Cim Real Estate Finance Trust (CMRF) 10-Q 13 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	3 Months Ended
	Mar. 31, 2019	May 06, 2019
Document and Entity Information
Entity Registrant Name	COLE CREDIT PROPERTY TRUST IV, INC.
Entity Central Index Key	0001498547
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity common stock, shares outstanding		310.5

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real estate assets:
Land	$ 1,129,808	$ 1,172,449
Buildings, fixtures and improvements	3,153,157	3,271,592
Intangible lease assets	533,982	554,868
Total real estate assets, at cost	4,816,947	4,998,909
Less: accumulated depreciation and amortization	(593,664)	(597,756)
Total real estate assets, net	4,223,283	4,401,153
Loans held-for-investment, net	85,122	89,762
Cash and cash equivalents	16,202	10,533
Restricted cash	9,928	9,141
Rents and tenant receivables	82,530	81,686
Derivative assets, prepaid expenses, revenue bonds and other assets	15,776	16,229
Deferred costs, net	1,850	2,087
Assets held for sale	20,749	6,780
Total assets	4,455,440	4,617,371
LIABILITIES AND STOCKHOLDERS’ EQUITY
Notes payable and credit facility, net	2,406,346	2,516,914
Accounts payable and accrued expenses	26,391	25,014
Due to affiliates	5,076	5,156
Intangible lease liabilities, net	33,325	36,418
Distributions payable	16,518	16,518
Deferred rental income and other liabilities	11,637	16,254
Total liabilities	2,499,293	2,616,274
Commitments and contingencies
Redeemable common stock and noncontrolling interest	184,276	184,247
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, 311,330,500 and 311,381,396 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively	3,113	3,114
Capital in excess of par value	2,606,819	2,607,330
Accumulated distributions in excess of earnings	(843,763)	(804,617)
Accumulated other comprehensive income	5,702	11,023
Total stockholders’ equity	1,771,871	1,816,850
Liabilities and Equity	$ 4,455,440	$ 4,617,371

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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)	311,330,500	311,381,396
Common stock, shares outstanding (shares)	311,330,500	311,381,396

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Rental and other property income	$ 104,762,000	$ 109,503,000
Interest income	4,498,000	0
Total revenues	109,260,000	109,503,000
Operating expenses:
General and administrative	3,447,000	3,316,000
Property operating	9,317,000	8,558,000
Real estate tax	9,418,000	9,554,000
Advisory fees and expenses	10,019,000	10,588,000
Transaction-related	191,000	35,000
Depreciation and amortization	31,992,000	34,991,000
Impairment	20,073,000	0
Total operating expenses	84,457,000	67,042,000
Gain on disposition of real estate, net	9,940,000	264,000
Operating income	34,743,000	42,725,000
Other expense:
Interest expense and other, net	(25,892,000)	(23,652,000)
Net income	8,851,000	19,073,000
Net income allocated to noncontrolling interest	34,000	34,000
Net income attributable to the Company	$ 8,817,000	$ 19,039,000
Weighted average number of common shares outstanding:
Basic and diluted (shares)	311,393,554	311,585,780
Net income per common share:
Basic and diluted (USD per share)	$ 0.03	$ 0.06

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 8,851	$ 19,073
Other Comprehensive (loss) income
Unrealized (loss) gain on interest rate swaps	(3,844)	9,931
Amount of gain reclassified from other comprehensive income into income as interest expense and other, net	(1,477)	(541)
Total other comprehensive (loss) income	(5,321)	9,390
Comprehensive income	3,530	28,463
Comprehensive income allocated to noncontrolling interest	34	34
Comprehensive income attributable to the Company	$ 3,496	$ 28,429

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Accumulated Distributions in Excess of Earnings	Accumulated Other Comprehensive Income
Balance, (shares) at Dec. 31, 2017		311,582,319
Balance at Dec. 31, 2017	$ 1,970,212	$ 3,116	$ 2,607,300	$ (646,834)	$ 6,630
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (shares)		2,343,076
Issuance of common stock	23,618	$ 23	23,595
Distributions declared	(47,993)			(47,993)
Redemptions of common stock (shares)		(2,411,145)
Redemptions of common stock	(24,304)	$ (24)	(24,280)
Changes in redeemable common stock	686		686
Comprehensive income (loss)	28,429			19,039	9,390
Balance, (shares) at Mar. 31, 2018		311,514,250
Balance at Mar. 31, 2018	$ 1,950,648	$ 3,115	2,607,301	(676,275)	16,507
Balance, (shares) at Dec. 31, 2018	311,381,396	311,381,396.099
Balance at Dec. 31, 2018	$ 1,816,850	$ 3,114	2,607,330	(804,617)	11,023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (shares)		2,267,609
Issuance of common stock	21,247	$ 22	21,225
Equity-based compensation	32		32
Distributions declared	(47,963)			(47,963)
Redemptions of common stock (shares)		(2,318,505)
Redemptions of common stock	(21,724)	$ (23)	(21,701)
Changes in redeemable common stock	(67)		(67)
Comprehensive income (loss)	$ 3,496			8,817	(5,321)
Balance, (shares) at Mar. 31, 2019	311,330,500	311,330,500.099
Balance at Mar. 31, 2019	$ 1,771,871	$ 3,113	$ 2,606,819	$ (843,763)	$ 5,702

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Distributions declared on common stock (in USD per share)	$ 0.15	$ 0.15

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income	$ 8,851,000	$ 19,073,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, net	31,481,000	34,597,000
Amortization of deferred financing costs	1,317,000	1,355,000
Amortization of fair value adjustment of mortgage notes payable assumed	(22,000)	(21,000)
Amortization and (accretion) on deferred loan fees	(758,000)	0
Capitalized interest income	(2,643,000)	0
Equity-based compensation	32,000	0
Straight-line rental income	(1,176,000)	(1,815,000)
Gain on disposition of real estate assets, net	(9,940,000)	(264,000)
Amortization of gain on swap termination	(5,000)	0
Impairment of real estate assets	20,073,000	0
Changes in assets and liabilities:
Rents and tenant receivables	(120,000)	538,000
Prepaid expenses and other assets	(4,867,000)	(1,306,000)
Accounts payable and accrued expenses	1,921,000	4,181,000
Deferred rental income and other liabilities	(4,617,000)	311,000
Due from affiliates	0	56,000
Due to affiliates	(80,000)	(484,000)
Net cash provided by operating activities	39,447,000	56,221,000
Cash flows from investing activities:
Investment in real estate assets and capital expenditures	(1,550,000)	(960,000)
Proceeds from loans held-for-investment	7,961,000	0
Exit fees received on loans held-for-investment	80,000	0
Net proceeds from disposition of real estate assets	120,652,000	1,958,000
Proceeds from the settlement of insurance claims	4,000	13,000
Net cash provided by investing activities	127,147,000	1,011,000
Cash flows from financing activities:
Redemptions of common stock	(21,724,000)	(24,304,000)
Distributions to stockholders	(26,716,000)	(24,378,000)
Proceeds from notes payable and credit facility	27,500,000	41,000,000
Repayments of notes payable and credit facility	(139,126,000)	(50,120,000)
Distributions to noncontrolling interest	(72,000)	(69,000)
Net cash (used in) provided by financing activities	(160,138,000)	(57,871,000)
Net decrease in cash and cash equivalents and restricted cash	6,456,000	(639,000)
Cash and cash equivalents and restricted cash, beginning of period	19,674,000	13,843,000
Cash and cash equivalents and restricted cash, end of period	26,130,000	13,204,000
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Total cash and cash equivalents and restricted cash	$ 19,674,000	$ 13,843,000

Organization and Business

Organization and Business	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS	ORGANIZATION AND BUSINESS Cole Credit Property Trust IV, Inc. (the “Company”) is a non-exchange traded real estate investment trust (“REIT”) formed as a Maryland corporation on July 27, 2010 , that elected to be taxed, and currently qualifies, as a REIT for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2012. The Company operates a diversified portfolio of core commercial real estate assets primarily consisting of net leased properties located throughout the United States. As of March 31, 2019 , the Company owned 857 properties, including nine properties owned through a consolidated joint venture arrangement (the “Consolidated Joint Venture”), comprising 25.6 million rentable square feet of commercial space located in 45 states. As of March 31, 2019 , the rentable square feet at these properties was 95.7% leased, including month-to-month agreements, if any. In addition to core commercial real estate assets, the Company intends to also focus on originating, acquiring, financing and managing commercial mortgage loans and other commercial real estate debt investments, commercial mortgage‑backed securities (“CMBS”), corporate credit investments, and other commercial real estate investments in the U.S. As of March 31, 2019 , the Company’s loan portfolio consisted of four loans with a net book value of $85.1 million . Substantially all of the Company’s business is conducted through Cole Operating Partnership IV, LP, a Delaware limited partnership, of which the Company is the sole general partner and owns, directly or indirectly, 100% of the partnership interests. The Company is externally managed by Cole REIT Management IV, LLC, a Delaware limited liability company (“CR IV Management”), an affiliate of CIM Group, LLC (“CIM”), a vertically-integrated owner and operator of real assets with multidisciplinary expertise and in-house research, acquisition, credit analysis, development, finance, leasing, and asset management capabilities headquartered in Los Angeles, California with offices in Oakland, California; Bethesda, Maryland; Dallas, Texas; New York, New York; Chicago, Illinois; and Phoenix, Arizona. CCO Group, LLC owns and controls CR IV Management, the Company’s advisor, and is the indirect owner of CCO Capital, LLC (“CCO Capital”), the Company’s dealer manager, and CREI Advisors, LLC (“CREI Advisors”), the Company’s property manager. CCO Group, LLC and its subsidiaries (collectively, “CCO Group”) serve as the Company’s sponsor and as a sponsor to Cole Credit Property Trust V, Inc. (“CCPT V”), Cole Office & Industrial REIT (CCIT II), Inc. (“CCIT II”), Cole Office & Industrial REIT (CCIT III), Inc. (“CCIT III”), and CIM Income NAV, Inc. (formerly known as Cole Real Estate Income Strategy (Daily NAV), Inc.). On January 26, 2012 , 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”). The Company ceased issuing shares in the Offering on April 4, 2014 . The Company registered $247.0 million of shares of common stock under the distribution reinvestment plan (the “DRIP”) (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. The Company registered an additional $600.0 million of shares of common stock under the DRIP (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. The Company’s board of directors (the “Board”) establishes an updated estimated per share net asset value (“NAV”) of the Company’s common stock on at least an annual basis for purposes of assisting broker-dealers that participated in the Offering in meeting their customer account reporting obligations under National Association of Securities Dealers Conduct Rule 2340. Distributions are reinvested in shares of the Company’s common stock under the DRIP at the estimated per share NAV as determined by the Board. Additionally, the estimated per share NAV as determined by the Board serves as the per share NAV for purposes of the share redemption program. On March 20, 2019, the Board established an updated estimated per share NAV of the Company’s common stock, using a valuation date of December 31, 2018, of $8.65 per share. Commencing on March 26, 2019, distributions are reinvested in shares of the Company’s common stock under the DRIP at a price of $8.65 per share. The Board previously established a per share NAV as of August 31, 2015, September 30, 2016, December 31, 2016 and December 31, 2017. The Company’s estimated per share NAVs are not audited or reviewed by its independent registered public accounting firm. As of March 31, 2019 , the Company had issued approximately 351.1 million shares of its common stock in the Offerings, including 52.8 million shares issued in the DRIP Offerings, for gross offering proceeds of $3.5 billion before organization and offering costs, selling commissions and dealer manager fees of $306.0 million .

