,548	4,923,778
Real estate investment property, accumulated depreciation	461,179	389,768
Liabilities	$ 2,537,366	$ 2,357,566
Consolidated Properties
Business Acquisition [Line Items]
Number of owned properties (property) | property	9
Consolidated Joint Venture
Business Acquisition [Line Items]
Assets	$ 53,100
Real estate investments, at cost	52,500
Real estate investment property, accumulated depreciation	4,400
Liabilities	$ 745
Consolidated Joint Venture | Consolidated Properties
Business Acquisition [Line Items]
Number of owned properties (property) | property	9

Derivative Instruments and He41

Derivative Instruments and Hedging Activities (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)derivative	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)derivative	Jun. 30, 2016USD ($)	Dec. 31, 2016derivative
Derivatives, Fair Value [Line Items]
Amount of loss reclassified from other comprehensive (loss) income into income as interest expense	$ 951,000	$ 2,265,000	$ 2,410,000	$ 4,587,000
Ineffective portion of change in fair value of interest rate swaps			$ 100,000	$ 0
Interest Rate Swap
Derivatives, Fair Value [Line Items]
Number of interest rate derivatives held (derivative) | derivative	12		12
Cash Flow Hedging | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Number of interest rate derivatives held (derivative) | derivative	11		11		11
Number of interest rate swaps entered into (derivative) | derivative			1
Derivative liability, event of default, termination amount	$ 4,300,000		$ 4,300,000
Cash Flow Hedging | Interest Rate Swap | Interest Expense
Derivatives, Fair Value [Line Items]
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months	232,000		232,000
Cash Flow Hedging | Eleven Interest Rate Swaps | Deferred rental income, derivative liabilities and other liabilities
Derivatives, Fair Value [Line Items]
Outstanding Notional Amount	338,737,000		338,737,000
Cash Flow Hedging | One Interest Rate Swap | Deferred rental income, derivative liabilities and other liabilities
Derivatives, Fair Value [Line Items]
Outstanding Notional Amount	$ 811,666,000		$ 811,666,000

Derivative Instruments and He42

Derivative Instruments and Hedging Activities (Schedule of Derivative Instruments) (Details) - Cash Flow Hedging - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Derivative assets, prepaid expenses, revenue bonds and other assets | Eleven Interest Rate Swaps
Derivative [Line Items]
Outstanding Notional Amount	$ 690,066
Fair Value of Assets	$ 3,137	$ 2,327
Derivative assets, prepaid expenses, revenue bonds and other assets | Eleven Interest Rate Swaps | Minimum
Derivative [Line Items]
Derivative, Fixed Interest Rate	2.55%
Derivative assets, prepaid expenses, revenue bonds and other assets | Eleven Interest Rate Swaps | Maximum
Derivative [Line Items]
Derivative, Fixed Interest Rate	3.91%
Deferred rental income, derivative liabilities and other liabilities | Eleven Interest Rate Swaps
Derivative [Line Items]
Outstanding Notional Amount	$ 338,737
Fair Value of Liabilities	$ (1,400)	(3,351)
Deferred rental income, derivative liabilities and other liabilities | Eleven Interest Rate Swaps | Minimum
Derivative [Line Items]
Derivative, Fixed Interest Rate	3.46%
Deferred rental income, derivative liabilities and other liabilities | Eleven Interest Rate Swaps | Maximum
Derivative [Line Items]
Derivative, Fixed Interest Rate	4.75%
Deferred rental income, derivative liabilities and other liabilities | One Interest Rate Swap
Derivative [Line Items]
Outstanding Notional Amount	$ 811,666
Derivative, Fixed Interest Rate	3.77%
Fair Value of Liabilities	$ (2,525)	$ 0

