Industrial Property Trust 10-Q 14 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	9 Months Ended
	Sep. 30, 2016	Nov. 04, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
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		149.4

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
ASSETS
Net investment in real estate properties	$ 2,461,046	$ 1,374,195
Investment in unconsolidated joint venture	50,946	94,331
Cash and cash equivalents	14,481	7,429
Restricted cash	130	3,580
Straight-line and tenant receivables, net	14,548	5,185
Due from affiliates	15	57
Other assets	7,659	18,478
Total assets	2,548,825	1,503,255
Liabilities
Accounts payable and accrued liabilities	19,241	8,751
Debt, net	1,334,663	609,033
Due to affiliates	26,612	2,525
Distributions payable	18,169	10,304
Other liabilities	49,124	25,236
Total liabilities	1,447,809	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	1,286,079	927,556
Accumulated deficit	(184,135)	(81,181)
Accumulated other comprehensive loss	(2,874)
Total stockholders' equity	1,100,515	847,405
Noncontrolling interests	501	1
Total equity	1,101,016	847,406
Total liabilities and equity	2,548,825	1,503,255
Class A [Member]
Stockholders' equity:
Common stock, value	968	846
Total equity	968	846
Class T [Member]
Stockholders' equity:
Common stock, value	477	184
Total equity	$ 477	$ 184

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 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	96,782,000	84,595,000
Common stock, shares outstanding	96,782,000	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	47,672,000	18,390,000
Common stock, shares outstanding	47,672,000	18,390,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Rental revenues	$ 50,207	$ 13,510	$ 123,906	$ 31,911
Total revenues	50,207	13,510	123,906	31,911
Operating expenses:
Rental expenses	12,531	3,310	32,133	8,045
Real estate-related depreciation and amortization	27,229	7,454	68,665	17,504
General and administrative expenses	1,517	1,096	5,123	3,191
Asset management fees, related party	4,989	1,450	12,530	3,372
Acquisition expenses, related party	5,358	7,059	22,506	10,179
Acquisition expenses	1,458	1,875	9,940	5,517
Impairment of real estate property	2,326		2,326
Total operating expenses	55,408	22,244	153,223	47,808
Total operating expenses	55,408	22,244	153,223	47,808
Operating loss	(5,201)	(8,734)	(29,317)	(15,897)
Other expenses:
Equity in loss of unconsolidated joint venture	15	703	458	1,650
Interest expense and other	8,924	1,656	18,800	4,284
Net loss on sell down of joint venture ownership interest			64
Total other expenses	8,939	2,359	19,322	5,934
Total other expenses	8,939	2,359	19,322	5,934
Total expenses before expense support	64,347	24,603	172,545	53,742
Total expense support from (repayment to) Advisor	(3,947)	441	(5,111)	2,017
Total expense support from (repayment to) Advisor	(3,947)	441	(5,111)	2,017
Net expenses after expense support	68,294	24,162	177,656	51,725
Net loss	(18,087)	(10,652)	(53,750)	(19,814)
Net income attributable to noncontrolling interests	(15)	0	(15)	0
Net loss attributable to common stockholders	$ (18,102)	$ (10,652)	$ (53,765)	$ (19,814)
Weighted-average shares outstanding	139,486	56,948	127,686	43,505
Net loss per common share-basic and diluted	$ (0.13)	$ (0.19)	$ (0.42)	$ (0.46)

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net loss attributable to common stockholders	$ (18,102)	$ (10,652)	$ (53,765)	$ (19,814)
Unrealized gain (loss) on derivative instruments, net	3,721		(2,874)
Comprehensive loss attributable to common stockholders	$ (14,381)	$ (10,652)	$ (56,639)	$ (19,814)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - 9 months ended Sep. 30, 2016 - USD ($) shares in Thousands, $ 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
Net income (loss)	(53,750)			(53,765)		15
Unrealized loss on derivative instruments	(2,874)				$ (2,874)
Issuance of common stock	414,600	$ 417	414,183
Issuance of common stock, shares		41,660
Share-based compensation	730		730
Upfront offering costs, including sales commissions, dealer manager fees, and offering costs	(27,638)		(27,638)
Trailing offering costs, consisting of distribution fees	(22,801)		(25,368)	2,567
Redemptions of common stock	$ (3,386)	$ (2)	(3,384)
Redemptions of common stock, shares	(352)	(191)
Preferred interest in Subsidiary REITs	$ 500					500
Distributions on common stock and dividends to noncontrolling interests	(51,771)			(51,756)		(15)
Ending balance at Sep. 30, 2016	$ 1,101,016	$ 1,445	$ 1,286,079	$ (184,135)	$ (2,874)	$ 501
Ending balance, shares at Sep. 30, 2016		144,454

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Operating activities:
Net loss	$ (53,750)	$ (19,814)
Adjustments to reconcile net loss to net cash provided by operating activities:
Real estate-related depreciation and amortization	68,665	17,504
Equity in loss of unconsolidated joint venture	458	1,650
Straight-line rent and amortization of above- and below-market leases	(9,208)	(3,607)
Impairment of real estate property	2,326
Net loss on sell down of joint venture ownership interest	64
Other	2,291	1,102
Changes in operating assets and liabilities:
Tenant receivables, restricted cash and other assets	(2,643)	(774)
Accounts payable, accrued expenses and other liabilities	15,398	4,698
Due from / to affiliates, net	2,842	603
Net cash provided by operating activities	26,443	1,362
Investing activities:
Real estate acquisitions	(1,089,027)	(497,020)
Acquisition deposits	(325)	(5,484)
Capital expenditures and development activities	(25,112)	(7,721)
Investment in unconsolidated joint venture	(14,314)	(44,984)
Net proceeds from sale of joint venture ownership interest	57,177	72,146
Distribution from unconsolidated joint venture		34,198
Net cash used in investing activities	(1,071,601)	(448,865)
Financing activities:
Proceeds from line of credit	795,000	338,000
Repayments of line of credit	(718,000)	(306,000)
Proceeds from mortgage note	391,480	100,000
Proceeds from term loan	250,000
Financing costs paid	(6,952)	(879)
Proceeds from issuance of common stock	386,476	364,257
Offering costs paid upon issuance of common stock	(22,561)	(29,909)
Distributions paid to common stockholders	(19,073)	(5,654)
Distribution fees paid	(2,308)
Redemptions of common stock	(1,852)	(301)
Net cash provided by financing activities	1,052,210	459,514
Net increase in cash and cash equivalents	7,052	12,011
Cash and cash equivalents, at beginning of period	7,429	8,119
Cash and cash equivalents, at end of period	14,481	20,130
Supplemental disclosure of noncash investing and financing activities:
Offering proceeds due from transfer agent		1,338
Mortgage notes assumed on real estate acquisitions	11,400
Deconsolidation of net assets in connection with sale of ownership interest in unconsolidated joint venture		124,586
Distributions payable	18,169	7,117
Redemptions payable	1,742	426
Future estimated distribution fees payable	22,801
Distributions reinvested in common stock	22,525	5,876
Non-cash capital expenditures	$ 868	$ 1,484

