Industrial Property Trust 10-K 15 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2016	Mar. 06, 2017	Jun. 30, 2016
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Entity Registrant Name	INDUSTRIAL PROPERTY TRUST INC.
Entity Central Index Key	1,558,441
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		161.4
Entity Public Float			$ 0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Net investment in real estate properties	$ 2,478,329	$ 1,374,195
Investment in unconsolidated joint venture	69,695	94,331
Cash and cash equivalents	8,358	7,429
Restricted cash	80	3,580
Straight-line and tenant receivables, net	15,565	5,185
Due from affiliates	30	57
Other assets	23,251	18,478
Assets held for sale	15,625
Total assets	2,610,933	1,503,255
Liabilities
Accounts payable and accrued liabilities	21,912	8,751
Debt, net	1,288,642	609,033
Due to affiliates	31,006	2,525
Distributions payable	19,609	10,304
Other liabilities	43,527	25,236
Liabilities related to assets held for sale	267
Total liabilities	1,404,963	655,849
Commitments and contingencies (Note 15)
Stockholders' equity:
Preferred stock, $0.01 par value-200,000 shares authorized, none issued and outstanding
Additional paid-in capital	1,402,611	927,556
Accumulated deficit	(212,807)	(81,181)
Accumulated other comprehensive income	14,091
Total stockholders' equity	1,205,469	847,405
Noncontrolling interests	501	1
Total equity	1,205,970	847,406
Total liabilities and equity	2,610,933	1,503,255
Class A [Member]
Stockholders' equity:
Common stock, value	994	846
Total equity	994	846
Class T [Member]
Stockholders' equity:
Common stock, value	580	184
Total equity	$ 580	$ 184

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	200,000,000	200,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Class A [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	99,374,000	84,595,000
Common stock, shares outstanding	99,374,000	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	58,032,000	18,390,000
Common stock, shares outstanding	58,032,000	18,390,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Rental revenues	$ 176,289,000	$ 51,134,000	$ 6,645,000
Total revenues	176,289,000	51,134,000	6,645,000
Operating expenses:
Rental expenses	45,488,000	12,815,000	1,580,000
Real estate-related depreciation and amortization	96,629,000	28,225,000	4,020,000
General and administrative expenses	7,103,000	4,612,000	2,236,000
Asset management fees, related party	17,775,000	5,532,000	902,000
Acquisition expenses, related party	24,489,000	22,390,000	8,168,000
Acquisition expenses	12,420,000	9,432,000	3,915,000
Impairment of real estate property	2,672,000
Organization expenses, related party			17,000
Total operating expenses	206,576,000	83,006,000	20,838,000
Total operating expenses	206,576,000	83,006,000	20,838,000
Operating loss	(30,287,000)	(31,872,000)	(14,193,000)
Other expenses (income):
Equity in loss of unconsolidated joint venture	535,000	2,011,000
Interest expense and other	28,726,000	7,037,000	1,001,000
Net gain on disposition of real estate properties	(1,428,000)	0	0
Net loss on sell down of joint venture ownership interest	64,000
Total other expenses	27,897,000	9,048,000	1,001,000
Total other expenses	27,897,000	9,048,000	1,001,000
Total expenses before expense support	234,473,000	92,054,000	21,839,000
Total expense support from (repayment to) Advisor	(5,111,000)	3,370,000	3,496,000
Total expense support from (repayment to) Advisor	(5,111,000)	3,370,000	3,496,000
Net expenses after expense support	239,584,000	88,684,000	18,343,000
Net loss	(63,295,000)	(37,550,000)	(11,698,000)
Net income attributable to noncontrolling interests	(31,000)
Net loss attributable to common stockholders	$ (63,326,000)	$ (37,550,000)	$ (11,698,000)
Weighted-average shares outstanding	133,524	51,801	9,229
Net loss per common share-basic and diluted	$ (0.47)	$ (0.72)	$ (1.27)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net loss attributable to common stockholders	$ (63,326)	$ (37,550)	$ (11,698)
Unrealized gain on derivative instruments, net	14,091
Comprehensive loss attributable to common stockholders	$ (49,235)	$ (37,550)	$ (11,698)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Gain [Member]	Noncontrolling Interests [Member]
Beginning balance at Dec. 31, 2013	$ 3,554	$ 4	$ 3,815	$ (266)		$ 1
Beginning balance, shares at Dec. 31, 2013		420
Net income (loss)	(11,698)			(11,698)
Issuance of common stock	225,710	$ 226	225,484
Issuance of common stock, shares		22,622
Share-based compensation	202		202
Upfront offering costs, including sales commissions, dealer manager fees, and offering costs	(25,573)		(25,573)
Redemptions of common stock	$ (122)		(122)
Redemptions of common stock, shares	(12)	(12)
Distributions declared on common stock	$ (5,194)			(5,194)
Ending balance at Dec. 31, 2014	186,879	$ 230	203,806	(17,158)		1
Ending balance, shares at Dec. 31, 2014		23,030
Net income (loss)	(37,550)			(37,550)
Issuance of common stock	806,170	$ 801	805,369
Issuance of common stock, shares		80,038
Share-based compensation	465		465
Upfront offering costs, including sales commissions, dealer manager fees, and offering costs	(80,903)		(80,903)
Trailing offering costs, consisting of distribution fees			(148)	148
Redemptions of common stock	$ (1,034)	$ (1)	(1,033)
Redemptions of common stock, shares	(105)	(83)
Distributions declared on common stock	$ (26,621)			(26,621)
Ending balance at Dec. 31, 2015	847,406	$ 1,030	927,556	(81,181)		1
Ending balance, shares at Dec. 31, 2015		102,985
Net income (loss)	(63,295)			(63,326)		31
Unrealized gain on derivative instruments	14,091				$ 14,091
Issuance of common stock	547,462	$ 550	546,912
Issuance of common stock, shares		55,048
Share-based compensation	933		933
Upfront offering costs, including sales commissions, dealer manager fees, and offering costs	(36,104)		(36,104)
Trailing offering costs, consisting of distribution fees	(26,952)		(30,805)	3,853
Redemptions of common stock	$ (5,887)	$ (6)	(5,881)
Redemptions of common stock, shares	(605)	(627)
Preferred interest in Subsidiary REITs	$ 500					500
Distributions on common stock and dividends on noncontrolling interest	(72,184)			(72,153)		(31)
Ending balance at Dec. 31, 2016	$ 1,205,970	$ 1,574	$ 1,402,611	$ (212,807)	$ 14,091	$ 501
Ending balance, shares at Dec. 31, 2016		157,406

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating activities:
Net loss	$ (63,295,000)	$ (37,550,000)	$ (11,698,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Real estate-related depreciation and amortization	96,629,000	28,225,000	4,020,000
Equity in loss of unconsolidated joint venture	535,000	2,011,000
Straight-line rent and amortization of above- and below-market leases	(12,636,000)	(5,266,000)	(719,000)
Impairment of real estate property	2,672,000
Net loss on sell down of joint venture ownership interest	64,000
Net gain on disposition of real estate properties	(1,428,000)	0	0
Other	3,030,000	1,693,000	518,000
Changes in operating assets and liabilities:
Tenant receivables, restricted cash and other assets	(2,244,000)	(5,036,000)	(334,000)
Accounts payable, accrued expenses and other liabilities	11,393,000	7,806,000	1,559,000
Due from / to affiliates, net	2,946,000	985,000	190,000
Net cash provided by (used in) operating activities	37,666,000	(7,132,000)	(6,464,000)
Investing activities:
Real estate acquisitions	(1,186,441,000)	(1,087,709,000)	(408,004,000)
Acquisition deposits	(3,875,000)	(15,187,000)	(7,927,000)
Proceeds from the disposition of real estate properties	53,772,000
Capital expenditures and development activities	(35,051,000)	(13,874,000)	(1,588,000)
Investment in unconsolidated joint venture	(33,139,000)	(66,230,000)
Net proceeds from sale of joint venture ownership interest	57,177,000	72,146,000
Distribution from unconsolidated joint venture		34,198,000
Net cash used in investing activities	(1,147,557,000)	(1,076,656,000)	(417,519,000)
Financing activities:
Proceeds from line of credit	851,000,000	665,000,000	258,700,000
Repayments of line of credit	(935,000,000)	(535,000,000)	(23,700,000)
Proceeds from mortgage note	506,480,000	100,000,000
Proceeds from term loan	250,000,000	150,000,000
Financing costs paid	(6,138,000)	(5,172,000)	(2,193,000)
Proceeds from issuance of common stock	508,166,000	777,184,000	213,851,000
Offering costs paid upon issuance of common stock	(29,372,000)	(59,004,000)	(16,192,000)
Distributions paid to common stockholders	(27,220,000)	(9,046,000)	(1,113,000)
Distribution fees paid	(3,496,000)	(38,000)
Redemptions of common stock	(3,600,000)	(826,000)	(122,000)
Net cash provided by financing activities	1,110,820,000	1,083,098,000	429,231,000
Net increase (decrease) in cash and cash equivalents	929,000	(690,000)	5,248,000
Cash and cash equivalents, at beginning of period	7,429,000	8,119,000	2,871,000
Cash and cash equivalents, at end of period	8,358,000	7,429,000	8,119,000
Supplemental disclosure of non-cash investing and financing activities:
Interest paid, net of capitalized interest	25,235,000	5,411,000	761,000
Mortgage notes assumed on real estate acquisitions	11,400,000	0
Deconsolidation of net assets in connection with sale of ownership interest in unconsolidated joint venture		124,586,000
Distributions payable	19,609,000	10,304,000	2,368,000
Redemptions payable	2,495,000	208,000
Future estimated distribution fees payable	26,952,000
Distributions reinvested in common stock	32,163,000	9,601,000	973,000
Non-cash capital expenditures	$ 3,739,000	$ 2,255,000	$ 533,000

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS Unless the context otherwise requires, the “Company” refers to Industrial Property Trust Inc. and its consolidated subsidiaries. The Company is a Maryland corporation formed on August 28, 2012. The Company was formed to make equity and debt investments in income-producing real estate assets consisting primarily of high-quality distribution warehouses and other industrial properties that are leased to creditworthy corporate customers. Creditworthiness does not necessarily mean that the Company’s customers will be investment grade and much of the Company’s customer base is currently comprised of and is expected to continue to be comprised of non-rated and non-investment grade customers. Although the Company intends to focus investment activities primarily on distribution warehouses and other industrial properties, the charter and bylaws do not preclude it from investing in other types of commercial property, real estate debt, or real estate related equity securities. As of December 31, 2016, the Company owned and managed, either directly or through its 20.0% ownership interest in the BTC Partnership (as defined in “Note 6”), a real estate portfolio that included 242 industrial buildings. The Company operates as one reportable segment comprised of industrial real estate. The Company currently operates and has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes beginning with its taxable year ended December 31, 2013, and the Company intends to continue to operate in accordance with the requirements for qualification as a REIT. The Company utilizes an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) organizational structure to hold all or substantially all of its properties and securities through an operating partnership, Industrial Property Operating Partnership LP (the “Operating Partnership”), of which the Company is the sole general partner and a limited partner.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. Basis of Consolidation The consolidated financial statements include the accounts of Industrial Property Trust Inc., the Operating Partnership, and its wholly-owned subsidiaries, as well as amounts related to noncontrolling interests. See “Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests. All material intercompany accounts and transactions have been eliminated. Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary. Reclassifications Certain items in the Company’s consolidated balance 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 balance sheets as a direct deduction from the debt liability. Investment in Real Estate Properties Upon acquisition, the purchase price of a property is allocated to land, building, and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. During 2016, one debt instrument was assumed at a fair value of $11.4 million. No debt was assumed in connection with the 2015 acquisitions. Costs associated with the acquisition of a property, including acquisition fees paid to Industrial Property Advisors LLC (the “Advisor”) are expensed as incurred. Properties that are probable to be sold are to be designated as “held for sale” on the balance sheet when certain criteria are met. The results of operations for acquired properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real-estate related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenue over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. The Company expenses any unamortized intangible lease asset or records an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. Land, building, building and land improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of the Company’s real estate assets are capitalized as incurred. These costs include capitalized interest and development acquisition fees. The Company does not capitalize any other costs, such as taxes, salaries or other general and administrative expenses. See “Capitalized Interest” below for additional detail. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Building 20 to 40 years Building and land improvements 5 to 20 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. For the year ended December 31, 2016, the Company recorded approximately $2.7 million of non-cash impairment charges related to four 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 December 31, 2016, the net book value of the properties equaled the estimated fair value, which had an aggregate total value of approximately $15.5 million. The Company has determined that its impairments are non-recurring fair value measurements that fall within Level 3 of the fair value hierarchy. For the years ended December 31, 2015 and 2014, the Company did not record any impairment charges related to real estate assets. Investment in Unconsolidated Joint Venture The Company analyzes its investment under GAAP guidance to determine if the joint venture is not a variable interest entity (“VIE”) and whether the requisite substantial participating rights described in the GAAP guidance are held by the partners not affiliated with the Company. If the joint venture is not a VIE and the partners hold substantial participating rights, the Company accounts for its investment in the joint venture under the equity method. Under the equity method, the investment is initially recorded at cost and subsequently adjusted to reflect the Company’s proportionate share of equity in the joint venture’s income (loss) and distributions, which is included in investment in unconsolidated joint venture on its consolidated balance sheets. The Company additionally recognizes its proportionate share of the ongoing income or loss of the unconsolidated joint venture in equity in loss of unconsolidated joint venture on the consolidated statements of operations. The Company evaluates its investment in the unconsolidated joint venture for impairment whenever events or changes in circumstances indicate that there may be an other-than-temporary decline in value. To do so, the Company calculates the estimated fair value of the investment using various valuation techniques, including, but not limited to, discounted cash flow models, the Company’s intent and ability to retain its investment in the entity, the financial condition and long-term prospects of the entity, and the expected term of the investment. If the Company determined any decline in value is other-than-temporary, the Company would recognize an impairment charge to reduce the carrying value of its investment to fair value. No impairment losses were recorded related to the unconsolidated joint venture for the years ended December 31, 2016, 2015, and 2014. See “Note 6” for additional information regarding the unconsolidated joint venture. Assets Held for Sale The Company classifies a property as held for sale when certain criteria are met, in accordance with GAAP. Assets classified as held for sale are expected to be sold to a third party. At such time the property meets the held for sale criteria, the respective assets and liabilities are presented separately in the consolidated balance sheets and depreciation is no longer recognized. Assets held for sale are reported at the lower of their carrying amount or their estimated fair value less the costs to sell the assets. See “Note 7” for additional information regarding the assets held for sale. See “Note 7” for additional details. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities at the acquisition date of three months or less. Straight-line Rent and Tenant Receivables Straight-line rent and tenant receivables include all straight-line rent and accounts receivable, net of allowances. The Company maintains an allowance for estimated losses that may result from the inability of certain of its customers to make required payments. If a customer fails to make contractual payments beyond any allowance, the Company may recognize additional bad debt expense in future periods equal to the net outstanding balances. As of December 31, 2016, and 2015 the Company’s allowance for doubtful accounts was approximately $0.3 million and $0.1 million, respectively. Derivative Instruments The Company records its derivative instruments in the 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 consolidated statements of equity until the derivative instrument is settled. Upon settlement, the effective portion of the hedge is recognized as other comprehensive income and amortized over the term of the designated cash flow or transaction the derivative instrument was intended to hedge. As such, the effective portion of the hedge impacts net income in the same period as the hedged item. The change in value of any derivative instrument that is deemed to be ineffective is charged directly to net income when the determination of hedge ineffectiveness is made. For purposes of determining hedge ineffectiveness, management estimates the timing and potential amount of future interest payments 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. Deferred Financing Costs Deferred financing costs include fees and costs incurred to obtain long-term financing. These fees and costs are amortized to interest expense over the terms of the related credit facilities. Unamortized deferred financing costs are written off if debt is retired before its maturity date. Accumulated amortization of deferred financing costs was approximately $3.1 million and $1.3 million as of December 31, 2016 and 2015, respectively. The Company’s interest expense for the years ended December 31, 2016, 2015 and 2014 included $1.9 million, $1.1 million and $0.3 million, respectively, of amortization of financing costs. Capitalized Interest The Company capitalizes interest as a cost of development. Capitalization of interest for a particular asset begins when activities necessary to get the asset ready for its intended use are in progress and when interest costs have been incurred. Capitalization of interest ceases when the project is substantially complete and ready for occupancy. For the years ended December 31, 2016 and 2015, approximately $1.5 million and $0.5 million of interest was capitalized, respectively. There was no capitalized interest for the year ended December 31, 2014. Distribution Fees Distribution fees are paid monthly. 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. See “Note 14” for additional information regarding when distribution fees become payable. Noncontrolling Interests Due to the Company’s control of the Operating Partnership through its sole general partner interest and its limited partner interest, the Company consolidates the Operating Partnership. The limited partner interests not owned by the Company are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. As the limited partner interests do not participate in the profits and losses of the Operating Partnership, there is no net income or loss attributable to the noncontrolling interests on the consolidated statements of operations. Noncontrolling interests also represent the portion of equity in the acquired subsidiary real estate investment trusts (“Subsidiary REITs”), that the Company does not own. Such noncontrolling interests are equity instruments presented in the consolidated balance sheets as noncontrolling interests within permanent equity. See “Note 13” for additional information regarding the Subsidiary REITs. Revenue Recognition The Company records rental revenue on a straight-line basis over the full lease term. Certain properties have leases that offer the tenant a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, the Company records receivables from tenants for rent that the Company expects to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. When the Company acquires a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. Tenant reimbursement revenue includes payments and amounts due from tenants pursuant to their leases for real estate taxes, insurance and other recoverable property operating expenses and is recognized as rental revenue in the period the applicable expenses are incurred. For the years ended December 31, 2016, 2015 and 2014, tenant reimbursement revenue recognized in rental revenues was approximately $41.4 million, $11.5 million and $1.4 million, respectively. In connection with property acquisitions, the Company may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. The Company expenses any unamortized intangible lease asset or records an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a customer will terminate a lease before the stated lease expiration date. The Company recognizes gains on the disposition of real estate when the recognition criteria have been met, generally at the time the risks and rewards and title have transferred to the purchaser and the Company no longer has substantial continuing involvement with the real estate that was sold. The Company recognizes losses from the disposition of real estate when known to the Company. Share-Based Compensation The Company accounts for share-based compensation related to restricted stock issued to certain eligible individuals using a fair value based methodology, which is based upon the stock price on the grant date and requires the amount of related expense to be adjusted to the fair value of the award at the end of each reporting period until the awards have fully vested. Share-based compensation expense for restricted stock is amortized using a graded vesting attribution method and is recognized in general and administrative expenses in the Company’s consolidated statements of operations. Organization and Offering Expenses Organization and offering expenses are accrued by the Company only to the extent that the Company is successful in raising gross offering proceeds. If the Company is not successful in raising additional equity proceeds, no additional amounts will be payable by the Company to the Advisor for reimbursement of cumulative organization and offering expenses. Organization costs are expensed in the period they become reimbursable and offering expenses associated with the Company’s public offerings are recorded as a reduction of gross offering proceeds in additional paid-in capital. See “Note 14” for additional information regarding when organization and offering expenses become reimbursable. Income Taxes The Company elected under the Internal Revenue Code of 1986, as amended, to be taxed as a REIT beginning with the tax year ended December 31, 2013. As a REIT, the Company generally is not subject to federal income taxes on net income it distributes to its stockholders. The Company intends to make timely distributions sufficient to satisfy the annual distribution requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property and federal income and excise taxes on its undistributed income. Net Loss Per Common Share The Company computes net loss per common share by dividing net loss by the weighted-average number of common shares outstanding during the period for each class. There are no class specific expenses and each class of common stock shares equally in the profits and losses of the Company. There were no dilutive shares for the years ended December 31, 2016, 2015 and 2014. 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 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. The guidance specifically excludes revenue derived from lease contracts from its scope. 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 effective date for the standard is for annual reporting periods beginning after December 15, 2017 and interim periods therein. The Company plans to adopt the standard when it becomes effective for the Company, beginning January 1, 2018. The guidance permits two methods of adoption, the full retrospective method or the modified retrospective method with a cumulative effect of initially applying the guidance recognized at the date of initial application. The standard also allows entities to apply certain practical expedients. The Company has not determined which adoption method will be applied. Rental revenues and certain tenant reimbursement revenue earned from leasing our operating properties will be evaluated with the adoption of the lease accounting standard (as discussed below). Additionally, the Company does not expect the standard to significantly impact the accounting for sales of its properties. The Company’s initial analysis of its non-lease related revenue contracts indicates that the adoption of the standard will not have a material effect on its consolidated financial statements; however, the Company is still in the process of evaluating 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 ; however, the standard requires that lessors no longer capitalize certain initial direct costs (such as allocated payroll costs) that are incurred regardless of whether the lease is obtained, and instead expense them as incurred. As such, certain of these costs that are capitalizable under existing standards may be expensed as incurred after adoption of ASU 2016-02. The Company expects that substantially all of our leasing costs will remain capitalizable under this new standard. ASU 2016-02 is effective for annual and interim reporting periods beginning after December 15, 2018, with early adoption permitted. The Company plans to early adopt the standard, beginning January 1, 2018. The guidance will be adopted using a modified retrospective transition, which will require application of ASU 2016-02 at the beginning of the earliest comparative period presented. The Company’s initial analysis of its lease contracts indicates that the adoption of this standard will not have a material effect on its consolidated financial statements; however, the Company is still in the process of evaluating the impact of ASU 2016-02. 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. In November 2016, the FASB issued ASU 2016-18 “Statement of Cash Flows (Topic 230): Restricted Cash,” (“ASU 2016-18”) which requires companies to include restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 will require a disclosure of a reconciliation between the statement of financial position and the statement of cash flows when the statement of financial position includes more than one line item for cash, cash equivalents, restricted cash, and restricted cash equivalents. Entities with material restricted cash and restricted cash equivalents balances will be required to disclose the nature of the restrictions. ASU 2016-15 and ASU 2016-18 are 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. Upon the adoption of ASU 2016-18, the Company will update the presentation of restricted cash in its current statement of cash flows to conform to the new requirements. In January 2017, the FASB issued ASU 2017-01 “Business Combinations (Topic 805): Clarifying the Definition of a Business” (“ASU 2017-01”), which clarifies the definition of a business. ASU 2017-01 adds further guidance that assists preparers in evaluating whether a transaction will be accounted for as an asset acquisition or a business combination. The Company expects most of its acquisitions to qualify as asset acquisitions under the standard which requires the capitalization of transaction costs to the basis of the acquired assets. ASU 2017-01 is effective for periods beginning after December 15, 2017. The Company adopted this standard effective January 1, 2017. Under this new standard, all acquisition costs will be capitalized instead of expensed, which as of December 31, 2016, would have included $36.9 million of acquisition expenses.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
ACQUISITIONS	3. ACQUISITIONS The Company acquired 100% of the following properties during the years ended December 31, 2016 and 2015: Intangibles ($ in thousands) Acquisition Number Land Building Intangible Above- Below- Total 2016 Acquisitions: 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 (5) 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) 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 (3) 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 Park West Distribution Center 11/8/2016 1 3,016 19,958 2,197 69 — 25,240 Exeter Portfolio 11/22/2016 2 10,745 13,617 2,014 31 (58 ) 26,349 Other acquisitions Various 25 55,696 99,815 13,260 185 (2,171 ) 166,785 Total 2016 Acquisitions 88 $ 289,547 $ 845,437 $ 93,858 $ 2,784 $ (13,974 ) $ 1,217,652 Intangibles ($ in thousands) Acquisition Number Land Building Intangible Above- Below- Total 2015 Acquisitions: Newark Distribution Center 1/6/2015 1 $ 8,523 $ 10,217 $ 825 $ 347 $ — 19,912 Totowa Commerce Center 1/23/2015 1 10,715 13,421 2,927 — (813 ) 26,250 8A Distribution Center 2/2/2015 1 7,949 15,071 836 — (382 ) 23,474 Bayport Distribution Center 2/17/2015 2 4,807 31,788 2,436 184 — 39,215 Tuscany Industrial Center (4) 3/12/2015 1 1,621 8,812 1,091 — — 11,524 8A Distribution Center II 5/1/2015 1 5,516 8,650 1,284 — — 15,450 Livermore Distribution Center 5/1/2015 1 4,885 19,869 2,533 — (1,531 ) 25,756 Chastain Meadows Distribution Center 6/1/2015 5 5,362 34,530 4,971 933 (146 ) 45,650 Auburn Distribution Center 6/10/2015 1 3,984 11,215 1,411 405 — 17,015 Carol Stream Distribution Center 7/20/2015 1 7,136 10,222 1,985 2,057 — 21,400 Houston Industrial Portfolio 7/30/2015, 3 9,969 30,642 3,133 150 (175 ) 43,719 Wilson Commerce Center 8/7/2015 1 1,897 23,554 2,460 126 (138 ) 27,899 Interstate South Distribution Center 8/25/2015 1 2,523 16,368 689 — (215 ) 19,365 Kelley Point Distribution Center 9/9/2015 5 12,710 55,841 6,579 — (1,570 ) 73,560 Aurora Distribution Center 9/21/2015 1 4,007 13,690 2,107 1,196 — 21,000 Salt Lake City Distribution Center 10/23/2015 1 3,514 11,702 1,559 — — 16,775 York Distribution Center 11/10/2015 1 4,378 11,050 1,467 — (495 ) 16,400 Etiwanda Industrial Center 11/13/2015 3 8,916 7,400 944 — (87 ) 17,173 Cincinnati Industrial Center 11/23/2015 4 3,595 27,250 3,747 173 (313 ) 34,452 Mid Counties Distribution Center 12/1/2015 1 8,418 8,334 1,449 — — 18,201 Chicago Industrial Portfolio 12/17/2015 5 16,711 50,253 4,898 271 (2,533 ) 69,600 Atlanta Industrial Portfolio 12/17/2015 14 11,642 54,917 8,333 653 (39 ) 75,506 Lehigh Valley Distribution Center 12/22/2015 1 9,485 26,059 2,583 — (527 ) 37,600 Phoenix Industrial Portfolio 12/22/2015 5 8,722 25,480 4,340 115 (674 ) 37,983 Golden State Portfolio 12/23/2015 10 88,305 70,546 11,043 389 (1,828 ) 168,455 Northwest Industrial Center 12/29/2015 8 15,765 17,224 3,987 484 (382 ) 37,078 Other acquisitions Various 19 42,272 85,218 11,603 96 (1,159 ) 138,030 Total 2015 Acquisitions 98 $ 313,327 $ 699,323 $ 91,220 $ 7,579 $ (13,007 ) $ 1,098,442 (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 $0.4 million. (3) Includes an acquisition with debt assumed at fair value of $11.4 million. (4) In August 2015, the Company sold Tuscany Industrial Center to the BTC Partnership, as defined in “Note 6,” and it was subsequently deconsolidated. (5) In November 2016, two of the buildings in this portfolio were sold to a third party. See “Note 4” for additional details on the dispositions. (6) In December 2016, this portfolio was sold to a third party. See “Note 4” for additional details on the dispositions. 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 Park West Distribution Center 3.2 Exeter Portfolio 5.2 Other acquisitions 3.3 Pro Forma Financial Information (Unaudited) The table below includes the following: (i) actual revenues and net income for the 2016 acquisitions (as described above) included in the Company’s consolidated statement of operations for the year ended December 31, 2016; (ii) actual revenues and net loss for the 2015 acquisitions included in the Company’s consolidated statement of operations for the year ended December 31, 2015; and (iii) pro forma revenues and net loss reflecting the 2016 and 2015 acquisitions, as if the date of each acquisition had been January 1, 2015 and January 1, 2014, respectively. The table below does not include any acquisitions that were subsequently disposed nor any acquisitions made by nor sold to the BTC Partnership, as defined in “Note 6,” 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 Year Ended (in thousands) 2016 2015 Actual: Total revenues $ 57,406 $ 24,929 Net loss $ 1,855 $ (448 ) Pro forma: Total revenues (1) $ 208,401 $ 204,994 Net loss (2) $ (22,570 ) $ (33,900 ) (1) In deriving the pro forma total revenues, an adjustment was made to include incremental revenue of $32.1 million and $153.9 million for the years ended December 31, 2016 and 2015, respectively. The incremental rental revenue was determined based on each acquired property’s historical rental revenue and the purchase accounting entries and includes: (i) the incremental base rent adjustments calculated based on the terms of the acquired leases and presented on a straight-line basis; and (ii) the incremental reimbursement and other revenue adjustments, which consist primarily of rental expense recoveries, and are determined based on the acquired customer’s historical reimbursement and other revenue with respect to the acquired properties. (2) In deriving the pro forma net loss, an adjustment was made to exclude acquisition-related expenses of $36.9 million and $31.8 million for the years ended December 31, 2016 and 2015, respectively. For the year ended December 31, 2015, the pro forma net loss was adjusted to include acquisition-related expenses of $36.9 million relating to the 2016 acquisitions, as if these expenses had been incurred as of January 1, 2015.

