Industrial Property Trust 10-Q 15 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	6 Months Ended
	Jun. 30, 2016	Aug. 05, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
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		138.6

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Net investment in real estate properties	$ 2,213,685	$ 1,374,195
Investment in unconsolidated joint venture	42,716	94,331
Cash and cash equivalents	10,591	7,429
Restricted cash	130	3,580
Straight-line and tenant receivables, net	11,219	5,185
Due from affiliates	108	57
Other assets	11,911	18,478
Total assets	2,290,360	1,503,255
Liabilities
Accounts payable and accrued liabilities	13,075	8,751
Debt, net	1,151,592	609,033
Due to affiliates	23,429	2,525
Distributions payable	16,886	10,304
Other liabilities	45,284	25,236
Total liabilities	1,250,266	655,849
Commitments and contingencies (Note 12)
Stockholders' equity:
Preferred stock, $0.01 par value-200,000 shares authorized, none issued and outstanding
Additional paid-in capital	1,193,471	927,556
Accumulated deficit	(148,248)	(81,181)
Accumulated other comprehensive loss	(6,595)
Total stockholders' equity	1,039,968	847,405
Noncontrolling interests	126	1
Total equity	1,040,094	847,406
Total liabilities and equity	2,290,360	1,503,255
Class A [Member]
Stockholders' equity:
Common stock, value	942	846
Total equity	942	846
Class T [Member]
Stockholders' equity:
Common stock, value	398	184
Total equity	$ 398	$ 184

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 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	94,151,000	84,595,000
Common stock, shares outstanding	94,151,000	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	39,845,000	18,390,000
Common stock, shares outstanding	39,845,000	18,390,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Rental revenues	$ 40,447	$ 10,150	$ 73,699	$ 18,401
Total revenues	40,447	10,150	73,699	18,401
Operating expenses:
Rental expenses	10,462	2,566	19,602	4,735
Real estate-related depreciation and amortization	23,137	5,481	41,436	10,050
General and administrative expenses	1,807	1,029	3,606	2,095
Asset management fees, related party	4,146	1,047	7,541	1,922
Acquisition expenses, related party	10,019	1,575	17,148	3,120
Acquisition expenses	5,330	1,747	8,482	3,642
Total operating expenses	54,901	13,445	97,815	25,564
Total operating expenses	54,901	13,445	97,815	25,564
Operating loss	(14,454)	(3,295)	(24,116)	(7,163)
Other expenses:
Equity in loss of unconsolidated joint venture	51	520	443	947
Interest expense and other	5,721	1,342	9,876	2,628
Net loss on sell down of joint venture ownership interest			64
Total other expenses	5,772	1,862	10,383	3,575
Total other expenses	5,772	1,862	10,383	3,575
Total expenses before expense support	60,673	15,307	108,198	29,139
Total expense support from (repayment to) Advisor	(1,431)	1,034	(1,164)	1,576
Total expense support from (repayment to) Advisor	(1,431)	1,034	(1,164)	1,576
Net expenses after expense support	62,104	14,273	109,362	27,563
Net loss	(21,657)	(4,123)	(35,663)	(9,162)
Net loss attributable to noncontrolling interests	0	0	0	0
Net loss attributable to common stockholders	$ (21,657)	$ (4,123)	$ (35,663)	$ (9,162)
Weighted-average shares outstanding	129,118	44,770	121,721	36,672
Net loss per common share-basic and diluted	$ (0.17)	$ (0.09)	$ (0.29)	$ (0.25)

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net loss attributable to common stockholders	$ (21,657)	$ (4,123)	$ (35,663)	$ (9,162)
Unrealized loss on derivative instruments	(4,543)		(6,595)
Comprehensive loss attributable to common stockholders	$ (26,200)	$ (4,123)	$ (42,258)	$ (9,162)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands	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	$ 1,030	$ 927,556	$ (81,181)		$ 1
Beginning balance, shares at Dec. 31, 2015		102,985,000
Net loss	(35,663)			(35,663)
Unrealized loss on derivative instruments	(6,595)				$ (6,595)
Issuance of common stock	309,514	$ 311	309,203
Issuance of common stock, shares		31,092,000
Share-based compensation	566		566
Upfront offering costs, including sales commissions, dealer manager fees, and offering costs	(20,936)		(20,936)
Trailing offering costs, consisting of distribution fees	(19,777)		(21,275)	1,498
Redemptions of common stock	$ (1,644)	$ (1)	(1,643)
Redemptions of common stock, shares	(169,408)	(81,000)
Preferred shares	$ 125					125
Distributions declared on common stock	(32,902)			(32,902)
Ending balance at Jun. 30, 2016	$ 1,040,094	$ 1,340	$ 1,193,471	$ (148,248)	$ (6,595)	$ 126
Ending balance, shares at Jun. 30, 2016		133,996,000

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating activities:
Net loss	$ (35,663)	$ (9,162)
Adjustments to reconcile net loss to net cash provided by operating activities:
Real estate-related depreciation and amortization	41,436	10,050
Equity in loss of unconsolidated joint venture	443	947
Straight-line rent and amortization of above- and below-market leases	(5,429)	(2,560)
Net loss on sell down of joint venture ownership interest	64
Other	1,640	708
Changes in operating assets and liabilities:
Tenant receivables, restricted cash and other assets	(154)	674
Accounts payable, accrued expenses and other liabilities	7,978	2,069
Due from / to affiliates, net	2,638	(13)
Net cash provided by operating activities	12,953	2,713
Investing activities:
Real estate acquisitions	(836,998)	(268,532)
Acquisition deposits	(8,500)	(4,498)
Capital expenditures and development activities	(18,089)	(3,914)
Investment in unconsolidated joint venture	(6,069)	(19,741)
Net proceeds from sale of joint venture ownership interest	57,177	60,268
Distribution from unconsolidated joint venture		34,198
Net cash used in investing activities	(812,479)	(202,219)
Financing activities:
Proceeds from line of credit	617,000	135,000
Repayments of line of credit	(610,000)	(175,000)
Proceeds from mortgage note	289,480
Proceeds from term loan	250,000
Financing costs paid	(4,705)	(205)
Proceeds from issuance of common stock	291,774	264,554
Offering costs paid upon issuance of common stock	(17,246)	(21,395)
Distributions paid to common stockholders	(11,539)	(2,954)
Distribution fees paid	(1,298)
Redemptions of common stock	(778)	(58)
Net cash provided by financing activities	802,688	199,942
Net increase in cash and cash equivalents	3,162	436
Cash and cash equivalents, at beginning of period	7,429	8,119
Cash and cash equivalents, at end of period	10,591	8,555
Supplemental disclosure of noncash investing and financing activities:
Offering proceeds due from transfer agent		1,085
Deconsolidation of net assets in connection with sale of ownership interest in unconsolidated joint venture		124,586
Distributions payable	16,886	5,600
Redemptions payable	1,074
Future estimated distribution fees payable	19,777
Distributions reinvested in common stock	13,483	2,976
Non-cash capital expenditures	$ 1,024	$ 94

