Industrial Property Trust 10-K 10 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2015	Mar. 02, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Entity Registrant Name	INDUSTRIAL PROPERTY TRUST INC.
Entity Central Index Key	1,558,441
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		117.9
Entity Public Float			$ 0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Net investment in real estate properties	$ 1,374,195,000	$ 412,769,000
Investment in unconsolidated joint venture	94,331,000
Cash and cash equivalents	7,429,000	8,119,000
Restricted cash	3,580,000
Straight-line and tenant receivables, net	5,185,000	506,000
Deferred financing costs, net	5,967,000	1,877,000
Other assets	18,535,000	10,684,000
Total assets	1,509,222,000	433,955,000
Liabilities
Accounts payable and accrued liabilities	8,751,000	1,945,000
Debt	615,000,000	235,000,000
Due to affiliates	2,525,000	251,000
Distributions payable	10,304,000	2,368,000
Other liabilities	25,236,000	7,512,000
Total liabilities	$ 661,816,000	$ 247,076,000
Commitments and contingencies (Note 13)
Stockholders' equity:
Preferred stock, $0.01 par value - 200,000 shares authorized, none issued and outstanding	$ 0	$ 0
Additional paid-in capital	927,556,000	203,806,000
Accumulated deficit	(81,181,000)	(17,158,000)
Total stockholders' equity	847,405,000	186,878,000
Noncontrolling interests	1,000	1,000
Total equity	847,406,000	186,879,000
Total liabilities and equity	1,509,222,000	433,955,000
Class A [Member]
Stockholders' equity:
Common stock, value	846,000	230,000
Total equity	846,000	$ 230,000
Class T [Member]
Stockholders' equity:
Common stock, value	184,000
Total equity	$ 184,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	200,000,000	200,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Class A [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	84,595,000	23,030,000
Common stock, shares outstanding	84,595,000	23,030,000
Class T [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	18,390,000	0
Common stock, shares outstanding	18,390,000	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Rental revenues	$ 51,134	$ 6,645	$ 0
Total revenues	51,134	6,645	0
Operating expenses:
Rental expenses	12,815	1,580	0
Real estate-related depreciation and amortization	28,225	4,020	0
General and administrative expenses	4,612	2,236	391
Organization expenses, related party	0	17	76
Asset management fees, related party	5,532	902	0
Acquisition expenses, related party	22,390	8,168	0
Acquisition expenses	9,432	3,915	63
Total operating expenses	83,006	20,838	530
Total operating expenses	83,006	20,838	530
Operating loss	(31,872)	(14,193)	(530)
Other expenses:
Equity in loss of unconsolidated joint venture	2,011
Interest expense and other	7,037	1,001	3
Total other expenses	9,048	1,001	3
Total other expenses	9,048	1,001	3
Total expenses before expense support from Advisor	92,054	21,839	533
Expense support from Advisor	3,370	3,496	306
Expense support from Advisor	3,370	3,496	306
Net expenses after expense support from Advisor	88,684	18,343	227
Net loss	(37,550)	(11,698)	(227)
Net loss attributable to noncontrolling interests	0	0	0
Net loss attributable to common stockholders	$ (37,550)	$ (11,698)	$ (227)
Weighted-average shares outstanding	51,801	9,229	91
Net loss per common share - basic and diluted	$ (0.72)	$ (1.27)	$ (2.49)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Noncontrolling Interests [Member]
Beginning balance at Dec. 31, 2012	$ 201		$ 200		$ 1
Beginning balance, shares at Dec. 31, 2012		20
Net loss	(227)			$ (227)
Issuance of common stock	3,787	$ 4	3,783
Issuance of common stock, shares		400
Upfront offering costs, including sales commissions, dealer manager fees, and offering costs	(168)		(168)
Redemptions of common stock	$ 0
Redemptions of common stock, shares	0
Dividends declared on common stock	$ (39)			(39)
Ending balance at Dec. 31, 2013	3,554	$ 4	3,815	(266)	1
Ending balance, shares at Dec. 31, 2013		420
Net loss	(11,698)			(11,698)
Issuance of common stock	225,710	$ 226	225,484
Issuance of common stock, shares		22,622
Share-based compensation	202		202
Upfront offering costs, including sales commissions, dealer manager fees, and offering costs	(25,573)		(25,573)
Redemptions of common stock	$ (122)		(122)
Redemptions of common stock, shares	(12)	(12)
Dividends declared on common stock	$ (5,194)			(5,194)
Ending balance at Dec. 31, 2014	186,879	$ 230	203,806	(17,158)	1
Ending balance, shares at Dec. 31, 2014		23,030
Net loss	(37,550)			(37,550)
Issuance of common stock	806,170	$ 801	805,369
Issuance of common stock, shares		80,038
Share-based compensation	465		465
Upfront offering costs, including sales commissions, dealer manager fees, and offering costs	(80,903)		(80,903)
Trailing offering costs, consisting of distribution fees			(148)	148
Redemptions of common stock	$ (1,034)	$ (1)	(1,033)
Redemptions of common stock, shares	(105)	(83)
Dividends declared on common stock	$ (26,621)			(26,621)
Ending balance at Dec. 31, 2015	$ 847,406	$ 1,030	$ 927,556	$ (81,181)	$ 1
Ending balance, shares at Dec. 31, 2015		102,985

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating activities:
Net loss	$ (37,550)	$ (11,698)	$ (227)
Adjustments to reconcile net loss to net cash used in operating activities:
Real estate-related depreciation and amortization	28,225	4,020	0
Equity in loss of unconsolidated joint venture	2,011
Straight-line rent and amortization of above- and below-market leases	(5,266)	(719)
Bad debt expense	146
Other	1,547	518
Changes in operating assets and liabilities:
Tenant receivables, restricted cash and other assets	(5,036)	(334)	(53)
Accounts payable, accrued expenses and other liabilities	7,806	1,559	(109)
Due from / to affiliates	985	190	51
Net cash used in operating activities	(7,132)	(6,464)	(338)
Investing activities:
Real estate acquisitions	(1,087,709)	(408,004)
Acquisition deposits	(15,187)	(7,927)	(197)
Capital expenditures and development activities	(13,874)	(1,588)
Investment in unconsolidated joint venture	(66,230)
Proceeds from sale of ownership interest and real estate property to unconsolidated joint venture	72,146
Distribution from unconsolidated joint venture	34,198
Net cash used in investing activities	(1,076,656)	(417,519)	(197)
Financing activities:
Proceeds from line of credit	665,000	258,700
Repayments of line of credit	(535,000)	(23,700)
Proceeds from mortgage note	100,000
Proceeds from term loan	150,000
Financing costs paid	(5,172)	(2,193)
Proceeds from issuance of common stock	777,184	213,851	3,337
Offering costs paid upon issuance of common stock	(59,004)	(16,192)	(125)
Distributions paid to common stockholders	(9,046)	(1,113)	(7)
Distribution fees paid	(38)
Redemptions of common stock	(826)	(122)
Net cash provided by financing activities	1,083,098	429,231	3,205
Net (decrease) increase in cash and cash equivalents	(690)	5,248	2,670
Cash and cash equivalents, at beginning of year	8,119	2,871	201
Cash and cash equivalents, at end of year	7,429	8,119	2,871
Supplemental disclosure of noncash investing and financing activities:
Interest paid, net of capitalized interest	5,411	761	2
Offering proceeds due from transfer agent		1,430	450
Deconsolidation of net assets in connection with sale of ownership interest in unconsolidated joint venture	124,586
Distributions payable	10,304	2,368	$ 32
Stock dividends issued		772
Accrued capital expenditures	2,255	533
Distributions reinvested in common stock	9,601	$ 973
Redemptions payable	$ 208

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS Unless the context otherwise requires, the “Company” refers to Industrial Property Trust Inc. and its consolidated subsidiaries. The Company is a Maryland corporation formed on August 28, 2012. The Company was formed to make equity and debt investments in income-producing real estate assets consisting primarily of high-quality distribution warehouses and other industrial properties that are leased to creditworthy corporate customers. Creditworthiness does not necessarily mean that the Company’s customers will be investment grade and much of the Company’s customer base is currently comprised of and is expected to continue to be comprised of non-rated and non-investment grade customers. Although the Company intends to focus investment activities primarily on distribution warehouses and other industrial properties, the charter and bylaws do not preclude it from investing in other types of commercial property, real estate debt, or real estate related equity securities. As of December 31, 2015, the Company owned and managed, either directly or through its ownership interest in the BTC Partnership (as defined in “Note 5”), a real estate portfolio that included 152 industrial buildings. The Company operates as one reportable segment comprised of industrial real estate. The Company currently operates and has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes beginning with its taxable year ended December 31, 2013, and the Company intends to continue to operate in accordance with the requirements for qualification as a REIT. The Company utilizes an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) organizational structure to hold all or substantially all of its properties and securities through an operating partnership, Industrial Property Operating Partnership LP (the “Operating Partnership”), of which the Company is the sole general partner and a limited partner.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. Basis of Consolidation The consolidated financial statements include the accounts of Industrial Property Trust Inc., the Operating Partnership, and its wholly-owned subsidiaries, as well as amounts related to noncontrolling interests. See “Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests. All material intercompany accounts and transactions have been eliminated. Use of Estimates 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 consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary. Reclassifications Certain items in the Company’s consolidated balance sheets for 2014 have been reclassified from other liabilities to accounts payable and accrued liabilities to conform to the 2015 presentation. Additionally, certain items in the Company’s consolidated statements of cash flows for 2014 and 2013 have been reclassified to conform to the 2015 presentation. These reclassifications did not impact net cash used in operating activities, net cash used in investing activities or net cash provided by financing activities. Investment in Real Estate Properties Upon acquisition, the purchase price of a property is allocated to land, building, and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is calculated by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. No debt was assumed in connection with the 2015 and 2014 acquisitions. Costs associated with the acquisition of a property, including acquisition fees paid to Industrial Property Advisors LLC (the “Advisor”) are expensed as incurred. The results of operations for acquired properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real-estate related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenue over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. The Company expenses any unamortized intangible lease asset or records an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. Land, building, building and land improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of the Company’s real estate assets are capitalized as incurred. These costs include capitalized interest and development acquisition fees. The Company does not capitalize any other costs, such as taxes, salaries or other general and administrative expenses. See “Capitalized Interest” below for additional detail. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Building 20 to 40 years Building and land improvements 5 to 20 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. For the years ended December 31, 2015 and 2014, the Company did not record any impairment charges related to real estate assets. The Company had no real estate assets as of December 31, 2013. Investment in Unconsolidated Joint Venture The Company analyzes its investment under GAAP guidance to determine if the joint venture is not a variable interest entity (“VIE”) and whether the requisite substantial participating rights described in the GAAP guidance are held by the partners not affiliated with the Company. If the joint venture is not a VIE and the partners hold substantial participating rights, the Company accounts for its investment in the joint venture under the equity method. Under the equity method, the investment is initially recorded at cost and subsequently adjusted to reflect the Company’s proportionate share of equity in the joint venture’s income (loss) and distributions, which is included in investment in unconsolidated joint venture on its consolidated balance sheets. The Company additionally recognizes its proportionate share of the ongoing income or loss of the unconsolidated joint venture in equity in loss of unconsolidated joint venture on the consolidated statements of operations. The Company evaluates its investment in the unconsolidated joint venture for impairment whenever events or changes in circumstances indicate that there may be an other-than-temporary decline in value. To do so, the Company calculates the estimated fair value of the investment using various valuation techniques, including, but not limited to, discounted cash flow models, the Company’s intent and ability to retain its investment in the entity, the financial condition and long-term prospects of the entity, and the expected term of the investment. If the Company determined any decline in value is other-than-temporary, the Company would recognize an impairment charge to reduce the carrying value of its investment to fair value. No impairment losses were recorded related to the unconsolidated joint venture for the year ended December 31, 2015. See “Note 5” for additional information regarding the unconsolidated joint venture. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities at the acquisition date of three months or less. Straight-line Rent and Tenant Receivables Straight-line rent and tenant receivables include all straight-line rent and accounts receivable, net of allowances. The Company maintains an allowance for estimated losses that may result from the inability of certain of its customers to make required payments. If a customer fails to make contractual payments beyond any allowance, the Company may recognize additional bad debt expense in future periods equal to the net outstanding balances. As of December 31, 2015, the Company’s allowance for doubtful accounts was approximately $0.1 million. There was no allowance for doubtful accounts as of December 31, 2014. Deferred Financing Costs Deferred financing costs include fees and costs incurred to obtain long-term financing. These fees and costs are amortized to interest expense over the terms of the related credit facilities. Unamortized deferred financing costs are written off if debt is retired before its maturity date. Accumulated amortization of deferred financing costs was approximately $1.3 million and $0.3 million as of December 31, 2015 and 2014, respectively. The Company’s interest expense for the years ended December 31, 2015 and 2014 included $1.1 million and $0.3 million, respectively, of amortization of financing costs. There was no amortization of financing costs for the year ended December 31, 2013. Capitalized Interest The Company capitalizes interest as a cost of development. Capitalization of interest for a particular asset begins when activities necessary to get the asset ready for its intended use are in progress and when interest costs have been incurred. Capitalization of interest ceases when the project is substantially complete and ready for occupancy. For the year ended December 31, 2015, approximately $0.5 million of interest was capitalized. There was no capitalized interest for years ended December 31, 2014 and 2013. Distribution Fees Distribution fees are paid monthly. The Company accrues distribution fees as they become contractually payable to Dividend Capital Securities LLC (the “Dealer Manager”). The Company records distribution fees as they are incurred as a reduction to additional paid-in capital received from the sale of shares of common stock. See “Note 11” for additional information regarding when distribution fees become payable. Noncontrolling Interests Due to the Company’s control of the Operating Partnership through its sole general partner interest and its limited partner interest, the Company consolidates the Operating Partnership. The limited partner interests not owned by the Company are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. As the limited partner interests do not participate in the profits and losses of the Operating Partnership, there is no net income or loss attributable to the noncontrolling interests on the consolidated statements of operations. Revenue Recognition The Company records rental revenue on a straight-line basis over the full lease term. Certain properties have leases that offer the tenant a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, the Company records receivables from tenants for rent that the Company expects to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. When the Company acquires a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. Tenant reimbursement revenue includes payments and amounts due from tenants pursuant to their leases for real estate taxes, insurance and other recoverable property operating expenses and is recognized as rental revenue in the period the applicable expenses are incurred. For the years ended December 31, 2015 and 2014, tenant reimbursement revenue recognized in rental revenues was approximately $11.5 million and $1.4 million, respectively. There was no tenant reimbursement revenue for the year ended December 31, 2013. In connection with property acquisitions, the Company may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. The Company expenses any unamortized intangible lease asset or records an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a customer will terminate a lease before the stated lease expiration date. Share-Based Compensation The Company accounts for share-based compensation related to restricted stock issued to certain eligible individuals using a fair value based methodology, which is based upon the stock price on the grant date and requires the amount of related expense to be adjusted to the fair value of the award at the end of each reporting period until the awards have fully vested. Share-based compensation expense for restricted stock is amortized using a graded vesting attribution method and is recognized in general and administrative expenses in the Company’s consolidated statements of operations. Organization and Offering Expenses Organization and offering expenses are accrued by the Company only to the extent that the Company is successful in raising gross offering proceeds. If the Company is not successful in raising additional equity proceeds, no additional amounts will be payable by the Company to the Advisor for reimbursement of cumulative organization and offering expenses. Organization costs are expensed in the period they become reimbursable and offering expenses associated with the Company’s public offerings are recorded as a reduction of gross offering proceeds in additional paid-in capital. See “Note 11” for additional information regarding when organization and offering expenses become reimbursable. Income Taxes The Company elected under the Internal Revenue Code of 1986, as amended, to be taxed as a REIT beginning with the tax year ended December 31, 2013. As a REIT, the Company generally is not subject to federal income taxes on net income it distributes to its stockholders. The Company intends to make timely distributions sufficient to satisfy the annual distribution requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property and federal income and excise taxes on its undistributed income. Net Loss Per Common Share The Company computes net loss per common share by dividing net loss by the weighted-average number of common shares outstanding during the period for each class. There are no class specific expenses and each class of common stock shares equally in the profits and losses of the Company. There were no dilutive shares for the years ended December 31, 2015, 2014 and 2013. Recent Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”), which provides guidance for revenue recognition and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition.” The standard is based on the principle that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The guidance specifically excludes revenue derived from lease contracts from its scope. ASU 2014-09 was initially effective for annual and interim reporting periods beginning after December 15, 2016. In July 2015, the FASB approved a one year deferral of the effective date of this standard. The revised effective date for the standard is for annual reporting periods beginning after December 15, 2017 and interim periods therein. The FASB also approved changes allowing for early adoption of the standard as of the original effective date. The Company is currently evaluating the effect this guidance will have on its consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, “Amendments to the Consolidation Analysis” (“ASU 2015-02”), which improves targeted areas of the consolidation guidance and reduces the number of consolidation models. The amendments in ASU 2015-02 are effective for annual and interim periods in fiscal years beginning after December 15, 2015, with early adoption permitted. The Company is currently evaluating the effect this guidance will have on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”), which requires debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the debt liability rather than as an asset, and in August 2015, the FASB issued ASU No. 2015-15, “Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements” (“ASU 2015-15”), which expands guidance provided in ASU 2015-03. ASU 2015-15 states that it is permissible to present debt issuance costs as an asset and to subsequently amortize the deferred issuance costs ratably over the term of the line of credit arrangement, regardless of whether there are any outstanding borrowings on the line of credit arrangement. Both ASU 2015-03 and ASU 2015-15 are effective for annual and interim periods in fiscal years beginning after December 15, 2015, with early adoption permitted. The Company is currently evaluating the effect this guidance will have on its consolidated financial statements. In June 2015, the FASB issued ASU No. 2015-10, “Technical Corrections and Improvements” (“ASU 2015-10”), which contains amendments that clarify and simplify the FASB Accounting Standards Codification (the “Codification”), correct unintended application of guidance or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice. The amendments in ASU 2015-10 that require transition guidance are effective for all entities for annual and interim periods in fiscal years beginning after December 15, 2015. All other amendments were effective upon its issuance. The implementation of this update did not and is not expected to have a material impact on the Company’s consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments” (“ASU 2015-16”), which simplifies the accounting for measurement-period adjustments to provisional amounts recognized in a business combination by eliminating the requirement for an acquirer to account for measurement-period adjustments retrospectively. ASU 2015-16 is effective for annual and interim periods in fiscal years beginning after December 15, 2015, with early adoption permitted. The Company is currently evaluating the effect this guidance will have on its consolidated financial statements.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
ACQUISITIONS	3. ACQUISITIONS The Company acquired 100% of the following properties during the years ended December 31, 2015 and 2014: Intangibles ($ in thousands) Acquisition Number Land Building Intangible Above- Below- Total 2015 Acquisitions: Newark Distribution Center 1/6/2015 1 $ 8,523 $ 10,217 $ 825 $ 347 $ - $ 19,912 Totowa Commerce Center 1/23/2015 1 10,715 13,421 2,927 - (813 ) 26,250 8A Distribution Center 2/2/2015 1 7,949 15,071 836 - (382 ) 23,474 Bayport Distribution Center 2/17/2015 2 4,807 31,788 2,436 184 - 39,215 Tuscany Industrial Center (2) 3/12/2015 1 1,621 8,812 1,091 - - 11,524 8A Distribution Center II 5/1/2015 1 5,516 8,650 1,284 - - 15,450 Livermore Distribution Center 5/1/2015 1 4,885 19,869 2,533 - (1,531 ) 25,756 Chastain Meadows Distribution Center 6/1/2015 5 5,362 34,530 4,971 933 (146 ) 45,650 Auburn Distribution Center 6/10/2015 1 3,984 11,215 1,411 405 - 17,015 Carol Stream Distribution Center 7/20/2015 1 7,136 10,222 1,985 2,057 - 21,400 Houston Industrial 7/30/2015, Portfolio 9/25/2015 3 9,969 30,642 3,133 150 (175 ) 43,719 Wilson Commerce Center 8/7/2015 1 1,897 23,554 2,460 126 (138 ) 27,899 Interstate South Distribution Center 8/25/2015 1 2,523 16,368 689 - (215 ) 19,365 Kelley Point Distribution Center 9/9/2015 5 12,710 55,841 6,579 - (1,570 ) 73,560 Aurora Distribution Center 9/21/2015 1 4,007 13,690 2,107 1,196 - 21,000 Salt Lake City Distribution Center 10/23/2015 1 3,514 11,702 1,559 - - 16,775 York Distribution Center 11/10/2015 1 4,378 11,050 1,467 - (495 ) 16,400 Etiwanda Industrial Center 11/13/2015 3 8,916 7,400 944 - (87 ) 17,173 Cincinnati Industrial Center 11/23/2015 4 3,595 27,250 3,747 173 (313 ) 34,452 Mid Counties Distribution Center 12/1/2015 1 8,418 8,334 1,449 - - 18,201 Chicago Industrial Portfolio 12/17/2015 5 16,711 50,253 4,898 271 (2,533 ) 69,600 Atlanta Industrial Portfolio 12/17/2015 14 11,642 54,917 8,333 653 (39 ) 75,506 Lehigh Valley Distribution Center 12/22/2015 1 9,485 26,059 2,583 - (527 ) 37,600 Phoenix Industrial Portfolio 12/22/2015 5 8,722 25,480 4,340 115 (674 ) 37,983 Golden State Portfolio 12/23/2015 10 88,305 70,546 11,043 389 (1,828 ) 168,455 Northwest Industrial Center 12/29/2015 8 15,765 17,224 3,987 484 (382 ) 37,078 Other acquisitions Various 19 42,272 85,218 11,603 96 (1,159 ) 138,030 Total 2015 Acquisitions 98 $ 313,327 $ 699,323 $ 91,220 $ 7,579 $ (13,007 ) $ 1,098,442 Intangibles ($ in thousands) Acquisition Number Land Building Intangible Above- Below- Total 2014 Acquisitions: West Valley Distribution Center 1/15/2014 1 $ 3,051 $ 4,241 $ 657 $ 85 $ (182 ) $ 7,852 Century Distribution Center 3/17/2014 1 2,854 8,102 824 - (268 ) 11,512 Rialto Distribution Center 6/6/2014 1 6,575 12,965 1,363 - (953 ) 19,950 Windham Industrial Center 6/30/2014 1 2,808 7,493 696 - (97 ) 10,900 Meadows Distribution Center 9/4/2014 1 1,686 6,043 242 - - 7,971 Corridor Industrial Center 9/16/2014 1 4,247 4,795 868 15 (44 ) 9,881 O’Hare Distribution Center 9/17/2014 1 11,140 13,347 2,048 415 - 26,950 Corridor Industrial Center II 9/29/2014 3 11,500 13,135 2,180 41 (59 ) 26,797 Normal Junction Commerce Center 10/21/2014 2 2,780 8,540 1,289 - (156 ) 12,453 Mechanicsburg Distribution Center 10/23/2014 1 1,931 5,548 896 - - 8,375 CentrePort Distribution Center 10/31/2014 1 2,795 12,738 1,394 - (234 ) 16,693 Richmond Distribution Center 10/31/2014 1 8,185 9,847 818 - (500 ) 18,350 Auburn Industrial Center 11/12/2014 1 2,576 4,549 683 42 - 7,850 Dallas Distribution Portfolio (3) 11/26/2014 3 12,987 60,924 723 - (37 ) 74,597 Portland Industrial Center 12/18/2014 9 18,422 36,797 4,684 11 (2,678 ) 57,236 Peachtree Industrial Center (3) 12/24/2014 4 6,461 38,593 5,026 146 (140 ) 50,086 Other acquisitions Various 9 13,483 23,918 4,057 493 (280 ) 41,671 Total 2014 Acquisitions 41 $ 113,481 $ 271,575 $ 28,448 $ 1,248 $ (5,628 ) $ 409,124 (1) Total purchase price exclusive of transfer taxes, due diligence expenses, and other closing costs equals consideration paid. The purchase price allocations are preliminary based on the Company’s estimate of the fair value determined from all available information at the time of acquisition and, therefore, are subject to change upon the completion of the Company’s analysis of appraisals, evaluation of the credit quality of customers, and working capital adjustments within the measurement period, which will not exceed 12 months from the acquisition date. The Company does not expect future revisions, if any, to have a significant impact on its financial position or results of operations. (2) In August 2015, the Company sold Tuscany Industrial Center to the BTC Partnership, as defined in “Note 5,” and it was subsequently deconsolidated. (3) In February 2015, the Company deconsolidated the Dallas Distribution Portfolio and the Peachtree Industrial Center in connection with the sale of 49.0% of its ownership interest in the BTC Partnership as defined in “Note 5.” Intangible and above-market lease assets are amortized over the remaining lease term. Below-market lease liabilities are amortized over the remaining lease term, plus any below-market, fixed-rate renewal option periods. The weighted-average amortization periods for the intangible assets and liabilities acquired in connection with the 2015 acquisitions, as of the respective date of each acquisition, were as follows: Property Amortization (years) Newark Distribution Center 3.6 Totowa Commerce Center 8.2 8A Distribution Center 4.2 Bayport Distribution Center 6.3 Tuscany Industrial Center (1) 10.1 8A Distribution Center II 10.0 Livermore Distribution Center 5.7 Chastain Meadows Distribution Center 4.1 Auburn Distribution Center 8.6 Carol Stream Distribution Center 8.1 Houston Industrial Portfolio 5.0 Wilson Commerce Center 3.9 Interstate South Distribution Center 1.5 Kelley Point Distribution Center 4.1 Aurora Distribution Center 10.0 Salt Lake City Distribution Center 6.2 York Distribution Center 5.3 Etiwanda Industrial Center 2.3 Cincinnati Industrial Center 3.8 Mid Counties Distribution Center 7.0 Chicago Industrial Portfoio 5.3 Atlanta Industrial Portfolio 4.4 Phoenix Industrial Portfolio 3.1 Lehigh Valley Distribution Center 3.0 Golden State Portfolio 3.8 Northwest Industrial Center 3.7 Other acquisitions 5.1 (1) In August 2015, the Company sold the Tuscany Industrial Center to the BTC Partnership, as defined in “Note 5,” and it was subsequently deconsolidated. Pro Forma Financial Information (Unaudited) The table below includes the following: (i) actual revenues and net loss for the 2015 acquisitions (as described above) included in the Company’s consolidated statements of operations for the year ended December 31, 2015; and (ii) pro forma revenues and net loss reflecting the 2015 and 2014 acquisitions, as if the date of each acquisition had been January 1, 2014 and January 1, 2013, respectively. The table below does not include pro forma adjustments for any acquisitions sold to the BTC Partnership, as defined in “Note 5,” and subsequently deconsolidated. The pro forma financial information is not intended to represent or be indicative of the Company’s consolidated financial results that would have been reported had the acquisitions been completed at the beginning of the comparable prior period presented and should not be taken as indicative of its future consolidated financial results. For the Year Ended (in thousands) 2015 2014 Actual: Total revenues $ 25,393 $ 6,645 Net loss $ (882 ) $ (11,698 ) Pro forma: Total revenues (1) $ 115,775 $ 115,709 Net loss (2) $ (2,275 ) $ (27,810 ) (1) In deriving the pro forma total revenues, an adjustment was made to include incremental revenue of $64.6 million and $109.1 million for the years ended December 31, 2015 and 2014, respectively. The incremental rental revenue was determined based on each acquired property’s historical rental revenue and the purchase accounting entries and includes: (i) the incremental base rent adjustments calculated based on the terms of the acquired leases and presented on a straight-line basis; and (ii) the incremental reimbursement and other revenue adjustments, which consist primarily of rental expense recoveries, and are determined based on the acquired customer’s historical reimbursement and other revenue with respect to the acquired properties. (2) In deriving the pro forma net loss, an adjustment was made to exclude acquisition-related expenses of $31.8 million and $12.1 million for the years ended December 31, 2015 and 2014, respectively. For the year ended December 31, 2014, the pro forma net loss was adjusted to include acquisition-related expenses of $31.8 million relating to the 2015 acquisitions, as if these expenses had been incurred as of January 1, 2014.