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 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 continuing to evaluate ASU 2014-09 (and related clarifying guidance issued by the FASB); however, the Company does not expect the adoption to have a significant impact on its consolidated financial statements, as a substantial portion of its revenue consists of rental income from leasing arrangements, which are specifically excluded from ASU 2014-09. 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. In August 2016, the FASB issued ASU No. 2016-15 “Statement of Cash Flows (Topic 230)” (“ASU 2016-15”), which provides guidance on eight cash flow classification issues and on reducing diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. Current GAAP does not include specific guidance on these eight cash flow classification issues. ASU 2016-15 is effective for annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted. The Company does not anticipate the adoption of ASU 2016-15 will have a significant impact on its consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 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 statement 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	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
ACQUISITIONS	3. ACQUISITIONS The Company acquired 100% of the following properties during the nine months ended September 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 Southeast Industrial Portfolio 7/11/2016 3 5,593 64,632 7,204 — (1,314 ) 76,115 Alessandro Distribution Center 7/20/2016 1 16,457 31,263 1,517 — (1,864 ) 47,373 Lakeside Distribution Center 7/26/2016 1 2,852 12,765 1,018 — (299 ) 16,336 Billings Industrial Portfolio 8/5/2016 2 4,646 13,843 2,123 — (562 ) 20,050 Marley Neck Distribution Center 8/8/2016 1 5,215 10,963 1,062 285 — 17,525 Lakeside Commerce Center 8/16/2016 4 6,955 33,126 4,379 295 (656 ) 44,099 Corona Industrial Center II 9/13/2016 1 8,244 8,820 380 — — 17,444 Other acquisitions (3) Various 20 35,499 76,184 10,291 91 (1,559 ) 120,506 Total acquisitions 80 $ 255,589 $ 788,231 $ 86,678 $ 2,590 $ (13,304 ) $ 1,119,784 (1) Total purchase price exclusive of transfer taxes, due diligence expenses, and other transaction costs equals consideration paid, plus any debt assumed at fair value. 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. (3) Includes an acquisition with debt assumed at fair value of $11.4 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 Southeast Industrial Portfolio 4.0 Alessandro Distribution Center 10.5 Lakeside Distribution Center 4.9 Billings Industrial Portfolio 5.1 Marley Neck Distribution Center 9.1 Lakeside Commerce Center 3.5 Corona Industrial Center II 5.0 Other acquisitions 4.0 Pro Forma Financial Information The table below includes the following: (i) actual revenues and net income (loss) for the 2016 acquisitions (as described above) included in the Company’s condensed consolidated statements of operations for the three and nine months ended September 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 nine months ended September 30, 2015; and (iii) pro forma revenues and net income (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 made by the BTC Partnership, or any acquisitions sold to the BTC Partnership, as defined in “Note 5,” that were subsequently deconsolidated by the Company. 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 For the Nine Months (in thousands) 2016 2015 2016 2015 Actual: Total revenues $ 3,240 $ 1,710 $ 36,138 $ 12,371 Net income (loss) $ 160 $ (1,269 ) $ (435 ) $ (635 ) Pro forma: Total revenues (1) $ 51,545 $ 50,876 $ 151,959 $ 149,575 Net income (loss) (2) $ (11,153 ) $ 903 $ (19,727 ) $ (30,846 ) (1) In deriving the pro forma total revenues, an adjustment was made to include incremental revenue of $1.3 million and $37.4 million for the three months ended September 30, 2016 and 2015, respectively, and $28.1 million and $118.4 million for the nine months ended September 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 $6.8 million and $8.9 million for the three months ended September 30, 2016 and 2015, respectively, and $32.4 million and $15.7 million for the nine months ended September 30, 2016 and 2015, respectively. For the nine months ended September 30, 2015, the pro forma net loss was adjusted to include acquisition-related expenses of $32.4 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	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE PROPERTIES	4. INVESTMENT IN REAL ESTATE PROPERTIES As of September 30, 2016 and December 31, 2015, the Company’s consolidated investment in real estate properties consisted of 212 and 131 industrial buildings, respectively. As of (in thousands) September 30, December 31, Land $ 661,329 $ 405,739 Building and improvements 1,676,242 866,032 Intangible lease assets 215,724 123,451 Construction in progress 8,780 11,023 Investment in real estate properties 2,562,075 1,406,245 Less accumulated depreciation and amortization (101,029 ) (32,050 ) Net investment in real estate properties $ 2,461,046 $ 1,374,195 Intangible Lease Assets and Liabilities Intangible lease assets and liabilities, as of September 30, 2016 and December 31, 2015, include the following: As of September 30, 2016 As of December 31, 2015 (in thousands) Gross Accumulated Net Gross Accumulated Net Intangible lease assets (1) $ 204,520 $ (47,453 ) $ 157,067 $ 114,768 $ (15,039 ) $ 99,729 Above-market lease assets (1) 11,204 (2,542 ) 8,662 8,683 (815 ) 7,868 Below-market lease liabilities (2) (31,702 ) 6,358 (25,344 ) (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 September 30, 2016, for the next five years and thereafter: Estimated Net Amortization (in thousands) Intangible Above-Market Below-Market Remainder of 2016 $ 12,922 $ 662 $ (1,607 ) 2017 40,754 2,022 (5,840 ) 2018 31,611 1,697 (4,802 ) 2019 22,270 1,097 (3,831 ) 2020 16,325 827 (3,079 ) Thereafter 33,185 2,357 (6,185 ) Total $ 157,067 $ 8,662 $ (25,344 ) 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 September 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 Remainder of 2016 $ 36,014 2017 140,366 2018 130,486 2019 111,452 2020 92,270 Thereafter 255,924 Total $ 766,512 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 For the Nine Months (in thousands) 2016 2015 2016 2015 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 2,889 $ 733 $ 7,089 $ 2,631 Above-market lease amortization (643 ) (228 ) (1,796 ) (439 ) Below-market lease amortization 1,533 542 3,915 1,415 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 14,240 $ 3,837 $ 34,839 $ 8,953 Intangible lease asset amortization 12,989 3,617 33,826 8,551 Real Property Impairment For the three months ended September 30, 2016, the Company recorded approximately $2.3 million of non-cash impairment charges related to three wholly-owned properties that it acquired as part of a portfolio purchase in the Atlanta market. Due to a change in management’s estimate of the intended hold period of these properties, the Company reevaluated the fair value of the properties and determined that the net book value of the properties exceeded the estimated future undiscounted cash flows and the estimated liquidation value less costs to sell the properties, resulting in the impairment. As of September 30, 2016, the net book value of the properties equals the estimated fair value, which has an aggregate total value of approximately $10.9 million. We have determined that our impairments are non-recurring fair value measurements that fall within Level 3 of the fair value hierarchy. See “Note 7” for further discussion of the fair value hierarchy.

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE	9 Months Ended
	Sep. 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 (the “BTC Partnership Agreement”), 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” and, together with the BCIMC Limited Partner, the “BCIMC Partners”) 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. On September 15, 2016, the BTC Partnership Agreement was further amended to admit Industrial Property Advisors Sub I LLC, a wholly-owned subsidiary of the Advisor (the “Advisor Sub”) as a special limited partner of the BTC Partnership in exchange for a $10,000 capital contribution. The Advisor Sub was admitted as a special limited partner for the sole purpose of enabling the Advisor, through its ownership of the Advisor Sub, to receive payment of any incentive distributions directly from the BTC Partnership, to which the Advisor had been entitled under the services agreement between the general partner of the BTC Partnership, IPT BTC I GP LLC (the “General Partner”) and the Advisor in effect prior to the admission of the Advisor Sub, rather than having any such distributions from the BTC Partnership first pass through the General Partner before reaching the Advisor. Following the admission of the Advisor Sub as the special limited partner and the sell-down of the IPT Limited Partner’s interest as described above, the General Partner and the IPT Limited Partner (collectively, the “IPT Partners”) continue to collectively own a 20.0% interest in the BTC Partnership and the BCIMC Partners continue to own the remaining 80.0% interest in the BTC Partnership. 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 September 30, 2016.

DEBT

DEBT	9 Months Ended
	Sep. 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 Balance as of September 30, December 31, September 30, December 31, ($ in thousands) 2016 2015 Maturity Date 2016 2015 Line of credit (1) 2.32 % 1.83 % January 2020 $ 342,000 $ 265,000 Term loan (2) 2.65 % 1.78 % January 2021 350,000 250,000 Term loan (3) 2.43 % — May 2022 150,000 — Fixed-rate mortgage notes (4) 3.32 % 3.52 % July 2020 - October 2024 502,880 100,000 Total principal amount / weighted-average 2.79 % 2.08 % $ 1,344,880 $ 615,000 Less unamortized debt issuance costs $ 10,217 $ 5,967 Total debt, net $ 1,334,663 $ 609,033 Gross book value of properties encumbered by debt $ 809,272 $ 151,754 (1) The effective 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 September 30, 2016, the Company had fixed the interest rate with respect to $150.0 million in borrowings under its line of credit having entered into three interest rate swap agreements in July 2016. As such, the weighted-average effective interest rate as of September 30, 2016 is the all-in interest rate, including the effects of the interest rate swap agreements. As of September 30, 2016, the unused and available portion under the line of credit was $158.0 million. (2) The effective interest rate 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. In June 2016, the Company expanded its borrowings under its existing term loan by $100.0 million to a total of $350.0 million. As of September 30, 2016, the Company had fixed the interest rate with respect to this term loan having entered into five interest rate swap agreements in January 2016, and two interest rate swap agreements entered into in July 2016. As such, the weighted-average effective interest rate for the term loan as of September 30, 2016 is the all-in interest rate, including the effects of the interest rate swap agreements. (3) In May 2016, the Company borrowed $150.0 million pursuant to a second unsecured term loan. The interest rate is calculated based on either: (i) LIBOR multiplied by a statutory reserve rate, 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 an interest rate swap agreement the Company entered into in April 2016 relating to its variable-rate mortgage note with an amount outstanding of $97.0 million as of September 30, 2016. The all-in interest rate, including the effects of the interest rate swap agreement was 3.45% as of September 30, 2016. The remaining fixed-rate mortgage notes have interest rates ranging from 2.94% to 3.52%. As of September 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 342,000 — 15,259 357,259 Thereafter — 500,000 484,076 984,076 Total principal payments $ 342,000 $ 500,000 $ 502,880 $ 1,344,880 (1) The term of 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 September 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 interest rate swap agreements without exchange of the underlying notional amount. As of September 30, 2016, the Company had 11 outstanding interest rate swap agreements 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 nine months ended September 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 Balance Sheet September 30, December 31, Interest rate swaps $ 596,980 Other liabilities $ 2,874 $ — 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 For the Nine Months (in thousands) 2016 2015 2016 2015 Interest rate swaps: Gain (loss) recognized in AOCI (effective portion) $ 3,147 $ — $ (4,258 ) $ — Loss reclassified from AOCI into income (effective portion) 574 — 1,384 — Net other comprehensive income (loss) $ 3,721 $ — $ (2,874 ) $ —