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 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 As Assets: Deferred financing costs, net $ 5,967 $ — Liabilities: Debt, net 615,000 609,033 Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”), which provides guidance for revenue recognition and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition.” The standard is based on the principle that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The guidance specifically excludes revenue derived from lease contracts from its scope. ASU 2014-09 was initially effective for annual and interim reporting periods beginning after December 15, 2016. In July 2015, the FASB approved a one-year deferral of the effective date of this standard. The revised effective date for the standard is for annual reporting periods beginning after December 15, 2017 and interim periods therein. The FASB also approved changes allowing for early adoption of the standard as of the original effective date. 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. In April 2016, the FASB issued ASU No. 2016-10, “Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing.” ASU 2016-10 clarifies the implementation guidance in Topic 606 for identifying performance obligations and determining when to recognize revenue on licensing agreements for intellectual property. In May 2016, the FASB issued ASU No. 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting.” ASU 2016-11 rescinds certain SEC staff comments previously made in regard to ASU 2014-09 and ASU 2014-16. In May 2016, the FASB issued ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients.” ASU 2016-12 clarifies three aspects of Topic 606, including the objective of the collectability criterion, the measurement date for noncash consideration and the requirements for a completed contract. ASU 2016-12 also includes a practical expedient for contract modifications and allows an entity to exclude amounts collected from customers for all sales taxes from the transaction price. The Company is currently evaluating the effect the above guidance will have on its consolidated financial statements. 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 No. 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 is effective for annual and interim reporting periods beginning after December 15, 2018, with early adoption permitted. The Company has not yet selected a transition date nor has the Company determined the effect this guidance will have on its consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
ACQUISITIONS	3. ACQUISITIONS The Company acquired 100% of the following properties during the six months ended June 30, 2016: Intangibles ($ in thousands) Acquisition Number Land Building Intangible Above- Below- Total 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 (2) 3/7/2016 1 7,093 19,778 1,092 — (70 ) 27,893 Kent Industrial Portfolio 3/28/2016 4 9,813 20,042 2,046 40 (444 ) 31,497 Auburn 167 Industrial Center 4/14/2016 3 6,934 13,447 1,605 140 (137 ) 21,989 Corona Industrial Center 4/27/2016 1 10,958 8,882 553 — — 20,393 National Distribution Portfolio II 5/19/2016 7 43,459 134,781 9,917 407 (1,064 ) 187,500 Carlisle Distribution Center 5/19/2016 1 7,892 19,595 1,925 — (563 ) 28,849 Central Valley Portfolio 5/24/2016 3 8,239 29,603 3,998 — (396 ) 41,444 Cheyenne Distribution Center 5/25/2016 1 5,200 22,320 2,647 — — 30,167 Peoria Distribution Center 6/15/2016 1 3,825 15,933 1,588 — (97 ) 21,249 Trade Port Distribution Center II 6/17/2016 2 5,170 40,903 6,227 — — 52,300 Northeast Distribution Portfolio 6/20/2016 2 6,745 20,110 3,220 — (675 ) 29,400 Pinnacle Distribution Center II 6/22/2016 1 8,150 23,168 2,436 — (154 ) 33,600 Other acquisitions Various 16 24,437 61,943 8,852 91 (1,503 ) 93,820 Total acquisitions 63 $ 194,565 $ 598,578 $ 67,556 $ 2,010 $ (8,553 ) $ 854,156 (1) Total purchase price exclusive of transfer taxes, due diligence expenses, and other closing costs equals consideration paid. The purchase price allocations are preliminary based on the Company’s estimate of the fair value determined from all available information at the time of acquisition and, therefore, are subject to change upon the completion of the Company’s analysis of appraisals, evaluation of the credit quality of customers, and working capital adjustments within the measurement period, which will not exceed 12 months from the acquisition date. The Company does not expect future revisions, if any, to have a significant impact on its financial position or results of operations. (2) Includes an additional land parcel acquisition in May 2016 for a purchase price of approximately $0.4 million. 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 Auburn 167 Industrial Center 4.1 Corona Industrial Center 5.1 National Distribution Portfolio II 1.8 Carlisle Distribution Center 3.5 Central Valley Portfolio 4.0 Cheyenne Distribution Center 7.1 Peoria Distribution Center 3.3 Trade Port Distribution Center II 10.0 Northeast Distribution Portfolio 10.7 Pinnacle Distribution Center II 3.7 Other acquisitions 3.9 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 and six months ended June 30, 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 and six months ended June 30, 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 June 30, For the Six Months Ended June 30, (in thousands) 2016 2015 2016 2015 Actual: Total revenues $ 3,964 $ 1,418 $ 15,211 $ 5,428 Net loss $ (3,500 ) $ (496 ) $ (3,822 ) $ (582 ) Pro forma: Total revenues (1) $ 46,100 $ 38,487 $ 91,340 $ 89,942 Net loss (2) $ (6,026 ) $ (293 ) $ (10,356 ) $ (25,906 ) (1) In deriving the pro forma total revenues, an adjustment was made to include incremental revenue of $5.7 million and $28.3 million for the three months ended June 30, 2016 and 2015, respectively, and $17.6 million and $72.6 million for the six months ended June 30, 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 $15.3 million and $3.3 million for the three months ended June 30, 2016 and 2015, respectively, and $25.6 million and $6.8 million for the six months ended June 30, 2016 and 2015, respectively. For the six months ended June 30, 2015, the pro forma net loss was adjusted to include acquisition-related expenses of $25.6 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	6 Months Ended
	Jun. 30, 2016
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE PROPERTIES	4. INVESTMENT IN REAL ESTATE PROPERTIES As of June 30, 2016 and December 31, 2015, the Company’s consolidated investment in real estate properties consisted of 195 and 131 industrial buildings, respectively. As of (in thousands) June 30, December 31, Land $ 600,303 $ 405,739 Building and improvements 1,472,394 866,032 Intangible lease assets 196,054 123,451 Construction in progress 18,270 11,023 Investment in real estate properties 2,287,021 1,406,245 Less accumulated depreciation and amortization (73,336 ) (32,050 ) Net investment in real estate properties $ 2,213,685 $ 1,374,195 Intangible Lease Assets and Liabilities Intangible lease assets and liabilities, as of June 30, 2016 and December 31, 2015, include the following: As of June 30, 2016 As of December 31, 2015 (in thousands) Gross Accumulated Net Gross Accumulated Net Intangible lease assets (1) $ 185,430 $ (34,642 ) $ 150,788 $ 114,768 $ (15,039 ) $ 99,729 Above-market lease assets (1) 10,624 (1,899 ) 8,725 8,683 (815 ) 7,868 Below-market lease liabilities (2) (26,952 ) 4,825 (22,127 ) (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 June 30, 2016, for the next five years and thereafter: Estimated Net Amortization (in thousands) Intangible Lease Assets Above-Market Lease Assets Below-Market Lease Liabilities Remainder of 2016 $ 23,957 $ 1,270 $ (2,788 ) 2017 35,899 1,894 (4,966 ) 2018 27,436 1,576 (4,018 ) 2019 19,034 1,007 (3,097 ) 2020 14,072 773 (2,498 ) Thereafter 30,390 2,205 (4,760 ) Total $ 150,788 $ 8,725 $ (22,127 ) 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 June 30, 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 Rental Payments Remainder of 2016 $ 65,318 2017 122,943 2018 113,148 2019 95,308 2020 79,848 Thereafter 225,101 Total $ 701,666 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 June 30, For the Six Months Ended June 30, (in thousands) 2016 2015 2016 2015 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 2,424 $ 1,131 $ 4,200 $ 1,898 Above-market lease amortization (606 ) (114 ) (1,153 ) (211 ) Below-market lease amortization 1,276 473 2,382 873 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 11,401 $ 2,795 $ 20,599 $ 5,116 Intangible lease asset amortization 11,736 2,686 20,837 4,934

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE	6 Months Ended
	Jun. 30, 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 June 30, 2016.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
DEBT	6. DEBT The Company’s consolidated indebtedness is currently comprised of borrowings under its line of credit and term loans, 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: Weighted Average Effective Interest Rate as of Balance as of ($ in thousands) June 30, 2016 December 31, 2015 Maturity Date June 30, 2016 December 31, 2015 Line of credit (1) 1.87 % 1.83 % January 2020 $ 272,000 $ 265,000 Term loan (2) 2.32 % 1.78 % January 2021 350,000 250,000 Term loan (3) 2.07 % — May 2022 150,000 — Fixed-rate mortgage notes (4) 3.40 % 3.52 % June 2022 - July 2024 389,480 100,000 Total principal amount / weighted-average 2.54 % 2.08 % $ 1,161,480 $ 615,000 Less unamortized debt issuance costs $ 9,888 $ 5,967 Total debt, net $ 1,151,592 $ 609,033 Gross book value of properties encumbered by debt $ 624,456 $ 151,754 (1) The interest rate is calculated based on either: (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 June 30, 2016, the unused and available portion under the line of credit was $228.0 million. (2) In June 2016, the Company expanded its borrowings under its existing term loan by $100.0 million to a total of $350.0 million. The interest rate for the term loan is calculated based on either: (i) LIBOR multiplied by a statutory reserve rate, 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. As of June 30, 2016, the Company had effectively fixed the interest rate with respect to $250.0 million of the $350.0 million term loan through the use of interest rate swap agreements. The all-in fixed interest rate including the effects of the swaps was 2.32% as of June 30, 2016. (3) In May 2016, the Company borrowed $150.0 million pursuant to a new unsecured term loan. The interest rate is calculated based on either: (i) LIBOR multiplied by a statutory reserve rate fixed through the use of interest rate swaps, plus a margin ranging from 1.60% to 2.50%; or (ii) an alternative base rate plus a margin ranging from 0.60% to 1.50%, each depending on the Company’s consolidated leverage ratio. (4) Includes the effects of the interest rate swap the Company entered into in April 2016 relating to its variable-rate mortgage note with an amount outstanding of $97.0 million as of June 30, 2016. The all-in interest rate including the effects of the swap was 3.45% as of June 30, 2016. The remaining mortgage notes have interest rates ranging from 3.30% to 3.52%. As of June 30, 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 Loans Mortgage Notes Total Remainder of 2016 $ — $ — $ — $ — 2017 — — — — 2018 — — 1,354 1,354 2019 — — 2,191 2,191 2020 272,000 — 3,859 275,859 Thereafter — 500,000 382,076 882,076 Total principal payments $ 272,000 $ 500,000 $ 389,480 $ 1,161,480 (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 loans 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 June 30, 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 June 30, 2016, the Company had six 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 and six months ended June 30, 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 Location June 30, 2016 December 31, 2015 Interest rate swaps $ 346,980 Other liabilities $ 6,595 $ — 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 June 30, For the Six Months Ended June 30, (in thousands) 2016 2015 2016 2015 Interest rate swaps: Loss recognized in AOCI (effective portion) $ (4,999 ) $ — $ (7,405 ) $ — Loss reclassified from AOCI into income (effective portion) 456 — 810 — Net other comprehensive los $ (4,543 ) $ — $ (6,595 ) $ —

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 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 June 30, 2016: (in thousands) Level 1 Level 2 Level 3 Total Fair Value Liabilities Derivative instruments $ — $ 6,595 $ — $ 6,595 Total liabilities measured at fair value $ — $ 6,595 $ — $ 6,595 As of June 30, 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 June 30, 2016 As of December 31, 2015 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Line of credit $ 272,000 $ 272,000 $ 265,000 $ 265,000 Term loans 500,000 500,000 250,000 250,000 Mortgage notes 389,480 393,889 100,000 97,958 Derivative liability 6,595 6,595 — — 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 Loans. 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	6 Months Ended
	Jun. 30, 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, and up to $500.0 million in shares under the Company’s distribution reinvestment plan. 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 audit by the Company’s independent registered public accounting firm. The Class A shares and Class T shares have identical rights and privileges, including voting rights, but have differing fees that are payable on a class-specific basis, as described in “Note 11.” The per share amount of distributions on Class T shares will be lower than the per share amount of distributions on Class A shares because of the distribution fees payable with respect to Class T shares. The Company’s shares of common stock consist of Class A shares and Class T shares, all of which are collectively referred to herein as shares of common stock. The new offering prices have been rounded to the nearest whole cent throughout this report. The Company has reallocated $325.0 million shares of common stock offered pursuant to the Company’s distribution reinvestment plan to the Company’s primary offering. 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 has been extended by the Company’s board of directors until the earlier to occur of either: (i) December 21, 2016; or (ii) the date on which the Company raises approximately $500.0 million of additional gross proceeds from the sale of primary offering shares. The Company’s board of directors may determine to terminate the Offering at an earlier or later date, in its sole discretion. On July 21, 2016, the Company filed a registration statement on Form S-11 for a proposed follow-on offering. The Company does not intend to register new securities pursuant to the proposed follow-on offering, but rather will carry forward any unsold securities registered pursuant to the Offering if necessary to meet the Company’s capital raising goals. A summary of the Company’s public offering (including shares sold through the primary offering and distribution reinvestment plan (“DRIP”) offering), as of June 30, 2016, is as follows: (in thousands) Class A Class T Total Amount of gross proceeds raised: Primary offering $ 930,834 $ 389,531 $ 1,320,365 DRIP offering 21,910 2,151 24,061 Total offering $ 952,744 $ 391,682 $ 1,344,426 Number of shares sold: Primary offering 91,863 39,628 131,491 DRIP offering 2,239 219 2,458 Total offering 94,102 39,847 133,949 As of August 15, 2016, following the reallocation of shares in the Offering, approximately $600.0 million in shares of common stock remained available for sale pursuant to the Offering, including $140.0 million in shares of common stock available for sale through the Company’s distribution reinvestment plan, which may be reallocated further 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 8,388 84 21,238 212 29,626 296 DRIP shares 1,143 12 219 2 1,362 14 Stock grants 118 1 — — 118 1 Redemptions (79 ) (1 ) (2 ) — (81 ) (1 ) Forfeitures (14 ) — — — (14 ) — Balance as of June 30, 2016 94,151 $ 942 39,845 $ 398 133,996 $ 1,340 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 Common Share (1) Paid in Cash Reinvested in Shares Distribution Fees (2) Gross Distributions (3) 2016 June 30 July 5, 2016 $ 0.13515 $ 7,534 $ 9,042 $ 876 17,452 March 31 April 4, 2016 0.13515 6,788 8,040 622 15,450 Total $ 14,322 $ 17,082 $ 1,498 $ 32,902 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 11” 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 Six Months Ended June 30, 2016 2015 Number of eligible shares redeemed 169,408 6,078 Aggregate amount of shares redeemed $ 1,644,228 $ 57,538 Average redemption price per share $ 9.71 $ 9.47