DISPOSITIONS

DISPOSITIONS	12 Months Ended
	Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
DISPOSITIONS	4. DISPOSITIONS During 2016, the Company sold to third parties five industrial buildings for net proceeds of approximately $54.2 million. Total disposition fees and expenses were $2.8 million, of which $1.4 million was paid to the Advisor. Of these dispositions: (i) two buildings were located in the Atlanta market; (ii) one building was located in the San Antonio market; (iii) one building located in the Oklahoma City market; and (iv) one building was located in the Connecticut market. Gains on the disposition of real estate properties are recorded when the recognition criteria have been met, generally at the time title is transferred, and the Company no longer has substantial continuing involvement with the real estate sold. For the year ended December 31, 2016, total net gain on dispositions was $1.4 million. No gains were recorded for the years ended December 31, 2015 and 2014.

INVESTMENT IN REAL ESTATE PROPE

INVESTMENT IN REAL ESTATE PROPERTIES	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE PROPERTIES	5. INVESTMENT IN REAL ESTATE PROPERTIES As of December 31, 2016 and 2015, the Company’s consolidated investment in real estate properties consisted of 215 and 131 industrial buildings, respectively. As of December 31, 2016, the Company had classified four industrial buildings as held for sale, which are not included in the following tables within “Note 5.” See “Note 7” below for additional information related to assets held for sale. (in thousands) December 31, December 31, Land $ 684,280 $ 405,739 Building and improvements 1,686,929 866,032 Intangible lease assets 219,512 123,451 Construction in progress 13,843 11,023 Investment in real estate properties 2,604,564 1,406,245 Less accumulated depreciation and amortization (126,235 ) (32,050 ) Net investment in real estate properties $ 2,478,329 $ 1,374,195 Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of December 31, 2016 and 2015 include the following: December 31, 2016 December 31, 2015 (in thousands) Gross Accumulated Net Gross Accumulated Net Intangible lease assets (1) $ 208,361 $ (59,226 ) $ 149,135 $ 114,768 $ (15,039 ) $ 99,729 Above-market lease assets (1) 11,151 (3,143 ) 8,008 8,683 (815 ) 7,868 Below-market lease liabilities (2) (30,929 ) 7,798 (23,131 ) (18,431 ) 2,474 (15,957 ) (1) Included in net investment in real estate properties on the consolidated balance sheets. (2) Included in other liabilities on the consolidated balance sheets. The following table details the estimated net amortization of such intangible lease assets and liabilities, as of December 31, 2016, for the next five years and thereafter: Estimated Net Amortization (in thousands) Intangible Above-Market Below-Market 2017 $ 43,327 $ 2,077 $ (5,910 ) 2018 33,369 1,735 (4,847 ) 2019 23,860 1,121 (3,837 ) 2020 16,583 802 (2,975 ) 2021 11,477 724 (2,214 ) Thereafter 20,519 1,549 (3,348 ) Total $ 149,135 $ 8,008 $ (23,131 ) Future Minimum Rent Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to the Company from its customers under the terms of non-cancelable operating leases in effect as of December 31, 2016, excluding rental revenues from the potential renewal or replacement of existing leases and from future tenant reimbursement revenue, were as follows for the next five years and thereafter: (in thousands) Future Minimum Base 2017 $ 148,585 2018 139,274 2019 120,411 2020 95,738 2021 76,335 Thereafter 172,999 Total $ 753,342 Rental Revenue and Depreciation and Amortization Expense The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real-estate related depreciation and amortization expense: For the Year Ended (in thousands) 2016 2015 2014 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 9,571 $ 3,868 $ 431 Above-market lease amortization (2,438 ) (742 ) (81 ) Below-market lease amortization 5,503 2,140 369 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 49,915 $ 14,593 $ 1,947 Intangible lease asset amortization 46,714 13,632 2,073 Real Property Impairment For the year ended December 31, 2016, the Company recorded approximately $2.7 million of non-cash impairment charges related to four 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 December 31, 2016, the net book value of the properties equaled the estimated fair value, which had an aggregate total value of approximately $15.5 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 9” for further discussion of the fair value hierarchy.

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE	12 Months Ended
	Dec. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE	6. 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. Upon admission of the BCIMC Limited Partner to the BTC Partnership, the BTC Partnership owned seven industrial buildings with a carrying value of approximately $124.9 million and the BTC Partnership was previously consolidated by the Company. As a result of the admission of the BCIMC Limited Partner, the Company deconsolidated the BTC Partnership. Concurrently, the BCIMC Limited Partner invested approximately $61.2 million to acquire their 49.0% interest in the BTC Partnership, of which $60.3 million was distributed to the Company. The transaction resulted in a sale for financial reporting purposes. 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 ownership 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 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 consolidated balance sheet as of December 31, 2016.

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
ASSETS HELD FOR SALE	7. ASSETS HELD FOR SALE As of December 31, 2016, the Company had four industrial buildings that met the criteria to be classified as held for sale. The following table summarizes the amounts held for sale as of December 31, 2016. The Company subsequently sold the buildings held for sale in February 2017. See “Note 17” for additional information. As of (in thousands) December 31, December 31, Real estate investment, net $15,532 $ — Straight-line receivables 93 — Assets held for sale $15,625 $ — Intangible lease liabilities, net 110 — Other liabilities 157 — Liabilities related to assets held for sale $267 $ —

DEBT

DEBT	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
DEBT	8. 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 ($ in thousands) December 31, December 31, Maturity Date December 31, December 31, Line of credit (1) 2.44 % 1.83 % January 2020 $ 181,000 $ 265,000 Term loan (2) 2.65 % 1.78 % January 2021 350,000 250,000 Term loan (3) 2.67 % — May 2022 150,000 — Fixed-rate mortgage notes (4) 3.31 % 3.52 % July 2020 - 617,880 100,000 Total principal amount /weighted-average 2.94 % 2.08 % $ 1,298,880 $ 615,000 Less unamortized debt issuance costs $ (10,238 ) $ (5,967 ) Total debt, net $ 1,288,642 $ 609,033 Gross book value of properties encumbered by debt $ 986,818 $ 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 December 31, 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 December 31, 2016 is the all-in interest rate, including the effects of the interest rate swap agreements. As of December 31, 2016, the unused and available portions under the line of credit were $319.0 million and $289.7 million, respectively. The line of credit is available for general corporate purposes, including but not limited to the acquisition and operation of permitted investments. (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 December 31, 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 in July 2016. As such, the weighted-average effective interest rate for the term loan as of December 31, 2016 is the all-in interest rate, including the effects of the interest rate swap agreements. The term loans are available for general corporate purposes, including but not limited to the acquisition and operation of permitted investments. (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 that the Company entered into in April 2016 relating to its variable-rate mortgage note with an amount outstanding of $97.0 million as of December 31, 2016. The all-in interest rate, including the effects of the interest rate swap agreement, was 3.45% as of December 31, 2016. The remaining fixed-rate mortgage notes have interest rates ranging from 2.94% to 3.52%. As of December 31, 2016, the principal payments due on the Company’s consolidated debt during each of the next five years and thereafter were as follows: (in thousands) Line of Credit (1) Term Loans Mortgage Notes Total 2017 $ — $ — $ — $ — 2018 — — 1,354 1,354 2019 — — 2,191 2,191 2020 181,000 — 15,259 196,259 2021 — 350,000 6,047 356,047 Thereafter — 150,000 593,029 743,029 Total principal payments $ 181,000 $ 500,000 $ 617,880 $ 1,298,880 (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 December 31, 2016. Derivative Instruments To manage interest rate risk for certain of its variable-rate debt, the Company uses interest rate swaps as part of its risk management strategy. These derivatives are designed to mitigate the risk of future interest rate increases by providing a fixed interest rate for a limited, pre-determined period of time. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the interest rate swap agreements without exchange of the underlying notional amount. As of December 31, 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 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 year ended December 31, 2016, there was no hedge ineffectiveness. The Company expects no hedge ineffectiveness in the next 12 months. The following table summarizes the location and fair value of the cash flow hedges on the Company’s consolidated balance sheets: Notional Balance Sheet Fair Value as of (in thousands) Amount Location 2016 2015 Interest rate swaps $596,980 Other assets $14,091 $ — The following table presents the effect of the Company’s cash flow hedges on the Company’s consolidated financial statements: For the Year Ended Ended December 31, (in thousands) 2016 2015 2014 Interest rate swaps: Gain recognized in AOCI (effective portion) $12,217 $ — $ — Loss reclassified from AOCI into income (effective portion) 1,874 — — Net other comprehensive income $14,091 $ — $ —

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE	9. 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 December 31, 2016: (in thousands) Level 1 Level 2 Level 3 Total Assets Derivative instruments $ — $14,091 $ — $14,091 Total assets measured at fair value $ — $14,091 $ — $14,091 As of December 31, 2016, the Company had no financial instruments that had been 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 December 31, 2016 As of December 31, 2015 (in thousands) Carrying Fair Value Carrying Fair Value Assets Derivative instruments $ 14,091 $ 14,091 $ — $ — Liabilities Line of credit 181,000 181,000 265,000 265,000 Term loans 500,000 500,000 250,000 250,000 Mortgage notes 617,880 597,187 100,000 97,958 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.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	10. INCOME TAXES The Company has concluded that there was no impact related to uncertain tax positions from the results of operations of the Company for the years ended December 31, 2016, 2015 and 2014. The U.S. is the major tax jurisdiction for the Company and the earliest tax year subject to examination by the taxing authority is 2012. Distributions Distributions to stockholders are characterized for federal income tax purposes as: (i) ordinary income; (ii) non-taxable return of capital; or (iii) long-term capital gain. Distributions that exceed the Company’s current and accumulated tax earnings and profits constitute a return of capital and reduce the stockholders’ basis in the common shares. To the extent that a distribution exceeds both current and accumulated earnings and profits and the stockholders’ basis in the common shares, the distributions will generally be treated as a gain from the sale or exchange of such stockholders’ common shares. At the beginning of each year, the Company notifies its stockholders of the taxability of the distributions paid during the preceding year. The following table summarizes the information reported to investors regarding the taxability of distributions on common shares for the years ended December 31, 2016, 2015 and 2014. The unaudited preliminary taxability of the Company’s 2016, 2015 and 2014 distributions was: For the Year Ended 2016 2015 2014 Per common share: Ordinary income $ 0.157 $ 0.367 $ 0.469 Non-taxable return of capital 0.383 0.143 — Long-term capital gain — — — Total distribution $ 0.540 $ 0.510 $ 0.469

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
STOCKHOLDERS' EQUITY	11. 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 $2.0 billion in shares of its common stock. 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 14.” 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. 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. In December 2016, the Company’s board of directors extended the term of the Offering until the earlier to occur of either: (i) June 30, 2017; 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 registration statement for 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 December 31, 2016, is as follows: (in thousands) Class A Class T Total Amount of gross proceeds raised: Primary offering $ 976,666 $ 563,144 $ 1,539,810 DRIP offering 35,061 7,687 42,748 Total offering $ 1,011,727 $ 570,831 $ 1,582,558 Number of shares sold: Primary offering 96,289 57,290 153,579 DRIP offering 3,565 782 4,347 Total offering 99,854 58,072 157,926 As of December 31, 2016, following the reallocation of shares in the Offering, approximately $285.2 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 $132.3 million in shares of common stock remained 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, 2013 420 $ 4 — $ — 420 $ 4 Issuance of common stock: Primary shares 22,494 225 — — 22,494 225 DRIP shares 102 1 — — 102 1 Stock grants 26 — — — 26 — Redemptions (12 ) — — — (12 ) — Balance as of December 31, 2014 23,030 $ 230 — $ — 23,030 $ 230 Issuance of common stock: Primary shares 60,578 606 18,390 184 78,968 790 DRIP shares 994 10 — — 994 10 Stock grants 79 1 — — 79 1 Redemptions (83 ) (1 ) — — (83 ) (1 ) Forfeitures (3 ) — — — (3 ) — Balance as of December 31, 2015 84,595 $ 846 18,390 $ 184 102,985 $ 1,030 Issuance of common stock: Primary shares 12,797 128 38,900 388 51,697 516 DRIP shares 2,469 25 782 8 3,251 33 Stock grants 118 1 — — 118 1 Redemptions (587 ) (6 ) (40 ) — (627 ) (6 ) Forfeitures (18 ) — — — (18 ) — Balance as of December 31, 2016 99,374 $ 994 58,032 $ 580 157,406 $ 1,574 Distributions The following table summarizes the Company’s distribution activity (including distributions reinvested in shares of the Company’s common stock) for the quarters ended below: Amount (in thousands, except per share data) Payment Date Declared per Paid in Reinvested Distribution Gross 2016 December 31 January 5, 2017 $ 0.13515 $ 8,840 $ 10,271 $ 1,286 $ 20,397 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 $ 31,309 $ 36,991 $ 3,853 $ 72,153 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, less 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 14” for further detail regarding distribution fees. (3) Gross distributions are total distributions before the deduction of distribution fees. Redemptions Subject to certain restrictions and limitations, a stockholder may redeem shares of the Company’s common stock for cash at a price that may reflect a discount from the purchase price paid for the shares of common stock being redeemed. Shares of common stock must be held for a minimum of one year, subject to certain exceptions. The Company is not obligated to redeem shares of its common stock under the share redemption program. The Company presently limits the number of shares to be redeemed during any consecutive 12-month period to no more than five percent of the number of shares of common stock outstanding at the beginning of such 12-month period. The Company also limits redemptions in accordance with a quarterly cap. The discount from the purchase price paid for the redeemed shares will vary based upon the length of time that the shares of common stock have been held, as follows: Share Purchase Anniversary Redemption Price as a Less than one year No redemption allowed One year 92.5 % Two years 95.0 % Three years 97.5 % Four years and longer 100.0 % The following table summarizes the Company’s redemption activity: For the Year Ended (in thousands) 2016 2015 2014 Number of eligible shares redeemed 605 105 12 Aggregate amount of shares redeemed $ 5,887 $ 1,034 $ 122 Average redemption price per share $ 9.73 $ 9.85 $ 10.00