FAIR VALUE

FAIR VALUE	9 Months Ended
	Sep. 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 September 30, 2016: Total (in thousands) Level 1 Level 2 Level 3 Fair Value Liabilities Derivative instruments $ — $ 2,874 $ — $ 2,874 Total liabilities measured at fair value $ — $ 2,874 $ — $ 2,874 As of September 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 September 30, 2016 As of December 31, 2015 (in thousands) Carrying Fair Value Carrying Fair Value Line of credit $ 342,000 $ 342,000 $ 265,000 $ 265,000 Term loans 500,000 500,000 250,000 250,000 Mortgage notes 502,880 506,204 100,000 97,958 Derivative liability 2,874 2,874 — — 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 liabilities, 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	9 Months Ended
	Sep. 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. In August 2016, the Company reallocated $325.0 million in shares of common stock offered pursuant to the Company’s distribution reinvestment plan to the Company’s primary offering, such that an aggregate of $1.825 billion in shares are allocated to the primary offering and $175.0 million in shares are allocated to the distribution reinvestment plan. Dividend Capital Securities LLC (the “Dealer Manager”), a related party, provides dealer manager services in connection with the Offering. The Offering is a best efforts offering, which means that the Dealer Manager is not required to sell any specific number or dollar amount of shares of common stock in the Offering, but will use its best efforts to sell the shares of common stock. The Offering is a continuous offering that was initially expected to end no later than July 24, 2015. The Company’s board of directors has extended the Offering until the earlier to occur of either: (i) December 21, 2016; or (ii) the date on which the Company has sold the remaining primary offering shares in any combination of Class A shares or Class T 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 September 30, 2016, is as follows: (in thousands) Class A Class T Total Amount of gross proceeds raised: Primary offering $ 952,527 $ 464,062 $ 1,416,589 DRIP offering 28,445 4,660 33,105 Total offering $ 980,972 $ 468,722 $ 1,449,694 Number of shares sold: Primary offering 93,955 47,211 141,166 DRIP offering 2,898 474 3,372 Total offering 96,853 47,685 144,538 As of September 30, 2016, following the reallocation of shares in the Offering, approximately $408.4 million in shares of common stock remained available for sale pursuant to the primary offering in any combination of Class A shares or Class T shares, and $141.9 million in shares of common stock available for sale through the Company’s distribution reinvestment plan. The board of directors, in its sole discretion, may determine to further reallocate distribution reinvestment plan shares 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 10,463 105 28,821 288 39,284 393 DRIP shares 1,802 18 474 5 2,276 23 Stock grants 118 1 — — 118 1 Redemptions (178 ) (2 ) (13 ) — (191 ) (2 ) Forfeitures (18 ) — — — (18 ) — Balance as of September 30, 2016 96,782 $ 968 47,672 $ 477 144,454 $ 1,445 Distributions The following table summarizes the Company’s distribution activity (including distributions reinvested in shares of the Company’s common stock): Amount (in thousands, except per share data) Payment Date Declared per Paid in Cash Reinvested Distribution Gross 2016 September 30 October 5, 2016 $ 0.13515 $ 8,147 $ 9,638 $ 1,069 $ 18,854 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 $ 22,469 $ 26,720 $ 2,567 $ 51,756 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 Nine Months (in thousands) 2016 2015 Number of eligible shares redeemed 352 73 Aggregate amount of shares redeemed $ 3,386 $ 727 Average redemption price per share $ 9.62 $ 9.96

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 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 nine months ended September 30, 2016 is as follows: (shares in thousands) Shares Weighted-Average per Share (1) Nonvested shares at January 1, 2016 58 $ 10.44 Granted 118 $ 10.44 Vested (48 ) $ 10.44 Forfeited (17 ) $ 10.44 Nonvested shares at September 30, 2016 111 $ 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 For the Nine (in thousands, except per share data) 2016 2015 2016 2015 Share-based compensation expense $ 164 $ 135 $ 730 $ 359 Total fair value of restricted stock vested $ — $ 167 $ 494 $ 275 Weighted-average grant date fair value of restricted stock granted, per share (1) $ 10.44 $ 10.26 $ 10.44 $ 10.04 (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 September 30, 2016, the aggregate unrecognized compensation expenses related to the restricted stock was approximately $0.7 million and is expected to be fully recognized over a weighted-average period of one year.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	9 Months Ended
	Sep. 30, 2016
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	10. NONCONTROLLING INTERESTS During the nine months ended September 30, 2016, the Company acquired controlling interests in four subsidiary real estate investment trusts (the “Subsidiary REITs”) that each own one building for a total aggregate purchase price of approximately $106.3 million. The Company indirectly owns and controls the respective managing member of each of the Subsidiary REITs. Noncontrolling interests represent the portion of equity in the Subsidiary REITs that the Company does not own. Such noncontrolling interests are equity instruments presented in the condensed consolidated balance sheet as of September 30, 2016 as noncontrolling interests within permanent equity. The noncontrolling interests consist of redeemable preferred shares with a 12.5% annual preferred dividend. Each Subsidiary REIT has 500 preferred shares issued and outstanding at a par value of $1,000 per share, for an aggregate amount of $500,000. The preferred shares are non-voting and have no rights to income or loss. The preferred shares are redeemable by the respective Subsidiary REIT at the discretion of the Company, through its ownership and control of 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. As of September 30, 2016, the Subsidiary REITs had preferred dividends payable in an aggregate amount of approximately $15,000, which were recorded in distributions payable on the Company’s condensed consolidated balance sheet.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 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 accrued 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 by the Dealer Manager related to the services described above, and any related amounts payable: Incurred For the Three Months Ended September 30, For the Nine Months Ended September 30, Receivable (Payable) as of September 30, December 31, (in thousands) 2016 2015 2016 2015 2016 2015 Expensed: Acquisition fees $ 5,358 $ 7,059 $ 22,506 $ 10,179 $ — $ (941 ) Asset management fees (1) 4,989 1,450 12,530 3,372 (1,697 ) (961 ) Asset management fees related to dispositions (2) — — 1,466 — — — Other expense reimbursements (3) 836 — 2,423 216 (296 ) (119 ) Total $ 11,183 $ 8,509 $ 38,925 $ 13,767 $ (1,993 ) $ (2,021 ) Capitalized: Development acquisition fees (4) $ — $ — $ 155 $ — $ — $ (39 ) Additional Paid-In Capital: Sales commissions $ 2,862 $ 6,834 $ 12,850 $ 25,783 $ (87 ) $ (498 ) Dealer manager fees 2,028 2,554 8,391 9,417 (139 ) (500 ) Offering costs 1,812 2,112 6,397 7,656 (634 ) (377 ) Distribution fees (5) 4,093 — 25,368 — (23,170 ) (110 ) Total $ 10,795 $ 11,500 $ 53,006 $ 42,856 $ (24,030 ) $ (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) Other expense reimbursements include certain expenses incurred in connection with the services provided to the Company under the Advisory Agreement. These reimbursements include a portion of compensation expenses of individual employees of the Advisor, including certain of the Company’s named executive officers, of the Advisor related to activities for which the Advisor does not otherwise receive a separate fee. The Company reimbursed the Advisor approximately $0.7 million and $0.3 million for the three months ended September 30, 2016 and 2015, respectively, and $2.2 million and $1.0 million for the nine months ended September 30, 2016 and 2015, respectively, for such compensation expenses. The remaining amount of other expense reimbursements relate to other general overhead and administrative expenses including, but not limited to, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment. (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 September 30, 2016, the monthly amount of distribution fees payable of $0.4 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 September 30, 2016, the future estimated amounts payable of $22.8 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. The General Partner and the Advisor entered into a services agreement, as amended, 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. In connection with the admission of the Advisor Sub to the BTC Partnership as a special limited partner (as described in “Note 5”), the General Partner, the Advisor and the Advisor Sub entered into an amended and restated services agreement (the “Services Agreement”). The parties entered into the Services Agreement in order for the Advisor to assign its right, title and interest in the agreement to the Advisor Sub and to remove certain provisions requiring the General Partner to pay a portion of any incentive distributions the General Partner received from 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 to the Advisor, given that the Advisor Sub has become a special limited partner of the BTC Partnership and is entitled to receive such percentage of incentive distributions directly from the BTC Partnership. 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 Sub will have the option, in its sole discretion, to seek to become the administrative general partner of the BTC Partnership; provided, that, the Advisor Sub will not be permitted to exercise this option in the event that the termination of the Advisory Agreement is a result of the consummation of a sale of all of the IPT Partners’ interests in the BTC Partnership to an unaffiliated party and the IPT Partners elect to exercise their rights under a separate letter agreement between the IPT Partners and the Advisor Sub regarding drag-along rights, to require the Advisor Sub to sell all of its interest in the BTC Partnership to such party. In the event the Advisor Sub exercises its option to seek to become the administrative general partner, the General Partner will seek the BCIMC Partners’ consent to make the Advisor Sub the administrative general partner of the BTC Partnership. If the Advisor Sub is made the administrative general partner, then the Services Agreement will terminate and the Advisor Sub will continue to provide the advisory services and receive the same fees as those to which the Advisor Sub was entitled under the Services Agreement prior to its termination, but the Advisor Sub will not control or manage the BTC Partnership. If the BCIMC Partners do not consent or if the Advisor determines not to seek to become the administrative general partner, then the Services Agreement will terminate. 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 (currently 20.0%). For the three and nine months ended September 30, 2016, the BTC Partnership incurred approximately $0.9 million and $2.2 million, respectively, in acquisition and asset management fees which were paid to the Advisor pursuant to the Services Agreement, as compared to $0.7 million and $1.8 million, respectively, for the three and nine months ended September 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 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 each quarter of 2016 with respect to the Company’s Class A shares and the Company’s 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”). As of September 30, 2016, the Company has fully reimbursed the $5.4 million that was potentially reimbursable to the Advisor, and there are no additional amounts reimbursable under the Expense Support Agreement. 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 Nine Months Ended September 30, Ended September 30, (in thousands) 2016 2015 2016 2015 Asset management fees deferred/waived $ — $ 441 $ 267 $ 2,017 Other expenses supported — — — — Reimbursement of previously deferred expenses (3,947 ) — (5,378 ) — Total expense support from (repayment to) Advisor (1) $ (3,947 ) $ 441 $ (5,111 ) $ 2,017 (1) As of September 30, 2016, approximately $1.2 million of expense support was payable to the Advisor by the Company.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 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 September 30, 2016.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	13. SUBSEQUENT EVENTS Status of Offering A summary of the Company’s public offering as of November 4, 2016, is as follows: (in thousands) Class A Class T Total Amount of gross proceeds raised: Primary offering $ 961,887 $ 495,606 $ 1,457,493 DRIP offering 35,061 7,687 42,748 Total offering $ 996,948 $ 503,293 $ 1,500,241 Number of shares sold: Primary offering 94,858 50,419 145,277 DRIP offering 3,565 782 4,347 Total offering 98,423 51,201 149,624 As of November 4, 2016, following the reallocation of shares in the Offering and the Company’s board of directors’ determination that the primary offering will end on the earlier to occur of (i) December 21, 2016 or (ii) the date on which all the remaining shares allocated to the primary offering have been sold, approximately $367.5 million in shares of our common stock remained available for sale pursuant to the primary offering in any combination of Class A shares or Class T shares, and $132.3 million in shares of common stock available for sale through the Company’s distribution reinvestment plan. The board of directors, in its sole discretion, may determine to further reallocate distribution reinvestment plan shares for sale in the primary offering. Amendments to Distribution Reinvestment Plan and Share Redemption Program The board of directors of the Company has approved and adopted the Third Amended and Restated Distribution Reinvestment Plan (the “Amended DRP”). The Company amended the price at which additional shares of the same class may be purchased pursuant to the distribution reinvestment plan to a price equal to the estimated net asset value (“NAV”) per share of the Class A shares and the Class T shares, respectively, most recently disclosed by the Company in a public filing with the SEC. The Amended DRP took effect on October 31, 2016. Accordingly, distributions declared for the third quarter, which were paid prior to October 31, 2016, were reinvested at the former distribution reinvestment plan prices of $9.9187 per Class A Share and $9.8298 per Class T Share, respectively. The new estimated NAV per share pricing under the Amended DRP will first be applied to any distributions for the fourth quarter, which are presently expected to be paid no later than January 15, 2017. The Company next expects to disclose an estimated NAV per share in a public filing with the SEC no later than December 30, 2016, such that any distributions for the fourth quarter that are reinvested pursuant to the Amended DRP will be reinvested at a price equal to the estimated NAV per share of the Class A shares and the Class T shares, respectively, that the Company discloses on or before December 30, 2016. Such estimated NAV per share may be higher or lower than the purchase price at which shares were issued under the distribution reinvestment plan in October 2016. Additionally, the board of directors of the Company has approved and adopted the Second Amended and Restated Share Redemption Program (the “Amended SRP”), which also will take effect on October 31, 2016. The Amended SRP will continue to provide eligible stockholders with limited, interim liquidity by enabling them to present for redemption all or a portion of their shares of the Company’s Class A shares or Class T shares. Subject to the limitations of the Amended SRP and the special pricing applicable to redemptions in connection with the death of a stockholder, stockholders may redeem shares under the Amended SRP at a price equal to or at a discount from the initial purchase price such stockholder paid for the shares being redeemed and the amount of the discount will vary based upon the length of time that such stockholder held the shares subject to redemption, as described in the following table: Share Purchase Anniversary Redemption Price as a Less than one year No redemption allowed One year 92.5% Two years 95.0% Three years 97.5% Four years and longer 100.0% The share redemption program has been amended to reflect that if the Company is no longer engaged in a public offering of primary shares, the redemption price will continue to be calculated in accordance with the above table (subject to the limitations and exceptions described in the program); provided, that, if the redemption price calculated in accordance with the terms of the share redemption program would result in a price that is higher than the estimated NAV per share of the Class A shares and the Class T Shares, respectively, most recently disclosed by the Company in a public filing with the SEC, then the redemption price will be equal to the respective estimated NAV per share most recently disclosed by the Company in a public filing with the SEC. As disclosed elsewhere in this Quarterly Report on Form 10-Q, the Company presently expects that its public offering of primary shares will terminate no later than December 21, 2016, which is prior to the anticipated redemption date for any shares submitted for redemption during the fourth quarter of 2016, which, if redeemed, would be redeemed no later than January 15, 2017. Accordingly, the redemption price for any shares tendered for redemption during the fourth quarter, including any shares tendered in connection with the death of a stockholder, will be no greater than the estimated NAV per share of the Class A shares and the Class T Shares, respectively, which the Company expects to disclose in a public filing with the SEC no later than December 30, 2016. The estimated NAV per share disclosed by the Company no later than December 30, 2016 may not be equal to the price calculated in accordance with the above table or the price a stockholder paid for their shares of our common stock being redeemed. The board of directors, in its sole discretion, may determine at any time to modify the Amended SRP to redeem shares at a price that is higher or lower than the price paid for the shares by the redeeming stockholder. In addition, there are limitations on stockholders’ ability to have their shares of the Company’s common stock redeemed pursuant to the Amended SRP, which are described in more detail in the Amended SRP incorporated into this Quarterly Report on Form 10-Q by reference as Exhibit 4.4. If the board of directors determines to materially amend, suspend or terminate the Amended SRP, the Company will provide stockholders with 30 days’ prior notice. Any notice of the material amendment, suspension or termination of the Amended SRP will be provided by the Company in a Current Report on Form 8-K filed with the SEC. The foregoing description of the Amended DRP and the Amended SRP is qualified in its entirety by reference to the Amended DRP and the Amended SRP, copies of which are incorporated into this Quarterly Report on Form 10-Q by reference as Exhibits 4.2 and 4.4, respectively