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2016 is as follows: (shares in thousands) Shares Weighted-Average Fair Value per Share (1) Nonvested shares at January 1, 2016 58 $ 10.44 Granted 118 $ 10.44 Vested (48 ) $ 10.44 Forfeited (14 ) $ 10.44 Nonvested shares at June 30, 2016 114 $ 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 June 30, For the Six Months Ended June 30, (in thousands, except per share data) 2016 2015 2016 2015 Share-based compensation expense $ 177 $ 107 $ 566 $ 224 Total fair value of restricted stock vested $ 144 $ 33 $ 494 $ 108 Weighted-average grant date fair value of restricted stock granted, per share (1) $ 10.44 $ 10.00 $ 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 June 30, 2016, the aggregate unrecognized compensation cost related to the restricted stock was approximately $0.9 million and is expected to be fully recognized over a weighted-average period of 0.9 years.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	6 Months Ended
	Jun. 30, 2016
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	10. NONCONTROLLING INTERESTS In June 2016, the Company acquired a controlling interest in a subsidiary real estate investment trust (the “Subsidiary REIT”) that owns one building. The Company is the managing member of the Subsidiary REIT. Noncontrolling interests represent the portion of equity in the Subsidiary REIT that the Company does not own. Such noncontrolling interests are equity instruments presented in the condensed consolidated balance sheets as noncontrolling interests within permanent equity. The noncontrolling interests consist of redeemable preferred shares with a 12.5% annual preferred dividend. The Subsidiary REIT has 125 preferred shares issued and outstanding at a par value of $1,000 per share, for an aggregate amount of $125,000. The preferred shares are non-voting shares, which have no rights to income or loss, and the preferred shareholders of the Subsidiary REIT own less than 0.5% of the Subsidiary REIT. The preferred shares are redeemable by the Subsidiary REIT at the discretion of the Company, as the managing member, for $1,000 per share, plus accumulated and unpaid dividends, as well as a redemption premium if the preferred shares are redeemed before December 31, 2017.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	11. RELATED PARTY TRANSACTIONS The Company relies on the Advisor, a related party, to manage the Company’s day-to-day operating and acquisition activities and to implement the Company’s investment strategy pursuant to the terms of the fourth amended and restated advisory agreement, dated August 12, 2016, by and among the Company, the Operating Partnership, and the Advisor (the “Advisory Agreement”). The current term of the Advisory Agreement ends August 12, 2017, subject to renewals by the Company’s board of directors for an unlimited number of successive one-year periods. The Dealer Manager provides dealer manager services in connection with the Offering. The Sponsor, which owns the Advisor, is presently directly or indirectly majority owned by John A. Blumberg, James R. Mulvihill and Evan H. Zucker and/or their affiliates and the Sponsor and the Advisor are jointly controlled by Messrs. Blumberg, Mulvihill and Zucker and/or their affiliates. The Dealer Manager is presently directly or indirectly majority owned, controlled and/or managed by Messrs. Blumberg, Mulvihill and/or Zucker and/or their affiliates. Mr. Zucker is the Chairman of our board of directors. 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. Distribution fees are accrued upon the issuance of Class T shares. The Company accrues for: (i) the monthly amount payable as of the balance sheet date; and (ii) the estimated amount of distribution fees to be paid in future periods based on the Class T shares outstanding as of the balance sheet date. The distribution fees are reflected in additional paid-in capital in stockholders’ equity. 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 June 30, For the Six Months Ended June 30, Receivable (Payable) as of June 30, 2016 December 31, 2015 (in thousands) 2016 2015 2016 2015 Expensed: Acquisition fees $ 10,019 $ 1,575 $ 17,148 $ 3,120 $ (149 ) $ (941 ) Asset management fees (1) 4,146 1,047 7,541 1,922 (1,517 ) (961 ) Asset management fees related to dispositions (2) — — 1,466 — — — Other expense reimbursements (3) 697 70 1,587 216 (173 ) (119 ) Total $ 14,862 $ 2,692 $ 27,742 $ 5,258 $ (1,839 ) $ (2,021 ) Capitalized: Development acquisition fees (4) $ 39 $ — $ 155 $ — $ — $ (39 ) Additional Paid-In Capital: Sales commissions $ 3,230 $ 9,552 $ 9,988 $ 18,949 $ (56 ) $ (498 ) Dealer manager fees 2,192 3,462 6,363 6,863 (84 ) (500 ) Offering costs 2,015 2,803 4,585 5,544 (672 ) (377 ) Distribution fees (5) 20,653 — 21,275 — (20,087 ) (110 ) Total $ 28,090 $ 15,817 $ 42,211 $ 31,356 $ (20,899 ) $ (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) Includes reimbursement for certain expenses incurred in connection with the services provided to the Company under the Advisory Agreement. Also includes amounts for the three months ended June 30, 2016 and 2015 of $5,000 and $9,625, respectively, and for the six months ended June 30, 2016 and 2015 of $14,000 and $15,400, respectively, that the Company paid to an affiliate of the Advisor for a portion of the salary of the principal financial officer, Thomas G. McGonagle, for services provided to the Company. There were no amounts reimbursed for any portion of the salary and benefits during the three and six months ended June 30, 2016 and 2015 to the principal executive officer, Dwight L. Merriman III, for services provided to the Company. The principal executive officer and principal financial officer provide services to and receive additional compensation from affiliates of the Company’s Advisor that the Company does not reimburse. (4) 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. (5) The distribution fees accrue daily and are payable monthly in arrears. As of June 30, 2016, the monthly amount of distribution fees payable of $0.3 million is included in distributions payable on the condensed consolidated balance sheets. Additionally, the Company accrues for future estimated amounts payable based on the shares outstanding as of the balance sheet date. As of June 30, 2016, the future estimated amounts payable of $19.8 million are included in due to affiliates on the condensed consolidated balance sheets, and includes an immaterial amount related to prior periods. 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 and six months ended June 30, 2016, the BTC Partnership incurred approximately $0.7 million and $1.2 million, respectively, in acquisition and asset management fees which were paid to the Advisor pursuant to the Services Agreement, as compared to $0.4 million and $1.1 million, respectively, for the three and six months ended June 30, 2015. 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 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, second and third 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 the fees waived or expenses supported by the Advisor, as well as any amounts reimbursed to the Advisor by the Company: For the Three Months For the Six Months (in thousands) 2016 2015 2016 2015 Asset management fees deferred $ — $ 1,034 $ 267 $ 1,576 Other expenses supported — — — — Reimbursement of previously deferred expenses (1,431 ) — (1,431 ) — Total expense support from (repayment to) Advisor (1) $ (1,431 ) $ 1,034 $ (1,164 ) $ 1,576 (1) As of June 30, 2016, approximately $1.4 million of expense support was payable to the Advisor by the Company. As of June 30, 2016, the cumulative amount of fees deferred and expenses supported by the Advisor (net of the amounts reimbursed by the Company) was approximately $6.0 million. The maximum amount potentially reimbursable to the Advisor was approximately $5.4 million. The Company recorded approximately $1.4 million related to the reimbursement of previously deferred expenses during the three months ended June 30, 2016. The remaining amount potentially reimbursable to the Advisor in future periods is approximately $4.0 million.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	12. 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 June 30, 2016.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	13. SUBSEQUENT EVENTS Status of Offering A summary of the Company’s public offering as of August 5, 2016, is as follows: (in thousands) Class A Class T Total Amount of gross proceeds raised: Primary offering $ 940,996 $ 417,110 $ 1,358,106 DRIP offering 28,445 4,660 33,105 Total offering $ 969,441 $ 421,770 $ 1,391,211 Number of shares sold: Primary offering 92,842 42,433 135,275 DRIP offering 2,898 474 3,372 Total offering 95,740 42,907 138,647 As of August 15, 2016, following the reallocation of shares in the Offering, approximately $600.0 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 $140.0 million in shares of common stock available for sale through the Company’s distribution reinvestment plan, which may be reallocated further for sale in the primary offering. See “Note 8” for a description of the reallocation of shares in the Offering and the reallocation of shares in the Offering and the registration statement filed by the Company on July 21, 2016 with respect to a proposed follow-on public offering of the Company’s common stock. Derivative Instrument In July 2016, the Company entered into five interest swap agreements, with an aggregate notional amount of $250.0 million, to hedge LIBOR on a portion of its unsecured debt. The interest rate swaps were effective in July 2016 and fixed LIBOR between 0.74% and 0.75%, with an all-in interest rate between 2.10% and 2.14%, depending on the Company’s consolidated leverage ratio. The interest rate swaps will expire between July 2020 and October 2020.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 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 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 As Assets: Deferred financing costs, net $ 5,967 $ — Liabilities: Debt, net 615,000 609,033 Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”), which provides guidance for revenue recognition and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition.” The standard is based on the principle that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The guidance specifically excludes revenue derived from lease contracts from its scope. ASU 2014-09 was initially effective for annual and interim reporting periods beginning after December 15, 2016. In July 2015, the FASB approved a one-year deferral of the effective date of this standard. The revised effective date for the standard is for annual reporting periods beginning after December 15, 2017 and interim periods therein. The FASB also approved changes allowing for early adoption of the standard as of the original effective date. 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. In April 2016, the FASB issued ASU No. 2016-10, “Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing.” ASU 2016-10 clarifies the implementation guidance in Topic 606 for identifying performance obligations and determining when to recognize revenue on licensing agreements for intellectual property. In May 2016, the FASB issued ASU No. 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting.” ASU 2016-11 rescinds certain SEC staff comments previously made in regard to ASU 2014-09 and ASU 2014-16. In May 2016, the FASB issued ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients.” ASU 2016-12 clarifies three aspects of Topic 606, including the objective of the collectability criterion, the measurement date for noncash consideration and the requirements for a completed contract. ASU 2016-12 also includes a practical expedient for contract modifications and allows an entity to exclude amounts collected from customers for all sales taxes from the transaction price. The Company is currently evaluating the effect the above guidance will have on its consolidated financial statements. 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 No. 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 is effective for annual and interim reporting periods beginning after December 15, 2018, with early adoption permitted. The Company has not yet selected a transition date nor has the Company determined 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.
Distribution fees	Distribution fees are accrued upon the issuance of Class T shares. The Company accrues for: (i) the monthly amount payable as of the balance sheet date; and (ii) the estimated amount of distribution fees to be paid in future periods based on the Class T shares outstanding as of the balance sheet date. The distribution fees are reflected in additional paid-in capital in stockholders’ equity.

