Industrial Property Trust 10-Q 11 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	3 Months Ended
	Mar. 31, 2016	May. 03, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Registrant Name	INDUSTRIAL PROPERTY TRUST INC.
Entity Central Index Key	1,558,441
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		127.6

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Net investment in real estate properties	$ 1,720,760	$ 1,374,195
Investment in unconsolidated joint venture	36,698	94,331
Cash and cash equivalents	8,796	7,429
Restricted cash	3,128	3,580
Straight-line and tenant receivables, net	8,623	5,185
Due from affiliates	4,386	57
Other assets	8,206	18,478
Total assets	1,790,597	1,503,255
Liabilities
Accounts payable and accrued liabilities	10,007	8,751
Debt, net	730,269	609,033
Due to affiliates	1,101	2,525
Distributions payable	15,078	10,304
Other liabilities	33,585	25,236
Total liabilities	$ 790,040	$ 655,849
Commitments and contingencies (Note 11)
Stockholders' equity:
Preferred stock, $0.01 par value per share - 200,000 shares authorized, none issued and outstanding
Additional paid-in capital	$ 1,111,394	$ 927,556
Accumulated deficit	(110,015)	(81,181)
Accumulated other comprehensive loss	(2,052)
Total stockholders' equity	1,000,556	847,405
Noncontrolling interests	1	1
Total equity	1,000,557	847,406
Total liabilities and equity	1,790,597	1,503,255
Class A [Member]
Stockholders' equity:
Common stock, value	911	846
Total equity	911	846
Class T [Member]
Stockholders' equity:
Common stock, value	318	184
Total equity	$ 318	$ 184

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
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	91,132,000	84,595,000
Common stock, shares outstanding	91,132,000	84,595,000
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	31,766,000	18,390,000
Common stock, shares outstanding	31,766,000	18,390,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Rental revenues	$ 33,252	$ 8,251
Total revenues	33,252	8,251
Operating expenses:
Rental expenses	9,140	2,169
Real estate-related depreciation and amortization	18,299	4,569
General and administrative expenses	1,799	1,066
Asset management fees, related party	3,395	875
Acquisition expenses, related party	7,129	1,545
Acquisition expenses	3,152	1,895
Total operating expenses	42,914	12,119
Total operating expenses	42,914	12,119
Operating loss	(9,662)	(3,868)
Other expenses:
Equity in loss of unconsolidated joint venture	392	427
Interest expense and other	4,155	1,286
Net loss on sell down of joint venture ownership interest	64
Total other expenses	4,611	1,713
Total other expenses	4,611	1,713
Total expenses before expense support from Advisor	47,525	13,832
Expense support from Advisor	267	542
Expense support from Advisor	267	542
Net expenses after expense support from Advisor	47,258	13,290
Net loss	(14,006)	(5,039)
Net loss attributable to noncontrolling interests	0	0
Net loss attributable to common stockholders	$ (14,006)	$ (5,039)
Weighted-average shares outstanding	114,323	28,485
Net loss per common share - basic and diluted	$ (0.12)	$ (0.18)

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net loss attributable to common stockholders	$ (14,006)	$ (5,039)
Unrealized loss on derivative instruments	(2,052)
Comprehensive loss attributable to common stockholders	$ (16,058)	$ (5,039)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - 3 months ended Mar. 31, 2016 - USD ($)	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Noncontrolling Interests [Member]
Beginning balance at Dec. 31, 2015	$ 847,406,000	$ 1,030,000	$ 927,556,000	$ (81,181,000)		$ 1,000
Beginning balance, shares at Dec. 31, 2015		102,985,000
Net loss	(14,006,000)			(14,006,000)
Unrealized loss on derivative instruments	(2,052,000)				$ (2,052,000)
Issuance of common stock	198,339,000	$ 199,000	198,140,000
Issuance of common stock, shares		19,929,000
Share-based compensation	389,000		389,000
Upfront offering costs, including sales commissions, dealer manager fees, and offering costs	(13,499,000)		(13,499,000)
Trailing offering costs, consisting of distribution fees			(622,000)	622,000
Redemptions of common stock	$ (570,086)		(570,086)
Redemptions of common stock, shares	(59,192)	(16,000)
Distributions declared on common stock	$ (15,450,000)			(15,450,000)
Ending balance at Mar. 31, 2016	$ 1,000,557,000	$ 1,229,000	$ 1,111,394,000	$ (110,015,000)	$ (2,052,000)	$ 1,000
Ending balance, shares at Mar. 31, 2016		122,898,000

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating activities:
Net loss	$ (14,006)	$ (5,039)
Adjustments to reconcile net loss to net cash used in operating activities:
Real estate-related depreciation and amortization	18,299	4,569
Equity in loss of unconsolidated joint venture	392	427
Straight-line rent and amortization of above- and below-market leases	(2,335)	(1,070)
Net loss on sell down of joint venture ownership interest	64
Other	871	345
Changes in operating assets and liabilities:
Tenant receivables, restricted cash and other assets	(3,473)	(55)
Accounts payable, accrued expenses and other liabilities	2,867	1,199
Due from / to affiliates, net	(3,464)	(967)
Net cash used in operating activities	(785)	(591)
Investing activities:
Real estate acquisitions	(339,223)	(121,332)
Acquisition deposits	(1,125)	(1,943)
Capital expenditures and development activities	(8,266)	(1,517)
Investment in unconsolidated joint venture		(37)
Net proceeds from sale of joint venture ownership interest	57,177	60,268
Distribution from unconsolidated joint venture		16,370
Net cash used in investing activities	(291,437)	(48,191)
Financing activities:
Proceeds from line of credit	228,000	58,000
Repayments of line of credit	(198,000)	(125,000)
Proceeds from mortgage note	92,352
Financing costs paid	(1,480)
Proceeds from issuance of common stock	190,063	129,676
Offering costs paid upon issuance of common stock	(11,960)	(10,175)
Distributions paid to common stockholders	(4,751)	(1,198)
Distribution fees paid	(482)
Redemptions of common stock	(153)	(3)
Net cash provided by financing activities	293,589	51,300
Net increase in cash and cash equivalents	1,367	2,518
Cash and cash equivalents, at beginning of period	7,429	8,119
Cash and cash equivalents, at end of period	8,796	10,637
Supplemental disclosure of noncash investing and financing activities:
Offering proceeds due from transfer agent		2,425
Deconsolidation of net assets in connection with sale of ownership interest in unconsolidated joint venture		124,586
Distributions payable	15,078	3,562
Redemptions payable	625
Distributions reinvested in common stock	5,443	1,170
Non-cash capital expenditures	$ 843	$ 847

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Unless the context otherwise requires, the “Company” refers to Industrial Property Trust Inc. and its consolidated subsidiaries. The accompanying unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain disclosures normally included in the annual audited financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been omitted. As such, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on March 10, 2016 (“2015 Form 10-K”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. Recently Adopted Accounting Standards In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 reporting periods beginning after December 15, 2015, with early adoption permitted. The Company adopted this guidance effective January 1, 2016. The adoption of this guidance did not have an impact on the Company’s condensed 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. The Company adopted this guidance effective January 1, 2016, and applied the provision retrospectively. The adoption resulted in the reclassification of unamortized debt issuance costs from assets to liabilities. The December 31, 2015 balance sheet was adjusted as follows: As of December 31, 2015 (in thousands) As Reported As Adjusted Assets: Deferred financing costs, net $ 5,967 $ - Liabilities: Debt, net 615,000 609,033 Recently Issued Accounting Standards In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”), which requires: (i) all equity investments to be measured at fair value with changes in fair value recognized in net income; (ii) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; and (iii) eliminates the requirement for public entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. ASU 2016-01 is effective for annual and interim reporting periods beginning after December 15, 2017. Early adoption is permitted for the accounting guidance on financial liabilities under the fair value option. The Company does not anticipate the adoption of ASU 2016-01 will have a significant impact on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Subtopic 842)” (“ASU 2016-02”), which provides guidance for greater transparency in financial reporting by organizations that lease assets such as real estate, airplanes and manufacturing equipment by requiring such organizations to recognize lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for annual and interim reporting periods beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the effect this guidance will have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” (“ASU 2016-08”), which provides guidance on recording revenue on a gross basis versus a net basis based on the determination of whether an entity is a principal or an agent when another party is involved in providing goods or services to a customer. ASU 2016-08 is effective for annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted. The Company is currently evaluating the effect this guidance will have on its consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Derivative Instruments The Company records its derivative instruments in the condensed consolidated balance sheets at fair value. The Company’s derivative instruments are designated as cash flow hedges and are used to hedge exposure to variability in expected future cash flows, such as future interest payments. For cash flow hedges, the changes in fair value of the derivative instrument that represent changes in expected future cash flows, which are effectively hedged by the derivative instrument, are initially reported as other comprehensive income in the condensed consolidated statements of equity until the derivative instrument is settled. Upon settlement, the effective portion of the hedge is recognized as other comprehensive income and amortized over the term of the designated cash flow or transaction the derivative instrument was intended to hedge. As such, the effective portion of the hedge impacts net income in the same period as the hedged item. The change in value of any derivative instrument that is deemed to be ineffective is charged directly to net income when the determination of hedge ineffectiveness is made. For purposes of determining hedge ineffectiveness, management estimates the timing and potential amount of future interest payments each quarter in order to estimate the cash flows of the designated hedged item or transaction. The Company does not use derivative instruments for trading or speculative purposes. Reclassifications Certain items in the Company’s condensed consolidated balance sheet for 2015 have been reclassified to conform to the 2016 presentation. Net deferred financing costs have been reclassified from assets to liabilities and are presented in the condensed consolidated balance sheets as a direct deduction from the debt liability.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
ACQUISITIONS	3. ACQUISITIONS The Company acquired 100% of the following properties during the three months ended March 31, 2016: Intangibles ($ in thousands) Acquisition Number Land Building Intangible Assets Above- Below- Market Lease Total Purchase Price (1) Northwest Industrial Center 1/5/2016 3 $ 13,441 $ 12,633 $ 2,554 $ 81 $ (274) $ 28,435 Golden State Portfolio 1/12/2016 4 9,128 4,874 1,183 131 (19) 15,297 Victory Industrial Portfolio 1/13/2016 5 9,712 44,493 5,965 461 (1,811) 58,820 GSW Distribution Center 1/27/2016 1 3,676 13,327 - - - 17,003 National Distribution Portfolio 1/29/2016 7 10,693 92,746 11,748 659 (1,346) 114,500 Lehigh Valley Distribution Center II 3/7/2016 1 6,700 19,778 1,092 - (70) 27,500 Kent Industrial Portfolio 3/28/2016 4 9,813 20,042 2,046 40 (444) 31,497 Other acquisitions Various 10 16,443 38,115 6,258 77 (399) 60,494 Total acquisitions 35 $ 79,606 $ 246,008 $ 30,846 $ 1,449 $ (4,363) $ 353,546 (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. 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 2016 acquisitions, as of the respective date of each acquisition, were as follows: Property Amortization period (years) Northwest Industrial Center 5.2 Golden State Portfolio 2.5 Victory Industrial Portfolio 10.1 GSW Distribution Center - National Distribution Portfolio 5.7 Lehigh Valley Distribution Center II 4.5 Kent Industrial Portfolio 3.2 Other acquisitions 4.2 Pro Forma Financial Information The table below includes the following: (i) actual revenues and net loss for the 2016 acquisitions (as described above) included in the Company’s condensed consolidated statements of operations for the three months ended March 31, 2016; (ii) actual revenues and net loss for the 2015 acquisitions included in the Company’s condensed consolidated financial statements of operations for the three months ended March 31, 2015; and (iii) pro forma revenues and net loss reflecting the 2016 and 2015 acquisitions, as if the date of each acquisition had been January 1, 2015 and January 1, 2014, respectively. The table below does not include any acquisitions sold to the BTC Partnership, as defined in “Note 5,” that were 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 Three Months Ended (in thousands) 2016 2015 Actual: Total revenues $ 4,135 $ 1,408 Net loss $ (1,828) $ (857) Pro forma: Total revenues (1) $ 35,782 $ 35,343 Net loss (2) $ (3,729) $ (10,515) (1) In deriving the pro forma total revenues, an adjustment was made to include incremental revenue of $2.5 million and $27.1 million for the three months ended March 31, 2016 and 2015, 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 $10.3 million and $3.4 million for the three months ended March 31, 2016 and 2015, respectively. For the three months ended March 31, 2015, the pro forma net loss was adjusted to include acquisition-related expenses of $10.3 million relating to the 2016 acquisitions, as if these expenses had been incurred as of January 1, 2015.