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	12. 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 As of December 31, 2016, all grants of restricted stock had been to non-senior executive employees of the Advisor and to the independent directors. A summary of the Company’s activity with respect to the issuance of restricted stock pursuant to its Equity Incentive Plan and its Private Placement Equity Incentive Plan for the year ended December 31, 2016 is as follows: (shares in thousands) Shares Weighted-Average Nonvested shares at December 31, 2013 — $ — Granted (1) 26 $ 10.00 Vested (1) (15 ) $ 10.00 Forfeited — $ — Nonvested shares at December 31, 2014 (1) 11 $ 10.00 Granted (2) 79 $ 10.11 Vested (2) (29 ) $ 10.09 Forfeited (2) (3 ) $ 10.15 Nonvested shares at December 31, 2015 (3) 58 $ 10.44 Granted (4) 118 $ 10.44 Vested (4) (48 ) $ 10.44 Forfeited (4) (18 ) $ 10.44 Nonvested shares at December 31, 2016 (5) 110 $ 10.94 (1) The weighted-average fair value is based on the Company’s initial offering price of $10.00 per share on the grant date. (2) The weighted-average fair value is based on (i) the Company’s initial offering price of $10.00 per share for shares granted between January 1, 2015 and August 13, 2015 and (ii) the Company’s new offering price of $10.44 per Class A share, which was determined by the Company’s board of directors on August 13, 2015, for shares granted after August 13, 2015. (3) The weighted-average fair value of nonvested shares was remeasured based on the new offering price of $10.44 per Class A share. (4) The weighted-average fair value is based on the offering price of $10.44 per Class A share in effect on the respective grant date, vested date, and forfeited date. (5) Nonvested shares granted to non-senior executive employees of the Advisor were remeasured to estimated fair value as of December 31, 2016 based on the estimated net asset value of $11.0056 per share. The following table summarizes other share-based compensation data: For the Year Ended (in thousands, except per share data) 2016 2015 2014 Share-based compensation expense $ 933 $ 465 $ 202 Total fair value of restricted stock vested $ 494 $ 285 $ 150 Weighted-average grant date fair value of restricted stock granted, per share (1) $ 10.44 $ 10.11 $ 10.00 (1) The weighted-average grant date fair value is based on the offering price per Class A share in effect on the respective grant dates. As of December 31, 2016, the aggregate unrecognized compensation expenses related to the restricted stock was approximately $0.5 million and is expected to be fully recognized over a weighted-average period of one year.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2016
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	13. NONCONTROLLING INTERESTS Special Units In September 2012, the Operating Partnership issued 100 Special Units to the parent of the Advisor for consideration of $1,000. The holder of the Special Units does not participate in the profits and losses of the Operating Partnership. Amounts distributable to the holder of the Special Units will depend on operations and the amount of net sales proceeds received from asset dispositions or upon other events. In general, after holders of OP Units, in aggregate, have received cumulative distributions equal to their capital contributions plus a 6.5% cumulative, non-compounded annual pre-tax return on their net contributions, the holder of the Special Units and the holder of OP units will receive 15% and 85%, respectively, of the net sales proceeds received by the Operating Partnership upon the disposition of the Operating Partnership’s assets. In addition, the Special Units will be redeemed by the Operating Partnership, upon the earliest to occur of the following events: a “Liquidity Event” (as defined below); or the occurrence of certain events that result in the termination or non-renewal of the Advisory Agreement between the Advisor, the Company, and the Operating Partnership. A Liquidity Event is defined as (i) a listing of the Company’s common stock on a national securities exchange (or the receipt by the Company’s stockholders of securities that are listed on a national securities exchange in exchange for the Company’s common stock); (ii) a sale, merger or other transaction in which the Company’s stockholders either receive, or have the option to receive, cash, securities redeemable for cash, and/or securities of a publicly traded company; or (iii) the sale of all or substantially all of the Company’s assets where the Company’s stockholders either receive, or have the option to receive, cash or other consideration. The Company has determined that the Special Units are: (i) not redeemable at a fixed or determinable amount on a fixed or determinable date, at the option of the holder, or (ii) redeemable only upon events that are solely within the Company’s control. As a result, the Company classifies the Special Units as noncontrolling interests within permanent equity. Subsidiary REITs During the year ended December 31, 2016, the Company acquired controlling interests in four 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 consolidated balance sheet as of December 31, 2016 as noncontrolling interests within permanent equity. The noncontrolling interests consist of redeemable preferred shares with a 12.5% annual preferred dividend. Collectively, the Subsidiary REITs have 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 December 31, 2016, the Subsidiary REITs had preferred dividends payable in an aggregate amount of approximately $31,000, which were recorded in distributions payable on the Company’s consolidated balance sheet.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	14. 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. 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 Year Ended December 31, Payable as of (in thousands) 2016 2015 2014 2016 2015 Expensed: Organization costs $ — $ — $ 17 $ — $ — Acquisition fees 24,489 22,390 8,168 — 941 Asset management fees (1) 17,775 5,532 902 1,745 961 Asset management fees related to dispositions (2) 2,867 — — 1,015 — Other expense reimbursements (3) 3,445 326 200 383 119 Total $ 48,576 $ 28,248 $ 9,287 $ 3,143 $ 2,021 Capitalized: Development acquisition fees (4) $ 236 $ 282 $ — $ 14 $ 39 Additional Paid-In Capital: Sales commissions $ 16,321 $ 45,822 $ 15,490 $ — $ 498 Dealer manager fees 10,981 19,033 5,601 1 500 Offering costs 8,802 16,048 4,482 984 377 Distribution fees (5) 30,805 148 — 27,419 110 Total $ 66,909 $ 81,051 $ 25,573 $ 28,404 $ 1,485 (1) Includes asset management fees other than asset management fees related to dispositions. (2) Includes: (i) fees of approximately $1.5 million incurred in conjunction with the Company’s sell down of its ownership interest in the BTC Partnership and (ii) fees of approximately $1.4 million incurred in conjunction with property dispositions. These fees were netted against the respective gain and are included in the related net gain amount on the 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 $48,000, $61,000 and $65,000 for the years ended December 31, 2016, 2015 and 2014 respectively, for a portion of the salary, bonus and benefits of the principal financial officer, Thomas G. McGonagle, for services provided to the Company. The Company reimbursed the Advisor approximately $11,000 for the year ended December 31, 2014 for a portion of the salary, bonus and benefits of the principal executive officer, Dwight L. Merriman III, for services provided to the Company. There were no amounts reimbursed to the Advisor for the years ended December 31, 2016 or 2015 for the salary, bonus and benefits of the principal executive officer, Dwight L. Merriman III, for services provided to the Company. The principal executive officer and principal financial officer provide services to and receive additional compensation from affiliates of the Company’s Advisor that the Company does not reimburse. 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 consolidated balance sheets. (5) The distribution fees accrue daily and are payable monthly in arrears. As of December 31, 2016, the monthly amount of distribution fees payable of $0.5 million is included in distributions payable on the 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 December 31, 2016, the future estimated amounts payable of $27.0 million are included in due to affiliates on the consolidated balance sheets, and includes an immaterial amount related to prior periods. Joint Venture Agreement The BTC Partnership (described in “Note 6”) is required to pay the General Partner, a subsidiary of the Company, 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 addition, the BTC Partnership agreement contains procedures for making distributions to the parties, including incentive distributions to the General Partner, which are subject to certain return thresholds being achieved. The General Partner previously agreed to share with the Advisor a portion of any incentive distributions paid to the General Partner by the BTC Partnership in an amount equal to 40% of the percentage interest of the BTC Partnership held by partners other than the IPT Partners. In January 2016, the General Partner agreed to increase that amount to 60% in conjunction with the sell-down by the IPT Limited Partner of its ownership interest in the BTC Partnership, which reduced the IPT Partners’ ownership interest in the BTC Partnership from 51.0% to 20.0% (as described in “Note 6”). In September 2016, in connection with the admission of the Advisor Sub to the BTC Partnership as a special limited partner (as described in “Note 6”), 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 year ended December 31, 2016 and for the period from February 12, 2015 to December 31, 2015, the BTC Partnership incurred approximately $3.6 million and $2.6 million, respectively, in acquisition and asset management fees which were paid to the Advisor and the Advisor Sub pursuant to the Services Agreement. As of December 31, 2016, the Company had amounts payable to the BTC Partnership of approximately $0.3 million, which were recorded in due to affiliates on the condensed consolidated balance sheets. Expense Support Agreement In October 2013, the Company entered into an Expense Support and Conditional Reimbursement Agreement (as amended, the “Expense Support Agreement”) with the Operating Partnership and the Advisor. Pursuant to the Expense Support Agreement, the Advisor has agreed to defer payment of all or a portion of the asset management fee otherwise payable to it pursuant to the Advisory Agreement if Company-defined funds from operations (“CDFFO”), as disclosed in the Company’s quarterly and annual reports, for a particular quarter is less than the aggregate distributions that would have been declared for such quarter assuming daily distributions at a specified quarterly rate per share of common stock (the “Baseline Distributions”). Baseline Distributions were equal to: $0.11250 per share from January 1 through June 30, 2014; $0.11875 per share from July 1 through September 30, 2014; and $0.1250 per share from October 1, 2014 through June 30, 2015. In addition, pursuant to the Expense Support Agreement that was in effect through June 30, 2015, prior to the amendment and restatement of the agreement as described below, the Advisor, in its sole discretion, could elect to fund certain expenses of the Company and the Operating Partnership as expense support payments. Subject to certain conditions and limitations, the Advisor is entitled to reimbursement from the Company for any asset management fees that were deferred and any expense support payments that it made pursuant to the agreement that was in effect through June 30, 2015. The 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 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 December 31, 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 deferred or waived or expenses supported by the Advisor, as well as any amounts reimbursed to the Advisor by the Company: For the Year Ended (in thousands) 2016 2015 2014 Asset management fees deferred/waived $ 267 $ 3,370 $ 902 Other expenses supported — — 2,594 Reimbursement of previously deferred amounts (5,378 ) — — Total expense support from (repayment to) Advisor (1) $ (5,111 ) $ 3,370 $ 3,496 (1) As of December 31, 2015, approximately $0.8 million of expense support was payable to the Company by the Advisor. No amounts were payable or receivable as of December 31, 2016. Transactions with Affiliates In September 2012, the Company sold 20,000 shares of common stock to the Advisor at a price of $10.00 per share. The Company subsequently contributed $2,000 to IPT-GP Inc. (“IPT-GP”), which was a wholly-owned subsidiary of the Company and was the sole general partner of the Operating Partnership until March 2013, when IPT-GP was dissolved as described below. In September 2012, the Operating Partnership issued 19,800 Operating Partnership Units (“OP Units”) to the Company in exchange for $198,000, representing an approximate 99% limited partner interest. In addition, IPT-GP contributed $2,000 to the Operating Partnership in exchange for 200 OP Units, representing an approximate 1% general partner interest. In March 2013, IPT-GP was dissolved and its 200 OP Units, representing the sole general partner interest in the Operating Partnership, were distributed to the Company as the sole stockholder of IPT-GP. As a result, the Company owns 20,000 OP Units and is the general partner and a limited partner of the Operating Partnership. The rights of the holders of OP Units are limited and do not include the ability to replace the general partner or to approve the sale, purchase or refinancing of the Operating Partnership’s assets. Additionally, the Operating Partnership issued 100 partnership units (“Special Units”) to Industrial Property Advisors Group LLC, the parent of the Advisor, in exchange for $1,000. These units are classified as noncontrolling interests. See “Note 13” for additional information regarding the issuance of Special Units.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	15. COMMITMENTS AND CONTINGENCIES The Company and the Operating Partnership are not presently involved in any material litigation nor, to the Company’s knowledge, is any material litigation threatened against the Company or its investments. Environmental Matters A majority of the properties the Company acquires are subject to environmental reviews either by the Company or the previous owners. In addition, the Company may incur environmental remediation costs associated with certain land parcels it may acquire in connection with the development of land. The Company has acquired certain properties in urban and industrial areas that may have been leased to or previously owned by commercial and industrial companies that discharged hazardous material. The Company may purchase various environmental insurance policies to mitigate its exposure to environmental liabilities. The Company is not aware of any environmental liabilities that it believes would have a material adverse effect on its business, financial condition, or results of operations as of December 31, 2016.

SELECTED QUARTERLY FINANCIAL DA

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	16. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Selected quarterly financial data is as follows: For the Quarter Ended (in thousands, except per share data) March 31 June 30 September 30 December 31 2016 Total revenues $ 33,252 $ 40,447 $ 50,207 $ 52,383 Total operating expenses $ (42,914 ) $ (54,901 ) $ (55,408 ) $ (53,353 ) Total other expenses $ (4,611 ) $ (5,772 ) $ (8,939 ) $ (8,575 ) Total expense support from (repayment to) Advisor $ 267 $ (1,431 ) $ (3,947 ) $ — Net loss $ (14,006 ) $ (21,657 ) $ (18,087 ) $ (9,545 ) Net loss attributable to common stockholders $ (14,006 ) $ (21,657 ) $ (18,102 ) $ (9,561 ) Net loss per common share—basic and diluted (1) $ (0.12 ) $ (0.17 ) $ (0.13 ) $ (0.06 ) Weighted-average shares outstanding 114,323 129,118 139,486 150,913 2015 Total revenues $ 8,251 $ 10,150 $ 13,510 $ 19,223 Total operating expenses $ (12,119 ) $ (13,445 ) $ (22,244 ) $ (35,198 ) Total other expenses $ (1,713 ) $ (1,862 ) $ (2,359 ) $ (3,114 ) Total expense support from Advisor $ 542 $ 1,034 $ 441 $ 1,353 Net loss $ (5,039 ) $ (4,123 ) $ (10,652 ) $ (17,736 ) Net loss attributable to common stockholders $ (5,039 ) $ (4,123 ) $ (10,652 ) $ (17,736 ) Net loss per common share—basic and diluted (1) $ (0.18 ) $ (0.09 ) $ (0.19 ) $ (0.23 ) Weighted-average shares outstanding 28,485 44,770 56,948 76,522 (1) Quarterly net loss per common share amounts do not total the annual net loss per common share amount due to changes in the number of weighted-average shares outstanding calculated on a quarterly and annual basis and included in the net loss per share calculation.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS Status of Offering A summary of the Company’s public offering, as of March 6, 2017, is as follows: (in thousands) Class A Class T Total Amount of gross proceeds raised: Primary offering $ 986,810 $582,969 $1,569,779 DRIP offering 41,741 11,281 53,022 Total offering $1,028,551 $594,250 $1,622,801 Number of shares sold: Primary offering 97,217 59,202 156,419 DRIP offering 4,251 1,151 5,402 Total offering 101,468 60,353 161,821 As of March 6, 2017, approximately $255.2 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 $122.0 million in shares of common stock remained 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. Dispositions In February 2017, the Company sold to third parties all four industrial buildings that were classified as held for sale as of December 31, 2016, for net proceeds of approximately $15.9 million. Total disposition fees and expenses were $0.8 million, which included $0.4 million that was paid to the Advisor. All of the buildings were located in the Atlanta market. Total net gain on the transaction was approximately $0.1 million.