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	6 Months Ended
	Jun. 30, 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 As Assets: Deferred financing costs, net $ 5,967 $ — Liabilities: Debt, net 615,000 609,033

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
Summary of Business Acquisitions	The Company acquired 100% of the following properties during the six months ended June 30, 2016: Intangibles ($ in thousands) Acquisition Number Land Building Intangible Above- Below- Total 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 (2) 3/7/2016 1 7,093 19,778 1,092 — (70 ) 27,893 Kent Industrial Portfolio 3/28/2016 4 9,813 20,042 2,046 40 (444 ) 31,497 Auburn 167 Industrial Center 4/14/2016 3 6,934 13,447 1,605 140 (137 ) 21,989 Corona Industrial Center 4/27/2016 1 10,958 8,882 553 — — 20,393 National Distribution Portfolio II 5/19/2016 7 43,459 134,781 9,917 407 (1,064 ) 187,500 Carlisle Distribution Center 5/19/2016 1 7,892 19,595 1,925 — (563 ) 28,849 Central Valley Portfolio 5/24/2016 3 8,239 29,603 3,998 — (396 ) 41,444 Cheyenne Distribution Center 5/25/2016 1 5,200 22,320 2,647 — — 30,167 Peoria Distribution Center 6/15/2016 1 3,825 15,933 1,588 — (97 ) 21,249 Trade Port Distribution Center II 6/17/2016 2 5,170 40,903 6,227 — — 52,300 Northeast Distribution Portfolio 6/20/2016 2 6,745 20,110 3,220 — (675 ) 29,400 Pinnacle Distribution Center II 6/22/2016 1 8,150 23,168 2,436 — (154 ) 33,600 Other acquisitions Various 16 24,437 61,943 8,852 91 (1,503 ) 93,820 Total acquisitions 63 $ 194,565 $ 598,578 $ 67,556 $ 2,010 $ (8,553 ) $ 854,156 (1) Total purchase price exclusive of transfer taxes, due diligence expenses, and other closing costs equals consideration paid. The purchase price allocations are preliminary based on the Company’s estimate of the fair value determined from all available information at the time of acquisition and, therefore, are subject to change upon the completion of the Company’s analysis of appraisals, evaluation of the credit quality of customers, and working capital adjustments within the measurement period, which will not exceed 12 months from the acquisition date. The Company does not expect future revisions, if any, to have a significant impact on its financial position or results of operations. (2) Includes an additional land parcel acquisition in May 2016 for a purchase price of approximately $0.4 million.
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 Auburn 167 Industrial Center 4.1 Corona Industrial Center 5.1 National Distribution Portfolio II 1.8 Carlisle Distribution Center 3.5 Central Valley Portfolio 4.0 Cheyenne Distribution Center 7.1 Peoria Distribution Center 3.3 Trade Port Distribution Center II 10.0 Northeast Distribution Portfolio 10.7 Pinnacle Distribution Center II 3.7 Other acquisitions 3.9
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 June 30, For the Six Months Ended June 30, (in thousands) 2016 2015 2016 2015 Actual: Total revenues $ 3,964 $ 1,418 $ 15,211 $ 5,428 Net loss $ (3,500 ) $ (496 ) $ (3,822 ) $ (582 ) Pro forma: Total revenues (1) $ 46,100 $ 38,487 $ 91,340 $ 89,942 Net loss (2) $ (6,026 ) $ (293 ) $ (10,356 ) $ (25,906 ) (1) In deriving the pro forma total revenues, an adjustment was made to include incremental revenue of $5.7 million and $28.3 million for the three months ended June 30, 2016 and 2015, respectively, and $17.6 million and $72.6 million for the six months ended June 30, 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 $15.3 million and $3.3 million for the three months ended June 30, 2016 and 2015, respectively, and $25.6 million and $6.8 million for the six months ended June 30, 2016 and 2015, respectively. For the six months ended June 30, 2015, the pro forma net loss was adjusted to include acquisition-related expenses of $25.6 million relating to the 2016 acquisitions, as if these expenses had been incurred as of January 1, 2015.

INVESTMENT IN REAL ESTATE PRO24

INVESTMENT IN REAL ESTATE PROPERTIES (Tables)	6 Months Ended
	Jun. 30, 2016
Real Estate [Abstract]
Investment in Properties	As of June 30, 2016 and December 31, 2015, the Company’s consolidated investment in real estate properties consisted of 195 and 131 industrial buildings, respectively. As of (in thousands) June 30, December 31, Land $ 600,303 $ 405,739 Building and improvements 1,472,394 866,032 Intangible lease assets 196,054 123,451 Construction in progress 18,270 11,023 Investment in real estate properties 2,287,021 1,406,245 Less accumulated depreciation and amortization (73,336 ) (32,050 ) Net investment in real estate properties $ 2,213,685 $ 1,374,195
Summary of Intangible Lease Assets and Liabilities	Intangible lease assets and liabilities, as of June 30, 2016 and December 31, 2015, include the following: As of June 30, 2016 As of December 31, 2015 (in thousands) Gross Accumulated Net Gross Accumulated Net Intangible lease assets (1) $ 185,430 $ (34,642 ) $ 150,788 $ 114,768 $ (15,039 ) $ 99,729 Above-market lease assets (1) 10,624 (1,899 ) 8,725 8,683 (815 ) 7,868 Below-market lease liabilities (2) (26,952 ) 4,825 (22,127 ) (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 June 30, 2016, for the next five years and thereafter: Estimated Net Amortization (in thousands) Intangible Lease Assets Above-Market Lease Assets Below-Market Lease Liabilities Remainder of 2016 $ 23,957 $ 1,270 $ (2,788 ) 2017 35,899 1,894 (4,966 ) 2018 27,436 1,576 (4,018 ) 2019 19,034 1,007 (3,097 ) 2020 14,072 773 (2,498 ) Thereafter 30,390 2,205 (4,760 ) Total $ 150,788 $ 8,725 $ (22,127 )
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 June 30, 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 Rental Payments Remainder of 2016 $ 65,318 2017 122,943 2018 113,148 2019 95,308 2020 79,848 Thereafter 225,101 Total $ 701,666
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 June 30, For the Six Months Ended June 30, (in thousands) 2016 2015 2016 2015 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 2,424 $ 1,131 $ 4,200 $ 1,898 Above-market lease amortization (606 ) (114 ) (1,153 ) (211 ) Below-market lease amortization 1,276 473 2,382 873 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 11,401 $ 2,795 $ 20,599 $ 5,116 Intangible lease asset amortization 11,736 2,686 20,837 4,934

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Summary of Debt	A summary of the Company’s debt is as follows: Weighted Average Effective Interest Rate as of Balance as of ($ in thousands) June 30, 2016 December 31, 2015 Maturity Date June 30, 2016 December 31, 2015 Line of credit (1) 1.87 % 1.83 % January 2020 $ 272,000 $ 265,000 Term loan (2) 2.32 % 1.78 % January 2021 350,000 250,000 Term loan (3) 2.07 % — May 2022 150,000 — Fixed-rate mortgage notes (4) 3.40 % 3.52 % June 2022 - July 2024 389,480 100,000 Total principal amount / weighted-average 2.54 % 2.08 % $ 1,161,480 $ 615,000 Less unamortized debt issuance costs $ 9,888 $ 5,967 Total debt, net $ 1,151,592 $ 609,033 Gross book value of properties encumbered by debt $ 624,456 $ 151,754 (1) The interest rate is calculated based on either: (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 June 30, 2016, the unused and available portion under the line of credit was $228.0 million. (2) In June 2016, the Company expanded its borrowings under its existing term loan by $100.0 million to a total of $350.0 million. The interest rate for the term loan is calculated based on either: (i) LIBOR multiplied by a statutory reserve rate, 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. As of June 30, 2016, the Company had effectively fixed the interest rate with respect to $250.0 million of the $350.0 million term loan through the use of interest rate swap agreements. The all-in fixed interest rate including the effects of the swaps was 2.32% as of June 30, 2016. (3) In May 2016, the Company borrowed $150.0 million pursuant to a new unsecured term loan. The interest rate is calculated based on either: (i) LIBOR multiplied by a statutory reserve rate fixed through the use of interest rate swaps, plus a margin ranging from 1.60% to 2.50%; or (ii) an alternative base rate plus a margin ranging from 0.60% to 1.50%, each depending on the Company’s consolidated leverage ratio. (4) Includes the effects of the interest rate swap the Company entered into in April 2016 relating to its variable-rate mortgage note with an amount outstanding of $97.0 million as of June 30, 2016. The all-in interest rate including the effects of the swap was 3.45% as of June 30, 2016. The remaining mortgage notes have interest rates ranging from 3.30% to 3.52%.
Principal Payments Due on Consolidated Debt During Each of Next Five Years and Thereafter	As of June 30, 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 Loans Mortgage Notes Total Remainder of 2016 $ — $ — $ — $ — 2017 — — — — 2018 — — 1,354 1,354 2019 — — 2,191 2,191 2020 272,000 — 3,859 275,859 Thereafter — 500,000 382,076 882,076 Total principal payments $ 272,000 $ 500,000 $ 389,480 $ 1,161,480 (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 Location June 30, 2016 December 31, 2015 Interest rate swaps $ 346,980 Other liabilities $ 6,595 $ —
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 June 30, For the Six Months Ended June 30, (in thousands) 2016 2015 2016 2015 Interest rate swaps: Loss recognized in AOCI (effective portion) $ (4,999 ) $ — $ (7,405 ) $ — Loss reclassified from AOCI into income (effective portion) 456 — 810 — Net other comprehensive loss $ (4,543 ) $ — $ (6,595 ) $ —