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 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 continuing to evaluate ASU 2014-09 (and related clarifying guidance issued by the FASB); however, the Company does not expect the adoption to have a significant impact on its consolidated financial statements, as a substantial portion of its revenue consists of rental income from leasing arrangements, which are specifically excluded from ASU 2014-09. 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. In August 2016, the FASB issued ASU No. 2016-15 “Statement of Cash Flows (Topic 230)” (“ASU 2016-15”), which provides guidance on eight cash flow classification issues and on reducing diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. Current GAAP does not include specific guidance on these eight cash flow classification issues. ASU 2016-15 is effective for annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted. The Company does not anticipate the adoption of ASU 2016-15 will have a significant impact 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 statement 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 accrued distribution fees are reflected in additional paid-in capital in stockholders’ equity.

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Summary of Business Acquisitions	The Company acquired 100% of the following properties during the nine months ended September 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 Southeast Industrial Portfolio 7/11/2016 3 5,593 64,632 7,204 — (1,314 ) 76,115 Alessandro Distribution Center 7/20/2016 1 16,457 31,263 1,517 — (1,864 ) 47,373 Lakeside Distribution Center 7/26/2016 1 2,852 12,765 1,018 — (299 ) 16,336 Billings Industrial Portfolio 8/5/2016 2 4,646 13,843 2,123 — (562 ) 20,050 Marley Neck Distribution Center 8/8/2016 1 5,215 10,963 1,062 285 — 17,525 Lakeside Commerce Center 8/16/2016 4 6,955 33,126 4,379 295 (656 ) 44,099 Corona Industrial Center II 9/13/2016 1 8,244 8,820 380 — — 17,444 Other acquisitions (3) Various 20 35,499 76,184 10,291 91 (1,559 ) 120,506 Total acquisitions 80 $ 255,589 $ 788,231 $ 86,678 $ 2,590 $ (13,304 ) $ 1,119,784 (1) Total purchase price exclusive of transfer taxes, due diligence expenses, and other transaction costs equals consideration paid, plus any debt assumed at fair value. 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. (3) Includes an acquisition with debt assumed at fair value of $11.4 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 Southeast Industrial Portfolio 4.0 Alessandro Distribution Center 10.5 Lakeside Distribution Center 4.9 Billings Industrial Portfolio 5.1 Marley Neck Distribution Center 9.1 Lakeside Commerce Center 3.5 Corona Industrial Center II 5.0 Other acquisitions 4.0
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 For the Nine Months (in thousands) 2016 2015 2016 2015 Actual: Total revenues $ 3,240 $ 1,710 $ 36,138 $ 12,371 Net income (loss) $ 160 $ (1,269 ) $ (435 ) $ (635 ) Pro forma: Total revenues (1) $ 51,545 $ 50,876 $ 151,959 $ 149,575 Net income (loss) (2) $ (11,153 ) $ 903 $ (19,727 ) $ (30,846 ) (1) In deriving the pro forma total revenues, an adjustment was made to include incremental revenue of $1.3 million and $37.4 million for the three months ended September 30, 2016 and 2015, respectively, and $28.1 million and $118.4 million for the nine months ended September 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 $6.8 million and $8.9 million for the three months ended September 30, 2016 and 2015, respectively, and $32.4 million and $15.7 million for the nine months ended September 30, 2016 and 2015, respectively. For the nine months ended September 30, 2015, the pro forma net loss was adjusted to include acquisition-related expenses of $32.4 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)	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Investment in Properties	As of September 30, 2016 and December 31, 2015, the Company’s consolidated investment in real estate properties consisted of 212 and 131 industrial buildings, respectively. As of (in thousands) September 30, December 31, Land $ 661,329 $ 405,739 Building and improvements 1,676,242 866,032 Intangible lease assets 215,724 123,451 Construction in progress 8,780 11,023 Investment in real estate properties 2,562,075 1,406,245 Less accumulated depreciation and amortization (101,029 ) (32,050 ) Net investment in real estate properties $ 2,461,046 $ 1,374,195
Summary of Intangible Lease Assets and Liabilities	Intangible lease assets and liabilities, as of September 30, 2016 and December 31, 2015, include the following: As of September 30, 2016 As of December 31, 2015 (in thousands) Gross Accumulated Net Gross Accumulated Net Intangible lease assets (1) $ 204,520 $ (47,453 ) $ 157,067 $ 114,768 $ (15,039 ) $ 99,729 Above-market lease assets (1) 11,204 (2,542 ) 8,662 8,683 (815 ) 7,868 Below-market lease liabilities (2) (31,702 ) 6,358 (25,344 ) (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 September 30, 2016, for the next five years and thereafter: Estimated Net Amortization (in thousands) Intangible Above-Market Below-Market Remainder of 2016 $ 12,922 $ 662 $ (1,607 ) 2017 40,754 2,022 (5,840 ) 2018 31,611 1,697 (4,802 ) 2019 22,270 1,097 (3,831 ) 2020 16,325 827 (3,079 ) Thereafter 33,185 2,357 (6,185 ) Total $ 157,067 $ 8,662 $ (25,344 )
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 September 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 Remainder of 2016 $ 36,014 2017 140,366 2018 130,486 2019 111,452 2020 92,270 Thereafter 255,924 Total $ 766,512
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 For the Nine Months (in thousands) 2016 2015 2016 2015 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 2,889 $ 733 $ 7,089 $ 2,631 Above-market lease amortization (643 ) (228 ) (1,796 ) (439 ) Below-market lease amortization 1,533 542 3,915 1,415 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 14,240 $ 3,837 $ 34,839 $ 8,953 Intangible lease asset amortization 12,989 3,617 33,826 8,551