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The summary of significant accounting policies presented below is designed to assist in understanding the Company’s condensed consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”), in all material respects, and have been consistently applied in preparing the accompanying condensed consolidated financial statements. Principles of Consolidation and Basis of Presentation The condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the 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, 2018 , and related notes thereto, set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . The condensed consolidated financial statements should also be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this Quarterly Report on Form 10-Q. The condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and the Consolidated Joint Venture in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. The Company evaluates its relationships and investments to determine if it has variable interests. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. If the Company determines that it has a variable interest in an entity, it evaluates whether such interest is in a variable interest entity (“VIE”). VIEs are entities where investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or where equity investors, as a group, lack one of the following characteristics: (a) the power to direct the activities that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of the entity, or (c) the right to receive the expected returns of the entity. The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations. For legal entities being evaluated for consolidation, the Company must first determine whether the interests that it holds and fees it receives qualify as variable interests in the entity. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. The Company’s evaluation includes consideration of fees paid to the Company where the Company acts as a decision maker or service provider to the entity being evaluated. If the Company determines that it holds a variable interest in an entity, it evaluates whether that entity is a VIE. A VIE must be consolidated by its primary beneficiary, which is generally defined as the party who has a controlling financial interest in the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance and its obligation to absorb losses from or right to receive benefits of the VIE that could potentially be significant to the VIE. The Company consolidates any VIEs when the Company is determined to be the primary beneficiary of the VIE, and the difference between consolidating the VIE and accounting for it using the equity method could be material to the Company’s condensed consolidated financial statements. The Company continually evaluates the need to consolidate any VIEs based on standards set forth in GAAP as described above. As of March 31, 2019 and December 31, 2018 , the Company determined that it had a controlling interest in the Consolidated Joint Venture and therefore met the GAAP requirements for consolidation. Reclassifications Certain amounts in the Company’s prior period condensed consolidated financial statements have been reclassified to conform to the current period presentation. In November 2018, the SEC finalized the Disclosure Update Simplification Project, which eliminated Rule 3-15(a)(1) reporting of Gain or Loss on Sale of Properties by REITs. To conform with Accounting Standards Codification (“ASC”) 360, Property, Plant, and Equipment and the SEC rule change, the Company has classified the gain on dispositions of real estate assets, net as operating income in the Company’s condensed consolidated statements of operations. This change resulted in an increase in operating income of $264,000 during the three months ended March 31, 2018 . In connection with the adoption of Accounting Standards Update (“ASU”) 2016–02, Leases (Topic 842) , as defined in “Recent Accounting Pronouncements,” during the first quarter of fiscal year 2019, the Company is combining rental income of $93.9 million and tenant reimbursement income of $15.6 million for the three months ended March 31, 2018 into a single line item, rental and other property income, in the condensed consolidated statements of operations. Additionally, the Company is combining bad debt expense of $431,000 and straight-line rental income of $2.2 million for the three months ended March 31, 2018 into a single line item, straight-line rental income, net in the condensed consolidated statements of cash flows. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Real Estate Assets Real estate assets are stated at cost, less accumulated depreciation and amortization. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Site improvements 15 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term Recoverability of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to: bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, rental concessions and other factors; a significant decrease in a property’s revenues due to lease terminations; vacancies; co-tenancy clauses; reduced lease rates; changes in anticipated holding periods; or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value is determined using a discounted cash flow analysis and recent comparable sales transactions. During the three months ended March 31, 2019 , as part of the Company’s quarterly impairment review procedures, the Company recorded impairment charges of $20.1 million related to seven properties with revised expected holding periods. The Company’s impairment assessment as of March 31, 2019 was based on the most current information available to the Company, including expected holding periods. If the Company’s expected holding periods for assets change, subsequent tests for impairment could result in additional impairment charges in the future. The Company cannot provide any assurance that material impairment charges with respect to the Company’s real estate assets will not occur during 2019 or in future periods. No impairment indicators were identified and no impairment losses were recorded during the three months ended March 31, 2018 . The assumptions and uncertainties utilized in the evaluation of the impairment of real estate assets are discussed in detail in Note 3 — Fair Value Measurements. See also Note 4 — Real Estate Assets for further discussion regarding real estate investment activity. Over the next 12-24 months, the Company expects to sell a portion of its anchored shopping center portfolio and certain single tenant properties. These will be sold in pools or on a standalone basis. As of March 31, 2019 , the Company intended to sell properties with a net book value of at least $2.0 billion, subject to market conditions. Assets Held for Sale When a real estate asset is identified by the Company as held for sale, the Company will cease recording depreciation and amortization of the assets related to the property and estimate its fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount is then recorded to reflect the estimated fair value of the property, net of selling costs. As of March 31, 2019 , the Company identified two properties with a carrying value of $20.7 million as held for sale, both of which were sold subsequent to March 31, 2019 , as discussed in Note 15 — Subsequent Events. As of December 31, 2018 , the Company identified one property with a carrying value of $6.8 million as held for sale, which was sold subsequent to December 31, 2018 . Disposition of Real Estate Assets Gains and losses from dispositions are recognized once the various criteria relating to the terms of sale and any subsequent involvement by the Company with the asset sold are met. A discontinued operation includes only the disposal of a component of an entity and represents a strategic shift that has (or will have) a major effect on an entity’s financial results. The disposition of the Company’s individual properties did not qualify for discontinued operations presentation, and, thus, the results of the properties that were sold will remain in operating income, and any associated gains or losses from the disposition are included in gain on disposition of real estate, net. Allocation of Purchase Price of Real Estate Assets Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and to identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place leases and other intangibles, based in each case on their respective fair values. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations. All real estate acquisitions in the periods presented qualified as asset acquisitions, and as such, acquisition–related fees and certain acquisition–related expenses related to these asset acquisitions were capitalized and allocated to tangible and intangible assets and liabilities, as described above. 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 March 31, 2019 , the Option has not been exercised. The Compa ny 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 $34,000 and paid distributions of $72,000 related to the noncontrolling interest during the three months ended March 31, 2019 . The Company recorded the noncontrolling interest of $2.2 million and $2.3 million as of March 31, 2019 and December 31, 2018 , respectively, as temporary equity in the mezzanine section of the condensed consolidated balance sheets, due to the ability to exercise the Option being outside the control of the Company. Restricted Cash The Company had $9.9 million and $9.1 million in restricted cash as of March 31, 2019 and December 31, 2018 , respectively. Included in restricted cash was $3.8 million and $3.4 million held by lenders in lockbox accounts, as of March 31, 2019 and December 31, 2018 , 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 $6.1 million and $5.7 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 March 31, 2019 and December 31, 2018 , respectively. Loans Held-for-Investment The Company has acquired, and may continue to acquire, loans related to real estate assets. The Company may acquire first, second and third mortgage loans, mezzanine loans, bridge loans, wraparound mortgage loans, construction mortgage loans on real property and loans on leasehold interest mortgages. The Company intends to hold the loans held-for-investment for the foreseeable future or until maturity. Loans held-for-investment are carried on the Company’s consolidated balance sheets at amortized cost, net of any allowance for loans receivable losses. Discounts or premiums, origination fees and exit fees are amortized as a component of interest income using the effective interest method over the life of the respective loans. Loan acquisition fees paid to CR IV Management or its affiliates are expensed as incurred and are included in transaction-related expenses on the accompanying condensed consolidated statements of operations. Interest earned is either received in cash or capitalized to loans held-for-investment, net in the Company’s condensed consolidated balance sheets. Interest is capitalized when certain conditions are met as specified in each loan agreement. For the three months ended March 31, 2019 , the Company recorded $4.5 million in interest income, of which $2.6 million was capitalized to loans held-for-investment, net. Generally, an allowance for loan losses is provided when management determines that the Company will be unable to collect any remaining amounts due under the loan agreement. The Company evaluates the collectability of its loans held-for-investment at least quarterly. The evaluation of collectability involves judgment, estimates, and a review of the ability of the borrower to make principal and interest payments and the underlying collateral. For the three months ended March 31, 2019 , the Company recorded no impairment on its loans held-for-investment. Leases The Company has lease agreements with lease and non-lease components. The Company has elected to not separate non-lease components from lease components for all classes of underlying assets (primarily real estate assets) and will account for the combined components as rental and other property income. Non-lease components included in rental and other property income include certain tenant reimbursements for maintenance services (including common-area maintenance services or “CAM”), real estate taxes, insurance and utilities paid for by the lessor but consumed by the lessee. As a lessor, the Company has further determined that this policy will be effective only on a lease that has been classified as an operating lease and the revenue recognition pattern and timing is the same for both types of components. Therefore, ASC Topic 842, Leases (“ASC 842”), will be applied to these lease contracts for both types of components. The Company does not have material leases where it is the lessee. Significant judgments and assumptions are inherent in not only determining if a contract contains a lease but also the lease classification, terms, payments, and, if needed, discount rates. Judgments include the nature of any options, such as if they will be exercised, evaluation of implicit discount rates and the assessment and consideration of “fixed” payments for straight-line rent revenue calculations. The Company has an investment in a real estate property that is subject to a ground lease, for which a lease liability and right of use (“ROU”) asset of $2.7 million was recorded. See Note 14 — Leases for a further discussion regarding this ground lease. Lease costs represent the initial direct costs incurred in origination, negotiation and processing of a lease agreement. Such costs include outside broker commissions and other independent third-party costs and are amortized over the life of the lease on a straight-line basis. Costs related to salaries and benefits, supervision, administration, unsuccessful origination efforts and other activities not directly related to completed lease agreements are expensed as incurred. Leasing commissions subsequent to successful lease execution are capitalized. Revenue Recognition Revenue from leasing activities Rental and other property income is primarily derived from fixed contractual payments from operating leases and, therefore, is generally recognized on a straight-line basis over the term of the lease, which typically begins the date the tenant takes control of the space. 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. Variable rental and other property income consists primarily of tenant reimbursements for recoverable real estate taxes and operating expenses which are included in rental and other property income in the period when such costs are incurred, with offsetting expenses in real estate taxes and property operating expenses, respectively, within the condensed consolidated statements of operations. The Company defers the recognition of variable rental and other property income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. The Company continually reviews lease-related receivables, including any straight-line rent, and current and future operating expense reimbursements from tenants, and determines their collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Upon the determination that the collectability of a receivable is not probable, the Company will record a reduction to rental and other property income for amounts previously recorded and a decrease in the outstanding receivable. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability becomes probable. Management’s estimate of the collectability of lease-related receivables is based on the best information available to management at the time of evaluation. Revenue from lending activities Interest income is comprised of interest earned on loans and the accretion and amortization of net loan origination fees and discounts. Interest income on loans is accrued as earned. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by various standard setting bodies that may have an impact on the Company’s accounting and reporting. Except as otherwise stated below, the Company is currently evaluating the effect that certain new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s condensed consolidated financial statements. In February 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). The Company used the optional alternative transition method upon adoption of the new standard on January 1, 2019 and used the effective date as the date of initial application. Consequently, financial information was not updated and the disclosures required under the new standard are not provided for dates and periods before January 1, 2019. The Company elected the “package of practical expedients,” which permits the Company to not reassess under the new standard prior conclusions about lease identification, lease classification and initial direct costs. The adoption of ASU 2016-02 has not had a material impact on the accounting treatment and disclosure of the Company’s net leases, which are the primary source of the Company’s revenues. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”), which was subsequently amended by ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses (“ASU 2018-19”), in November 2018. 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, 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 2018-19 clarified that receivables arising from operating leases are not within the scope of Topic 326. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. ASU 2016-13 and ASU 2018-19 are 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. The Company is currently evaluating the impact this amendment will have on its condensed consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). This ASU amends and removes several disclosure requirements including the valuation processes for Level 3 fair value measurements. ASU 2018-13 also modifies some disclosure requirements and requires additional disclosures for changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and requires the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The provisions of ASU 2018-13 are effective January 1, 2020 using a prospective transition method for amendments effecting changes in unrealized gains and losses, significant unobservable inputs used to develop Level 3 fair value measurements and narrative description on uncertainty of measurements. The remaining provisions of the ASU are to be applied retrospectively, and early adoption is permitted. The Company is evaluating the impact of this ASU’s adoption, and does not believe this ASU will have a material impact on its condensed consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-16, Inclusion of the Secured Overnight Financing Rate (“SOFR”) Overnight Index Swap (“OIS”) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes (“ASU 2018-16”). The amendments in this ASU permit the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes. The SOFR is a volume-weighted median interest rate that is calculated daily based on overnight transactions from the prior day’s activity in specified segments of the U.S. Treasury repo market. It has been selected as the preferred replacement for the U.S. dollar London Interbank Offered Rate (“LIBOR”), which will be phased out by the end of 2021. ASU 2018-16 is effective for public entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. ASU 2018-16 is required to be adopted on a prospective basis for qualifying new or redesignated hedging relationships entered into on or after the date of adoption. The Company currently uses LIBOR as its benchmark interest rate in the Company’s interest rate swaps associated with the Company’s LIBOR-based variable rate borrowings. The Company has not entered into any new or redesignated hedging relationships on or after the date of adoption of ASU 2018-16; as such, the Company is currently evaluating the potential effect this new benchmark interest rate option will have on its condensed consolidated financial statements. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities . The guidance changes the guidance for determining whether a decision-making fee is a variable interest. Under the new ASU, indirect interests held through related parties under common control will now be considered on a proportional basis when determining whether fees paid to decision makers and service providers are variable interests. Such indirect interests were previously treated the same as direct interests. This ASU is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company is currently assessing the impact that adopting this new standard will have on its condensed consolidated financial statements and footnote disclosures.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , the estimated fair value of the Company’s debt was $2.43 billion , compared to a carrying value of $2.42 billion . The estimated fair value of the Company’s debt as of December 31, 2018 was $2.46 billion , compared to a carrying value of $2.53 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 March 31, 2019 and December 31, 2018 , 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. Revenue bonds — The Company’s revenue bonds were 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. These investments are initially recognized in derivative assets, prepaid expenses, revenue bonds and other assets on the condensed consolidated balance sheets and are subsequently measured using amortized cost. 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 rangi ng 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 March 31, 2019 and December 31, 2018 , the estimated fair value of the Company’s revenue bonds was $2.0 million . The Company has these investments classified as held-to-maturity securities. 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. Loans held-for-investment — The Company’s loans held-for-investment are recorded at cost upon origination and adjusted by net loan origination fees and discounts. The Company estimates the fair value of its loans held-for-investment by performing a present value analysis for the anticipated future cash flows using an appropriate market discount rate taking into consideration the credit risk. As a result, the Company has determined that its loans held-for-investment are classified in Level 3 of the fair value hierarchy. As of March 31, 2019 , the estimated fair value of the Company’s loans held-for-investment was $83.0 million , compared to its carrying value of $84.4 million . As of December 31, 2018 , the Company determined that the estimated fair value of its loans held-for-investment was equal to its carrying value given that the loan was originated during the fourth quarter of 2018. Other financial instruments — The Company considers the carrying values of its cash and cash equivalents, restricted cash, tenant receivables, accounts payable and accrued expenses, other liabilities, due to affiliates and distributions payable to approximate their fair values because of the short period of time between their origination and their expected realization as well as their highly-liquid nature. Due to the short-term maturities of these instruments, Level 1 inputs are utilized to estimate the fair value of these financial instruments. Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize, or be liable for, upon disposition of the financial assets and liabilities. As of March 31, 2019 and December 31, 2018 , there have been no transfer s of financial assets or liabilities between fair value hierarchy levels. Items Measured at Fair Value on a Recurring Basis In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 (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 $ 5,677 $ — $ 5,677 $ — Total financial assets $ 5,677 $ — $ 5,677 $ — 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 $ 10,993 $ — $ 10,993 $ — Total financial assets $ 10,993 $ — $ 10,993 $ — The following are reconciliations of the changes in financial assets and liabilities with Level 3 inputs in the fair value hierarchy for the three months ended March 31, 2019 and 2018 (in thousands): Revenue Bonds Beginning Balance, December 31, 2018 $ 2,044 Payments received (1 ) Ending Balance, March 31, 2019 $ 2,043 Revenue Bonds Beginning Balance, December 31, 2017 $ 2,067 Payments received (5 ) Ending Balance, March 31, 2018 $ 2,062 Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges) Certain financial and nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. The Company’s process for identifying and recording impairment related to real estate assets and intangible assets is discussed in Note 2 — Summary of Significant Accounting Policies. As discussed in Note 4 — Real Estate Assets, during the three months ended March 31, 2019 , real estate assets related to seven properties totaling approximately 1.1 million square feet were deemed to be impaired and their carrying values were reduced to an estimated fair value of $118.9 million , resulting in impairment charges of $20.1 million . No impairment charges were recorded during the three months ended March 31, 2018 . The Company estimates fair values using Level 3 inputs and using a combined income and market approach, specifically using discounted cash flow analysis and recent comparable sales transactions. The evaluation of real estate assets for potential impairment requires the Company’s management to exercise significant judgment and to make certain key assumptions, including, but not limited to, the following: (1) terminal capitalization; (2) discount rates; (3) the number of years the property will be held; (4) property operating expenses; and (5) re-leasing assumptions, including the number of months to re-lease, market rental income and required tenant improvements. There are inherent uncertainties in making these estimates such as market conditions and the future performance and sustainability of the Company’s tenants. The following table presents the impairment charges by asset class recorded during the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 March 31, 2018 Asset class impaired: Land $ 2,527 $ — Buildings, fixtures and improvements 17,107 — Intangible lease assets 482 — Intangible lease liabilities (43 ) — Total impairment loss $ 20,073 $ —