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016: (in thousands) Level 1 Level 2 Level 3 Total Fair Value Liabilities Derivative instruments $ — $ 6,595 $ — $ 6,595 Total liabilities measured at fair value $ — $ 6,595 $ — $ 6,595
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 June 30, 2016 As of December 31, 2015 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Line of credit $ 272,000 $ 272,000 $ 265,000 $ 265,000 Term loans 500,000 500,000 250,000 250,000 Mortgage notes 389,480 393,889 100,000 97,958 Derivative liability 6,595 6,595 — —

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016, is as follows: (in thousands) Class A Class T Total Amount of gross proceeds raised: Primary offering $ 930,834 $ 389,531 $ 1,320,365 DRIP offering 21,910 2,151 24,061 Total offering $ 952,744 $ 391,682 $ 1,344,426 Number of shares sold: Primary offering 91,863 39,628 131,491 DRIP offering 2,239 219 2,458 Total offering 94,102 39,847 133,949
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 8,388 84 21,238 212 29,626 296 DRIP shares 1,143 12 219 2 1,362 14 Stock grants 118 1 — — 118 1 Redemptions (79 ) (1 ) (2 ) — (81 ) (1 ) Forfeitures (14 ) — — — (14 ) — Balance as of June 30, 2016 94,151 $ 942 39,845 $ 398 133,996 $ 1,340
Redemption Table	The following table summarizes the Company’s redemption activity: For the Six Months Ended June 30, 2016 2015 Number of eligible shares redeemed 169,408 6,078 Aggregate amount of shares redeemed $ 1,644,228 $ 57,538 Average redemption price per share $ 9.71 $ 9.47
Status Update of Public Offering [Member]
Summary of Public Offering	A summary of the Company’s public offering as of August 5, 2016, is as follows: (in thousands) Class A Class T Total Amount of gross proceeds raised: Primary offering $ 940,996 $ 417,110 $ 1,358,106 DRIP offering 28,445 4,660 33,105 Total offering $ 969,441 $ 421,770 $ 1,391,211 Number of shares sold: Primary offering 92,842 42,433 135,275 DRIP offering 2,898 474 3,372 Total offering 95,740 42,907 138,647
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 Common Share (1) Paid in Cash Reinvested in Shares Distribution Fees (2) Gross Distributions (3) 2016 June 30 July 5, 2016 $ 0.13515 $ 7,534 $ 9,042 $ 876 17,452 March 31 April 4, 2016 0.13515 6,788 8,040 622 15,450 Total $ 14,322 $ 17,082 $ 1,498 $ 32,902 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 11” for further detail regarding distribution fees. (3) Gross distributions are total distributions before the deduction of distribution fees.

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2016 is as follows: (shares in thousands) Shares Weighted-Average Fair Value per Share (1) Nonvested shares at January 1, 2016 58 $ 10.44 Granted 118 $ 10.44 Vested (48 ) $ 10.44 Forfeited (14 ) $ 10.44 Nonvested shares at June 30, 2016 114 $ 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 June 30, For the Six Months Ended June 30, (in thousands, except per share data) 2016 2015 2016 2015 Share-based compensation expense $ 177 $ 107 $ 566 $ 224 Total fair value of restricted stock vested $ 144 $ 33 $ 494 $ 108 Weighted-average grant date fair value of restricted stock granted, per share (1) $ 10.44 $ 10.00 $ 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)	6 Months Ended
	Jun. 30, 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 June 30, For the Six Months Ended June 30, Receivable (Payable) as of June 30, 2016 December 31, 2015 (in thousands) 2016 2015 2016 2015 Expensed: Acquisition fees $ 10,019 $ 1,575 $ 17,148 $ 3,120 $ (149 ) $ (941 ) Asset management fees (1) 4,146 1,047 7,541 1,922 (1,517 ) (961 ) Asset management fees related to dispositions (2) — — 1,466 — — — Other expense reimbursements (3) 697 70 1,587 216 (173 ) (119 ) Total $ 14,862 $ 2,692 $ 27,742 $ 5,258 $ (1,839 ) $ (2,021 ) Capitalized: Development acquisition fees (4) $ 39 $ — $ 155 $ — $ — $ (39 ) Additional Paid-In Capital: Sales commissions $ 3,230 $ 9,552 $ 9,988 $ 18,949 $ (56 ) $ (498 ) Dealer manager fees 2,192 3,462 6,363 6,863 (84 ) (500 ) Offering costs 2,015 2,803 4,585 5,544 (672 ) (377 ) Distribution fees (5) 20,653 — 21,275 — (20,087 ) (110 ) Total $ 28,090 $ 15,817 $ 42,211 $ 31,356 $ (20,899 ) $ (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) Includes reimbursement for certain expenses incurred in connection with the services provided to the Company under the Advisory Agreement. Also includes amounts for the three months ended June 30, 2016 and 2015 of $5,000 and $9,625, respectively, and for the six months ended June 30, 2016 and 2015 of $14,000 and $15,400, respectively, that the Company paid to an affiliate of the Advisor for a portion of the salary of the principal financial officer, Thomas G. McGonagle, for services provided to the Company. There were no amounts reimbursed for any portion of the salary and benefits during the three and six months ended June 30, 2016 and 2015 to the principal executive officer, Dwight L. Merriman III, for services provided to the Company. The principal executive officer and principal financial officer provide services to and receive additional compensation from affiliates of the Company’s Advisor that the Company does not reimburse. (4) 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. (5) The distribution fees accrue daily and are payable monthly in arrears. As of June 30, 2016, the monthly amount of distribution fees payable of $0.3 million is included in distributions payable on the condensed consolidated balance sheets. Additionally, the Company accrues for future estimated amounts payable based on the shares outstanding as of the balance sheet date. As of June 30, 2016, the future estimated amounts payable of $19.8 million are included in due to affiliates on the condensed consolidated balance sheets, and includes an immaterial amount related to prior periods.
Schedule of Fees Waived or Expense Supported by the Advisor and Reimbursements to the Advisor by the Company	The table below provides information regarding the fees waived or expenses supported by the Advisor, as well as any amounts reimbursed to the Advisor by the Company: For the Three Months For the Six Months (in thousands) 2016 2015 2016 2015 Asset management fees deferred $ — $ 1,034 $ 267 $ 1,576 Other expenses supported — — — — Reimbursement of previously deferred expenses (1,431 ) — (1,431 ) — Total expense support from (repayment to) Advisor (1) $ (1,431 ) $ 1,034 $ (1,164 ) $ 1,576 (1) As of June 30, 2016, approximately $1.4 million of expense support was payable to the Advisor by the Company.

Basis of Presentation - Schedul

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

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail)	Jun. 30, 2016
Business Combinations [Abstract]
Ownership interest of acquired properties	100.00%

Acquisitions - Summary of Busin

Acquisitions - Summary of Business Acquisitions (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)Building	May 31, 2016USD ($)	Dec. 31, 2015USD ($)
2016 Acquisitions [Member]
Business Acquisition [Line Items]
Number of Buildings | Building	63
Land	$ 194,565	$ 400
Building	598,578
Intangible Lease Assets	67,556
Below Market Lease Liabilities	(8,553)
Total Purchase Price	$ 854,156
2016 Acquisitions [Member] | 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
2016 Acquisitions [Member] | 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
2016 Acquisitions [Member] | 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
2016 Acquisitions [Member] | 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
2016 Acquisitions [Member] | 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
2016 Acquisitions [Member] | Lehigh Valley Distribution Center II [Member]
Business Acquisition [Line Items]
Acquisition Date	Mar. 7, 2016
Number of Buildings | Building	1
Land	$ 7,093
Building	19,778
Intangible Lease Assets	1,092
Below Market Lease Liabilities	(70)
Total Purchase Price	$ 27,893
2016 Acquisitions [Member] | 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
2016 Acquisitions [Member] | Auburn 167 Industrial Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Apr. 14, 2016
Number of Buildings | Building	3
Land	$ 6,934
Building	13,447
Intangible Lease Assets	1,605
Below Market Lease Liabilities	(137)
Total Purchase Price	$ 21,989
2016 Acquisitions [Member] | Corona Industrial Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Apr. 27, 2016
Number of Buildings | Building	1
Land	$ 10,958
Building	8,882
Intangible Lease Assets	553
Total Purchase Price	$ 20,393
2016 Acquisitions [Member] | National Distribution Portfolio II [Member]
Business Acquisition [Line Items]
Acquisition Date	May 19, 2016
Number of Buildings | Building	7
Land	$ 43,459
Building	134,781
Intangible Lease Assets	9,917
Below Market Lease Liabilities	(1,064)
Total Purchase Price	$ 187,500
2016 Acquisitions [Member] | Carlisle Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date	May 19, 2016
Number of Buildings | Building	1
Land	$ 7,892
Building	19,595
Intangible Lease Assets	1,925
Below Market Lease Liabilities	(563)
Total Purchase Price	$ 28,849
2016 Acquisitions [Member] | Central Valley Portfolio [Member]
Business Acquisition [Line Items]
Acquisition Date	May 24, 2016
Number of Buildings | Building	3
Land	$ 8,239
Building	29,603
Intangible Lease Assets	3,998
Below Market Lease Liabilities	(396)
Total Purchase Price	$ 41,444
2016 Acquisitions [Member] | Cheyenne Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date	May 25, 2016
Number of Buildings | Building	1
Land	$ 5,200
Building	22,320
Intangible Lease Assets	2,647
Total Purchase Price	$ 30,167
2016 Acquisitions [Member] | Peoria Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Jun. 15, 2016
Number of Buildings | Building	1
Land	$ 3,825
Building	15,933
Intangible Lease Assets	1,588
Below Market Lease Liabilities	(97)
Total Purchase Price	$ 21,249
2016 Acquisitions [Member] | Trade Port Distribution Center II [Member]
Business Acquisition [Line Items]
Acquisition Date	Jun. 17, 2016
Number of Buildings | Building	2
Land	$ 5,170
Building	40,903
Intangible Lease Assets	6,227
Total Purchase Price	$ 52,300
2016 Acquisitions [Member] | Northeast Distribution Portfolio [Member]
Business Acquisition [Line Items]
Acquisition Date	Jun. 20, 2016
Number of Buildings | Building	2
Land	$ 6,745
Building	20,110
Intangible Lease Assets	3,220
Below Market Lease Liabilities	(675)
Total Purchase Price	$ 29,400
2016 Acquisitions [Member] | Pinnacle Distribution Center II [Member]
Business Acquisition [Line Items]
Acquisition Date	Jun. 22, 2016
Number of Buildings | Building	1
Land	$ 8,150
Building	23,168
Intangible Lease Assets	2,436
Below Market Lease Liabilities	(154)
Total Purchase Price	$ 33,600
2016 Acquisitions [Member] | Other acquisitions [Member]
Business Acquisition [Line Items]
Number of Buildings | Building	16
Land	$ 24,437
Building	61,943
Intangible Lease Assets	8,852
Below Market Lease Liabilities	(1,503)
Total Purchase Price	93,820
Above-Market Lease Assets [Member]
Business Acquisition [Line Items]
Above Market Lease Assets	10,624		$ 8,683
Above-Market Lease Assets [Member] | 2016 Acquisitions [Member]
Business Acquisition [Line Items]
Above Market Lease Assets	2,010
Above-Market Lease Assets [Member] | 2016 Acquisitions [Member] | Northwest Industrial Center [Member]
Business Acquisition [Line Items]
Above Market Lease Assets	81
Above-Market Lease Assets [Member] | 2016 Acquisitions [Member] | Golden State Portfolio [Member]
Business Acquisition [Line Items]
Above Market Lease Assets	131
Above-Market Lease Assets [Member] | 2016 Acquisitions [Member] | Victory Industrial Portfolio [Member]
Business Acquisition [Line Items]
Above Market Lease Assets	461
Above-Market Lease Assets [Member] | 2016 Acquisitions [Member] | National Distribution Portfolio [Member]
Business Acquisition [Line Items]
Above Market Lease Assets	659
Above-Market Lease Assets [Member] | 2016 Acquisitions [Member] | Kent Industrial Portfolio [Member]
Business Acquisition [Line Items]
Above Market Lease Assets	40
Above-Market Lease Assets [Member] | 2016 Acquisitions [Member] | Auburn 167 Industrial Center [Member]
Business Acquisition [Line Items]
Above Market Lease Assets	140
Above-Market Lease Assets [Member] | 2016 Acquisitions [Member] | National Distribution Portfolio II [Member]
Business Acquisition [Line Items]
Above Market Lease Assets	407
Above-Market Lease Assets [Member] | 2016 Acquisitions [Member] | Other acquisitions [Member]
Business Acquisition [Line Items]
Above Market Lease Assets	$ 91