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Summary of Debt	A summary of the Company’s debt is as follows: Weighted-Average Balance as of September 30, December 31, September 30, December 31, ($ in thousands) 2016 2015 Maturity Date 2016 2015 Line of credit (1) 2.32 % 1.83 % January 2020 $ 342,000 $ 265,000 Term loan (2) 2.65 % 1.78 % January 2021 350,000 250,000 Term loan (3) 2.43 % — May 2022 150,000 — Fixed-rate mortgage notes (4) 3.32 % 3.52 % July 2020 - October 2024 502,880 100,000 Total principal amount / weighted-average 2.79 % 2.08 % $ 1,344,880 $ 615,000 Less unamortized debt issuance costs $ 10,217 $ 5,967 Total debt, net $ 1,334,663 $ 609,033 Gross book value of properties encumbered by debt $ 809,272 $ 151,754 (1) The effective 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 September 30, 2016, the Company had fixed the interest rate with respect to $150.0 million in borrowings under its line of credit having entered into three interest rate swap agreements in July 2016. As such, the weighted-average effective interest rate as of September 30, 2016 is the all-in interest rate, including the effects of the interest rate swap agreements. As of September 30, 2016, the unused and available portion under the line of credit was $158.0 million. (2) The effective interest rate 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. In June 2016, the Company expanded its borrowings under its existing term loan by $100.0 million to a total of $350.0 million. As of September 30, 2016, the Company had fixed the interest rate with respect to this term loan having entered into five interest rate swap agreements in January 2016, and two interest rate swap agreements entered into in July 2016. As such, the weighted-average effective interest rate for the term loan as of September 30, 2016 is the all-in interest rate, including the effects of the interest rate swap agreements. (3) In May 2016, the Company borrowed $150.0 million pursuant to a second unsecured term loan. The interest rate is calculated based on either: (i) LIBOR multiplied by a statutory reserve rate, 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 an interest rate swap agreement the Company entered into in April 2016 relating to its variable-rate mortgage note with an amount outstanding of $97.0 million as of September 30, 2016. The all-in interest rate, including the effects of the interest rate swap agreement was 3.45% as of September 30, 2016. The remaining fixed-rate mortgage notes have interest rates ranging from 2.94% to 3.52%.
Principal Payments Due on Consolidated Debt During Each of Next Five Years and Thereafter	As of September 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 342,000 — 15,259 357,259 Thereafter — 500,000 484,076 984,076 Total principal payments $ 342,000 $ 500,000 $ 502,880 $ 1,344,880 (1) The term of 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 Balance Sheet September 30, December 31, Interest rate swaps $ 596,980 Other liabilities $ 2,874 $ —
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 For the Nine Months (in thousands) 2016 2015 2016 2015 Interest rate swaps: Gain (loss) recognized in AOCI (effective portion) $ 3,147 $ — $ (4,258 ) $ — Loss reclassified from AOCI into income (effective portion) 574 — 1,384 — Net other comprehensive income (loss) $ 3,721 $ — $ (2,874 ) $ —

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
	Sep. 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 September 30, 2016: Total (in thousands) Level 1 Level 2 Level 3 Fair Value Liabilities Derivative instruments $ — $ 2,874 $ — $ 2,874 Total liabilities measured at fair value $ — $ 2,874 $ — $ 2,874
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 September 30, 2016 As of December 31, 2015 (in thousands) Carrying Fair Value Carrying Fair Value Line of credit $ 342,000 $ 342,000 $ 265,000 $ 265,000 Term loans 500,000 500,000 250,000 250,000 Mortgage notes 502,880 506,204 100,000 97,958 Derivative liability 2,874 2,874 — —

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 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 September 30, 2016, is as follows: (in thousands) Class A Class T Total Amount of gross proceeds raised: Primary offering $ 952,527 $ 464,062 $ 1,416,589 DRIP offering 28,445 4,660 33,105 Total offering $ 980,972 $ 468,722 $ 1,449,694 Number of shares sold: Primary offering 93,955 47,211 141,166 DRIP offering 2,898 474 3,372 Total offering 96,853 47,685 144,538
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 10,463 105 28,821 288 39,284 393 DRIP shares 1,802 18 474 5 2,276 23 Stock grants 118 1 — — 118 1 Redemptions (178 ) (2 ) (13 ) — (191 ) (2 ) Forfeitures (18 ) — — — (18 ) — Balance as of September 30, 2016 96,782 $ 968 47,672 $ 477 144,454 $ 1,445
Redemption Table	The following table summarizes the Company’s redemption activity: For the Nine Months (in thousands) 2016 2015 Number of eligible shares redeemed 352 73 Aggregate amount of shares redeemed $ 3,386 $ 727 Average redemption price per share $ 9.62 $ 9.96
Status Update of Public Offering [Member]
Summary of Public Offering	A summary of the Company’s public offering as of November 4, 2016, is as follows: (in thousands) Class A Class T Total Amount of gross proceeds raised: Primary offering $ 961,887 $ 495,606 $ 1,457,493 DRIP offering 35,061 7,687 42,748 Total offering $ 996,948 $ 503,293 $ 1,500,241 Number of shares sold: Primary offering 94,858 50,419 145,277 DRIP offering 3,565 782 4,347 Total offering 98,423 51,201 149,624
Cash Distributions [Member]
Dividends Table	The following table summarizes the Company’s distribution activity (including distributions reinvested in shares of the Company’s common stock): Amount (in thousands, except per share data) Payment Date Declared per Paid in Cash Reinvested Distribution Gross 2016 September 30 October 5, 2016 $ 0.13515 $ 8,147 $ 9,638 $ 1,069 $ 18,854 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 $ 22,469 $ 26,720 $ 2,567 $ 51,756 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2016 is as follows: (shares in thousands) Shares Weighted-Average per Share (1) Nonvested shares at January 1, 2016 58 $ 10.44 Granted 118 $ 10.44 Vested (48 ) $ 10.44 Forfeited (17 ) $ 10.44 Nonvested shares at September 30, 2016 111 $ 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 For the Nine (in thousands, except per share data) 2016 2015 2016 2015 Share-based compensation expense $ 164 $ 135 $ 730 $ 359 Total fair value of restricted stock vested $ — $ 167 $ 494 $ 275 Weighted-average grant date fair value of restricted stock granted, per share (1) $ 10.44 $ 10.26 $ 10.44 $ 10.04 (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)	9 Months Ended
	Sep. 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 by the Dealer Manager related to the services described above, and any related amounts payable: Incurred For the Three Months Ended September 30, For the Nine Months Ended September 30, Receivable (Payable) as of September 30, December 31, (in thousands) 2016 2015 2016 2015 2016 2015 Expensed: Acquisition fees $ 5,358 $ 7,059 $ 22,506 $ 10,179 $ — $ (941 ) Asset management fees (1) 4,989 1,450 12,530 3,372 (1,697 ) (961 ) Asset management fees related to dispositions (2) — — 1,466 — — — Other expense reimbursements (3) 836 — 2,423 216 (296 ) (119 ) Total $ 11,183 $ 8,509 $ 38,925 $ 13,767 $ (1,993 ) $ (2,021 ) Capitalized: Development acquisition fees (4) $ — $ — $ 155 $ — $ — $ (39 ) Additional Paid-In Capital: Sales commissions $ 2,862 $ 6,834 $ 12,850 $ 25,783 $ (87 ) $ (498 ) Dealer manager fees 2,028 2,554 8,391 9,417 (139 ) (500 ) Offering costs 1,812 2,112 6,397 7,656 (634 ) (377 ) Distribution fees (5) 4,093 — 25,368 — (23,170 ) (110 ) Total $ 10,795 $ 11,500 $ 53,006 $ 42,856 $ (24,030 ) $ (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) Other expense reimbursements include certain expenses incurred in connection with the services provided to the Company under the Advisory Agreement. These reimbursements include a portion of compensation expenses of individual employees of the Advisor, including certain of the Company’s named executive officers, of the Advisor related to activities for which the Advisor does not otherwise receive a separate fee. The Company reimbursed the Advisor approximately $0.7 million and $0.3 million for the three months ended September 30, 2016 and 2015, respectively, and $2.2 million and $1.0 million for the nine months ended September 30, 2016 and 2015, respectively, for such compensation expenses. The remaining amount of other expense reimbursements relate to other general overhead and administrative expenses including, but not limited to, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment. (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 September 30, 2016, the monthly amount of distribution fees payable of $0.4 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 September 30, 2016, the future estimated amounts payable of $22.8 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 Nine Months Ended September 30, Ended September 30, (in thousands) 2016 2015 2016 2015 Asset management fees deferred/waived $ — $ 441 $ 267 $ 2,017 Other expenses supported — — — — Reimbursement of previously deferred expenses (3,947 ) — (5,378 ) — Total expense support from (repayment to) Advisor (1) $ (3,947 ) $ 441 $ (5,111 ) $ 2,017 (1) As of September 30, 2016, approximately $1.2 million of expense support was payable to the Advisor by the Company.