Notes Payable And Credit Faci43

Notes Payable And Credit Facility (Credit Facility) (Details)	6 Months Ended
	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Long-term Debt	$ 2,421,750,000	$ 2,246,259,000
Weighted average years to maturity	4 years 8 months 12 days
Weighted average interest rate (percent)	3.50%
Long-term line of credit	$ 2,421,750,000	$ 2,246,259,000
JPMorgan Chase Bank, N.A. | Line of Credit
Debt Instrument [Line Items]
Weighted average interest rate (percent)	3.10%
Line of credit maximum borrowing capacity	$ 1,400,000,000
Long-term line of credit	1,170,000,000
Line of credit, current borrowing capacity	229,400,000
Line of credit facility, covenant, minimum consolidated net worth	$ 2,000,000,000
Line of credit facility, covenant, minimum consolidated net worth, percentage of equity issuance (percent)	75.00%
Debt instrument, covenant, fixed charge coverage ratio, minimum	1.5
JPMorgan Chase Bank, N.A. | Line of Credit | Federal funds rate plus
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (percent)	0.50%
JPMorgan Chase Bank, N.A. | Line of Credit | One-Month LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (percent)	1.00%
JPMorgan Chase Bank, N.A. | Line of Credit | Term Loan
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	$ 1,050,000,000
Long-term line of credit	$ 1,050,000,000
JPMorgan Chase Bank, N.A. | Line of Credit | Term Loan | Interest Rate Swap | Cash Flow Hedging
Debt Instrument [Line Items]
Weighted average interest rate (percent)	3.20%
Long-term line of credit	$ 811,700,000
JPMorgan Chase Bank, N.A. | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	350,000,000
Long-term line of credit	$ 120,000,000
JPMorgan Chase Bank, N.A. | Line of Credit | Revolving Credit Facility | Interest Rate Swap | Cash Flow Hedging
Debt Instrument [Line Items]
Weighted average interest rate (percent)	2.90%
JPMorgan Chase Bank, N.A. | Line of Credit | Minimum
Debt Instrument [Line Items]
Stated interest rate (percent)	0.65%
Line of credit facility, covenant, unsecured debt service coverage ratio	1.75
JPMorgan Chase Bank, N.A. | Line of Credit | Minimum | Statutory Reserve Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (percent)	1.65%
JPMorgan Chase Bank, N.A. | Line of Credit | Maximum
Debt Instrument [Line Items]
Stated interest rate (percent)	1.25%
Line of credit facility, covenant, leverage ratio (percent)	60.00%
Debt instrument, covenant, unsecured debt to unencumbered asset value ratio (percent)	60.00%
Line of credit facility, covenant, secured debt ratio (percent)	40.00%
Line of credit facility, covenant, recourse debt ratio (percent)	15.00%
JPMorgan Chase Bank, N.A. | Line of Credit | Maximum | Statutory Reserve Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (percent)	2.25%

Notes Payable And Credit Faci44

Notes Payable And Credit Facility (Schedule of Debt) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Short-Term and Long-Term Debt [Roll Forward]
Long-term debt, gross, beginning balance	$ 2,257,788
Net premiums, beginning balance	506
Deferred costs, beginning balance	(12,035)
Long-term debt, beginning balance	2,246,259
Debt issuance & assumptions	1,383,706
Debt issuance and assumptions costs	(10,078)
Repayments and Modifications	(1,200,390)
Repayments and Modifications Deferred Costs	503
Accretion and (Amortization)	(43)
Amortization of financing costs related to revolving credit facility	1,793
Proceeds from debt, net of issuance and assumption costs	1,373,628
Repayments and Modifications, Extinguishment and Assumptions of Debt, Net	(1,199,887)
Accretion and (Amortization)	1,750
Long-term debt, gross, ending balance	2,441,104
Net premiums, ending balance	463
Deferred costs, ending balance	(19,817)
Long-term debt, ending balance	2,421,750
Fixed Rate Debt
Short-Term and Long-Term Debt [Roll Forward]
Long-term debt, gross, beginning balance	1,164,622
Debt issuance & assumptions	53,206
Repayments and Modifications	(224)
Long-term debt, gross, ending balance	1,217,604
Variable Rate Debt
Short-Term and Long-Term Debt [Roll Forward]
Long-term debt, gross, beginning balance	53,500
Debt issuance & assumptions	0
Repayments and Modifications	0
Long-term debt, gross, ending balance	53,500
Line of Credit
Short-Term and Long-Term Debt [Roll Forward]
Long-term debt, gross, beginning balance	1,039,666
Debt issuance & assumptions	1,330,500
Repayments and Modifications	(1,200,166)
Long-term debt, gross, ending balance	$ 1,170,000