INVESTMENT IN REAL ESTATE PROPE

INVESTMENT IN REAL ESTATE PROPERTIES	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE PROPERTIES	4. INVESTMENT IN REAL ESTATE PROPERTIES As of December 31, 2015 and 2014, the Company’s consolidated investment in real estate properties consisted of 131 and 41 industrial buildings, respectively. (in thousands) December 31, December 31, Land $ 405,739 $ 113,481 Building and improvements 866,032 272,236 Intangible lease assets 123,451 30,319 Construction in progress 11,023 834 Investment in real estate properties 1,406,245 416,870 Less accumulated depreciation and amortization (32,050 ) (4,101 ) Net investment in real estate properties (1) $ 1,374,195 $ 412,769 (1) In February 2015, the Company deconsolidated seven industrial buildings in connection with the sale of 49.0% of its ownership interest in the BTC Partnership, as defined in “Note 5.” Additionally, in August 2015, the Company sold the Tuscany Industrial Center to the BTC Partnership and it was subsequently deconsolidated. As of December 31, 2015, the aggregate amount of net investment in real estate properties deconsolidated was $136.7 million, which consisted of $21.1 million of land, $108.5 million of net building and improvements and $7.1 million of net intangible lease assets. See “Note 5” for additional information concerning the BTC Partnership. Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of December 31, 2015 and 2014 include the following: December 31, 2015 December 31, 2014 (in thousands) Gross Accumulated Net Gross Accumulated Net Intangible lease assets (1) $ 114,768 $ (15,039 ) $ 99,729 $ 29,071 $ (2,073 ) $ 26,998 Above-market lease assets (1) 8,683 (815 ) 7,868 1,248 (81 ) 1,167 Below-market lease liabilities (2) (18,431 ) 2,474 (15,957 ) (5,628 ) 369 (5,259 ) (1) Included in net investment in real estate properties on the consolidated balance sheets. (2) Included in other liabilities on the consolidated balance sheets. The following table details the estimated net amortization of such intangible lease assets and liabilities, as of December 31, 2015, for the next five years and thereafter: Estimated Net Amortization (in thousands) Intangible Above-Market Below-Market 2016 $ 29,652 $ 1,810 $ (3,795 ) 2017 20,893 1,473 (3,175 ) 2018 15,986 1,245 (2,547 ) 2019 10,113 797 (1,885 ) 2020 7,572 645 (1,657 ) Thereafter 15,513 1,898 (2,898 ) Total $ 99,729 $ 7,868 $ (15,957 ) Future Minimum Rent Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to the Company from its customers under the terms of non-cancelable operating leases in effect as of December 31, 2015, excluding rental revenues from the potential renewal or replacement of existing future leases and from tenant reimbursement revenue, were as follows for the next five years and thereafter: (in thousands) Future Minimum Base 2016 $ 79,248 2017 74,344 2018 67,556 2019 53,227 2020 45,188 Thereafter 123,265 Total $ 442,828 Rental Revenue and Depreciation and Amortization Expense The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real-estate related depreciation and amortization expense: For the Year Ended (in thousands) 2015 2014 2013 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 3,868 $ 431 $ - Above-market lease amortization (742 ) (81 ) - Below-market lease amortization 2,140 369 - Real Estate-Related Depreciation and Amortization: Depreciation expense $ 14,593 $ 1,947 $ - Intangible lease asset amortization 13,632 2,073 -

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE	12 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE	5. INVESTMENT IN UNCONSOLIDATED JOINT VENTURE In February 2015, the Company admitted two investors as limited partners (together, the “BCIMC Limited Partner”) into the Build-To-Core Industrial Partnership I LP (the “BTC Partnership”) and entered into an amended and restated agreement of limited partnership of the BTC Partnership, setting forth the terms pursuant to which the Company and the BCIMC Limited Partner have, and will continue to, jointly invest in a portfolio of industrial properties located in certain major U.S. distribution markets. As of December 31, 2015, the Company had a 51.0% ownership interest in the joint venture and the BCIMC Limited Partner owned the remaining 49.0% interest. See “Note 15” for additional information regarding the sell-down of the Company’s ownership interest in the BTC Partnership. Upon admission of the BCIMC Limited Partner to the BTC Partnership, the BTC Partnership owned seven industrial buildings with a carrying value of approximately $124.9 million and the BTC Partnership was previously consolidated by the Company. As a result of the admission of the BCIMC Limited Partner, the Company deconsolidated the BTC Partnership. Concurrently, the BCIMC Limited Partner invested approximately $61.2 million to acquire their 49.0% interest in the BTC Partnership, of which $60.3 million was distributed to the Company. The transaction resulted in a sale for financial reporting purposes. As of December 31, 2015, the BTC Partnership had acquired 21 industrial buildings (including the Dallas Distribution Portfolio, the Peachtree Industrial Center and the Tuscany Industrial Center, as described in “Note 3”) for an aggregate purchase price of approximately $261.6 million, exclusive of transfer taxes, due diligence expenses, and other closing costs. Additionally, as of December 31, 2015, the BTC Partnership had one building under construction and four buildings in the pre-construction phase. In June 2015, the BTC Partnership entered into a secured revolving credit facility with an initial aggregate commitment of $80.0 million. In August 2015, the BTC Partnership expanded the commitment to an aggregate amount of $150.0 million. The line of credit is guaranteed by the BTC Partnership and each subsidiary owner of a collateralized property. The BTC Partnership has the ability to expand the commitment further up to a maximum aggregate amount of $300.0 million, subject to certain conditions. The line of credit matures in June 2018, and may be extended pursuant to two one-year extension options, subject to the satisfaction of certain financial covenants and other customary conditions and the payment of extension fees. The primary interest rate is variable and is equal to either (a) the greater of (i) the prime rate announced by Regions Bank, (ii) the Federal Funds Effective Rate plus 0.50% per annum, and (iii) the one-month London Interbank Offered Rate (“LIBOR”) plus 1% per annum, plus a margin of either 1.10% or 1.25% (depending on the pool debt yield), or (b) one-month LIBOR plus a margin of either 2.10% or 2.25% (depending on the pool debt yield). The line of credit is available to finance general working capital purposes, including but not limited to the acquisition, development and redevelopment of industrial real estate, the operation of properties, and for corporate purposes. As of December 31, 2015, the Company had guaranteed 51.0% of any interest shortfall. This guarantee was subsequently reduced in conjunction with the sell-down of the Company’s ownership interest as described in “Note 15” such that the Company’s guarantee obligation is equal to 20.0% of any interest shortfall. As of December 31, 2015, the BTC Partnership had $89.5 million outstanding under the line of credit with an interest rate of 2.68%. The unused portion was $60.5 million, of which $5.3 million was available. The following is a summary of certain financial data of the BTC Partnership: (in thousands) For the Operating data: Total revenues $ 8,064 Total operating expenses $ (11,341 ) Total other expenses $ (666 ) Net loss $ (3,943 ) (in thousands) As of Balance sheet data: Net investment in properties $ 314,325 Cash and cash equivalents $ 5,915 Total assets $ 325,665 Debt $ 128,975 Total liabilities $ 140,666 Partners’ capital $ 184,999

DEBT

DEBT	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
DEBT	6. DEBT The Company’s consolidated indebtedness is currently comprised of borrowings under its unsecured line of credit, unsecured term loan and mortgage note debt. Borrowings under the mortgage note are secured by mortgages or deeds of trust and related assignments and security interests in collateralized and certain cross-collateralized properties, which are generally owned by single purpose entities. A summary of the Company’s debt is as follows: Effective Interest Rate as of Maturity Date Balance as of ($ in thousands) December 31, December 31, December 31, December 31, Unsecured line of credit 1.83 % 2.07 % January 2020 $ 265,000 $ 235,000 Unsecured term loan 1.78 % - % January 2021 250,000 - Fixed-rate mortgage note 3.52 % - % October 2023 100,000 - Total / Weighted-Average 2.08 % 2.07 % $ 615,000 $ 235,000 Gross book value of properties encumbered by debt $ 151,754 $ - As of December 31, 2015, the principal payments due on the Company’s consolidated debt during each of the next five years and thereafter were as follows: (in thousands) Line of Credit (1) Term Loan Mortgage Note Total 2016 $ - $ - $ - $ - 2017 - - - - 2018 - - - - 2019 - - 314 314 2020 265,000 - 1,924 266,924 Thereafter - 250,000 97,762 347,762 Total principal payments $ 265,000 $ 250,000 $ 100,000 $ 615,000 (1) The line of credit may be extended pursuant to one-year extension option, subject to certain conditions. Line of Credit and Term Loan In December 2015, the Company amended and increased the amount of its then existing $400.0 million credit facility by amending it to provide for a $500.0 million revolving credit facility and a $250.0 million term loan facility. The Company has the ability to increase the size of the aggregate commitment under the revolving credit agreement by an additional $250.0 million up to a total of $1.0 billion, subject to certain conditions. The line of credit matures in January 2020, and may be extended pursuant to a one-year extension option, subject to certain conditions, including the payment of an extension fee. The term loan matures in January 2021. The primary interest rate is variable and is calculated based on (i) LIBOR multiplied by a statutory reserve rate plus a margin ranging from 1.40% to 2.30% for the line of credit and 1.35% to 2.20% for the term loan, or (ii) an alternative base rate plus a margin ranging from 0.40% to 1.30% for the line of credit and 0.35% to 1.20% for the term loan, each depending on the Company’s consolidated leverage ratio and whether the Company has received investment grade ratings. The line of credit and term loan are available for general corporate purposes, including but not limited to the acquisition and operation of permitted investments. As of December 31, 2015, the unused and available portion under the line of credit was $235.0 million. Mortgage Note In September 2015, the Company entered into a $100.0 million fixed rate mortgage note. The mortgage note requires interest-only monthly payments for the first four years and monthly payments of principal and interest thereafter (based on a 30-year amortization schedule). The mortgage note is (i) non-recourse except for standard carve-outs including those relating to environmental matters, intentional misrepresentations by certain of the Company’s indirect subsidiaries (the “Borrower”), misappropriation of funds, waste, unapplied security deposits, taxes and failure to maintain insurance and (ii) full recourse for voluntary bankruptcy and/or certain involuntary bankruptcy of the Borrower and violation by the Borrower of certain covenants. The recourse obligations will be guaranteed by the Operating Partnership and, per the terms of the guaranty, the Operating Partnership is required to maintain certain net worth requirements during the term of the mortgage note. Debt Covenants The Company’s line of credit, term loan and mortgage note contain various property level covenants, including customary affirmative and negative covenants. In addition, the line of credit and term loan contain certain corporate level financial covenants, including leverage ratio, fixed charge coverage ratio, and tangible net worth thresholds. The Company was in compliance with all debt covenants as of December 31, 2015.

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE	7. FAIR VALUE Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that the Company could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: • Quoted prices for similar assets/liabilities in active markets; • Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); • Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and • Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data. The table below includes the fair value for the Company’s financial instruments. The carrying value and fair value of these financial instruments were as follows: December 31, 2015 December 31, 2014 (in thousands) Carrying Fair Value Carrying Fair Value Line of credit $ 265,000 $ 265,000 $ 235,000 $ 235,000 Term loan 250,000 250,000 - - Morgtage note 100,000 97,958 - - As of December 31, 2015 and 2014, the Company had no non-financial assets or liabilities that were required to be measured at fair value on a recurring basis. The following are the methods and assumptions used to estimate the fair value: Line of Credit. Term Loan. Mortgage Note. The fair values of cash and cash equivalents, tenant receivables, due from/to affiliates, accounts payable and accrued expenses, and distributions payable approximate their carrying values because of the short-term nature of these instruments. As such, these assets and liabilities are not listed in the carrying value and fair value table above.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	8. INCOME TAXES The Company has concluded that there was no impact related to uncertain tax positions from the results of operations of the Company for the years ended December 31, 2015, 2014 and 2013. The U.S. is the major tax jurisdiction for the Company and the earliest tax year subject to examination by the taxing authority is 2012. Distributions Distributions to stockholders are characterized for federal income tax purposes as: (i) ordinary income; (ii) non-taxable return of capital; or (iii) long-term capital gain. Distributions that exceed the Company’s current and accumulated tax earnings and profits constitute a return of capital and reduce the stockholders’ basis in the common shares. To the extent that a distribution exceeds both current and accumulated earnings and profits and the stockholders’ basis in the common shares, the distributions will generally be treated as a gain from the sale or exchange of such stockholders’ common shares. At the beginning of each year, the Company notifies its stockholders of the taxability of the distributions paid during the preceding year. The following table summarizes the information reported to investors regarding the taxability of distributions on common shares for the year ended December 31, 2015, 2014 and 2013. The unaudited preliminary taxability of the Company’s 2015, 2014 and 2013 distributions was: For the Year Ended December 31, 2015 2014 2013 Per common share: Ordinary income $ 0.367 $ 0.469 $ - Non-taxable return of capital 0.143 - 0.225 Long-term capital gain - - - Total distribution $ 0.510 $ 0.469 $ 0.225

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
STOCKHOLDERS' EQUITY	9. STOCKHOLDERS’ EQUITY Initial Public Offering On September 27, 2012, the Company filed a registration statement with the SEC on Form S-11 in connection with the initial public offering of up to $2.0 billion in shares of common stock (the “Offering”). The registration statement was subsequently declared effective on July 24, 2013. Pursuant to its registration statement, the Company offered for sale up to $1.5 billion in shares of common stock at a price of $10.00 per share, and up to $500.0 million in shares under the Company’s distribution reinvestment plan at a price of $9.50 per share. Reclassification of Shares On August 14, 2015, the Company filed a post-effective amendment to its registration statement that reclassified the Company’s common stock into Class A shares and Class T shares. The SEC declared the post-effective amendment effective on August 19, 2015, at which time the Company began offering for sale up to $1.5 billion in shares of common stock at a price of $10.44 per Class A share and $9.83 per Class T share, and up to $500.0 million in shares under the Company’s distribution reinvestment plan at a price of $9.92 per Class A share and $9.83 per Class T share. In each case, the offering price was arbitrarily determined by the Company’s board of directors by taking the Company’s estimated net asset value (“NAV”) as of June 30, 2015 of $9.24 per share and adding the respective per share up-front sales commissions, dealer manager fees and organization and offering expenses to be paid with respect to the Class A shares and the Class T shares, such that after the payment of such commissions, fees and expenses, the net proceeds to the Company will be the same for both Class A shares and Class T shares. The NAV is not subject to audits by the Company’s independent registered public accounting firm. The Class A shares and Class T shares have identical rights and privileges, including voting rights, but have differing fees that are payable on a class-specific basis, as described in “Note 11.” The per share amount of distributions on Class T shares will be lower than the per share amount of distributions on Class A shares because of the distribution fees payable with respect to Class T shares. The Company’s shares of common stock consist of Class A shares and Class T shares, all of which are collectively referred to herein as shares of common stock. The Company has the right to reallocate the shares of common stock offered between the Company’s primary offering and the Company’s distribution reinvestment plan. The Dealer Manager, a related party, provides dealer manager services in connection with the Offering. The Offering is a best efforts offering, which means that the Dealer Manager is not required to sell any specific number or dollar amount of shares of common stock in the Offering, but will use its best efforts to sell the shares of common stock. The Offering is a continuous offering that was initially expected to end no later than two years after the effective date of the Offering, or July 24, 2015, but was extended by the Company’s board of directors for up to an additional one-year period, expiring on July 24, 2016. The Company’s board of directors may elect to further extend the offering period in accordance with federal securities laws. A summary of the Company’s public offering, as of December 31, 2015, is as follows: (in thousands) Class A Class T Total Amount of gross proceeds raised: Primary offering $ 843,725 $ 180,762 $ 1,024,487 DRIP offering 10,574 - 10,574 Total offering $ 854,299 $ 180,762 $ 1,035,061 Number of shares sold: Primary offering 83,489 18,390 101,879 DRIP offering 1,096 - 1,096 Total offering 84,585 18,390 102,975 As of December 31, 2015, $964.9 million in shares of our common stock remained available for sale pursuant to the Offering in any combination of Class A shares or Class T shares, including $489.4 million in shares available for sale through the Company’s distribution reinvestment plan. Common Stock The following table summarizes the changes in each class of common stock for the periods presented below: Class A Class T Total (in thousands) Shares Amount Shares Amount Shares Amount Balance as of December 31, 2012 20 $ - - $ - 20 $ - Issuance of common stock: Primary shares 400 4 - - 400 4 Balance as of December 31, 2013 420 $ 4 - $ - 420 $ 4 Issuance of common stock: Primary shares 22,494 225 - - 22,494 225 DRIP shares 102 1 - - 102 1 Stock grants 26 - - - 26 - Redemptions (12 ) - - - (12 ) - Balance as of December 31, 2014 23,030 $ 230 - $ - 23,030 $ 230 Issuance of common stock: Primary shares 60,575 606 18,390 184 78,965 790 DRIP shares 994 10 - - 994 10 Stock grants 79 1 - - 79 1 Redemptions (83 ) (1 ) - - (83 ) (1 ) Balance as of December 31, 2015 84,595 $ 846 18,390 $ 184 102,985 $ 1,030 Dividends The Company intends to accrue and make cash distributions on a quarterly basis. In addition to the cash distributions, the Company’s board of directors authorized special daily stock dividends to all common stockholders of record as of the close of business on each day for the first, second and third quarters of 2014 in an amount equal to 0.000047945 of a share of common stock on each outstanding share of common stock (which is equal to a quarterly distribution rate of $0.04375 based on the Company’s initial offering price of $10.00 per share). Quarterly cash distributions and stock dividends for each stockholder are calculated for each day the stockholder has been a stockholder of record during such quarter. Cash distributions for stockholders participating in the Company’s distribution reinvestment plan will be reinvested into shares of the Company’s common stock. Cash Distributions. (in thousands, except per share Payment Date Amount Declared per Paid in Reinvested Distributions Gross 2015 December 31 January 13, 2016 $ 0.13515 $ 4,751 $ 5,443 $ 148 $ 10,342 September 30 October 15, 2015 0.12500 3,392 3,725 - 7,117 June 30 July 2, 2015 0.12500 2,700 2,900 - 5,600 March 31 April 15, 2015 0.12500 1,756 1,806 - 3,562 Total $ 12,599 $ 13,874 $ 148 $ 26,621 2014 December 31 January 14, 2015 $ 0.12500 $ 1,198 $ 1,170 $ - $ 2,368 September 30 October 15, 2014 0.11875 710 674 - 1,384 June 30 July 15, 2014 0.11250 300 258 - 558 March 31 April 15, 2014 0.11250 74 38 - 112 Total $ 2,282 $ 2,140 $ - $ 4,422 (1) The Company did not have any Class T shares of its common stock outstanding prior to the third quarter of 2015. For the fourth quarter of 2015, the Company’s board of directors authorized daily cash distributions to all common stockholders of record as of the close of business on each day of the fourth quarter of 2015 at a quarterly rate of $0.13515 per Class A share of common stock and $0.13515 per Class T share of common stock less the annual distribution fees that are payable monthly with respect to such Class T shares (as calculated on a daily basis). (2) Distribution fees are paid monthly to the Dealer Manager with respect to Class T shares only. Refer to “Note 11” for further detail regarding distribution fees. Stock Dividends. (in thousands) Issuance Date Shares Amount (1) September 30, 2014 October 1, 2014 51 $ 515 June 30, 2014 July 1, 2014 22 216 March 31, 2014 April 1, 2014 4 41 Total 77 $ 772 (1) Amount based on the Company’s initial offering price of $10.00 per share. Redemptions Subject to certain restrictions and limitations, a stockholder may redeem shares of the Company’s common stock for cash at a price that may reflect a discount from the purchase price paid for the shares of common stock being redeemed. Shares of common stock must be held for a minimum of one year, subject to certain exceptions. The Company is not obligated to redeem shares of its common stock under the share redemption program. The Company presently limits the number of shares to be redeemed during any consecutive 12-month period to no more than five percent of the number of shares of common stock outstanding at the beginning of such 12-month period. The Company also limits redemptions in accordance with a quarterly cap. The discount from the purchase price paid for the redeemed shares will vary based upon the length of time that the shares of common stock have been held, as follows: Share Purchase Anniversary Redemption Price as a Less than one year No redemption allowed One year 92.5% Two years 95.0% Three years 97.5% Four years and longer 100.0% The following table summarizes the Company’s redemption activity: For the Year Ended (in thousands) 2015 2014 2013 Number of eligible shares redeemed 105 12 - Aggregate amount of shares redeemed $ 1,034 $ 122 $ - Average redemption price per share $ 9.85 $ 10.00 $ -