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Redemption Discount Table	Subject to the limitations of the Amended SRP and the special pricing applicable to redemptions in connection with the death of a stockholder, stockholders may redeem shares under the Amended SRP at a price equal to or at a discount from the initial purchase price such stockholder paid for the shares being redeemed and the amount of the discount will vary based upon the length of time that such stockholder held the shares subject to redemption, as described in the following table: Share Purchase Anniversary Redemption Price as a Less than one year No redemption allowed One year 92.5% Two years 95.0% Three years 97.5% Four years and longer 100.0%

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)	Sep. 30, 2016
Business Combinations [Abstract]
Ownership interest of acquired properties	100.00%

Acquisitions - Summary of Busin

Acquisitions - Summary of Business Acquisitions (Detail) - 2016 Acquisitions [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)Building	May 31, 2016USD ($)
Business Acquisition [Line Items]
Number of Buildings | Building	80
Land	$ 255,589	$ 400
Building	788,231
Intangible Lease Assets	86,678
Above Market Lease Assets	2,590
Below Market Lease Liabilities	(13,304)
Total Purchase Price	$ 1,119,784
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
Above Market Lease Assets	81
Below Market Lease Liabilities	(274)
Total Purchase Price	$ 28,435
Golden State Portfolio [Member]
Business Acquisition [Line Items]
Acquisition Date	Jan. 12, 2016
Number of Buildings | Building	4
Land	$ 9,128
Building	4,874
Intangible Lease Assets	1,183
Above Market Lease Assets	131
Below Market Lease Liabilities	(19)
Total Purchase Price	$ 15,297
Victory Industrial Portfolio [Member]
Business Acquisition [Line Items]
Acquisition Date	Jan. 13, 2016
Number of Buildings | Building	5
Land	$ 9,712
Building	44,493
Intangible Lease Assets	5,965
Above Market Lease Assets	461
Below Market Lease Liabilities	(1,811)
Total Purchase Price	$ 58,820
GSW Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Jan. 27, 2016
Number of Buildings | Building	1
Land	$ 3,676
Building	13,327
Total Purchase Price	$ 17,003
National Distribution Portfolio [Member]
Business Acquisition [Line Items]
Acquisition Date	Jan. 29, 2016
Number of Buildings | Building	7
Land	$ 10,693
Building	92,746
Intangible Lease Assets	11,748
Above Market Lease Assets	659
Below Market Lease Liabilities	(1,346)
Total Purchase Price	$ 114,500
Lehigh Valley Distribution Center II [Member]
Business Acquisition [Line Items]
Acquisition Date	Mar. 7, 2016
Number of Buildings | Building	1
Land	$ 7,093
Building	19,778
Intangible Lease Assets	1,092
Below Market Lease Liabilities	(70)
Total Purchase Price	$ 27,893
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
Above Market Lease Assets	40
Below Market Lease Liabilities	(444)
Total Purchase Price	$ 31,497
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
Above Market Lease Assets	140
Below Market Lease Liabilities	(137)
Total Purchase Price	$ 21,989
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
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
Above Market Lease Assets	407
Below Market Lease Liabilities	(1,064)
Total Purchase Price	$ 187,500
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
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
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
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
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
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
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
Southeast Industrial Portfolio [Member]
Business Acquisition [Line Items]
Acquisition Date	Jul. 11, 2016
Number of Buildings | Building	3
Land	$ 5,593
Building	64,632
Intangible Lease Assets	7,204
Below Market Lease Liabilities	(1,314)
Total Purchase Price	$ 76,115
Alessandro Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Jul. 20, 2016
Number of Buildings | Building	1
Land	$ 16,457
Building	31,263
Intangible Lease Assets	1,517
Below Market Lease Liabilities	(1,864)
Total Purchase Price	$ 47,373
Lakeside Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Jul. 26, 2016
Number of Buildings | Building	1
Land	$ 2,852
Building	12,765
Intangible Lease Assets	1,018
Below Market Lease Liabilities	(299)
Total Purchase Price	$ 16,336
Billings Industrial Portfolio [Member]
Business Acquisition [Line Items]
Acquisition Date	Aug. 5, 2016
Number of Buildings | Building	2
Land	$ 4,646
Building	13,843
Intangible Lease Assets	2,123
Below Market Lease Liabilities	(562)
Total Purchase Price	$ 20,050
Marley Neck Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Aug. 8, 2016
Number of Buildings | Building	1
Land	$ 5,215
Building	10,963
Intangible Lease Assets	1,062
Above Market Lease Assets	285
Total Purchase Price	$ 17,525
Lakeside Commerce Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Aug. 16, 2016
Number of Buildings | Building	4
Land	$ 6,955
Building	33,126
Intangible Lease Assets	4,379
Above Market Lease Assets	295
Below Market Lease Liabilities	(656)
Total Purchase Price	$ 44,099
Corona Industrial Center II [Member]
Business Acquisition [Line Items]
Acquisition Date	Sep. 13, 2016
Number of Buildings | Building	1
Land	$ 8,244
Building	8,820
Intangible Lease Assets	380
Total Purchase Price	$ 17,444
Other acquisitions [Member]
Business Acquisition [Line Items]
Number of Buildings | Building	20
Land	$ 35,499
Building	76,184
Intangible Lease Assets	10,291
Above Market Lease Assets	91
Below Market Lease Liabilities	(1,559)
Total Purchase Price	$ 120,506

Acquisitions - Summary of Bus34

Acquisitions - Summary of Business Acquisitions (Parenthetical) (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	May 31, 2016
Business Acquisition [Line Items]
Debt assumed on real estate acquisitions	$ 11,400
2016 Acquisitions [Member]
Business Acquisition [Line Items]
Acquisitions of land parcel	255,589	$ 400
Debt assumed on real estate acquisitions	$ 11,400

Acquisitions - Weighted Average

Acquisitions - Weighted Average Amortized Period for Intangible Asset and Liability Acquired (Detail)	9 Months Ended
	Sep. 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
Southeast Industrial Portfolio [Member]
Business Acquisition [Line Items]
Amortization Period	4 years
Alessandro Distribution Center [Member]
Business Acquisition [Line Items]
Amortization Period	10 years 6 months
Lakeside Distribution Center [Member]
Business Acquisition [Line Items]
Amortization Period	4 years 10 months 24 days
Billings Industrial Portfolio [Member]
Business Acquisition [Line Items]
Amortization Period	5 years 1 month 6 days
Marley Neck Distribution Center [Member]
Business Acquisition [Line Items]
Amortization Period	9 years 1 month 6 days
Lakeside Commerce Center [Member]
Business Acquisition [Line Items]
Amortization Period	3 years 6 months
Corona Industrial Center II [Member]
Business Acquisition [Line Items]
Amortization Period	5 years
Other acquisitions [Member]
Business Acquisition [Line Items]
Amortization Period	4 years

Acquisitions - Pro Forma Financ

Acquisitions - Pro Forma Financial Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Actual:
Total revenues	$ 3,240	$ 1,710	$ 36,138	$ 12,371
Net income (loss)	160	(1,269)	(435)	(635)
Pro forma:
Total revenues	51,545	50,876	151,959	149,575
Net income (loss)	$ (11,153)	$ 903	$ (19,727)	$ (30,846)

Acquisitions - Pro Forma Fina37

Acquisitions - Pro Forma Financial Information (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Business Combinations [Abstract]
Pro forma incremental revenue	$ 1.3	$ 37.4	$ 28.1	$ 118.4
Non-recurring adjustments excluded from pro forma net income (loss), acquisition-related expenses	$ 6.8	$ 8.9	$ 32.4	15.7
Non-recurring adjustments included in pro forma net loss, acquisition-related expenses				$ 32.4

Investment in Real Estate Pro38

Investment in Real Estate Properties - Additional Information (Detail) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2016USD ($)BuildingProperty	Sep. 30, 2016USD ($)Building	Dec. 31, 2015Building
Real Estate Properties [Line Items]
Non-cash impairment charges recorded	$ 2,326	$ 2,326
Number of real estate property which are subject to impairment | Property	3
Aggregate total value of properties	$ 10,900	$ 10,900
Consolidated Properties [Member]
Real Estate Properties [Line Items]
Real estate properties owned, buildings | Building	212	212	131

Investment in Real Estate Pro39

Investment in Real Estate Properties - Investment in Properties (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Schedule of Investments [Abstract]
Land	$ 661,329	$ 405,739
Building and improvements	1,676,242	866,032
Intangible lease assets	215,724	123,451
Construction in progress	8,780	11,023
Investment in real estate properties	2,562,075	1,406,245
Less accumulated depreciation and amortization	(101,029)	(32,050)
Net investment in real estate properties	$ 2,461,046	$ 1,374,195

Investment in Real Estate Pro40

Investment in Real Estate Properties - Summary of Intangible Lease Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Intangible Lease Assets [Member]
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross	$ 204,520	$ 114,768
Accumulated Amortization	(47,453)	(15,039)
Net	157,067	99,729
Above-Market Lease Assets [Member]
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross	11,204	8,683
Accumulated Amortization	(2,542)	(815)
Net	8,662	7,868
Below-Market Lease Liabilities [Member]
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross	(31,702)	(18,431)
Accumulated Amortization	6,358	2,474
Net	$ (25,344)	$ (15,957)

Investment in Real Estate Pro41

Investment in Real Estate Properties - Estimated Net Amortization of Intangible Lease Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Intangible Lease Assets [Member]
Finite Lived Intangible Assets And Liabilities Future Amortization Expense [Line Items]
Remainder of 2016	$ 12,922
2,017	40,754
2,018	31,611
2,019	22,270
2,020	16,325
Thereafter	33,185
Net	157,067	$ 99,729
Above-Market Lease Assets [Member]
Finite Lived Intangible Assets And Liabilities Future Amortization Expense [Line Items]
Remainder of 2016	662
2,017	2,022
2,018	1,697
2,019	1,097
2,020	827
Thereafter	2,357
Net	8,662	7,868
Below-Market Lease Liabilities [Member]
Finite Lived Intangible Assets And Liabilities Future Amortization Expense [Line Items]
Remainder of 2016	(1,607)
2,017	(5,840)
2,018	(4,802)
2,019	(3,831)
2,020	(3,079)
Thereafter	(6,185)
Net	$ (25,344)	$ (15,957)

Investment in Real Estate Pro42

Investment in Real Estate Properties - Future Minimum Base Rental Payments (Detail) $ in Thousands	Sep. 30, 2016USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
Remainder of 2016	$ 36,014
2,017	140,366
2,018	130,486
2,019	111,452
2,020	92,270
Thereafter	255,924
Total	$ 766,512