INVESTMENT IN REAL ESTATE PROPE

INVESTMENT IN REAL ESTATE PROPERTIES	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE PROPERTIES	4. INVESTMENT IN REAL ESTATE PROPERTIES As of March 31, 2016 and December 31, 2015, the Company’s consolidated investment in real estate properties consisted of 166 and 131 industrial buildings, respectively. As of (in thousands) March 31, 2016 December 31, Land $ 485,345 $ 405,739 Building and improvements 1,115,262 866,032 Intangible lease assets 156,549 123,451 Construction in progress 14,220 11,023 Investment in real estate properties 1,771,376 1,406,245 Less accumulated depreciation and amortization (50,616) (32,050) Net investment in real estate properties $ 1,720,760 $ 1,374,195 Intangible Lease Assets and Liabilities Intangible lease assets and liabilities, as of March 31, 2016 and December 31, 2015, include the following: As of March 31, 2016 As of December 31, 2015 (in thousands) Gross Accumulated Net Gross Accumulated Net Intangible lease assets (1) $ 146,457 $ (23,901) $ 122,556 $ 114,768 $ (15,039) $ 99,729 Above-market lease assets (1) 10,092 (1,322) 8,770 8,683 (815) 7,868 Below-market lease liabilities (2) (22,773) 3,559 (19,214) (18,431) 2,474 (15,957) (1) Included in net investment in real estate properties on the condensed consolidated balance sheets. (2) Included in other liabilities on the condensed consolidated balance sheets. The following table details the estimated net amortization of such intangible lease assets and liabilities, as of March 31, 2016, for the next five years and thereafter: Estimated Net Amortization (in thousands) Intangible Above-Market Below-Market Remainder of 2016 $ 27,041 $ 1,569 $ (3,379) 2017 27,292 1,761 (3,925) 2018 21,279 1,503 (3,165) 2019 14,269 970 (2,432) 2020 11,143 765 (2,159) Thereafter 21,532 2,202 (4,154) Total $ 122,556 $ 8,770 $ (19,214) 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 March 31, 2016, 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 Remainder of 2016 $ 74,354 2017 94,249 2018 87,629 2019 73,290 2020 63,984 Thereafter 178,079 Total $ 571,585 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 Three Months Ended (in thousands) 2016 2015 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 1,776 $ 767 Above-market lease amortization (547) (97) Below-market lease amortization 1,106 400 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 9,198 $ 2,321 Intangible lease asset amortization 9,101 2,248

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE	3 Months Ended
	Mar. 31, 2016
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 jointly have invested, and will continue to invest in a portfolio of industrial properties located in certain major U.S. distribution markets. At that time, the Company owned a 51.0% ownership interest in the joint venture and the BCIMC Limited Partner owned the remaining 49.0% interest. In January 2016, IPT BTC I LP LLC (the “IPT Limited Partner”) sold and assigned to 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. The Company recorded a net loss of approximately $0.1 million, which included an asset management fee of $1.5 million paid to Industrial Property Advisors LLC (the “Advisor”) in connection with the disposition. As a result of this transaction, the IPT Limited Partner and IPT BTC I GP LLC (the “General Partner,” and together with the IPT Limited Partner, the “IPT Partners”) collectively have a 20.0% ownership interest in the joint venture and the BCIMC Limited Partner, together with the BCIMC USA Limited Partner, own the remaining 80.0% interest. The Company determined that it continues to maintain significant influence in the BTC Partnership and, as such, continues to report its investment under the equity method on the condensed consolidated balance sheet as of March 31, 2016.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
DEBT	6. DEBT The Company’s consolidated indebtedness is currently comprised of borrowings under its line of credit and term loan, and under mortgage notes. Borrowings under the non-recourse mortgage notes 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 Balance as of ($ in thousands) March 31, December 31, Maturity Date March 31, December 31, Line of credit (1) 1.84% 1.83% January 2020 $ 295,000 $ 265,000 Term loan (2) 2.52% 1.78% January 2021 250,000 250,000 Variable-rate mortgage note (3) 2.29% - March 2023 92,352 - Fixed-rate mortgage note 3.52% 3.52% October 2023 100,000 100,000 Total principal amount / weighted-average 2.35% 2.08% $ 737,352 $ 615,000 Less unamortized debt issuance costs $ 7,083 $ 5,967 Total debt, net $ 730,269 $ 609,033 Gross book value of properties encumbered by debt $ 310,351 $ 151,754 (1) The interest rate is calculated based on (i) the London Interbank Offered Rate (“LIBOR”) multiplied by a statutory reserve rate plus a margin ranging from 1.40% to 2.30%, or (ii) an alternative base rate plus a margin ranging from 0.40% to 1.30%, each depending on the Company’s consolidated leverage ratio. As of March 31, 2016, the unused and available portion under the line of credit was $205.0 million. (2) In January 2016, the Company entered into interest swap agreements that effectively fixed the interest rate of this term loan. The interest rate is calculated based on (i) LIBOR multiplied by a statutory reserve rate fixed through the use of interest rate swaps, plus a margin ranging from 1.35% to 2.20%, or (ii) an alternative base rate plus a margin ranging from 0.35% to 1.20%, each depending on the Company’s consolidated leverage ratio. The all-in fixed interest rate including the effects of the swaps was 2.29% as of March 31, 2016. (3) The interest rate is calculated based on one-month LIBOR, plus 1.85%. As of March 31, 2016, the Company has the ability to expand its borrowings under this mortgage note up to $98.5 million, subject to certain conditions. See “Note 12” below for information about an interest rate swap agreement the Company entered into in April 2016 with respect to this mortgage note. As of March 31, 2016, 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 Notes Total Remainder of 2016 $ - $ - $ - $ - 2017 - - - - 2018 - - 1,416 1,416 2019 - - 2,485 2,485 2020 295,000 - 4,140 299,140 Thereafter - 250,000 184,311 434,311 Total principal payments $ 295,000 $ 250,000 $ 192,352 $ 737,352 (1) The line of credit may be extended pursuant to a one-year extension option, subject to certain conditions. Debt Covenants The Company’s line of credit, term loan and mortgage note agreements contain various property level covenants, including customary affirmative and negative covenants. In addition, the line of credit and term loan agreements 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 March 31, 2016. Derivative Instruments To manage interest rate risk for certain of its variable-rate debt, the Company uses interest rate swaps as part of its risk management strategy. These derivatives are designed to mitigate the risk of future interest rate increases by providing a fixed interest rate for a limited, pre-determined period of time. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. As of March 31, 2016, the Company had five outstanding interest rate swap contracts that were designated as cash flow hedges of interest rate risk. Certain of the Company’s variable-rate borrowings are not hedged, and therefore, to an extent, the Company has on-going exposure to interest rate movements. The effective portion of the change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) (“AOCI”) on the condensed consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. For the three months ended March 31, 2016, there was no hedge ineffectiveness. The Company expects no hedge ineffectiveness in the next 12 months. The following table summarizes the location and fair value of the cash flow hedges on the Company’s condensed consolidated balance sheets: Fair Value as of (in thousands) Notional Amount Balance Sheet March 31, 2016 December 31, Interest rate swaps $ 250,000 Other liabilities $ 2,052 $ - The following table presents the effect of the Company’s cash flow hedges on the Company’s condensed consolidated financial statements: For the Three Months Ended (in thousands) 2016 2015 Interest rate swaps: Loss recognized in AOCI (effective portion) $ (2,406) $ - Loss reclassified from AOCI into income (effective portion) 354 - Net other comprehensive loss $ (2,052) $ -