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	10. SHARE-BASED COMPENSATION Equity Incentive Plan The Company’s Equity Incentive Plan, effective as of July 16, 2013 (the “Equity Incentive Plan”), provides for the grant of options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights or other share-based awards. Directors, officers, and employees (if any) of the Company, as well as any advisor or consultant, including employees of the Advisor, a related party, and the property manager, are eligible to receive awards under the Equity Incentive Plan; provided that, the individual is performing bona fide advisory or consulting services for the Company, the services provided by the individual are not in connection with the offer or sale of securities in a capital raising transaction, and do not directly or indirectly promote or maintain a market for the Company’s common stock. The Company has registered a total of 2.0 million Class A shares of common stock for issuance pursuant to the Equity Incentive Plan. Private Placement Equity Incentive Plan In February 2015, the Company’s board of directors adopted a private placement equity incentive plan. The plan is substantially similar to the Company’s Equity Incentive Plan, except that under the private placement equity incentive plan an eligible participant is defined as any person, trust, association or entity to which the plan administrator desires to grant an award. An aggregate maximum of 2.0 million Class A shares of common stock may be issued upon grant, vesting or exercise of awards under the private placement equity incentive plan. Restricted Stock Summary A summary of the Company’s activity with respect to the issuance of restricted stock pursuant to its equity incentive plan and its private placement equity incentive plan for the year ended December 31, 2015 is as follows: (shares in thousands) Shares Weighted-Average Nonvested shares at December 31, 2013 - $ - Granted (1) 26 $ 10.00 Vested (1) (15 ) $ 10.00 Forfeited - $ - Nonvested shares at December 31, 2014 (1) 11 $ 10.00 Granted (2) 79 $ 10.11 Vested (2) (29 ) $ 10.09 Forfeited (2) (3 ) $ 10.15 Nonvested shares at December 31, 2015 (3) 58 $ 10.44 (1) The weighted-average fair value is based on the Company’s initial offering price of $10.00 per share on the grant date. (2) The weighted-average fair value is based on (i) the Company’s initial offering price of $10.00 per share for shares granted between January 1, 2015 and August 13, 2015 and (ii) the Company’s new offering price of $10.44 per Class A share, which was determined by the Company’s board of directors on August 13, 2015, for shares granted after August 13, 2015. (3) The weighted-average fair value of nonvested shares was remeasured based on the new offering price of $10.44 per Class A share. The following table summarizes other share-based compensation data: For the Year Ended (in thousands, except per share data) 2015 2014 2013 Share-based compensation expense $ 465 $ 202 $ - Total fair value of restricted stock vested $ 285 $ 150 $ - Weighted-average grant date fair value of restricted stock granted, per share $ 10.11 $ 10.00 $ - As of December 31, 2015, the aggregate unrecognized compensation cost related to the restricted stock was approximately $0.4 million and is expected to be fully recognized over a weighted-average period of 0.7 years.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	11. RELATED PARTY TRANSACTIONS The Company relies on the Advisor, a related party, to manage the Company’s day-to-day operating and acquisition activities and to implement the Company’s investment strategy pursuant to the terms of the third amended and restated advisory agreement, dated August 14, 2015, by and among the Company, the Operating Partnership, and the Advisor, as amended on February 17, 2016 (the “Advisory Agreement”). The current term of the Advisory Agreement ends August 14, 2016, subject to renewals by the Company’s board of directors for an unlimited number of successive one-year periods. The Advisor is considered to be a related party of the Company because certain indirect owners and officers of the Advisor serve as directors and/or executive officers of the Company. The Dealer Manager, also a related party, provides dealer manager services in connection with the Offering. The Advisor and the Dealer Manager receive compensation in the form of fees and expense reimbursements for services relating to the Offering and for the investment and management of the Company’s assets. The following summarizes these fees and expense reimbursements: Sales Commissions. Dealer Manager Fees. Distribution Fees. The quarterly distributions paid with respect to all outstanding Class T shares, including Class T shares issued pursuant to the Company’s distribution reinvestment plan, will be reduced by the monthly distribution fees calculated with respect to Class T shares issued in the primary offering and all Class T shares will receive the same per share distribution. The Company will cease paying distribution fees with respect to all Class T shares on the earliest to occur of the following: (i) a listing of shares of the Company’s common stock on a national securities exchange; (ii) such Class T shares no longer being outstanding; (iii) the Dealer Manager’s determination that total underwriting compensation from all sources, including dealer manager fees, sales commissions, distribution fees and any other underwriting compensation paid to participating broker dealers with respect to all Class A shares and Class T shares would be in excess of 10% of the gross proceeds of the primary portion of the Offering; or (iv) the end of the month in which the transfer agent, on behalf of the Company, determines that total underwriting compensation, including dealer manager fees, sales commissions, and distribution fees with respect to the Class T shares held by a stockholder within his or her particular account, would be in excess of 10% of the total gross investment amount at the time of purchase of the primary Class T shares held in such account. All or a portion of the distribution fees may be reallowed or advanced by the Dealer Manager to participating broker dealers or broker dealers servicing accounts of investors who own Class T shares, referred to as servicing broker dealers. Acquisition Fees. Asset Management Fees. Organization and Offering Expenses. Other Expense Reimbursements. The table below summarizes the fees and expenses incurred by the Company for services provided by the Advisor and its affiliates and the Dealer Manager related to the services described above, and any related amounts payable: Incurred For the Year Ended Payable as of (in thousands) 2015 2014 2013 2015 2014 Expensed: Organization costs (1) $ - $ 17 $ 76 $ - $ - Acquisition fees 22,390 8,168 - 941 - Asset management fees 5,532 902 - 961 - Other expense reimbursements 326 200 42 19 20 Total $ 28,248 $ 9,287 $ 118 $ 1,921 $ 20 Capitalized: Development acquisition fees (2) $ 282 $ - $ - $ 39 $ - Additional Paid-In Capital: Sales commissions $ 45,822 $ 15,490 $ 124 $ 498 $ 115 Dealer manager fees 19,033 5,601 44 500 97 Offering costs (1) 16,048 4,482 - 377 78 Distribution fees (3) 148 - - 110 - Total $ 81,051 $ 25,573 $ 168 $ 1,485 $ 290 (1) As of December 31, 2015, the Advisor had incurred $20.5 million of offering costs and $93,000 of organization costs, all of which were paid directly by the Advisor on behalf of the Company. As of December 31, 2015, the Company had reimbursed the Advisor $20.5 million related to offering costs and $93,000 related to organization costs. The Company reimburses the Advisor or its affiliates for cumulative organization expenses and for cumulative expenses of its public offerings up to 2.0% of the aggregate gross offering proceeds from the sale of shares in its public offerings. The Advisor or an affiliate of the Advisor is responsible for the payment of the Company’s cumulative organization expenses and offering expenses to the extent that such cumulative expenses exceed 2.0% of the gross offering proceeds from the sale of shares in the Company’s public offerings, without recourse against or reimbursement by the Company. (2) Development acquisition fees are included in the total development project costs of the respective properties and are capitalized in construction in progress, which is included in net investment in real estate properties on the Company’s consolidated balance sheets. (3) Amount payable is included in distributions payable on the consolidated balance sheets. As of December 31, 2015, approximately $9.9 million in distribution fees may be paid to the Dealer Manager within the next five years to the extent it becomes contractually payable. Joint Venture Fees With respect to the BTC Partnership described in “Note 5,” IPT BTC I GP LLC (the “General Partner”), the subsidiary of the Company that serves as the general partner of the BTC Partnership, will provide, directly or indirectly by appointing an affiliate or a third party, acquisition and asset management services and, to the extent applicable, development management and development oversight services (the “Advisory Services”). As compensation for providing the Advisory Services, the joint venture will pay the General Partner, or its designee, certain fees in accordance with the terms of the joint venture agreement. Effective February 2015, the General Partner and the Advisor entered into an agreement (the “Services Agreement”), pursuant to which the General Partner appointed the Advisor to provide the Advisory Services and has assigned to the Advisor the fees payable for providing the Advisory Services. As a result of the payment of the fees pursuant to the Services Agreement, the fees payable to the Advisor pursuant to the Advisory Agreement will be reduced by the product of (i) the fees actually paid to the Advisor pursuant to the Services Agreement, and (ii) the percentage interest of the joint venture owned by the Company. For the year ended December 31, 2015, the BTC Partnership incurred approximately $0.9 million in fees (other than acquisition fees) due to the Advisor pursuant to the Services Agreement. In addition, for the year ended December 31, 2015, the BTC Partnership incurred approximately $1.3 million in acquisition fees due to the Advisor related to the acquisition of real properties. In addition, the BTC Partnership agreement contains procedures for making distributions to the parties, including incentive distributions to the General Partner, which are subject to certain return thresholds being achieved. The General Partner previously agreed to share with the Advisor a portion of any incentive distributions paid to the General Partner by the BTC Partnership in an amount equal to 40% of the percentage interest of the BTC Partnership held by partners other than the General Partner and IPT BTC I LP LLC (the “IPT Limited Partner” and, together with the General Partner, the “IPT Partners”). In January 2016, the General Partner agreed to increase that amount to 60% in conjunction with the sell-down by the IPT Limited Partner of its ownership interest in the BTC Partnership, which reduced the IPT Partners’ ownership interest in the BTC Partnership from 51.0% to 20.0% (as described in “Note 15”). Expense Support Agreement The Company entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with the Operating Partnership and the Advisor. Pursuant to the Expense Support Agreement, the Advisor has agreed to defer payment of all or a portion of the asset management fee otherwise payable to it pursuant to the Advisory Agreement if Company-defined funds from operations (“CDFFO”), as disclosed in the Company’s quarterly and annual reports, for a particular quarter is less than the aggregate distributions that would have been declared for such quarter assuming daily distributions at a specified quarterly rate per share of common stock (the “Baseline Distributions”). Baseline Distributions were equal to: $0.11250 per share from January 1 through June 30, 2014; $0.11875 per share from July 1 through September 30, 2014; and $0.1250 per share from October 1, 2014 through June 30, 2015. In addition, pursuant to the Expense Support Agreement that was in effect through June 30, 2015, prior to the amendment and restatement of the agreement as described below, the Advisor, in its sole discretion, could elect to fund certain expenses of the Company and the Operating Partnership as expense support payments. Subject to certain conditions and limitations, the Advisor is entitled to reimbursement from the Company for any asset management fees that were deferred and any expense support payments that it made pursuant to the agreement that was in effect through June 30, 2015. The amounts potentially reimbursable to the Advisor will begin to expire within three years after the quarter in which such reimbursable amount originated. The amounts deferred or supported through June 30, 2015, will begin to expire in the fourth quarter of 2016 and will fully expire in the second quarter of 2018. As of December 31, 2015, the cumulative amount of expense support payments that is potentially reimbursable to the Advisor was approximately $5.4 million. The Expense Support Agreement was amended and restated on August 14, 2015, effective from July 1, 2015 through June 30, 2018. Pursuant to the amended and restated Expense Support Agreement, for the period from July 1, 2015 through June 30, 2018, Baseline Distributions means the aggregate cash distributions that are declared on the Company’s common stock in accordance with the quarterly distribution rate for such quarter; provided that for purposes of calculating the amount of payment by the Advisor pursuant to the agreement, such amount will not exceed the amount that would have been declared on shares of the Company’s common stock assuming a quarterly distribution rate of $0.13515 per share (which is the rate that the Company’s board of directors has authorized for the fourth quarter of 2015 with respect to the Company’s Class A shares). Starting with any asset management fees waived pursuant to the agreement on or after July 1, 2015, the Advisor will not be entitled to reimbursement from the Company. In addition, beginning on July 1, 2015 and ending upon the termination or expiration of the agreement, if, in a given calendar quarter, the Company’s CDFFO is less than the Baseline Distributions for such quarter, and the waived asset management fee is not sufficient to satisfy the shortfall for such quarter (a “Deficiency”), the Advisor will be required to fund certain expenses of the Company or the Operating Partnership in an amount equal to such Deficiency. Starting with any such payments made by the Advisor on or after July 1, 2015 to cover a Deficiency, the Advisor is not entitled to reimbursement from the Company. The Expense Support Agreement, as amended, will govern all waivers and payments made by the Advisor from July 1, 2015 through the second quarter of 2018. The Advisor still will be entitled to reimbursement of amounts owed to it by the Company prior to July 1, 2015 pursuant to the prior versions of the agreement in accordance with the terms thereof. For the period beginning on July 1, 2015 and terminating on the earlier of the expiration or termination of the agreement, in no event will the aggregate of the waived asset management fees and the Deficiency support payments, when added to all amounts deferred or paid by the Advisor prior to August 14, 2015 under the prior versions of the Expense Support Agreement (approximately $5.4 million), exceed $30.0 million (the “Maximum Amount”). Although the Expense Support Agreement has an effective term through June 30, 2018, it may be terminated prior thereto without cause or penalty by a majority of the Company’s independent directors upon 30 days’ written notice to the Advisor. In addition, the Advisor’s obligations under the Expense Support Agreement will immediately terminate upon the earlier to occur of (i) the termination or non-renewal of the Advisory Agreement, (ii) the delivery by the Company of notice to the Advisor of the Company’s intention to terminate or not renew the Advisory Agreement, (iii) the Company’s completion of a liquidity event or (iv) the time the Advisor has deferred, waived or paid the Maximum Amount. Except with respect to the early termination events described above, any obligation of the Advisor to make payments under the Expense Support Agreement with respect to the calendar quarter ending June 30, 2018 will remain operative and in full force and effect through the end of such quarter. The table below provides information regarding expense support payment obligations incurred by the Advisor: For the Year Ended (in thousands) 2015 2014 2013 Asset management fees $ 3,370 $ 902 $ - Other expense support - 2,594 306 Total expense support from the Advisor (1) $ 3,370 $ 3,496 $ 306 (1) As of December 31, 2015, approximately $0.8 million of expense support was payable to the Company by the Advisor. Transactions with Affiliates In September 2012, the Company sold 20,000 shares of common stock to the Advisor at a price of $10.00 per share. The Company subsequently contributed $2,000 to IPT-GP Inc. (“IPT-GP”), which was a wholly-owned subsidiary of the Company and was the sole general partner of the Operating Partnership until March 2013, when IPT-GP was dissolved as described below. In September 2012, the Operating Partnership issued 19,800 Operating Partnership Units (“OP Units”) to the Company in exchange for $198,000, representing an approximate 99% limited partner interest. In addition, IPT-GP contributed $2,000 to the Operating Partnership in exchange for 200 OP Units, representing an approximate 1% general partner interest. In March 2013, IPT-GP was dissolved and its 200 OP Units, representing the sole general partner interest in the Operating Partnership, were distributed to the Company as the sole stockholder of IPT-GP. As a result, the Company owns 20,000 OP Units and is the general partner and a limited partner of the Operating Partnership. The rights of the holders of OP Units are limited and do not include the ability to replace the general partner or to approve the sale, purchase or refinancing of the Operating Partnership’s assets. Additionally, the Operating Partnership issued 100 partnership units (“Special Units”) to Industrial Property Advisors Group LLC, the parent of the Advisor, in exchange for $1,000. These units are classified as noncontrolling interests. See “Note 12” for additional information regarding the issuance of Special Units.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2015
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	12. NONCONTROLLING INTERESTS Special Units In September 2012, the Operating Partnership issued 100 Special Units to the parent of the Advisor for consideration of $1,000. The holder of the Special Units does not participate in the profits and losses of the Operating Partnership. Amounts distributable to the holder of the Special Units will depend on operations and the amount of net sales proceeds received from asset dispositions or upon other events. In general, after holders of OP Units, in aggregate, have received cumulative distributions equal to their capital contributions plus a 6.5% cumulative, non-compounded annual pre-tax return on their net contributions, the holder of the Special Units and the holder of OP units will receive 15% and 85%, respectively, of the net sales proceeds received by the Operating Partnership upon the disposition of the Operating Partnership’s assets. In addition, the Special Units will be redeemed by the Operating Partnership, upon the earliest to occur of the following events: a “Liquidity Event” (as defined below); or the occurrence of certain events that result in the termination or non-renewal of the Advisory Agreement between the Advisor, the Company, and the Operating Partnership. A Liquidity Event is defined as (i) a listing of the Company’s common stock on a national securities exchange (or the receipt by the Company’s stockholders of securities that are listed on a national securities exchange in exchange for the Company’s common stock); (ii) a sale, merger or other transaction in which the Company’s stockholders either receive, or have the option to receive, cash, securities redeemable for cash, and/or securities of a publicly traded company; or (iii) the sale of all or substantially all of the Company’s assets where the Company’s stockholders either receive, or have the option to receive, cash or other consideration. The Company has determined that the Special Units are: (i) not redeemable at a fixed or determinable amount on a fixed or determinable date, at the option of the holder, or (ii) redeemable only upon events that are solely within the Company’s control. As a result, the Company classifies the Special Units as noncontrolling interests within permanent equity.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	13. COMMITMENTS AND CONTINGENCIES The Company and the Operating Partnership are not presently involved in any material litigation nor, to the Company’s knowledge, is any material litigation threatened against the Company or its investments. Environmental Matters A majority of the properties the Company acquires are subject to environmental reviews either by the Company or the previous owners. In addition, the Company may incur environmental remediation costs associated with certain land parcels it may acquire in connection with the development of land. The Company has acquired certain properties in urban and industrial areas that may have been leased to or previously owned by commercial and industrial companies that discharged hazardous material. The Company may purchase various environmental insurance policies to mitigate its exposure to environmental liabilities. The Company is not aware of any environmental liabilities that it believes would have a material adverse effect on its business, financial condition, or results of operations as of December 31, 2015.

SELECTED QUARTERLY FINANCIAL DA

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	14. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Selected quarterly financial data is as follows: For the Quarter Ended (in thousands, except per share data) March 31 June 30 September 30 December 31 2015 Total revenues $ 8,251 $ 10,150 $ 13,510 $ 19,223 Total operating expenses $ (12,119 ) $ (13,445 ) $ (22,244 ) $ (35,198 ) Total other expenses $ (1,713 ) $ (1,862 ) $ (2,359 ) $ (3,114 ) Expense support from the Advisor $ 542 $ 1,034 $ 441 $ 1,353 Net loss $ (5,039 ) $ (4,123 ) $ (10,652 ) $ (17,736 ) Net loss attributable to common stockholders $ (5,039 ) $ (4,123 ) $ (10,652 ) $ (17,736 ) Net loss per common share—basic and diluted (1) $ (0.18 ) $ (0.09 ) $ (0.19 ) $ (0.23 ) Weighted-average shares outstanding 28,485 44,770 56,948 76,522 2014 Total revenues $ 185 $ 690 $ 1,503 $ 4,267 Total operating expenses $ (1,250 ) $ (2,417 ) $ (4,645 ) $ (12,526 ) Total other expenses $ (137 ) $ (162 ) $ (158 ) $ (544 ) Expense support from the Advisor $ 487 $ 870 $ 1,160 $ 979 Net loss $ (715 ) $ (1,019 ) $ (2,140 ) $ (7,824 ) Net loss attributable to common stockholders $ (715 ) $ (1,019 ) $ (2,140 ) $ (7,824 ) Net loss per common share—basic and diluted (1) $ (0.72 ) $ (0.21 ) $ (0.18 ) $ (0.41 ) Weighted-average shares outstanding 991 4,946 11,645 18,939 (1) Quarterly net loss per common share amounts do not total the annual net loss per common share amount due to changes in the number of weighted-average shares outstanding calculated on a quarterly and annual basis and included in the net loss per share calculation.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	15. SUBSEQUENT EVENTS Status of Offering A summary of the Company’s public offering, as of March 2, 2016, is as follows: (in thousands) Class A Class T Total Amount of gross proceeds raised: Primary offering $ 896,129 $ 273,026 $ 1,169,155 DRIP offering 15,620 401 16,021 Total offering $ 911,749 $ 273,427 $ 1,185,176 Number of shares sold: Primary offering 88,524 27,775 116,299 DRIP offering 1,605 41 1,646 Total offering 90,129 27,816 117,945 As of March 2, 2016, $814.8 million in shares of our common stock remained available for sale pursuant to the Offering in any combination of Class A shares or Class T shares, including $484.0 million in shares available for sale through the Company’s distribution reinvestment plan. Derivative Instruments In January 2016, the Company entered into five LIBOR-based interest swap agreements to hedge LIBOR on the term loan for an aggregate notional amount of $250.0 million. The interest rate swaps had an effective date of January 2016 and fixed LIBOR at a weighted-average of 1.17%, with an all-in interest rate ranging from 2.52% to 3.37%, depending on the Company’s consolidated leverage ratio. The interest rate swaps will expire in October 2020. BTC Partnership On January 28, 2016, the IPT Limited Partner sold and assigned to the bcIMC (USA) Realty Div A2 LLC (the “BCIMC USA Limited Partner”) a portion of its interest in the BTC Partnership equal to a 31.0% interest in the BTC Partnership for a purchase price equal to $58.6 million pursuant to that certain interest purchase agreement. As a result of this transaction, the IPT Partners have a 20.0% ownership interest in the joint venture and bcIMC International Real Estate (2004) Investment Corporation and bcIMC (WCBAF) Realpool Global Investment Corporation, together with the BCIMC USA Limited Partner, own the remaining 80.0% interest. In addition, the BTC Partnership agreement contains procedures for making distributions to the parties, including incentive distributions to the General Partner, which are subject to certain return thresholds being achieved. The General Partner previously agreed to share with the Advisor a portion of any incentive distributions paid to the General Partner by the BTC Partnership in an amount equal to 40.0% of the percentage interest of the BTC Partnership held by partners other than the IPT Partners. In January 2016, the General Partner agreed to increase that amount to 60.0% in conjunction with the sell-down by the IPT Limited Partner of its ownership interest in the BTC Partnership, which reduced the IPT Partners’ ownership interest in the BTC Partnership from 51.0% to 20.0% (as described above). Completed Acquisitions Victory Industrial Portfolio. National Distribution Portfolio. The purchase price allocations for these acquisitions have not been completed as of the date of this report and will be based on the Company’s estimate of the fair value determined from all available information. The purchase price allocations will be finalized within the measurement period, which will not exceed 12 months from the respective date of each acquisition.

SCHEDULE III-REAL ESTATE AND AC

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION	INDUSTRIAL PROPERTY TRUST INC. SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION Initial Cost to Company Costs Adjustments Gross Amount Carried as of Accumulated and Acquisition Depreciable ($ in thousands) # of Debt (1) Land Buildings and Total Costs Land Buildings and Total Consolidated Industrial Properties: West Valley Distribution Center in Kent, WA 1 $ - $ 3,051 $ 4,801 $ 7,852 $ 226 $ 3,051 $ 5,027 $ 8,078 $ (853 ) 1/15/2014 1-20 Century Distribution Center in Houston, TX 1 7,772 2,854 8,658 11,512 - 2,854 8,658 11,512 (511 ) 3/17/2014 1-40 Oakesdale Commerce Center in Renton, WA 1 - 1,483 2,518 4,001 259 1,483 2,777 4,260 (317 ) 3/28/2014 1-40 Medley Distribution Center in Medley, FL 1 - 1,090 2,970 4,060 - 1,090 2,970 4,060 (335 ) 5/9/2014 1-40 Rialto Distribution Center in Rialto, CA 1 13,776 6,575 13,375 19,950 - 6,575 13,375 19,950 (774 ) 6/6/2014 1-40 Palm Beach Commerce Center in Boca Raton, FL 1 - 1,425 5,775 7,200 18 1,425 5,793 7,218 (523 ) 6/20/2014 1-20 Windham Industrial Center in Romeoville, IL 1 6,700 2,808 8,092 10,900 418 2,808 8,510 11,318 (794 ) 6/30/2014 1-30 Meadows Distribution Center in Alpharetta, GA 1 - 1,686 6,285 7,971 868 1,686 7,153 8,839 (313 ) 9/4/2014 1-30 Corridor Industrial Center in Savage, MD 1 - 4,247 5,634 9,881 60 4,247 5,694 9,941 (477 ) 9/16/2014 1-20 O’Hare Distribution Center in Elmhurst, IL 1 19,297 11,140 15,810 26,950 8 11,140 15,818 26,958 (1,180 ) 9/17/2014 1-40 Lehigh Valley Commerce Center in Kutztown, PA 1 - 1,545 4,456 6,001 - 1,545 4,456 6,001 (303 ) 9/25/2014 1-30 Corridor Industrial Center II in Savage, MD 3 - 11,500 15,297 26,797 176 11,500 15,473 26,973 (1,963 ) 9/29/2014 1-20 Bolingbrook Industrial Center in Bolingbrook, IL 1 - 1,124 2,963 4,087 - 1,124 2,963 4,087 (367 ) 9/30/2014 1-20 Normal Junction Commerce Center in Tempe, AZ 2 - 2,780 9,673 12,453 157 2,780 9,830 12,610 (872 ) 10/21/2014 1-20 Mechanicsburg Distribution Center in Mechanicsburg, PA 1 - 1,931 6,444 8,375 48 1,931 6,492 8,423 (545 ) 10/23/2014 1-20 West Valley Distribution Center II in Kent, WA 2 - 1,885 4,002 5,887 482 1,885 4,484 6,369 (549 ) 10/24/2014 1-20 CentrePort Distribution Center in Fort Worth, TX 1 11,390 2,795 13,898 16,693 - 2,795 13,898 16,693 (1,401 ) 10/31/2014 1-20 Tacoma Commerce Center in Tacoma, WA 1 - 1,808 1,542 3,350 44 1,808 1,586 3,394 (156 ) 10/31/2014 1-20 Richmond Distribution Center in Richmond, CA 1 - 8,185 10,165 18,350 3,073 8,185 13,238 21,423 (1,512 ) 10/31/2014 1-20 Auburn Industrial Center in Auburn, WA 1 - 2,576 5,274 7,850 161 2,576 5,435 8,011 (688 ) 11/12/2014 1-30 Dallas Distribution Portfolio in Dallas, TX (2) - - 12,987 61,610 74,597 (74,597 ) - - - - 11/26/2014 N/A Dorsey Run Distribution Center in Elkridge, MD 1 - 3,123 3,962 7,085 2 3,123 3,964 7,087 (249 ) 12/9/2014 1-30 Portland Industrial Center in Portland, OR 9 - 18,422 38,814 57,236 8,325 18,422 47,139 65,561 (3,263 ) 12/18/2014 1-20 Peachtree Industrial Center in Atlanta, GA (2) - - 6,461 43,625 50,086 (50,086 ) - - - - 12/24/2014 N/A Newark Distribution Center in Newark, NJ 1 - 8,523 11,389 19,912 706 8,523 12,095 20,618 (432 ) 1/6/2015 1-20 Totowa Commerce Center in Totowa, NJ 1 - 10,715 15,535 26,250 - 10,715 15,535 26,250 (950 ) 1/23/2015 1-20 8A Distribution Center in Monroe, NJ 1 - 7,949 15,525 23,474 474 7,949 15,999 23,948 (975 ) 2/2/2015 1-30 Bayport Distribution Center in Pasadena, TX 2 24,516 4,807 34,408 39,215 198 4,807 34,606 39,413 (1,102 ) 2/17/2015 1-40 Mesa Distribution Center in Mesa, AZ 1 - 1,559 4,941 6,500 - 1,559 4,941 6,500 (205 ) 3/4/2015 1-30 Tuscany Industrial Center in Austin, TX (2) - - 1,621 9,903 11,524 (11,524 ) - - - - 3/12/2015 N/A Iron Run Distribution Center II in Allentown, PA 1 - 2,857 6,566 9,423 - 2,857 6,566 9,423 (673 ) 4/17/2015 1-20 Hayward Industrial Center in Hayward, CA 1 - 1,214 1,841 3,055 7 1,214 1,848 3,062 (113 ) 4/27/2015 1-20 Drew Court Commerce Center in King of Prussia, PA 2 - 3,716 8,184 11,900 10 3,716 8,194 11,910 (755 ) 4/30/2015 1-20 8A Distribution Center II in Monroe, NJ 1 - 5,516 9,934 15,450 - 5,516 9,934 15,450 (351 ) 5/1/2015 1-20 Livermore Distribution Center in Livermore, CA 1 16,549 4,885 20,871 25,756 154 4,885 21,025 25,910 (736 ) 5/1/2015 1-30 Chastain Meadows Distribution Center in Kennesaw, GA 5 - 5,362 40,288 45,650 27 5,362 40,315 45,677 (1,288 ) 6/1/2015 1-40 Auburn Distribution Center in Auburn, WA 1 - 3,984 13,031 17,015 54 3,984 13,085 17,069 (421 ) 6/10/2015 1-20 North Atlanta Portfolio in Atlanta, GA 2 - 1,409 6,352 7,761 160 1,409 6,512 7,921 (257 ) 6/17/2015 1-30 Richmond Distribution Center II in Richmond, CA 1 - 4,160 9,000 13,160 (5 ) 4,160 8,995 13,155 (219 ) 6/22/2015 1-30 Carol Stream Distribution Center in Carol Stream, IL 1 - 7,136 14,264 21,400 - 7,136 14,264 21,400 (385 ) 7/20/2015 1-30 Houston Industrial Portfolio in Houston, TX 3 - 9,969 33,750 43,719 - 9,969 33,750 43,719 (548 ) 7/30/2015, 1-40 Wilson Commerce Center in Nashville, TN 1 - 1,897 26,002 27,899 - 1,897 26,002 27,899 (676 ) 8/7/2015 1-40 North Kent Industrial Center in Kent, WA 2 - 4,065 6,281 10,346 - 4,065 6,281 10,346 (203 ) 8/7/2015 1-20 Long Beach Industrial Center in Long Beach, CA 2 - 4,306 4,594 8,900 105 4,306 4,699 9,005 (143 ) 8/12/2015 1-20 Interstate South Distribution Center in McDonough, GA 1 - 2,523 16,842 19,365 224 2,523 17,066 19,589 (436 ) 8/25/2015 1-30 Kelley Point Distribution Center in Portland, OR 5 - 12,710 60,850 73,560 - 12,710 60,850 73,560 (1,218 ) 9/9/2015 1-40 Aurora Distribution Center in Aurora, IL 1 - 4,007 16,993 21,000 - 4,007 16,993 21,000 (229 ) 9/21/2015 1-30 Junction Industrial Center in Annapolis Junction, MD 1 - 1,934 3,066 5,000 - 1,934 3,066 5,000 (63 ) 9/24/2015 1-20 Demarest Distribution Center in Wayne, NJ 1 - 3,831 5,110 8,941 - 3,831 5,110 8,941 (52 ) 10/7/2015 1-30 Salt Lake City Distribution Center in Salt Lake City, UT 1 - 3,514 13,261 16,775 - 3,514 13,261 16,775 (134 ) 10/23/2015 1-30 Auburn Distribution Center II in Auburn, WA 1 - 6,159 4,941 11,100 - 6,159 4,941 11,100 (27 ) 11/2/2015 1-30 York Distribution Center in York, PA 1 - 4,378 12,022 16,400 - 4,378 12,022 16,400 (103 ) 11/10/2015 1-20 Etiwanda Industrial Center in Ontario, CA 3 - 8,916 8,257 17,173 5 8,916 8,262 17,178 (112 ) 11/13/2015 1-20 Cincinnati Industrial Center in Cincinnati, OH 4 - 3,595 30,857 34,452 4 3,595 30,861 34,456 (275 ) 11/23/2015 1-30 Belt Line Distribution Center in Carrollton, TX 1 - 1,530 8,070 9,600 - 1,530 8,070 9,600 (17 ) 12/1/2015 1-30 Mid Counties Distribution Center in Santa Fe Springs, CA 1 - 8,418 9,783 18,201 - 8,418 9,783 18,201 (20 ) 12/1/2015 1-30 Airwest Distribution Center I in Plainfield, IN 1 - 1,505 13,095 14,600 - 1,505 13,095 14,600 (31 ) 12/14/2015 1-40 Airwest Distribution Center II in Plainfield, IN 1 - 700 6,044 6,744 - 700 6,044 6,744 (6 ) 12/15/2015 1-40 Chicago Industrial Portfolio in Chicago, IL 5 - 16,711 52,889 69,600 - 16,711 52,889 69,600 (124 ) 12/17/2015 1-40 Atlanta Industrial Portfolio in Atlanta, GA 14 - 11,642 63,864 75,506 7 11,642 63,871 75,513 (246 ) 12/17/2015 1-30 Lehigh Valley Distribution Center in Bethlehem, PA 1 - 9,485 28,115 37,600 - 9,485 28,115 37,600 (72 ) 12/22/2015 1-30 Valencia Industrial Center in Valencia, CA 1 - 3,327 7,673 11,000 - 3,327 7,673 11,000 (12 ) 12/22/2015 1-30 Phoenix Industrial Portfolio in Phoenix, AZ 5 - 8,722 29,261 37,983 - 8,722 29,261 37,983 (99 ) 12/22/2015 1-40 Golden State Portfolio Central Valley in Bakersfield, CA 2 - 2,466 15,633 18,099 - 2,466 15,633 18,099 (40 ) 12/23/2015 1-30 Golden State Portfolio South LA in Chula Vista, CA 2 - 6,345 15,043 21,388 - 6,345 15,043 21,388 (58 ) 12/23/2015 1-20 Golden State Portfolio East Bay Area in Newark, CA 2 - 44,715 32,517 77,232 - 44,715 32,517 77,232 (118 ) 12/23/2015 1-20 Golden State Portfolio Central LA in Pico Rivera, CA 1 - 11,769 1,118 12,887 - 11,769 1,118 12,887 (5 ) 12/23/2015 1-20 Golden State Portfolio South Bay Area in San Jose, CA 3 - 23,010 15,839 38,849 - 23,010 15,839 38,849 (81 ) 12/23/2015 1-20 Northwest Industrial Center in Houston, TX 8 - 15,765 21,313 37,078 - 15,765 21,313 37,078 (95 ) 12/29/2015 1-40 Total 131 $ 100,000 $ 426,808 $ 1,080,758 $ 1,507,566 $ (119,752 ) $ 405,739 $ 982,075 $ 1,387,814 $ (32,050 ) (1) As of December 31, 2015, the Company’s secured debt consisted of a mortgage note in the aggregate amount of $100.0 million. See “Note 6 to the Consolidated Financial Statements” for more detail. (2) In February 2015, the Company deconsolidated the Dallas Distribution Portfolio, which consisted of three industrial buildings, and the Peachtree Industrial Center, which consisted of four industrial buildings, in connection with the sale of 49.0% of its ownership in the BTC Partnership. Additionally, in August 2015, the Company sold the Tuscany Industrial Center, which consisted of one industrial building, to the BTC Partnership and it was subsequently deconsolidated. (3) As of December 31, 2015, the aggregate cost for federal income tax purposes of investments in property was $1.4 billion (unaudited). (4) Includes gross intangible lease assets of $123.5 million and gross intangible lease liabilities of $18.4 million. (5) A summary of activity for investment in real estate properties is as follows: (in thousands) 2015 2014 Investment in real estate properties: Balance at beginning of period $ 411,242 $ - Acquisition of properties 1,098,442 409,124 Properties deconsolidated (137,199 ) - Improvements 15,589 2,118 Other (260 ) - Balance at end of period $ 1,387,814 $ 411,242 Accumulated depreciation and amortization: Balance at beginning of period $ (4,101 ) $ - Additions charged to costs and expenses (28,967 ) (4,101 ) Deconsolidated accumulated depreciation and amortization 731 - Other 287 - Balance at end of period $ (32,050 ) $ (4,101 )