Real Estate Assets

Real Estate Assets	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
REAL ESTATE ASSETS	REAL ESTATE ASSETS Property Acquisitions During the three months ended March 31, 2019 and 2018 , the Company did not acquire any properties. 2019 Property Dispositions and Real Estate Assets Held for Sale During the three months ended March 31, 2019 , the Company disposed of 34 properties , consisting of 31 retail properties and three anchored shopping centers, excluding a related outparcel of land, for an aggregate gross sales price of $124.3 million , resulting in proceeds of $120.7 million after closing costs and disposition fees due to CR IV Management or its affiliates, and a gain of $9.9 million . The Company has no continuing involvement with these properties. The gain on sale of real estate is included in gain on disposition of real estate, net in the condensed consolidated statements of operations. The disposition of these properties did not qualify to be reported as discontinued operations since the disposition did not represent a strategic shift that had a major effect on the Company’s operations and financial results. Accordingly, the operating results of these disposed properties are reflected in the Company’s results from continuing operations for all periods presented through their respective date of disposition. As of March 31, 2019 , there were two properties classified as held for sale with a carrying value of $20.7 million included in assets held for sale in the accompanying condensed consolidated balance sheets. Subsequent to March 31, 2019 , both such properties were sold. 2019 Impairment of Properties The Company performs quarterly impairment review procedures, primarily through continuous monitoring of events and changes in circumstances that could indicate that the carrying value of certain of its real estate assets may not be recoverable. See Note 2 — Summary of Significant Accounting Policies for a discussion of the Company’s accounting policies regarding impairment of real estate assets. During the three months ended March 31, 2019 , seven properties with a carrying value of $139.0 million were deemed to be impaired and their carrying values were reduced to an estimated fair value of $118.9 million , resulting in impairment charges of $20.1 million , which were recorded in the condensed consolidated statements of operations. See Note 3 — Fair Value Measurements for a further discussion regarding these impairment charges. 2018 Property Dispositions and Real Estate Assets Held for Sale During the three months ended March 31, 2018 , the Company disposed of one retail property for an aggregate gross sales price of $2.0 million , resulting in proceeds of $2.0 million after closing costs and a gain of $264,000 . No disposition fees were paid to CR IV Management or its affiliates in connection with the sale of the property and the Company has no continuing involvement with this property. The gain on sale of real estate is included in gain on disposition of real estate, net in the condensed consolidated statements of operations. As of March 31, 2018 , there were 10 properties classified as held for sale with a carrying value of $11.3 million , included in assets held for sale in the accompanying condensed consolidated balance sheets. Subsequent to March 31, 2018, such properties were sold. Consolidated Joint Venture As of March 31, 2019 , the Company had an interest in a Consolidated Joint Venture that owns and manages nine properties, with total assets of $50.5 million , which included $9.3 million of land, $42.0 million of buildings and improvements, and $5.6 million of intangible lease assets, net of accumulated depreciation and amortization of $7.3 million , and total liabilities of $463,000 . The Consolidated Joint Venture does not have any debt outstanding as of March 31, 2019 . 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.

Intangible Lease Assets

Intangible Lease Assets	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE LEASE ASSETS AND LIABILITIES	INTANGIBLE LEASE ASSETS AND LIABILITIES Intangible lease assets and liabilities consisted of the following as of March 31, 2019 and December 31, 2018 (in thousands, except weighted average life remaining): March 31, 2019 December 31, 2018 Intangible lease assets: In-place leases and other intangibles, net of accumulated amortization of $181,010 and $184,532, respectively (with a weighted average life remaining of 10.0 years and 10.1 years, respectively) $ 292,273 $ 307,895 Acquired above-market leases, net of accumulated amortization of $28,027 and $27,979, respectively (each with a weighted average life remaining of 8.4 years) 32,672 34,462 Total intangible lease assets, net $ 324,945 $ 342,357 Intangible lease liabilities: Acquired below-market leases, net of accumulated amortization of $33,690 and $34,732, respectively (each with a weighted average life remaining of 7.2 years) $ 33,325 $ 36,418 Amortization of the above-market leases is recorded as a reduction to rental and other property income, and amortization expense for the in-place leases and other intangibles is included in depreciation and amortization in the accompanying condensed consolidated statements of operations. Amortization of below-market leases is recorded as an increase to rental and other property income in the accompanying condensed consolidated statements of operations. The following table summarizes the amortization related to the intangible lease assets and liabilities for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 In-place lease and other intangible amortization $ 9,474 $ 10,995 Above-market lease amortization $ 1,290 $ 1,730 Below-market lease amortization $ 1,816 $ 2,139 As of March 31, 2019 , the estimated amortization relating to the intangible lease assets and liabilities is as follows (in thousands): Amortization In-Place Leases and Other Intangibles Above-Market Leases Below-Market Leases Remainder of 2019 $ 27,067 $ 3,614 $ 5,190 2020 $ 34,229 $ 4,373 $ 6,238 2021 $ 30,947 $ 3,759 $ 4,137 2022 $ 29,171 $ 3,529 $ 3,516 2023 $ 26,243 $ 3,165 $ 2,825