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2016
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 following table presents the Company’s financial instruments measured at fair value on a recurring basis as of March 31, 2016: (in thousands) Level 1 Level 2 Level 3 Total Fair Value Liabilities Derivative instruments $ - $ 2,052 $ - $ 2,052 Total liabilities measured at fair value $ - $ 2,052 $ - $ 2,052 As of March 31, 2016, the Company had no financial instruments that were transferred among the fair value hierarchy levels. There were no financial instruments measured at fair value on a recurring basis as of December 31, 2015. The Company also had no non-financial assets or liabilities that were required to be measured at fair value on a recurring basis. The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Derivative Instruments. The table below includes fair values for certain of the Company’s financial instruments for which it is practicable to estimate fair value. The carrying values and fair values of these financial instruments were as follows: As of March 31, 2016 As of December 31, 2015 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Line of credit $ 295,000 $ 295,000 $ 265,000 $ 265,000 Term loan 250,000 250,000 250,000 250,000 Mortgage notes 192,352 191,501 100,000 97,958 Derivative liability 2,052 2,052 - - In addition to the previously described methods and assumptions for the derivative instruments, the following are the methods and assumptions used to estimate the fair value of the Company’s other financial instruments: Line of Credit. Term Loan. Mortgage Notes. 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.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
STOCKHOLDERS' EQUITY	8. STOCKHOLDERS’ EQUITY Initial Public Offering In September 2012, the Company filed a registration statement with the SEC on Form S-11 in connection with its initial public offering of up to $2.0 billion in shares of common stock (the “Offering”). The registration statement was subsequently declared effective in July 2013. Pursuant to its registration statement, the Company is offering 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 being offered pursuant to the registration statement 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 $10.4407 per Class A share and $9.8298 per Class T share, and up to $500.0 million in shares under the Company’s distribution reinvestment plan at a price of $9.9187 per Class A share and $9.8298 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 was 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 10.” 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 new offering prices have been rounded to the nearest whole cent throughout this report. 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. Dividend Capital Securities LLC (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 (including shares sold through the primary offering and distribution reinvestment plan (“DRIP”) offering), as of March 31, 2016, is as follows: (in thousands) Class A Class T Total Amount of gross proceeds raised: Primary offering $ 905,531 $ 311,848 $ 1,217,379 DRIP offering 15,620 401 16,021 Total offering $ 921,151 $ 312,249 $ 1,233,400 Number of shares sold: Primary offering 89,428 31,725 121,153 DRIP offering 1,605 41 1,646 Total offering 91,033 31,766 122,799 As of March 31, 2016, approximately $766.6 million in shares of common stock remained available for sale pursuant to the Offering, including $484.0 million in shares of common stock available for sale through the Company’s distribution reinvestment plan, which may be reallocated for sale in the primary offering. Common Stock The following table summarizes the changes in the shares outstanding and the aggregate par value of the outstanding shares for 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, 2015 84,595 $ 846 18,390 $ 184 102,985 $ 1,030 Issuance of common stock: Primary shares 5,939 59 13,335 134 19,274 193 DRIP shares 509 5 41 - 550 5 Stock grants 105 1 - - 105 1 Redemptions (16) - - - (16) - Balance as of March 31, 2016 91,132 $ 911 31,766 $ 318 122,898 $ 1,229 Distributions The following table summarizes the Company’s distribution activity (including distributions reinvested in shares of the Company’s common stock): Amount (in thousands, except per share data) Payment Date Declared per Paid in Cash Reinvested in Shares Distribution Gross 2016 March 31 April 4, 2016 $ 0.13515 $ 6,788 $ 8,040 $ 622 $ 15,450 Total $ 6,788 $ 8,040 $ 622 $ 15,450 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 (1) Amounts reflect the quarterly distribution rate authorized by the Company’s board of directors per Class A share of common stock. The Company’s board of directors authorized distributions at this rate per Class T share of common stock before deducting the distribution fees that are payable monthly with respect to such Class T shares (as calculated on a daily basis). The Company began offering Class T shares of its common stock in August 2015. (2) Distribution fees are paid monthly to the Dealer Manager with respect to Class T shares only. Refer to “Note 10” for further detail regarding distribution fees. (3) Gross distributions are total distributions before the deduction of distribution fees. Redemptions The following table summarizes the Company’s redemption activity: For the Three Months Ended March 31, 2016 2015 Number of eligible shares redeemed 59,192 303 Aggregate amount of shares redeemed $ 570,086 $ 2,803 Average redemption price per share $ 9.63 $ 9.25