SUMMARY OF SIGNIFICANT ACCOUN23

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP.
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of Industrial Property Trust Inc., the Operating Partnership, and its wholly-owned subsidiaries, as well as amounts related to noncontrolling interests. See “Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests. All material intercompany accounts and transactions have been eliminated.
Use of Estimates	Use of Estimates 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 consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary
Reclassifications	Reclassifications Certain items in the Company’s consolidated balance sheets for 2014 have been reclassified from other liabilities to accounts payable and accrued liabilities to conform to the 2015 presentation. Additionally, certain items in the Company’s consolidated statements of cash flows for 2014 and 2013 have been reclassified to conform to the 2015 presentation. These reclassifications did not impact net cash used in operating activities, net cash used in investing activities or net cash provided by financing activities.
Investment in Real Estate Properties	Investment in Real Estate Properties Upon acquisition, the purchase price of a property is allocated to land, building, and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is calculated by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. No debt was assumed in connection with the 2015 and 2014 acquisitions. Costs associated with the acquisition of a property, including acquisition fees paid to Industrial Property Advisors LLC (the “Advisor”) are expensed as incurred. The results of operations for acquired properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real-estate related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenue over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. The Company expenses any unamortized intangible lease asset or records an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. Land, building, building and land improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of the Company’s real estate assets are capitalized as incurred. These costs include capitalized interest and development acquisition fees. The Company does not capitalize any other costs, such as taxes, salaries or other general and administrative expenses. See “Capitalized Interest” below for additional detail. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Building 20 to 40 years Building and land improvements 5 to 20 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. For the years ended December 31, 2015 and 2014, the Company did not record any impairment charges related to real estate assets. The Company had no real estate assets as of December 31, 2013.
Investment in Unconsolidated Joint Venture	Investment in Unconsolidated Joint Venture The Company analyzes its investment under GAAP guidance to determine if the joint venture is not a variable interest entity (“VIE”) and whether the requisite substantial participating rights described in the GAAP guidance are held by the partners not affiliated with the Company. If the joint venture is not a VIE and the partners hold substantial participating rights, the Company accounts for its investment in the joint venture under the equity method. Under the equity method, the investment is initially recorded at cost and subsequently adjusted to reflect the Company’s proportionate share of equity in the joint venture’s income (loss) and distributions, which is included in investment in unconsolidated joint venture on its consolidated balance sheets. The Company additionally recognizes its proportionate share of the ongoing income or loss of the unconsolidated joint venture in equity in loss of unconsolidated joint venture on the consolidated statements of operations. The Company evaluates its investment in the unconsolidated joint venture for impairment whenever events or changes in circumstances indicate that there may be an other-than-temporary decline in value. To do so, the Company calculates the estimated fair value of the investment using various valuation techniques, including, but not limited to, discounted cash flow models, the Company’s intent and ability to retain its investment in the entity, the financial condition and long-term prospects of the entity, and the expected term of the investment. If the Company determined any decline in value is other-than-temporary, the Company would recognize an impairment charge to reduce the carrying value of its investment to fair value. No impairment losses were recorded related to the unconsolidated joint venture for the year ended December 31, 2015. See “Note 5” for additional information regarding the unconsolidated joint venture.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities at the acquisition date of three months or less.
Straight-line Rent and Tenant Receivables	Straight-line Rent and Tenant Receivables Straight-line rent and tenant receivables include all straight-line rent and accounts receivable, net of allowances. The Company maintains an allowance for estimated losses that may result from the inability of certain of its customers to make required payments. If a customer fails to make contractual payments beyond any allowance, the Company may recognize additional bad debt expense in future periods equal to the net outstanding balances. As of December 31, 2015, the Company’s allowance for doubtful accounts was approximately $0.1 million. There was no allowance for doubtful accounts as of December 31, 2014.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs include fees and costs incurred to obtain long-term financing. These fees and costs are amortized to interest expense over the terms of the related credit facilities. Unamortized deferred financing costs are written off if debt is retired before its maturity date. Accumulated amortization of deferred financing costs was approximately $1.3 million and $0.3 million as of December 31, 2015 and 2014, respectively. The Company’s interest expense for the years ended December 31, 2015 and 2014 included $1.1 million and $0.3 million, respectively, of amortization of financing costs. There was no amortization of financing costs for the year ended December 31, 2013.
Capitalized Interest	Capitalized Interest The Company capitalizes interest as a cost of development. Capitalization of interest for a particular asset begins when activities necessary to get the asset ready for its intended use are in progress and when interest costs have been incurred. Capitalization of interest ceases when the project is substantially complete and ready for occupancy. For the year ended December 31, 2015, approximately $0.5 million of interest was capitalized. There was no capitalized interest for years ended December 31, 2014 and 2013.
Distribution Fees	Distribution Fees Distribution fees are paid monthly. The Company accrues distribution fees as they become contractually payable to Dividend Capital Securities LLC (the “Dealer Manager”). The Company records distribution fees as they are incurred as a reduction to additional paid-in capital received from the sale of shares of common stock. See “Note 11” for additional information regarding when distribution fees become payable.
Noncontrolling Interests	Noncontrolling Interests Due to the Company’s control of the Operating Partnership through its sole general partner interest and its limited partner interest, the Company consolidates the Operating Partnership. The limited partner interests not owned by the Company are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. As the limited partner interests do not participate in the profits and losses of the Operating Partnership, there is no net income or loss attributable to the noncontrolling interests on the consolidated statements of operations.
Revenue Recognition	Revenue Recognition The Company records rental revenue on a straight-line basis over the full lease term. Certain properties have leases that offer the tenant a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, the Company records receivables from tenants for rent that the Company expects to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. When the Company acquires a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. Tenant reimbursement revenue includes payments and amounts due from tenants pursuant to their leases for real estate taxes, insurance and other recoverable property operating expenses and is recognized as rental revenue in the period the applicable expenses are incurred. For the years ended December 31, 2015 and 2014, tenant reimbursement revenue recognized in rental revenues was approximately $11.5 million and $1.4 million, respectively. There was no tenant reimbursement revenue for the year ended December 31, 2013. In connection with property acquisitions, the Company may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. The Company expenses any unamortized intangible lease asset or records an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a customer will terminate a lease before the stated lease expiration date.
Share-Based Compensation	Share-Based Compensation The Company accounts for share-based compensation related to restricted stock issued to certain eligible individuals using a fair value based methodology, which is based upon the stock price on the grant date and requires the amount of related expense to be adjusted to the fair value of the award at the end of each reporting period until the awards have fully vested. Share-based compensation expense for restricted stock is amortized using a graded vesting attribution method and is recognized in general and administrative expenses in the Company’s consolidated statements of operations.
Organization and Offering Expenses	Organization and Offering Expenses Organization and offering expenses are accrued by the Company only to the extent that the Company is successful in raising gross offering proceeds. If the Company is not successful in raising additional equity proceeds, no additional amounts will be payable by the Company to the Advisor for reimbursement of cumulative organization and offering expenses. Organization costs are expensed in the period they become reimbursable and offering expenses associated with the Company’s public offerings are recorded as a reduction of gross offering proceeds in additional paid-in capital. See “Note 11” for additional information regarding when organization and offering expenses become reimbursable.
Income Taxes	Income Taxes The Company elected under the Internal Revenue Code of 1986, as amended, to be taxed as a REIT beginning with the tax year ended December 31, 2013. As a REIT, the Company generally is not subject to federal income taxes on net income it distributes to its stockholders. The Company intends to make timely distributions sufficient to satisfy the annual distribution requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property and federal income and excise taxes on its undistributed income.
Net Loss Per Common Share	Net Loss Per Common Share The Company computes net loss per common share by dividing net loss by the weighted-average number of common shares outstanding during the period for each class. There are no class specific expenses and each class of common stock shares equally in the profits and losses of the Company. There were no dilutive shares for the years ended December 31, 2015, 2014 and 2013.
Recent Accounting Standards	Recent Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”), which provides guidance for revenue recognition and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition.” The standard is based on the principle that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The guidance specifically excludes revenue derived from lease contracts from its scope. ASU 2014-09 was initially effective for annual and interim reporting periods beginning after December 15, 2016. In July 2015, the FASB approved a one year deferral of the effective date of this standard. The revised effective date for the standard is for annual reporting periods beginning after December 15, 2017 and interim periods therein. The FASB also approved changes allowing for early adoption of the standard as of the original effective date. The Company is currently evaluating the effect this guidance will have on its consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, “Amendments to the Consolidation Analysis” (“ASU 2015-02”), which improves targeted areas of the consolidation guidance and reduces the number of consolidation models. The amendments in ASU 2015-02 are effective for annual and interim periods in fiscal years beginning after December 15, 2015, with early adoption permitted. The Company is currently evaluating the effect this guidance will have on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”), which requires debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the debt liability rather than as an asset, and in August 2015, the FASB issued ASU No. 2015-15, “Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements” (“ASU 2015-15”), which expands guidance provided in ASU 2015-03. ASU 2015-15 states that it is permissible to present debt issuance costs as an asset and to subsequently amortize the deferred issuance costs ratably over the term of the line of credit arrangement, regardless of whether there are any outstanding borrowings on the line of credit arrangement. Both ASU 2015-03 and ASU 2015-15 are effective for annual and interim periods in fiscal years beginning after December 15, 2015, with early adoption permitted. The Company is currently evaluating the effect this guidance will have on its consolidated financial statements. In June 2015, the FASB issued ASU No. 2015-10, “Technical Corrections and Improvements” (“ASU 2015-10”), which contains amendments that clarify and simplify the FASB Accounting Standards Codification (the “Codification”), correct unintended application of guidance or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice. The amendments in ASU 2015-10 that require transition guidance are effective for all entities for annual and interim periods in fiscal years beginning after December 15, 2015. All other amendments were effective upon its issuance. The implementation of this update did not and is not expected to have a material impact on the Company’s consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments” (“ASU 2015-16”), which simplifies the accounting for measurement-period adjustments to provisional amounts recognized in a business combination by eliminating the requirement for an acquirer to account for measurement-period adjustments retrospectively. ASU 2015-16 is effective for annual and interim periods in fiscal years beginning after December 15, 2015, with early adoption permitted. The Company is currently evaluating the effect this guidance will have on its consolidated financial statements.
Fair Value	Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that the Company could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: • Quoted prices for similar assets/liabilities in active markets; • Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); • Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and • Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data.

SUMMARY OF SIGNIFICANT ACCOUN24

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Real Estate Asset, Useful Life	Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Building 20 to 40 years Building and land improvements 5 to 20 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Summary of Business Acquisitions	The Company acquired 100% of the following properties during the years ended December 31, 2015 and 2014: Intangibles ($ in thousands) Acquisition Number Land Building Intangible Above- Below- Total 2015 Acquisitions: Newark Distribution Center 1/6/2015 1 $ 8,523 $ 10,217 $ 825 $ 347 $ - $ 19,912 Totowa Commerce Center 1/23/2015 1 10,715 13,421 2,927 - (813 ) 26,250 8A Distribution Center 2/2/2015 1 7,949 15,071 836 - (382 ) 23,474 Bayport Distribution Center 2/17/2015 2 4,807 31,788 2,436 184 - 39,215 Tuscany Industrial Center (2) 3/12/2015 1 1,621 8,812 1,091 - - 11,524 8A Distribution Center II 5/1/2015 1 5,516 8,650 1,284 - - 15,450 Livermore Distribution Center 5/1/2015 1 4,885 19,869 2,533 - (1,531 ) 25,756 Chastain Meadows Distribution Center 6/1/2015 5 5,362 34,530 4,971 933 (146 ) 45,650 Auburn Distribution Center 6/10/2015 1 3,984 11,215 1,411 405 - 17,015 Carol Stream Distribution Center 7/20/2015 1 7,136 10,222 1,985 2,057 - 21,400 Houston Industrial 7/30/2015, Portfolio 9/25/2015 3 9,969 30,642 3,133 150 (175 ) 43,719 Wilson Commerce Center 8/7/2015 1 1,897 23,554 2,460 126 (138 ) 27,899 Interstate South Distribution Center 8/25/2015 1 2,523 16,368 689 - (215 ) 19,365 Kelley Point Distribution Center 9/9/2015 5 12,710 55,841 6,579 - (1,570 ) 73,560 Aurora Distribution Center 9/21/2015 1 4,007 13,690 2,107 1,196 - 21,000 Salt Lake City Distribution Center 10/23/2015 1 3,514 11,702 1,559 - - 16,775 York Distribution Center 11/10/2015 1 4,378 11,050 1,467 - (495 ) 16,400 Etiwanda Industrial Center 11/13/2015 3 8,916 7,400 944 - (87 ) 17,173 Cincinnati Industrial Center 11/23/2015 4 3,595 27,250 3,747 173 (313 ) 34,452 Mid Counties Distribution Center 12/1/2015 1 8,418 8,334 1,449 - - 18,201 Chicago Industrial Portfolio 12/17/2015 5 16,711 50,253 4,898 271 (2,533 ) 69,600 Atlanta Industrial Portfolio 12/17/2015 14 11,642 54,917 8,333 653 (39 ) 75,506 Lehigh Valley Distribution Center 12/22/2015 1 9,485 26,059 2,583 - (527 ) 37,600 Phoenix Industrial Portfolio 12/22/2015 5 8,722 25,480 4,340 115 (674 ) 37,983 Golden State Portfolio 12/23/2015 10 88,305 70,546 11,043 389 (1,828 ) 168,455 Northwest Industrial Center 12/29/2015 8 15,765 17,224 3,987 484 (382 ) 37,078 Other acquisitions Various 19 42,272 85,218 11,603 96 (1,159 ) 138,030 Total 2015 Acquisitions 98 $ 313,327 $ 699,323 $ 91,220 $ 7,579 $ (13,007 ) $ 1,098,442 Intangibles ($ in thousands) Acquisition Number Land Building Intangible Above- Below- Total 2014 Acquisitions: West Valley Distribution Center 1/15/2014 1 $ 3,051 $ 4,241 $ 657 $ 85 $ (182 ) $ 7,852 Century Distribution Center 3/17/2014 1 2,854 8,102 824 - (268 ) 11,512 Rialto Distribution Center 6/6/2014 1 6,575 12,965 1,363 - (953 ) 19,950 Windham Industrial Center 6/30/2014 1 2,808 7,493 696 - (97 ) 10,900 Meadows Distribution Center 9/4/2014 1 1,686 6,043 242 - - 7,971 Corridor Industrial Center 9/16/2014 1 4,247 4,795 868 15 (44 ) 9,881 O’Hare Distribution Center 9/17/2014 1 11,140 13,347 2,048 415 - 26,950 Corridor Industrial Center II 9/29/2014 3 11,500 13,135 2,180 41 (59 ) 26,797 Normal Junction Commerce Center 10/21/2014 2 2,780 8,540 1,289 - (156 ) 12,453 Mechanicsburg Distribution Center 10/23/2014 1 1,931 5,548 896 - - 8,375 CentrePort Distribution Center 10/31/2014 1 2,795 12,738 1,394 - (234 ) 16,693 Richmond Distribution Center 10/31/2014 1 8,185 9,847 818 - (500 ) 18,350 Auburn Industrial Center 11/12/2014 1 2,576 4,549 683 42 - 7,850 Dallas Distribution Portfolio (3) 11/26/2014 3 12,987 60,924 723 - (37 ) 74,597 Portland Industrial Center 12/18/2014 9 18,422 36,797 4,684 11 (2,678 ) 57,236 Peachtree Industrial Center (3) 12/24/2014 4 6,461 38,593 5,026 146 (140 ) 50,086 Other acquisitions Various 9 13,483 23,918 4,057 493 (280 ) 41,671 Total 2014 Acquisitions 41 $ 113,481 $ 271,575 $ 28,448 $ 1,248 $ (5,628 ) $ 409,124 (1) Total purchase price exclusive of transfer taxes, due diligence expenses, and other closing costs equals consideration paid. The purchase price allocations are preliminary based on the Company’s estimate of the fair value determined from all available information at the time of acquisition and, therefore, are subject to change upon the completion of the Company’s analysis of appraisals, evaluation of the credit quality of customers, and working capital adjustments within the measurement period, which will not exceed 12 months from the acquisition date. The Company does not expect future revisions, if any, to have a significant impact on its financial position or results of operations. (2) In August 2015, the Company sold Tuscany Industrial Center to the BTC Partnership, as defined in “Note 5,” and it was subsequently deconsolidated. (3) In February 2015, the Company deconsolidated the Dallas Distribution Portfolio and the Peachtree Industrial Center in connection with the sale of 49.0% of its ownership interest in the BTC Partnership as defined in “Note 5.”
Weighted Average Amortized Period for Intangible Asset and Liability Acquired	The weighted-average amortization periods for the intangible assets and liabilities acquired in connection with the 2015 acquisitions, as of the respective date of each acquisition, were as follows: Property Amortization (years) Newark Distribution Center 3.6 Totowa Commerce Center 8.2 8A Distribution Center 4.2 Bayport Distribution Center 6.3 Tuscany Industrial Center (1) 10.1 8A Distribution Center II 10.0 Livermore Distribution Center 5.7 Chastain Meadows Distribution Center 4.1 Auburn Distribution Center 8.6 Carol Stream Distribution Center 8.1 Houston Industrial Portfolio 5.0 Wilson Commerce Center 3.9 Interstate South Distribution Center 1.5 Kelley Point Distribution Center 4.1 Aurora Distribution Center 10.0 Salt Lake City Distribution Center 6.2 York Distribution Center 5.3 Etiwanda Industrial Center 2.3 Cincinnati Industrial Center 3.8 Mid Counties Distribution Center 7.0 Chicago Industrial Portfoio 5.3 Atlanta Industrial Portfolio 4.4 Phoenix Industrial Portfolio 3.1 Lehigh Valley Distribution Center 3.0 Golden State Portfolio 3.8 Northwest Industrial Center 3.7 Other acquisitions 5.1 (1) In August 2015, the Company sold the Tuscany Industrial Center to the BTC Partnership, as defined in “Note 5,” and it was subsequently deconsolidated.
Pro Forma Financial Information	The pro forma financial information is not intended to represent or be indicative of the Company’s consolidated financial results that would have been reported had the acquisitions been completed at the beginning of the comparable prior period presented and should not be taken as indicative of its future consolidated financial results. For the Year Ended (in thousands) 2015 2014 Actual: Total revenues $ 25,393 $ 6,645 Net loss $ (882 ) $ (11,698 ) Pro forma: Total revenues (1) $ 115,775 $ 115,709 Net loss (2) $ (2,275 ) $ (27,810 ) (1) In deriving the pro forma total revenues, an adjustment was made to include incremental revenue of $64.6 million and $109.1 million for the years ended December 31, 2015 and 2014, respectively. The incremental rental revenue was determined based on each acquired property’s historical rental revenue and the purchase accounting entries and includes: (i) the incremental base rent adjustments calculated based on the terms of the acquired leases and presented on a straight-line basis; and (ii) the incremental reimbursement and other revenue adjustments, which consist primarily of rental expense recoveries, and are determined based on the acquired customer’s historical reimbursement and other revenue with respect to the acquired properties. (2) In deriving the pro forma net loss, an adjustment was made to exclude acquisition-related expenses of $31.8 million and $12.1 million for the years ended December 31, 2015 and 2014, respectively. For the year ended December 31, 2014, the pro forma net loss was adjusted to include acquisition-related expenses of $31.8 million relating to the 2015 acquisitions, as if these expenses had been incurred as of January 1, 2014.

INVESTMENT IN REAL ESTATE PRO26

INVESTMENT IN REAL ESTATE PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Investment in Properties	As of December 31, 2015 and 2014, the Company’s consolidated investment in real estate properties consisted of 131 and 41 industrial buildings, respectively. (in thousands) December 31, December 31, Land $ 405,739 $ 113,481 Building and improvements 866,032 272,236 Intangible lease assets 123,451 30,319 Construction in progress 11,023 834 Investment in real estate properties 1,406,245 416,870 Less accumulated depreciation and amortization (32,050 ) (4,101 ) Net investment in real estate properties (1) $ 1,374,195 $ 412,769 (1) In February 2015, the Company deconsolidated seven industrial buildings in connection with the sale of 49.0% of its ownership interest in the BTC Partnership, as defined in “Note 5.” Additionally, in August 2015, the Company sold the Tuscany Industrial Center to the BTC Partnership and it was subsequently deconsolidated. As of December 31, 2015, the aggregate amount of net investment in real estate properties deconsolidated was $136.7 million, which consisted of $21.1 million of land, $108.5 million of net building and improvements and $7.1 million of net intangible lease assets. See “Note 5” for additional information concerning the BTC Partnership.
Summary of Intangible Lease Assets and Liabilities	Intangible lease assets and liabilities as of December 31, 2015 and 2014 include the following: December 31, 2015 December 31, 2014 (in thousands) Gross Accumulated Net Gross Accumulated Net Intangible lease assets (1) $ 114,768 $ (15,039 ) $ 99,729 $ 29,071 $ (2,073 ) $ 26,998 Above-market lease assets (1) 8,683 (815 ) 7,868 1,248 (81 ) 1,167 Below-market lease liabilities (2) (18,431 ) 2,474 (15,957 ) (5,628 ) 369 (5,259 ) (1) Included in net investment in real estate properties on the consolidated balance sheets. (2) Included in other liabilities on the consolidated balance sheets.
Estimated Net Amortization of Intangible Lease Assets and Liabilities	The following table details the estimated net amortization of such intangible lease assets and liabilities, as of December 31, 2015, for the next five years and thereafter: Estimated Net Amortization (in thousands) Intangible Above-Market Below-Market 2016 $ 29,652 $ 1,810 $ (3,795 ) 2017 20,893 1,473 (3,175 ) 2018 15,986 1,245 (2,547 ) 2019 10,113 797 (1,885 ) 2020 7,572 645 (1,657 ) Thereafter 15,513 1,898 (2,898 ) Total $ 99,729 $ 7,868 $ (15,957 )
Future Minimum Base Rental Payments	Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to the Company from its customers under the terms of non-cancelable operating leases in effect as of December 31, 2015, excluding rental revenues from the potential renewal or replacement of existing future leases and from tenant reimbursement revenue, were as follows for the next five years and thereafter: (in thousands) Future Minimum Base 2016 $ 79,248 2017 74,344 2018 67,556 2019 53,227 2020 45,188 Thereafter 123,265 Total $ 442,828
Summary of Rental Revenue and Depreciation and Amortization Expense	The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real-estate related depreciation and amortization expense: For the Year Ended (in thousands) 2015 2014 2013 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 3,868 $ 431 $ - Above-market lease amortization (742 ) (81 ) - Below-market lease amortization 2,140 369 - Real Estate-Related Depreciation and Amortization: Depreciation expense $ 14,593 $ 1,947 $ - Intangible lease asset amortization 13,632 2,073 -

INVESTMENT IN UNCONSOLIDATED 27

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE (Tables)	12 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Summary of Certain Financial Data	The following is a summary of certain financial data of the BTC Partnership: (in thousands) For the Operating data: Total revenues $ 8,064 Total operating expenses $ (11,341 ) Total other expenses $ (666 ) Net loss $ (3,943 ) (in thousands) As of Balance sheet data: Net investment in properties $ 314,325 Cash and cash equivalents $ 5,915 Total assets $ 325,665 Debt $ 128,975 Total liabilities $ 140,666 Partners’ capital $ 184,999