Loans Held-For-Investment

Loans Held-For-Investment	3 Months Ended
	Mar. 31, 2019
Receivables [Abstract]
LOANS HELD-FOR-INVESTMENT	LOANS HELD-FOR-INVESTMENT As of March 31, 2019 , the Company had four junior mezzanine loans (the “Junior Mezzanine Loans”). The following table details overall statistics for the Company’s loans held-for-investment as of March 31, 2019 and December 31, 2018 (dollar amounts in thousands): As of March 31, As of December 31, 2019 2018 Number of loans 4 4 Principal balance $ 84,361 $ 89,679 Net book value $ 85,122 $ 89,762 Weighted-average interest rate (1) 17.3 % 17.2 % Weighted-average maximum years to maturity (2) 2.1 2.4 ____________________________________ (1) The Junior Mezzanine Loans were indexed to one-month LIBOR plus an interest rate spread of 14.85% as of both March 31, 2019 and December 31, 2018 . (2) Maximum maturity assumes all extension options are exercised by the borrower, however the Company’s loans may be repaid prior to such date. Activity relating to the Company’s loans held-for-investment portfolio was as follows (dollar amounts in thousands): Principal Balance Deferred Fees / Other Items (1) Net Book Value Beginning Balance, December 31, 2018 $ 89,679 $ 83 $ 89,762 Principal repayments received (7,961 ) — (7,961 ) Capitalized interest (2) 2,643 — 2,643 Deferred fees and other items — (80 ) (80 ) Accretion (amortization) of fees and other items — 758 758 Ending Balance, March 31, 2019 $ 84,361 $ 761 $ 85,122 ____________________________________ (1) Deferred fees includes a $5.6 million deferred origination fee and $1.0 million of exit fees which are being accreted over the life of the loan as interest income in the accompanying condensed consolidated statements of operations. Other items primarily consist of purchase discounts or premiums, exit fees and deferred origination expenses. (2) Represents accrued interest on loans whose terms do not require a current cash payment of interest.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES In the normal course of business, the Company uses certain types of derivative instruments for the purpose of managing or hedging its interest rate risk. During the three months ended March 31, 2019 , one of the Company’s interest rate swap agreements matured. As of March 31, 2019 , the Company had six executed interest rate swap agreements. The following table summarizes the terms of the Company’s executed interest rate swap agreements designated as hedging instruments as of March 31, 2019 and December 31, 2018 (dollar amounts in thousands): Outstanding Notional Fair Value of Assets Balance Sheet Amount as of Interest Effective Maturity March 31, December 31, Location March 31, 2019 Rates (1) Dates Dates 2019 2018 Interest Rate Swaps Derivative assets, prepaid expenses, revenue bonds and other assets $940,766 2.55% to 4.02% 10/1/2015 to 8/15/2018 10/1/2020 to 7/1/2021 $5,677 $10,993 ____________________________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of March 31, 2019 . Additional disclosures related to the fair value of the Company’s derivative instruments are included in Note 3 — Fair Value Measurements. The notional amount under the interest rate swap agreements is an indication of the extent of the Company’s involvement in each instrument, but does not represent exposure to credit, interest rate or market risks. Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company designated the interest rate swaps as cash flow hedges in order to hedge the variability of the anticipated cash flows on its variable rate debt. The change in fair value of the derivative instruments that are designated as hedges is recorded in other comprehensive (loss) income, with a portion of the amount subsequently reclassified to interest expense as interest payments are made on the Company’s variable rate debt. For the three months ended March 31, 2019 and 2018 , the amounts reclassified were a gain of $1.5 million and $541,000 , respectively. The $1.5 million reclassified during the three months ended March 31, 2019 included amounts related to an interest rate swap agreement that was terminated prior to its maturity date during the year ended December 31, 2018. During the next 12 months, the Company estimates that an additional $4.4 million will be reclassified from other comprehensive (loss) income as a decrease to interest expense. The Company includes cash flows from interest rate swap agreements in net cash flows provided by operating activities on its condensed consolidated statements of cash flows, as the Company’s accounting policy is to present cash flows from hedging instruments in the same category in its condensed consolidated statements of cash flows as the category for cash flows from the hedged items. The Company has agreements with each of its derivative counterparties that contain provisions whereby if the Company defaults on certain of its unsecured indebtedness, the Company could also be declared in default on its derivative obligations, resulting in an acceleration of payment. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value, inclusive of interest payments and accrued interest. As of March 31, 2019 , all derivatives were in an asset position. Therefore, there was no termination value as of March 31, 2019 . In addition, the Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company believes it mitigates its credit risk by entering into agreements with creditworthy counterparties. The Company records credit risk valuation adjustments on its interest rate swaps based on the credit quality of the Company and the respective counterparty. There were no termination events or events of default related to the interest rate swaps as of March 31, 2019 .

Notes Payable And Credit Facili

Notes Payable And Credit Facility	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
NOTES PAYABLE AND CREDIT FACILITY	NOTES PAYABLE AND CREDIT FACILITY As of March 31, 2019 , the Company had $2.4 billion of debt outstanding, including net deferred financing costs, with a weighted average years to maturity of 3.0 years and a weighted average interest rate of 4.1% . 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 March 31, 2019 and December 31, 2018 , and the debt activity for the three months ended March 31, 2019 (in thousands): During the Three Months Ended March 31, 2019 Balance as of December 31, 2018 Debt Issuances & Assumptions (1) Repayments & Modifications (4) Accretion and (Amortization) Balance as of Fixed rate debt $ 1,178,166 $ — $ (49,426 ) $ — $ 1,128,740 Variable rate debt 20,500 — 49,300 — 69,800 Credit facility 1,331,000 27,500 (139,000 ) — 1,219,500 Total debt 2,529,666 27,500 (139,126 ) — 2,418,040 Net premiums (2) 331 — — (22 ) 309 Deferred costs – credit facility (3) (6,731 ) — — 524 (6,207 ) Deferred costs – fixed rate debt (6,352 ) 556 (5,796 ) Total debt, net $ 2,516,914 $ 27,500 $ (139,126 ) $ 1,058 $ 2,406,346 ____________________________________ (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 related to the term portion of the Credit Facility (as defined below). (4) During the three months ended March 31, 2019 , an interest rate swap agreement associated with $49.3 million of variable rate debt matured and as such the mortgage note is no longer considered to be fixed rate debt as of March 31, 2019 . As of March 31, 2019 , the fixed rate debt outstanding of $1.1 billion included $129.1 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 April 1, 2020 through October 1, 2025 . The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the fixed rate debt outstanding was $2.0 billion as of March 31, 2019 . 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 March 31, 2019 , the variable rate debt outstanding of $69.8 million had a weighted average interest rate of 5.5% . The variable rate debt outstanding matures on various dates from September 1, 2019 through February 26, 2020 . With respect to the $70.8 million of debt maturing within the next year, the Company expects to use borrowings available under the Credit Facility 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 $143.6 million as of March 31, 2019 . Credit Facility The Company has 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”), and the other lenders party thereto 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 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 March 31, 2019 , the Revolving Loans outstanding totaled $169.5 million at a weighted average interest rate of 4.5% . As of March 31, 2019 , 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 at an all-in rate of 4.0% . As of March 31, 2019 , the Company had $1.22 billion outstanding under the Credit Facility at a weighted average interest rate of 4.2% and $179.9 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 equity issued minus (iii) the aggregate amount of any redemptions or similar transaction 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 greater than 1.50 , an unsecured debt to unencumbered asset value ratio equal to or less than 60% , an unsecured debt service coverage ratio greater than 1.75 , a secured debt ratio equal to or less than 40% and the amount of secured debt that is recourse debt at no greater than 15% of total asset value. 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 March 31, 2019 . Maturities The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt subsequent to March 31, 2019 (in thousands): Principal Repayments Remainder of 2019 $ 49,673 2020 318,215 2021 270,103 2022 1,092,464 2023 491,375 Thereafter 196,210 Total $ 2,418,040

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	3 Months Ended
	Mar. 31, 2019
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW DISCLOSURES	SUPPLEMENTAL CASH FLOW DISCLOSURES Supplemental cash flow disclosures for the three months ended March 31, 2019 and 2018 are as follows (in thousands): Three Months Ended March 31, 2019 2018 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Distributions declared and unpaid $ 16,518 $ 16,528 Accrued capital expenditures $ 13 $ 501 Interest income capitalized to loans held-for-investment $ 2,643 $ — Common stock issued through distribution reinvestment plan $ 21,247 $ 23,618 Change in fair value of interest rate swaps $ (5,316 ) $ 9,390 Supplemental Cash Flow Disclosures: Interest paid $ 24,536 $ 22,120 Cash paid for taxes $ 94 $ 95

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
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	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS	RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS The Company has incurred, and will continue to incur, fees and expenses payable to CR IV Management and certain of its affiliates in connection with the acquisition, management and disposition of its assets. Acquisition fees and expenses The Company pays CR IV Management 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 Management 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. Other transaction-related expenses, such as advisor reimbursements for disposition activities, are expensed as incurred and are included in transaction-related expenses on the condensed consolidated statements of operations. Advisory fees and expenses The Company pays CR IV Management a monthly advisory fee based upon the Company’s monthly average invested assets, which, effective January 1, 2018, is based on the estimated market value of such assets used to determine the Company’s estimated per share NAV as of December 31, 2017, as discussed in Note 1 — Organization and Business, and for those assets acquired subsequent to December 31, 2017, 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 Management or its affiliates for certain expenses CR IV Management 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 Management 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 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 Management or its affiliates for the salaries and benefits paid to personnel in connection with the services for which CR IV Management receives acquisition fees, and the Company will not reimburse CR IV Management for salaries and benefits paid to the Company’s executive officers. Disposition fees If CR IV Management 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 Management 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 Management, 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. Subordinated performance fees If the Company is sold or its assets are liquidated, CR IV Management will be entitled to receive a subordinated performance fee equal to 15.0% of the net sale proceeds remaining after stockholders 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 Management 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 stockholders and the amount of distributions necessary to generate an 8.0% annual cumulative, non-compounded return to stockholders. As an additional alternative, upon termination of the advisory agreement, CR IV Management may be entitled to a subordinated performance fee similar to the fee to which CR IV Management 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 months ended March 31, 2019 and 2018 , 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 Management or its affiliates related to the services described above during the periods indicated (in thousands): Three Months Ended March 31, 2019 2018 Acquisition fees and expenses $ 186 $ 30 Disposition fees $ 801 $ — Advisory fees and expenses $ 10,019 $ 10,588 Operating expenses $ 974 $ 1,020 Of the amounts shown above, $5.1 million and $1.5 million had been incurred, but not yet paid, for services provided by CR IV Management or its affiliates in connection with the acquisition, disposition and operations activities during the three months ended March 31, 2019 and 2018 , respectively, and such amounts were recorded as liabilities of the Company as of such dates. Due to Affiliates As of March 31, 2019 and December 31, 2018 , $5.1 million and $5.2 million , respectively, had been incurred primarily for disposition fees and operating expenses by CR IV Management or its affiliates, but had not yet been reimbursed by the Company. These amounts were included in due to affiliates in the condensed consolidated balance sheets for such periods.

Economic Dependency

Economic Dependency	3 Months Ended
	Mar. 31, 2019
Economic Dependency [Abstract]
ECONOMIC DEPENDENCY	ECONOMIC DEPENDENCY Under various agreements, the Company has engaged and may in the future engage CR IV Management 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 stockholder relations. As a result of these relationships, the Company is dependent upon CR IV Management or its affiliates. In the event that these companies are unable to provide the Company with these services, the Company would be required to find alternative providers of these services. Services Agreement VEREIT Operating Partnership, L.P. (“VEREIT OP”), a former affiliated entity of the Company’s sponsor, was obligated to provide certain services to CCO Group and to the Company (the “Services Agreement”) through March 31, 2019 (or, if later, the date of the last government filing other than a tax filing made by the Company, CCPT V, CCIT II, CCIT III and/or CIM Income NAV with respect to its 2018 fiscal year) (the “Initial Services Term”), and is obligated to provide consulting and research services through December 31, 2023, as requested by CCO Group, LLC. Prior to March 31, 2019, substantially all of the services that were provided by VEREIT OP during the Initial Services Term, including but not limited to any advisory, dealer manager and property management services, were transitioned to, and are provided directly by, our sponsor, advisor, dealer manager or an affiliate thereof.