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	9. 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, also a related party, 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, and 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 “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 three months ended March 31, 2016 is as follows: (shares in thousands) Shares Weighted-Average Nonvested shares at January 1, 2016 58 $ 10.44 Granted 105 $ 10.44 Vested (34) $ 10.44 Nonvested shares at March 31, 2016 129 $ 10.44 (1) The weighted-average fair value is based on the offering price of $10.44 per Class A share in effect on the respective grant dates. The following table summarizes other share-based compensation data: For the Three Months Ended (in thousands, except per share data) 2016 2015 Share-based compensation expense $ 389 $ 117 Total fair value of restricted stock vested $ 350 $ 75 Weighted-average grant date fair value of restricted stock granted, per share (1) $ 10.44 $ 10.00 (1) The weighted-average grant date fair value is based on the offering price per Class A share in effect on the respective grant dates. As of March 31, 2016, the aggregate unrecognized compensation cost related to the restricted stock was approximately $1.1 million and is expected to be fully recognized over a weighted-average period of one year.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	10. 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 from the Company in the form of fees and expense reimbursements for certain 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. 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 Three Months Ended March 31, Receivable (Payable) as of March 31, 2016 December 31, 2015 (in thousands) 2016 2015 Expensed: Acquisition fees $ 7,129 $ 1,545 $ (176) $ (941) Asset management fees (1) 3,395 875 (1,173) (961) Asset management fees related to dispositions (2) 1,466 - - - Other expense reimbursements 890 485 (14) (119) Total $ 12,880 $ 2,905 $ (1,363) $ (2,021) Capitalized: Development acquisition fees (3) $ 116 $ - $ (39) $ (39) Additional Paid-In Capital: Sales commissions $ 6,758 $ 9,397 $ (106) $ (498) Dealer manager fees 4,171 3,401 (123) (500) Offering costs 2,570 2,741 143 (377) Distribution fees (4) 622 - (250) (110) Total $ 14,121 $ 15,539 $ (336) $ (1,485) (1) Includes asset management fees other than asset management fees related to dispositions. (2) These fees were incurred in conjunction with the Company’s sell down of its ownership interest in the BTC Partnership and were netted against the gain from the sale. Amount is included in net loss on sell down of joint venture ownership interest on the condensed consolidated statements of operations. (3) 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 condensed consolidated balance sheets. (4) Amount payable is included in distributions payable on the condensed consolidated balance sheets. As of March 31, 2016, approximately $16.4 million in distribution fees may be paid to the Dealer Manager within the next five years to the extent such fees become contractually payable. Joint Venture Agreement The BTC Partnership (described in “Note 5”) is required to pay the General Partner, a subsidiary of the Company that serves as the general partner of the BTC Partnership, certain fees for advisory services provided in accordance with the terms of the joint venture agreement. The advisory services include acquisition and asset management services and, to the extent applicable, development management and development oversight services. 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 to the BTC Partnership and assigned to the Advisor the fees payable for providing such 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 IPT Partners. In addition, the General Partner has 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 60% of the percentage interest of the BTC Partnership held by partners other than the IPT Partners. Further, the Services Agreement provides that it will terminate upon termination of the Advisory Agreement with the exception that if the Advisory Agreement is terminated other than for “cause,” the Advisor shall have the right, in its sole discretion, to require the General Partner to seek the consent of the BCIMC Limited Partner to sell 50% of the General Partner’s general partner interest in the BTC Partnership to the Advisor for the fair market value of the interest. In such event, the General Partner will seek the BCIMC Limited Partner’s consent to the sale and the admission of the Advisor as an administrative general partner of the BTC Partnership. If the Advisor is made the administrative general partner, then the Services Agreement will terminate and the Advisor will continue to provide the advisory services to the BTC Partnership and receive the same fees and the same portion of any incentive distributions as those to which the Advisor was entitled under the Services Agreement prior to its termination, but the Advisor will not control or manage the BTC Partnership. If the BCIMC Limited Partner does not provide its consent or if the Advisor determines not to purchase the interest, then the Services Agreement will terminate. For the three months ended March 31, 2016 and 2015, the BTC Partnership incurred approximately $0.4 million and $0.7 million, respectively, in acquisition and asset management fees which were paid to the Advisor pursuant to the Services Agreement. As of March 31, 2016, the BTC Partnership had amounts payable to the Company of approximately $4.4 million, which were recorded in due from affiliates on the condensed consolidated balance sheets. Expense Support Agreement In October 2013, the Company entered into an Expense Support and Conditional Reimbursement Agreement (as amended, 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 March 31, 2016, the cumulative amount of expense support deferred or paid by the Advisor was approximately $7.4 million, of which approximately $5.4 million is potentially reimbursable to the Advisor. 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 authorized for the fourth quarter of 2015 and the first and second quarters of 2016 with respect to the Company’s Class A shares and Class T shares less the annual distribution fees that are payable monthly with respect to such Class T shares, as calculated on a daily basis). 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 Three Months Ended (in thousands) 2016 2015 Asset management fees $ 267 $ 542 Other expense support - - Total expense support from the Advisor (1) $ 267 $ 542 (1) As of March 31, 2016, approximately $0.3 million of expense support was payable to the Company by the Advisor.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	11. 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 March 31, 2016.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	12. SUBSEQUENT EVENTS Status of Offering A summary of the Company’s public offering as of May 3, 2016, is as follows: (in thousands) Class A Class T Total Amount of gross proceeds raised: Primary offering $ 916,917 $ 339,871 $ 1,256,788 DRIP offering 21,906 2,151 24,057 Total offering $ 938,823 $ 342,022 $ 1,280,845 Number of shares sold: Primary offering 90,527 34,576 125,103 DRIP offering 2,239 219 2,458 Total offering 92,766 34,795 127,561 As of May 3, 2016, approximately $719.2 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 $475.9 million in shares of common stock available for sale through the Company’s distribution reinvestment plan, which may be reallocated for sale in the primary offering. Acquisitions Under Contract On April 21, 2016, the Company entered into a purchase agreement to acquire seven industrial buildings totaling approximately 3.0 million square feet (the “National Distribution Portfolio II”). The National Distribution Portfolio II is located in the Southern California, Atlanta, Louisville, Chicago, and Charlotte markets and is 100% occupied by 12 customers with a weighted-average remaining lease term (based on square feet) of 1.8 years. The total purchase price is expected to be approximately $187.5 million, exclusive of transfer taxes, due diligence expenses, and other closing costs. In connection with the execution of the purchase agreement, the Company deposited $7.5 million into an escrow account. Pursuant to the terms of the Advisory Agreement, the Company expects to pay an acquisition fee to the Advisor equal to 2.0% of the purchase price of the National Distribution Portfolio II. The Company plans to fund the acquisition using proceeds from the Offering and debt financing. The acquisition of the National Distribution Portfolio II is expected to close during the second quarter of 2016, but there can be no assurance the acquisition will be completed. The consummation of the acquisition is subject to various closing conditions to be met by the parties. If the Company does not close on the acquisition, there are circumstances under which it may forfeit its deposit. Derivative Instrument In April 2016, the Company entered into an interest swap agreement to hedge LIBOR on its $92.4 million variable-rate mortgage note. The interest rate swap had an effective date of April 2016 and fixed LIBOR at 1.60%, with an all-in interest rate of 3.45%, depending on the Company’s consolidated leverage ratio. The interest rate swap will expire in January 2023.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	BASIS OF PRESENTATION Unless the context otherwise requires, the “Company” refers to Industrial Property Trust Inc. and its consolidated subsidiaries. The accompanying unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain disclosures normally included in the annual audited financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been omitted. As such, the accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on March 10, 2016 (“2015 Form 10-K”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards	Recently Adopted Accounting Standards In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 reporting periods beginning after December 15, 2015, with early adoption permitted. The Company adopted this guidance effective January 1, 2016. The adoption of this guidance did not have an impact on the Company’s condensed 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. The Company adopted this guidance effective January 1, 2016, and applied the provision retrospectively. The adoption resulted in the reclassification of unamortized debt issuance costs from assets to liabilities. The December 31, 2015 balance sheet was adjusted as follows: As of December 31, 2015 (in thousands) As Reported As Adjusted Assets: Deferred financing costs, net $ 5,967 $ - Liabilities: Debt, net 615,000 609,033 Recently Issued Accounting Standards In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”), which requires: (i) all equity investments to be measured at fair value with changes in fair value recognized in net income; (ii) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; and (iii) eliminates the requirement for public entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. ASU 2016-01 is effective for annual and interim reporting periods beginning after December 15, 2017. Early adoption is permitted for the accounting guidance on financial liabilities under the fair value option. The Company does not anticipate the adoption of ASU 2016-01 will have a significant impact on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Subtopic 842)” (“ASU 2016-02”), which provides guidance for greater transparency in financial reporting by organizations that lease assets such as real estate, airplanes and manufacturing equipment by requiring such organizations to recognize lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for annual and interim reporting periods beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the effect this guidance will have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” (“ASU 2016-08”), which provides guidance on recording revenue on a gross basis versus a net basis based on the determination of whether an entity is a principal or an agent when another party is involved in providing goods or services to a customer. ASU 2016-08 is effective for annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted. The Company is currently evaluating the effect this guidance will have on its consolidated financial statements.
Derivative Instruments	Derivative Instruments The Company records its derivative instruments in the condensed consolidated balance sheets at fair value. The Company’s derivative instruments are designated as cash flow hedges and are used to hedge exposure to variability in expected future cash flows, such as future interest payments. For cash flow hedges, the changes in fair value of the derivative instrument that represent changes in expected future cash flows, which are effectively hedged by the derivative instrument, are initially reported as other comprehensive income in the condensed consolidated statements of equity until the derivative instrument is settled. Upon settlement, the effective portion of the hedge is recognized as other comprehensive income and amortized over the term of the designated cash flow or transaction the derivative instrument was intended to hedge. As such, the effective portion of the hedge impacts net income in the same period as the hedged item. The change in value of any derivative instrument that is deemed to be ineffective is charged directly to net income when the determination of hedge ineffectiveness is made. For purposes of determining hedge ineffectiveness, management estimates the timing and potential amount of future interest payments each quarter in order to estimate the cash flows of the designated hedged item or transaction. The Company does not use derivative instruments for trading or speculative purposes.
Reclassifications	Reclassifications Certain items in the Company’s condensed consolidated balance sheet for 2015 have been reclassified to conform to the 2016 presentation. Net deferred financing costs have been reclassified from assets to liabilities and are presented in the condensed consolidated balance sheets as a direct deduction from the debt liability.
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.

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Schedule of Balance Sheet Adjustments	The December 31, 2015 balance sheet was adjusted as follows: As of December 31, 2015 (in thousands) As Reported As Adjusted Assets: Deferred financing costs, net $ 5,967 $ - Liabilities: Debt, net 615,000 609,033

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Summary of Business Acquisitions	The Company acquired 100% of the following properties during the three months ended March 31, 2016: Intangibles ($ in thousands) Acquisition Number Land Building Intangible Assets Above- Below- Market Lease Total Purchase Price (1) Northwest Industrial Center 1/5/2016 3 $ 13,441 $ 12,633 $ 2,554 $ 81 $ (274) $ 28,435 Golden State Portfolio 1/12/2016 4 9,128 4,874 1,183 131 (19) 15,297 Victory Industrial Portfolio 1/13/2016 5 9,712 44,493 5,965 461 (1,811) 58,820 GSW Distribution Center 1/27/2016 1 3,676 13,327 - - - 17,003 National Distribution Portfolio 1/29/2016 7 10,693 92,746 11,748 659 (1,346) 114,500 Lehigh Valley Distribution Center II 3/7/2016 1 6,700 19,778 1,092 - (70) 27,500 Kent Industrial Portfolio 3/28/2016 4 9,813 20,042 2,046 40 (444) 31,497 Other acquisitions Various 10 16,443 38,115 6,258 77 (399) 60,494 Total acquisitions 35 $ 79,606 $ 246,008 $ 30,846 $ 1,449 $ (4,363) $ 353,546 (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.
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 2016 acquisitions, as of the respective date of each acquisition, were as follows: Property Amortization period (years) Northwest Industrial Center 5.2 Golden State Portfolio 2.5 Victory Industrial Portfolio 10.1 GSW Distribution Center - National Distribution Portfolio 5.7 Lehigh Valley Distribution Center II 4.5 Kent Industrial Portfolio 3.2 Other acquisitions 4.2
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 Three Months Ended (in thousands) 2016 2015 Actual: Total revenues $ 4,135 $ 1,408 Net loss $ (1,828) $ (857) Pro forma: Total revenues (1) $ 35,782 $ 35,343 Net loss (2) $ (3,729) $ (10,515) (1) In deriving the pro forma total revenues, an adjustment was made to include incremental revenue of $2.5 million and $27.1 million for the three months ended March 31, 2016 and 2015, 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 $10.3 million and $3.4 million for the three months ended March 31, 2016 and 2015, respectively. For the three months ended March 31, 2015, the pro forma net loss was adjusted to include acquisition-related expenses of $10.3 million relating to the 2016 acquisitions, as if these expenses had been incurred as of January 1, 2015.