SCHEDULE III-REAL ESTATE AND AC

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION	INDUSTRIAL PROPERTY TRUST INC. SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION Initial Cost to Company Costs Capitalized or Adjustments Subsequent to Acquisition Gross Amount Carried as of December 31, 2016 (3) Accumulated Depreciation and Amortization (4) Acquisition Date / Completion Date Depreciable Life (Years) ($ in thousands) # of Buildings Debt (1) Land Buildings and Total Costs Land Buildings and Improvements (2) Total Costs Consolidated Industrial Properties: West Valley Distribution Center in Kent, WA 1 $ — $ 3,051 $ 4,801 $ 7,852 $ 236 $ 3,051 $ 5,037 $ 8,088 $ (1,249 ) 1/15/2014 1-20 Century Distribution Center in Houston, TX 1 (1 ) 2,854 8,658 11,512 — 2,854 8,658 11,512 (796 ) 3/17/2014 1-40 Oakesdale Commerce Center in Renton, WA 1 — 1,483 2,518 4,001 94 1,483 2,612 4,095 (369 ) 3/28/2014 1-40 Medley Distribution Center in Medley, FL 1 — 1,090 2,970 4,060 30 1,090 3,000 4,090 (544 ) 5/9/2014 1-40 Rialto Distribution Center in Rialto, CA 1 (1 ) 6,575 13,375 19,950 — 6,575 13,375 19,950 (1,276 ) 6/6/2014 1-40 Palm Beach Commerce Center in Boca Raton, FL 1 — 1,425 5,775 7,200 18 1,425 5,793 7,218 (864 ) 6/20/2014 1-20 Windham Industrial Center in Romeoville, IL 1 (1 ) 2,808 8,092 10,900 828 2,808 8,920 11,728 (1,243 ) 6/30/2014 1-30 Corridor Industrial Center in Savage, MD 1 — 4,247 5,634 9,881 109 4,247 5,743 9,990 (854 ) 9/16/2014 1-20 O’Hare Distribution Center in Elmhurst, IL 1 (1 ) 11,140 15,810 26,950 8 11,140 15,818 26,958 (2,094 ) 9/17/2014 1-40 Lehigh Valley Commerce Center in Kutztown, PA 1 — 1,545 4,456 6,001 (1 ) 1,545 4,455 6,000 (537 ) 9/25/2014 1-30 Corridor Industrial Center II in Savage, MD 3 — 11,500 15,297 26,797 564 11,500 15,861 27,361 (3,108 ) 9/29/2014 1-20 Bolingbrook Industrial Center in Bolingbrook, IL 1 — 1,124 2,963 4,087 (1 ) 1,124 2,962 4,086 (651 ) 9/30/2014 1-20 Normal Junction Commerce Center in Tempe, AZ 2 — 2,780 9,673 12,453 246 2,780 9,919 12,699 (1,568 ) 10/21/2014 1-20 Mechanicsburg Distribution Center in Mechanicsburg, PA 1 — 1,931 6,444 8,375 86 1,931 6,530 8,461 (1,001 ) 10/23/2014 1-20 West Valley Distribution Center II in Kent, WA 2 — 1,885 4,002 5,887 710 1,885 4,712 6,597 (893 ) 10/24/2014 1-20 CentrePort Distribution Center in Fort Worth, TX 1 (1 ) 2,795 13,898 16,693 315 2,795 14,213 17,008 (2,567 ) 10/31/2014 1-20 Tacoma Commerce Center in Tacoma, WA 1 — 1,808 1,542 3,350 88 1,808 1,630 3,438 (291 ) 10/31/2014 1-20 Richmond Distribution Center in Richmond, CA 1 — 8,185 10,165 18,350 3,135 8,185 13,300 21,485 (2,304 ) 10/31/2014 1-20 Consolidated Industrial Properties (continued): Auburn Industrial Center in Auburn, WA 1 — 2,576 5,274 7,850 498 2,576 5,772 8,348 (1,121 ) 11/12/2014 1-30 Dorsey Run Distribution Center in Elkridge, MD 1 — 3,123 3,962 7,085 166 3,123 4,128 7,251 (475 ) 12/9/2014 1-30 Portland Industrial Center in Portland, OR 10 — 18,422 38,814 57,236 15,576 18,422 54,390 72,812 (6,471 ) 12/18/2014 1-20 Newark Distribution Center in Newark, NJ 1 — 8,523 11,389 19,912 1,152 8,523 12,541 21,064 (1,338 ) 1/6/2015 1-20 Totowa Commerce Center in Totowa, NJ 1 — 10,715 15,535 26,250 16 10,715 15,551 26,266 (1,941 ) 1/23/2015 1-20 8A Distribution Center in Monroe, NJ 1 — 7,949 15,525 23,474 862 7,949 16,387 24,336 (1,892 ) 2/2/2015 1-30 Bayport Distribution Center in Pasadena, TX 2 (1 ) 4,807 34,408 39,215 198 4,807 34,606 39,413 (2,371 ) 2/17/2015 1-40 Mesa Distribution Center in Mesa, AZ 1 — 1,559 4,941 6,500 — 1,559 4,941 6,500 (464 ) 3/4/2015 1-30 Iron Run Distribution Center II in Allentown, PA 1 — 2,857 6,566 9,423 528 2,857 7,094 9,951 (1,383 ) 4/17/2015 1-20 Hayward Industrial Center in Hayward, CA 1 — 1,214 1,841 3,055 85 1,214 1,926 3,140 (277 ) 4/27/2015 1-20 Drew Court Commerce Center in King of Prussia, PA 2 — 3,716 8,184 11,900 380 3,716 8,564 12,280 (1,676 ) 4/30/2015 1-20 8A Distribution Center II in Monroe, NJ 1 — 5,516 9,934 15,450 — 5,516 9,934 15,450 (911 ) 5/1/2015 1-20 Livermore Distribution Center in Livermore, CA 1 (1 ) 4,885 20,871 25,756 169 4,885 21,040 25,925 (1,939 ) 5/1/2015 1-30 Chastain Meadows Distribution Center in Kennesaw, GA 5 — 5,362 40,288 45,650 409 5,362 40,697 46,059 (3,553 ) 6/1/2015 1-40 Auburn Distribution Center in Auburn, WA 1 — 3,984 13,031 17,015 54 3,984 13,085 17,069 (1,205 ) 6/10/2015 1-20 North Atlanta Portfolio in Atlanta, GA 2 — 1,409 6,352 7,761 484 1,409 6,836 8,245 (614 ) 6/17/2015 1-30 Richmond Distribution Center II in Richmond, CA 1 — 4,160 9,000 13,160 3 4,160 9,003 13,163 (624 ) 6/22/2015 1-30 Carol Stream Distribution Center in Carol Stream, IL 1 — 7,136 14,264 21,400 — 7,136 14,264 21,400 (1,226 ) 7/20/2015 1-30 Houston Industrial Portfolio in Houston, TX 4 — 12,027 42,485 54,512 — 12,027 42,485 54,512 (2,467 ) 7/30/2015, 1-40 Wilson Commerce Center in Nashville, TN 1 — 1,897 26,002 27,899 425 1,897 26,427 28,324 (2,481 ) 8/7/2015 1-40 North Kent Industrial Center in Kent, WA 2 — 4,065 6,281 10,346 63 4,065 6,344 10,409 (747 ) 8/7/2015 1-20 Long Beach Industrial Center in Long Beach, CA 2 — 4,306 4,594 8,900 150 4,306 4,744 9,050 (457 ) 8/12/2015 1-20 Kelley Point Distribution Center in Portland, OR 5 — 12,710 60,850 73,560 1,173 12,710 62,023 74,733 (5,045 ) 9/9/2015 1-40 Aurora Distribution Center in Aurora, IL 1 — 4,007 16,993 21,000 85 4,007 17,078 21,085 (1,020 ) 9/21/2015 1-30 Junction Industrial Center in Annapolis Junction, MD 1 — 1,934 3,066 5,000 14 1,934 3,080 5,014 (281 ) 9/24/2015 1-20 Demarest Distribution Center in Wayne, NJ 1 — 3,831 5,110 8,941 — 3,831 5,110 8,941 (303 ) 10/7/2015 1-30 Initial Cost to Company Costs Adjustments Gross Amount Carried as of Accumulated and Acquisition Date / Depreciable ($ in thousands) # of Debt (1) Land Buildings and Total Land Buildings and Total Consolidated Industrial Properties (continued): Salt Lake City Distribution Center in Salt Lake City, UT 1 — 3,514 13,261 16,775 2,739 3,514 16,000 19,514 (777 ) 10/23/2015 1-30 Auburn Distribution Center II in Auburn, WA 1 — 6,159 4,941 11,100 84 6,159 5,025 11,184 (247 ) 11/2/2015 1-30 York Distribution Center in York, PA 1 — 4,378 12,022 16,400 120 4,378 12,142 16,520 (941 ) 11/10/2015 1-20 Etiwanda Industrial Center in Ontario, CA 3 — 8,916 8,257 17,173 236 8,916 8,493 17,409 (872 ) 11/13/2015 1-20 Cincinnati Industrial Center in Cincinnati, OH 4 — 3,595 30,857 34,452 680 3,595 31,537 35,132 (2,501 ) 11/23/2015 1-30 Belt Line Distribution Center in Carrollton, TX 1 — 1,530 8,070 9,600 342 1,530 8,412 9,942 (441 ) 12/1/2015 1-30 Mid Counties Distribution Center in Santa Fe Springs, CA 1 — 8,418 9,783 18,201 — 8,418 9,783 18,201 (505 ) 12/1/2015 1-30 Airwest Distribution Center I in Plainfield, IN 1 — 1,505 13,095 14,600 — 1,505 13,095 14,600 (767 ) 12/14/2015 1-40 Airwest Distribution Center II in Plainfield, IN 1 — 700 6,044 6,744 — 700 6,044 6,744 (185 ) 12/15/2015 1-40 Chicago Industrial Portfolio in Chicago, IL 5 — 16,711 52,889 69,600 (760 ) 16,711 52,129 68,840 (2,431 ) 12/17/2015 1-40 Atlanta Industrial Portfolio in Atlanta, GA 12 — 9,268 50,492 59,760 511 9,268 51,003 60,271 (5,231 ) 12/17/2015 1-30 Lehigh Valley Distribution Center in Bethlehem, PA 1 — 9,485 28,115 37,600 — 9,485 28,115 37,600 (1,802 ) 12/22/2015 1-30 Valencia Industrial Center in Valencia, CA 1 — 3,327 7,673 11,000 234 3,327 7,907 11,234 (335 ) 12/22/2015 1-30 Phoenix Industrial Portfolio in Phoenix, AZ 5 — 8,722 29,261 37,983 21 8,722 29,282 38,004 (2,381 ) 12/22/2015 1-40 Golden State Portfolio Central Valley in Bakersfield, CA 2 — 2,466 15,633 18,099 5 2,466 15,638 18,104 (847 ) 12/23/2015 1-30 Golden State Portfolio South LA in Chula Vista, CA 2 — 6,345 15,043 21,388 215 6,345 15,258 21,603 (1,482 ) 12/23/2015 1-20 Golden State Portfolio East Bay Area in Newark, CA 2 — 44,715 32,517 77,232 3,004 44,715 35,521 80,236 (3,153 ) 12/23/2015 1-20 Golden State Portfolio Central LA in Pico Rivera, CA 1 — 11,769 1,118 12,887 30 11,769 1,148 12,917 (131 ) 12/23/2015 1-20 Golden State Portfolio South Bay Area in San Jose, CA 7 — 32,138 22,007 54,145 480 32,138 22,487 54,625 (2,367 ) 12/23/2015 1-20 Northwest Industrial Center in Houston, TX 11 — 29,206 36,307 65,513 210 29,206 36,517 65,723 (3,186 ) 12/29/2015 1-40 Victory Industrial Portfolio in Houston, TX 1 — 2,572 11,401 13,973 — 2,572 11,401 13,973 (372 ) 1/13/2016 1-40 Victory Industrial Portfolio in Dallas/Ft. Worth, TX 1 — 2,781 20,280 23,061 — 2,781 20,280 23,061 (620 ) 1/13/2016 1-40 Initial Cost to Company Costs Adjustments Gross Amount Carried as of Accumulated and Acquisition Date / Depreciable ($ in thousands) # of Debt (1) Land Buildings and Total Land Buildings and Total Consolidated Industrial Properties (continued): Victory Industrial Portfolio in Louisville, KY 1 — 900 7,672 8,572 18 900 7,690 8,590 (287 ) 1/13/2016 1-40 GSW Distribution Center in Dallas/Ft. Worth, TX 1 — 3,676 13,327 17,003 3,690 3,676 17,017 20,693 (271 ) 1/27/2016 1-40 National Distribution Portfolio in Stockton, CA 1 — 4,525 29,779 34,304 84 4,525 29,863 34,388 (1,912 ) 1/29/2016 1-20 National Distribution Portfolio in Indianapolis, IN 1 — 2,362 22,197 24,559 1,102 2,362 23,299 25,661 (408 ) 1/29/2016 1-30 National Distribution Portfolio in Memphis, TN 5 — 3,806 51,831 55,637 485 3,806 52,316 56,122 (2,912 ) 1/29/2016 1-40 Horizon Distribution Center in King of Prussia, PA 1 — 3,166 6,384 9,550 — 3,166 6,384 9,550 (387 ) 2/12/2016 1-20 Stockton Industrial Center in Stockton, CA 1 — 396 2,072 2,468 19 396 2,091 2,487 (123 ) 2/26/2016 1-30 Baseline Industrial Center in Phoenix, AZ 1 — 2,983 11,017 14,000 20 2,983 11,037 14,020 (401 ) 3/1/2016 1-30 Lehigh Valley Distribution Center II in Lehigh Valley, PA 1 — 7,093 20,800 27,893 789 7,093 21,589 28,682 (192 ) 3/7/2016 1-40 Stockton Industrial Center in Stockton, CA 1 — 486 2,014 2,500 (23 ) 486 1,991 2,477 (97 ) 3/23/2016 1-40 Lehigh Valley Business Center in Lehigh Valley, PA 4 — 4,179 8,206 12,385 105 4,179 8,311 12,490 (865 ) 3/24/2016 1-20 Kent Industrial Property in Seattle/Tacoma, WA 4 — 9,813 21,684 31,497 153 9,813 21,837 31,650 (1,472 ) 3/28/2016 1-20 O’Hare Industrial Center in Chicago, IL 1 — 3,178 5,622 8,800 108 3,178 5,730 8,908 (340 ) 3/31/2016 1-30 Auburn 167 Industrial Center in Seattle/Tacoma, WA 3 — 6,934 15,056 21,990 35 6,934 15,091 22,025 (793 ) 4/14/2016 1-30 Trade Port Distribution Center III in Louisville, KY 1 — 1,210 8,490 9,700 54 1,210 8,544 9,754 (470 ) 4/26/2016 1-30 Upland Distribution Center in Denver, CO 1 — 1,137 4,963 6,100 — 1,137 4,963 6,100 (295 ) 4/27/2016 1-20 Corona Industrial Center in Corona, CA 1 — 10,958 9,435 20,393 1,112 10,958 10,547 21,505 (381 ) 4/27/2016 1-40 Turnpike Industrial Center in Avenel, NJ 1 — 3,802 2,898 6,700 353 3,802 3,251 7,053 (211 ) 5/4/2016 1-20 National Distribution Portfolio II in Redlands, CA 1 — 15,951 20,439 36,390 64 15,951 20,503 36,454 (1,354 ) 5/19/2016 1-30 National Distribution Portfolio II in Kennesaw, GA 3 — 9,360 46,665 56,025 908 9,360 47,573 56,933 (2,455 ) 5/19/2016 1-30 National Distribution Portfolio II in Romeoville, IL 1 — 8,319 23,724 32,043 — 8,319 23,724 32,043 (947 ) 5/19/2016 1-30 National Distribution Portfolio II in Shepherdsville, KY 1 — 5,181 25,386 30,567 648 5,181 26,034 31,215 (1,704 ) 5/19/2016 1-30 Initial Cost to Company Costs Adjustments Gross Amount Carried as of Accumulated and Acquisition Date / Depreciable ($ in thousands) # of Debt (1) Land Buildings and Total Land Buildings and Total National Distribution Portfolio II in Huntersville, NC 1 — 4,648 27,827 32,475 (1 ) 4,648 27,826 32,474 (1,113 ) 5/19/2016 1-30 Carlisle Distribution Center in Carlisle, PA 1 — 7,892 20,958 28,850 — 7,892 20,958 28,850 (760 ) 5/19/2016 1-30 Central Valley Portfolio in Tracy, CA 2 — 6,132 25,166 31,298 — 6,132 25,166 31,298 (1,340 ) 5/24/2016 1-30 Central Valley Portfolio in Stockton, CA 1 — 2,107 8,039 10,146 68 2,107 8,107 10,214 (360 ) 5/24/2016 1-20 Cheyenne Distribution Center in Las Vegas, NV 1 — 5,199 24,967 30,166 — 5,199 24,967 30,166 (582 ) 5/25/2016 1-40 Peoria Distribution Center in Denver, CO 1 — 3,825 17,425 21,250 24 3,825 17,449 21,274 (572 ) 6/15/2016 1-30 Trade Port Distribution Center II in Louisville, KY 2 — 5,170 47,130 52,300 — 5,170 47,130 52,300 (1,076 ) 6/17/2016 1-30 Northeast Distribution Portfolio in Robbinsville, NJ 1 — 6,309 15,491 21,800 — 6,309 15,491 21,800 (378 ) 6/20/2016 1-30 Pinnacle Distribution Center II in Chicago, IL 1 — 8,150 25,450 33,600 — 8,150 25,450 33,600 (778 ) 6/22/2016 1-30 Marina Vista Business Center in Dallas/Ft. Worth, TX 1 — 1,311 6,169 7,480 1,534 1,311 7,703 9,014 (4 ) 6/30/2016 1-40 Southwest Industrial Portfolio in Braselton, GA 1 — 2,601 26,574 29,175 — 2,601 26,574 29,175 (576 ) 7/11/2016 1-30 Southwest Industrial Portfolio in Memphis, TN 2 (1 ) 2,991 43,949 46,940 — 2,991 43,949 46,940 (1,237 ) 7/11/2016 1-40 Alessandro Distribution Center in Riverside, CA 1 — 16,457 30,916 47,373 2,389 16,457 33,305 49,762 (444 ) 7/20/2016 1-40 Lakeside Distribution Center in Dallas/Ft. Worth, TX 1 — 2,852 13,483 16,335 — 2,852 13,483 16,335 (241 ) 7/26/2016 1-40 East Union Distribution Center in East Rutherford, NJ 1 — 5,619 6,981 12,600 496 5,619 7,477 13,096 (1 ) 7/29/2016 1-20 Billings Industrial Portfolio in Renton, WA 1 — 2,777 6,799 9,576 — 2,777 6,799 9,576 (180 ) 8/5/2016 1-20 Billings Industrial Portfolio in Portland, OR 1 — 1,870 8,604 10,474 — 1,870 8,604 10,474 (264 ) 8/5/2016 1-30 Marley Neck Distribution Center in Baltimore, MD 1 — 5,215 12,310 17,525 156 5,215 12,466 17,681 (261 ) 8/8/2016 1-20 Lakeside Corporate Center in Flower Mound, TX 4 — 6,955 37,145 44,100 109 6,955 37,254 44,209 (806 ) 8/16/2016 1-40 Pompano Industrial Center in Pompano Beach, FL 2 — 2,995 5,940 8,935 — 2,995 5,940 8,935 (175 ) 9/7/2016 1-20 South Bay Distribution Center in Rancho Diminguez, CA 1 — 2,448 2,702 5,150 — 2,448 2,702 5,150 (62 ) 9/8/2016 1-20 Corona Industrial Center II in Corona, CA 1 — 8,244 9,200 17,444 206 8,244 9,406 17,650 — 9/13/2016 1-40 San Leandro Distribution Center in San Leandro, CA 1 — 9,621 579 10,200 — 9,621 579 10,200 (82 ) 10/3/2016 1-20 Initial Cost to Company Costs Adjustments Gross Amount Carried as of Accumulated and Acquisition Date / Depreciable ($ in thousands) # of Debt (1) Land Buildings and Total Land Buildings and Total South San Francisco Distribution Center in San Francisco, CA 1 — 5,198 2,818 8,016 48 5,198 2,866 8,064 (50 ) 10/18/2016 1-20 Rainer Park Distribution Center in Summer, WA 1 — 1,883 3,517 5,400 — 1,883 3,517 5,400 (44 ) 10/27/2016 1-30 Park West Distribution Center in Hebron, KY 1 — 3,016 22,224 25,240 — 3,016 22,224 25,240 (170 ) 11/8/2016 1-30 World Park Distribution Center in Cincinnati, OH 1 — 943 7,924 8,867 — 943 7,924 8,867 (93 ) 11/22/2016 1-20 High Grove Distribution Center in Naperville, IL 1 — 2,552 11,245 13,797 — 2,552 11,245 13,797 (139 ) 11/22/2016 1-30 Exeter Portfolio in BWI Corridor, MD 1 — 4,832 7,589 12,421 — 4,832 7,589 12,421 (46 ) 11/22/2016 1-30 Exeter Portfolio in Prince George’s County, MD 1 — 5,917 8,015 13,932 — 5,917 8,015 13,932 (59 ) 11/22/2016 1-40 Total 211 $ — $ 684,280 $ 1,837,496 $ 2,521,776 $ 51,859 $ 684,280 $ 1,889,355 $ 2,573,635 $ (126,235 ) (1) These properties include mortgage notes that are included in our total outstanding property-level borrowings of approximately $617.9 million, as of December 31, 2016. These borrowings are nonrecourse and are secured by mortgages or deeds of trust and related assignments and security interests in the collateralized properties. They have maturity dates ranging from July 2020 to December 2025 and had interest rates ranging from 2.94% to 3.52%. See “Note 8 to the Consolidated Financial Statements” for more detail. (2) Includes gross intangible lease assets of $219.5 million and gross intangible lease liabilities of $30.9 million. (3) As of December 31, 2016, the aggregate cost for federal income tax purposes of investments in property was $2.6 billion (unaudited). (4) A summary of activity for investment in real estate properties is as follows: (in thousands) 2016 2015 Investment in real estate properties: Balance at beginning of period $ 1,387,814 $ 411,242 Acquisition of properties 1,217,652 1,098,442 Properties deconsolidated — (137,199 ) Properties held for sale (16,421 ) — Improvements 41,147 15,589 Disposition of properties (52,360 ) — Impairment (2,672 ) — Other (1,525 ) (260 ) Balance at end of period $ 2,573,635 $ 1,387,814 Accumulated depreciation and amortization: Balance at beginning of period $ (32,050 ) $ (4,101 ) Additions charged to costs and expenses (99,067 ) (28,967 ) Deconsolidated accumulated depreciation and amortization — 731 Properties held for sale 1,028 — Disposition of properties 2,286 — Other 1,568 287 Balance at end of period $ (126,235 ) $ (32,050 )