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
LEASES, Lessor	LEASES The Company’s real estate assets are leased to tenants under operating leases for which the terms, expirations and extension options vary. The Company’s operating leases do not convey to the lessee the right to purchase the underlying asset upon expiration of the lease period. To determine whether a contract contains a lease, the Company carefully reviews contracts to determine if the agreement conveys the right to control the use of an asset. The Company elected to apply the practical expedient for all of the Company’s leases to account for the lease and non-lease components as a single, combined operating lease component under ASC 842. Non-lease components primarily consist of maintenance services, including CAM, real estate taxes, insurance and utilities paid for by the lessor but consumed by the lessee. Non-lease components are considered to be variable rental and other property income and are recognized in the period incurred. As of March 31, 2019 , the leases had a weighted-average remaining term of 9.0 years. Certain leases include provisions to extend the lease agreements, options for early termination after paying a specified penalty, rights of first refusal to purchase the property at competitive market rates, and other negotiated terms and conditions. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. As of March 31, 2019 , the future minimum rental income from the Company’s real estate assets under non-cancelable operating leases, assuming no exercise of renewal options for the succeeding five fiscal years and thereafter, was as follows (in thousands): Future Minimum Rental Income Remainder of 2019 $ 257,193 2020 335,607 2021 319,932 2022 304,735 2023 278,910 Thereafter 1,696,963 Total $ 3,193,340 As previously disclosed in our 2018 Annual Report on Form 10-K and under the previous lease accounting standard, Topic 840, the following table summarizes the future minimum rental income from the Company’s real estate assets under non-cancelable operating leases, assuming no exercise of renewal options for the succeeding five fiscal years and thereafter, as of December 31, 2018 (in thousands): Year Ending December 31, Future Minimum Rental Income 2019 $ 352,699 2020 343,991 2021 327,661 2022 311,858 2023 284,510 Thereafter 1,718,650 Total $ 3,339,369 A certain amount of the Company’s rental and other property income is from tenants with leases which are subject to contingent rent provisions. These contingent rents are subject to the tenant achieving periodic revenues in excess of specified levels. For the three months ended March 31, 2019 and 2018 , the amount of the contingent rent earned by the Company was not significant . Rental and other property income during the three months ended March 31, 2019 and 2018 consisted of the following (in thousands): Three Months Ended March 31, 2019 2018 Fixed rental and other property income $ 89,765 $ 93,871 Variable rental and other property income 14,997 15,632 Total rental and other property income $ 104,762 $ 109,503 The Company has one property subject to a non-cancelable operating ground lease with a remaining term of 14.4 years . Upon initial adoption of ASC 842, the Company recognized a lease liability (in deferred rental income and other liabilities) and a related ROU asset (in prepaid expenses, derivative assets and other assets) of $2.7 million in the condensed consolidated balance sheets. The lease liability and ROU asset were initially measured at the present value of the future minimum lease payments using a discount rate of 4.3% . This reflects the Company’s incremental borrowing rate, which was calculated based on the interest rate the Company would incur to borrow on a fully collateralized basis over a term similar to the lease. The Company recognized $63,000 of ground lease expense, of which $61,000 was paid in cash, during the three months ended March 31, 2019. As of March 31, 2019, the Company’s schedule future minimum rental payments related to its operating ground lease is approximately $188,000 for the remainder of 2019, $250,000 annually for 2020 through 2023, and $2.4 million thereafter through the maturity date of the lease in August 2033.
LEASES, Lessee	LEASES The Company’s real estate assets are leased to tenants under operating leases for which the terms, expirations and extension options vary. The Company’s operating leases do not convey to the lessee the right to purchase the underlying asset upon expiration of the lease period. To determine whether a contract contains a lease, the Company carefully reviews contracts to determine if the agreement conveys the right to control the use of an asset. The Company elected to apply the practical expedient for all of the Company’s leases to account for the lease and non-lease components as a single, combined operating lease component under ASC 842. Non-lease components primarily consist of maintenance services, including CAM, real estate taxes, insurance and utilities paid for by the lessor but consumed by the lessee. Non-lease components are considered to be variable rental and other property income and are recognized in the period incurred. As of March 31, 2019 , the leases had a weighted-average remaining term of 9.0 years. Certain leases include provisions to extend the lease agreements, options for early termination after paying a specified penalty, rights of first refusal to purchase the property at competitive market rates, and other negotiated terms and conditions. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. As of March 31, 2019 , the future minimum rental income from the Company’s real estate assets under non-cancelable operating leases, assuming no exercise of renewal options for the succeeding five fiscal years and thereafter, was as follows (in thousands): Future Minimum Rental Income Remainder of 2019 $ 257,193 2020 335,607 2021 319,932 2022 304,735 2023 278,910 Thereafter 1,696,963 Total $ 3,193,340 As previously disclosed in our 2018 Annual Report on Form 10-K and under the previous lease accounting standard, Topic 840, the following table summarizes the future minimum rental income from the Company’s real estate assets under non-cancelable operating leases, assuming no exercise of renewal options for the succeeding five fiscal years and thereafter, as of December 31, 2018 (in thousands): Year Ending December 31, Future Minimum Rental Income 2019 $ 352,699 2020 343,991 2021 327,661 2022 311,858 2023 284,510 Thereafter 1,718,650 Total $ 3,339,369 A certain amount of the Company’s rental and other property income is from tenants with leases which are subject to contingent rent provisions. These contingent rents are subject to the tenant achieving periodic revenues in excess of specified levels. For the three months ended March 31, 2019 and 2018 , the amount of the contingent rent earned by the Company was not significant . Rental and other property income during the three months ended March 31, 2019 and 2018 consisted of the following (in thousands): Three Months Ended March 31, 2019 2018 Fixed rental and other property income $ 89,765 $ 93,871 Variable rental and other property income 14,997 15,632 Total rental and other property income $ 104,762 $ 109,503 The Company has one property subject to a non-cancelable operating ground lease with a remaining term of 14.4 years . Upon initial adoption of ASC 842, the Company recognized a lease liability (in deferred rental income and other liabilities) and a related ROU asset (in prepaid expenses, derivative assets and other assets) of $2.7 million in the condensed consolidated balance sheets. The lease liability and ROU asset were initially measured at the present value of the future minimum lease payments using a discount rate of 4.3% . This reflects the Company’s incremental borrowing rate, which was calculated based on the interest rate the Company would incur to borrow on a fully collateralized basis over a term similar to the lease. The Company recognized $63,000 of ground lease expense, of which $61,000 was paid in cash, during the three months ended March 31, 2019. As of March 31, 2019, the Company’s schedule future minimum rental payments related to its operating ground lease is approximately $188,000 for the remainder of 2019, $250,000 annually for 2020 through 2023, and $2.4 million thereafter through the maturity date of the lease in August 2033.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Equity-Based Compensation On August 10, 2018 , the Board approved the adoption of the Cole Credit Property Trust IV, Inc. 2018 Equity Incentive Plan (the “Plan”), under which 400,000 of the Company’s common shares were reserved for issuance and share awards of 386,000 are available for future grant as of March 31, 2019 . On October 1, 2018, the Company granted awards of approximately 3,500 restricted shares to each of the independent members of the Board (approximately 14,000 restricted shares in aggregate) under the Plan, which fully vest on October 1, 2019 based on one year of continuous service. As of March 31, 2019 and December 31, 2018, none of the restricted shares had vested or been forfeited. The fair value of the Company’s share awards is determined using the Company’s NAV per share on the date of grant. Compensation expense related to these restricted shares is recognized over the vesting period. The Company recorded compensation expense of $32,000 for the three months ended March 31, 2019 related to these restricted shares included in general and administrative expenses on the accompanying condensed consolidated statements of operations. As of March 31, 2019 , there was $66,000 of total unrecognized compensation expense related to these restricted shares, which will be recognized ratably over the remaining period of service prior to October 1, 2019.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The following events occurred subsequent to March 31, 2019 : Redemption of Shares of Common Stock Subsequent to March 31, 2019 , the Company redeemed approximately 2.4 million shares pursuant to the Company’s share redemption program for $21.1 million (at an average price per share of $8.65 ). Management, in its discretion, limited the amount of shares redeemed for the three months ended March 31, 2019 to an amount equal to net proceeds the Company received from the sale of shares in the DRIP Offerings during the respective period. The remaining redemption requests received during the three months ended March 31, 2019 totaling approximately 17.2 million shares went unfulfilled. Property Dispositions Subsequent to March 31, 2019 , the Company disposed of three commercial real estate properties for a gross sales price of $26.7 million , resulting in net proceeds of $25.9 million after closing costs and disposition fees to CR IV Management or its affiliates, and a gain of approximately $2.9 million . The Company has no continuing involvement with these properties.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
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 financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”), in all material respects, and have been consistently applied in preparing the accompanying condensed consolidated financial statements.
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the 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, 2018 , and related notes thereto, set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . The condensed consolidated financial statements should also be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this Quarterly Report on Form 10-Q. The condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and the Consolidated Joint Venture in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. The Company evaluates its relationships and investments to determine if it has variable interests. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. If the Company determines that it has a variable interest in an entity, it evaluates whether such interest is in a variable interest entity (“VIE”). VIEs are entities where investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or where equity investors, as a group, lack one of the following characteristics: (a) the power to direct the activities that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of the entity, or (c) the right to receive the expected returns of the entity. The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations. For legal entities being evaluated for consolidation, the Company must first determine whether the interests that it holds and fees it receives qualify as variable interests in the entity. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. The Company’s evaluation includes consideration of fees paid to the Company where the Company acts as a decision maker or service provider to the entity being evaluated. If the Company determines that it holds a variable interest in an entity, it evaluates whether that entity is a VIE. A VIE must be consolidated by its primary beneficiary, which is generally defined as the party who has a controlling financial interest in the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance and its obligation to absorb losses from or right to receive benefits of the VIE that could potentially be significant to the VIE. The Company consolidates any VIEs when the Company is determined to be the primary beneficiary of the VIE, and the difference between consolidating the VIE and accounting for it using the equity method could be material to the Company’s condensed consolidated financial statements. The Company continually evaluates the need to consolidate any VIEs based on standards set forth in GAAP as described above. As of March 31, 2019 and December 31, 2018 , the Company determined that it had a controlling interest in the Consolidated Joint Venture and therefore met the GAAP requirements for consolidation.
Reclassifications	Reclassifications Certain amounts in the Company’s prior period condensed consolidated financial statements have been reclassified to conform to the current period presentation.
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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Real Estate Assets, Recoverability of Real Estate Assets, Assets Held for Sale, and Disposition of Real Estate Assets	Real Estate Assets Real estate assets are stated at cost, less accumulated depreciation and amortization. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Site improvements 15 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term Recoverability of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to: bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, rental concessions and other factors; a significant decrease in a property’s revenues due to lease terminations; vacancies; co-tenancy clauses; reduced lease rates; changes in anticipated holding periods; or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value is determined using a discounted cash flow analysis and recent comparable sales transactions. During the three months ended March 31, 2019 , as part of the Company’s quarterly impairment review procedures, the Company recorded impairment charges of $20.1 million related to seven properties with revised expected holding periods. The Company’s impairment assessment as of March 31, 2019 was based on the most current information available to the Company, including expected holding periods. If the Company’s expected holding periods for assets change, subsequent tests for impairment could result in additional impairment charges in the future. The Company cannot provide any assurance that material impairment charges with respect to the Company’s real estate assets will not occur during 2019 or in future periods. No impairment indicators were identified and no impairment losses were recorded during the three months ended March 31, 2018 . The assumptions and uncertainties utilized in the evaluation of the impairment of real estate assets are discussed in detail in Note 3 — Fair Value Measurements. See also Note 4 — Real Estate Assets for further discussion regarding real estate investment activity. Over the next 12-24 months, the Company expects to sell a portion of its anchored shopping center portfolio and certain single tenant properties. These will be sold in pools or on a standalone basis. As of March 31, 2019 , the Company intended to sell properties with a net book value of at least $2.0 billion, subject to market conditions. Assets Held for Sale When a real estate asset is identified by the Company as held for sale, the Company will cease recording depreciation and amortization of the assets related to the property and estimate its fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount is then recorded to reflect the estimated fair value of the property, net of selling costs. As of March 31, 2019 , the Company identified two properties with a carrying value of $20.7 million as held for sale, both of which were sold subsequent to March 31, 2019 , as discussed in Note 15 — Subsequent Events. As of December 31, 2018 , the Company identified one property with a carrying value of $6.8 million as held for sale, which was sold subsequent to December 31, 2018 . Disposition of Real Estate Assets Gains and losses from dispositions are recognized once the various criteria relating to the terms of sale and any subsequent involvement by the Company with the asset sold are met. A discontinued operation includes only the disposal of a component of an entity and represents a strategic shift that has (or will have) a major effect on an entity’s financial results. The disposition of the Company’s individual properties did not qualify for discontinued operations presentation, and, thus, the results of the properties that were sold will remain in operating income, and any associated gains or losses from the disposition are included in gain on disposition of real estate, net.
Allocation of Purchase Price of Real Estate Assets	Allocation of Purchase Price of Real Estate Assets Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and to identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place leases and other intangibles, based in each case on their respective fair values. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations. All real estate acquisitions in the periods presented qualified as asset acquisitions, and as such, acquisition–related fees and certain acquisition–related expenses related to these asset acquisitions were capitalized and allocated to tangible and intangible assets and liabilities, as described above.
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 March 31, 2019 , the Option has not been exercised. The Compa ny 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 $34,000 and paid distributions of $72,000 related to the noncontrolling interest during the three months ended March 31, 2019 . The Company recorded the noncontrolling interest of $2.2 million and $2.3 million as of March 31, 2019 and December 31, 2018 , respectively, as temporary equity in the mezzanine section of the condensed consolidated balance sheets, due to the ability to exercise the Option being outside the control of the Company.
Restricted Cash	Restricted Cash The Company had $9.9 million and $9.1 million in restricted cash as of March 31, 2019 and December 31, 2018 , respectively. Included in restricted cash was $3.8 million and $3.4 million held by lenders in lockbox accounts, as of March 31, 2019 and December 31, 2018 , 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 $6.1 million and $5.7 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 March 31, 2019 and December 31, 2018 , respectively.
Loans Held-for-Investment	Loans Held-for-Investment The Company has acquired, and may continue to acquire, loans related to real estate assets. The Company may acquire first, second and third mortgage loans, mezzanine loans, bridge loans, wraparound mortgage loans, construction mortgage loans on real property and loans on leasehold interest mortgages. The Company intends to hold the loans held-for-investment for the foreseeable future or until maturity. Loans held-for-investment are carried on the Company’s consolidated balance sheets at amortized cost, net of any allowance for loans receivable losses. Discounts or premiums, origination fees and exit fees are amortized as a component of interest income using the effective interest method over the life of the respective loans. Loan acquisition fees paid to CR IV Management or its affiliates are expensed as incurred and are included in transaction-related expenses on the accompanying condensed consolidated statements of operations. Interest earned is either received in cash or capitalized to loans held-for-investment, net in the Company’s condensed consolidated balance sheets. Interest is capitalized when certain conditions are met as specified in each loan agreement. For the three months ended March 31, 2019 , the Company recorded $4.5 million in interest income, of which $2.6 million was capitalized to loans held-for-investment, net. Generally, an allowance for loan losses is provided when management determines that the Company will be unable to collect any remaining amounts due under the loan agreement. The Company evaluates the collectability of its loans held-for-investment at least quarterly. The evaluation of collectability involves judgment, estimates, and a review of the ability of the borrower to make principal and interest payments and the underlying collateral. For the three months ended March 31, 2019 , the Company recorded no impairment on its loans held-for-investment.
Leases	Leases The Company has lease agreements with lease and non-lease components. The Company has elected to not separate non-lease components from lease components for all classes of underlying assets (primarily real estate assets) and will account for the combined components as rental and other property income. Non-lease components included in rental and other property income include certain tenant reimbursements for maintenance services (including common-area maintenance services or “CAM”), real estate taxes, insurance and utilities paid for by the lessor but consumed by the lessee. As a lessor, the Company has further determined that this policy will be effective only on a lease that has been classified as an operating lease and the revenue recognition pattern and timing is the same for both types of components. Therefore, ASC Topic 842, Leases (“ASC 842”), will be applied to these lease contracts for both types of components. The Company does not have material leases where it is the lessee. Significant judgments and assumptions are inherent in not only determining if a contract contains a lease but also the lease classification, terms, payments, and, if needed, discount rates. Judgments include the nature of any options, such as if they will be exercised, evaluation of implicit discount rates and the assessment and consideration of “fixed” payments for straight-line rent revenue calculations. The Company has an investment in a real estate property that is subject to a ground lease, for which a lease liability and right of use (“ROU”) asset of $2.7 million was recorded. See Note 14 — Leases for a further discussion regarding this ground lease. Lease costs represent the initial direct costs incurred in origination, negotiation and processing of a lease agreement. Such costs include outside broker commissions and other independent third-party costs and are amortized over the life of the lease on a straight-line basis. Costs related to salaries and benefits, supervision, administration, unsuccessful origination efforts and other activities not directly related to completed lease agreements are expensed as incurred. Leasing commissions subsequent to successful lease execution are capitalized.
Revenue Recognition	Revenue Recognition Revenue from leasing activities Rental and other property income is primarily derived from fixed contractual payments from operating leases and, therefore, is generally recognized on a straight-line basis over the term of the lease, which typically begins the date the tenant takes control of the space. 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. Variable rental and other property income consists primarily of tenant reimbursements for recoverable real estate taxes and operating expenses which are included in rental and other property income in the period when such costs are incurred, with offsetting expenses in real estate taxes and property operating expenses, respectively, within the condensed consolidated statements of operations. The Company defers the recognition of variable rental and other property income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. The Company continually reviews lease-related receivables, including any straight-line rent, and current and future operating expense reimbursements from tenants, and determines their collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Upon the determination that the collectability of a receivable is not probable, the Company will record a reduction to rental and other property income for amounts previously recorded and a decrease in the outstanding receivable. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability becomes probable. Management’s estimate of the collectability of lease-related receivables is based on the best information available to management at the time of evaluation. Revenue from lending activities Interest income is comprised of interest earned on loans and the accretion and amortization of net loan origination fees and discounts. Interest income on loans is accrued as earned.
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 new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s condensed consolidated financial statements. In February 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). The Company used the optional alternative transition method upon adoption of the new standard on January 1, 2019 and used the effective date as the date of initial application. Consequently, financial information was not updated and the disclosures required under the new standard are not provided for dates and periods before January 1, 2019. The Company elected the “package of practical expedients,” which permits the Company to not reassess under the new standard prior conclusions about lease identification, lease classification and initial direct costs. The adoption of ASU 2016-02 has not had a material impact on the accounting treatment and disclosure of the Company’s net leases, which are the primary source of the Company’s revenues. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”), which was subsequently amended by ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses (“ASU 2018-19”), in November 2018. 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, 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 2018-19 clarified that receivables arising from operating leases are not within the scope of Topic 326. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. ASU 2016-13 and ASU 2018-19 are 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. The Company is currently evaluating the impact this amendment will have on its condensed consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). This ASU amends and removes several disclosure requirements including the valuation processes for Level 3 fair value measurements. ASU 2018-13 also modifies some disclosure requirements and requires additional disclosures for changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and requires the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The provisions of ASU 2018-13 are effective January 1, 2020 using a prospective transition method for amendments effecting changes in unrealized gains and losses, significant unobservable inputs used to develop Level 3 fair value measurements and narrative description on uncertainty of measurements. The remaining provisions of the ASU are to be applied retrospectively, and early adoption is permitted. The Company is evaluating the impact of this ASU’s adoption, and does not believe this ASU will have a material impact on its condensed consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-16, Inclusion of the Secured Overnight Financing Rate (“SOFR”) Overnight Index Swap (“OIS”) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes (“ASU 2018-16”). The amendments in this ASU permit the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes. The SOFR is a volume-weighted median interest rate that is calculated daily based on overnight transactions from the prior day’s activity in specified segments of the U.S. Treasury repo market. It has been selected as the preferred replacement for the U.S. dollar London Interbank Offered Rate (“LIBOR”), which will be phased out by the end of 2021. ASU 2018-16 is effective for public entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. ASU 2018-16 is required to be adopted on a prospective basis for qualifying new or redesignated hedging relationships entered into on or after the date of adoption. The Company currently uses LIBOR as its benchmark interest rate in the Company’s interest rate swaps associated with the Company’s LIBOR-based variable rate borrowings. The Company has not entered into any new or redesignated hedging relationships on or after the date of adoption of ASU 2018-16; as such, the Company is currently evaluating the potential effect this new benchmark interest rate option will have on its condensed consolidated financial statements. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities . The guidance changes the guidance for determining whether a decision-making fee is a variable interest. Under the new ASU, indirect interests held through related parties under common control will now be considered on a proportional basis when determining whether fees paid to decision makers and service providers are variable interests. Such indirect interests were previously treated the same as direct interests. This ASU is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company is currently assessing the impact that adopting this new standard will have on its condensed consolidated financial statements and footnote disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
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)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 and December 31, 2018 (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 $ 5,677 $ — $ 5,677 $ — Total financial assets $ 5,677 $ — $ 5,677 $ — 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 $ 10,993 $ — $ 10,993 $ — Total financial assets $ 10,993 $ — $ 10,993 $ —
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 three months ended March 31, 2019 and 2018 (in thousands): Revenue Bonds Beginning Balance, December 31, 2018 $ 2,044 Payments received (1 ) Ending Balance, March 31, 2019 $ 2,043 Revenue Bonds Beginning Balance, December 31, 2017 $ 2,067 Payments received (5 ) Ending Balance, March 31, 2018 $ 2,062
Schedule of impairment charges by asset class	The following table presents the impairment charges by asset class recorded during the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 March 31, 2018 Asset class impaired: Land $ 2,527 $ — Buildings, fixtures and improvements 17,107 — Intangible lease assets 482 — Intangible lease liabilities (43 ) — Total impairment loss $ 20,073 $ —