INVESTMENT IN REAL ESTATE PRO23

INVESTMENT IN REAL ESTATE PROPERTIES (Tables)	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Investment in Properties	As of March 31, 2016 and December 31, 2015, the Company’s consolidated investment in real estate properties consisted of 166 and 131 industrial buildings, respectively. As of (in thousands) March 31, 2016 December 31, Land $ 485,345 $ 405,739 Building and improvements 1,115,262 866,032 Intangible lease assets 156,549 123,451 Construction in progress 14,220 11,023 Investment in real estate properties 1,771,376 1,406,245 Less accumulated depreciation and amortization (50,616) (32,050) Net investment in real estate properties $ 1,720,760 $ 1,374,195
Summary of Intangible Lease Assets and Liabilities	Intangible lease assets and liabilities, as of March 31, 2016 and December 31, 2015, include the following: As of March 31, 2016 As of December 31, 2015 (in thousands) Gross Accumulated Net Gross Accumulated Net Intangible lease assets (1) $ 146,457 $ (23,901) $ 122,556 $ 114,768 $ (15,039) $ 99,729 Above-market lease assets (1) 10,092 (1,322) 8,770 8,683 (815) 7,868 Below-market lease liabilities (2) (22,773) 3,559 (19,214) (18,431) 2,474 (15,957) (1) Included in net investment in real estate properties on the condensed consolidated balance sheets. (2) Included in other liabilities on the condensed 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 March 31, 2016, for the next five years and thereafter: Estimated Net Amortization (in thousands) Intangible Above-Market Below-Market Remainder of 2016 $ 27,041 $ 1,569 $ (3,379) 2017 27,292 1,761 (3,925) 2018 21,279 1,503 (3,165) 2019 14,269 970 (2,432) 2020 11,143 765 (2,159) Thereafter 21,532 2,202 (4,154) Total $ 122,556 $ 8,770 $ (19,214)
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 March 31, 2016, 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 Remainder of 2016 $ 74,354 2017 94,249 2018 87,629 2019 73,290 2020 63,984 Thereafter 178,079 Total $ 571,585
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 Three Months Ended (in thousands) 2016 2015 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 1,776 $ 767 Above-market lease amortization (547) (97) Below-market lease amortization 1,106 400 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 9,198 $ 2,321 Intangible lease asset amortization 9,101 2,248

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Summary of Debt	A summary of the Company’s debt is as follows: Effective Interest Rate as of Balance as of ($ in thousands) March 31, December 31, Maturity Date March 31, December 31, Line of credit (1) 1.84% 1.83% January 2020 $ 295,000 $ 265,000 Term loan (2) 2.52% 1.78% January 2021 250,000 250,000 Variable-rate mortgage note (3) 2.29% - March 2023 92,352 - Fixed-rate mortgage note 3.52% 3.52% October 2023 100,000 100,000 Total principal amount / weighted-average 2.35% 2.08% $ 737,352 $ 615,000 Less unamortized debt issuance costs $ 7,083 $ 5,967 Total debt, net $ 730,269 $ 609,033 Gross book value of properties encumbered by debt $ 310,351 $ 151,754 (1) The interest rate is calculated based on (i) the London Interbank Offered Rate (“LIBOR”) multiplied by a statutory reserve rate plus a margin ranging from 1.40% to 2.30%, or (ii) an alternative base rate plus a margin ranging from 0.40% to 1.30%, each depending on the Company’s consolidated leverage ratio. As of March 31, 2016, the unused and available portion under the line of credit was $205.0 million. (2) In January 2016, the Company entered into interest swap agreements that effectively fixed the interest rate of this term loan. The interest rate is calculated based on (i) LIBOR multiplied by a statutory reserve rate fixed through the use of interest rate swaps, plus a margin ranging from 1.35% to 2.20%, or (ii) an alternative base rate plus a margin ranging from 0.35% to 1.20%, each depending on the Company’s consolidated leverage ratio. The all-in fixed interest rate including the effects of the swaps was 2.29% as of March 31, 2016. (3) The interest rate is calculated based on one-month LIBOR, plus 1.85%. As of March 31, 2016, the Company has the ability to expand its borrowings under this mortgage note up to $98.5 million, subject to certain conditions. See “Note 12” below for information about an interest rate swap agreement the Company entered into in April 2016 with respect to this mortgage note.
Principal Payments Due on Consolidated Debt During Each of Next Five Years and Thereafter	As of March 31, 2016, 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 Notes Total Remainder of 2016 $ - $ - $ - $ - 2017 - - - - 2018 - - 1,416 1,416 2019 - - 2,485 2,485 2020 295,000 - 4,140 299,140 Thereafter - 250,000 184,311 434,311 Total principal payments $ 295,000 $ 250,000 $ 192,352 $ 737,352 (1) The line of credit may be extended pursuant to a one-year extension option, subject to certain conditions.
Summary of Location and Fair Value of Cash Flow Hedges	The following table summarizes the location and fair value of the cash flow hedges on the Company’s condensed consolidated balance sheets: Fair Value as of (in thousands) Notional Amount Balance Sheet March 31, 2016 December 31, Interest rate swaps $ 250,000 Other liabilities $ 2,052 $ -
Effect of Derivative Instruments	The following table presents the effect of the Company’s cash flow hedges on the Company’s condensed consolidated financial statements: For the Three Months Ended (in thousands) 2016 2015 Interest rate swaps: Loss recognized in AOCI (effective portion) $ (2,406) $ - Loss reclassified from AOCI into income (effective portion) 354 - Net other comprehensive loss $ (2,052) $ -

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Financial Instruments Measured at Fair Value on Recurring Basis	The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of March 31, 2016: (in thousands) Level 1 Level 2 Level 3 Total Fair Value Liabilities Derivative instruments $ - $ 2,052 $ - $ 2,052 Total liabilities measured at fair value $ - $ 2,052 $ - $ 2,052
Carrying Value and Fair Value of Certain Financial Instruments	The table below includes fair values for certain of the Company’s financial instruments for which it is practicable to estimate fair value. The carrying values and fair values of these financial instruments were as follows: As of March 31, 2016 As of December 31, 2015 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Line of credit $ 295,000 $ 295,000 $ 265,000 $ 265,000 Term loan 250,000 250,000 250,000 250,000 Mortgage notes 192,352 191,501 100,000 97,958 Derivative liability 2,052 2,052 - -

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2016
Summary of Public Offering	A summary of the Company’s public offering (including shares sold through the primary offering and distribution reinvestment plan (“DRIP”) offering), as of March 31, 2016, is as follows: (in thousands) Class A Class T Total Amount of gross proceeds raised: Primary offering $ 905,531 $ 311,848 $ 1,217,379 DRIP offering 15,620 401 16,021 Total offering $ 921,151 $ 312,249 $ 1,233,400 Number of shares sold: Primary offering 89,428 31,725 121,153 DRIP offering 1,605 41 1,646 Total offering 91,033 31,766 122,799
Summary of Changes in Shares Outstanding and Aggregate Par Value of Outstanding Shares for Each Class of Common Stock	The following table summarizes the changes in the shares outstanding and the aggregate par value of the outstanding shares for 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, 2015 84,595 $ 846 18,390 $ 184 102,985 $ 1,030 Issuance of common stock: Primary shares 5,939 59 13,335 134 19,274 193 DRIP shares 509 5 41 - 550 5 Stock grants 105 1 - - 105 1 Redemptions (16) - - - (16) - Balance as of March 31, 2016 91,132 $ 911 31,766 $ 318 122,898 $ 1,229
Redemption Table	The following table summarizes the Company’s redemption activity: For the Three Months Ended March 31, 2016 2015 Number of eligible shares redeemed 59,192 303 Aggregate amount of shares redeemed $ 570,086 $ 2,803 Average redemption price per share $ 9.63 $ 9.25
Cash Distributions [Member]
Dividends Table	The following table summarizes the Company’s distribution activity (including distributions reinvested in shares of the Company’s common stock): Amount (in thousands, except per share data) Payment Date Declared per Paid in Cash Reinvested in Shares Distribution Gross 2016 March 31 April 4, 2016 $ 0.13515 $ 6,788 $ 8,040 $ 622 $ 15,450 Total $ 6,788 $ 8,040 $ 622 $ 15,450 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 (1) Amounts reflect the quarterly distribution rate authorized by the Company’s board of directors per Class A share of common stock. The Company’s board of directors authorized distributions at this rate per Class T share of common stock before deducting the distribution fees that are payable monthly with respect to such Class T shares (as calculated on a daily basis). The Company began offering Class T shares of its common stock in August 2015. (2) Distribution fees are paid monthly to the Dealer Manager with respect to Class T shares only. Refer to “Note 10” for further detail regarding distribution fees. (3) Gross distributions are total distributions before the deduction of distribution fees.
May 6, 2016 Public Offering [Member]
Summary of Public Offering	A summary of the Company’s public offering as of May 3, 2016, is as follows: (in thousands) Class A Class T Total Amount of gross proceeds raised: Primary offering $ 916,917 $ 339,871 $ 1,256,788 DRIP offering 21,906 2,151 24,057 Total offering $ 938,823 $ 342,022 $ 1,280,845 Number of shares sold: Primary offering 90,527 34,576 125,103 DRIP offering 2,239 219 2,458 Total offering 92,766 34,795 127,561

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2016
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 three months ended March 31, 2016 is as follows: (shares in thousands) Shares Weighted-Average Nonvested shares at January 1, 2016 58 $ 10.44 Granted 105 $ 10.44 Vested (34) $ 10.44 Nonvested shares at March 31, 2016 129 $ 10.44 (1) The weighted-average fair value is based on the offering price of $10.44 per Class A share in effect on the respective grant dates.
Components of Share-Based Compensation	The following table summarizes other share-based compensation data: For the Three Months Ended (in thousands, except per share data) 2016 2015 Share-based compensation expense $ 389 $ 117 Total fair value of restricted stock vested $ 350 $ 75 Weighted-average grant date fair value of restricted stock granted, per share (1) $ 10.44 $ 10.00 (1) The weighted-average grant date fair value is based on the offering price per Class A share in effect on the respective grant dates.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2016
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 Three Months Ended March 31, Receivable (Payable) as of March 31, 2016 December 31, 2015 (in thousands) 2016 2015 Expensed: Acquisition fees $ 7,129 $ 1,545 $ (176) $ (941) Asset management fees (1) 3,395 875 (1,173) (961) Asset management fees related to dispositions (2) 1,466 - - - Other expense reimbursements 890 485 (14) (119) Total $ 12,880 $ 2,905 $ (1,363) $ (2,021) Capitalized: Development acquisition fees (3) $ 116 $ - $ (39) $ (39) Additional Paid-In Capital: Sales commissions $ 6,758 $ 9,397 $ (106) $ (498) Dealer manager fees 4,171 3,401 (123) (500) Offering costs 2,570 2,741 143 (377) Distribution fees (4) 622 - (250) (110) Total $ 14,121 $ 15,539 $ (336) $ (1,485) (1) Includes asset management fees other than asset management fees related to dispositions. (2) These fees were incurred in conjunction with the Company’s sell down of its ownership interest in the BTC Partnership and were netted against the gain from the sale. Amount is included in net loss on sell down of joint venture ownership interest on the condensed consolidated statements of operations. (3) 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 condensed consolidated balance sheets. (4) Amount payable is included in distributions payable on the condensed consolidated balance sheets. As of March 31, 2016, approximately $16.4 million in distribution fees may be paid to the Dealer Manager within the next five years to the extent such fees become 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 Three Months Ended (in thousands) 2016 2015 Asset management fees $ 267 $ 542 Other expense support - - Total expense support from the Advisor (1) $ 267 $ 542 (1) As of March 31, 2016, approximately $0.3 million of expense support was payable to the Company by the Advisor.