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Summary of Debt	A summary of the Company’s debt is as follows: Effective Interest Rate as of Maturity Date Balance as of ($ in thousands) December 31, December 31, December 31, December 31, Unsecured line of credit 1.83 % 2.07 % January 2020 $ 265,000 $ 235,000 Unsecured term loan 1.78 % - % January 2021 250,000 - Fixed-rate mortgage note 3.52 % - % October 2023 100,000 - Total / Weighted-Average 2.08 % 2.07 % $ 615,000 $ 235,000 Gross book value of properties encumbered by debt $ 151,754 $ -
Principal Payments Due on Consolidated Debt During Each of Next Five Years and Thereafter	As of December 31, 2015, the principal payments due on the Company’s consolidated debt during each of the next five years and thereafter were as follows: (in thousands) Line of Credit (1) Term Loan Mortgage Note Total 2016 $ - $ - $ - $ - 2017 - - - - 2018 - - - - 2019 - - 314 314 2020 265,000 - 1,924 266,924 Thereafter - 250,000 97,762 347,762 Total principal payments $ 265,000 $ 250,000 $ 100,000 $ 615,000 (1) The line of credit may be extended pursuant to one-year extension option, subject to certain conditions.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Carrying Value and Fair Value of Certain Financial Instruments	The table below includes the fair value for the Company’s financial instruments. The carrying value and fair value of these financial instruments were as follows: December 31, 2015 December 31, 2014 (in thousands) Carrying Fair Value Carrying Fair Value Line of credit $ 265,000 $ 265,000 $ 235,000 $ 235,000 Term loan 250,000 250,000 - - Morgtage note 100,000 97,958 - -

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Preliminary Taxability of Distributions on Common Shares	The unaudited preliminary taxability of the Company’s 2015, 2014 and 2013 distributions was: For the Year Ended December 31, 2015 2014 2013 Per common share: Ordinary income $ 0.367 $ 0.469 $ - Non-taxable return of capital 0.143 - 0.225 Long-term capital gain - - - Total distribution $ 0.510 $ 0.469 $ 0.225

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2015
Summary of Public Offering	A summary of the Company’s public offering, as of December 31, 2015, is as follows: (in thousands) Class A Class T Total Amount of gross proceeds raised: Primary offering $ 843,725 $ 180,762 $ 1,024,487 DRIP offering 10,574 - 10,574 Total offering $ 854,299 $ 180,762 $ 1,035,061 Number of shares sold: Primary offering 83,489 18,390 101,879 DRIP offering 1,096 - 1,096 Total offering 84,585 18,390 102,975
Summary of Changes in Each Class of Common Stock	The following table summarizes the changes in each class of common stock for the periods presented below: Class A Class T Total (in thousands) Shares Amount Shares Amount Shares Amount Balance as of December 31, 2012 20 $ - - $ - 20 $ - Issuance of common stock: Primary shares 400 4 - - 400 4 Balance as of December 31, 2013 420 $ 4 - $ - 420 $ 4 Issuance of common stock: Primary shares 22,494 225 - - 22,494 225 DRIP shares 102 1 - - 102 1 Stock grants 26 - - - 26 - Redemptions (12 ) - - - (12 ) - Balance as of December 31, 2014 23,030 $ 230 - $ - 23,030 $ 230 Issuance of common stock: Primary shares 60,575 606 18,390 184 78,965 790 DRIP shares 994 10 - - 994 10 Stock grants 79 1 - - 79 1 Redemptions (83 ) (1 ) - - (83 ) (1 ) Balance as of December 31, 2015 84,595 $ 846 18,390 $ 184 102,985 $ 1,030
Redemption Discount Table	The discount from the purchase price paid for the redeemed shares will vary based upon the length of time that the shares of common stock have been held, as follows: Share Purchase Anniversary Redemption Price as a Less than one year No redemption allowed One year 92.5% Two years 95.0% Three years 97.5% Four years and longer 100.0%
Redemption Table	The following table summarizes the Company’s redemption activity: For the Year Ended (in thousands) 2015 2014 2013 Number of eligible shares redeemed 105 12 - Aggregate amount of shares redeemed $ 1,034 $ 122 $ - Average redemption price per share $ 9.85 $ 10.00 $ -
Cash Distributions [Member]
Dividends Table	The following table summarizes the Company’s cash distribution activity (including distributions reinvested in shares of the Company’s common stock): (in thousands, except per share Payment Date Amount Declared per Paid in Reinvested Distributions Gross 2015 December 31 January 13, 2016 $ 0.13515 $ 4,751 $ 5,443 $ 148 $ 10,342 September 30 October 15, 2015 0.12500 3,392 3,725 - 7,117 June 30 July 2, 2015 0.12500 2,700 2,900 - 5,600 March 31 April 15, 2015 0.12500 1,756 1,806 - 3,562 Total $ 12,599 $ 13,874 $ 148 $ 26,621 2014 December 31 January 14, 2015 $ 0.12500 $ 1,198 $ 1,170 $ - $ 2,368 September 30 October 15, 2014 0.11875 710 674 - 1,384 June 30 July 15, 2014 0.11250 300 258 - 558 March 31 April 15, 2014 0.11250 74 38 - 112 Total $ 2,282 $ 2,140 $ - $ 4,422 (1) The Company did not have any Class T shares of its common stock outstanding prior to the third quarter of 2015. For the fourth quarter of 2015, the Company’s board of directors authorized daily cash distributions to all common stockholders of record as of the close of business on each day of the fourth quarter of 2015 at a quarterly rate of $0.13515 per Class A share of common stock and $0.13515 per Class T share of common stock less the annual distribution fees that are payable monthly with respect to such Class T shares (as calculated on a daily basis). (2) Distribution fees are paid monthly to the Dealer Manager with respect to Class T shares only. Refer to “Note 11” for further detail regarding distribution fees.
Stock Dividends [Member]
Dividends Table	The following table summarizes the Company’s special daily stock dividend activity for 2014: (in thousands) Issuance Date Shares Amount (1) September 30, 2014 October 1, 2014 51 $ 515 June 30, 2014 July 1, 2014 22 216 March 31, 2014 April 1, 2014 4 41 Total 77 $ 772 (1) Amount based on the Company’s initial offering price of $10.00 per share.
March 3, 2016 Public Offering [Member]
Summary of Public Offering	A summary of the Company’s public offering, as of March 2, 2016, is as follows: (in thousands) Class A Class T Total Amount of gross proceeds raised: Primary offering $ 896,129 $ 273,026 $ 1,169,155 DRIP offering 15,620 401 16,021 Total offering $ 911,749 $ 273,427 $ 1,185,176 Number of shares sold: Primary offering 88,524 27,775 116,299 DRIP offering 1,605 41 1,646 Total offering 90,129 27,816 117,945

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Restricted Stock Activity	A summary of the Company’s activity with respect to the issuance of restricted stock pursuant to its equity incentive plan and its private placement equity incentive plan for the year ended December 31, 2015 is as follows: (shares in thousands) Shares Weighted-Average Nonvested shares at December 31, 2013 - $ - Granted (1) 26 $ 10.00 Vested (1) (15 ) $ 10.00 Forfeited - $ - Nonvested shares at December 31, 2014 (1) 11 $ 10.00 Granted (2) 79 $ 10.11 Vested (2) (29 ) $ 10.09 Forfeited (2) (3 ) $ 10.15 Nonvested shares at December 31, 2015 (3) 58 $ 10.44 (1) The weighted-average fair value is based on the Company’s initial offering price of $10.00 per share on the grant date. (2) The weighted-average fair value is based on (i) the Company’s initial offering price of $10.00 per share for shares granted between January 1, 2015 and August 13, 2015 and (ii) the Company’s new offering price of $10.44 per Class A share, which was determined by the Company’s board of directors on August 13, 2015, for shares granted after August 13, 2015. (3) The weighted-average fair value of nonvested shares was remeasured based on the new offering price of $10.44 per Class A share.
Components of Share-Based Compensation	The following table summarizes other share-based compensation data: For the Year Ended (in thousands, except per share data) 2015 2014 2013 Share-based compensation expense $ 465 $ 202 $ - Total fair value of restricted stock vested $ 285 $ 150 $ - Weighted-average grant date fair value of restricted stock granted, per share $ 10.11 $ 10.00 $ -

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Summary of Fees and Expenses Incurred by Company	The table below summarizes the fees and expenses incurred by the Company for services provided by the Advisor and its affiliates and the Dealer Manager related to the services described above, and any related amounts payable: Incurred For the Year Ended Payable as of (in thousands) 2015 2014 2013 2015 2014 Expensed: Organization costs (1) $ - $ 17 $ 76 $ - $ - Acquisition fees 22,390 8,168 - 941 - Asset management fees 5,532 902 - 961 - Other expense reimbursements 326 200 42 19 20 Total $ 28,248 $ 9,287 $ 118 $ 1,921 $ 20 Capitalized: Development acquisition fees (2) $ 282 $ - $ - $ 39 $ - Additional Paid-In Capital: Sales commissions $ 45,822 $ 15,490 $ 124 $ 498 $ 115 Dealer manager fees 19,033 5,601 44 500 97 Offering costs (1) 16,048 4,482 - 377 78 Distribution fees (3) 148 - - 110 - Total $ 81,051 $ 25,573 $ 168 $ 1,485 $ 290 (1) As of December 31, 2015, the Advisor had incurred $20.5 million of offering costs and $93,000 of organization costs, all of which were paid directly by the Advisor on behalf of the Company. As of December 31, 2015, the Company had reimbursed the Advisor $20.5 million related to offering costs and $93,000 related to organization costs. The Company reimburses the Advisor or its affiliates for cumulative organization expenses and for cumulative expenses of its public offerings up to 2.0% of the aggregate gross offering proceeds from the sale of shares in its public offerings. The Advisor or an affiliate of the Advisor is responsible for the payment of the Company’s cumulative organization expenses and offering expenses to the extent that such cumulative expenses exceed 2.0% of the gross offering proceeds from the sale of shares in the Company’s public offerings, without recourse against or reimbursement by the Company. (2) Development acquisition fees are included in the total development project costs of the respective properties and are capitalized in construction in progress, which is included in net investment in real estate properties on the Company’s consolidated balance sheets. (3) Amount payable is included in distributions payable on the consolidated balance sheets. As of December 31, 2015, approximately $9.9 million in distribution fees may be paid to the Dealer Manager within the next five years to the extent it becomes contractually payable.
Expense Support Payment Obligation Incurred by the Advisor	The table below provides information regarding expense support payment obligations incurred by the Advisor: For the Year Ended (in thousands) 2015 2014 2013 Asset management fees $ 3,370 $ 902 $ - Other expense support - 2,594 306 Total expense support from the Advisor (1) $ 3,370 $ 3,496 $ 306 (1) As of December 31, 2015, approximately $0.8 million of expense support was payable to the Company by the Advisor.

SELECTED QUARTERLY FINANCIAL 34

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data	Selected quarterly financial data is as follows: For the Quarter Ended (in thousands, except per share data) March 31 June 30 September 30 December 31 2015 Total revenues $ 8,251 $ 10,150 $ 13,510 $ 19,223 Total operating expenses $ (12,119 ) $ (13,445 ) $ (22,244 ) $ (35,198 ) Total other expenses $ (1,713 ) $ (1,862 ) $ (2,359 ) $ (3,114 ) Expense support from the Advisor $ 542 $ 1,034 $ 441 $ 1,353 Net loss $ (5,039 ) $ (4,123 ) $ (10,652 ) $ (17,736 ) Net loss attributable to common stockholders $ (5,039 ) $ (4,123 ) $ (10,652 ) $ (17,736 ) Net loss per common share—basic and diluted (1) $ (0.18 ) $ (0.09 ) $ (0.19 ) $ (0.23 ) Weighted-average shares outstanding 28,485 44,770 56,948 76,522 2014 Total revenues $ 185 $ 690 $ 1,503 $ 4,267 Total operating expenses $ (1,250 ) $ (2,417 ) $ (4,645 ) $ (12,526 ) Total other expenses $ (137 ) $ (162 ) $ (158 ) $ (544 ) Expense support from the Advisor $ 487 $ 870 $ 1,160 $ 979 Net loss $ (715 ) $ (1,019 ) $ (2,140 ) $ (7,824 ) Net loss attributable to common stockholders $ (715 ) $ (1,019 ) $ (2,140 ) $ (7,824 ) Net loss per common share—basic and diluted (1) $ (0.72 ) $ (0.21 ) $ (0.18 ) $ (0.41 ) Weighted-average shares outstanding 991 4,946 11,645 18,939 (1) Quarterly net loss per common share amounts do not total the annual net loss per common share amount due to changes in the number of weighted-average shares outstanding calculated on a quarterly and annual basis and included in the net loss per share calculation.

SCHEDULE III-REAL ESTATE AND 35

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION (Tables)	12 Months Ended
	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Summary of Activity for Investment in Real Estate Properties	(4) A summary of activity for investment in real estate properties is as follows: (in thousands) 2015 2014 Investment in real estate properties: Balance at beginning of period $ 411,242 $ - Acquisition of properties 1,098,442 409,124 Properties deconsolidated (137,199 ) - Improvements 15,589 2,118 Other (260 ) - Balance at end of period $ 1,387,814 $ 411,242 Accumulated depreciation and amortization: Balance at beginning of period $ (4,101 ) $ - Additions charged to costs and expenses (28,967 ) (4,101 ) Deconsolidated accumulated depreciation and amortization 731 - Other 287 - Balance at end of period $ (32,050 ) $ (4,101 )

Description of Business - Addit

Description of Business - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015BuildingSegment	Dec. 31, 2014Building
Organization and Nature of Operations [Line Items]
Number of reportable segment | Segment	1
Consolidated Properties [Member]
Organization and Nature of Operations [Line Items]
Real estate properties owned, buildings | Building	131	41

Summary of Significant Accoun37

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Summary Of Significant Accounting Policies [Line Items]
Debt assumed in connection with acquisition	$ 0	$ 0
Impairment charges related to property assets	0
Real estate assets	1,374,195,000	412,769,000	$ 0
Allowance for doubtful accounts	100,000	0
Amortization of financing costs	1,100,000	300,000	0
Accumulated amortization of deferred financing costs	1,300,000	300,000
Capitalized interest cost	500,000	0	0
Net income (loss) attributable to noncontrolling interests	0	0	0
Tenant reimbursements	$ 11,500,000	$ 1,400,000	$ 0
Dilutive shares	0	0	0
Investment in Real Estate Properties [Member]
Summary Of Significant Accounting Policies [Line Items]
Impairment charges related to property assets	$ 0	$ 0

Summary of Significant Accoun38

Summary of Significant Accounting Policies - Real Estate Asset, Useful Life (Detail)	12 Months Ended
	Dec. 31, 2015
Lease commissions [Member]
Real Estate Properties [Line Items]
Standard depreciable life	Over lease term
Intangible Lease Assets [Member]
Real Estate Properties [Line Items]
Standard depreciable life	Over lease term
Above-Market Lease Assets [Member]
Real Estate Properties [Line Items]
Standard depreciable life	Over lease term
Below-Market Lease Liabilities [Member]
Real Estate Properties [Line Items]
Standard depreciable life	Over lease term, including below-market fixed-rate renewal options
Land [Member]
Real Estate Properties [Line Items]
Standard depreciable life	Not depreciated
Building [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Standard depreciable life	20 years
Building [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Standard depreciable life	40 years
Building and land improvements [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Standard depreciable life	5 years
Building and land improvements [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Standard depreciable life	20 years
Tenant improvements [Member]
Real Estate Properties [Line Items]
Standard depreciable life	Lesser of useful life or lease term

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail)	Dec. 31, 2015	Dec. 31, 2014
Business Combinations [Abstract]
Ownership interest of acquired properties	100.00%	100.00%

Acquisitions - Summary of Busin

Acquisitions - Summary of Business Acquisitions (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)Building	Dec. 31, 2014USD ($)Building
Business Acquisition [Line Items]
Number of Buildings | Building	98	41
Land	$ 313,327	$ 113,481
Building	699,323	271,575
Intangible Lease Assets	91,220	28,448
Below Market Lease Liabilities	(13,007)	(5,628)
Total Purchase Price	$ 1,098,442	$ 409,124
Newark Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Jan. 6, 2015
Number of Buildings | Building	1
Land	$ 8,523
Building	10,217
Intangible Lease Assets	825
Total Purchase Price	$ 19,912
Totowa Commerce Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Jan. 23, 2015
Number of Buildings | Building	1
Land	$ 10,715
Building	13,421
Intangible Lease Assets	2,927
Below Market Lease Liabilities	(813)
Total Purchase Price	$ 26,250
8A Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Feb. 2, 2015
Number of Buildings | Building	1
Land	$ 7,949
Building	15,071
Intangible Lease Assets	836
Below Market Lease Liabilities	(382)
Total Purchase Price	$ 23,474
Bayport Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Feb. 17, 2015
Number of Buildings | Building	2
Land	$ 4,807
Building	31,788
Intangible Lease Assets	2,436
Total Purchase Price	$ 39,215
Tuscany Industrial Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Mar. 12, 2015
Number of Buildings | Building	1
Land	$ 1,621
Building	8,812
Intangible Lease Assets	1,091
Total Purchase Price	$ 11,524
8A Distribution Center II [Member]
Business Acquisition [Line Items]
Acquisition Date	May 1, 2015
Number of Buildings | Building	1
Land	$ 5,516
Building	8,650
Intangible Lease Assets	1,284
Total Purchase Price	$ 15,450
Livermore Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date	May 1, 2015
Number of Buildings | Building	1
Land	$ 4,885
Building	19,869
Intangible Lease Assets	2,533
Below Market Lease Liabilities	(1,531)
Total Purchase Price	$ 25,756
Chastain Meadows Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Jun. 1, 2015
Number of Buildings | Building	5
Land	$ 5,362
Building	34,530
Intangible Lease Assets	4,971
Below Market Lease Liabilities	(146)
Total Purchase Price	$ 45,650
Auburn Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Jun. 10, 2015
Number of Buildings | Building	1
Land	$ 3,984
Building	11,215
Intangible Lease Assets	1,411
Total Purchase Price	$ 17,015
Carol Stream Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Jul. 20, 2015
Number of Buildings | Building	1
Land	$ 7,136
Building	10,222
Intangible Lease Assets	1,985
Total Purchase Price	$ 21,400
Houston Industrial Portfolio [Member]
Business Acquisition [Line Items]
Number of Buildings | Building	3
Land	$ 9,969
Building	30,642
Intangible Lease Assets	3,133
Below Market Lease Liabilities	(175)
Total Purchase Price	$ 43,719
Houston Industrial Portfolio - 1st Closing [Member]
Business Acquisition [Line Items]
Acquisition Date	Jul. 30, 2015
Houston Industrial Portfolio - 2nd Closing [Member]
Business Acquisition [Line Items]
Acquisition Date	Sep. 25, 2015
Wilson Commerce Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Aug. 7, 2015
Number of Buildings | Building	1
Land	$ 1,897
Building	23,554
Intangible Lease Assets	2,460
Below Market Lease Liabilities	(138)
Total Purchase Price	$ 27,899
Interstate South Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Aug. 25, 2015
Number of Buildings | Building	1
Land	$ 2,523
Building	16,368
Intangible Lease Assets	689
Below Market Lease Liabilities	(215)
Total Purchase Price	$ 19,365
Kelley Point Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Sep. 9, 2015
Number of Buildings | Building	5
Land	$ 12,710
Building	55,841
Intangible Lease Assets	6,579
Below Market Lease Liabilities	(1,570)
Total Purchase Price	$ 73,560
Aurora Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Sep. 21, 2015
Number of Buildings | Building	1
Land	$ 4,007
Building	13,690
Intangible Lease Assets	2,107
Total Purchase Price	$ 21,000
Salt Lake City Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Oct. 23, 2015
Number of Buildings | Building	1
Land	$ 3,514
Building	11,702
Intangible Lease Assets	1,559
Total Purchase Price	$ 16,775
York Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Nov. 10, 2015
Number of Buildings | Building	1
Land	$ 4,378
Building	11,050
Intangible Lease Assets	1,467
Below Market Lease Liabilities	(495)
Total Purchase Price	$ 16,400
Etiwanda Industrial Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Nov. 13, 2015
Number of Buildings | Building	3
Land	$ 8,916
Building	7,400
Intangible Lease Assets	944
Below Market Lease Liabilities	(87)
Total Purchase Price	$ 17,173
Cincinnati Industrial Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Nov. 23, 2015
Number of Buildings | Building	4
Land	$ 3,595
Building	27,250
Intangible Lease Assets	3,747
Below Market Lease Liabilities	(313)
Total Purchase Price	$ 34,452
Mid Counties Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Dec. 1, 2015
Number of Buildings | Building	1
Land	$ 8,418
Building	8,334
Intangible Lease Assets	1,449
Total Purchase Price	$ 18,201
Chicago Industrial Portfolio [Member]
Business Acquisition [Line Items]
Acquisition Date	Dec. 17, 2015
Number of Buildings | Building	5
Land	$ 16,711
Building	50,253
Intangible Lease Assets	4,898
Below Market Lease Liabilities	(2,533)
Total Purchase Price	$ 69,600
Atlanta Industrial Portfolio [Member]
Business Acquisition [Line Items]
Acquisition Date	Dec. 17, 2015
Number of Buildings | Building	14
Land	$ 11,642
Building	54,917
Intangible Lease Assets	8,333
Below Market Lease Liabilities	(39)
Total Purchase Price	$ 75,506
Lehigh Valley Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Dec. 22, 2015
Number of Buildings | Building	1
Land	$ 9,485
Building	26,059
Intangible Lease Assets	2,583
Below Market Lease Liabilities	(527)
Total Purchase Price	$ 37,600
Phoenix Industrial Portfolio [Member]
Business Acquisition [Line Items]
Acquisition Date	Dec. 22, 2015
Number of Buildings | Building	5
Land	$ 8,722
Building	25,480
Intangible Lease Assets	4,340
Below Market Lease Liabilities	(674)
Total Purchase Price	$ 37,983
Golden State Portfolio [Member]
Business Acquisition [Line Items]
Acquisition Date	Dec. 23, 2015
Number of Buildings | Building	10
Land	$ 88,305
Building	70,546
Intangible Lease Assets	11,043
Below Market Lease Liabilities	(1,828)
Total Purchase Price	$ 168,455
Northwest Industrial Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Dec. 29, 2015
Number of Buildings | Building	8
Land	$ 15,765
Building	17,224
Intangible Lease Assets	3,987
Below Market Lease Liabilities	(382)
Total Purchase Price	$ 37,078
Other acquisitions [Member]
Business Acquisition [Line Items]
Number of Buildings | Building	19	9
Land	$ 42,272	$ 13,483
Building	85,218	23,918
Intangible Lease Assets	11,603	4,057
Below Market Lease Liabilities	(1,159)	(280)
Total Purchase Price	138,030	$ 41,671
West Valley Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Jan. 15, 2014
Number of Buildings | Building		1
Land		$ 3,051
Building		4,241
Intangible Lease Assets		657
Below Market Lease Liabilities		(182)
Total Purchase Price		$ 7,852
Century Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Mar. 17, 2014
Number of Buildings | Building		1
Land		$ 2,854
Building		8,102
Intangible Lease Assets		824
Below Market Lease Liabilities		(268)
Total Purchase Price		$ 11,512
Rialto Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Jun. 6, 2014
Number of Buildings | Building		1
Land		$ 6,575
Building		12,965
Intangible Lease Assets		1,363
Below Market Lease Liabilities		(953)
Total Purchase Price		$ 19,950
Windham Industrial Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Jun. 30, 2014
Number of Buildings | Building		1
Land		$ 2,808
Building		7,493
Intangible Lease Assets		696
Below Market Lease Liabilities		(97)
Total Purchase Price		$ 10,900
Meadows Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Sep. 4, 2014
Number of Buildings | Building		1
Land		$ 1,686
Building		6,043
Intangible Lease Assets		242
Total Purchase Price		$ 7,971
Corridor Industrial Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Sep. 16, 2014
Number of Buildings | Building		1
Land		$ 4,247
Building		4,795
Intangible Lease Assets		868
Below Market Lease Liabilities		(44)
Total Purchase Price		$ 9,881
O'Hare Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Sep. 17, 2014
Number of Buildings | Building		1
Land		$ 11,140
Building		13,347
Intangible Lease Assets		2,048
Total Purchase Price		$ 26,950
Corridor Industrial Center II [Member]
Business Acquisition [Line Items]
Acquisition Date		Sep. 29, 2014
Number of Buildings | Building		3
Land		$ 11,500
Building		13,135
Intangible Lease Assets		2,180
Below Market Lease Liabilities		(59)
Total Purchase Price		$ 26,797
Normal Junction Commerce Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Oct. 21, 2014
Number of Buildings | Building		2
Land		$ 2,780
Building		8,540
Intangible Lease Assets		1,289
Below Market Lease Liabilities		(156)
Total Purchase Price		$ 12,453
Mechanicsburg Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Oct. 23, 2014
Number of Buildings | Building		1
Land		$ 1,931
Building		5,548
Intangible Lease Assets		896
Total Purchase Price		$ 8,375
CentrePort Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Oct. 31, 2014
Number of Buildings | Building		1
Land		$ 2,795
Building		12,738
Intangible Lease Assets		1,394
Below Market Lease Liabilities		(234)
Total Purchase Price		$ 16,693
Richmond Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Oct. 31, 2014
Number of Buildings | Building		1
Land		$ 8,185
Building		9,847
Intangible Lease Assets		818
Below Market Lease Liabilities		(500)
Total Purchase Price		$ 18,350
Auburn Industrial Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Nov. 12, 2014
Number of Buildings | Building		1
Land		$ 2,576
Building		4,549
Intangible Lease Assets		683
Total Purchase Price		$ 7,850
Dallas Distribution Portfolio [Member]
Business Acquisition [Line Items]
Acquisition Date		Nov. 26, 2014
Number of Buildings | Building		3
Land		$ 12,987
Building		60,924
Intangible Lease Assets		723
Below Market Lease Liabilities		(37)
Total Purchase Price		$ 74,597
Portland Industrial Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Dec. 18, 2014
Number of Buildings | Building		9
Land		$ 18,422
Building		36,797
Intangible Lease Assets		4,684
Below Market Lease Liabilities		(2,678)
Total Purchase Price		$ 57,236
Peachtree Industrial Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Dec. 24, 2014
Number of Buildings | Building		4
Land		$ 6,461
Building		38,593
Intangible Lease Assets		5,026
Below Market Lease Liabilities		(140)
Total Purchase Price		50,086
Above-Market Lease Assets [Member]
Business Acquisition [Line Items]
Intangible Lease Assets	7,579	1,248
Above-Market Lease Assets [Member] | Newark Distribution Center [Member]
Business Acquisition [Line Items]
Intangible Lease Assets	347
Above-Market Lease Assets [Member] | Bayport Distribution Center [Member]
Business Acquisition [Line Items]
Intangible Lease Assets	184
Above-Market Lease Assets [Member] | Chastain Meadows Distribution Center [Member]
Business Acquisition [Line Items]
Intangible Lease Assets	933
Above-Market Lease Assets [Member] | Auburn Distribution Center [Member]
Business Acquisition [Line Items]
Intangible Lease Assets	405
Above-Market Lease Assets [Member] | Carol Stream Distribution Center [Member]
Business Acquisition [Line Items]
Intangible Lease Assets	2,057
Above-Market Lease Assets [Member] | Houston Industrial Portfolio [Member]
Business Acquisition [Line Items]
Intangible Lease Assets	150
Above-Market Lease Assets [Member] | Wilson Commerce Center [Member]
Business Acquisition [Line Items]
Intangible Lease Assets	126
Above-Market Lease Assets [Member] | Aurora Distribution Center [Member]
Business Acquisition [Line Items]
Intangible Lease Assets	1,196
Above-Market Lease Assets [Member] | Cincinnati Industrial Center [Member]
Business Acquisition [Line Items]
Intangible Lease Assets	173
Above-Market Lease Assets [Member] | Chicago Industrial Portfolio [Member]
Business Acquisition [Line Items]
Intangible Lease Assets	271
Above-Market Lease Assets [Member] | Atlanta Industrial Portfolio [Member]
Business Acquisition [Line Items]
Intangible Lease Assets	653
Above-Market Lease Assets [Member] | Phoenix Industrial Portfolio [Member]
Business Acquisition [Line Items]
Intangible Lease Assets	115
Above-Market Lease Assets [Member] | Golden State Portfolio [Member]
Business Acquisition [Line Items]
Intangible Lease Assets	389
Above-Market Lease Assets [Member] | Northwest Industrial Center [Member]
Business Acquisition [Line Items]
Intangible Lease Assets	484
Above-Market Lease Assets [Member] | Other acquisitions [Member]
Business Acquisition [Line Items]
Intangible Lease Assets	$ 96	493
Above-Market Lease Assets [Member] | West Valley Distribution Center [Member]
Business Acquisition [Line Items]
Intangible Lease Assets		85
Above-Market Lease Assets [Member] | Corridor Industrial Center [Member]
Business Acquisition [Line Items]
Intangible Lease Assets		15
Above-Market Lease Assets [Member] | O'Hare Distribution Center [Member]
Business Acquisition [Line Items]
Intangible Lease Assets		415
Above-Market Lease Assets [Member] | Corridor Industrial Center II [Member]
Business Acquisition [Line Items]
Intangible Lease Assets		41
Above-Market Lease Assets [Member] | Auburn Industrial Center [Member]
Business Acquisition [Line Items]
Intangible Lease Assets		42
Above-Market Lease Assets [Member] | Portland Industrial Center [Member]
Business Acquisition [Line Items]
Intangible Lease Assets		11
Above-Market Lease Assets [Member] | Peachtree Industrial Center [Member]
Business Acquisition [Line Items]
Intangible Lease Assets		$ 146