Intangible Lease Assets (Tables

Intangible Lease Assets (Tables)	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of finite-lived intangible assets	Intangible lease assets and liabilities consisted of the following as of March 31, 2019 and December 31, 2018 (in thousands, except weighted average life remaining): March 31, 2019 December 31, 2018 Intangible lease assets: In-place leases and other intangibles, net of accumulated amortization of $181,010 and $184,532, respectively (with a weighted average life remaining of 10.0 years and 10.1 years, respectively) $ 292,273 $ 307,895 Acquired above-market leases, net of accumulated amortization of $28,027 and $27,979, respectively (each with a weighted average life remaining of 8.4 years) 32,672 34,462 Total intangible lease assets, net $ 324,945 $ 342,357 Intangible lease liabilities: Acquired below-market leases, net of accumulated amortization of $33,690 and $34,732, respectively (each with a weighted average life remaining of 7.2 years) $ 33,325 $ 36,418
Schedule of finite-lived intangible assets amortization expense	The following table summarizes the amortization related to the intangible lease assets and liabilities for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 In-place lease and other intangible amortization $ 9,474 $ 10,995 Above-market lease amortization $ 1,290 $ 1,730 Below-market lease amortization $ 1,816 $ 2,139
Schedule of finite-lived intangible assets, future amortization expense	As of March 31, 2019 , the estimated amortization relating to the intangible lease assets and liabilities is as follows (in thousands): Amortization In-Place Leases and Other Intangibles Above-Market Leases Below-Market Leases Remainder of 2019 $ 27,067 $ 3,614 $ 5,190 2020 $ 34,229 $ 4,373 $ 6,238 2021 $ 30,947 $ 3,759 $ 4,137 2022 $ 29,171 $ 3,529 $ 3,516 2023 $ 26,243 $ 3,165 $ 2,825

Loans Held-For-Investment (Tabl

Loans Held-For-Investment (Tables)	3 Months Ended
	Mar. 31, 2019
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	Activity relating to the Company’s loans held-for-investment portfolio was as follows (dollar amounts in thousands): Principal Balance Deferred Fees / Other Items (1) Net Book Value Beginning Balance, December 31, 2018 $ 89,679 $ 83 $ 89,762 Principal repayments received (7,961 ) — (7,961 ) Capitalized interest (2) 2,643 — 2,643 Deferred fees and other items — (80 ) (80 ) Accretion (amortization) of fees and other items — 758 758 Ending Balance, March 31, 2019 $ 84,361 $ 761 $ 85,122 ____________________________________ (1) Deferred fees includes a $5.6 million deferred origination fee and $1.0 million of exit fees which are being accreted over the life of the loan as interest income in the accompanying condensed consolidated statements of operations. Other items primarily consist of purchase discounts or premiums, exit fees and deferred origination expenses. (2) Represents accrued interest on loans whose terms do not require a current cash payment of interest. The following table details overall statistics for the Company’s loans held-for-investment as of March 31, 2019 and December 31, 2018 (dollar amounts in thousands): As of March 31, As of December 31, 2019 2018 Number of loans 4 4 Principal balance $ 84,361 $ 89,679 Net book value $ 85,122 $ 89,762 Weighted-average interest rate (1) 17.3 % 17.2 % Weighted-average maximum years to maturity (2) 2.1 2.4 ____________________________________ (1) The Junior Mezzanine Loans were indexed to one-month LIBOR plus an interest rate spread of 14.85% as of both March 31, 2019 and December 31, 2018 . (2) Maximum maturity assumes all extension options are exercised by the borrower, however the Company’s loans may be repaid prior to such date.

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table summarizes the terms of the Company’s executed interest rate swap agreements designated as hedging instruments as of March 31, 2019 and December 31, 2018 (dollar amounts in thousands): Outstanding Notional Fair Value of Assets Balance Sheet Amount as of Interest Effective Maturity March 31, December 31, Location March 31, 2019 Rates (1) Dates Dates 2019 2018 Interest Rate Swaps Derivative assets, prepaid expenses, revenue bonds and other assets $940,766 2.55% to 4.02% 10/1/2015 to 8/15/2018 10/1/2020 to 7/1/2021 $5,677 $10,993 ____________________________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of March 31, 2019 .