Basis of Presentation - Schedul

Basis of Presentation - Schedule of Balance Sheet Adjustments (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Liabilities:
Debt, net	$ 730,269	$ 609,033
Reported [Member]
Assets:
Deferred financing costs, net		5,967
Liabilities:
Debt, net		615,000
Adjustment [Member]
Liabilities:
Debt, net		$ 609,033

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail)	Mar. 31, 2016
Business Combinations [Abstract]
Ownership interest of acquired properties	100.00%

Acquisitions - Summary of Busin

Acquisitions - Summary of Business Acquisitions (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)Building
Business Acquisition [Line Items]
Number of Buildings | Building	35
Land	$ 79,606
Building	246,008
Intangible Lease Assets	30,846
Below Market Lease Liabilities	(4,363)
Total Purchase Price	$ 353,546
Northwest Industrial Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Jan. 5, 2016
Number of Buildings | Building	3
Land	$ 13,441
Building	12,633
Intangible Lease Assets	2,554
Below Market Lease Liabilities	(274)
Total Purchase Price	$ 28,435
Golden State Portfolio [Member]
Business Acquisition [Line Items]
Acquisition Date	Jan. 12, 2016
Number of Buildings | Building	4
Land	$ 9,128
Building	4,874
Intangible Lease Assets	1,183
Below Market Lease Liabilities	(19)
Total Purchase Price	$ 15,297
Victory Industrial Portfolio [Member]
Business Acquisition [Line Items]
Acquisition Date	Jan. 13, 2016
Number of Buildings | Building	5
Land	$ 9,712
Building	44,493
Intangible Lease Assets	5,965
Below Market Lease Liabilities	(1,811)
Total Purchase Price	$ 58,820
GSW Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Jan. 27, 2016
Number of Buildings | Building	1
Land	$ 3,676
Building	13,327
Total Purchase Price	$ 17,003
National Distribution Portfolio [Member]
Business Acquisition [Line Items]
Acquisition Date	Jan. 29, 2016
Number of Buildings | Building	7
Land	$ 10,693
Building	92,746
Intangible Lease Assets	11,748
Below Market Lease Liabilities	(1,346)
Total Purchase Price	$ 114,500
Lehigh Valley Distribution Center II [Member]
Business Acquisition [Line Items]
Acquisition Date	Mar. 7, 2016
Number of Buildings | Building	1
Land	$ 6,700
Building	19,778
Intangible Lease Assets	1,092
Below Market Lease Liabilities	(70)
Total Purchase Price	$ 27,500
Kent Industrial Portfolio [Member]
Business Acquisition [Line Items]
Acquisition Date	Mar. 28, 2016
Number of Buildings | Building	4
Land	$ 9,813
Building	20,042
Intangible Lease Assets	2,046
Below Market Lease Liabilities	(444)
Total Purchase Price	$ 31,497
Other acquisitions [Member]
Business Acquisition [Line Items]
Number of Buildings | Building	10
Land	$ 16,443
Building	38,115
Intangible Lease Assets	6,258
Below Market Lease Liabilities	(399)
Total Purchase Price	60,494
Above-Market Lease Assets [Member]
Business Acquisition [Line Items]
Intangible Lease Assets	1,449
Above-Market Lease Assets [Member] | Northwest Industrial Center [Member]
Business Acquisition [Line Items]
Intangible Lease Assets	81
Above-Market Lease Assets [Member] | Golden State Portfolio [Member]
Business Acquisition [Line Items]
Intangible Lease Assets	131
Above-Market Lease Assets [Member] | Victory Industrial Portfolio [Member]
Business Acquisition [Line Items]
Intangible Lease Assets	461
Above-Market Lease Assets [Member] | National Distribution Portfolio [Member]
Business Acquisition [Line Items]
Intangible Lease Assets	659
Above-Market Lease Assets [Member] | Kent Industrial Portfolio [Member]
Business Acquisition [Line Items]
Intangible Lease Assets	40
Above-Market Lease Assets [Member] | Other acquisitions [Member]
Business Acquisition [Line Items]
Intangible Lease Assets	$ 77

Acquisitions - Weighted Average

Acquisitions - Weighted Average Amortized Period for Intangible Asset and Liability Acquired (Detail)	3 Months Ended
	Mar. 31, 2016
Northwest Industrial Center [Member]
Business Acquisition [Line Items]
Amortization Period	5 years 2 months 12 days
Golden State Portfolio [Member]
Business Acquisition [Line Items]
Amortization Period	2 years 6 months
Victory Industrial Portfolio [Member]
Business Acquisition [Line Items]
Amortization Period	10 years 1 month 6 days
GSW Distribution Center [Member]
Business Acquisition [Line Items]
Amortization Period	0 years
National Distribution Portfolio [Member]
Business Acquisition [Line Items]
Amortization Period	5 years 8 months 12 days
Lehigh Valley Distribution Center II [Member]
Business Acquisition [Line Items]
Amortization Period	4 years 6 months
Kent Industrial Portfolio [Member]
Business Acquisition [Line Items]
Amortization Period	3 years 2 months 12 days
Other acquisitions [Member]
Business Acquisition [Line Items]
Amortization Period	4 years 2 months 12 days

Acquisitions - Pro Forma Financ

Acquisitions - Pro Forma Financial Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Actual:
Total revenues	$ 4,135	$ 1,408
Net loss	(1,828)	(857)
Pro forma:
Total revenues	35,782	35,343
Net loss	$ (3,729)	$ (10,515)

Acquisitions - Pro Forma Fina34

Acquisitions - Pro Forma Financial Information (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Business Combinations [Abstract]
Pro forma incremental revenue	$ 2.5	$ 27.1
Non-recurring adjustments excluded from pro forma net income (loss), acquisition-related expenses	$ 10.3	3.4
Non-recurring adjustments included in pro forma net loss, acquisition-related expenses		$ 10.3

Investment in Real Estate Pro35

Investment in Real Estate Properties - Additional Information (Detail) - Building	Mar. 31, 2016	Dec. 31, 2015
Consolidated Properties [Member]
Real Estate Properties [Line Items]
Real estate properties owned, buildings	166	131

Investment in Real Estate Pro36

Investment in Real Estate Properties - Investment in Properties (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Investments [Abstract]
Land	$ 485,345	$ 405,739
Building and improvements	1,115,262	866,032
Intangible lease assets	156,549	123,451
Construction in progress	14,220	11,023
Investment in real estate properties	1,771,376	1,406,245
Less accumulated depreciation and amortization	(50,616)	(32,050)
Net investment in real estate properties	$ 1,720,760	$ 1,374,195

Investment in Real Estate Pro37

Investment in Real Estate Properties - Summary of Intangible Lease Assets and Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Intangible Lease Assets [Member]
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross	$ 146,457	$ 114,768
Accumulated Amortization	(23,901)	(15,039)
Net	122,556	99,729
Above-Market Lease Assets [Member]
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross	10,092	8,683
Accumulated Amortization	(1,322)	(815)
Net	8,770	7,868
Below-Market Lease Liabilities [Member]
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross	(22,773)	(18,431)
Accumulated Amortization	3,559	2,474
Net	$ (19,214)	$ (15,957)

Investment in Real Estate Pro38

Investment in Real Estate Properties - Estimated Net Amortization of Intangible Lease Assets and Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Intangible Lease Assets [Member]
Finite Lived Intangible Assets And Liabilities Future Amortization Expense [Line Items]
Remainder of 2016	$ 27,041
2,017	27,292
2,018	21,279
2,019	14,269
2,020	11,143
Thereafter	21,532
Net	122,556	$ 99,729
Above-Market Lease Assets [Member]
Finite Lived Intangible Assets And Liabilities Future Amortization Expense [Line Items]
Remainder of 2016	1,569
2,017	1,761
2,018	1,503
2,019	970
2,020	765
Thereafter	2,202
Net	8,770	7,868
Below-Market Lease Liabilities [Member]
Finite Lived Intangible Assets And Liabilities Future Amortization Expense [Line Items]
Remainder of 2016	(3,379)
2,017	(3,925)
2,018	(3,165)
2,019	(2,432)
2,020	(2,159)
Thereafter	(4,154)
Net	$ (19,214)	$ (15,957)

Investment in Real Estate Pro39

Investment in Real Estate Properties - Future Minimum Base Rental Payments (Detail) $ in Thousands	Mar. 31, 2016USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
Remainder of 2016	$ 74,354
2,017	94,249
2,018	87,629
2,019	73,290
2,020	63,984
Thereafter	178,079
Total	$ 571,585

Investment in Real Estate Pro40

Investment in Real Estate Properties - Summary of Rental Revenue and Depreciation and Amortization Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$ 1,776	$ 767
Above-market lease amortization	(547)	(97)
Below-market lease amortization	1,106	400
Real Estate-Related Depreciation and Amortization:
Depreciation expense	9,198	2,321
Intangible lease asset amortization	$ 9,101	$ 2,248