SUMMARY OF SIGNIFICANT ACCOUN26

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP.
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of Industrial Property Trust Inc., the Operating Partnership, and its wholly-owned subsidiaries, as well as amounts related to noncontrolling interests. See “Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests. All material intercompany accounts and transactions have been eliminated.
Use of Estimates	Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary.
Reclassifications	Reclassifications Certain items in the Company’s consolidated balance 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 balance sheets as a direct deduction from the debt liability.
Investment in Real Estate Properties	Investment in Real Estate Properties Upon acquisition, the purchase price of a property is allocated to land, building, and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. During 2016, one debt instrument was assumed at a fair value of $11.4 million. No debt was assumed in connection with the 2015 acquisitions. Costs associated with the acquisition of a property, including acquisition fees paid to Industrial Property Advisors LLC (the “Advisor”) are expensed as incurred. Properties that are probable to be sold are to be designated as “held for sale” on the balance sheet when certain criteria are met. The results of operations for acquired properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real-estate related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenue over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. The Company expenses any unamortized intangible lease asset or records an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a customer terminates a lease before the stated lease expiration date. Land, building, building and land improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of the Company’s real estate assets are capitalized as incurred. These costs include capitalized interest and development acquisition fees. The Company does not capitalize any other costs, such as taxes, salaries or other general and administrative expenses. See “Capitalized Interest” below for additional detail. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Building 20 to 40 years Building and land improvements 5 to 20 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. For the year ended December 31, 2016, the Company recorded approximately $2.7 million of non-cash impairment charges related to four 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 December 31, 2016, the net book value of the properties equaled the estimated fair value, which had an aggregate total value of approximately $15.5 million. The Company has determined that its impairments are non-recurring fair value measurements that fall within Level 3 of the fair value hierarchy. For the years ended December 31, 2015 and 2014, the Company did not record any impairment charges related to real estate assets.
Investment in Unconsolidated Joint Venture	Investment in Unconsolidated Joint Venture The Company analyzes its investment under GAAP guidance to determine if the joint venture is not a variable interest entity (“VIE”) and whether the requisite substantial participating rights described in the GAAP guidance are held by the partners not affiliated with the Company. If the joint venture is not a VIE and the partners hold substantial participating rights, the Company accounts for its investment in the joint venture under the equity method. Under the equity method, the investment is initially recorded at cost and subsequently adjusted to reflect the Company’s proportionate share of equity in the joint venture’s income (loss) and distributions, which is included in investment in unconsolidated joint venture on its consolidated balance sheets. The Company additionally recognizes its proportionate share of the ongoing income or loss of the unconsolidated joint venture in equity in loss of unconsolidated joint venture on the consolidated statements of operations. The Company evaluates its investment in the unconsolidated joint venture for impairment whenever events or changes in circumstances indicate that there may be an other-than-temporary decline in value. To do so, the Company calculates the estimated fair value of the investment using various valuation techniques, including, but not limited to, discounted cash flow models, the Company’s intent and ability to retain its investment in the entity, the financial condition and long-term prospects of the entity, and the expected term of the investment. If the Company determined any decline in value is other-than-temporary, the Company would recognize an impairment charge to reduce the carrying value of its investment to fair value. No impairment losses were recorded related to the unconsolidated joint venture for the years ended December 31, 2016, 2015, and 2014. See “Note 6” for additional information regarding the unconsolidated joint venture.
Assets Held for Sale	Assets Held for Sale The Company classifies a property as held for sale when certain criteria are met, in accordance with GAAP. Assets classified as held for sale are expected to be sold to a third party. At such time the property meets the held for sale criteria, the respective assets and liabilities are presented separately in the consolidated balance sheets and depreciation is no longer recognized. Assets held for sale are reported at the lower of their carrying amount or their estimated fair value less the costs to sell the assets. See “Note 7” for additional information regarding the assets held for sale. See “Note 7” for additional details.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities at the acquisition date of three months or less.
Straight-line Rent and Tenant Receivables	Straight-line Rent and Tenant Receivables Straight-line rent and tenant receivables include all straight-line rent and accounts receivable, net of allowances. The Company maintains an allowance for estimated losses that may result from the inability of certain of its customers to make required payments. If a customer fails to make contractual payments beyond any allowance, the Company may recognize additional bad debt expense in future periods equal to the net outstanding balances. As of December 31, 2016, and 2015 the Company’s allowance for doubtful accounts was approximately $0.3 million and $0.1 million, respectively.
Derivative Instruments	Derivative Instruments The Company records its derivative instruments in the 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 consolidated statements of equity until the derivative instrument is settled. Upon settlement, the effective portion of the hedge is recognized as other comprehensive income and amortized over the term of the designated cash flow or transaction the derivative instrument was intended to hedge. As such, the effective portion of the hedge impacts net income in the same period as the hedged item. The change in value of any derivative instrument that is deemed to be ineffective is charged directly to net income when the determination of hedge ineffectiveness is made. For purposes of determining hedge ineffectiveness, management estimates the timing and potential amount of future interest payments 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.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs include fees and costs incurred to obtain long-term financing. These fees and costs are amortized to interest expense over the terms of the related credit facilities. Unamortized deferred financing costs are written off if debt is retired before its maturity date. Accumulated amortization of deferred financing costs was approximately $3.1 million and $1.3 million as of December 31, 2016 and 2015, respectively. The Company’s interest expense for the years ended December 31, 2016, 2015 and 2014 included $1.9 million, $1.1 million and $0.3 million, respectively, of amortization of financing costs.
Capitalized Interest	Capitalized Interest The Company capitalizes interest as a cost of development. Capitalization of interest for a particular asset begins when activities necessary to get the asset ready for its intended use are in progress and when interest costs have been incurred. Capitalization of interest ceases when the project is substantially complete and ready for occupancy. For the years ended December 31, 2016 and 2015, approximately $1.5 million and $0.5 million of interest was capitalized, respectively. There was no capitalized interest for the year ended December 31, 2014.
Distribution Fees	Distribution Fees Distribution fees are paid monthly. 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. See “Note 14” for additional information regarding when distribution fees become payable.
Noncontrolling Interests	Noncontrolling Interests Due to the Company’s control of the Operating Partnership through its sole general partner interest and its limited partner interest, the Company consolidates the Operating Partnership. The limited partner interests not owned by the Company are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. As the limited partner interests do not participate in the profits and losses of the Operating Partnership, there is no net income or loss attributable to the noncontrolling interests on the consolidated statements of operations. Noncontrolling interests also represent the portion of equity in the acquired subsidiary real estate investment trusts (“Subsidiary REITs”), that the Company does not own. Such noncontrolling interests are equity instruments presented in the consolidated balance sheets as noncontrolling interests within permanent equity. See “Note 13” for additional information regarding the Subsidiary REITs.
Revenue Recognition	Revenue Recognition The Company records rental revenue on a straight-line basis over the full lease term. Certain properties have leases that offer the tenant a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, the Company records receivables from tenants for rent that the Company expects to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. When the Company acquires a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. Tenant reimbursement revenue includes payments and amounts due from tenants pursuant to their leases for real estate taxes, insurance and other recoverable property operating expenses and is recognized as rental revenue in the period the applicable expenses are incurred. For the years ended December 31, 2016, 2015 and 2014, tenant reimbursement revenue recognized in rental revenues was approximately $41.4 million, $11.5 million and $1.4 million, respectively. In connection with property acquisitions, the Company may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. The Company expenses any unamortized intangible lease asset or records an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a customer will terminate a lease before the stated lease expiration date. The Company recognizes gains on the disposition of real estate when the recognition criteria have been met, generally at the time the risks and rewards and title have transferred to the purchaser and the Company no longer has substantial continuing involvement with the real estate that was sold. The Company recognizes losses from the disposition of real estate when known to the Company.
Share-Based Compensation	Share-Based Compensation The Company accounts for share-based compensation related to restricted stock issued to certain eligible individuals using a fair value based methodology, which is based upon the stock price on the grant date and requires the amount of related expense to be adjusted to the fair value of the award at the end of each reporting period until the awards have fully vested. Share-based compensation expense for restricted stock is amortized using a graded vesting attribution method and is recognized in general and administrative expenses in the Company’s consolidated statements of operations.
Organization and Offering Expenses	Organization and Offering Expenses Organization and offering expenses are accrued by the Company only to the extent that the Company is successful in raising gross offering proceeds. If the Company is not successful in raising additional equity proceeds, no additional amounts will be payable by the Company to the Advisor for reimbursement of cumulative organization and offering expenses. Organization costs are expensed in the period they become reimbursable and offering expenses associated with the Company’s public offerings are recorded as a reduction of gross offering proceeds in additional paid-in capital. See “Note 14” for additional information regarding when organization and offering expenses become reimbursable.
Income Taxes	Income Taxes The Company elected under the Internal Revenue Code of 1986, as amended, to be taxed as a REIT beginning with the tax year ended December 31, 2013. As a REIT, the Company generally is not subject to federal income taxes on net income it distributes to its stockholders. The Company intends to make timely distributions sufficient to satisfy the annual distribution requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property and federal income and excise taxes on its undistributed income.
Net Loss Per Common Share	Net Loss Per Common Share The Company computes net loss per common share by dividing net loss by the weighted-average number of common shares outstanding during the period for each class. There are no class specific expenses and each class of common stock shares equally in the profits and losses of the Company. There were no dilutive shares for the years ended December 31, 2016, 2015 and 2014.
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 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. The guidance specifically excludes revenue derived from lease contracts from its scope. 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 effective date for the standard is for annual reporting periods beginning after December 15, 2017 and interim periods therein. The Company plans to adopt the standard when it becomes effective for the Company, beginning January 1, 2018. The guidance permits two methods of adoption, the full retrospective method or the modified retrospective method with a cumulative effect of initially applying the guidance recognized at the date of initial application. The standard also allows entities to apply certain practical expedients. The Company has not determined which adoption method will be applied. Rental revenues and certain tenant reimbursement revenue earned from leasing our operating properties will be evaluated with the adoption of the lease accounting standard (as discussed below). Additionally, the Company does not expect the standard to significantly impact the accounting for sales of its properties. The Company’s initial analysis of its non-lease related revenue contracts indicates that the adoption of the standard will not have a material effect on its consolidated financial statements; however, the Company is still in the process of evaluating 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 ; however, the standard requires that lessors no longer capitalize certain initial direct costs (such as allocated payroll costs) that are incurred regardless of whether the lease is obtained, and instead expense them as incurred. As such, certain of these costs that are capitalizable under existing standards may be expensed as incurred after adoption of ASU 2016-02. The Company expects that substantially all of our leasing costs will remain capitalizable under this new standard. ASU 2016-02 is effective for annual and interim reporting periods beginning after December 15, 2018, with early adoption permitted. The Company plans to early adopt the standard, beginning January 1, 2018. The guidance will be adopted using a modified retrospective transition, which will require application of ASU 2016-02 at the beginning of the earliest comparative period presented. The Company’s initial analysis of its lease contracts indicates that the adoption of this standard will not have a material effect on its consolidated financial statements; however, the Company is still in the process of evaluating the impact of ASU 2016-02. 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. In November 2016, the FASB issued ASU 2016-18 “Statement of Cash Flows (Topic 230): Restricted Cash,” (“ASU 2016-18”) which requires companies to include restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 will require a disclosure of a reconciliation between the statement of financial position and the statement of cash flows when the statement of financial position includes more than one line item for cash, cash equivalents, restricted cash, and restricted cash equivalents. Entities with material restricted cash and restricted cash equivalents balances will be required to disclose the nature of the restrictions. ASU 2016-15 and ASU 2016-18 are 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. Upon the adoption of ASU 2016-18, the Company will update the presentation of restricted cash in its current statement of cash flows to conform to the new requirements. In January 2017, the FASB issued ASU 2017-01 “Business Combinations (Topic 805): Clarifying the Definition of a Business” (“ASU 2017-01”), which clarifies the definition of a business. ASU 2017-01 adds further guidance that assists preparers in evaluating whether a transaction will be accounted for as an asset acquisition or a business combination. The Company expects most of its acquisitions to qualify as asset acquisitions under the standard which requires the capitalization of transaction costs to the basis of the acquired assets. ASU 2017-01 is effective for periods beginning after December 15, 2017. The Company adopted this standard effective January 1, 2017. Under this new standard, all acquisition costs will be capitalized instead of expensed, which as of December 31, 2016, would have included $36.9 million of acquisition expenses.
Fair Value	Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that the Company could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: • Quoted prices for similar assets/liabilities in active markets; • Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); • Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and • Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data.

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Real Estate Asset, Useful Life	Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Building 20 to 40 years Building and land improvements 5 to 20 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate
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)	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Summary of Business Acquisitions	The Company acquired 100% of the following properties during the years ended December 31, 2016 and 2015: Intangibles ($ in thousands) Acquisition Number Land Building Intangible Above- Below- Total 2016 Acquisitions: 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 (5) 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) 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 (3) 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 Park West Distribution Center 11/8/2016 1 3,016 19,958 2,197 69 — 25,240 Exeter Portfolio 11/22/2016 2 10,745 13,617 2,014 31 (58 ) 26,349 Other acquisitions Various 25 55,696 99,815 13,260 185 (2,171 ) 166,785 Total 2016 Acquisitions 88 $ 289,547 $ 845,437 $ 93,858 $ 2,784 $ (13,974 ) $ 1,217,652 Intangibles ($ in thousands) Acquisition Number Land Building Intangible Above- Below- Total 2015 Acquisitions: Newark Distribution Center 1/6/2015 1 $ 8,523 $ 10,217 $ 825 $ 347 $ — 19,912 Totowa Commerce Center 1/23/2015 1 10,715 13,421 2,927 — (813 ) 26,250 8A Distribution Center 2/2/2015 1 7,949 15,071 836 — (382 ) 23,474 Bayport Distribution Center 2/17/2015 2 4,807 31,788 2,436 184 — 39,215 Tuscany Industrial Center (4) 3/12/2015 1 1,621 8,812 1,091 — — 11,524 8A Distribution Center II 5/1/2015 1 5,516 8,650 1,284 — — 15,450 Livermore Distribution Center 5/1/2015 1 4,885 19,869 2,533 — (1,531 ) 25,756 Chastain Meadows Distribution Center 6/1/2015 5 5,362 34,530 4,971 933 (146 ) 45,650 Auburn Distribution Center 6/10/2015 1 3,984 11,215 1,411 405 — 17,015 Carol Stream Distribution Center 7/20/2015 1 7,136 10,222 1,985 2,057 — 21,400 Houston Industrial Portfolio 7/30/2015, 3 9,969 30,642 3,133 150 (175 ) 43,719 Wilson Commerce Center 8/7/2015 1 1,897 23,554 2,460 126 (138 ) 27,899 Interstate South Distribution Center 8/25/2015 1 2,523 16,368 689 — (215 ) 19,365 Kelley Point Distribution Center 9/9/2015 5 12,710 55,841 6,579 — (1,570 ) 73,560 Aurora Distribution Center 9/21/2015 1 4,007 13,690 2,107 1,196 — 21,000 Salt Lake City Distribution Center 10/23/2015 1 3,514 11,702 1,559 — — 16,775 York Distribution Center 11/10/2015 1 4,378 11,050 1,467 — (495 ) 16,400 Etiwanda Industrial Center 11/13/2015 3 8,916 7,400 944 — (87 ) 17,173 Cincinnati Industrial Center 11/23/2015 4 3,595 27,250 3,747 173 (313 ) 34,452 Mid Counties Distribution Center 12/1/2015 1 8,418 8,334 1,449 — — 18,201 Chicago Industrial Portfolio 12/17/2015 5 16,711 50,253 4,898 271 (2,533 ) 69,600 Atlanta Industrial Portfolio 12/17/2015 14 11,642 54,917 8,333 653 (39 ) 75,506 Lehigh Valley Distribution Center 12/22/2015 1 9,485 26,059 2,583 — (527 ) 37,600 Phoenix Industrial Portfolio 12/22/2015 5 8,722 25,480 4,340 115 (674 ) 37,983 Golden State Portfolio 12/23/2015 10 88,305 70,546 11,043 389 (1,828 ) 168,455 Northwest Industrial Center 12/29/2015 8 15,765 17,224 3,987 484 (382 ) 37,078 Other acquisitions Various 19 42,272 85,218 11,603 96 (1,159 ) 138,030 Total 2015 Acquisitions 98 $ 313,327 $ 699,323 $ 91,220 $ 7,579 $ (13,007 ) $ 1,098,442 (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 $0.4 million. (3) Includes an acquisition with debt assumed at fair value of $11.4 million. (4) In August 2015, the Company sold Tuscany Industrial Center to the BTC Partnership, as defined in “Note 6,” and it was subsequently deconsolidated. (5) In November 2016, two of the buildings in this portfolio were sold to a third party. See “Note 4” for additional details on the dispositions. (6) In December 2016, this portfolio was sold to a third party. See “Note 4” for additional details on the dispositions.
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 Park West Distribution Center 3.2 Exeter Portfolio 5.2 Other acquisitions 3.3
Pro Forma Financial Information	The pro forma financial information is not intended to represent or be indicative of the Company’s consolidated financial results that would have been reported had the acquisitions been completed at the beginning of the comparable prior period presented and should not be taken as indicative of its future consolidated financial results. For the Year Ended (in thousands) 2016 2015 Actual: Total revenues $ 57,406 $ 24,929 Net loss $ 1,855 $ (448 ) Pro forma: Total revenues (1) $ 208,401 $ 204,994 Net loss (2) $ (22,570 ) $ (33,900 ) (1) In deriving the pro forma total revenues, an adjustment was made to include incremental revenue of $32.1 million and $153.9 million for the years ended December 31, 2016 and 2015, respectively. The incremental rental revenue was determined based on each acquired property’s historical rental revenue and the purchase accounting entries and includes: (i) the incremental base rent adjustments calculated based on the terms of the acquired leases and presented on a straight-line basis; and (ii) the incremental reimbursement and other revenue adjustments, which consist primarily of rental expense recoveries, and are determined based on the acquired customer’s historical reimbursement and other revenue with respect to the acquired properties. (2) In deriving the pro forma net loss, an adjustment was made to exclude acquisition-related expenses of $36.9 million and $31.8 million for the years ended December 31, 2016 and 2015, respectively. For the year ended December 31, 2015, the pro forma net loss was adjusted to include acquisition-related expenses of $36.9 million relating to the 2016 acquisitions, as if these expenses had been incurred as of January 1, 2015.

INVESTMENT IN REAL ESTATE PRO29

INVESTMENT IN REAL ESTATE PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
Investment in Properties	As of December 31, 2016 and 2015, the Company’s consolidated investment in real estate properties consisted of 215 and 131 industrial buildings, respectively. As of December 31, 2016, the Company had classified four industrial buildings as held for sale, which are not included in the following tables within “Note 5.” See “Note 7” below for additional information related to assets held for sale. (in thousands) December 31, December 31, Land $ 684,280 $ 405,739 Building and improvements 1,686,929 866,032 Intangible lease assets 219,512 123,451 Construction in progress 13,843 11,023 Investment in real estate properties 2,604,564 1,406,245 Less accumulated depreciation and amortization (126,235 ) (32,050 ) Net investment in real estate properties $ 2,478,329 $ 1,374,195
Summary of Intangible Lease Assets and Liabilities	Intangible lease assets and liabilities as of December 31, 2016 and 2015 include the following: December 31, 2016 December 31, 2015 (in thousands) Gross Accumulated Net Gross Accumulated Net Intangible lease assets (1) $ 208,361 $ (59,226 ) $ 149,135 $ 114,768 $ (15,039 ) $ 99,729 Above-market lease assets (1) 11,151 (3,143 ) 8,008 8,683 (815 ) 7,868 Below-market lease liabilities (2) (30,929 ) 7,798 (23,131 ) (18,431 ) 2,474 (15,957 ) (1) Included in net investment in real estate properties on the consolidated balance sheets. (2) Included in other liabilities on the consolidated balance sheets.
Estimated Net Amortization of Intangible Lease Assets and Liabilities	The following table details the estimated net amortization of such intangible lease assets and liabilities, as of December 31, 2016, for the next five years and thereafter: Estimated Net Amortization (in thousands) Intangible Above-Market Below-Market 2017 $ 43,327 $ 2,077 $ (5,910 ) 2018 33,369 1,735 (4,847 ) 2019 23,860 1,121 (3,837 ) 2020 16,583 802 (2,975 ) 2021 11,477 724 (2,214 ) Thereafter 20,519 1,549 (3,348 ) Total $ 149,135 $ 8,008 $ (23,131 )
Future Minimum Base Rental Payments	Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to the Company from its customers under the terms of non-cancelable operating leases in effect as of December 31, 2016, excluding rental revenues from the potential renewal or replacement of existing leases and from future tenant reimbursement revenue, were as follows for the next five years and thereafter: (in thousands) Future Minimum Base 2017 $ 148,585 2018 139,274 2019 120,411 2020 95,738 2021 76,335 Thereafter 172,999 Total $ 753,342
Summary of Rental Revenue and Depreciation and Amortization Expense	The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real-estate related depreciation and amortization expense: For the Year Ended (in thousands) 2016 2015 2014 Increase (Decrease) to Rental Revenue: Straight-line rent adjustments $ 9,571 $ 3,868 $ 431 Above-market lease amortization (2,438 ) (742 ) (81 ) Below-market lease amortization 5,503 2,140 369 Real Estate-Related Depreciation and Amortization: Depreciation expense $ 49,915 $ 14,593 $ 1,947 Intangible lease asset amortization 46,714 13,632 2,073

ASSETS HELD FOR SALE (Tables)

ASSETS HELD FOR SALE (Tables)	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Summary of Amounts Held for Sale	The following table summarizes the amounts held for sale as of December 31, 2016. The Company subsequently sold the buildings held for sale in February 2017. See “Note 17” for additional information. As of (in thousands) December 31, December 31, Real estate investment, net $15,532 $ — Straight-line receivables 93 — Assets held for sale $15,625 $ — Intangible lease liabilities, net 110 — Other liabilities 157 — Liabilities related to assets held for sale $267 $ —

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Summary of Debt	A summary of the Company’s debt is as follows: Weighted-Average Balance as of ($ in thousands) December 31, December 31, Maturity Date December 31, December 31, Line of credit (1) 2.44 % 1.83 % January 2020 $ 181,000 $ 265,000 Term loan (2) 2.65 % 1.78 % January 2021 350,000 250,000 Term loan (3) 2.67 % — May 2022 150,000 — Fixed-rate mortgage notes (4) 3.31 % 3.52 % July 2020 - 617,880 100,000 Total principal amount /weighted-average 2.94 % 2.08 % $ 1,298,880 $ 615,000 Less unamortized debt issuance costs $ (10,238 ) $ (5,967 ) Total debt, net $ 1,288,642 $ 609,033 Gross book value of properties encumbered by debt $ 986,818 $ 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 December 31, 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 December 31, 2016 is the all-in interest rate, including the effects of the interest rate swap agreements. As of December 31, 2016, the unused and available portions under the line of credit were $319.0 million and $289.7 million, respectively. The line of credit is available for general corporate purposes, including but not limited to the acquisition and operation of permitted investments. (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 December 31, 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 in July 2016. As such, the weighted-average effective interest rate for the term loan as of December 31, 2016 is the all-in interest rate, including the effects of the interest rate swap agreements. The term loans are available for general corporate purposes, including but not limited to the acquisition and operation of permitted investments. (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 that the Company entered into in April 2016 relating to its variable-rate mortgage note with an amount outstanding of $97.0 million as of December 31, 2016. The all-in interest rate, including the effects of the interest rate swap agreement, was 3.45% as of December 31, 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 December 31, 2016, the principal payments due on the Company’s consolidated debt during each of the next five years and thereafter were as follows: (in thousands) Line of Credit (1) Term Loans Mortgage Notes Total 2017 $ — $ — $ — $ — 2018 — — 1,354 1,354 2019 — — 2,191 2,191 2020 181,000 — 15,259 196,259 2021 — 350,000 6,047 356,047 Thereafter — 150,000 593,029 743,029 Total principal payments $ 181,000 $ 500,000 $ 617,880 $ 1,298,880 (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 consolidated balance sheets: Notional Balance Sheet Fair Value as of (in thousands) Amount Location 2016 2015 Interest rate swaps $596,980 Other assets $14,091 $ —
Effect of Derivative Instruments	The following table presents the effect of the Company’s cash flow hedges on the Company’s consolidated financial statements: For the Year Ended Ended December 31, (in thousands) 2016 2015 2014 Interest rate swaps: Gain recognized in AOCI (effective portion) $12,217 $ — $ — Loss reclassified from AOCI into income (effective portion) 1,874 — — Net other comprehensive income $14,091 $ — $ —

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Financial Instruments Measured at Fair Value on Recurring Basis	The following table presents the Company’s financial instruments measured at fair value on a recurring basis as of December 31, 2016: (in thousands) Level 1 Level 2 Level 3 Total Assets Derivative instruments $ — $14,091 $ — $14,091 Total assets measured at fair value $ — $14,091 $ — $14,091
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 December 31, 2016 As of December 31, 2015 (in thousands) Carrying Fair Value Carrying Fair Value Assets Derivative instruments $ 14,091 $ 14,091 $ — $ — Liabilities Line of credit 181,000 181,000 265,000 265,000 Term loans 500,000 500,000 250,000 250,000 Mortgage notes 617,880 597,187 100,000 97,958

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Preliminary Taxability of Distributions on Common Shares	The unaudited preliminary taxability of the Company’s 2016, 2015 and 2014 distributions was: For the Year Ended 2016 2015 2014 Per common share: Ordinary income $ 0.157 $ 0.367 $ 0.469 Non-taxable return of capital 0.383 0.143 — Long-term capital gain — — — Total distribution $ 0.540 $ 0.510 $ 0.469