Notes Payable And Credit Faci45

Notes Payable And Credit Facility (Fixed Rate Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,441,104	$ 2,257,788
Weighted average interest rate (percent)	3.50%
Debt maturing within the next year	$ 57,200
Fixed Rate Debt
Debt Instrument [Line Items]
Long-term debt, gross	1,217,604	1,164,622
Debt security, amount, aggregate gross real estate assets net of gross intangible lease liabilities	$ 2,200,000
Fixed Rate Debt | Minimum
Debt Instrument [Line Items]
Stated interest rate (percent)	2.60%
Fixed Rate Debt | Maximum
Debt Instrument [Line Items]
Stated interest rate (percent)	5.00%
Variable Rate Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 53,500	$ 53,500
Debt security, amount, aggregate gross real estate assets net of gross intangible lease liabilities	$ 106,800
Weighted average interest rate (percent)	3.70%
Variable Rate Debt | Interest Rate Swap
Debt Instrument [Line Items]
Long-term debt, gross	$ 217,100

Supplemental Cash Flow Disclo46

Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Distributions declared and unpaid	$ 16,003	$ 15,971	$ 16,498
Accrued capital expenditures	605	309
Common stock issued through distribution reinvestment plan	51,673	55,100
Change in fair value of interest rate swaps	136	(12,699)
Supplemental Cash Flow Disclosures:
Interest paid	$ 41,178	$ 35,413

Related Party Transactions an47

Related Party Transactions and Arrangements (Acquisition fees and expenses) (Details) - Advisors - Acquisition fees and expenses - Maximum	Jun. 30, 2017
Related Party Transaction [Line Items]
Acquisition and advisory fee (percent)	2.00%
Acquisition fees and expenses, reimbursement (percent)	6.00%

Related Party Transactions an48

Related Party Transactions and Arrangements (Advisory fees and expenses) (Details)	Jun. 30, 2017USD ($)
Average invested assets between $0 to $2 billion | Minimum
Related Party Transaction [Line Items]
Average invested assets	$ 0
Average invested assets between $0 to $2 billion | Maximum
Related Party Transaction [Line Items]
Average invested assets	2,000,000,000
Average invested assets between $2 billion to $4 billion | Minimum
Related Party Transaction [Line Items]
Average invested assets	2,000,000,000
Average invested assets between $2 billion to $4 billion | Maximum
Related Party Transaction [Line Items]
Average invested assets	4,000,000,000
Average invested assets over $4 billion | Minimum
Related Party Transaction [Line Items]
Average invested assets	$ 4,000,000,000
Advisors | Advisory Fees and Expenses | Average invested assets between $0 to $2 billion
Related Party Transaction [Line Items]
Asset management or advisory fees (percent)	0.75%
Advisors | Advisory Fees and Expenses | Average invested assets between $2 billion to $4 billion
Related Party Transaction [Line Items]
Asset management or advisory fees (percent)	0.70%
Advisors | Advisory Fees and Expenses | Average invested assets over $4 billion
Related Party Transaction [Line Items]
Asset management or advisory fees (percent)	0.65%

Related Party Transactions an49

Related Party Transactions and Arrangements (Operating expenses) (Details) - Advisors - Minimum	Jun. 30, 2017
Related Party Transaction [Line Items]
Operating expense reimbursement percent of average invested assets (percent)	2.00%
Operating expense reimbursement percent of net income (percent)	25.00%