Acquisitions - Summary of Bus33

Acquisitions - Summary of Business Acquisitions (Parenthetical) (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	May 31, 2016
2016 Acquisitions [Member]
Business Acquisition [Line Items]
Acquisitions of land parcel	$ 194,565	$ 400

Acquisitions - Weighted Average

Acquisitions - Weighted Average Amortized Period for Intangible Asset and Liability Acquired (Detail)	6 Months Ended
	Jun. 30, 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
Auburn 167 Industrial Center [Member]
Business Acquisition [Line Items]
Amortization Period	4 years 1 month 6 days
Corona Industrial Center [Member]
Business Acquisition [Line Items]
Amortization Period	5 years 1 month 6 days
National Distribution Portfolio II [Member]
Business Acquisition [Line Items]
Amortization Period	1 year 9 months 18 days
Carlisle Distribution Center [Member]
Business Acquisition [Line Items]
Amortization Period	3 years 6 months
Central Valley Portfolio [Member]
Business Acquisition [Line Items]
Amortization Period	4 years
Cheyenne Distribution Center [Member]
Business Acquisition [Line Items]
Amortization Period	7 years 1 month 6 days
Peoria Distribution Center [Member]
Business Acquisition [Line Items]
Amortization Period	3 years 3 months 18 days
Trade Port Distribution Center II [Member]
Business Acquisition [Line Items]
Amortization Period	10 years
Northeast Distribution Portfolio [Member]
Business Acquisition [Line Items]
Amortization Period	10 years 8 months 12 days
Pinnacle Distribution Center II [Member]
Business Acquisition [Line Items]
Amortization Period	3 years 8 months 12 days
Other acquisitions [Member]
Business Acquisition [Line Items]
Amortization Period	3 years 10 months 24 days

Acquisitions - Pro Forma Financ

Acquisitions - Pro Forma Financial Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Actual:
Total revenues	$ 3,964	$ 1,418	$ 15,211	$ 5,428
Net loss	(3,500)	(496)	(3,822)	(582)
Pro forma:
Total revenues	46,100	38,487	91,340	89,942
Net loss	$ (6,026)	$ (293)	$ (10,356)	$ (25,906)

Acquisitions - Pro Forma Fina36

Acquisitions - Pro Forma Financial Information (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Business Combinations [Abstract]
Pro forma incremental revenue	$ 5.7	$ 28.3	$ 17.6	$ 72.6
Non-recurring adjustments excluded from pro forma net income (loss), acquisition-related expenses	$ 15.3	$ 3.3	$ 25.6	6.8
Non-recurring adjustments included in pro forma net loss, acquisition-related expenses				$ 25.6

Investment in Real Estate Pro37

Investment in Real Estate Properties - Additional Information (Detail) - Building	Jun. 30, 2016	Dec. 31, 2015
Consolidated Properties [Member]
Real Estate Properties [Line Items]
Real estate properties owned, buildings	195	131

Investment in Real Estate Pro38

Investment in Real Estate Properties - Investment in Properties (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Schedule of Investments [Abstract]
Land	$ 600,303	$ 405,739
Building and improvements	1,472,394	866,032
Intangible lease assets	196,054	123,451
Construction in progress	18,270	11,023
Investment in real estate properties	2,287,021	1,406,245
Less accumulated depreciation and amortization	(73,336)	(32,050)
Net investment in real estate properties	$ 2,213,685	$ 1,374,195

Investment in Real Estate Pro39

Investment in Real Estate Properties - Summary of Intangible Lease Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Intangible Lease Assets [Member]
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross	$ 185,430	$ 114,768
Accumulated Amortization	(34,642)	(15,039)
Net	150,788	99,729
Above-Market Lease Assets [Member]
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross	10,624	8,683
Accumulated Amortization	(1,899)	(815)
Net	8,725	7,868
Below-Market Lease Liabilities [Member]
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross	(26,952)	(18,431)
Accumulated Amortization	4,825	2,474
Net	$ (22,127)	$ (15,957)

Investment in Real Estate Pro40

Investment in Real Estate Properties - Estimated Net Amortization of Intangible Lease Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Intangible Lease Assets [Member]
Finite Lived Intangible Assets And Liabilities Future Amortization Expense [Line Items]
Remainder of 2016	$ 23,957
2,017	35,899
2,018	27,436
2,019	19,034
2,020	14,072
Thereafter	30,390
Net	150,788	$ 99,729
Above-Market Lease Assets [Member]
Finite Lived Intangible Assets And Liabilities Future Amortization Expense [Line Items]
Remainder of 2016	1,270
2,017	1,894
2,018	1,576
2,019	1,007
2,020	773
Thereafter	2,205
Net	8,725	7,868
Below-Market Lease Liabilities [Member]
Finite Lived Intangible Assets And Liabilities Future Amortization Expense [Line Items]
Remainder of 2016	(2,788)
2,017	(4,966)
2,018	(4,018)
2,019	(3,097)
2,020	(2,498)
Thereafter	(4,760)
Net	$ (22,127)	$ (15,957)

Investment in Real Estate Pro41

Investment in Real Estate Properties - Future Minimum Base Rental Payments (Detail) $ in Thousands	Jun. 30, 2016USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
Remainder of 2016	$ 65,318
2,017	122,943
2,018	113,148
2,019	95,308
2,020	79,848
Thereafter	225,101
Total	$ 701,666

Investment in Real Estate Pro42

Investment in Real Estate Properties - Summary of Rental Revenue and Depreciation and Amortization Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$ 2,424	$ 1,131	$ 4,200	$ 1,898
Above-market lease amortization	(606)	(114)	(1,153)	(211)
Below-market lease amortization	1,276	473	2,382	873
Real Estate-Related Depreciation and Amortization:
Depreciation expense	11,401	2,795	20,599	5,116
Intangible lease asset amortization	$ 11,736	$ 2,686	$ 20,837	$ 4,934

Investment in Unconsolidated 43

Investment in Unconsolidated Joint Venture - Additional Information (Detail) $ in Thousands	Jan. 28, 2016USD ($)	Feb. 28, 2015Subsidiary	Jun. 30, 2016USD ($)
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)
IPT Partners [Member] | BTC Partnership [Member]
Investment In Unconsolidated Affiliates [Line Items]
Ownership percentage	20.00%	51.00%
Percentage of interest in joint venture partnership sold	31.00%
Purchase price amount of ownership interest sold	$ 58,600
Net loss on sell down of joint venture ownership interest	$ (100)
BCIMC Limited Partner [Member]
Investment In Unconsolidated Affiliates [Line Items]
Ownership percentage		49.00%
BCIMC Limited Partner [Member] | BTC Partnership [Member]
Investment In Unconsolidated Affiliates [Line Items]
Ownership percentage	80.00%
Advisor or Its Affiliates [Member] | BTC Partnership [Member]
Investment In Unconsolidated Affiliates [Line Items]
Asset management fees related to disposition	$ 1,500

Debt - Summary of Debt (Detail)

Debt - Summary of Debt (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	May 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 1,161,480		$ 615,000
Less unamortized debt issuance costs	9,888		5,967
Total debt, net	1,151,592		609,033
Gross book value of properties encumbered by debt	$ 624,456		$ 151,754
Weighted-average effective interest rate	2.54%		2.08%
Line of Credit [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 272,000		$ 265,000
Weighted-average effective interest rate	1.87%		1.83%
Maturity date	Jan. 31, 2020
Term Loan Due January 2021 [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 350,000		$ 250,000
Weighted-average effective interest rate	2.32%		1.78%
Maturity date	Jan. 31, 2021
Term Loan Due May 2022 [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 150,000	$ 150,000
Weighted-average effective interest rate	2.07%
Maturity date	May 31, 2022
Fixed-Rate Mortgage Notes [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 389,480		$ 100,000
Weighted-average effective interest rate	3.40%		3.52%
Maturity date, earliest	Jun. 30, 2022
Maturity date, latest	Jul. 31, 2024