Acquisitions - Summary of Bus41

Acquisitions - Summary of Business Acquisitions (Parenthetical) (Detail)	1 Months Ended
	Feb. 28, 2015
Unconsolidated [Member] | BTC Partnership [Member]
Business Acquisition [Line Items]
Ownership percentage	49.00%

Acquisitions - Weighted Average

Acquisitions - Weighted Average Amortized Period for Intangible Asset and Liability Acquired (Detail)	12 Months Ended
	Dec. 31, 2015
Newark Distribution Center [Member]
Business Acquisition [Line Items]
Amortization Period	3 years 7 months 6 days
Totowa Commerce Center [Member]
Business Acquisition [Line Items]
Amortization Period	8 years 2 months 12 days
8A Distribution Center [Member]
Business Acquisition [Line Items]
Amortization Period	4 years 2 months 12 days
Bayport Distribution Center [Member]
Business Acquisition [Line Items]
Amortization Period	6 years 3 months 18 days
Tuscany Industrial Center [Member]
Business Acquisition [Line Items]
Amortization Period	10 years 1 month 6 days
8A Distribution Center II [Member]
Business Acquisition [Line Items]
Amortization Period	10 years
Livermore Distribution Center [Member]
Business Acquisition [Line Items]
Amortization Period	5 years 8 months 12 days
Chastain Meadows Distribution Center [Member]
Business Acquisition [Line Items]
Amortization Period	4 years 1 month 6 days
Auburn Distribution Center [Member]
Business Acquisition [Line Items]
Amortization Period	8 years 7 months 6 days
Carol Stream Distribution Center [Member]
Business Acquisition [Line Items]
Amortization Period	8 years 1 month 6 days
Houston Industrial Portfolio [Member]
Business Acquisition [Line Items]
Amortization Period	5 years
Wilson Commerce Center [Member]
Business Acquisition [Line Items]
Amortization Period	3 years 10 months 24 days
Interstate South Distribution Center [Member]
Business Acquisition [Line Items]
Amortization Period	1 year 6 months
Kelley Point Distribution Center [Member]
Business Acquisition [Line Items]
Amortization Period	4 years 1 month 6 days
Aurora Distribution Center [Member]
Business Acquisition [Line Items]
Amortization Period	10 years
Salt Lake City Distribution Center [Member]
Business Acquisition [Line Items]
Amortization Period	6 years 2 months 12 days
York Distribution Center [Member]
Business Acquisition [Line Items]
Amortization Period	5 years 3 months 18 days
Etiwanda Industrial Center [Member]
Business Acquisition [Line Items]
Amortization Period	2 years 3 months 18 days
Cincinnati Industrial Center [Member]
Business Acquisition [Line Items]
Amortization Period	3 years 9 months 18 days
Mid Counties Distribution Center [Member]
Business Acquisition [Line Items]
Amortization Period	7 years
Chicago Industrial Portfolio [Member]
Business Acquisition [Line Items]
Amortization Period	5 years 3 months 18 days
Atlanta Industrial Portfolio [Member]
Business Acquisition [Line Items]
Amortization Period	4 years 4 months 24 days
Phoenix Industrial Portfolio [Member]
Business Acquisition [Line Items]
Amortization Period	3 years 1 month 6 days
Lehigh Valley Distribution Center [Member]
Business Acquisition [Line Items]
Amortization Period	3 years
Golden State Portfolio [Member]
Business Acquisition [Line Items]
Amortization Period	3 years 9 months 18 days
Northwest Industrial Center [Member]
Business Acquisition [Line Items]
Amortization Period	3 years 8 months 12 days
Other acquisitions [Member]
Business Acquisition [Line Items]
Amortization Period	5 years 1 month 6 days

Acquisitions - Pro Forma Financ

Acquisitions - Pro Forma Financial Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Actual:
Total revenues	$ 25,393	$ 6,645
Net loss	(882)	(11,698)
Pro forma:
Total revenues	115,775	115,709
Net loss	$ (2,275)	$ (27,810)

Acquisitions - Pro Forma Fina44

Acquisitions - Pro Forma Financial Information (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Business Combinations [Abstract]
Pro forma incremental revenue	$ 64.6	$ 109.1
Non-recurring adjustments excluded from pro forma net income (loss), acquisition-related expenses	$ 31.8	12.1
Non-recurring adjustments included in pro forma net loss, acquisition-related expenses		$ 31.8

Investment in Real Estate Pro45

Investment in Real Estate Properties - Additional Information (Detail) - Building	Dec. 31, 2015	Dec. 31, 2014
Consolidated Properties [Member]
Real Estate Properties [Line Items]
Real estate properties owned, buildings	131	41

Investment in Real Estate Pro46

Investment in Real Estate Properties - Investment in Properties (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Investments [Abstract]
Land	$ 405,739,000	$ 113,481,000
Building and improvements	866,032,000	272,236,000
Intangible lease assets	123,451,000	30,319,000
Construction in progress	11,023,000	834,000
Investment in real estate properties	1,406,245,000	416,870,000
Less accumulated depreciation and amortization	(32,050,000)	(4,101,000)
Net investment in real estate properties	$ 1,374,195,000	$ 412,769,000	$ 0

Investment in Real Estate Pro47

Investment in Real Estate Properties - Investment in Properties (Parenthetical) (Detail)	1 Months Ended
	Feb. 28, 2015Property	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Real Estate Properties [Line Items]
Net investment in real estate properties		$ 1,374,195,000	$ 412,769,000	$ 0
Land		405,739,000	113,481,000
Net building and improvements		866,032,000	272,236,000
Net intangible lease assets		123,451,000	$ 30,319,000
BTC Partnership [Member]
Real Estate Properties [Line Items]
Net investment in real estate properties		314,325,000
Unconsolidated [Member] | BTC Partnership [Member]
Real Estate Properties [Line Items]
Number of buildings contributed to joint venture | Property	7
Percentage of ownership interest acquired	49.00%
Net investment in real estate properties		136,700,000
Land		21,100,000
Net building and improvements		108,500,000
Net intangible lease assets		$ 7,100,000

Investment in Real Estate Pro48

Investment in Real Estate Properties - Summary of Intangible Lease Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross	$ (18,400)
Intangible Lease Assets [Member]
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross	114,768	$ 29,071
Accumulated Amortization	(15,039)	(2,073)
Net	99,729	26,998
Above-Market Lease Assets [Member]
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross	8,683	1,248
Accumulated Amortization	(815)	(81)
Net	7,868	1,167
Below-Market Lease Liabilities [Member]
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross	(18,431)	(5,628)
Accumulated Amortization	2,474	369
Net	$ (15,957)	$ (5,259)

Investment in Real Estate Pro49

Investment in Real Estate Properties - Estimated Net Amortization of Intangible Lease Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Intangible Lease Assets [Member]
Finite Lived Intangible Assets And Liabilities Future Amortization Expense [Line Items]
2,016	$ 29,652
2,017	20,893
2,018	15,986
2,019	10,113
2,020	7,572
Thereafter	15,513
Net	99,729	$ 26,998
Above-Market Lease Assets [Member]
Finite Lived Intangible Assets And Liabilities Future Amortization Expense [Line Items]
2,016	1,810
2,017	1,473
2,018	1,245
2,019	797
2,020	645
Thereafter	1,898
Net	7,868	1,167
Below-Market Lease Liabilities [Member]
Finite Lived Intangible Assets And Liabilities Future Amortization Expense [Line Items]
2,016	(3,795)
2,017	(3,175)
2,018	(2,547)
2,019	(1,885)
2,020	(1,657)
Thereafter	(2,898)
Net	$ (15,957)	$ (5,259)

Investment in Real Estate Pro50

Investment in Real Estate Properties - Future Minimum Base Rental Payments (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2,016	$ 79,248
2,017	74,344
2,018	67,556
2,019	53,227
2,020	45,188
Thereafter	123,265
Total	$ 442,828

Investment in Real Estate Pro51

Investment in Real Estate Properties - Summary of Rental Revenue and Depreciation and Amortization Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$ 3,868	$ 431	$ 0
Above-market lease amortization	(742)	(81)	0
Below-market lease amortization	2,140	369	0
Real Estate-Related Depreciation and Amortization:
Depreciation expense	14,593	1,947	0
Intangible lease asset amortization	$ 13,632	$ 2,073	$ 0

Investment in Unconsolidated 52

Investment in Unconsolidated Joint Venture - Additional Information (Detail)	Jan. 28, 2016	Aug. 31, 2015USD ($)Extension	Feb. 28, 2015USD ($)SubsidiaryProperty	Dec. 31, 2015USD ($)ExtensionBuildingProperty	Dec. 31, 2014USD ($)Building	Jun. 30, 2015USD ($)	Dec. 31, 2013USD ($)
Investment In Unconsolidated Affiliates [Line Items]
Number of subsidiaries entered into joint venture agreement | Subsidiary			2
Net investment in real estate properties				$ 1,374,195,000	$ 412,769,000		$ 0
Distribution received by the company			$ 60,300,000
Number of Buildings | Building				98	41
Aggregate purchase price of industrial buildings acquired				$ 1,087,709,000	$ 408,004,000
Current borrowing capacity				$ 235,000,000
Number of one-year line of credit extension options | Extension				1
Unused portion of line of credit				$ 235,000,000
Under Construction [Member]
Investment In Unconsolidated Affiliates [Line Items]
Number of Buildings | Building				1
Pre Construction Phase [Member]
Investment In Unconsolidated Affiliates [Line Items]
Number of Buildings | Building				4
BCIMC Limited Partner [Member]
Investment In Unconsolidated Affiliates [Line Items]
Ownership percentage			49.00%	49.00%
Contribution made to acquire interest			$ 61,200,000
Joint Venture [Member] | IPT Partners [Member]
Investment In Unconsolidated Affiliates [Line Items]
Ownership percentage			51.00%	51.00%
BTC Partnership [Member]
Investment In Unconsolidated Affiliates [Line Items]
Net investment in real estate properties				$ 314,325,000
Number of Buildings | Property				21
Aggregate purchase price of industrial buildings acquired				$ 261,600,000
BTC Partnership [Member] | Secured Line of Credit [Member]
Investment In Unconsolidated Affiliates [Line Items]
Current borrowing capacity		$ 150,000,000		$ 5,300,000		$ 80,000,000
Maximum borrowing capacity		$ 300,000,000
Maturity date		2018-06
Number of one-year line of credit extension options | Extension		2
Guaranteed rate of interest shortfall				51.00%
Line of credit facility outstanding amount				$ 89,500,000
Line of credit facility interest rate				2.68%
Unused portion of line of credit				$ 60,500,000
BTC Partnership [Member] | Secured Line of Credit [Member] | Federal Fund Effective Rate [Member]
Investment In Unconsolidated Affiliates [Line Items]
Interest rate margin		0.50%
BTC Partnership [Member] | Secured Line of Credit [Member] | Based On LIBOR [Member]
Investment In Unconsolidated Affiliates [Line Items]
Interest rate margin		1.00%
BTC Partnership [Member] | Minimum [Member] | Secured Line of Credit [Member] | Based On LIBOR [Member]
Investment In Unconsolidated Affiliates [Line Items]
Interest rate margin		2.10%
BTC Partnership [Member] | Minimum [Member] | Secured Line of Credit [Member] | Based on LIBOR 1% [Member]
Investment In Unconsolidated Affiliates [Line Items]
Interest rate margin		1.10%
BTC Partnership [Member] | Maximum [Member] | Secured Line of Credit [Member] | Based On LIBOR [Member]
Investment In Unconsolidated Affiliates [Line Items]
Interest rate margin		2.25%
BTC Partnership [Member] | Maximum [Member] | Secured Line of Credit [Member] | Based on LIBOR 1% [Member]
Investment In Unconsolidated Affiliates [Line Items]
Interest rate margin		1.25%
BTC Partnership [Member] | Deconsolidated [Member]
Investment In Unconsolidated Affiliates [Line Items]
Number of buildings contributed to joint venture | Property			7
Net investment in real estate properties			$ 124,900,000
BTC Partnership [Member] | Subsequent Event [Member] | Secured Line of Credit [Member]
Investment In Unconsolidated Affiliates [Line Items]
Guaranteed rate of interest shortfall	20.00%
BTC Partnership [Member] | BCIMC Limited Partner [Member] | Subsequent Event [Member]
Investment In Unconsolidated Affiliates [Line Items]
Ownership percentage	80.00%

Investment in Unconsolidated 53

Investment in Unconsolidated Joint Venture - Summary of Certain Financial Data (Detail) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating data:
Total revenues	$ 19,223,000	$ 13,510,000	$ 10,150,000	$ 8,251,000	$ 4,267,000	$ 1,503,000	$ 690,000	$ 185,000	$ 51,134,000	$ 6,645,000	$ 0
Total operating expenses	(35,198,000)	(22,244,000)	(13,445,000)	(12,119,000)	(12,526,000)	(4,645,000)	(2,417,000)	(1,250,000)	(83,006,000)	(20,838,000)	(530,000)
Total other expenses	(3,114,000)	(2,359,000)	(1,862,000)	(1,713,000)	(544,000)	(158,000)	(162,000)	(137,000)	(9,048,000)	(1,001,000)	(3,000)
Net loss	(17,736,000)	$ (10,652,000)	$ (4,123,000)	$ (5,039,000)	(7,824,000)	$ (2,140,000)	$ (1,019,000)	$ (715,000)	(37,550,000)	(11,698,000)	(227,000)
Balance sheet data:
Net investment in properties	1,374,195,000				412,769,000				1,374,195,000	412,769,000	0
Cash and cash equivalents	7,429,000				8,119,000				7,429,000	8,119,000	$ 2,871,000	$ 201,000
Total assets	1,509,222,000				433,955,000				1,509,222,000	433,955,000
Debt	615,000,000				235,000,000				615,000,000	235,000,000
Total liabilities	661,816,000				$ 247,076,000				661,816,000	$ 247,076,000
BTC Partnership [Member]
Operating data:
Total revenues									8,064,000
Total operating expenses									(11,341,000)
Total other expenses									(666,000)
Net loss									(3,943,000)
Balance sheet data:
Net investment in properties	314,325,000								314,325,000
Cash and cash equivalents	5,915,000								5,915,000
Total assets	325,665,000								325,665,000
Debt	128,975,000								128,975,000
Total liabilities	140,666,000								140,666,000
Partners' capital	$ 184,999,000								$ 184,999,000

Debt - Summary of Debt (Detail)

Debt - Summary of Debt (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Debt instrument, amount outstanding	$ 615,000	$ 235,000
Gross book value of properties encumbered by debt	$ 151,754
Weighted-average effective interest rate	2.08%	2.07%
Unsecured Line of Credit, January 2017 [Member]
Debt Instrument [Line Items]
Debt instrument, amount outstanding	$ 265,000	$ 235,000
Weighted-average effective interest rate	1.83%	2.07%
Maturity date	Jan. 31, 2020
Unsecured Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, amount outstanding	$ 250,000
Weighted-average effective interest rate	1.78%
Maturity date	Jan. 31, 2021
Fixed-Rate Mortgage Note, October 2023 [Member]
Debt Instrument [Line Items]
Debt instrument, amount outstanding	$ 100,000
Weighted-average effective interest rate	3.52%
Maturity date	Oct. 31, 2023

Debt - Principal Payments Due o

Debt - Principal Payments Due on Consolidated Debt During Each of Next Five Years and Thereafter (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
2,016	$ 0
2,017	0
2,018	0
2,019	314
2,020	266,924
Thereafter	347,762
Total principal payments	615,000
Line of Credit [Member]
Debt Instrument [Line Items]
2,016	0
2,017	0
2,018	0
2,019	0
2,020	265,000
Thereafter	0
Total principal payments	265,000
Term Loan [Member]
Debt Instrument [Line Items]
2,016	0
2,017	0
2,018	0
2,019	0
2,020	0
Thereafter	250,000
Total principal payments	250,000
Mortgage Note [Member]
Debt Instrument [Line Items]
2,016	0
2,017	0
2,018	0
2,019	314
2,020	1,924
Thereafter	97,762
Total principal payments	$ 100,000

Debt - Principal Payments Due56

Debt - Principal Payments Due on Consolidated Debt During Each of Next Five Years and Thereafter (Parenthetical) (Detail)	Dec. 31, 2015Extension
Debt Disclosure [Abstract]
Number of one-year line of credit extension options	1

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 07, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Unused portion of line of credit	$ 235,000,000
Amount available under line of credit	235,000,000
Debt instrument, amount outstanding	615,000,000		$ 235,000,000
Fixed-Rate Mortgage Note, October 2023 [Member]
Debt Instrument [Line Items]
Debt instrument, amount outstanding	100,000,000
Line of Credit [Member]
Debt Instrument [Line Items]
Aggregate commitment	500,000,000	$ 400,000,000
Additional commitment amount	250,000,000
Maximum borrowing capacity	$ 1,000,000,000
Line of Credit [Member] | Based On LIBOR [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate margin	1.40%
Line of Credit [Member] | Based On LIBOR [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate margin	2.30%
Line of Credit [Member] | Based On Alternative Base Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate margin	0.40%
Line of Credit [Member] | Based On Alternative Base Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate margin	1.30%
Term Loan [Member]
Debt Instrument [Line Items]
Term Loan facility	$ 250,000,000
Term Loan [Member] | Based On LIBOR [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate margin	1.35%
Term Loan [Member] | Based On LIBOR [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate margin	2.20%
Term Loan [Member] | Based On Alternative Base Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate margin	0.35%
Term Loan [Member] | Based On Alternative Base Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate margin	1.20%

Fair Value - Carrying Value and

Fair Value - Carrying Value and Fair Value of Certain Financial Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Line of credit	$ 265,000	$ 235,000
Term loan	250,000
Mortgage note	97,958
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Line of credit	265,000	$ 235,000
Term loan	250,000
Mortgage note	$ 100,000

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Non financial assets or liabilities at fair value on recurring basis	$ 0	$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Impact related to uncertain tax positions	$ 0	$ 0	$ 0
Earliest tax year subject to examination	2,012

Income Taxes - Preliminary Taxa

Income Taxes - Preliminary Taxability of Distributions on Common Shares (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Ordinary income	$ 0.367	$ 0.469
Non-taxable return of capital	0.143		$ 0.225
Long-term capital gain	0	0	0
Total distribution	$ 0.510	$ 0.469	$ 0.225

Stockholders' Equity - Addition

Stockholders' Equity - Additional information (Detail)	Aug. 14, 2015USD ($)$ / shares	Sep. 27, 2012USD ($)$ / shares	Dec. 31, 2015USD ($)$ / shares	Dec. 31, 2014USD ($)shares / d$ / shares	Dec. 31, 2013$ / shares	Aug. 13, 2015$ / shares	Jun. 30, 2015$ / shares
Stockholders' Equity Detail [Line Items]
Offering price of common stock per share, primary shares				$ 10		$ 10
Estimated net asset value per share							$ 9.24
Quarterly declared dividend per share, amount			$ 0.510	0.469	$ 0.225
Minimum holding period requirement for shares of common stock			1 year
Maximum percentage of number of shares to be redeemed during any consecutive 12-month period			5.00%
Class A [Member]
Stockholders' Equity Detail [Line Items]
Offering price of common stock per share, primary shares	$ 10.44	$ 10	$ 10.44	10
Offering price of common stock per share, DRIP shares	9.92		9.92	$ 9.50
Class T [Member]
Stockholders' Equity Detail [Line Items]
Offering price of common stock per share, primary shares	9.83		9.83
Offering price of common stock per share, DRIP shares	$ 9.83		$ 9.83
Stock Dividends [Member]
Stockholders' Equity Detail [Line Items]
Stock dividends declared | $			$ 0	$ 772,000
Stock Dividends [Member] | First Quarter 2014 [Member]
Stockholders' Equity Detail [Line Items]
Quarterly declared dividend per share, shares | shares / d				0.000047945
Quarterly declared dividend per share, amount				$ 0.04375
Stock Dividends [Member] | Second Quarter 2014 [Member]
Stockholders' Equity Detail [Line Items]
Quarterly declared dividend per share, shares | shares / d				0.000047945
Quarterly declared dividend per share, amount				$ 0.04375
Stock Dividends [Member] | Third Quarter 2014 [Member]
Stockholders' Equity Detail [Line Items]
Quarterly declared dividend per share, shares | shares / d				0.000047945
Quarterly declared dividend per share, amount				$ 0.04375
Initial Public Offering [Member]
Stockholders' Equity Detail [Line Items]
Effective date of registration statement	Aug. 19, 2015	Jul. 24, 2013
Maximum dollar value of common stock in public offering | $		$ 2,000,000,000
Dollar value of common stock in offering, primary shares | $	$ 1,500,000,000	1,500,000,000
Dollar value of common stock in offering, DRIP shares | $	$ 500,000,000	$ 500,000,000
Initial date public offering expected to close		Jul. 24, 2015
Extended date public offering expected to close	Jul. 24, 2016
Total amount of common stock remaining available for sale | $			964,900,000
Amount remaining available for sale through distribution reinvestment plan | $			$ 489,400,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Public Offering (Detail) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,035,061
Number of shares sold | shares	102,975
Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,024,487
Number of shares sold | shares	101,879
Drip Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 10,574
Number of shares sold | shares	1,096
Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 854,299
Number of shares sold | shares	84,585
Class A [Member] | Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 843,725
Number of shares sold | shares	83,489
Class A [Member] | Drip Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 10,574
Number of shares sold | shares	1,096
Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 180,762
Number of shares sold | shares	18,390
Class T [Member] | Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 180,762
Number of shares sold | shares	18,390

Stockholders' Equity - Summar64

Stockholders' Equity - Summary of Changes in Each Class of Common Stock (Detail) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Class of Stock [Line Items]
Beginning balance	$ 186,879	$ 3,554	$ 201
Redemptions of common stock	$ (1,034)	$ (122)	$ 0
Redemptions of common stock, shares	(105)	(12)	0
Ending balance	$ 847,406	$ 186,879	$ 3,554
Class A [Member]
Class of Stock [Line Items]
Beginning balance	$ 230	$ 4
Beginning balance, shares	23,030	420	20
Issuance of common stock, Primary shares	$ 606	$ 225	$ 4
Issuance of common stock, Primary shares, shares	60,575	22,494	400
Issuance of common stock, DRIP shares	$ 10	$ 1
Issuance of common stock, DRIP shares, shares	994	102
Issuance of common stock, Stock grants	$ 1
Issuance of common stock, Stock grants, shares	79	26
Redemptions of common stock	$ (1)
Redemptions of common stock, shares	(83)	(12)
Ending balance	$ 846	$ 230	$ 4
Ending balance, shares	84,595	23,030	420
Class T [Member]
Class of Stock [Line Items]
Beginning balance, shares	0
Issuance of common stock, Primary shares	$ 184
Issuance of common stock, Primary shares, shares	18,390
Ending balance	$ 184
Ending balance, shares	18,390	0
Common Stock [Member]
Class of Stock [Line Items]
Beginning balance	$ 230	$ 4
Beginning balance, shares	23,030	420	20
Issuance of common stock, Primary shares	$ 790	$ 225	$ 4
Issuance of common stock, Primary shares, shares	78,965	22,494	400
Issuance of common stock, DRIP shares	$ 10	$ 1
Issuance of common stock, DRIP shares, shares	994	102
Issuance of common stock, Stock grants	$ 1
Issuance of common stock, Stock grants, shares	79	26
Redemptions of common stock	$ (1)
Redemptions of common stock, shares	(83)	(12)
Ending balance	$ 1,030	$ 230	$ 4
Ending balance, shares	102,985	23,030	420