Investment in Real Estate Pro43

Investment in Real Estate Properties - Summary of Rental Revenue and Depreciation and Amortization Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$ 2,889	$ 733	$ 7,089	$ 2,631
Above-market lease amortization	(643)	(228)	(1,796)	(439)
Below-market lease amortization	1,533	542	3,915	1,415
Real Estate-Related Depreciation and Amortization:
Depreciation expense	14,240	3,837	34,839	8,953
Intangible lease asset amortization	$ 12,989	$ 3,617	$ 33,826	$ 8,551

Investment in Unconsolidated 44

Investment in Unconsolidated Joint Venture - Additional Information (Detail)	Jan. 28, 2016USD ($)	Feb. 28, 2015Subsidiary	Sep. 30, 2016USD ($)	Sep. 15, 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			$ (64,000)
IPT Partners [Member] | BTC Partnership [Member]
Investment In Unconsolidated Affiliates [Line Items]
Ownership percentage	20.00%	51.00%	20.00%
Percentage of interest in joint venture partnership sold	31.00%
Purchase price amount of ownership interest sold	$ 58,600,000
Net loss on sell down of joint venture ownership interest	$ (100,000)
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	$ 1,500,000
Advisor Sub [Member] | BTC Partnership [Member]
Investment In Unconsolidated Affiliates [Line Items]
Special limited partner, capital contribution				$ 10,000

Debt - Summary of Debt (Detail)

Debt - Summary of Debt (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 1,344,880	$ 615,000
Less unamortized debt issuance costs	10,217	5,967
Total debt, net	1,334,663	609,033
Gross book value of properties encumbered by debt	$ 809,272	$ 151,754
Weighted-average effective interest rate	2.79%	2.08%
Line of Credit [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 342,000	$ 265,000
Weighted-average effective interest rate	2.32%	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	2.65%	1.78%
Maturity date	Jan. 31, 2021
Term Loan Due May 2022 [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 150,000
Weighted-average effective interest rate	2.43%
Maturity date	May 31, 2022
Fixed-Rate Mortgage Notes [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 502,880	$ 100,000
Weighted-average effective interest rate	3.32%	3.52%
Maturity date, earliest	Jul. 31, 2020
Maturity date, latest	Oct. 31, 2024

Debt - Summary of Debt (Parenth

Debt - Summary of Debt (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2016USD ($)Interest_Rates_Swaps	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Amount outstanding	$ 1,344,880,000	$ 615,000,000
Interest Rate Swap [Member]
Debt Instrument [Line Items]
Notional amount of interest rate swap	596,980,000
Line of Credit [Member]
Debt Instrument [Line Items]
Amount available under line of credit	158,000,000
Unused portion of line of credit	158,000,000
Amount outstanding	$ 342,000,000	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%
Line of Credit [Member] | Interest Rate Swap [Member] | Fixed Interest Rate [Member]
Debt Instrument [Line Items]
Notional amount of interest rate swap	$ 150,000,000
Number of interest rate swaps | Interest_Rates_Swaps	3
Term Loan Due January 2021 [Member]
Debt Instrument [Line Items]
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 January [Member] | Fixed Interest Rate [Member]
Debt Instrument [Line Items]
Number of interest rate swaps | Interest_Rates_Swaps	5
Term Loan Due January 2021 [Member] | Interest Rate Swap July [Member] | Fixed Interest Rate [Member]
Debt Instrument [Line Items]
Number of interest rate swaps | Interest_Rates_Swaps	2
Term Loan Due May 2022 [Member]
Debt Instrument [Line Items]
Amount outstanding	$ 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	$ 502,880,000	$ 100,000,000
Fixed-Rate Mortgage Notes [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate	2.94%
Fixed-Rate Mortgage Notes [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate	3.52%
Variable-Rate Mortgage Note [Member] | Interest Rate Swap [Member] | Fixed Interest Rate [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	Sep. 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	357,259
Thereafter	984,076
Total principal payments	1,344,880	$ 615,000
Line of Credit [Member]
Debt Instrument [Line Items]
Remainder of 2016	0
2,017	0
2,020	342,000
Total principal payments	342,000	$ 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	15,259
Thereafter	484,076
Total principal payments	$ 502,880

Debt - Principal Payments Due48

Debt - Principal Payments Due on Consolidated Debt During Each of Next Five Years and Thereafter (Parenthetical) (Detail)	Sep. 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	9 Months Ended	12 Months Ended
	Sep. 30, 2016USD ($)Contract	Sep. 30, 2016USD ($)Contract	Sep. 30, 2017USD ($)
Debt Instrument [Line Items]
Number of interest rate swap agreements outstanding | Contract	11	11
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]	Sep. 30, 2016USD ($)
Derivatives, Fair Value [Line Items]
Notional amount of interest rate swap	$ 596,980,000
Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value	$ 2,874,000

Debt - Effect of Derivative Ins

Debt - Effect of Derivative Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Net other comprehensive income (loss)	$ 3,721	$ (2,874)
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in AOCI (effective portion)	3,147	(4,258)
Loss reclassified from AOCI into income (effective portion)	574	1,384
Net other comprehensive income (loss)	$ 3,721	$ (2,874)

Fair Value - Financial Instrume

Fair Value - Financial Instruments Measured at Fair Value on Recurring Basis (Detail) - Recurring [Member] - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Liabilities
Derivative instruments	$ 2,874,000
Total liabilities measured at fair value	2,874,000	$ 0
Level 2 [Member]
Liabilities
Derivative instruments	2,874,000
Total liabilities measured at fair value	$ 2,874,000

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Fair Value of Financial Instruments [Line Items]
Financial instruments transferred among fair value hierarchy levels	$ 0
Non financial assets or liabilities at fair value on recurring basis	0
Recurring [Member]
Fair Value of Financial Instruments [Line Items]
Financial instruments measured at fair value	$ 2,874,000	$ 0

Fair Value - Carrying Value and

Fair Value - Carrying Value and Fair Value of Certain Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Line of credit	$ 342,000	$ 265,000
Term loans	500,000	250,000
Mortgage notes	506,204	97,958
Derivative liability	2,874
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Line of credit	342,000	265,000
Term loans	500,000	250,000
Mortgage notes	502,880	$ 100,000
Derivative liability	$ 2,874

Stockholders' Equity - Addition

Stockholders' Equity - Additional information (Detail) - USD ($)	Aug. 14, 2015	Sep. 27, 2012	Sep. 30, 2016	Aug. 31, 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 July 24, 2015. The Company’s board of directors has extended the Offering until the earlier to occur of either: (i) December 21, 2016; or (ii) the date on which the Company has sold the remaining primary offering shares in any combination of Class A shares or Class T shares.
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
Class T [Member]
Stockholders' Equity Detail [Line Items]
Offering price of common stock per share, primary shares	9.8298		9.8298
Offering price of common stock per share, DRIP shares	$ 9.8298		$ 9.8298
Initial Public Offering [Member]
Stockholders' Equity Detail [Line Items]
Effective date of registration statement	Aug. 19, 2015	Jul. 24, 2013
Maximum dollar value of common stock in public offering		$ 2,000,000,000
Dollar value of common stock in offering, primary shares	$ 1,500,000,000	1,500,000,000		$ 1,825,000,000
Dollar value of common stock in offering, DRIP shares	$ 500,000,000	$ 500,000,000		175,000,000
Initial date public offering expected to close		Jul. 24, 2015
Amount of shares reallocated for sale in the primary offering				$ 325,000,000
Total amount of common stock remaining available for sale			$ 408,400,000
Amount remaining available for sale through distribution reinvestment plan			$ 141,900,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Public Offering (Detail) shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,449,694
Number of shares sold | shares	144,538
Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,416,589
Number of shares sold | shares	141,166
DRIP Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 33,105
Number of shares sold | shares	3,372
Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 980,972
Number of shares sold | shares	96,853
Class A [Member] | Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 952,527
Number of shares sold | shares	93,955
Class A [Member] | DRIP Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 28,445
Number of shares sold | shares	2,898
Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 468,722
Number of shares sold | shares	47,685
Class T [Member] | Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 464,062
Number of shares sold | shares	47,211
Class T [Member] | DRIP Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 4,660
Number of shares sold | shares	474

Stockholders' Equity - Summar57

Stockholders' Equity - Summary of Changes in Shares Outstanding and Aggregate Par Value of Outstanding Shares for Each Class of Common Stock (Detail) - USD ($) shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Class of Stock [Line Items]
Beginning balance	$ 847,406
Redemptions of common stock	$ (3,386)	$ (727)
Redemptions of common stock, shares	(352)	(73)
Ending balance	$ 1,101,016
Class A [Member]
Class of Stock [Line Items]
Beginning balance	$ 846
Beginning balance, shares	84,595
Issuance of common stock, Primary shares	$ 105
Issuance of common stock, Primary shares, shares	10,463
Issuance of common stock, DRIP shares	$ 18
Issuance of common stock, DRIP shares, shares	1,802
Issuance of common stock, Stock grants	$ 1
Issuance of common stock, Stock grants, shares	118
Redemptions of common stock	$ (2)
Redemptions of common stock, shares	(178)
Forfeitures of common stock	$ 0
Forfeitures of common stock, share	(18)
Ending balance	$ 968
Ending balance, shares	96,782
Class T [Member]
Class of Stock [Line Items]
Beginning balance	$ 184
Beginning balance, shares	18,390
Issuance of common stock, Primary shares	$ 288
Issuance of common stock, Primary shares, shares	28,821
Issuance of common stock, DRIP shares	$ 5
Issuance of common stock, DRIP shares, shares	474
Redemptions of common stock, shares	(13)
Forfeitures of common stock	$ 0
Ending balance	$ 477
Ending balance, shares	47,672
Common Stock [Member]
Class of Stock [Line Items]
Beginning balance	$ 1,030
Beginning balance, shares	102,985
Issuance of common stock, Primary shares	$ 393
Issuance of common stock, Primary shares, shares	39,284
Issuance of common stock, DRIP shares	$ 23
Issuance of common stock, DRIP shares, shares	2,276
Issuance of common stock, Stock grants	$ 1
Issuance of common stock, Stock grants, shares	118
Redemptions of common stock	$ (2)
Redemptions of common stock, shares	(191)
Forfeitures of common stock	$ 0
Forfeitures of common stock, share	(18)
Ending balance	$ 1,445
Ending balance, shares	144,454