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2016
Summary of Public Offering	A summary of the Company’s public offering (including shares sold through the primary offering and distribution reinvestment plan (“DRIP”) offering), as of December 31, 2016, is as follows: (in thousands) Class A Class T Total Amount of gross proceeds raised: Primary offering $ 976,666 $ 563,144 $ 1,539,810 DRIP offering 35,061 7,687 42,748 Total offering $ 1,011,727 $ 570,831 $ 1,582,558 Number of shares sold: Primary offering 96,289 57,290 153,579 DRIP offering 3,565 782 4,347 Total offering 99,854 58,072 157,926
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, 2013 420 $ 4 — $ — 420 $ 4 Issuance of common stock: Primary shares 22,494 225 — — 22,494 225 DRIP shares 102 1 — — 102 1 Stock grants 26 — — — 26 — Redemptions (12 ) — — — (12 ) — Balance as of December 31, 2014 23,030 $ 230 — $ — 23,030 $ 230 Issuance of common stock: Primary shares 60,578 606 18,390 184 78,968 790 DRIP shares 994 10 — — 994 10 Stock grants 79 1 — — 79 1 Redemptions (83 ) (1 ) — — (83 ) (1 ) Forfeitures (3 ) — — — (3 ) — Balance as of December 31, 2015 84,595 $ 846 18,390 $ 184 102,985 $ 1,030 Issuance of common stock: Primary shares 12,797 128 38,900 388 51,697 516 DRIP shares 2,469 25 782 8 3,251 33 Stock grants 118 1 — — 118 1 Redemptions (587 ) (6 ) (40 ) — (627 ) (6 ) Forfeitures (18 ) — — — (18 ) — Balance as of December 31, 2016 99,374 $ 994 58,032 $ 580 157,406 $ 1,574
Redemption Discount Table	The discount from the purchase price paid for the redeemed shares will vary based upon the length of time that the shares of common stock have been held, as follows: Share Purchase Anniversary Redemption Price as a Less than one year No redemption allowed One year 92.5 % Two years 95.0 % Three years 97.5 % Four years and longer 100.0 %
Redemption Table	The following table summarizes the Company’s redemption activity: For the Year Ended (in thousands) 2016 2015 2014 Number of eligible shares redeemed 605 105 12 Aggregate amount of shares redeemed $ 5,887 $ 1,034 $ 122 Average redemption price per share $ 9.73 $ 9.85 $ 10.00
Status Update of Public Offering [Member]
Summary of Public Offering	A summary of the Company’s public offering, as of March 6, 2017, is as follows: (in thousands) Class A Class T Total Amount of gross proceeds raised: Primary offering $ 986,810 $582,969 $1,569,779 DRIP offering 41,741 11,281 53,022 Total offering $1,028,551 $594,250 $1,622,801 Number of shares sold: Primary offering 97,217 59,202 156,419 DRIP offering 4,251 1,151 5,402 Total offering 101,468 60,353 161,821
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) for the quarters ended below: Amount (in thousands, except per share data) Payment Date Declared per Paid in Reinvested Distribution Gross 2016 December 31 January 5, 2017 $ 0.13515 $ 8,840 $ 10,271 $ 1,286 $ 20,397 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 $ 31,309 $ 36,991 $ 3,853 $ 72,153 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, less 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 14” 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)	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Restricted Stock Activity	A summary of the Company’s activity with respect to the issuance of restricted stock pursuant to its Equity Incentive Plan and its Private Placement Equity Incentive Plan for the year ended December 31, 2016 is as follows: (shares in thousands) Shares Weighted-Average Nonvested shares at December 31, 2013 — $ — Granted (1) 26 $ 10.00 Vested (1) (15 ) $ 10.00 Forfeited — $ — Nonvested shares at December 31, 2014 (1) 11 $ 10.00 Granted (2) 79 $ 10.11 Vested (2) (29 ) $ 10.09 Forfeited (2) (3 ) $ 10.15 Nonvested shares at December 31, 2015 (3) 58 $ 10.44 Granted (4) 118 $ 10.44 Vested (4) (48 ) $ 10.44 Forfeited (4) (18 ) $ 10.44 Nonvested shares at December 31, 2016 (5) 110 $ 10.94 (1) The weighted-average fair value is based on the Company’s initial offering price of $10.00 per share on the grant date. (2) The weighted-average fair value is based on (i) the Company’s initial offering price of $10.00 per share for shares granted between January 1, 2015 and August 13, 2015 and (ii) the Company’s new offering price of $10.44 per Class A share, which was determined by the Company’s board of directors on August 13, 2015, for shares granted after August 13, 2015. (3) The weighted-average fair value of nonvested shares was remeasured based on the new offering price of $10.44 per Class A share. (4) The weighted-average fair value is based on the offering price of $10.44 per Class A share in effect on the respective grant date, vested date, and forfeited date. (5) Nonvested shares granted to non-senior executive employees of the Advisor were remeasured to estimated fair value as of December 31, 2016 based on the estimated net asset value of $11.0056 per share.
Components of Share-Based Compensation	The following table summarizes other share-based compensation data: For the Year Ended (in thousands, except per share data) 2016 2015 2014 Share-based compensation expense $ 933 $ 465 $ 202 Total fair value of restricted stock vested $ 494 $ 285 $ 150 Weighted-average grant date fair value of restricted stock granted, per share (1) $ 10.44 $ 10.11 $ 10.00 (1) The weighted-average grant date fair value is based on the offering price per Class A share in effect on the respective grant dates.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Summary of Fees and Expenses Incurred by Company	The table below summarizes the fees and expenses incurred by the Company for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services described above, and any related amounts payable: Incurred For the Year Ended December 31, Payable as of (in thousands) 2016 2015 2014 2016 2015 Expensed: Organization costs $ — $ — $ 17 $ — $ — Acquisition fees 24,489 22,390 8,168 — 941 Asset management fees (1) 17,775 5,532 902 1,745 961 Asset management fees related to dispositions (2) 2,867 — — 1,015 — Other expense reimbursements (3) 3,445 326 200 383 119 Total $ 48,576 $ 28,248 $ 9,287 $ 3,143 $ 2,021 Capitalized: Development acquisition fees (4) $ 236 $ 282 $ — $ 14 $ 39 Additional Paid-In Capital: Sales commissions $ 16,321 $ 45,822 $ 15,490 $ — $ 498 Dealer manager fees 10,981 19,033 5,601 1 500 Offering costs 8,802 16,048 4,482 984 377 Distribution fees (5) 30,805 148 — 27,419 110 Total $ 66,909 $ 81,051 $ 25,573 $ 28,404 $ 1,485 (1) Includes asset management fees other than asset management fees related to dispositions. (2) Includes: (i) fees of approximately $1.5 million incurred in conjunction with the Company’s sell down of its ownership interest in the BTC Partnership and (ii) fees of approximately $1.4 million incurred in conjunction with property dispositions. These fees were netted against the respective gain and are included in the related net gain amount on the 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 $48,000, $61,000 and $65,000 for the years ended December 31, 2016, 2015 and 2014 respectively, for a portion of the salary, bonus and benefits of the principal financial officer, Thomas G. McGonagle, for services provided to the Company. The Company reimbursed the Advisor approximately $11,000 for the year ended December 31, 2014 for a portion of the salary, bonus and benefits of the principal executive officer, Dwight L. Merriman III, for services provided to the Company. There were no amounts reimbursed to the Advisor for the years ended December 31, 2016 or 2015 for the salary, bonus and benefits of the principal executive officer, Dwight L. Merriman III, for services provided to the Company. The principal executive officer and principal financial officer provide services to and receive additional compensation from affiliates of the Company’s Advisor that the Company does not reimburse. 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 consolidated balance sheets. (5) The distribution fees accrue daily and are payable monthly in arrears. As of December 31, 2016, the monthly amount of distribution fees payable of $0.5 million is included in distributions payable on the 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 December 31, 2016, the future estimated amounts payable of $27.0 million are included in due to affiliates on the consolidated balance sheets, and includes an immaterial amount related to prior periods.
Schedule of Fees Deferred or Waived or Expense Supported by the Advisor and Reimbursements to the Advisor by the Company	The table below provides information regarding the fees deferred or waived or expenses supported by the Advisor, as well as any amounts reimbursed to the Advisor by the Company: For the Year Ended (in thousands) 2016 2015 2014 Asset management fees deferred/waived $ 267 $ 3,370 $ 902 Other expenses supported — — 2,594 Reimbursement of previously deferred amounts (5,378 ) — — Total expense support from (repayment to) Advisor (1) $ (5,111 ) $ 3,370 $ 3,496 (1) As of December 31, 2015, approximately $0.8 million of expense support was payable to the Company by the Advisor. No amounts were payable or receivable as of December 31, 2016.

SELECTED QUARTERLY FINANCIAL 37

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data	Selected quarterly financial data is as follows: For the Quarter Ended (in thousands, except per share data) March 31 June 30 September 30 December 31 2016 Total revenues $ 33,252 $ 40,447 $ 50,207 $ 52,383 Total operating expenses $ (42,914 ) $ (54,901 ) $ (55,408 ) $ (53,353 ) Total other expenses $ (4,611 ) $ (5,772 ) $ (8,939 ) $ (8,575 ) Total expense support from (repayment to) Advisor $ 267 $ (1,431 ) $ (3,947 ) $ — Net loss $ (14,006 ) $ (21,657 ) $ (18,087 ) $ (9,545 ) Net loss attributable to common stockholders $ (14,006 ) $ (21,657 ) $ (18,102 ) $ (9,561 ) Net loss per common share—basic and diluted (1) $ (0.12 ) $ (0.17 ) $ (0.13 ) $ (0.06 ) Weighted-average shares outstanding 114,323 129,118 139,486 150,913 2015 Total revenues $ 8,251 $ 10,150 $ 13,510 $ 19,223 Total operating expenses $ (12,119 ) $ (13,445 ) $ (22,244 ) $ (35,198 ) Total other expenses $ (1,713 ) $ (1,862 ) $ (2,359 ) $ (3,114 ) Total expense support from Advisor $ 542 $ 1,034 $ 441 $ 1,353 Net loss $ (5,039 ) $ (4,123 ) $ (10,652 ) $ (17,736 ) Net loss attributable to common stockholders $ (5,039 ) $ (4,123 ) $ (10,652 ) $ (17,736 ) Net loss per common share—basic and diluted (1) $ (0.18 ) $ (0.09 ) $ (0.19 ) $ (0.23 ) Weighted-average shares outstanding 28,485 44,770 56,948 76,522 (1) Quarterly net loss per common share amounts do not total the annual net loss per common share amount due to changes in the number of weighted-average shares outstanding calculated on a quarterly and annual basis and included in the net loss per share calculation.

SCHEDULE III-REAL ESTATE AND 38

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION (Tables)	12 Months Ended
	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Summary of Activity for Investment in Real Estate Properties	(4) A summary of activity for investment in real estate properties is as follows: (in thousands) 2016 2015 Investment in real estate properties: Balance at beginning of period $ 1,387,814 $ 411,242 Acquisition of properties 1,217,652 1,098,442 Properties deconsolidated — (137,199 ) Properties held for sale (16,421 ) — Improvements 41,147 15,589 Disposition of properties (52,360 ) — Impairment (2,672 ) — Other (1,525 ) (260 ) Balance at end of period $ 2,573,635 $ 1,387,814 Accumulated depreciation and amortization: Balance at beginning of period $ (32,050 ) $ (4,101 ) Additions charged to costs and expenses (99,067 ) (28,967 ) Deconsolidated accumulated depreciation and amortization — 731 Properties held for sale 1,028 — Disposition of properties 2,286 — Other 1,568 287 Balance at end of period $ (126,235 ) $ (32,050 )

Description of Business - Addit

Description of Business - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016BuildingSegment
Organization and Nature of Operations [Line Items]
Number of reportable segment | Segment	1
BTC Partnership [Member]
Organization and Nature of Operations [Line Items]
Ownership interest	20.00%
Consolidated and Unconsolidated Properties [Member]
Organization and Nature of Operations [Line Items]
Real estate properties owned, buildings | Building	242

Summary of Significant Accoun40

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016USD ($)PropertyDebt_Instrumentshares	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)shares
Summary Of Significant Accounting Policies [Line Items]
Debt assumed in connection with acquisition	$ 11,400,000	$ 0
Number debt instruments assumed | Debt_Instrument	1
Non-cash impairment charges recorded	$ 2,672,000
Number of real estate properties subject to impairment | Property	4
Aggregate net book value of impaired properties	$ 15,500,000
Impairment charges related to property assets	0	0	$ 0
Allowance for doubtful accounts	300,000	100,000
Amortization of financing costs	1,900,000	1,100,000	300,000
Accumulated amortization of deferred financing costs	3,100,000	1,300,000
Capitalized interest cost	1,500,000	500,000	0
Net income (loss) attributable to noncontrolling interests	31,000
Tenant reimbursements	$ 41,400,000	$ 11,500,000	$ 1,400,000
Dilutive shares | shares	0	0	0
Common stock class specific expenses	$ 0
ASU 2017-01 [Member]
Summary Of Significant Accounting Policies [Line Items]
Acquisition costs capitalizable under new accounting standard	36,900,000
Special Units Holder [Member]
Summary Of Significant Accounting Policies [Line Items]
Net income (loss) attributable to noncontrolling interests	$ 0
Investment in Real Estate Properties [Member]
Summary Of Significant Accounting Policies [Line Items]
Impairment charges related to property assets		$ 0	$ 0

Summary of Significant Accoun41

Summary of Significant Accounting Policies - Real Estate Asset, Useful Life (Detail)	12 Months Ended
	Dec. 31, 2016
Lease commissions [Member]
Real Estate Properties [Line Items]
Standard depreciable life	Over lease term
Intangible Lease Assets [Member]
Real Estate Properties [Line Items]
Standard depreciable life	Over lease term
Above-Market Lease Assets [Member]
Real Estate Properties [Line Items]
Standard depreciable life	Over lease term
Below-Market Lease Liabilities [Member]
Real Estate Properties [Line Items]
Standard depreciable life	Over lease term, including below-market fixed-rate renewal options
Land [Member]
Real Estate Properties [Line Items]
Standard depreciable life	Not depreciated
Building [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Standard depreciable life	20 years
Building [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Standard depreciable life	40 years
Building and land improvements [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Standard depreciable life	5 years
Building and land improvements [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Standard depreciable life	20 years
Tenant improvements [Member]
Real Estate Properties [Line Items]
Standard depreciable life	Lesser of useful life or lease term

Summary of Significant Accoun42

Summary of Significant Accounting Policies - 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)	Dec. 31, 2016	Dec. 31, 2015
Business Combinations [Abstract]
Ownership interest of acquired properties	100.00%	100.00%

Acquisitions - Summary of Busin

Acquisitions - Summary of Business Acquisitions (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)Building	Dec. 31, 2015USD ($)Building	May 31, 2016USD ($)
2016 Acquisitions [Member]
Business Acquisition [Line Items]
Number of Buildings | Building	88
Land	$ 289,547		$ 400
Building	845,437
Intangible Lease Assets	93,858
Above Market Lease Assets	2,784
Below Market Lease Liabilities	(13,974)
Total Purchase Price	$ 1,217,652
2016 Acquisitions [Member] | Northwest Industrial Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Jan. 5, 2016
Number of Buildings | Building	3
Land	$ 13,441
Building	12,633
Intangible Lease Assets	2,554
Above Market Lease Assets	81
Below Market Lease Liabilities	(274)
Total Purchase Price	$ 28,435
2016 Acquisitions [Member] | Golden State Portfolio [Member]
Business Acquisition [Line Items]
Acquisition Date	Jan. 12, 2016
Number of Buildings | Building	4
Land	$ 9,128
Building	4,874
Intangible Lease Assets	1,183
Above Market Lease Assets	131
Below Market Lease Liabilities	(19)
Total Purchase Price	$ 15,297
2016 Acquisitions [Member] | Victory Industrial Portfolio [Member]
Business Acquisition [Line Items]
Acquisition Date	Jan. 13, 2016
Number of Buildings | Building	5
Land	$ 9,712
Building	44,493
Intangible Lease Assets	5,965
Above Market Lease Assets	461
Below Market Lease Liabilities	(1,811)
Total Purchase Price	$ 58,820
2016 Acquisitions [Member] | GSW Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Jan. 27, 2016
Number of Buildings | Building	1
Land	$ 3,676
Building	13,327
Total Purchase Price	$ 17,003
2016 Acquisitions [Member] | National Distribution Portfolio [Member]
Business Acquisition [Line Items]
Acquisition Date	Jan. 29, 2016
Number of Buildings | Building	7
Land	$ 10,693
Building	92,746
Intangible Lease Assets	11,748
Above Market Lease Assets	659
Below Market Lease Liabilities	(1,346)
Total Purchase Price	$ 114,500
2016 Acquisitions [Member] | Lehigh Valley Distribution Center II [Member]
Business Acquisition [Line Items]
Acquisition Date	Mar. 7, 2016
Number of Buildings | Building	1
Land	$ 7,093
Building	19,778
Intangible Lease Assets	1,092
Below Market Lease Liabilities	(70)
Total Purchase Price	$ 27,893
2016 Acquisitions [Member] | Kent Industrial Portfolio [Member]
Business Acquisition [Line Items]
Acquisition Date	Mar. 28, 2016
Number of Buildings | Building	4
Land	$ 9,813
Building	20,042
Intangible Lease Assets	2,046
Above Market Lease Assets	40
Below Market Lease Liabilities	(444)
Total Purchase Price	$ 31,497
2016 Acquisitions [Member] | Auburn 167 Industrial Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Apr. 14, 2016
Number of Buildings | Building	3
Land	$ 6,934
Building	13,447
Intangible Lease Assets	1,605
Above Market Lease Assets	140
Below Market Lease Liabilities	(137)
Total Purchase Price	$ 21,989
2016 Acquisitions [Member] | Corona Industrial Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Apr. 27, 2016
Number of Buildings | Building	1
Land	$ 10,958
Building	8,882
Intangible Lease Assets	553
Total Purchase Price	$ 20,393
2016 Acquisitions [Member] | National Distribution Portfolio II [Member]
Business Acquisition [Line Items]
Acquisition Date	May 19, 2016
Number of Buildings | Building	7
Land	$ 43,459
Building	134,781
Intangible Lease Assets	9,917
Above Market Lease Assets	407
Below Market Lease Liabilities	(1,064)
Total Purchase Price	$ 187,500
2016 Acquisitions [Member] | Carlisle Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date	May 19, 2016
Number of Buildings | Building	1
Land	$ 7,892
Building	19,595
Intangible Lease Assets	1,925
Below Market Lease Liabilities	(563)
Total Purchase Price	$ 28,849
2016 Acquisitions [Member] | Central Valley Portfolio [Member]
Business Acquisition [Line Items]
Acquisition Date	May 24, 2016
Number of Buildings | Building	3
Land	$ 8,239
Building	29,603
Intangible Lease Assets	3,998
Below Market Lease Liabilities	(396)
Total Purchase Price	$ 41,444
2016 Acquisitions [Member] | Cheyenne Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date	May 25, 2016
Number of Buildings | Building	1
Land	$ 5,200
Building	22,320
Intangible Lease Assets	2,647
Total Purchase Price	$ 30,167
2016 Acquisitions [Member] | Peoria Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Jun. 15, 2016
Number of Buildings | Building	1
Land	$ 3,825
Building	15,933
Intangible Lease Assets	1,588
Below Market Lease Liabilities	(97)
Total Purchase Price	$ 21,249
2016 Acquisitions [Member] | Trade Port Distribution Center II [Member]
Business Acquisition [Line Items]
Acquisition Date	Jun. 17, 2016
Number of Buildings | Building	2
Land	$ 5,170
Building	40,903
Intangible Lease Assets	6,227
Total Purchase Price	$ 52,300
2016 Acquisitions [Member] | Northeast Distribution Portfolio [Member]
Business Acquisition [Line Items]
Acquisition Date	Jun. 20, 2016
Number of Buildings | Building	2
Land	$ 6,745
Building	20,110
Intangible Lease Assets	3,220
Below Market Lease Liabilities	(675)
Total Purchase Price	$ 29,400
2016 Acquisitions [Member] | Pinnacle Distribution Center II [Member]
Business Acquisition [Line Items]
Acquisition Date	Jun. 22, 2016
Number of Buildings | Building	1
Land	$ 8,150
Building	23,168
Intangible Lease Assets	2,436
Below Market Lease Liabilities	(154)
Total Purchase Price	$ 33,600
2016 Acquisitions [Member] | 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
2016 Acquisitions [Member] | 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
2016 Acquisitions [Member] | 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
2016 Acquisitions [Member] | 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
2016 Acquisitions [Member] | 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
2016 Acquisitions [Member] | 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
2016 Acquisitions [Member] | 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
2016 Acquisitions [Member] | Park West Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date	Nov. 8, 2016
Number of Buildings | Building	1
Land	$ 3,016
Building	19,958
Intangible Lease Assets	2,197
Above Market Lease Assets	69
Total Purchase Price	$ 25,240
2016 Acquisitions [Member] | Exeter Portfolio [Member]
Business Acquisition [Line Items]
Acquisition Date	Nov. 22, 2016
Number of Buildings | Building	2
Land	$ 10,745
Building	13,617
Intangible Lease Assets	2,014
Above Market Lease Assets	31
Below Market Lease Liabilities	(58)
Total Purchase Price	$ 26,349
2016 Acquisitions [Member] | Other acquisitions [Member]
Business Acquisition [Line Items]
Number of Buildings | Building	25
Land	$ 55,696
Building	99,815
Intangible Lease Assets	13,260
Above Market Lease Assets	185
Below Market Lease Liabilities	(2,171)
Total Purchase Price	$ 166,785
Acquisition Date	Various
2015 Acquisitions [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		98
Land		$ 313,327
Building		699,323
Intangible Lease Assets		91,220
Above Market Lease Assets		7,579
Below Market Lease Liabilities		(13,007)
Total Purchase Price		$ 1,098,442
2015 Acquisitions [Member] | Northwest Industrial Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Dec. 29, 2015
Number of Buildings | Building		8
Land		$ 15,765
Building		17,224
Intangible Lease Assets		3,987
Above Market Lease Assets		484
Below Market Lease Liabilities		(382)
Total Purchase Price		$ 37,078
2015 Acquisitions [Member] | Golden State Portfolio [Member]
Business Acquisition [Line Items]
Acquisition Date		Dec. 23, 2015
Number of Buildings | Building		10
Land		$ 88,305
Building		70,546
Intangible Lease Assets		11,043
Above Market Lease Assets		389
Below Market Lease Liabilities		(1,828)
Total Purchase Price		$ 168,455
2015 Acquisitions [Member] | Other acquisitions [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		19
Land		$ 42,272
Building		85,218
Intangible Lease Assets		11,603
Above Market Lease Assets		96
Below Market Lease Liabilities		(1,159)
Total Purchase Price		$ 138,030
Acquisition Date		Various
2015 Acquisitions [Member] | Newark Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Jan. 6, 2015
Number of Buildings | Building		1
Land		$ 8,523
Building		10,217
Intangible Lease Assets		825
Above Market Lease Assets		347
Total Purchase Price		$ 19,912
2015 Acquisitions [Member] | Totowa Commerce Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Jan. 23, 2015
Number of Buildings | Building		1
Land		$ 10,715
Building		13,421
Intangible Lease Assets		2,927
Below Market Lease Liabilities		(813)
Total Purchase Price		$ 26,250
2015 Acquisitions [Member] | 8A Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Feb. 2, 2015
Number of Buildings | Building		1
Land		$ 7,949
Building		15,071
Intangible Lease Assets		836
Below Market Lease Liabilities		(382)
Total Purchase Price		$ 23,474
2015 Acquisitions [Member] | Bayport Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Feb. 17, 2015
Number of Buildings | Building		2
Land		$ 4,807
Building		31,788
Intangible Lease Assets		2,436
Above Market Lease Assets		184
Total Purchase Price		$ 39,215
2015 Acquisitions [Member] | Tuscany Industrial Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Mar. 12, 2015
Number of Buildings | Building		1
Land		$ 1,621
Building		8,812
Intangible Lease Assets		1,091
Total Purchase Price		$ 11,524
2015 Acquisitions [Member] | 8A Distribution Center II [Member]
Business Acquisition [Line Items]
Acquisition Date		May 1, 2015
Number of Buildings | Building		1
Land		$ 5,516
Building		8,650
Intangible Lease Assets		1,284
Total Purchase Price		$ 15,450
2015 Acquisitions [Member] | Livermore Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date		May 1, 2015
Number of Buildings | Building		1
Land		$ 4,885
Building		19,869
Intangible Lease Assets		2,533
Below Market Lease Liabilities		(1,531)
Total Purchase Price		$ 25,756
2015 Acquisitions [Member] | Chastain Meadows Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Jun. 1, 2015
Number of Buildings | Building		5
Land		$ 5,362
Building		34,530
Intangible Lease Assets		4,971
Above Market Lease Assets		933
Below Market Lease Liabilities		(146)
Total Purchase Price		$ 45,650
2015 Acquisitions [Member] | Auburn Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Jun. 10, 2015
Number of Buildings | Building		1
Land		$ 3,984
Building		11,215
Intangible Lease Assets		1,411
Above Market Lease Assets		405
Total Purchase Price		$ 17,015
2015 Acquisitions [Member] | Carol Stream Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Jul. 20, 2015
Number of Buildings | Building		1
Land		$ 7,136
Building		10,222
Intangible Lease Assets		1,985
Above Market Lease Assets		2,057
Total Purchase Price		$ 21,400
2015 Acquisitions [Member] | Houston Industrial Portfolio [Member]
Business Acquisition [Line Items]
Number of Buildings | Building		3
Land		$ 9,969
Building		30,642
Intangible Lease Assets		3,133
Above Market Lease Assets		150
Below Market Lease Liabilities		(175)
Total Purchase Price		$ 43,719
2015 Acquisitions [Member] | Houston Industrial Portfolio - 1st Closing [Member]
Business Acquisition [Line Items]
Acquisition Date		Jul. 30, 2015
2015 Acquisitions [Member] | Houston Industrial Portfolio - 2nd Closing [Member]
Business Acquisition [Line Items]
Acquisition Date		Sep. 25, 2015
2015 Acquisitions [Member] | Wilson Commerce Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Aug. 7, 2015
Number of Buildings | Building		1
Land		$ 1,897
Building		23,554
Intangible Lease Assets		2,460
Above Market Lease Assets		126
Below Market Lease Liabilities		(138)
Total Purchase Price		$ 27,899
2015 Acquisitions [Member] | Interstate South Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Aug. 25, 2015
Number of Buildings | Building		1
Land		$ 2,523
Building		16,368
Intangible Lease Assets		689
Below Market Lease Liabilities		(215)
Total Purchase Price		$ 19,365
2015 Acquisitions [Member] | Kelley Point Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Sep. 9, 2015
Number of Buildings | Building		5
Land		$ 12,710
Building		55,841
Intangible Lease Assets		6,579
Below Market Lease Liabilities		(1,570)
Total Purchase Price		$ 73,560
2015 Acquisitions [Member] | Aurora Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Sep. 21, 2015
Number of Buildings | Building		1
Land		$ 4,007
Building		13,690
Intangible Lease Assets		2,107
Above Market Lease Assets		1,196
Total Purchase Price		$ 21,000
2015 Acquisitions [Member] | Salt Lake City Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Oct. 23, 2015
Number of Buildings | Building		1
Land		$ 3,514
Building		11,702
Intangible Lease Assets		1,559
Total Purchase Price		$ 16,775
2015 Acquisitions [Member] | York Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Nov. 10, 2015
Number of Buildings | Building		1
Land		$ 4,378
Building		11,050
Intangible Lease Assets		1,467
Below Market Lease Liabilities		(495)
Total Purchase Price		$ 16,400
2015 Acquisitions [Member] | Etiwanda Industrial Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Nov. 13, 2015
Number of Buildings | Building		3
Land		$ 8,916
Building		7,400
Intangible Lease Assets		944
Below Market Lease Liabilities		(87)
Total Purchase Price		$ 17,173
2015 Acquisitions [Member] | Cincinnati Industrial Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Nov. 23, 2015
Number of Buildings | Building		4
Land		$ 3,595
Building		27,250
Intangible Lease Assets		3,747
Above Market Lease Assets		173
Below Market Lease Liabilities		(313)
Total Purchase Price		$ 34,452
2015 Acquisitions [Member] | Mid Counties Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Dec. 1, 2015
Number of Buildings | Building		1
Land		$ 8,418
Building		8,334
Intangible Lease Assets		1,449
Total Purchase Price		$ 18,201
2015 Acquisitions [Member] | Chicago Industrial Portfolio [Member]
Business Acquisition [Line Items]
Acquisition Date		Dec. 17, 2015
Number of Buildings | Building		5
Land		$ 16,711
Building		50,253
Intangible Lease Assets		4,898
Above Market Lease Assets		271
Below Market Lease Liabilities		(2,533)
Total Purchase Price		$ 69,600
2015 Acquisitions [Member] | Atlanta Industrial Portfolio [Member]
Business Acquisition [Line Items]
Acquisition Date		Dec. 17, 2015
Number of Buildings | Building		14
Land		$ 11,642
Building		54,917
Intangible Lease Assets		8,333
Above Market Lease Assets		653
Below Market Lease Liabilities		(39)
Total Purchase Price		$ 75,506
2015 Acquisitions [Member] | Lehigh Valley Distribution Center [Member]
Business Acquisition [Line Items]
Acquisition Date		Dec. 22, 2015
Number of Buildings | Building		1
Land		$ 9,485
Building		26,059
Intangible Lease Assets		2,583
Below Market Lease Liabilities		(527)
Total Purchase Price		$ 37,600
2015 Acquisitions [Member] | Phoenix Industrial Portfolio [Member]
Business Acquisition [Line Items]
Acquisition Date		Dec. 22, 2015
Number of Buildings | Building		5
Land		$ 8,722
Building		25,480
Intangible Lease Assets		4,340
Above Market Lease Assets		115
Below Market Lease Liabilities		(674)
Total Purchase Price		$ 37,983