Notes Payable And Credit Faci_2

Notes Payable And Credit Facility (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the debt balances as of March 31, 2019 and December 31, 2018 , and the debt activity for the three months ended March 31, 2019 (in thousands): During the Three Months Ended March 31, 2019 Balance as of December 31, 2018 Debt Issuances & Assumptions (1) Repayments & Modifications (4) Accretion and (Amortization) Balance as of Fixed rate debt $ 1,178,166 $ — $ (49,426 ) $ — $ 1,128,740 Variable rate debt 20,500 — 49,300 — 69,800 Credit facility 1,331,000 27,500 (139,000 ) — 1,219,500 Total debt 2,529,666 27,500 (139,126 ) — 2,418,040 Net premiums (2) 331 — — (22 ) 309 Deferred costs – credit facility (3) (6,731 ) — — 524 (6,207 ) Deferred costs – fixed rate debt (6,352 ) 556 (5,796 ) Total debt, net $ 2,516,914 $ 27,500 $ (139,126 ) $ 1,058 $ 2,406,346 ____________________________________ (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 related to the term portion of the Credit Facility (as defined below). (4) During the three months ended March 31, 2019 , an interest rate swap agreement associated with $49.3 million of variable rate debt matured and as such the mortgage note is no longer considered to be fixed rate debt as of March 31, 2019 .
Schedule of Maturities of Long-term Debt	The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt subsequent to March 31, 2019 (in thousands): Principal Repayments Remainder of 2019 $ 49,673 2020 318,215 2021 270,103 2022 1,092,464 2023 491,375 Thereafter 196,210 Total $ 2,418,040

Supplemental Cash Flow Disclo_2

Supplemental Cash Flow Disclosures (Tables)	3 Months Ended
	Mar. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Supplemental cash flow disclosures for the three months ended March 31, 2019 and 2018 are as follows (in thousands): Three Months Ended March 31, 2019 2018 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Distributions declared and unpaid $ 16,518 $ 16,528 Accrued capital expenditures $ 13 $ 501 Interest income capitalized to loans held-for-investment $ 2,643 $ — Common stock issued through distribution reinvestment plan $ 21,247 $ 23,618 Change in fair value of interest rate swaps $ (5,316 ) $ 9,390 Supplemental Cash Flow Disclosures: Interest paid $ 24,536 $ 22,120 Cash paid for taxes $ 94 $ 95

Related Party Transactions and

Related Party Transactions and Arrangements (Tables)	3 Months Ended
	Mar. 31, 2019
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 Management or its affiliates related to the services described above during the periods indicated (in thousands): Three Months Ended March 31, 2019 2018 Acquisition fees and expenses $ 186 $ 30 Disposition fees $ 801 $ — Advisory fees and expenses $ 10,019 $ 10,588 Operating expenses $ 974 $ 1,020

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Schedule of future minimum rental payments for operating leases - ASC 842	As of March 31, 2019 , the future minimum rental income from the Company’s real estate assets under non-cancelable operating leases, assuming no exercise of renewal options for the succeeding five fiscal years and thereafter, was as follows (in thousands): Future Minimum Rental Income Remainder of 2019 $ 257,193 2020 335,607 2021 319,932 2022 304,735 2023 278,910 Thereafter 1,696,963 Total $ 3,193,340
Schedule of future minimum rental payments for operating leases - ASC 840	As previously disclosed in our 2018 Annual Report on Form 10-K and under the previous lease accounting standard, Topic 840, the following table summarizes the future minimum rental income from the Company’s real estate assets under non-cancelable operating leases, assuming no exercise of renewal options for the succeeding five fiscal years and thereafter, as of December 31, 2018 (in thousands): Year Ending December 31, Future Minimum Rental Income 2019 $ 352,699 2020 343,991 2021 327,661 2022 311,858 2023 284,510 Thereafter 1,718,650 Total $ 3,339,369
Schedule of components of lease income	Rental and other property income during the three months ended March 31, 2019 and 2018 consisted of the following (in thousands): Three Months Ended March 31, 2019 2018 Fixed rental and other property income $ 89,765 $ 93,871 Variable rental and other property income 14,997 15,632 Total rental and other property income $ 104,762 $ 109,503

Organization and Business (Deta

Organization and Business (Details) $ / shares in Units, ft² in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2019USD ($)ft²statepropertyloanshares	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)loan$ / sharesshares	Mar. 26, 2019$ / shares	Aug. 02, 2016USD ($)	Dec. 19, 2013USD ($)	Jan. 26, 2012USD ($)
Organization and business [Line Items]
Number of owned properties (property) | property	857
Rentable square feet (sqft) | ft²	25.6
Number of states in which entity owns properties (state) | state	45
Percentage of rentable space leased	95.70%
Number of loans | loan	4		4
Loans receivable, net amount	$ 85,122,000		$ 89,762,000
Net asset value per share (USD per share) | $ / shares			$ 8.65
Common stock, shares issued (shares) | shares	311,330,500		311,381,396
Issuance of common stock	$ 21,247,000	$ 23,618,000
IPO
Organization and business [Line Items]
Common stock, shares authorized, value (maximum)							$ 2,975,000,000
Common stock, shares issued (shares) | shares	351,100,000
Issuance of common stock	$ 3,500,000,000
Offering costs, selling commissions, and dealer management fees	$ 306,000,000
Distribution reinvestment plan
Organization and business [Line Items]
Common stock shares registered dividend reinvestment plan, value					$ 600,000,000	$ 247,000,000
Share price (USD per share) | $ / shares				$ 8.65
Common stock, shares issued (shares) | shares	52,800,000
CCPT IV OP
Organization and business [Line Items]
General partner partnership interest percentage	100.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Reclassifications) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Gains on sales of investment real estate	$ 264
Rental income	(109,503)
Restatement Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Rental income	93,900
Tenant reimbursement revenue	15,600
Bad debt expense	431
Rental income	$ 2,200

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Real Estate Assets) (Details)	3 Months Ended
	Mar. 31, 2019USD ($)property	Mar. 31, 2018USD ($)property	Dec. 31, 2018USD ($)property
Real Estate Properties [Line Items]
Impairment | $	$ 20,073,000	$ 0
Number of properties impaired | property	7	0
Number of real estate property held for sale | property	2	10	1
Assets held for sale | $	$ 20,749,000	$ 11,300,000	$ 6,780,000
Buildings
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

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Redeemable Noncontrolling Interest in Consolidated Joint Venture) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Accounting Policies [Abstract]
Net income allocated to noncontrolling interest	$ 34	$ 34
Paid distributions to noncontrolling interest	72	$ 69
Noncontrolling interest	$ 2,200		$ 2,300

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Restricted Cash) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 9,928	$ 9,141	$ 9,786
Restricted cash, held by lenders in lockbox accounts
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	3,800	3,400
Restricted cash, held by lenders in escrow
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 6,100	$ 5,700

Summary of Significant Accoun_8

Summary of Significant Accounting Policies (Loans Held-for-Investments) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Accounting Policies [Abstract]
Interest income	$ 4,498,000	$ 0
Capitalized interest	2,643,000
Impairment of loans held-for-investment	$ 0

Summary of Significant Accoun_9

Summary of Significant Accounting Policies (Leases) (Details) - ASU 2016-02 $ in Millions	Jan. 01, 2019USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use asset	$ 2.7
Operating lease, liability	$ 2.7

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) ft² in Millions	3 Months Ended
	Mar. 31, 2019USD ($)ft²property	Mar. 31, 2018USD ($)property	Dec. 31, 2018USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	9.00%
Number of properties impaired | property	7	0
Area of real estate property impaired | ft²	1.1
Impairment of real estate assets	$ 20,073,000	$ 0
Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment	83,000,000
Real estate investment property, net, carrying value of impaired property	118,900,000
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment	84,400,000
Real estate investment property, net, carrying value of impaired property	139,000,000
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	2,430,000,000		$ 2,460,000,000
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	$ 2,420,000,000		2,530,000,000
Significant Unobservable Inputs (Level 3) | Discount Rate | 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) | Discount Rate | 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	$ 2,000,000		$ 2,000,000

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	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	$ 5,677	$ 10,993
Total financial assets	5,677	10,993
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
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	5,677	10,993
Total financial assets	5,677	10,993
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

Fair Value Measurements (Sche_2

Fair Value Measurements (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 2,044	$ 2,067
Payments received	(1)	(5)
Ending Balance	$ 2,043	$ 2,062

Fair Value Measurements (Sche_3

Fair Value Measurements (Schedule of Impaired Assets) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of real estate assets	$ 20,073,000	$ 0
Land
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of real estate assets	2,527,000	0
Buildings, fixtures and improvements
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of real estate assets	17,107,000	0
Intangible lease assets
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of real estate assets	482,000	0
Intangible lease liabilities
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of real estate assets	$ (43,000)	$ 0

Real Estate Assets (Property Ac

Real Estate Assets (Property Acquisitions - Narrative) (Details) - property	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Business Combinations [Abstract]
Number of businesses acquired (property)	0	0

Real Estate Assets (Property Di

Real Estate Assets (Property Dispositions) (Details)	3 Months Ended
	Mar. 31, 2019USD ($)property	Mar. 31, 2018USD ($)property	Dec. 31, 2018USD ($)property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposition of properties	$ 120,652,000	$ 1,958,000
Number of real estate property held for sale | property	2	10	1
Assets held for sale	$ 20,749,000	$ 11,300,000	$ 6,780,000
2019 Property Disposition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | property	34
Aggregate gross sales price	$ 124,300,000
Proceeds from disposition of properties	120,700,000
Gain on disposition of real estate, net	$ 9,900,000
2018 Property Disposition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | property		1
Aggregate gross sales price		$ 2,000,000
Proceeds from disposition of properties		2,000,000
Gain on disposition of real estate, net		264,000
Affiliated entity | Disposition fee | 2018 Property Disposition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposition fees paid		$ 0
Retail property | 2019 Property Disposition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | property	31
Anchored shopping center | 2019 Property Disposition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | property	3

Real Estate Assets (Consolidate

Real Estate Assets (Consolidated Joint Venture) (Details) $ in Thousands	Mar. 31, 2019USD ($)property	Dec. 31, 2018USD ($)
Business Acquisition [Line Items]
Number of owned properties (property) | property	857
Assets	$ 4,455,440	$ 4,617,371
Land	1,129,808	1,172,449
Liabilities	2,499,293	$ 2,616,274
Consolidated Joint Venture
Business Acquisition [Line Items]
Assets	50,500
Land	9,300
Buildings and improvements	42,000
Intangible lease assets	5,600
Accumulated depreciation and amortization	7,300
Liabilities	$ 463
Consolidated Joint Venture | Consolidated Properties
Business Acquisition [Line Items]
Number of owned properties (property) | property	9

Real Estate Assets (2019 Impair

Real Estate Assets (2019 Impairment of Property) (Details)	3 Months Ended
	Mar. 31, 2019USD ($)property	Mar. 31, 2018USD ($)property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of properties impaired | property	7	0
Impairment of real estate assets	$ 20,073,000	$ 0
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate asset deemed to be impaired	139,000,000
Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate asset deemed to be impaired	$ 118,900,000

Intangible Lease Assets (Detail

Intangible Lease Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Intangible leased assets	$ 324,945	$ 342,357
Below market leases net of amortization	33,325	36,418
Below market lease, accumulated amortization	$ 33,690	$ 34,732
Below market lease, weighted average useful life	7 years 2 months	7 years 2 months
Acquired in-place leases and other intangibles
Finite-Lived Intangible Assets [Line Items]
Intangible leased assets	$ 292,273	$ 307,895
Accumulated amortization	$ 181,010	$ 184,532
Useful life	10 years	10 years 1 month
Acquired above-market leases
Finite-Lived Intangible Assets [Line Items]
Intangible leased assets	$ 32,672	$ 34,462
Accumulated amortization	$ 28,027	$ 27,979
Useful life	8 years 4 months 24 days	8 years 5 months

Intangible Lease Assets (Schedu

Intangible Lease Assets (Schedule of finite-lived intangible assets amortization expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Amortization of below-market leases	$ 1,816	$ 2,139
Acquired in-place leases and other intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization expense	9,474	10,995
Acquired above-market leases
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 1,290	$ 1,730