Debt - Summary of Debt (Parenth

Debt - Summary of Debt (Parenthetical) (Detail) - USD ($)	1 Months Ended	6 Months Ended
	May 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Amount outstanding		$ 1,161,480,000	$ 615,000,000
Interest Rate Swap [Member]
Debt Instrument [Line Items]
Notional amount of interest rate swap		346,980,000
Line of Credit [Member]
Debt Instrument [Line Items]
Amount available under line of credit		228,000,000
Unused portion of line of credit		228,000,000
Amount outstanding		$ 272,000,000	265,000,000
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 Due January 2021 [Member]
Debt Instrument [Line Items]
All-in fixed interest rate including the effects of the interest rate swap		2.32%
Debt instrument, amount of increase in current borrowing capacity		$ 100,000,000
Amount outstanding		$ 350,000,000	250,000,000
Term Loan Due January 2021 [Member] | Based On LIBOR [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate margin		1.35%
Term Loan Due January 2021 [Member] | Based On LIBOR [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate margin		2.20%
Term Loan Due January 2021 [Member] | Based On Alternative Base Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate margin		0.35%
Term Loan Due January 2021 [Member] | Based On Alternative Base Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate margin		1.20%
Term Loan Due January 2021 [Member] | Interest Rate Swap [Member] | Fixed Interest Rate [Member]
Debt Instrument [Line Items]
Notional amount of interest rate swap		$ 250,000,000
Term Loan Due May 2022 [Member]
Debt Instrument [Line Items]
Amount outstanding	$ 150,000,000	150,000,000
Term Loan Due May 2022 [Member] | Based On LIBOR [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate margin	1.60%
Term Loan Due May 2022 [Member] | Based On LIBOR [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate margin	2.50%
Term Loan Due May 2022 [Member] | Based On Alternative Base Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate margin	0.60%
Term Loan Due May 2022 [Member] | Based On Alternative Base Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate margin	1.50%
Fixed-Rate Mortgage Notes [Member]
Debt Instrument [Line Items]
Amount outstanding		$ 389,480,000	$ 100,000,000
Fixed-Rate Mortgage Notes [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate		3.30%
Fixed-Rate Mortgage Notes [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate		3.52%
Variable-Rate Mortgage Note [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Notional amount of interest rate swap		$ 97,000,000
All-in fixed interest rate including the effects of the interest rate swap		3.45%

Debt - Principal Payments Due o

Debt - Principal Payments Due on Consolidated Debt During Each of Next Five Years and Thereafter (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Remainder of 2016	$ 0
2,017	0
2,018	1,354
2,019	2,191
2,020	275,859
Thereafter	882,076
Total principal payments	1,161,480	$ 615,000
Line of Credit [Member]
Debt Instrument [Line Items]
Remainder of 2016	0
2,017	0
2,020	272,000
Total principal payments	272,000	$ 265,000
Term Loans [Member]
Debt Instrument [Line Items]
Remainder of 2016	0
2,017	0
Thereafter	500,000
Total principal payments	500,000
Mortgage Notes [Member]
Debt Instrument [Line Items]
Remainder of 2016	0
2,017	0
2,018	1,354
2,019	2,191
2,020	3,859
Thereafter	382,076
Total principal payments	$ 389,480

Debt - Principal Payments Due47

Debt - Principal Payments Due on Consolidated Debt During Each of Next Five Years and Thereafter (Parenthetical) (Detail)	Jun. 30, 2016Extension
Debt Disclosure [Abstract]
Number of one-year line of credit extension options	1

Debt - Additional Information (

Debt - Additional Information (Detail)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2016USD ($)Contract	Jun. 30, 2016USD ($)Contract	Jun. 30, 2017USD ($)
Debt Instrument [Line Items]
Number of interest rate swap contracts outstanding | Contract	6	6
Hedge ineffectiveness	$ 0	$ 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]	Jun. 30, 2016USD ($)
Derivatives, Fair Value [Line Items]
Notional amount of interest rate swap	$ 346,980,000
Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value	$ 6,595,000

Debt - Effect of Derivative Ins

Debt - Effect of Derivative Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Net other comprehensive loss	$ (4,543)	$ (6,595)
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Loss recognized in AOCI (effective portion)	(4,999)	(7,405)
Loss reclassified from AOCI into income (effective portion)	456	810
Net other comprehensive loss	$ (4,543)	$ (6,595)

Fair Value - Financial Instrume

Fair Value - Financial Instruments Measured at Fair Value on Recurring Basis (Detail) - Recurring [Member] $ in Thousands	Jun. 30, 2016USD ($)
Liabilities
Derivative instruments	$ 6,595
Total liabilities measured at fair value	6,595
Level 2 [Member]
Liabilities
Derivative instruments	6,595
Total liabilities measured at fair value	$ 6,595

Fair Value - Additional Informa

Fair Value - Additional Information (Detail)	Jun. 30, 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	Jun. 30, 2016	Dec. 31, 2015
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Line of credit	$ 272,000	$ 265,000
Term loans	500,000	250,000
Mortgage notes	393,889	97,958
Derivative liability	6,595
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Line of credit	272,000	265,000
Term loans	500,000	250,000
Mortgage notes	389,480	$ 100,000
Derivative liability	$ 6,595

Stockholders' Equity - Addition

Stockholders' Equity - Additional information (Detail) - USD ($)	Aug. 14, 2015	Sep. 27, 2012	Jun. 30, 2016	Aug. 15, 2016	Jun. 30, 2015
Stockholders' Equity Detail [Line Items]
Estimated net asset value per share					$ 9.24
Common stock offerings description			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 has been extended by the Company’s board of directors until the earlier to occur of either: (i) December 21, 2016; or (ii) the date on which the Company raises approximately $500.0 million of additional gross proceeds from the sale of primary offering shares.
Maximum amount of proceeds remaining to be raised			$ 1,344,426,000
Class A [Member]
Stockholders' Equity Detail [Line Items]
Offering price of common stock per share, primary shares	$ 10.4407
Offering price of common stock per share, DRIP shares	9.9187		$ 9.9187
Maximum amount of proceeds remaining to be raised			$ 952,744,000
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
Maximum amount of proceeds remaining to be raised			$ 391,682,000
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
Amount of shares reallocated for sale in the primary offering			325,000,000
Maximum amount of proceeds remaining to be raised			$ 500,000,000
Initial Public Offering [Member] | Scenario Forecast [Member]
Stockholders' Equity Detail [Line Items]
Total amount of common stock remaining available for sale				$ 600,000,000
Amount remaining available for sale through distribution reinvestment plan				$ 140,000,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Public Offering (Detail) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,344,426
Number of shares sold | shares	133,949
Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,320,365
Number of shares sold | shares	131,491
DRIP Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 24,061
Number of shares sold | shares	2,458
Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 952,744
Number of shares sold | shares	94,102
Class A [Member] | Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 930,834
Number of shares sold | shares	91,863
Class A [Member] | DRIP Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 21,910
Number of shares sold | shares	2,239
Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 391,682
Number of shares sold | shares	39,847
Class T [Member] | Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 389,531
Number of shares sold | shares	39,628
Class T [Member] | DRIP Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 2,151
Number of shares sold | shares	219

Stockholders' Equity - Summar56

Stockholders' Equity - Summary of Changes in Shares Outstanding and Aggregate Par Value of Outstanding Shares for Each Class of Common Stock (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Class of Stock [Line Items]
Beginning balance	$ 847,406,000
Redemptions of common stock	$ (1,644,000)	$ (57,538)
Redemptions of common stock, shares	(169,408)	(6,078)
Ending balance	$ 1,040,094,000
Class A [Member]
Class of Stock [Line Items]
Beginning balance	$ 846,000
Beginning balance, shares	84,595,000
Issuance of common stock, Primary shares	$ 84,000
Issuance of common stock, Primary shares, shares	8,388,000
Issuance of common stock, DRIP shares	$ 12,000
Issuance of common stock, DRIP shares, shares	1,143,000
Issuance of common stock, Stock grants	$ 1,000
Issuance of common stock, Stock grants, shares	118,000
Redemptions of common stock	$ (1,000)
Redemptions of common stock, shares	(79,000)
Forfeitures of common stock	$ 0
Forfeitures of common stock, share	(14,000)
Ending balance	$ 942,000
Ending balance, shares	94,151,000
Class T [Member]
Class of Stock [Line Items]
Beginning balance	$ 184,000
Beginning balance, shares	18,390,000
Issuance of common stock, Primary shares	$ 212,000
Issuance of common stock, Primary shares, shares	21,238,000
Issuance of common stock, DRIP shares	$ 2,000
Issuance of common stock, DRIP shares, shares	219,000
Redemptions of common stock, shares	(2,000)
Forfeitures of common stock	$ 0
Ending balance	$ 398,000
Ending balance, shares	39,845,000
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	$ 296,000
Issuance of common stock, Primary shares, shares	29,626,000
Issuance of common stock, DRIP shares	$ 14,000
Issuance of common stock, DRIP shares, shares	1,362,000
Issuance of common stock, Stock grants	$ 1,000
Issuance of common stock, Stock grants, shares	118,000
Redemptions of common stock	$ (1,000)
Redemptions of common stock, shares	(81,000)
Forfeitures of common stock	$ 0
Forfeitures of common stock, share	(14,000)
Ending balance	$ 1,340,000
Ending balance, shares	133,996,000

Stockholders' Equity - Distribu

Stockholders' Equity - Distributions Table (Detail) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Schedule Of Stockholders' Equity [Line Items]
Total Distributions	$ 32,902
Cash Distributions [Member]
Schedule Of Stockholders' Equity [Line Items]
Paid in Cash	14,322	$ 12,599
Reinvested in Shares	17,082	13,874
Distributions Fees	1,498	148
Total Distributions	$ 32,902	$ 26,621
June 30, 2016 [Member] | Cash Distributions [Member]
Schedule Of Stockholders' Equity [Line Items]
Declared per Common Share	$ 0.13515
Paid in Cash	$ 7,534
Reinvested in Shares	9,042
Distributions Fees	876
Total Distributions	$ 17,452
Payment Date	Jul. 5, 2016
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 ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Stockholders' Equity Attributable to Parent [Abstract]
Number of eligible shares redeemed	169,408	6,078
Aggregate amount of shares redeemed	$ 1,644,000	$ 57,538
Average redemption price per share	$ 9.71	$ 9.47