Stockholders' Equity - Distribu

Stockholders' Equity - Distributions Table (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule Of Stockholders' Equity [Line Items]
Declared per Common Share	$ 0.510	$ 0.469	$ 0.225
Total Distributions	$ 26,621	$ 5,194	$ 39
Cash Distributions [Member]
Schedule Of Stockholders' Equity [Line Items]
Paid in Cash	12,599	2,282
Reinvested in Shares	13,874	2,140
Distributions Fees	148
Total Distributions	$ 26,621	$ 4,422
December 31, 2015 [Member] | Cash Distributions [Member]
Schedule Of Stockholders' Equity [Line Items]
Payment Date	Jan. 13, 2016
Declared per Common Share	$ 0.13515
Paid in Cash	$ 4,751
Reinvested in Shares	5,443
Distributions Fees	148
Total Distributions	$ 10,342
September 30, 2015 [Member] | Cash Distributions [Member]
Schedule Of Stockholders' Equity [Line Items]
Payment Date	Oct. 15, 2015
Declared per Common Share	$ 0.12500
Paid in Cash	$ 3,392
Reinvested in Shares	3,725
Total Distributions	$ 7,117
June 30, 2015 [Member] | Cash Distributions [Member]
Schedule Of Stockholders' Equity [Line Items]
Payment Date	Jul. 2, 2015
Declared per Common Share	$ 0.12500
Paid in Cash	$ 2,700
Reinvested in Shares	2,900
Total Distributions	$ 5,600
March 31, 2015 [Member] | Cash Distributions [Member]
Schedule Of Stockholders' Equity [Line Items]
Payment Date	Apr. 15, 2015
Declared per Common Share	$ 0.12500
Paid in Cash	$ 1,756
Reinvested in Shares	1,806
Total Distributions	$ 3,562
December 31, 2014 [Member] | Cash Distributions [Member]
Schedule Of Stockholders' Equity [Line Items]
Payment Date		Jan. 14, 2015
Declared per Common Share		$ 0.12500
Paid in Cash		$ 1,198
Reinvested in Shares		1,170
Total Distributions		$ 2,368
September 30, 2014 [Member] | Cash Distributions [Member]
Schedule Of Stockholders' Equity [Line Items]
Payment Date		Oct. 15, 2014
Declared per Common Share		$ 0.11875
Paid in Cash		$ 710
Reinvested in Shares		674
Total Distributions		$ 1,384
June 30, 2014 [Member] | Cash Distributions [Member]
Schedule Of Stockholders' Equity [Line Items]
Payment Date		Jul. 15, 2014
Declared per Common Share		$ 0.11250
Paid in Cash		$ 300
Reinvested in Shares		258
Total Distributions		$ 558
March 31, 2014 [Member] | Cash Distributions [Member]
Schedule Of Stockholders' Equity [Line Items]
Payment Date		Apr. 15, 2014
Declared per Common Share		$ 0.11250
Paid in Cash		$ 74
Reinvested in Shares		38
Total Distributions		$ 112

Stockholders' Equity - Distri66

Stockholders' Equity - Distributions Table (Parenthetical) (Detail) - $ / shares	3 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2015	Dec. 31, 2012
Schedule Of Stockholders' Equity [Line Items]
Cash distributions per share		$ 0.510	$ 0.469	$ 0.225
Class A [Member]
Schedule Of Stockholders' Equity [Line Items]
Common stock, shares outstanding	84,595,000	84,595,000	23,030,000	420,000		20,000
Class A [Member] | Cash Distributions [Member]
Schedule Of Stockholders' Equity [Line Items]
Cash distributions per share	$ 0.13515
Class T [Member]
Schedule Of Stockholders' Equity [Line Items]
Common stock, shares outstanding	18,390,000	18,390,000	0
Class T [Member] | Cash Distributions [Member]
Schedule Of Stockholders' Equity [Line Items]
Cash distributions per share	$ 0.13515
Common stock, shares outstanding					0

Stockholders' Equity - Stock Di

Stockholders' Equity - Stock Dividends Table (Detail) - Stock Dividends [Member] - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Schedule Of Stockholders' Equity [Line Items]
Shares		77
Amount	$ 0	$ 772,000
September 30, 2014 [Member]
Schedule Of Stockholders' Equity [Line Items]
Issuance Date		Oct. 1, 2014
Shares		51
Amount		$ 515,000
June 30, 2014 [Member]
Schedule Of Stockholders' Equity [Line Items]
Issuance Date		Jul. 1, 2014
Shares		22
Amount		$ 216,000
March 31, 2014 [Member]
Schedule Of Stockholders' Equity [Line Items]
Issuance Date		Apr. 1, 2014
Shares		4
Amount		$ 41,000

Stockholders' Equity - Stock 68

Stockholders' Equity - Stock Dividends Table (Parenthetical) (Detail) - $ / shares	Aug. 13, 2015	Dec. 31, 2014
Equity [Abstract]
Offering price of common stock per share, primary shares	$ 10	$ 10

Stockholders' Equity - Redempti

Stockholders' Equity - Redemption Discount Table (Detail)	Dec. 31, 2015
Stockholders' Equity Attributable to Parent [Abstract]
Redemption price as percentage of the purchase price, share purchase anniversary, less than one year
Redemption price as percentage of the purchase price, share purchase anniversary, one year	92.50%
Redemption price as percentage of the purchase price, share purchase anniversary, two years	95.00%
Redemption price as percentage of the purchase price, share purchase anniversary, three years	97.50%
Redemption price as percentage of the purchase price, share purchase anniversary, four years and longer	100.00%

Stockholders' Equity - Redemp70

Stockholders' Equity - Redemption Table (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stockholders' Equity Attributable to Parent [Abstract]
Number of eligible shares redeemed	105	12	0
Aggregate amount of shares redeemed	$ 1,034	$ 122	$ 0
Average redemption price per share	$ 9.85	$ 10	$ 0

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Feb. 28, 2015	Jul. 16, 2013
Class A [Member] | Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock shares registered for issuance pursuant to Incentive Plan			2,000,000
Maximum [Member] | Class A [Member] | Private Placement Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock shares registered for issuance pursuant to Incentive Plan		2,000,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to restricted stock	$ 0.4
Weighted-average years to recognize compensation expense	8 months 12 days

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Issuance of Restricted Stock Pursuant to the Amended and Restated Equity Incentive Plan and Private Placement Equity Incentive Plan (Detail) - Restricted Stock [Member] - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested Shares at Beginning of Period	11
Shares, Granted	79	26
Shares, Vested	(29)	(15)
Shares, Forfeited	3
Nonvested Shares at End of Period	58	11
Weighted-Average Fair Value per Share, Nonvested Shares at Beginning of Period	$ 10
Weighted-Average Fair Value per Share, Granted	10.11	$ 10	$ 0
Weighted-Average Fair Value per Share, Vested	10.09	10
Weighted-Average Fair Value per Share, Forfeited	10.15
Weighted-Average Fair Value per Share, Nonvested Shares at End of Period	$ 10.44	$ 10

Share-Based Compensation - Su73

Share-Based Compensation - Summary of Issuance of Restricted Stock Pursuant to the Amended and Restated Equity Incentive Plan and Private Placement Equity Incentive Plan (Parenthetical) (Detail) - $ / shares	Dec. 31, 2015	Aug. 14, 2015	Aug. 13, 2015	Dec. 31, 2014	Sep. 27, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Offering price of common stock per share, primary shares			$ 10	$ 10
Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Offering price of common stock per share, primary shares	$ 10.44	$ 10.44		$ 10	$ 10

Share-Based Compensation - Comp

Share-Based Compensation - Components of Share-Based Compensation (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 465	$ 202	$ 0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock vested	$ 285	$ 150	$ 0
Weighted-average grant date fair value of restricted stock granted, per share	$ 10.11	$ 10	$ 0

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)

Mar. 31, 2013

Jan. 31, 2016

Jan. 28, 2016

Sep. 30, 2012

Dec. 31, 2015

Sep. 30, 2014

Jun. 30, 2014

Jun. 30, 2015

Dec. 31, 2015

Aug. 14, 2015

Aug. 13, 2015

Dec. 31, 2014

Sep. 27, 2012

Related Party Transaction [Line Items]

Common stock, price per share

$ 10

$ 10

Operating Partnership Units, owned

20,000

Special Units Issued

100

Special Units issued, value

$ 1,000

BTC Partnership [Member] | IPT Partners [Member]

Related Party Transaction [Line Items]

Ownership percentage

51.00%

51.00%

IPT-GP [Member]

Related Party Transaction [Line Items]

Amount contributed to a wholly-owned subsidiary

$ 2,000

Subsequent Event [Member] | BTC Partnership [Member] | IPT Partners [Member]

Related Party Transaction [Line Items]

Ownership percentage

20.00%

Class A [Member]

Related Party Transaction [Line Items]

Common stock, shares sold

84,595,000

84,595,000

23,030,000

Common stock, price per share

$ 10.44

$ 10.44

$ 10.44

$ 10

$ 10

Class T [Member]

Related Party Transaction [Line Items]

Common stock, shares sold

18,390,000

18,390,000

0

Common stock, price per share

$ 9.83

$ 9.83

$ 9.83

Dealer Manager [Member] | Class A [Member]

Related Party Transaction [Line Items]

Sales commission fees - percent of gross proceeds

7.00%

Dealer manager fees - percent of gross proceeds

2.50%

Dealer Manager [Member] | Class A [Member] | Maximum [Member]

Related Party Transaction [Line Items]

Percentage of underwriting compensation - gross proceeds

10.00%

Dealer Manager [Member] | Class T [Member]

Related Party Transaction [Line Items]

Sales commission fees - percent of gross proceeds

2.00%

Dealer manager fees - percent of gross proceeds

2.00%

Annual distribution fee percentage

1.00%

Dealer Manager [Member] | Class T [Member] | Maximum [Member]

Related Party Transaction [Line Items]

Percentage of underwriting compensation - gross proceeds

10.00%

Percentage of underwriting compensation - total gross investment

10.00%

Advisor [Member]

Related Party Transaction [Line Items]

Advisory agreement period

1 year

Acquisition fees - percent of total purchase price of real estate properties acquired in the operational stage

2.00%

Acquisition fees - percent of total project costs for real estate properties acquired in the development stage

4.00%

Asset management fees - monthly one-twelfth of percentage of aggregate cost of each real estate property asset located outside U.S.

1.20%

Asset management fees - monthly one-twelfth of percentage of aggregate cost or investment of any interest in any other real estate related entity or any type of debt investment or other investment

0.80%

Asset management fees - disposition percentage

2.50%

Asset management fees - monthly one-twelfth of percentage of aggregate cost of each real estate property asset located in the U.S.

0.80%

Organization and offering expense reimbursement to advisor or affiliates as a percentage of gross offering proceeds

2.00%

Incentive distributions percentage

40.00%

Expense support agreement, baseline distribution per share amount

$ 0.11875

$ 0.11250

$ 0.12500

Cumulative amount potentially reimbursable to Advisor

$ 5,400,000

$ 5,400,000

Maximum limit on payments under expense support agreement

30,000,000

Expense support agreement paid and deferred amount

$ 5,400,000

Termination notice period for expense support agreement

30 days

Expense support agreement effective through, date

Jun. 30, 2018

Common stock, shares sold

20,000

Advisor [Member] | July 1, 2015 Through June 30, 2018 [Member]

Related Party Transaction [Line Items]

Expense support agreement, baseline distribution per share amount

$ 0.13515

Advisor [Member] | Interest in Other Real Estate-Related Entity [Member]

Related Party Transaction [Line Items]

Acquisition fees - percent of total purchase price of real estate properties acquired in the operational stage

2.00%

Advisor [Member] | Proportionate Share of Property Owned By Real Estate Related Entity [Member] | Property Owned By Real Estate-Related Entity [Member]

Related Party Transaction [Line Items]

Acquisition fees - percent of total purchase price of real estate properties acquired in the operational stage

2.00%

Advisor [Member] | Debt Investment or Other Investment [Member]

Related Party Transaction [Line Items]

Acquisition fees - percent of total purchase price of real estate properties acquired in the operational stage

1.00%

Advisor [Member] | Common Stock [Member]

Related Party Transaction [Line Items]

Common stock, price per share

$ 10

Advisor [Member] | BTC Partnership [Member]

Related Party Transaction [Line Items]

Other fees incurred by joint venture

$ 900,000

Acquisition fees incurred by joint venture

$ 1,300,000

Advisor [Member] | Subsequent Event [Member]

Related Party Transaction [Line Items]

Incentive distributions percentage

60.00%

60.00%

Limited Partner [Member]

Related Party Transaction [Line Items]

Operating Partnership Units, issued

19,800

Operating Partnership Units, value

$ 198,000

Ownership percentage

99.00%

General Partner [Member]

Related Party Transaction [Line Items]

Operating Partnership Units, issued

200

Operating Partnership Units, value

$ 2,000

Ownership percentage

1.00%

General Partner [Member] | IPT-GP [Member]

Related Party Transaction [Line Items]

Operating Partnership Units, distributions

200

Industrial Property Advisors Group LLC [Member]

Related Party Transaction [Line Items]

Special Units Issued

100

Special Units issued, value

$ 1,000

Related Party Transactions - Su

Related Party Transactions - Summary of Fees and Expenses Incurred by Company (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Expensed:
Organization costs, incurred	$ 0	$ 17	$ 76
Acquisition fees, incurred	22,390	8,168	0
Asset management fees, incurred	5,532	902	0
Advisor [Member]
Capitalized:
Development acquisition fees, incurred	282
Development acquisition fees, payable	39
Dealer Manager [Member]
Additional Paid-In Capital:
Sales commissions, incurred	45,822	15,490	124
Dealer manager fees, incurred	19,033	5,601	44
Distribution fees, incurred	148
Sales commissions, payable	498	115
Dealer manager fees, payable	500	97
Distribution fees, payable	110
Advisor or Its Affiliates [Member]
Expensed:
Organization costs, incurred		17	76
Acquisition fees, incurred	22,390	8,168
Asset management fees, incurred	5,532	902
Other expense reimbursements, incurred	326	200	42
Total	28,248	9,287	118
Organization costs, Receivable (Payable)	0	0
Acquisition fees, Receivable (Payable)	941
Asset management fees, Receivable (Payable)	961
Other expense reimbursements, Receivable (Payable)	19	20
Total	1,921	20
Additional Paid-In Capital:
Offering costs, incurred	16,048	4,482
Offering costs, Receivable (Payable)	377	78
Advisor or Its Affiliates [Member] | Dealer Manager [Member]
Additional Paid-In Capital:
Total	81,051	25,573	$ 168
Total	$ 1,485	$ 290

Related Party Transactions - 77

Related Party Transactions - Summary of Fees and Expenses Incurred by Company (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)
Advisor [Member]
Related Party Transaction [Line Items]
Offering costs incurred by Advisor	$ 20,500,000
Organization costs incurred by Advisor	93,000
Organization costs reimbursed to Advisor	93,000
Offering costs reimbursed to Advisor	$ 20,500,000
Organization and offering expense reimbursement to advisor or affiliates as a percentage of gross offering proceeds	2.00%
Dealer Manager [Member]
Related Party Transaction [Line Items]
Distribution fees that may be paid to extent they become contractually payable	$ 9,900,000

Related Party Transactions - Ex

Related Party Transactions - Expense Support Payment Obligation Incurred by the Advisor (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Total expense support from the Advisor	$ 1,353	$ 441	$ 1,034	$ 542	$ 979	$ 1,160	$ 870	$ 487	$ 3,370	$ 3,496	$ 306
Advisor [Member]
Related Party Transaction [Line Items]
Expense support payment obligations incurred, asset management fees									3,370	902
Expense support payment obligations incurred, other expense support										2,594	306
Total expense support from the Advisor									$ 3,370	$ 3,496	$ 306

Related Party Transactions - 79

Related Party Transactions - Expense Support Payment Obligation Incurred by the Advisor (Parenthetical) (Detail) $ in Millions	Dec. 31, 2015USD ($)
Advisor [Member]
Related Party Transaction [Line Items]
Expense support payable to the company by the Advisor	$ 0.8

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Detail) - USD ($)	1 Months Ended	12 Months Ended
	Sep. 30, 2012	Dec. 31, 2015
Noncontrolling Interest [Line Items]
Special Units Issued	100
Special Units issued, value	$ 1,000
OP Units Holder [Member]
Noncontrolling Interest [Line Items]
Cumulative non-compounded annual pre-tax return percentage - in addition to capital invested received		6.50%
Percentage return of net sales proceeds received upon disposition of Operating Partnership's assets		85.00%
Special Units Holder [Member]
Noncontrolling Interest [Line Items]
Percentage return of net sales proceeds received upon disposition of Operating Partnership's assets		15.00%

Selected Quarterly Financial 81

Selected Quarterly Financial Data - Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 19,223	$ 13,510	$ 10,150	$ 8,251	$ 4,267	$ 1,503	$ 690	$ 185	$ 51,134	$ 6,645	$ 0
Total operating expenses	(35,198)	(22,244)	(13,445)	(12,119)	(12,526)	(4,645)	(2,417)	(1,250)	(83,006)	(20,838)	(530)
Total other expenses	(3,114)	(2,359)	(1,862)	(1,713)	(544)	(158)	(162)	(137)	(9,048)	(1,001)	(3)
Expense support from the Advisor	1,353	441	1,034	542	979	1,160	870	487	3,370	3,496	306
Net loss	(17,736)	(10,652)	(4,123)	(5,039)	(7,824)	(2,140)	(1,019)	(715)	(37,550)	(11,698)	(227)
Net loss attributable to common stockholders	$ (17,736)	$ (10,652)	$ (4,123)	$ (5,039)	$ (7,824)	$ (2,140)	$ (1,019)	$ (715)	$ (37,550)	$ (11,698)	$ (227)
Net loss per common share - basic and diluted	$ (0.23)	$ (0.19)	$ (0.09)	$ (0.18)	$ (0.41)	$ (0.18)	$ (0.21)	$ (0.72)	$ (0.72)	$ (1.27)	$ (2.49)
Weighted-average shares outstanding	76,522	56,948	44,770	28,485	18,939	11,645	4,946	991	51,801	9,229	91

Subsequent Events - Summary of

Subsequent Events - Summary of Public Offering Including Summary of Gross Proceeds Raised and Total Number of Shares Issued (Detail) - USD ($) shares in Thousands, $ in Thousands	Mar. 02, 2016	Dec. 31, 2015
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 1,035,061
Number of shares sold		102,975
Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 854,299
Number of shares sold		84,585
Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 180,762
Number of shares sold		18,390
Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 1,024,487
Number of shares sold		101,879
Primary Offering [Member] | Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 843,725
Number of shares sold		83,489
Primary Offering [Member] | Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 180,762
Number of shares sold		18,390
Drip Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 10,574
Number of shares sold		1,096
Drip Offering [Member] | Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 10,574
Number of shares sold		1,096
Subsequent Event [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 1,185,176
Number of shares sold	117,945
Subsequent Event [Member] | Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 911,749
Number of shares sold	90,129
Subsequent Event [Member] | Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 273,427
Number of shares sold	27,816
Subsequent Event [Member] | Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 1,169,155
Number of shares sold	116,299
Subsequent Event [Member] | Primary Offering [Member] | Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 896,129
Number of shares sold	88,524
Subsequent Event [Member] | Primary Offering [Member] | Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 273,026
Number of shares sold	27,775
Subsequent Event [Member] | Drip Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 16,021
Number of shares sold	1,646
Subsequent Event [Member] | Drip Offering [Member] | Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 15,620
Number of shares sold	1,605
Subsequent Event [Member] | Drip Offering [Member] | Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 401
Number of shares sold	41

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail)	Jan. 29, 2016USD ($)ft²BuildingCustomer	Jan. 28, 2016USD ($)	Jan. 13, 2016USD ($)ft²BuildingCustomer	Jan. 31, 2016USD ($)swap_agreement	Jan. 28, 2016USD ($)	Dec. 31, 2015USD ($)BuildingProperty	Dec. 31, 2014USD ($)Building	Dec. 31, 2013USD ($)	Mar. 02, 2016USD ($)	Feb. 28, 2015
Subsequent Event [Line Items]
Acquisition fees paid by the company to the advisor						$ 22,390,000	$ 8,168,000	$ 0
Total purchase price of acquisitions						$ 1,087,709,000	$ 408,004,000
Number of Buildings | Building						98	41
Maximum [Member]
Subsequent Event [Line Items]
Purchase Price Allocation Measurement Period						12 months
BTC Partnership [Member]
Subsequent Event [Line Items]
Total purchase price of acquisitions						$ 261,600,000
Number of Buildings | Property						21
IPT Partners [Member] | BTC Partnership [Member]
Subsequent Event [Line Items]
Ownership percentage						51.00%
BCIMC Limited Partner [Member]
Subsequent Event [Line Items]
Ownership percentage						49.00%				49.00%
Advisor [Member]
Subsequent Event [Line Items]
Incentive distributions percentage						40.00%
Initial Public Offering [Member]
Subsequent Event [Line Items]
Total amount of common stock remaining available for sale						$ 964,900,000
Amount remaining available for sale through distribution reinvestment plan						$ 489,400,000
Subsequent Event [Member] | BTC Partnership [Member]
Subsequent Event [Line Items]
Percentage of interest in partnership		31.00%
Purchase agreement purchase price		$ 58,600,000			$ 58,600,000
Subsequent Event [Member] | Based On LIBOR [Member]
Subsequent Event [Line Items]
Number of interest swap agreement | swap_agreement				5
Notional amount				$ 250,000,000
Derivative weighted-average interest rate				1.17%
Interest rate swap expiry date				2020-10
Subsequent Event [Member] | Based On LIBOR [Member] | Minimum [Member]
Subsequent Event [Line Items]
Derivative interest rate				2.52%
Subsequent Event [Member] | Based On LIBOR [Member] | Maximum [Member]
Subsequent Event [Line Items]
Derivative interest rate				3.37%
Subsequent Event [Member] | IPT Partners [Member] | BTC Partnership [Member]
Subsequent Event [Line Items]
Ownership percentage		20.00%			20.00%
Subsequent Event [Member] | BCIMC Limited Partner [Member] | BTC Partnership [Member]
Subsequent Event [Line Items]
Ownership percentage		80.00%			80.00%
Subsequent Event [Member] | Victory Industrial Portfolio [Member]
Subsequent Event [Line Items]
Percentage of building leased			100.00%
Acquisition fees paid by the company to the advisor			$ 1,200,000
Average remaining lease term			10 years 1 month 6 days
Total purchase price of acquisitions			$ 59,900,000
Number of Buildings | Building			5
Square feet of industrial building | ft²			1,000,000
Number of customers | Customer			1
Subsequent Event [Member] | National Distribution Portfolio [Member]
Subsequent Event [Line Items]
Percentage of building leased	84.20%
Acquisition fees paid by the company to the advisor	$ 2,300,000
Average remaining lease term	5 years 6 months
Total purchase price of acquisitions	$ 114,500,000
Number of Buildings | Building	7
Square feet of industrial building | ft²	2,600,000
Number of customers | Customer	8
Subsequent Event [Member] | Advisor [Member]
Subsequent Event [Line Items]
Incentive distributions percentage				60.00%	60.00%
Subsequent Event [Member] | Initial Public Offering [Member]
Subsequent Event [Line Items]
Amount remaining available for sale through distribution reinvestment plan									$ 484,000,000
Subsequent Event [Member] | Class A [Member] | Initial Public Offering [Member]
Subsequent Event [Line Items]
Total amount of common stock remaining available for sale									814,800,000
Subsequent Event [Member] | Class T [Member] | Initial Public Offering [Member]
Subsequent Event [Line Items]
Total amount of common stock remaining available for sale									$ 814,800,000