Stockholders' Equity - Distribu

Stockholders' Equity - Distributions Table (Detail) - Cash Distributions [Member] - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Schedule Of Stockholders' Equity [Line Items]
Paid in Cash	$ 22,469	$ 12,599
Reinvested in Shares	26,720	13,874
Distributions Fees	2,567	148
Total Distributions	$ 51,756	$ 26,621
September 30, 2016 [Member]
Schedule Of Stockholders' Equity [Line Items]
Declared per Common Share	$ 0.13515
Paid in Cash	$ 8,147
Reinvested in Shares	9,638
Distributions Fees	1,069
Total Distributions	$ 18,854
Payment Date	Oct. 5, 2016
June 30, 2016 [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]
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]
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]
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]
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]
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 ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Stockholders' Equity Attributable to Parent [Abstract]
Number of eligible shares redeemed	352	73
Aggregate amount of shares redeemed	$ 3,386	$ 727
Average redemption price per share	$ 9.62	$ 9.96

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 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 expenses related to restricted stock	$ 0.7
Weighted-average years to recognize compensation expense	1 year

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Issuance of Restricted Stock Pursuant to the Amended and Restated Equity Incentive Plan and Private Placement Equity Incentive Plan (Detail) - Restricted Stock [Member] - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 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			(17)
Nonvested Shares at End of Period	111		111
Weighted-Average Fair Value per Share, Nonvested Shares at Beginning of Period			$ 10.44
Weighted-Average Fair Value per Share, Granted	$ 10.44	$ 10.26	10.44	$ 10.04
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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 164	$ 135	$ 730	$ 359
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock vested		$ 167	$ 494	$ 275
Weighted-average grant date fair value of restricted stock granted, per share	$ 10.44	$ 10.26	$ 10.44	$ 10.04

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2016USD ($)BuildingSubsidiary$ / 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
Redeemable Preferred Stock [Member] | Subsidiary REITs [Member]
Noncontrolling Interest [Line Items]
Preferred stock, par value | $ / shares	$ 1,000
Number of subsidiary real estate investment trusts acquired | Subsidiary	4
Preferred stock, outstanding	500
Preferred stock, issued	500
Preferred stock, aggregate amount | $	$ 500,000
Preferred stock, redemption value | $ / shares	$ 1,000
Preferred stock, redemption date	Dec. 31, 2017
Number of buildings owned by each subsidiary real estate investment trust | Building	1
Annual preferred dividend rate	12.50%
Preferred dividends payable | $	$ 15,000
Aggregate purchase price | $	$ 106,300,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Expensed:
Asset management fees, incurred	$ 4,989	$ 1,450	$ 12,530	$ 3,372
Advisor [Member]
Capitalized:
Development acquisition fees, incurred			155
Development acquisition fees, payable					$ (39)
Dealer Manager [Member]
Additional Paid-In Capital:
Sales commissions, incurred	2,862	6,834	12,850	25,783
Dealer manager fees, incurred	2,028	2,554	8,391	9,417
Distribution fees, incurred	4,093		25,368
Sales commissions, payable	(87)		(87)		(498)
Dealer manager fees, payable	(139)		(139)		(500)
Distribution fees, payable	(23,170)		(23,170)		(110)
Advisor or Its Affiliates [Member]
Expensed:
Acquisition fees	5,358	7,059	22,506	10,179
Asset management fees, incurred	4,989	1,450	12,530	3,372
Asset management fees related to dispositions			1,466
Other expense reimbursements, incurred	836		2,423	216
Total	11,183	8,509	38,925	13,767
Acquisition fees, Receivable (Payable)					(941)
Asset management fees, Receivable (Payable)	(1,697)		(1,697)		(961)
Asset management fees related to dispositions	0		0		0
Other expense reimbursements, Receivable (Payable)	(296)		(296)		(119)
Total	(1,993)		(1,993)		(2,021)
Additional Paid-In Capital:
Offering costs, incurred	1,812	2,112	6,397	7,656
Offering costs, Receivable (Payable)	(634)		(634)		(377)
Advisor or Its Affiliates [Member] | Dealer Manager [Member]
Additional Paid-In Capital:
Total	10,795	$ 11,500	53,006	$ 42,856
Total	$ (24,030)		$ (24,030)		$ (1,485)

Related Party Transactions - 66

Related Party Transactions - Summary of Fees and Expenses Incurred by Company (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Related Party Transaction [Line Items]
Monthly amount of distribution fees payable	$ 400		$ 400
Future estimated distribution fees payable			22,801
Advisor or Its Affiliates [Member]
Related Party Transaction [Line Items]
Other expense reimbursements for compensation costs	$ 700	$ 300	$ 2,200	$ 1,000

Related Party Transactions - Jo

Related Party Transactions - Joint Venture Agreement - Additional Information (Detail) - BTC Partnership [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Jan. 28, 2016	Feb. 28, 2015
Advisor [Member] | Joint Venture Agreement [Member]
Related Party Transaction [Line Items]
Incentive distributions percentage			60.00%
Acquisition and asset management fee incurred	$ 0.9	$ 0.7	$ 2.2	$ 1.8
IPT Partners [Member]
Related Party Transaction [Line Items]
Ownership percentage	20.00%		20.00%		20.00%	51.00%

Related Party Transactions - Ex

Related Party Transactions - Expense Support Agreement - Additional Information (Detail) - Advisor [Member] - Expense Support Agreement [Member] - USD ($)	3 Months Ended						6 Months Ended	9 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Sep. 30, 2016	Jun. 30, 2015
Related Party Transaction [Line Items]
Expense support agreement, baseline distribution per share amount		$ 0.13515	$ 0.13515	$ 0.13515	$ 0.13515	$ 0.11875	$ 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
Expense support payments reimbursed								5,400,000
Additional amounts reimbursable								$ 0
Termination notice period for expense support agreement								30 days
Expense support agreement effective through, date								Jun. 30, 2018
Scenario Forecast [Member]
Related Party Transaction [Line Items]
Expense support agreement, baseline distribution per share amount	$ 0.13515

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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Related Party Transaction [Line Items]
Total expense support from (repayment to) Advisor	$ (3,947)	$ 441	$ (5,111)	$ 2,017
Advisor [Member]
Related Party Transaction [Line Items]
Expense support payment obligations incurred, asset management fees		441	267	2,017
Expense support payment obligations incurred, other expense support	0	0	0	0
Reimbursement of previously deferred expenses	(3,947)		(5,378)
Total expense support from (repayment to) Advisor	$ (3,947)	$ 441	$ (5,111)	$ 2,017

Related Party Transactions - 70

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	Sep. 30, 2016USD ($)
Advisor [Member]
Related Party Transaction [Line Items]
Expense support payable to the Advisor by the Company	$ 1.2

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	Nov. 04, 2016	Sep. 30, 2016
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 1,449,694
Number of shares sold		144,538
Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 980,972
Number of shares sold		96,853
Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 468,722
Number of shares sold		47,685
Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 1,416,589
Number of shares sold		141,166
Primary Offering [Member] | Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 952,527
Number of shares sold		93,955
Primary Offering [Member] | Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 464,062
Number of shares sold		47,211
DRIP Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 33,105
Number of shares sold		3,372
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
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 Event [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 1,500,241
Number of shares sold	149,624
Subsequent Event [Member] | Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 996,948
Number of shares sold	98,423
Subsequent Event [Member] | Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 503,293
Number of shares sold	51,201
Subsequent Event [Member] | Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 1,457,493
Number of shares sold	145,277
Subsequent Event [Member] | Primary Offering [Member] | Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 961,887
Number of shares sold	94,858
Subsequent Event [Member] | Primary Offering [Member] | Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 495,606
Number of shares sold	50,419
Subsequent Event [Member] | DRIP Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 42,748
Number of shares sold	4,347
Subsequent Event [Member] | DRIP Offering [Member] | Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 35,061
Number of shares sold	3,565
Subsequent Event [Member] | DRIP Offering [Member] | Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 7,687
Number of shares sold	782

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Oct. 31, 2016	Sep. 30, 2016	Nov. 04, 2016
Subsequent Event [Line Items]
Amended DRP Effective Date		Oct. 31, 2016
Initial Public Offering [Member]
Subsequent Event [Line Items]
Total amount of common stock remaining available for sale		$ 408.4
Amount remaining available for sale through distribution reinvestment plan		$ 141.9
Subsequent Event [Member] | Initial Public Offering [Member]
Subsequent Event [Line Items]
Amount remaining available for sale through distribution reinvestment plan			$ 132.3
Subsequent Event [Member] | Initial Public Offering [Member] | Maximum [Member]
Subsequent Event [Line Items]
Payment date for distributions	Jan. 15, 2017
Class A [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Offering price of common stock per share, DRIP shares	$ 9.9187
Class A [Member] | Subsequent Event [Member] | Initial Public Offering [Member]
Subsequent Event [Line Items]
Total amount of common stock remaining available for sale			367.5
Class T [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Offering price of common stock per share, DRIP shares	$ 9.8298
Class T [Member] | Subsequent Event [Member] | Initial Public Offering [Member]
Subsequent Event [Line Items]
Total amount of common stock remaining available for sale			$ 367.5

Subsequent Events - Redemption

Subsequent Events - Redemption Discount Table (Detail)	Sep. 30, 2016
Stockholders' Equity Attributable to Parent [Abstract]
Redemption price as percentage of the purchase price, share purchase anniversary, less than one year
Redemption price as percentage of the purchase price, share purchase anniversary, one year	92.50%
Redemption price as percentage of the purchase price, share purchase anniversary, two years	95.00%
Redemption price as percentage of the purchase price, share purchase anniversary, three years	97.50%
Redemption price as percentage of the purchase price, share purchase anniversary, four years and longer	100.00%