Investment in Unconsolidated 41

Investment in Unconsolidated Joint Venture - Additional Information (Detail) $ in Thousands	1 Months Ended		3 Months Ended
	Jan. 31, 2016USD ($)	Feb. 28, 2015Subsidiary	Mar. 31, 2016USD ($)
Investment In Unconsolidated Affiliates [Line Items]
Number of subsidiaries entered into joint venture agreement | Subsidiary		2
Net loss on sell down of joint venture ownership interest			$ (64)
Joint Venture [Member] | IPT Partners [Member]
Investment In Unconsolidated Affiliates [Line Items]
Ownership percentage		51.00%
BCIMC Limited Partner [Member]
Investment In Unconsolidated Affiliates [Line Items]
Ownership percentage		49.00%
BTC Partnership [Member]
Investment In Unconsolidated Affiliates [Line Items]
Percentage of interest in partnership	31.00%
Purchase agreement purchase price	$ 58,600
Net loss on sell down of joint venture ownership interest	(100)
BTC Partnership [Member] | Advisor or Its Affiliates [Member]
Investment In Unconsolidated Affiliates [Line Items]
Asset management fees related to disposition	$ 1,500
BTC Partnership [Member] | BCIMC Limited Partner [Member]
Investment In Unconsolidated Affiliates [Line Items]
Ownership percentage	80.00%
BTC Partnership [Member] | IPT Partners [Member]
Investment In Unconsolidated Affiliates [Line Items]
Ownership percentage	20.00%

Debt - Summary of Debt (Detail)

Debt - Summary of Debt (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 737,352	$ 615,000
Less unamortized debt issuance costs	7,083	5,967
Total debt, net	730,269	609,033
Gross book value of properties encumbered by debt	$ 310,351	$ 151,754
Weighted-average effective interest rate	2.35%	2.08%
Line of Credit [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 295,000	$ 265,000
Weighted-average effective interest rate	1.84%	1.83%
Maturity date	Jan. 31, 2020
Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 250,000	$ 250,000
Weighted-average effective interest rate	2.52%	1.78%
Maturity date	Jan. 31, 2021
Variable-Rate Mortgage Note [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 92,352
Weighted-average effective interest rate	2.29%
Maturity date	Mar. 31, 2023
Fixed-Rate Mortgage Note, October 2023 [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 100,000	$ 100,000
Weighted-average effective interest rate	3.52%	3.52%
Maturity date	Oct. 31, 2023

Debt - Summary of Debt (Parenth

Debt - Summary of Debt (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2016USD ($)
Debt Instrument [Line Items]
Unused portion of line of credit	$ 205,000,000
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] | 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%
Term Loan [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Fixed interest rate of interest rate swap	2.29%
Variable-Rate Mortgage Note [Member]
Debt Instrument [Line Items]
Maximum borrowing under facility	$ 98,500,000
Variable-Rate Mortgage Note [Member] | Based On LIBOR [Member]
Debt Instrument [Line Items]
Interest rate margin	1.85%

Debt - Principal Payments Due o

Debt - Principal Payments Due on Consolidated Debt During Each of Next Five Years and Thereafter (Detail) $ in Thousands	Mar. 31, 2016USD ($)
Debt Instrument [Line Items]
Remainder of 2016	$ 0
2,017	0
2,018	1,416
2,019	2,485
2,020	299,140
Thereafter	434,311
Total principal payments	737,352
Line of Credit [Member]
Debt Instrument [Line Items]
Remainder of 2016	0
2,017	0
2,020	295,000
Total principal payments	295,000
Term Loan [Member]
Debt Instrument [Line Items]
Remainder of 2016	0
2,017	0
Thereafter	250,000
Total principal payments	250,000
Mortgage Notes [Member]
Debt Instrument [Line Items]
Remainder of 2016	0
2,017	0
2,018	1,416
2,019	2,485
2,020	4,140
Thereafter	184,311
Total principal payments	$ 192,352

Debt - Principal Payments Due45

Debt - Principal Payments Due on Consolidated Debt During Each of Next Five Years and Thereafter (Parenthetical) (Detail)	Mar. 31, 2016Extension
Debt Disclosure [Abstract]
Number of one-year line of credit extension options	1

Debt - Additional Information (

Debt - Additional Information (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)Contract	Mar. 31, 2017USD ($)
Debt Instrument [Line Items]
Number of interest rate swap contracts outstanding | Contract	5
Hedge ineffectiveness	$ 0
Scenario Forecast [Member]
Debt Instrument [Line Items]
Hedge ineffectiveness		$ 0

Debt - Summary of Location and

Debt - Summary of Location and Fair Value of Cash Flow Hedges (Detail) - Interest Rate Swap [Member]	Mar. 31, 2016USD ($)
Derivatives, Fair Value [Line Items]
Notional amount of interest rate swap	$ 250,000,000
Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value	$ 2,052,000

Debt - Effect of Derivative Ins

Debt - Effect of Derivative Instruments (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Net other comprehensive loss	$ (2,052)
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Loss recognized in AOCI (effective portion)	(2,406)
Loss reclassified from AOCI into income (effective portion)	354
Net other comprehensive loss	$ (2,052)

Fair Value - Financial Instrume

Fair Value - Financial Instruments Measured at Fair Value on Recurring Basis (Detail) - Recurring [Member] $ in Thousands	Mar. 31, 2016USD ($)
Liabilities
Derivative instruments	$ 2,052
Total liabilities measured at fair value	2,052
Level 2 [Member]
Liabilities
Derivative instruments	2,052
Total liabilities measured at fair value	$ 2,052

Fair Value - Additional Informa

Fair Value - Additional Information (Detail)	Mar. 31, 2016USD ($)
Fair Value Disclosures [Abstract]
Financial instruments transferred among fair value hierarchy levels	$ 0
Non financial assets or liabilities at fair value on recurring basis	$ 0

Fair Value - Carrying Value and

Fair Value - Carrying Value and Fair Value of Certain Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Line of credit	$ 295,000	$ 265,000
Term loan	250,000	250,000
Mortgage notes	191,501	97,958
Derivative liability	2,052
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Line of credit	295,000	265,000
Term loan	250,000	250,000
Mortgage notes	192,352	$ 100,000
Derivative liability	$ 2,052

Stockholders' Equity - Addition

Stockholders' Equity - Additional information (Detail) - USD ($)	Aug. 14, 2015	Sep. 27, 2012	Mar. 31, 2016	Jun. 30, 2015
Stockholders' Equity Detail [Line Items]
Estimated net asset value per share				$ 9.24
Class A [Member]
Stockholders' Equity Detail [Line Items]
Offering price of common stock per share, primary shares	$ 10.4407	$ 10
Offering price of common stock per share, DRIP shares	9.9187	$ 9.50	$ 9.9187
Class T [Member]
Stockholders' Equity Detail [Line Items]
Offering price of common stock per share, primary shares	9.8298		9.8298
Offering price of common stock per share, DRIP shares	$ 9.8298		$ 9.8298
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			$ 766,600,000
Amount remaining available for sale through distribution reinvestment plan			$ 484,000,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Public Offering (Detail) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,233,400
Number of shares sold | shares	122,799
Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,217,379
Number of shares sold | shares	121,153
Drip Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 16,021
Number of shares sold | shares	1,646
Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 921,151
Number of shares sold | shares	91,033
Class A [Member] | Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 905,531
Number of shares sold | shares	89,428
Class A [Member] | Drip Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 15,620
Number of shares sold | shares	1,605
Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 312,249
Number of shares sold | shares	31,766
Class T [Member] | Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 311,848
Number of shares sold | shares	31,725
Class T [Member] | Drip Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 401
Number of shares sold | shares	41

Stockholders' Equity - Summar54

Stockholders' Equity - Summary of Changes in Shares Outstanding and Aggregate Par Value of Outstanding Shares for Each Class of Common Stock (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Class of Stock [Line Items]
Beginning balance	$ 847,406,000
Redemptions of common stock	$ (570,086)	$ (2,803)
Redemptions of common stock, shares	(59,192)	(303)
Ending balance	$ 1,000,557,000
Class A [Member]
Class of Stock [Line Items]
Beginning balance	$ 846,000
Beginning balance, shares	84,595,000
Issuance of common stock, Primary shares	$ 59,000
Issuance of common stock, Primary shares, shares	5,939,000
Issuance of common stock, DRIP shares	$ 5,000
Issuance of common stock, DRIP shares, shares	509,000
Issuance of common stock, Stock grants	$ 1,000
Issuance of common stock, Stock grants, shares	105,000
Redemptions of common stock, shares	(16,000)
Ending balance	$ 911,000
Ending balance, shares	91,132,000
Class T [Member]
Class of Stock [Line Items]
Beginning balance	$ 184,000
Beginning balance, shares	18,390,000
Issuance of common stock, Primary shares	$ 134,000
Issuance of common stock, Primary shares, shares	13,335,000
Issuance of common stock, DRIP shares, shares	41,000
Ending balance	$ 318,000
Ending balance, shares	31,766,000
Common Stock [Member]
Class of Stock [Line Items]
Beginning balance	$ 1,030,000
Beginning balance, shares	102,985,000
Issuance of common stock, Primary shares	$ 193,000
Issuance of common stock, Primary shares, shares	19,274,000
Issuance of common stock, DRIP shares	$ 5,000
Issuance of common stock, DRIP shares, shares	550,000
Issuance of common stock, Stock grants	$ 1,000
Issuance of common stock, Stock grants, shares	105,000
Redemptions of common stock
Redemptions of common stock, shares	(16,000)
Ending balance	$ 1,229,000
Ending balance, shares	122,898,000