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)Building	Dec. 31, 2014USD ($)Building
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	$ 100,000
Initial Cost of Land	426,808
Initial Cost of Buildings and Improvements	1,080,758
Total Initial Costs	1,507,566
Costs Capitalized or Adjustments Subsequent to Acquisition	(119,752)
Gross amount carried, Land	405,739
Gross amount carried, Buildings and Improvements	982,075
Gross amount carried, Total Costs	1,387,814	$ 411,242
Accumulated Depreciation and Amortization	$ (32,050)
Consolidated Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	131	41
West Valley Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,051
Initial Cost of Buildings and Improvements	4,801
Total Initial Costs	7,852
Costs Capitalized or Adjustments Subsequent to Acquisition	226
Gross amount carried, Land	3,051
Gross amount carried, Buildings and Improvements	5,027
Gross amount carried, Total Costs	8,078
Accumulated Depreciation and Amortization	$ (853)
Acquisition Date	Jan. 15, 2014
Century Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Debt	$ 7,772
Initial Cost of Land	2,854
Initial Cost of Buildings and Improvements	8,658
Total Initial Costs	11,512
Gross amount carried, Land	2,854
Gross amount carried, Buildings and Improvements	8,658
Gross amount carried, Total Costs	11,512
Accumulated Depreciation and Amortization	$ (511)
Acquisition Date	Mar. 17, 2014
Oakesdale Commerce Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,483
Initial Cost of Buildings and Improvements	2,518
Total Initial Costs	4,001
Costs Capitalized or Adjustments Subsequent to Acquisition	259
Gross amount carried, Land	1,483
Gross amount carried, Buildings and Improvements	2,777
Gross amount carried, Total Costs	4,260
Accumulated Depreciation and Amortization	$ (317)
Acquisition Date	Mar. 28, 2014
Medley Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,090
Initial Cost of Buildings and Improvements	2,970
Total Initial Costs	4,060
Gross amount carried, Land	1,090
Gross amount carried, Buildings and Improvements	2,970
Gross amount carried, Total Costs	4,060
Accumulated Depreciation and Amortization	$ (335)
Acquisition Date	May 9, 2014
Rialto Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Debt	$ 13,776
Initial Cost of Land	6,575
Initial Cost of Buildings and Improvements	13,375
Total Initial Costs	19,950
Gross amount carried, Land	6,575
Gross amount carried, Buildings and Improvements	13,375
Gross amount carried, Total Costs	19,950
Accumulated Depreciation and Amortization	$ (774)
Acquisition Date	Jun. 6, 2014
Palm Beach Commerce Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,425
Initial Cost of Buildings and Improvements	5,775
Total Initial Costs	7,200
Costs Capitalized or Adjustments Subsequent to Acquisition	18
Gross amount carried, Land	1,425
Gross amount carried, Buildings and Improvements	5,793
Gross amount carried, Total Costs	7,218
Accumulated Depreciation and Amortization	$ (523)
Acquisition Date	Jun. 20, 2014
Windham Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Debt	$ 6,700
Initial Cost of Land	2,808
Initial Cost of Buildings and Improvements	8,092
Total Initial Costs	10,900
Costs Capitalized or Adjustments Subsequent to Acquisition	418
Gross amount carried, Land	2,808
Gross amount carried, Buildings and Improvements	8,510
Gross amount carried, Total Costs	11,318
Accumulated Depreciation and Amortization	$ (794)
Acquisition Date	Jun. 30, 2014
Meadows Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,686
Initial Cost of Buildings and Improvements	6,285
Total Initial Costs	7,971
Costs Capitalized or Adjustments Subsequent to Acquisition	868
Gross amount carried, Land	1,686
Gross amount carried, Buildings and Improvements	7,153
Gross amount carried, Total Costs	8,839
Accumulated Depreciation and Amortization	$ (313)
Acquisition Date	Sep. 4, 2014
Corridor Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 4,247
Initial Cost of Buildings and Improvements	5,634
Total Initial Costs	9,881
Costs Capitalized or Adjustments Subsequent to Acquisition	60
Gross amount carried, Land	4,247
Gross amount carried, Buildings and Improvements	5,694
Gross amount carried, Total Costs	9,941
Accumulated Depreciation and Amortization	$ (477)
Acquisition Date	Sep. 16, 2014
O'Hare Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Debt	$ 19,297
Initial Cost of Land	11,140
Initial Cost of Buildings and Improvements	15,810
Total Initial Costs	26,950
Costs Capitalized or Adjustments Subsequent to Acquisition	8
Gross amount carried, Land	11,140
Gross amount carried, Buildings and Improvements	15,818
Gross amount carried, Total Costs	26,958
Accumulated Depreciation and Amortization	$ (1,180)
Acquisition Date	Sep. 17, 2014
Lehigh Valley Commerce Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,545
Initial Cost of Buildings and Improvements	4,456
Total Initial Costs	6,001
Gross amount carried, Land	1,545
Gross amount carried, Buildings and Improvements	4,456
Gross amount carried, Total Costs	6,001
Accumulated Depreciation and Amortization	$ (303)
Acquisition Date	Sep. 25, 2014
Corridor Industrial Center II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	3
Initial Cost of Land	$ 11,500
Initial Cost of Buildings and Improvements	15,297
Total Initial Costs	26,797
Costs Capitalized or Adjustments Subsequent to Acquisition	176
Gross amount carried, Land	11,500
Gross amount carried, Buildings and Improvements	15,473
Gross amount carried, Total Costs	26,973
Accumulated Depreciation and Amortization	$ (1,963)
Acquisition Date	Sep. 29, 2014
Bolingbrook Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,124
Initial Cost of Buildings and Improvements	2,963
Total Initial Costs	4,087
Gross amount carried, Land	1,124
Gross amount carried, Buildings and Improvements	2,963
Gross amount carried, Total Costs	4,087
Accumulated Depreciation and Amortization	$ (367)
Acquisition Date	Sep. 30, 2014
Normal Junction Commerce Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 2,780
Initial Cost of Buildings and Improvements	9,673
Total Initial Costs	12,453
Costs Capitalized or Adjustments Subsequent to Acquisition	157
Gross amount carried, Land	2,780
Gross amount carried, Buildings and Improvements	9,830
Gross amount carried, Total Costs	12,610
Accumulated Depreciation and Amortization	$ (872)
Acquisition Date	Oct. 21, 2014
Mechanicsburg Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,931
Initial Cost of Buildings and Improvements	6,444
Total Initial Costs	8,375
Costs Capitalized or Adjustments Subsequent to Acquisition	48
Gross amount carried, Land	1,931
Gross amount carried, Buildings and Improvements	6,492
Gross amount carried, Total Costs	8,423
Accumulated Depreciation and Amortization	$ (545)
Acquisition Date	Oct. 23, 2014
West Valley Distribution Center II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 1,885
Initial Cost of Buildings and Improvements	4,002
Total Initial Costs	5,887
Costs Capitalized or Adjustments Subsequent to Acquisition	482
Gross amount carried, Land	1,885
Gross amount carried, Buildings and Improvements	4,484
Gross amount carried, Total Costs	6,369
Accumulated Depreciation and Amortization	$ (549)
Acquisition Date	Oct. 24, 2014
CentrePort Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Debt	$ 11,390
Initial Cost of Land	2,795
Initial Cost of Buildings and Improvements	13,898
Total Initial Costs	16,693
Gross amount carried, Land	2,795
Gross amount carried, Buildings and Improvements	13,898
Gross amount carried, Total Costs	16,693
Accumulated Depreciation and Amortization	$ (1,401)
Acquisition Date	Oct. 31, 2014
Tacoma Commerce Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,808
Initial Cost of Buildings and Improvements	1,542
Total Initial Costs	3,350
Costs Capitalized or Adjustments Subsequent to Acquisition	44
Gross amount carried, Land	1,808
Gross amount carried, Buildings and Improvements	1,586
Gross amount carried, Total Costs	3,394
Accumulated Depreciation and Amortization	$ (156)
Acquisition Date	Oct. 31, 2014
Richmond Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 8,185
Initial Cost of Buildings and Improvements	10,165
Total Initial Costs	18,350
Costs Capitalized or Adjustments Subsequent to Acquisition	3,073
Gross amount carried, Land	8,185
Gross amount carried, Buildings and Improvements	13,238
Gross amount carried, Total Costs	21,423
Accumulated Depreciation and Amortization	$ (1,512)
Acquisition Date	Oct. 31, 2014
Auburn Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,576
Initial Cost of Buildings and Improvements	5,274
Total Initial Costs	7,850
Costs Capitalized or Adjustments Subsequent to Acquisition	161
Gross amount carried, Land	2,576
Gross amount carried, Buildings and Improvements	5,435
Gross amount carried, Total Costs	8,011
Accumulated Depreciation and Amortization	$ (688)
Acquisition Date	Nov. 12, 2014
Dallas Distribution Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost of Land	$ 12,987
Initial Cost of Buildings and Improvements	61,610
Total Initial Costs	74,597
Costs Capitalized or Adjustments Subsequent to Acquisition	$ (74,597)
Acquisition Date	Nov. 26, 2014
Dorsey Run Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,123
Initial Cost of Buildings and Improvements	3,962
Total Initial Costs	7,085
Costs Capitalized or Adjustments Subsequent to Acquisition	2
Gross amount carried, Land	3,123
Gross amount carried, Buildings and Improvements	3,964
Gross amount carried, Total Costs	7,087
Accumulated Depreciation and Amortization	$ (249)
Acquisition Date	Dec. 9, 2014
Portland Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	9
Initial Cost of Land	$ 18,422
Initial Cost of Buildings and Improvements	38,814
Total Initial Costs	57,236
Costs Capitalized or Adjustments Subsequent to Acquisition	8,325
Gross amount carried, Land	18,422
Gross amount carried, Buildings and Improvements	47,139
Gross amount carried, Total Costs	65,561
Accumulated Depreciation and Amortization	$ (3,263)
Acquisition Date	Dec. 18, 2014
Peachtree Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost of Land	$ 6,461
Initial Cost of Buildings and Improvements	43,625
Total Initial Costs	50,086
Costs Capitalized or Adjustments Subsequent to Acquisition	$ (50,086)
Acquisition Date	Dec. 24, 2014
Newark Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 8,523
Initial Cost of Buildings and Improvements	11,389
Total Initial Costs	19,912
Costs Capitalized or Adjustments Subsequent to Acquisition	706
Gross amount carried, Land	8,523
Gross amount carried, Buildings and Improvements	12,095
Gross amount carried, Total Costs	20,618
Accumulated Depreciation and Amortization	$ (432)
Acquisition Date	Jan. 6, 2015
Totowa Commerce Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 10,715
Initial Cost of Buildings and Improvements	15,535
Total Initial Costs	26,250
Gross amount carried, Land	10,715
Gross amount carried, Buildings and Improvements	15,535
Gross amount carried, Total Costs	26,250
Accumulated Depreciation and Amortization	$ (950)
Acquisition Date	Jan. 23, 2015
8A Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 7,949
Initial Cost of Buildings and Improvements	15,525
Total Initial Costs	23,474
Costs Capitalized or Adjustments Subsequent to Acquisition	474
Gross amount carried, Land	7,949
Gross amount carried, Buildings and Improvements	15,999
Gross amount carried, Total Costs	23,948
Accumulated Depreciation and Amortization	$ (975)
Acquisition Date	Feb. 2, 2015
Bayport Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Debt	$ 24,516
Initial Cost of Land	4,807
Initial Cost of Buildings and Improvements	34,408
Total Initial Costs	39,215
Costs Capitalized or Adjustments Subsequent to Acquisition	198
Gross amount carried, Land	4,807
Gross amount carried, Buildings and Improvements	34,606
Gross amount carried, Total Costs	39,413
Accumulated Depreciation and Amortization	$ (1,102)
Acquisition Date	Feb. 17, 2015
Mesa Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,559
Initial Cost of Buildings and Improvements	4,941
Total Initial Costs	6,500
Gross amount carried, Land	1,559
Gross amount carried, Buildings and Improvements	4,941
Gross amount carried, Total Costs	6,500
Accumulated Depreciation and Amortization	$ (205)
Acquisition Date	Mar. 4, 2015
Tuscany Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost of Land	$ 1,621
Initial Cost of Buildings and Improvements	9,903
Total Initial Costs	11,524
Costs Capitalized or Adjustments Subsequent to Acquisition	$ (11,524)
Acquisition Date	Mar. 12, 2015
Iron Run Distribution Center II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,857
Initial Cost of Buildings and Improvements	6,566
Total Initial Costs	9,423
Gross amount carried, Land	2,857
Gross amount carried, Buildings and Improvements	6,566
Gross amount carried, Total Costs	9,423
Accumulated Depreciation and Amortization	$ (673)
Acquisition Date	Apr. 17, 2015
Hayward Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,214
Initial Cost of Buildings and Improvements	1,841
Total Initial Costs	3,055
Costs Capitalized or Adjustments Subsequent to Acquisition	7
Gross amount carried, Land	1,214
Gross amount carried, Buildings and Improvements	1,848
Gross amount carried, Total Costs	3,062
Accumulated Depreciation and Amortization	$ (113)
Acquisition Date	Apr. 27, 2015
Drew Court Commerce Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 3,716
Initial Cost of Buildings and Improvements	8,184
Total Initial Costs	11,900
Costs Capitalized or Adjustments Subsequent to Acquisition	10
Gross amount carried, Land	3,716
Gross amount carried, Buildings and Improvements	8,194
Gross amount carried, Total Costs	11,910
Accumulated Depreciation and Amortization	$ (755)
Acquisition Date	Apr. 30, 2015
8A Distribution Center II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 5,516
Initial Cost of Buildings and Improvements	9,934
Total Initial Costs	15,450
Gross amount carried, Land	5,516
Gross amount carried, Buildings and Improvements	9,934
Gross amount carried, Total Costs	15,450
Accumulated Depreciation and Amortization	$ (351)
Acquisition Date	May 1, 2015
Livermore Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Debt	$ 16,549
Initial Cost of Land	4,885
Initial Cost of Buildings and Improvements	20,871
Total Initial Costs	25,756
Costs Capitalized or Adjustments Subsequent to Acquisition	154
Gross amount carried, Land	4,885
Gross amount carried, Buildings and Improvements	21,025
Gross amount carried, Total Costs	25,910
Accumulated Depreciation and Amortization	$ (736)
Acquisition Date	May 1, 2015
Chastain Meadows Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	5
Initial Cost of Land	$ 5,362
Initial Cost of Buildings and Improvements	40,288
Total Initial Costs	45,650
Costs Capitalized or Adjustments Subsequent to Acquisition	27
Gross amount carried, Land	5,362
Gross amount carried, Buildings and Improvements	40,315
Gross amount carried, Total Costs	45,677
Accumulated Depreciation and Amortization	$ (1,288)
Acquisition Date	Jun. 1, 2015
Auburn Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,984
Initial Cost of Buildings and Improvements	13,031
Total Initial Costs	17,015
Costs Capitalized or Adjustments Subsequent to Acquisition	54
Gross amount carried, Land	3,984
Gross amount carried, Buildings and Improvements	13,085
Gross amount carried, Total Costs	17,069
Accumulated Depreciation and Amortization	$ (421)
Acquisition Date	Jun. 10, 2015
North Atlanta Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 1,409
Initial Cost of Buildings and Improvements	6,352
Total Initial Costs	7,761
Costs Capitalized or Adjustments Subsequent to Acquisition	160
Gross amount carried, Land	1,409
Gross amount carried, Buildings and Improvements	6,512
Gross amount carried, Total Costs	7,921
Accumulated Depreciation and Amortization	$ (257)
Acquisition Date	Jun. 17, 2015
Richmond Distribution Center II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 4,160
Initial Cost of Buildings and Improvements	9,000
Total Initial Costs	13,160
Costs Capitalized or Adjustments Subsequent to Acquisition	(5)
Gross amount carried, Land	4,160
Gross amount carried, Buildings and Improvements	8,995
Gross amount carried, Total Costs	13,155
Accumulated Depreciation and Amortization	$ (219)
Acquisition Date	Jun. 22, 2015
Carol Stream Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 7,136
Initial Cost of Buildings and Improvements	14,264
Total Initial Costs	21,400
Gross amount carried, Land	7,136
Gross amount carried, Buildings and Improvements	14,264
Gross amount carried, Total Costs	21,400
Accumulated Depreciation and Amortization	$ (385)
Acquisition Date	Jul. 20, 2015
Houston Industrial Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	3
Initial Cost of Land	$ 9,969
Initial Cost of Buildings and Improvements	33,750
Total Initial Costs	43,719
Gross amount carried, Land	9,969
Gross amount carried, Buildings and Improvements	33,750
Gross amount carried, Total Costs	43,719
Accumulated Depreciation and Amortization	$ (548)
Houston Industrial Portfolio - 1st Closing [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Date	Jul. 30, 2015
Houston Industrial Portfolio - 2nd Closing [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Date	Sep. 25, 2015
Wilson Commerce Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,897
Initial Cost of Buildings and Improvements	26,002
Total Initial Costs	27,899
Gross amount carried, Land	1,897
Gross amount carried, Buildings and Improvements	26,002
Gross amount carried, Total Costs	27,899
Accumulated Depreciation and Amortization	$ (676)
Acquisition Date	Aug. 7, 2015
North Kent Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 4,065
Initial Cost of Buildings and Improvements	6,281
Total Initial Costs	10,346
Gross amount carried, Land	4,065
Gross amount carried, Buildings and Improvements	6,281
Gross amount carried, Total Costs	10,346
Accumulated Depreciation and Amortization	$ (203)
Acquisition Date	Aug. 7, 2015
Long Beach Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 4,306
Initial Cost of Buildings and Improvements	4,594
Total Initial Costs	8,900
Costs Capitalized or Adjustments Subsequent to Acquisition	105
Gross amount carried, Land	4,306
Gross amount carried, Buildings and Improvements	4,699
Gross amount carried, Total Costs	9,005
Accumulated Depreciation and Amortization	$ (143)
Acquisition Date	Aug. 12, 2015
Interstate South Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,523
Initial Cost of Buildings and Improvements	16,842
Total Initial Costs	19,365
Costs Capitalized or Adjustments Subsequent to Acquisition	224
Gross amount carried, Land	2,523
Gross amount carried, Buildings and Improvements	17,066
Gross amount carried, Total Costs	19,589
Accumulated Depreciation and Amortization	$ (436)
Acquisition Date	Aug. 25, 2015
Kelley Point Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	5
Initial Cost of Land	$ 12,710
Initial Cost of Buildings and Improvements	60,850
Total Initial Costs	73,560
Gross amount carried, Land	12,710
Gross amount carried, Buildings and Improvements	60,850
Gross amount carried, Total Costs	73,560
Accumulated Depreciation and Amortization	$ (1,218)
Acquisition Date	Sep. 9, 2015
Aurora Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 4,007
Initial Cost of Buildings and Improvements	16,993
Total Initial Costs	21,000
Gross amount carried, Land	4,007
Gross amount carried, Buildings and Improvements	16,993
Gross amount carried, Total Costs	21,000
Accumulated Depreciation and Amortization	$ (229)
Acquisition Date	Sep. 21, 2015
Junction Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,934
Initial Cost of Buildings and Improvements	3,066
Total Initial Costs	5,000
Gross amount carried, Land	1,934
Gross amount carried, Buildings and Improvements	3,066
Gross amount carried, Total Costs	5,000
Accumulated Depreciation and Amortization	$ (63)
Acquisition Date	Sep. 24, 2015
Demarest Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,831
Initial Cost of Buildings and Improvements	5,110
Total Initial Costs	8,941
Gross amount carried, Land	3,831
Gross amount carried, Buildings and Improvements	5,110
Gross amount carried, Total Costs	8,941
Accumulated Depreciation and Amortization	$ (52)
Acquisition Date	Oct. 7, 2015
Salt Lake City Distribution [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,514
Initial Cost of Buildings and Improvements	13,261
Total Initial Costs	16,775
Gross amount carried, Land	3,514
Gross amount carried, Buildings and Improvements	13,261
Gross amount carried, Total Costs	16,775
Accumulated Depreciation and Amortization	$ (134)
Acquisition Date	Oct. 23, 2015
Auburn Distribution Center II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 6,159
Initial Cost of Buildings and Improvements	4,941
Total Initial Costs	11,100
Gross amount carried, Land	6,159
Gross amount carried, Buildings and Improvements	4,941
Gross amount carried, Total Costs	11,100
Accumulated Depreciation and Amortization	$ (27)
Acquisition Date	Nov. 2, 2015
York Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 4,378
Initial Cost of Buildings and Improvements	12,022
Total Initial Costs	16,400
Gross amount carried, Land	4,378
Gross amount carried, Buildings and Improvements	12,022
Gross amount carried, Total Costs	16,400
Accumulated Depreciation and Amortization	$ (103)
Acquisition Date	Nov. 10, 2015
Etiwanda Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	3
Initial Cost of Land	$ 8,916
Initial Cost of Buildings and Improvements	8,257
Total Initial Costs	17,173
Costs Capitalized or Adjustments Subsequent to Acquisition	5
Gross amount carried, Land	8,916
Gross amount carried, Buildings and Improvements	8,262
Gross amount carried, Total Costs	17,178
Accumulated Depreciation and Amortization	$ (112)
Acquisition Date	Nov. 13, 2015
Cincinnati Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	4
Initial Cost of Land	$ 3,595
Initial Cost of Buildings and Improvements	30,857
Total Initial Costs	34,452
Costs Capitalized or Adjustments Subsequent to Acquisition	4
Gross amount carried, Land	3,595
Gross amount carried, Buildings and Improvements	30,861
Gross amount carried, Total Costs	34,456
Accumulated Depreciation and Amortization	$ (275)
Acquisition Date	Nov. 23, 2015
Belt Line Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,530
Initial Cost of Buildings and Improvements	8,070
Total Initial Costs	9,600
Gross amount carried, Land	1,530
Gross amount carried, Buildings and Improvements	8,070
Gross amount carried, Total Costs	9,600
Accumulated Depreciation and Amortization	$ (17)
Acquisition Date	Dec. 1, 2015
Mid Counties Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 8,418
Initial Cost of Buildings and Improvements	9,783
Total Initial Costs	18,201
Gross amount carried, Land	8,418
Gross amount carried, Buildings and Improvements	9,783
Gross amount carried, Total Costs	18,201
Accumulated Depreciation and Amortization	$ (20)
Acquisition Date	Dec. 1, 2015
Airwest Distribution Center I [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,505
Initial Cost of Buildings and Improvements	13,095
Total Initial Costs	14,600
Gross amount carried, Land	1,505
Gross amount carried, Buildings and Improvements	13,095
Gross amount carried, Total Costs	14,600
Accumulated Depreciation and Amortization	$ (31)
Acquisition Date	Dec. 14, 2015
Airwest Distribution Center II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 700
Initial Cost of Buildings and Improvements	6,044
Total Initial Costs	6,744
Gross amount carried, Land	700
Gross amount carried, Buildings and Improvements	6,044
Gross amount carried, Total Costs	6,744
Accumulated Depreciation and Amortization	$ (6)
Acquisition Date	Dec. 15, 2015
Chicago Industrial Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	5
Initial Cost of Land	$ 16,711
Initial Cost of Buildings and Improvements	52,889
Total Initial Costs	69,600
Gross amount carried, Land	16,711
Gross amount carried, Buildings and Improvements	52,889
Gross amount carried, Total Costs	69,600
Accumulated Depreciation and Amortization	$ (124)
Acquisition Date	Dec. 17, 2015
Atlanta Industrial Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	14
Initial Cost of Land	$ 11,642
Initial Cost of Buildings and Improvements	63,864
Total Initial Costs	75,506
Costs Capitalized or Adjustments Subsequent to Acquisition	7
Gross amount carried, Land	11,642
Gross amount carried, Buildings and Improvements	63,871
Gross amount carried, Total Costs	75,513
Accumulated Depreciation and Amortization	$ (246)
Acquisition Date	Dec. 17, 2015
Lehigh Valley Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 9,485
Initial Cost of Buildings and Improvements	28,115
Total Initial Costs	37,600
Gross amount carried, Land	9,485
Gross amount carried, Buildings and Improvements	28,115
Gross amount carried, Total Costs	37,600
Accumulated Depreciation and Amortization	$ (72)
Acquisition Date	Dec. 22, 2015
Valencia Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,327
Initial Cost of Buildings and Improvements	7,673
Total Initial Costs	11,000
Gross amount carried, Land	3,327
Gross amount carried, Buildings and Improvements	7,673
Gross amount carried, Total Costs	11,000
Accumulated Depreciation and Amortization	$ (12)
Acquisition Date	Dec. 22, 2015
Phoenix Industrial Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	5
Initial Cost of Land	$ 8,722
Initial Cost of Buildings and Improvements	29,261
Total Initial Costs	37,983
Gross amount carried, Land	8,722
Gross amount carried, Buildings and Improvements	29,261
Gross amount carried, Total Costs	37,983
Accumulated Depreciation and Amortization	$ (99)
Acquisition Date	Dec. 22, 2015
Golden State Portfolio Central Valley [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 2,466
Initial Cost of Buildings and Improvements	15,633
Total Initial Costs	18,099
Gross amount carried, Land	2,466
Gross amount carried, Buildings and Improvements	15,633
Gross amount carried, Total Costs	18,099
Accumulated Depreciation and Amortization	$ (40)
Acquisition Date	Dec. 23, 2015
Golden State Portfolio South LA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 6,345
Initial Cost of Buildings and Improvements	15,043
Total Initial Costs	21,388
Gross amount carried, Land	6,345
Gross amount carried, Buildings and Improvements	15,043
Gross amount carried, Total Costs	21,388
Accumulated Depreciation and Amortization	$ (58)
Acquisition Date	Dec. 23, 2015
Golden State Portfolio East Bay Area [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 44,715
Initial Cost of Buildings and Improvements	32,517
Total Initial Costs	77,232
Gross amount carried, Land	44,715
Gross amount carried, Buildings and Improvements	32,517
Gross amount carried, Total Costs	77,232
Accumulated Depreciation and Amortization	$ (118)
Acquisition Date	Dec. 23, 2015
Golden State Portfolio Central LA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 11,769
Initial Cost of Buildings and Improvements	1,118
Total Initial Costs	12,887
Gross amount carried, Land	11,769
Gross amount carried, Buildings and Improvements	1,118
Gross amount carried, Total Costs	12,887
Accumulated Depreciation and Amortization	$ (5)
Acquisition Date	Dec. 23, 2015
Golden State Portfolio South Bay Area [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	3
Initial Cost of Land	$ 23,010
Initial Cost of Buildings and Improvements	15,839
Total Initial Costs	38,849
Gross amount carried, Land	23,010
Gross amount carried, Buildings and Improvements	15,839
Gross amount carried, Total Costs	38,849
Accumulated Depreciation and Amortization	$ (81)
Acquisition Date	Dec. 23, 2015
Northwest Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	8
Initial Cost of Land	$ 15,765
Initial Cost of Buildings and Improvements	21,313
Total Initial Costs	37,078
Gross amount carried, Land	15,765
Gross amount carried, Buildings and Improvements	21,313
Gross amount carried, Total Costs	37,078
Accumulated Depreciation and Amortization	$ (95)
Acquisition Date	Dec. 29, 2015
Minimum [Member] | West Valley Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Century Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Oakesdale Commerce Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Medley Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Rialto Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Palm Beach Commerce Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Windham Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Meadows Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Corridor Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | O'Hare Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Lehigh Valley Commerce Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Corridor Industrial Center II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Bolingbrook Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Normal Junction Commerce Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Mechanicsburg Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | West Valley Distribution Center II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | CentrePort Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Tacoma Commerce Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Richmond Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Auburn Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Dorsey Run Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Portland Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Newark Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Totowa Commerce Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | 8A Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Bayport Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Mesa Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Iron Run Distribution Center II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Hayward Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Drew Court Commerce Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | 8A Distribution Center II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Livermore Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Chastain Meadows Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Auburn Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | North Atlanta Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Richmond Distribution Center II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Carol Stream Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Houston Industrial Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Wilson Commerce Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | North Kent Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Long Beach Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Interstate South Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Kelley Point Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Aurora Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Junction Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Demarest Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Salt Lake City Distribution [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Auburn Distribution Center II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | York Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Etiwanda Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Cincinnati Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Belt Line Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Mid Counties Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Airwest Distribution Center I [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Airwest Distribution Center II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Chicago Industrial Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Atlanta Industrial Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Lehigh Valley Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Valencia Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Phoenix Industrial Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Golden State Portfolio Central Valley [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Golden State Portfolio South LA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Golden State Portfolio East Bay Area [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Golden State Portfolio Central LA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Golden State Portfolio South Bay Area [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Northwest Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Maximum [Member] | West Valley Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Century Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Oakesdale Commerce Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Medley Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Rialto Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Palm Beach Commerce Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Windham Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Meadows Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Corridor Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | O'Hare Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Lehigh Valley Commerce Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Corridor Industrial Center II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Bolingbrook Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Normal Junction Commerce Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Mechanicsburg Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | West Valley Distribution Center II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | CentrePort Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Tacoma Commerce Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Richmond Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Auburn Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Dorsey Run Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Portland Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Newark Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Totowa Commerce Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | 8A Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Bayport Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Mesa Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Iron Run Distribution Center II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Hayward Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Drew Court Commerce Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | 8A Distribution Center II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Livermore Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Chastain Meadows Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Auburn Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | North Atlanta Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Richmond Distribution Center II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Carol Stream Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Houston Industrial Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Wilson Commerce Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | North Kent Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Long Beach Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Interstate South Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Kelley Point Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Aurora Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Junction Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Demarest Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Salt Lake City Distribution [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Auburn Distribution Center II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | York Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Etiwanda Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Cincinnati Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Belt Line Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Mid Counties Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Airwest Distribution Center I [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Airwest Distribution Center II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Chicago Industrial Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Atlanta Industrial Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Lehigh Valley Distribution Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Valencia Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Phoenix Industrial Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Golden State Portfolio Central Valley [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Golden State Portfolio South LA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Golden State Portfolio East Bay Area [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Golden State Portfolio Central LA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Golden State Portfolio South Bay Area [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Northwest Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years

Schedule III Real Estate and 85

Schedule III Real Estate and Accumulated Depreciation (Parenthetical) (Detail) $ in Thousands	Aug. 03, 2014Indusrial_Buildings	Feb. 28, 2015Indusrial_Buildings	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Real estate federal income tax basis			$ 1,400,000
Debt instrument, amount outstanding			615,000	$ 235,000
Intangible lease assets, gross			123,500
Intangibles lease liabilities, gross			18,400
BTC Partnership [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt instrument, amount outstanding			128,975
Fixed-Rate Mortgage Note, October 2023 [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt instrument, amount outstanding			$ 100,000
Unconsolidated [Member] | BTC Partnership [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Percentage of ownership interest acquired		49.00%
Unconsolidated [Member] | BTC Partnership [Member] | Dallas Distribution Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Indusrial_Buildings		3
Unconsolidated [Member] | BTC Partnership [Member] | Peachtree Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Indusrial_Buildings		4
Unconsolidated [Member] | BTC Partnership [Member] | Tuscany Industrial Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Indusrial_Buildings	1

Schedule III Real Estate and 86

Schedule III Real Estate and Accumulated Depreciation - Summary of Activity for Investment in Real Estate Properties (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Investment Properties Beginning Balance	$ 411,242
Acquisition of properties	1,098,442	$ 409,124
Properties deconsolidated	(137,199)
Improvements	15,589	2,118
Other	(260)
Investment Properties Ending Balance	1,387,814	411,242
Accumulated Depreciation and Amortization Beginning Balance	(4,101)
Additions charged to costs and expenses	(28,967)	(4,101)
Deconsolidated accumulated depreciation and amortization	731
Other	287
Accumulated Depreciation and Amortization Ending Balance	$ (32,050)	$ (4,101)