Intangible Lease Assets (Estima

Intangible Lease Assets (Estimated Amortization of Intangible lease assets) (Details) $ in Thousands	Mar. 31, 2019USD ($)
Below Market Lease, Amortization Income, Maturity Schedule [Abstract]
Remainder of 2019	$ 5,190
2020	6,238
2021	4,137
2022	3,516
2023	2,825
Acquired in-place leases and other intangibles
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2019	27,067
2020	34,229
2021	30,947
2022	29,171
2023	26,243
Acquired above-market leases
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2019	3,614
2020	4,373
2021	3,759
2022	3,529
2023	$ 3,165

Loans Held-For-Investment (Deta

Loans Held-For-Investment (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	4	4
Principal balance	$ 84,361	$ 89,679
Net book value	$ 85,122	$ 89,762
Weighted-average interest rate	17.30%	17.20%
Weighted-average years to maturity	2 years 1 month 6 days	2 years 4 months 9 days
One-Month LIBOR
Accounts, Notes, Loans and Financing Receivable [Line Items]
Basis spread on variable rate	14.85%	14.85%

Loans Held-For-Investment Activ

Loans Held-For-Investment Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Loans Held-for-Investment [Roll Forward]
Principal balance, beginning	$ 89,679
Deferred fees and other items, beginning	83
Net book value, beginning	89,762
Principal repayments received	(7,961)
Capitalized interest	2,643
Deferred fees and other items	(80)
Accretion (amortization) of fees and other items	758
Principal balance, ending	84,361
Deferred fees and other items, ending	761
Net book value, ending	85,122
Deferred loan origination fees	5,600
Deferred loan exit fees	$ 1,000

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities (Narrative) (Details)	3 Months Ended
	Mar. 31, 2019USD ($)derivative	Mar. 31, 2018USD ($)
Derivatives, Fair Value [Line Items]
Amount of gain (loss) reclassified from other comprehensive income into income as interest expense and other, net	$ 1,477,000	$ 541,000
Cash Flow Hedging | Interest Expense
Derivatives, Fair Value [Line Items]
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months	$ 4,400,000
Interest Rate Swap
Derivatives, Fair Value [Line Items]
Number of interest rate derivatives matured (derivative) | derivative	1
Number of interest rate derivatives held (derivative) | derivative	6
Interest Rate Swap | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Derivative liability, event of default, termination amount	$ 0

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities (Schedule of Derivative Instruments) (Details) - Cash Flow Hedging - Derivative assets, prepaid expenses, revenue bonds and other assets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Outstanding notional amount	$ 940,766
Fair value of assets	$ 5,677	$ 10,993
Minimum
Derivative [Line Items]
Derivative interest rate (percent)	2.55%
Maximum
Derivative [Line Items]
Derivative interest rate (percent)	4.02%

Notes Payable And Credit Faci_3

Notes Payable And Credit Facility (Schedule of Debt) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Short-Term and Long-Term Debt [Roll Forward]
Long-term debt, gross, beginning balance	$ 2,529,666
Net premiums, beginning balance	331
Long-term debt, beginning balance	2,516,914
Debt issuance & assumptions	27,500
Repayments	(139,126)
Accretion and (Amortization)	(22)
Proceeds from debt, net of issuance and assumption costs	27,500
Repayments, Extinguishment and Assumptions of Debt, Net	(139,126)
Accretion and (Amortization)	1,058
Net premiums, ending balance	309
Long-term debt, ending balance	2,406,346
Fixed Rate Debt
Short-Term and Long-Term Debt [Roll Forward]
Long-term debt, gross, beginning balance	1,178,166
Deferred costs, beginning balance	(6,352)
Debt issuance & assumptions	0
Repayments	(49,426)
Amortization of financing costs related to revolving credit facility	556
Deferred costs, ending balance	(5,796)
Variable Rate Debt
Short-Term and Long-Term Debt [Roll Forward]
Long-term debt, gross, beginning balance	20,500
Debt issuance & assumptions	0
Repayments	49,300
Line of Credit
Short-Term and Long-Term Debt [Roll Forward]
Long-term debt, gross, beginning balance	1,331,000
Deferred costs, beginning balance	(6,731)
Debt issuance & assumptions	27,500
Repayments	(139,000)
Amortization of financing costs related to revolving credit facility	524
Deferred costs, ending balance	$ (6,207)

Notes Payable And Credit Faci_4

Notes Payable And Credit Facility (Narrative) (Details)	3 Months Ended
	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Long-term debt	$ 2,406,346,000	$ 2,516,914,000
Weighted average years to maturity	3 years
Weighted average interest rate (percent)	4.10%
Long-term debt, gross	$ 2,418,040,000	2,529,666,000
Long term debt maturing in the next year	70,800,000
Long-term line of credit	2,406,346,000	2,516,914,000
Fixed Rate Debt
Debt Instrument [Line Items]
Long-term debt, gross	1,128,740,000	1,178,166,000
Debt security, amount, aggregate gross real estate assets net of gross intangible lease liabilities	$ 2,000,000,000
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]
Weighted average interest rate (percent)	5.50%
Long-term debt, gross	$ 69,800,000	20,500,000
Debt security, amount, aggregate gross real estate assets net of gross intangible lease liabilities	143,600,000
Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,219,500,000	$ 1,331,000,000
JPMorgan Chase Bank, N.A. | Line of Credit
Debt Instrument [Line Items]
Weighted average interest rate (percent)	4.20%
Line of credit maximum borrowing capacity	$ 1,400,000,000
Long-term line of credit	1,220,000,000
Line of credit, current borrowing capacity	179,900,000
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 | 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 | 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 | Statutory Reserve Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (percent)	1.65%
JPMorgan Chase Bank, N.A. | Line of Credit | Statutory Reserve Rate | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (percent)	2.25%
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. | Term Loan | Line of Credit
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. | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	350,000,000
Long-term line of credit	169,500,000
Interest Rate Swap | Variable Rate Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 129,100,000
Cash Flow Hedging | Interest Rate Swap | JPMorgan Chase Bank, N.A. | Term Loan | Line of Credit
Debt Instrument [Line Items]
Weighted average interest rate (percent)	4.00%
Long-term line of credit	$ 811,700,000
Cash Flow Hedging | Interest Rate Swap | JPMorgan Chase Bank, N.A. | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Weighted average interest rate (percent)	4.50%

Notes Payable And Credit Faci_5

Notes Payable And Credit Facility (Schedule of Maturities of Long-term Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Remainder of 2019	$ 49,673
2020	318,215
2021	270,103
2022	1,092,464
2023	491,375
Thereafter	196,210
Total	$ 2,418,040	$ 2,529,666

Supplemental Cash Flow Disclo_3

Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Distributions declared and unpaid	$ 16,518	$ 16,528	$ 16,518
Accrued capital expenditures	13	501
Interest income capitalized to loans held-for-investment	2,643	0
Common stock issued through distribution reinvestment plan	21,247	23,618
Change in fair value of interest rate swaps	(5,316)	9,390
Supplemental Cash Flow Disclosures:
Interest paid	24,536	22,120
Cash paid for taxes	$ 94	$ 95

Related Party Transactions an_2

Related Party Transactions and Arrangements (Acquisition fees and expenses) (Details) - Advisors - Acquisition fees and expenses - Maximum	Mar. 31, 2019
Related Party Transaction [Line Items]
Acquisition and advisory fee (percent)	2.00%
Acquisition fees and expenses, reimbursement (percent)	6.00%

Related Party Transactions an_3

Related Party Transactions and Arrangements (Advisory fees and expenses) (Details)	Mar. 31, 2019USD ($)
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 an_4

Related Party Transactions and Arrangements (Operating expenses) (Details) - Advisors - Minimum	Mar. 31, 2019
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 an_5

Related Party Transactions and Arrangements (Disposition fees) (Details) - Advisors	Mar. 31, 2019
Brokerage commission fee | Maximum
Related Party Transaction [Line Items]
Commissions performance and other fees (percent)	50.00%
Property sales commission
Related Party Transaction [Line Items]
Commissions performance and other fees (percent)	1.00%
Property portfolio | Maximum
Related Party Transaction [Line Items]
Commissions performance and other fees (percent)	6.00%

Related Party Transactions an_6

Related Party Transactions and Arrangements (Subordinated performance fees) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Due to affiliates	$ 5,076,000		$ 5,156,000
Advisors
Related Party Transaction [Line Items]
Cumulative noncompounded annual return (percent)	8.00%
Due to affiliates	$ 5,100,000		$ 5,200,000
Advisors | Subordinated performance fees
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 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%
Advisors | Subordinate performance fees for listing
Related Party Transaction [Line Items]
Commissions performance and other fees (percent)	15.00%
Advisors | Acquisitions and Operations Costs
Related Party Transaction [Line Items]
Due to affiliates	$ 5,100,000	1,500,000
Advisors | Acquisition fees and expenses
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	186,000	30,000
Advisors | Disposition fee
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	801,000	0
Advisors | Advisory fees and expenses
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	10,019,000	10,588,000
Advisors | Operating expenses
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 974,000	$ 1,020,000

Related Party Transactions an_7

Related Party Transactions and Arrangements (Due to/from Affiliates) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Due to affiliates	$ 5,076	$ 5,156
Advisors
Related Party Transaction [Line Items]
Due to affiliates	$ 5,100	$ 5,200

Stockholders' Equity (Details)

Stockholders' Equity (Details) - CCPT IV 2018 Equity Incentive Plan - USD ($) $ in Thousands	Oct. 01, 2018	Mar. 31, 2019
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		400,000
Number of shares available for future grants		386,000
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period to each independent member of board of directors (in shares)	3,500
Total grants in period (in shares)	14,000
Vesting period	1 year
Unrecognized compensation expenses		$ 66
General and administrative expenses | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		$ 32

(Future Minimum Rental Income)

(Future Minimum Rental Income) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Operating Lease Liabilities, Payments Due [Abstract]
Remainder of 2019	$ 257,193
2020	335,607
2021	319,932
2022	304,735
2023	278,910
Thereafter	1,696,963
Total	$ 3,193,340
Operating Leases, Future Minimum Payments Receivable [Abstract]
2019		$ 352,699
2020		343,991
2021		327,661
2022		311,858
2023		284,510
Thereafter		1,718,650
Total		$ 3,339,369

Leases (Schedule of Components

Leases (Schedule of Components of Lease Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Leases [Abstract]
Fixed rental and other property income	$ 89,765
Variable rental and other property income	14,997
Total rental and other property income	$ 104,762	$ 109,503
Fixed rental and other property income		93,871
Variable rental and other property income		15,632
Total rental and other property income		$ 109,503

Leases (Narrative) (Details)

Leases (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lessor, weighted average remaining lease term	8 years 11 months 15 days
Operating lease, remaining lease term	14 years 5 months 4 days
Operating lease, discount rate	4.30%
Ground lease, expense	$ 63
Ground lease, payments	61
Future minimum rental payments, remainder of 2019	188
Future minimum rental payments, 2020	250
Future minimum rental payments, 2021	250
Future minimum rental payments, 2022	250
Future minimum rental payments, 2023	250
Future minimum rental payments, Thereafter	$ 2,400
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, liability		$ 2,700
Operating lease, right-of-use asset		$ 2,700

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	3 Months Ended
	May 10, 2019	Mar. 31, 2019	Mar. 31, 2018
Subsequent Event
Redemptions of common stock		$ 21,724	$ 24,304
Subsequent event
Subsequent Event
Redemption of common stock (shares)	2.4
Redemptions of common stock	$ 21,100
Common stock, average redemption price per share (USD per share)	$ 8.65
Unfulfilled redemption requests (shares)	17.2

Subsequent Events (Property Dis

Subsequent Events (Property Dispositions) (Details) $ in Thousands	1 Months Ended	3 Months Ended
	May 10, 2019USD ($)property	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)
Subsequent Event
Proceeds from disposition of properties		$ 120,652	$ 1,958
Subsequent event | Property Disposition
Subsequent Event
Number of properties disposed | property	3
Aggregate gross sales price	$ 26,700
Proceeds from disposition of properties	25,900
Gain on disposition of real estate, net	$ 2,900

Uncategorized Items - ccptiv-20

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 0
Accumulated Distributions in Excess of Net Income [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(487,000)
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 487,000