Related Party Transactions an50

Related Party Transactions and Arrangements (Disposition fees) (Details) - Advisors - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Brokerage commission fee | Maximum
Related Party Transaction [Line Items]
Commissions performance and other fees (percent)	50.00%		50.00%
Property sales commission
Related Party Transaction [Line Items]
Commissions performance and other fees (percent)	1.00%		1.00%
Related party transaction, expenses from transactions with related party	$ 0	$ 0	$ 0	$ 0
Property portfolio | Maximum
Related Party Transaction [Line Items]
Commissions performance and other fees (percent)	6.00%		6.00%

Related Party Transactions an51

Related Party Transactions and Arrangements (Subordinated performance fees) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Due to affiliates	$ 1,333,000		$ 1,333,000		$ 5,333,000
Advisors
Related Party Transaction [Line Items]
Cumulative noncompounded annual return (percent)	8.00%		8.00%
Due to affiliates	$ 1,300,000		$ 1,300,000		$ 5,300,000
Advisors | Subordinated performance fees
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 0	$ 0	$ 0	$ 0
Advisors | Subordinate performace fees on event of sale of company
Related Party Transaction [Line Items]
Commissions performance and other fees (percent)	15.00%		15.00%
Advisors | Subordinate performance fees for listing
Related Party Transaction [Line Items]
Commissions performance and other fees (percent)	15.00%		15.00%
Advisors | Acquisition fees and expenses
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 2,686,000	1,052,000	$ 3,998,000	2,355,000
Advisors | Advisory Fees and Expenses
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	10,903,000	10,325,000	21,714,000	20,513,000
Advisors | Operating expenses
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	1,096,000	1,021,000	2,423,000	2,014,000
Advisors | Acquisitions and Operations Costs
Related Party Transaction [Line Items]
Due to affiliates	$ 1,300,000	$ 4,300,000	$ 1,300,000	$ 4,300,000

Related Party Transactions an52

Related Party Transactions and Arrangements (Due to/from Affiliates) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Due to affiliates	$ 1,333	$ 5,333
Due from affiliates	1	58
Advisors
Related Party Transaction [Line Items]
Due to affiliates	$ 1,300	$ 5,300

Subsequent Events (Redemption o

Subsequent Events (Redemption of Shares of Common Stock) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended	6 Months Ended
	Aug. 11, 2017	Jun. 30, 2017
Subsequent Event
Redemptions of common stock		$ 52,973
Subsequent event
Subsequent Event
Redemption of common stock (shares)	2.5
Redemptions of common stock	$ 25,600
Common stock, average redemption price per share (USD per share)	$ 10.08
Unfulfilled shares from redemption requests (shares)	7.8

Subsequent Events (Investment i

Subsequent Events (Investment in Real Estate Assets) (Details) - Subsequent event $ in Millions	1 Months Ended
	Aug. 11, 2017USD ($)property
Subsequent Event
Number of businesses acquired (property) | property	1
Total purchase price | $	$ 4.2

Subsequent Events (Property Dis

Subsequent Events (Property Dispositions) (Details)	1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 11, 2017USD ($)property	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)property	Jun. 30, 2016USD ($)
Subsequent Event
Proceeds from disposition of properties				$ 16,973,000	$ 9,865,000
Gain on dispositions of real estate, net		$ 1,452,000	$ 114,000	$ 1,452,000	$ 114,000
Property Dispositions, 2017
Subsequent Event
Number of properties disposed | property				11
Aggregate gross sales price				$ 17,700,000
Proceeds from disposition of properties				17,000,000
Gain on dispositions of real estate, net				1,500,000
Disposition fee | Affiliated entity | Property Dispositions, 2017
Subsequent Event
Disposition fees paid				$ 0
Subsequent event | Property Dispositions, 2017
Subsequent Event
Number of properties disposed | property	1
Aggregate gross sales price	$ 2,900,000
Proceeds from disposition of properties	2,800,000
Gain on dispositions of real estate, net	465,000
Subsequent event | Disposition fee | Affiliated entity | Property Dispositions, 2017
Subsequent Event
Disposition fees paid	$ 0