Acquisitions - Summary of Bus45

Acquisitions - Summary of Business Acquisitions (Parenthetical) (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)Building	Dec. 31, 2015USD ($)	Nov. 30, 2016Building	May 31, 2016USD ($)
Business Acquisition [Line Items]
Debt assumed on real estate acquisitions	$ 11,400	$ 0
Number of industrial buildings sold | Building	5
2016 Acquisitions [Member]
Business Acquisition [Line Items]
Acquisitions of land parcel	$ 289,547			$ 400
Debt assumed on real estate acquisitions	$ 11,400
Number of industrial buildings sold | Building			2

Acquisitions - Weighted Average

Acquisitions - Weighted Average Amortized Period for Intangible Asset and Liability Acquired (Detail)	12 Months Ended
	Dec. 31, 2016
Northwest Industrial Center [Member]
Business Acquisition [Line Items]
Amortization Period	5 years 2 months 12 days
Golden State Portfolio [Member]
Business Acquisition [Line Items]
Amortization Period	2 years 6 months
Victory Industrial Portfolio [Member]
Business Acquisition [Line Items]
Amortization Period	10 years 1 month 6 days
GSW Distribution Center [Member]
Business Acquisition [Line Items]
Amortization Period	0 years
National Distribution Portfolio [Member]
Business Acquisition [Line Items]
Amortization Period	5 years 8 months 12 days
Lehigh Valley Distribution Center II [Member]
Business Acquisition [Line Items]
Amortization Period	4 years 6 months
Kent Industrial Portfolio [Member]
Business Acquisition [Line Items]
Amortization Period	3 years 2 months 12 days
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
Park West Distribution Center [Member]
Business Acquisition [Line Items]
Amortization Period	3 years 2 months 12 days
Exeter Portfolio [Member]
Business Acquisition [Line Items]
Amortization Period	5 years 2 months 12 days
Other acquisitions [Member]
Business Acquisition [Line Items]
Amortization Period	3 years 3 months 18 days

Acquisitions - Pro Forma Financ

Acquisitions - Pro Forma Financial Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Actual:
Total revenues	$ 57,406	$ 24,929
Net loss	1,855	(448)
Pro forma:
Total revenues	208,401	204,994
Net loss	$ (22,570)	$ (33,900)

Acquisitions - Pro Forma Fina48

Acquisitions - Pro Forma Financial Information (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Business Combinations [Abstract]
Pro forma incremental revenue	$ 32.1	$ 153.9
Non-recurring adjustments excluded from pro forma net income (loss), acquisition-related expenses	$ 36.9	31.8
Non-recurring adjustments included in pro forma net loss, acquisition-related expenses		$ 36.9

Dispositions - Additional Infor

Dispositions - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016USD ($)Building	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Real Estate Properties [Line Items]
Number of industrial buildings sold	5
Net proceeds from sale of industrial buildings to third-parties | $	$ 54,200,000
Total disposition fees and expenses | $	2,800,000
Net gain on disposition of real estate properties | $	1,428,000	$ 0	$ 0
Advisor [Member]
Real Estate Properties [Line Items]
Total disposition fees | $	$ 1,400,000
Atlanta [Member]
Real Estate Properties [Line Items]
Number of industrial buildings sold	2
San Antonio [Member]
Real Estate Properties [Line Items]
Number of industrial buildings sold	1
Oklahoma City [Member]
Real Estate Properties [Line Items]
Number of industrial buildings sold	1
Connecticut [Member]
Real Estate Properties [Line Items]
Number of industrial buildings sold	1

Investment in Real Estate Pro50

Investment in Real Estate Properties - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)BuildingProperty	Dec. 31, 2015Building
Real Estate Properties [Line Items]
Non-cash impairment charges recorded | $	$ 2,672
Number of real estate properties subject to impairment | Property	4
Aggregate total value of properties | $	$ 15,500
Building [Member]
Real Estate Properties [Line Items]
Number of assets held for sale | Building	4
Consolidated Properties [Member]
Real Estate Properties [Line Items]
Real estate properties owned, buildings | Building	215	131

Investment in Real Estate Pro51

Investment in Real Estate Properties - Investment in Properties (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Investments [Abstract]
Land	$ 684,280	$ 405,739
Building and improvements	1,686,929	866,032
Intangible lease assets	219,512	123,451
Construction in progress	13,843	11,023
Investment in real estate properties	2,604,564	1,406,245
Less accumulated depreciation and amortization	(126,235)	(32,050)	$ (4,101)
Net investment in real estate properties	$ 2,478,329	$ 1,374,195

Investment in Real Estate Pro52

Investment in Real Estate Properties - Summary of Intangible Lease Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross	$ (30,929)
Intangible Lease Assets [Member]
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross	208,361	$ 114,768
Accumulated Amortization	(59,226)	(15,039)
Net	149,135	99,729
Above-Market Lease Assets [Member]
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross	11,151	8,683
Accumulated Amortization	(3,143)	(815)
Net	8,008	7,868
Below-Market Lease Liabilities [Member]
Finite-Lived Intangible Assets And Liabilities [Line Items]
Gross	(30,929)	(18,431)
Accumulated Amortization	7,798	2,474
Net	$ (23,131)	$ (15,957)

Investment in Real Estate Pro53

Investment in Real Estate Properties - Estimated Net Amortization of Intangible Lease Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Intangible Lease Assets [Member]
Finite Lived Intangible Assets And Liabilities Future Amortization Expense [Line Items]
2,017	$ 43,327
2,018	33,369
2,019	23,860
2,020	16,583
2,021	11,477
Thereafter	20,519
Net	149,135	$ 99,729
Above-Market Lease Assets [Member]
Finite Lived Intangible Assets And Liabilities Future Amortization Expense [Line Items]
2,017	2,077
2,018	1,735
2,019	1,121
2,020	802
2,021	724
Thereafter	1,549
Net	8,008	7,868
Below-Market Lease Liabilities [Member]
Finite Lived Intangible Assets And Liabilities Future Amortization Expense [Line Items]
2,017	(5,910)
2,018	(4,847)
2,019	(3,837)
2,020	(2,975)
2,021	(2,214)
Thereafter	(3,348)
Net	$ (23,131)	$ (15,957)

Investment in Real Estate Pro54

Investment in Real Estate Properties - Future Minimum Base Rental Payments (Detail) $ in Thousands	Dec. 31, 2016USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2,017	$ 148,585
2,018	139,274
2,019	120,411
2,020	95,738
2,021	76,335
Thereafter	172,999
Total	$ 753,342

Investment in Real Estate Pro55

Investment in Real Estate Properties - Summary of Rental Revenue and Depreciation and Amortization Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$ 9,571	$ 3,868	$ 431
Above-market lease amortization	(2,438)	(742)	(81)
Below-market lease amortization	5,503	2,140	369
Real Estate-Related Depreciation and Amortization:
Depreciation expense	49,915	14,593	1,947
Intangible lease asset amortization	$ 46,714	$ 13,632	$ 2,073

Investment in Unconsolidated 56

Investment in Unconsolidated Joint Venture - Additional Information (Detail)	Jan. 28, 2016USD ($)	Feb. 28, 2015USD ($)SubsidiaryProperty	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 15, 2016USD ($)
Investment In Unconsolidated Affiliates [Line Items]
Number of subsidiaries entered into joint venture agreement | Subsidiary		2
Net investment in real estate properties			$ 2,478,329,000	$ 1,374,195,000
Distribution received by the company		$ 60,300,000	57,177,000	$ 72,146,000
Net loss on sell down of joint venture ownership interest			$ (64,000)
BTC Partnership [Member]
Investment In Unconsolidated Affiliates [Line Items]
Ownership percentage			20.00%
Unconsolidated [Member] | BTC Partnership [Member]
Investment In Unconsolidated Affiliates [Line Items]
Number of buildings contributed to joint venture | Property		7
Net investment in real estate properties		$ 124,900,000
IPT Partners [Member] | BTC Partnership [Member]
Investment In Unconsolidated Affiliates [Line Items]
Ownership percentage	20.00%	51.00%	20.00%	51.00%
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%
Contribution made to acquire interest		$ 61,200,000
BCIMC Limited Partner [Member] | BTC Partnership [Member]
Investment In Unconsolidated Affiliates [Line Items]
Ownership percentage	80.00%		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

Assets Held for Sale - Addition

Assets Held for Sale - Additional Information (Detail)	Dec. 31, 2016Building
Assets Held For Sale [Abstract]
Number of real estate properties held for sale	4

Assets Held for Sale - Summary

Assets Held for Sale - Summary of Amounts Held for Sale (Detail) $ in Thousands	Dec. 31, 2016USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Real estate investment, net	$ 15,532
Straight-line receivables	93
Assets held for sale	15,625
Intangible lease liabilities, net	110
Other liabilities	157
Liabilities related to assets held for sale	$ 267

Debt - Summary of Debt (Detail)

Debt - Summary of Debt (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 1,298,880	$ 615,000
Less unamortized debt issuance costs	(10,238)	(5,967)
Total debt, net	1,288,642	609,033
Gross book value of properties encumbered by debt	$ 986,818	$ 151,754
Weighted-average effective interest rate	2.94%	2.08%
Line of Credit [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 181,000	$ 265,000
Weighted-average effective interest rate	2.44%	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	2.67%
Maturity date	May 31, 2022
Fixed-Rate Mortgage Notes [Member]
Debt Instrument [Line Items]
Debt instrument, principal amount outstanding	$ 617,880	$ 100,000
Weighted-average effective interest rate	3.31%	3.52%
Maturity date, earliest	Jul. 31, 2020
Maturity date, latest	Dec. 31, 2025

Debt - Summary of Debt (Parenth

Debt - Summary of Debt (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2016USD ($)Interest_Rates_Swaps	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Amount outstanding	$ 1,298,880,000	$ 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	289,700,000
Unused portions of line of credit	319,000,000
Amount outstanding	$ 181,000,000	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	$ 617,880,000	$ 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	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
2,017	$ 0
2,018	1,354
2,019	2,191
2,020	196,259
2,021	356,047
Thereafter	743,029
Total principal payments	1,298,880	$ 615,000
Line of Credit [Member]
Debt Instrument [Line Items]
2,017	0
2,018	0
2,019	0
2,020	181,000
2,021	0
Thereafter	0
Total principal payments	181,000	265,000
Term Loans [Member]
Debt Instrument [Line Items]
2,017	0
2,018	0
2,019	0
2,020	0
2,021	350,000
Thereafter	150,000
Total principal payments	500,000
Fixed-Rate Mortgage Notes [Member]
Debt Instrument [Line Items]
2,017	0
2,018	1,354
2,019	2,191
2,020	15,259
2,021	6,047
Thereafter	593,029
Total principal payments	$ 617,880	$ 100,000

Debt - Principal Payments Due62

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

Debt - Additional Information (

Debt - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)Contract
Debt Instrument [Line Items]
Number of interest rate swap agreements outstanding | Contract		11
Hedge ineffectiveness		$ 0
Scenario Forecast [Member]
Debt Instrument [Line Items]
Hedge ineffectiveness	$ 0

Debt - Summary of Location and

Debt - Summary of Location and Fair Value of Cash Flow Hedges (Detail) - Interest Rate Swap [Member]	Dec. 31, 2016USD ($)
Derivatives, Fair Value [Line Items]
Notional amount of interest rate swap	$ 596,980,000
Other Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value	$ 14,091,000

Debt - Effect of Derivative Ins

Debt - Effect of Derivative Instruments (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Net other comprehensive income	$ 14,091
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain recognized in AOCI (effective portion)	12,217
Loss reclassified from AOCI into income (effective portion)	1,874
Net other comprehensive income	$ 14,091

Fair Value - Financial Instrume

Fair Value - Financial Instruments Measured at Fair Value on Recurring Basis (Detail) - Recurring [Member] $ in Thousands	Dec. 31, 2016USD ($)
Assets
Derivative instruments	$ 14,091
Total assets measured at fair value	14,091
Level 1 [Member]
Assets
Derivative instruments	0
Total assets measured at fair value	0
Level 2 [Member]
Assets
Derivative instruments	14,091
Total assets measured at fair value	14,091
Level 3 [Member]
Assets
Derivative instruments	0
Total assets measured at fair value	$ 0

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) - USD ($)	Dec. 31, 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		$ 0

Fair Value - Carrying Value and

Fair Value - Carrying Value and Fair Value of Certain Financial Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value [Member]
Assets
Derivative instruments	$ 14,091
Liabilities
Line of credit	181,000	$ 265,000
Term loans	500,000	250,000
Mortgage notes	597,187	97,958
Carrying Value [Member]
Assets
Derivative instruments	14,091
Liabilities
Line of credit	181,000	265,000
Term loans	500,000	250,000
Mortgage notes	$ 617,880	$ 100,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Impact related to uncertain tax positions	$ 0	$ 0	$ 0
Earliest tax year subject to examination	2,012

Income Taxes - Preliminary Taxa

Income Taxes - Preliminary Taxability of Distributions on Common Shares (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Ordinary income	$ 0.157	$ 0.367	$ 0.469
Non-taxable return of capital	0.383	0.143
Long-term capital gain	0	0	0
Total distribution	$ 0.540	$ 0.510	$ 0.469

Stockholders' Equity - Addition

Stockholders' Equity - Additional information (Detail) - USD ($)	Aug. 14, 2015	Sep. 27, 2012	Dec. 31, 2016	Aug. 31, 2016	Aug. 13, 2015	Jun. 30, 2015
Stockholders' Equity Detail [Line Items]
Offering price of common stock per share, primary shares					$ 10
Estimated net asset value per share						$ 9.24
Common stock offerings description			The Offering is a continuous offering. In December 2016, the Company's board of directors extended the term of the Offering until the earlier to occur of either (i) June 30, 2017; 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.
Minimum holding period requirement for shares of common stock			1 year
Maximum percentage of number of shares to be redeemed during any consecutive 12-month period			5.00%
Class A [Member]
Stockholders' Equity Detail [Line Items]
Offering price of common stock per share, primary shares	$ 10.4407		$ 10.44
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	$ 2,000,000,000		$ 1,825,000,000
Dollar value of common stock in offering, DRIP shares	$ 500,000,000			175,000,000
Amount of shares reallocated for sale in the primary offering				$ 325,000,000
Total amount of common stock remaining available for sale			$ 285,200,000
Amount remaining available for sale through distribution reinvestment plan			$ 132,300,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Public Offering (Detail) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)shares
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,582,558
Number of shares sold | shares	157,926
Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,539,810
Number of shares sold | shares	153,579
DRIP Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 42,748
Number of shares sold | shares	4,347
Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 1,011,727
Number of shares sold | shares	99,854
Class A [Member] | Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 976,666
Number of shares sold | shares	96,289
Class A [Member] | DRIP Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 35,061
Number of shares sold | shares	3,565
Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 570,831
Number of shares sold | shares	58,072
Class T [Member] | Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 563,144
Number of shares sold | shares	57,290
Class T [Member] | DRIP Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised | $	$ 7,687
Number of shares sold | shares	782