Stockholders' Equity - Distribu

Stockholders' Equity - Distributions Table (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Schedule Of Stockholders' Equity [Line Items]
Total Distributions	$ 15,450
Cash Distributions [Member]
Schedule Of Stockholders' Equity [Line Items]
Paid in Cash	6,788	$ 12,599
Reinvested in Shares	8,040	13,874
Distributions Fees	622	148
Total Distributions	$ 15,450	$ 26,621
March 31, 2016 [Member] | Cash Distributions [Member]
Schedule Of Stockholders' Equity [Line Items]
Declared per Common Share	$ 0.13515
Paid in Cash	$ 6,788
Reinvested in Shares	8,040
Distributions Fees	622
Total Distributions	$ 15,450
Payment Date	Apr. 4, 2016
December 31, 2015 [Member] | Cash Distributions [Member]
Schedule Of Stockholders' Equity [Line Items]
Declared per Common Share		$ 0.13515
Paid in Cash		$ 4,751
Reinvested in Shares		5,443
Distributions Fees		148
Total Distributions		$ 10,342
Payment Date		Jan. 13, 2016
September 30, 2015 [Member] | Cash Distributions [Member]
Schedule Of Stockholders' Equity [Line Items]
Declared per Common Share		$ 0.12500
Paid in Cash		$ 3,392
Reinvested in Shares		3,725
Total Distributions		$ 7,117
Payment Date		Oct. 15, 2015
June 30, 2015 [Member] | Cash Distributions [Member]
Schedule Of Stockholders' Equity [Line Items]
Declared per Common Share		$ 0.12500
Paid in Cash		$ 2,700
Reinvested in Shares		2,900
Total Distributions		$ 5,600
Payment Date		Jul. 2, 2015
March 31, 2015 [Member] | Cash Distributions [Member]
Schedule Of Stockholders' Equity [Line Items]
Declared per Common Share		$ 0.12500
Paid in Cash		$ 1,756
Reinvested in Shares		1,806
Total Distributions		$ 3,562
Payment Date		Apr. 15, 2015

Stockholders' Equity - Redempti

Stockholders' Equity - Redemption Table (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Stockholders' Equity Attributable to Parent [Abstract]
Number of eligible shares redeemed	59,192	303
Aggregate amount of shares redeemed	$ 570,086	$ 2,803
Average redemption price per share	$ 9.63	$ 9.25

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2016	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	$ 1.1
Weighted-average years to recognize compensation expense	1 year

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	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested Shares at Beginning of Period	58
Shares, Granted	105
Shares, Vested	(34)
Nonvested Shares at End of Period	129
Weighted-Average Fair Value per Share, Nonvested Shares at Beginning of Period	$ 10.44
Weighted-Average Fair Value per Share, Granted	10.44	$ 10
Weighted-Average Fair Value per Share, Vested	10.44
Weighted-Average Fair Value per Share, Nonvested Shares at End of Period	$ 10.44

Share-Based Compensation - Comp

Share-Based Compensation - Components of Share-Based Compensation (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 389	$ 117
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock vested	$ 350	$ 75
Weighted-average grant date fair value of restricted stock granted, per share	$ 10.44	$ 10

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016
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%
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%

Related Party Transactions - Su

Related Party Transactions - Summary of Fees and Expenses Incurred by Company (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Expensed:
Asset management fees, incurred	$ 3,395	$ 875
Advisor [Member]
Capitalized:
Development acquisition fees, incurred	116
Development acquisition fees, payable	(39)		$ (39)
Dealer Manager [Member]
Additional Paid-In Capital:
Sales commissions, incurred	6,758	9,397
Dealer manager fees, incurred	4,171	3,401
Distribution fees, incurred	622
Sales commissions, payable	(106)		(498)
Dealer manager fees, payable	(123)		(500)
Distribution fees, payable	(250)		(110)
Advisor or Its Affiliates [Member]
Expensed:
Acquisition fees	7,129	1,545
Asset management fees, incurred	3,395	875
Asset management fees related to dispositions	1,466
Other expense reimbursements, incurred	890	485
Total	12,880	2,905
Acquisition fees, Receivable (Payable)	(176)		(941)
Asset management fees, Receivable (Payable)	(1,173)		(961)
Asset management fees related to dispositions	0		0
Other expense reimbursements, Receivable (Payable)	(14)		(119)
Total	(1,363)		(2,021)
Additional Paid-In Capital:
Offering costs, incurred	2,570	2,741
Offering costs, Receivable (Payable)	143		(377)
Advisor or Its Affiliates [Member] | Dealer Manager [Member]
Additional Paid-In Capital:
Total	14,121	$ 15,539
Total	$ (336)		$ (1,485)

Related Party Transactions - 62

Related Party Transactions - Summary of Fees and Expenses Incurred by Company (Parenthetical) (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Dealer Manager [Member]
Related Party Transaction [Line Items]
Distribution fees that may be paid to extent they become contractually payable	$ 16.4

Related Party Transactions - Jo

Related Party Transactions - Joint Venture Agreement - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Due from affiliates	$ 4,386		$ 57
BTC Partnership [Member]
Related Party Transaction [Line Items]
Due from affiliates	$ 4,400
Advisor [Member] | Joint Venture Agreement [Member]
Related Party Transaction [Line Items]
Incentive distributions percentage	60.00%
Percentage of general partner interest required to be sold to the Advisor upon termination of the Services Agreement	50.00%
Advisor [Member] | Joint Venture Agreement [Member] | BTC Partnership [Member]
Related Party Transaction [Line Items]
Acquisition and asset management fee incurred	$ 400	$ 700

Related Party Transactions - Ex

Related Party Transactions - Expense Support Agreement - Additional Information (Detail) - Advisor [Member] - Expense Support Agreement [Member] - USD ($)	3 Months Ended		6 Months Ended	9 Months Ended
	Mar. 31, 2016	Sep. 30, 2014	Jun. 30, 2014	Jun. 30, 2015
Related Party Transaction [Line Items]
Expense support agreement, baseline distribution per share amount		$ 0.11875	$ 0.11250	$ 0.12500
Cumulative amount potentially reimbursable to Advisor	$ 5,400,000
Cumulative amount of expense support deferred or paid by the Advisor	7,400,000
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
July 1, 2015 Through June 30, 2018 [Member]
Related Party Transaction [Line Items]
Expense support agreement, baseline distribution per share amount	$ 0.13515

Related Party Transactions - 65

Related Party Transactions - Expense Support Payment Obligation Incurred by the Advisor (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Related Party Transaction [Line Items]
Total expense support from the Advisor	$ 267	$ 542
Advisor [Member]
Related Party Transaction [Line Items]
Expense support payment obligations incurred, asset management fees	267	542
Expense support payment obligations incurred, other expense support	0	0
Total expense support from the Advisor	$ 267	$ 542

Related Party Transactions - 66

Related Party Transactions - Expense Support Payment Obligation Incurred by the Advisor (Parenthetical) (Detail) $ in Millions	Mar. 31, 2016USD ($)
Advisor [Member]
Related Party Transaction [Line Items]
Expense support payable to the company by the Advisor	$ 0.3

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	May. 03, 2016	Mar. 31, 2016
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 1,233,400
Number of shares sold		122,799
Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 921,151
Number of shares sold		91,033
Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 312,249
Number of shares sold		31,766
Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 1,217,379
Number of shares sold		121,153
Primary Offering [Member] | Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 905,531
Number of shares sold		89,428
Primary Offering [Member] | Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 311,848
Number of shares sold		31,725
Drip Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 16,021
Number of shares sold		1,646
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
Drip Offering [Member] | Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 401
Number of shares sold		41
Subsequent Event [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 1,280,845
Number of shares sold	127,561
Subsequent Event [Member] | Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 938,823
Number of shares sold	92,766
Subsequent Event [Member] | Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 342,022
Number of shares sold	34,795
Subsequent Event [Member] | Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 1,256,788
Number of shares sold	125,103
Subsequent Event [Member] | Primary Offering [Member] | Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 916,917
Number of shares sold	90,527
Subsequent Event [Member] | Primary Offering [Member] | Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 339,871
Number of shares sold	34,576
Subsequent Event [Member] | Drip Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 24,057
Number of shares sold	2,458
Subsequent Event [Member] | Drip Offering [Member] | Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 21,906
Number of shares sold	2,239
Subsequent Event [Member] | Drip Offering [Member] | Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 2,151
Number of shares sold	219

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) ft² in Millions, $ in Millions	Apr. 21, 2016USD ($)ft²BuildingCustomer	Apr. 30, 2016USD ($)	Mar. 31, 2016USD ($)Building	May. 03, 2016USD ($)
Subsequent Event [Line Items]
Number of buildings acquired | Building			35
Initial Public Offering [Member]
Subsequent Event [Line Items]
Total amount of common stock remaining available for sale			$ 766.6
Amount remaining available for sale through distribution reinvestment plan			$ 484
Advisor [Member]
Subsequent Event [Line Items]
Acquisition fees - percent of total purchase price of real estate properties acquired in the operational stage			2.00%
Subsequent Event [Member] | National Distribution Portfolio II [Member]
Subsequent Event [Line Items]
Number of buildings acquired | Building	7
Square feet of industrial buildings acquired | ft²	3
Percentage of building occupied	100.00%
Number of customers | Customer	12
Weighted-average remaining lease term	1 year 9 months 18 days
Total expected purchase price	$ 187.5
Amount deposited into an escrow account	$ 7.5
Subsequent Event [Member] | Initial Public Offering [Member]
Subsequent Event [Line Items]
Amount remaining available for sale through distribution reinvestment plan				$ 475.9
Subsequent Event [Member] | Advisor [Member] | National Distribution Portfolio II [Member]
Subsequent Event [Line Items]
Acquisition fees - percent of total purchase price of real estate properties acquired in the operational stage	2.00%
Subsequent Event [Member] | Interest Rate Swap [Member]
Subsequent Event [Line Items]
Derivative, amount of hedged item		$ 92.4
Fixed LIBOR rate		1.60%
Fixed interest rate of interest rate swap		3.45%
Interest rate swap expiration date		2023-01
Class A [Member] | Subsequent Event [Member] | Initial Public Offering [Member]
Subsequent Event [Line Items]
Total amount of common stock remaining available for sale				719.2
Class T [Member] | Subsequent Event [Member] | Initial Public Offering [Member]
Subsequent Event [Line Items]
Total amount of common stock remaining available for sale				$ 719.2