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 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	$ 0.9
Weighted-average years to recognize compensation expense	10 months 24 days

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Issuance of Restricted Stock Pursuant to the Amended and Restated Equity Incentive Plan and Private Placement Equity Incentive Plan (Detail) - Restricted Stock [Member] - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested Shares at Beginning of Period			58
Shares, Granted			118
Shares, Vested			(48)
Shares, Forfeited			(14)
Nonvested Shares at End of Period	114		114
Weighted-Average Fair Value per Share, Nonvested Shares at Beginning of Period			$ 10.44
Weighted-Average Fair Value per Share, Granted	$ 10.44	$ 10	10.44	$ 10
Weighted-Average Fair Value per Share, Vested			10.44
Weighted-Average Fair Value per Share, Forfeited			10.44
Weighted-Average Fair Value per Share, Nonvested Shares at End of Period	$ 10.44		$ 10.44

Share-Based Compensation - Comp

Share-Based Compensation - Components of Share-Based Compensation (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 177	$ 107	$ 566	$ 224
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock vested	$ 144	$ 33	$ 494	$ 108
Weighted-average grant date fair value of restricted stock granted, per share	$ 10.44	$ 10	$ 10.44	$ 10

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2016USD ($)Building$ / sharesshares	Dec. 31, 2015$ / sharesshares
Noncontrolling Interest [Line Items]
Preferred stock, par value | $ / shares	$ 0.01	$ 0.01
Preferred stock, outstanding	0	0
Preferred stock, issued	0	0
Subsidiary REITs [Member]
Noncontrolling Interest [Line Items]
Number of buildings owned by subsidiary | Building	1
Redeemable Preferred Stock [Member] | Subsidiary REITs [Member]
Noncontrolling Interest [Line Items]
Annual preferred dividend rate	12.50%
Preferred stock, par value | $ / shares	$ 1,000
Preferred stock, outstanding	125
Preferred stock, issued	125
Preferred stock, aggregate amount | $	$ 125,000
Preferred stock, redemption date	Dec. 31, 2017
Redeemable Preferred Stock [Member] | Maximum [Member] | Subsidiary REITs [Member]
Noncontrolling Interest [Line Items]
Percentage of ownership	0.50%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Expensed:
Asset management fees, incurred	$ 4,146	$ 1,047	$ 7,541	$ 1,922
Advisor [Member]
Capitalized:
Development acquisition fees, incurred	39		155
Development acquisition fees, payable					$ (39)
Dealer Manager [Member]
Additional Paid-In Capital:
Sales commissions, incurred	3,230	9,552	9,988	18,949
Dealer manager fees, incurred	2,192	3,462	6,363	6,863
Distribution fees, incurred	20,653		21,275
Sales commissions, payable	(56)		(56)		(498)
Dealer manager fees, payable	(84)		(84)		(500)
Distribution fees, payable	(20,087)		(20,087)		(110)
Advisor or Its Affiliates [Member]
Expensed:
Acquisition fees	10,019	1,575	17,148	3,120
Asset management fees, incurred	4,146	1,047	7,541	1,922
Asset management fees related to dispositions			1,466
Other expense reimbursements, incurred	697	70	1,587	216
Total	14,862	2,692	27,742	5,258
Acquisition fees, Receivable (Payable)	(149)		(149)		(941)
Asset management fees, Receivable (Payable)	(1,517)		(1,517)		(961)
Asset management fees related to dispositions	0		0		0
Other expense reimbursements, Receivable (Payable)	(173)		(173)		(119)
Total	(1,839)		(1,839)		(2,021)
Additional Paid-In Capital:
Offering costs, incurred	2,015	2,803	4,585	5,544
Offering costs, Receivable (Payable)	(672)		(672)		(377)
Advisor or Its Affiliates [Member] | Dealer Manager [Member]
Additional Paid-In Capital:
Total	28,090	$ 15,817	42,211	$ 31,356
Total	$ (20,899)		$ (20,899)		$ (1,485)

Related Party Transactions - 65

Related Party Transactions - Summary of Fees and Expenses Incurred by Company (Parenthetical) (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Related Party Transaction [Line Items]
Monthly amount of distribution fees payable	$ 300,000		$ 300,000
Future estimated distribution fees payable			19,777,000
Advisor or Its Affiliates [Member] | Principal Financial Officer [Member]
Related Party Transaction [Line Items]
Reimbursement for certain expenses for services provided by the principal officers	5,000	$ 9,625	14,000	$ 15,400
Advisor or Its Affiliates [Member] | Principal Executive Officer [Member]
Related Party Transaction [Line Items]
Reimbursement for certain expenses for services provided by the principal officers	$ 0	$ 0	$ 0	$ 0

Related Party Transactions - Jo

Related Party Transactions - Joint Venture Agreement - Additional Information (Detail) - Advisor [Member] - Joint Venture Agreement [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
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%
BTC Partnership [Member]
Related Party Transaction [Line Items]
Acquisition and asset management fee incurred	$ 0.7	$ 0.4	$ 1.2	$ 1.1

Related Party Transactions - Ex

Related Party Transactions - Expense Support Agreement - Additional Information (Detail) - Advisor [Member] - USD ($)	3 Months Ended		6 Months Ended		9 Months Ended
	Jun. 30, 2016	Sep. 30, 2014	Jun. 30, 2016	Jun. 30, 2014	Jun. 30, 2015
Related Party Transaction [Line Items]
Fees deferred and expenses supported by the Advisor, net	$ 6,000,000		$ 6,000,000
Reimbursement of previously deferred expenses	1,431,000		1,431,000
Maximum [Member]
Related Party Transaction [Line Items]
Previous cumulative amount potentially reimbursable to Advisor	$ 5,400,000		$ 5,400,000
Expense Support Agreement [Member]
Related Party Transaction [Line Items]
Expense support agreement, baseline distribution per share amount	$ 0.13515	$ 0.11875	$ 0.13515	$ 0.11250	$ 0.12500
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
Reimbursement Amount Remaining [Member]
Related Party Transaction [Line Items]
Cumulative amount potentially reimbursable to Advisor	$ 4,000,000		$ 4,000,000

Related Party Transactions - Sc

Related Party Transactions - Schedule of Fees Waived or Expense Supported by the Advisor and Reimbursements to the Advisor by the Company (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Related Party Transaction [Line Items]
Total expense support from (repayment to) Advisor	$ (1,431)	$ 1,034	$ (1,164)	$ 1,576
Advisor [Member]
Related Party Transaction [Line Items]
Expense support payment obligations incurred, asset management fees		1,034	267	1,576
Expense support payment obligations incurred, other expense support	0	0	0	0
Reimbursement of previously deferred expenses	(1,431)		(1,431)
Total expense support from (repayment to) Advisor	$ (1,431)	$ 1,034	$ (1,164)	$ 1,576

Related Party Transactions - 69

Related Party Transactions - Schedule of Fees Waived or Expense Supported by the Advisor and Reimbursements to the Advisor by the Company (Parenthetical) (Detail) $ in Millions	Jun. 30, 2016USD ($)
Advisor [Member]
Related Party Transaction [Line Items]
Expense support payable to the Advisor by the Company	$ 1.4

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	Aug. 05, 2016	Jun. 30, 2016
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 1,344,426
Number of shares sold		133,949
Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 952,744
Number of shares sold		94,102
Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 391,682
Number of shares sold		39,847
Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 1,320,365
Number of shares sold		131,491
Primary Offering [Member] | Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 930,834
Number of shares sold		91,863
Primary Offering [Member] | Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 389,531
Number of shares sold		39,628
DRIP Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 24,061
Number of shares sold		2,458
DRIP Offering [Member] | Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 21,910
Number of shares sold		2,239
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 Event [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 1,391,211
Number of shares sold	138,647
Subsequent Event [Member] | Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 969,441
Number of shares sold	95,740
Subsequent Event [Member] | Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 421,770
Number of shares sold	42,907
Subsequent Event [Member] | Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 1,358,106
Number of shares sold	135,275
Subsequent Event [Member] | Primary Offering [Member] | Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 940,996
Number of shares sold	92,842
Subsequent Event [Member] | Primary Offering [Member] | Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 417,110
Number of shares sold	42,433
Subsequent Event [Member] | DRIP Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 33,105
Number of shares sold	3,372
Subsequent Event [Member] | DRIP Offering [Member] | Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 28,445
Number of shares sold	2,898
Subsequent Event [Member] | DRIP Offering [Member] | Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 4,660
Number of shares sold	474

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail)	1 Months Ended
	Jul. 31, 2016USD ($)swap_agreement	Aug. 15, 2016USD ($)	Aug. 05, 2016USD ($)	Jun. 30, 2016USD ($)
Interest Rate Swap [Member]
Subsequent Event [Line Items]
Notional amount				$ 346,980,000
Subsequent Event [Member] | Interest Rate Swap [Member]
Subsequent Event [Line Items]
Notional amount	$ 250,000,000
Subsequent Event [Member] | Initial Public Offering [Member]
Subsequent Event [Line Items]
Amount remaining available for sale through distribution reinvestment plan			$ 140,000,000
Subsequent Event [Member] | Minimum [Member] | Interest Rate Swap [Member]
Subsequent Event [Line Items]
Fixed LIBOR rate	0.74%
Fixed interest rate of interest rate swap	2.10%
Interest rate swap expiration date	2020-07
Subsequent Event [Member] | Maximum [Member] | Interest Rate Swap [Member]
Subsequent Event [Line Items]
Fixed LIBOR rate	0.75%
Fixed interest rate of interest rate swap	2.14%
Interest rate swap expiration date	2020-10
Number of interest swap agreement | swap_agreement	5
Class A [Member] | Subsequent Event [Member] | Initial Public Offering [Member]
Subsequent Event [Line Items]
Total amount of common stock remaining available for sale		$ 600,000,000
Class T [Member] | Subsequent Event [Member] | Initial Public Offering [Member]
Subsequent Event [Line Items]
Total amount of common stock remaining available for sale		$ 600,000,000