Stockholders' Equity - Summar73

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	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Beginning balance	$ 847,406	$ 186,879	$ 3,554
Redemptions of common stock	$ (5,887)	$ (1,034)	$ (122)
Redemptions of common stock, shares	(605)	(105)	(12)
Ending balance	$ 1,205,970	$ 847,406	$ 186,879
Class A [Member]
Class of Stock [Line Items]
Beginning balance	$ 846	$ 230	$ 4
Beginning balance, shares	84,595	23,030	420
Issuance of common stock, Primary shares	$ 128	$ 606	$ 225
Issuance of common stock, Primary shares, shares	12,797	60,578	22,494
Issuance of common stock, DRIP shares	$ 25	$ 10	$ 1
Issuance of common stock, DRIP shares, shares	2,469	994	102
Issuance of common stock, Stock grants	$ 1	$ 1
Issuance of common stock, Stock grants, shares	118	79	26
Redemptions of common stock	$ (6)	$ (1)
Redemptions of common stock, shares	(587)	(83)	(12)
Forfeitures of common stock	$ 0	$ 0
Forfeitures of common stock, shares	(18)	(3)
Ending balance	$ 994	$ 846	$ 230
Ending balance, shares	99,374	84,595	23,030
Class T [Member]
Class of Stock [Line Items]
Beginning balance	$ 184
Beginning balance, shares	18,390
Issuance of common stock, Primary shares	$ 388	$ 184
Issuance of common stock, Primary shares, shares	38,900	18,390
Issuance of common stock, DRIP shares	$ 8
Issuance of common stock, DRIP shares, shares	782
Redemptions of common stock, shares	(40)
Forfeitures of common stock	$ 0	$ 0
Ending balance	$ 580	$ 184
Ending balance, shares	58,032	18,390
Common Stock [Member]
Class of Stock [Line Items]
Beginning balance	$ 1,030	$ 230	$ 4
Beginning balance, shares	102,985	23,030	420
Issuance of common stock, Primary shares	$ 516	$ 790	$ 225
Issuance of common stock, Primary shares, shares	51,697	78,968	22,494
Issuance of common stock, DRIP shares	$ 33	$ 10	$ 1
Issuance of common stock, DRIP shares, shares	3,251	994	102
Issuance of common stock, Stock grants	$ 1	$ 1
Issuance of common stock, Stock grants, shares	118	79	26
Redemptions of common stock	$ (6)	$ (1)
Redemptions of common stock, shares	(627)	(83)	(12)
Forfeitures of common stock	$ 0	$ 0
Forfeitures of common stock, shares	(18)	(3)
Ending balance	$ 1,574	$ 1,030	$ 230
Ending balance, shares	157,406	102,985	23,030

Stockholders' Equity - Distribu

Stockholders' Equity - Distributions Table (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule Of Stockholders' Equity [Line Items]
Declared per Common Share	$ 0.540	$ 0.510	$ 0.469
Total Distributions		$ 26,621	$ 5,194
Cash Distributions [Member]
Schedule Of Stockholders' Equity [Line Items]
Paid in Cash	$ 31,309	12,599
Reinvested in Shares	36,991	13,874
Distributions Fees	3,853	148
Total Distributions	$ 72,153	$ 26,621
December 31, 2016 [Member] | Cash Distributions [Member]
Schedule Of Stockholders' Equity [Line Items]
Declared per Common Share	$ 0.13515
Paid in Cash	$ 8,840
Reinvested in Shares	10,271
Distributions Fees	1,286
Total Distributions	$ 20,397
Payment Date	Jan. 5, 2017
September 30, 2016 [Member] | Cash Distributions [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] | Cash Distributions [Member]
Schedule Of Stockholders' Equity [Line Items]
Declared per Common Share	$ 0.13515
Paid in Cash	$ 7,534
Reinvested in Shares	9,042
Distributions Fees	876
Total Distributions	$ 17,452
Payment Date	Jul. 5, 2016
March 31, 2016 [Member] | Cash Distributions [Member]
Schedule Of Stockholders' Equity [Line Items]
Declared per Common Share	$ 0.13515
Paid in Cash	$ 6,788
Reinvested in Shares	8,040
Distributions Fees	622
Total Distributions	$ 15,450
Payment Date	Apr. 4, 2016
December 31, 2015 [Member] | Cash Distributions [Member]
Schedule Of Stockholders' Equity [Line Items]
Declared per Common Share		$ 0.13515
Paid in Cash		$ 4,751
Reinvested in Shares		5,443
Distributions Fees		148
Total Distributions		$ 10,342
Payment Date		Jan. 13, 2016
September 30, 2015 [Member] | Cash Distributions [Member]
Schedule Of Stockholders' Equity [Line Items]
Declared per Common Share		$ 0.12500
Paid in Cash		$ 3,392
Reinvested in Shares		3,725
Total Distributions		$ 7,117
Payment Date		Oct. 15, 2015
June 30, 2015 [Member] | Cash Distributions [Member]
Schedule Of Stockholders' Equity [Line Items]
Declared per Common Share		$ 0.12500
Paid in Cash		$ 2,700
Reinvested in Shares		2,900
Total Distributions		$ 5,600
Payment Date		Jul. 2, 2015
March 31, 2015 [Member] | Cash Distributions [Member]
Schedule Of Stockholders' Equity [Line Items]
Declared per Common Share		$ 0.12500
Paid in Cash		$ 1,756
Reinvested in Shares		1,806
Total Distributions		$ 3,562
Payment Date		Apr. 15, 2015

Stockholders' Equity - Redempti

Stockholders' Equity - Redemption Discount Table (Detail)	Dec. 31, 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%

Stockholders' Equity - Redemp76

Stockholders' Equity - Redemption Table (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Stockholders' Equity Attributable to Parent [Abstract]
Number of eligible shares redeemed	605	105	12
Aggregate amount of shares redeemed	$ 5,887	$ 1,034	$ 122
Average redemption price per share	$ 9.73	$ 9.85	$ 10

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Feb. 28, 2015	Jul. 16, 2013
Class A [Member] | Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock shares registered for issuance pursuant to Incentive Plan			2,000,000
Maximum [Member] | Class A [Member] | Private Placement Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock shares registered for issuance pursuant to Incentive Plan		2,000,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expenses related to restricted stock	$ 0.5
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	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested Shares at Beginning of Period	58	11
Shares, Granted	118	79	26
Shares, Vested	(48)	(29)	(15)
Shares, Forfeited	(18)	(3)
Nonvested Shares at End of Period	110	58	11
Weighted-Average Fair Value per Share, Nonvested Shares at Beginning of Period	$ 10.44	$ 10
Weighted-Average Fair Value per Share, Granted	10.44	10.11	$ 10
Weighted-Average Fair Value per Share, Vested	10.44	10.09	10
Weighted-Average Fair Value per Share, Forfeited	10.44	10.15
Weighted-Average Fair Value per Share, Nonvested Shares at End of Period	$ 10.94	$ 10.44	$ 10

Share-Based Compensation - Su79

Share-Based Compensation - Summary of Issuance of Restricted Stock Pursuant to the Amended and Restated Equity Incentive Plan and Private Placement Equity Incentive Plan (Parenthetical) (Detail) - $ / shares	Dec. 31, 2016	Aug. 14, 2015	Aug. 13, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Offering price of common stock per share, primary shares			$ 10
Non-Senior Executive Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated fair value based on NAV per share	$ 11.0056
Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Offering price of common stock per share, primary shares	$ 10.44	$ 10.4407

Share-Based Compensation - Comp

Share-Based Compensation - Components of Share-Based Compensation (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 933	$ 465	$ 202
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock vested	$ 494	$ 285	$ 150
Weighted-average grant date fair value of restricted stock granted, per share	$ 10.44	$ 10.11	$ 10

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Detail)	1 Months Ended	12 Months Ended
	Sep. 30, 2012USD ($)shares	Dec. 31, 2016USD ($)BuildingSubsidiary$ / sharesshares	Dec. 31, 2015$ / sharesshares
Noncontrolling Interest [Line Items]
Special Units Issued	100
Special Units Issued, value | $	$ 1,000
Preferred stock, par value | $ / shares		$ 0.01	$ 0.01
Preferred stock, outstanding		0	0
Preferred stock, issued		0	0
OP Units Holder [Member]
Noncontrolling Interest [Line Items]
Cumulative non-compounded annual pre-tax return percentage - in addition to capital invested received		6.50%
Percentage return of net sales proceeds received upon disposition of Operating Partnership's assets		85.00%
Special Units Holder [Member]
Noncontrolling Interest [Line Items]
Percentage return of net sales proceeds received upon disposition of Operating Partnership's assets		15.00%
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 | $		$ 31,000
Aggregate purchase price of subsidiary REITs | $		$ 106,300,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	1 Months Ended		12 Months Ended
	Mar. 31, 2013	Sep. 30, 2012	Dec. 31, 2016	Dec. 31, 2015	Aug. 14, 2015	Aug. 13, 2015
Related Party Transaction [Line Items]
Common stock, price per share						$ 10
Operating Partnership Units, owned		20,000
Special Units Issued		100
Special Units Issued, value		$ 1,000
IPT-GP [Member]
Related Party Transaction [Line Items]
Amount contributed to a wholly-owned subsidiary		$ 2,000
Class A [Member]
Related Party Transaction [Line Items]
Common stock, shares sold			99,374,000	84,595,000
Common stock, price per share			$ 10.44		$ 10.4407
Class T [Member]
Related Party Transaction [Line Items]
Common stock, shares sold			58,032,000	18,390,000
Common stock, price per share			$ 9.8298		$ 9.8298
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%
Common stock, shares sold		20,000
Advisor [Member] | Common Stock [Member]
Related Party Transaction [Line Items]
Common stock, price per share		$ 10
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%
Limited Partner [Member]
Related Party Transaction [Line Items]
Operating Partnership Units, issued		19,800
Operating Partnership Units, value		$ 198,000
Ownership percentage		99.00%
General Partner [Member]
Related Party Transaction [Line Items]
Operating Partnership Units, issued		200
Operating Partnership Units, value		$ 2,000
Ownership percentage		1.00%
General Partner [Member] | IPT-GP [Member]
Related Party Transaction [Line Items]
Operating Partnership Units, distributions	200
Industrial Property Advisors Group LLC [Member]
Related Party Transaction [Line Items]
Special Units Issued		100
Special Units Issued, value		$ 1,000

Related Party Transactions - Su

Related Party Transactions - Summary of Fees and Expenses Incurred by Company (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Expensed:
Organization costs, incurred			$ 17
Acquisition fees, incurred	$ 24,489	$ 22,390	8,168
Asset management fees, incurred	17,775	5,532	902
Advisor [Member]
Capitalized:
Development acquisition fees, incurred	236	282
Development acquisition fees, payable	14	39
Dealer Manager [Member]
Additional Paid-In Capital:
Sales commissions, incurred	16,321	45,822	15,490
Dealer manager fees, incurred	10,981	19,033	5,601
Distribution fees, incurred	30,805	148
Sales commissions, payable		498
Dealer manager fees, payable	1	500
Distribution fees, payable	27,419	110
Advisor or Its Affiliates [Member]
Expensed:
Organization costs, incurred			17
Acquisition fees, incurred	24,489	22,390	8,168
Asset management fees, incurred	17,775	5,532	902
Asset management fees related to dispositions	2,867
Other expense reimbursements, incurred	3,445	326	200
Total	48,576	28,248	9,287
Organization costs, payable	0	0
Acquisition fees, payable		941
Asset management fees, payable	1,745	961
Asset management fees related to dispositions, payable	1,015
Other expense reimbursements, payable	383	119
Total	3,143	2,021
Additional Paid-In Capital:
Offering costs, incurred	8,802	16,048	4,482
Offering costs, payable	984	377
Advisor or Its Affiliates [Member] | Dealer Manager [Member]
Additional Paid-In Capital:
Total	66,909	81,051	$ 25,573
Total	$ 28,404	$ 1,485

Related Party Transactions - 84

Related Party Transactions - Summary of Fees and Expenses Incurred by Company (Parenthetical) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Fee incurred in conjunction with property dispositions	$ 1,400,000
Monthly amount of distribution fees payable	500,000
Future estimated distribution fees payable	26,952,000
BTC Partnership [Member]
Related Party Transaction [Line Items]
Fee incurred in conjunction with ownership interest sale	1,500,000
Advisor or Its Affiliates [Member] | Principal Financial Officer [Member]
Related Party Transaction [Line Items]
Other expense reimbursements for compensation costs	48,000	$ 61,000	$ 65,000
Advisor or Its Affiliates [Member] | Principal Executive Officer [Member]
Related Party Transaction [Line Items]
Other expense reimbursements for compensation costs	$ 0	$ 0	$ 11,000

Related Party Transactions - Jo

Related Party Transactions - Joint Venture Agreement - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 28, 2016	Dec. 31, 2016	Dec. 31, 2015	Feb. 28, 2015
Related Party Transaction [Line Items]
Due to affiliates		$ 31,006	$ 2,525
BTC Partnership [Member]
Related Party Transaction [Line Items]
Ownership percentage		20.00%
Due to affiliates		$ 300
Advisor [Member] | Joint Venture Agreement [Member] | BTC Partnership [Member]
Related Party Transaction [Line Items]
Incentive distributions percentage	60.00%	60.00%	40.00%
Acquisition and asset management fee incurred		$ 3,600	$ 2,600
IPT Partners [Member] | BTC Partnership [Member]
Related Party Transaction [Line Items]
Ownership percentage	20.00%	20.00%	51.00%	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	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Jun. 30, 2015	Dec. 31, 2016
Related Party Transaction [Line Items]
Expense support agreement, baseline distribution per share amount	$ 0.13515	$ 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

Related Party Transactions - Sc

Related Party Transactions - Schedule of Fees Deferred or Waived or Expense Supported by the Advisor and Reimbursements to the Advisor by the Company (Detail) - USD ($) $ in Thousands	3 Months Ended							12 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Total expense support from (repayment to) Advisor	$ (3,947)	$ (1,431)	$ 267	$ 1,353	$ 441	$ 1,034	$ 542	$ (5,111)	$ 3,370	$ 3,496
Advisor [Member]
Related Party Transaction [Line Items]
Expense support payment obligations incurred, asset management fees								267	3,370	902
Expense support payment obligations incurred, other expense support										2,594
Reimbursement of previously deferred amounts								(5,378)
Total expense support from (repayment to) Advisor								$ (5,111)	$ 3,370	$ 3,496

Related Party Transactions - 88

Related Party Transactions - Schedule of Fees Deferred or Waived or Expense Supported by the Advisor and Reimbursements to the Advisor by the Company (Parenthetical) (Detail) - Advisor [Member] - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Expense support payable to the Advisor by the Company		$ 800,000
Expense support receivable or payable to the Advisor by the Company	$ 0

Selected Quarterly Financial 89

Selected Quarterly Financial Data - Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 52,383	$ 50,207	$ 40,447	$ 33,252	$ 19,223	$ 13,510	$ 10,150	$ 8,251	$ 176,289	$ 51,134	$ 6,645
Total operating expenses	(53,353)	(55,408)	(54,901)	(42,914)	(35,198)	(22,244)	(13,445)	(12,119)	(206,576)	(83,006)	(20,838)
Total other expenses	(8,575)	(8,939)	(5,772)	(4,611)	(3,114)	(2,359)	(1,862)	(1,713)	(27,897)	(9,048)	(1,001)
Total expense support from (repayment to) Advisor		(3,947)	(1,431)	267	1,353	441	1,034	542	(5,111)	3,370	3,496
Net loss	(9,545)	(18,087)	(21,657)	(14,006)	(17,736)	(10,652)	(4,123)	(5,039)	(63,295)	(37,550)	(11,698)
Net loss attributable to common stockholders	$ (9,561)	$ (18,102)	$ (21,657)	$ (14,006)	$ (17,736)	$ (10,652)	$ (4,123)	$ (5,039)	$ (63,326)	$ (37,550)	$ (11,698)
Net loss per common share - basic and diluted	$ (0.06)	$ (0.13)	$ (0.17)	$ (0.12)	$ (0.23)	$ (0.19)	$ (0.09)	$ (0.18)	$ (0.47)	$ (0.72)	$ (1.27)
Weighted-average shares outstanding	150,913	139,486	129,118	114,323	76,522	56,948	44,770	28,485	133,524	51,801	9,229

Subsequent Events - Summary of

Subsequent Events - Summary of Public Offering Including Summary of Gross Proceeds Raised and Total Number of Shares Issued (Detail) - USD ($) shares in Thousands, $ in Thousands	Mar. 06, 2017	Dec. 31, 2016
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 1,582,558
Number of shares sold		157,926
Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 1,011,727
Number of shares sold		99,854
Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 570,831
Number of shares sold		58,072
Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 1,539,810
Number of shares sold		153,579
Primary Offering [Member] | Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 976,666
Number of shares sold		96,289
Primary Offering [Member] | Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 563,144
Number of shares sold		57,290
DRIP Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised		$ 42,748
Number of shares sold		4,347
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
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 Event [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 1,622,801
Number of shares sold	161,821
Subsequent Event [Member] | Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 1,028,551
Number of shares sold	101,468
Subsequent Event [Member] | Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 594,250
Number of shares sold	60,353
Subsequent Event [Member] | Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 1,569,779
Number of shares sold	156,419
Subsequent Event [Member] | Primary Offering [Member] | Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 986,810
Number of shares sold	97,217
Subsequent Event [Member] | Primary Offering [Member] | Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 582,969
Number of shares sold	59,202
Subsequent Event [Member] | DRIP Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 53,022
Number of shares sold	5,402
Subsequent Event [Member] | DRIP Offering [Member] | Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 41,741
Number of shares sold	4,251
Subsequent Event [Member] | DRIP Offering [Member] | Class T [Member]
Subsidiary, Sale of Stock [Line Items]
Amount of gross proceeds raised	$ 11,281
Number of shares sold	1,151

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail)	1 Months Ended	12 Months Ended
	Feb. 28, 2017USD ($)Building	Dec. 31, 2016USD ($)Building	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Mar. 06, 2017USD ($)
Subsequent Event [Line Items]
Number of industrial buildings sold | Building		5
Net proceeds from sale of industrial buildings to third-parties		$ 54,200,000
Total disposition fees and expenses		2,800,000
Net gain on disposition of real estate properties		$ 1,428,000	$ 0	$ 0
Atlanta [Member]
Subsequent Event [Line Items]
Number of industrial buildings sold | Building		2
Advisor [Member]
Subsequent Event [Line Items]
Total disposition fees		$ 1,400,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Net proceeds from sale of industrial buildings to third-parties	$ 15,900,000
Total disposition fees and expenses	800,000
Net gain on disposition of real estate properties	$ 100,000
Subsequent Event [Member] | Atlanta [Member]
Subsequent Event [Line Items]
Number of industrial buildings sold | Building	4
Subsequent Event [Member] | Advisor [Member]
Subsequent Event [Line Items]
Total disposition fees	$ 400,000
Initial Public Offering [Member]
Subsequent Event [Line Items]
Total amount of common stock remaining available for sale		285,200,000
Amount remained available for sale through distribution reinvestment plan		$ 132,300,000
Initial Public Offering [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Total amount of common stock remaining available for sale					$ 255,200,000
Amount remained available for sale through distribution reinvestment plan					$ 122,000,000

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)Building	Dec. 31, 2015USD ($)Building	Dec. 31, 2014USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost of Land	$ 684,280
Initial Cost of Buildings and Improvements	1,837,496
Total Initial Costs	2,521,776
Costs Capitalized or Adjustments Subsequent to Acquisition	51,859
Gross amount carried, Land	684,280
Gross amount carried, Buildings and Improvements	1,889,355
Gross amount carried, Total Costs	2,573,635	$ 1,387,814	$ 411,242
Accumulated Depreciation and Amortization	$ (126,235)
Consolidated Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	211
Number of Buildings | Building	215	131
West Valley Distribution Center in Kent, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,051
Initial Cost of Buildings and Improvements	4,801
Total Initial Costs	7,852
Costs Capitalized or Adjustments Subsequent to Acquisition	236
Gross amount carried, Land	3,051
Gross amount carried, Buildings and Improvements	5,037
Gross amount carried, Total Costs	8,088
Accumulated Depreciation and Amortization	$ (1,249)
Acquisition Date / Completion Date	Jan. 15, 2014
Century Distribution Center in Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,854
Initial Cost of Buildings and Improvements	8,658
Total Initial Costs	11,512
Gross amount carried, Land	2,854
Gross amount carried, Buildings and Improvements	8,658
Gross amount carried, Total Costs	11,512
Accumulated Depreciation and Amortization	$ (796)
Acquisition Date / Completion Date	Mar. 17, 2014
Oakesdale Commerce Center in Renton, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,483
Initial Cost of Buildings and Improvements	2,518
Total Initial Costs	4,001
Costs Capitalized or Adjustments Subsequent to Acquisition	94
Gross amount carried, Land	1,483
Gross amount carried, Buildings and Improvements	2,612
Gross amount carried, Total Costs	4,095
Accumulated Depreciation and Amortization	$ (369)
Acquisition Date / Completion Date	Mar. 28, 2014
Medley Distribution Center in Medley, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,090
Initial Cost of Buildings and Improvements	2,970
Total Initial Costs	4,060
Costs Capitalized or Adjustments Subsequent to Acquisition	30
Gross amount carried, Land	1,090
Gross amount carried, Buildings and Improvements	3,000
Gross amount carried, Total Costs	4,090
Accumulated Depreciation and Amortization	$ (544)
Acquisition Date / Completion Date	May 9, 2014
Rialto Distribution Center in Rialto, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 6,575
Initial Cost of Buildings and Improvements	13,375
Total Initial Costs	19,950
Gross amount carried, Land	6,575
Gross amount carried, Buildings and Improvements	13,375
Gross amount carried, Total Costs	19,950
Accumulated Depreciation and Amortization	$ (1,276)
Acquisition Date / Completion Date	Jun. 6, 2014
Palm Beach Commerce Center in Boca Raton, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,425
Initial Cost of Buildings and Improvements	5,775
Total Initial Costs	7,200
Costs Capitalized or Adjustments Subsequent to Acquisition	18
Gross amount carried, Land	1,425
Gross amount carried, Buildings and Improvements	5,793
Gross amount carried, Total Costs	7,218
Accumulated Depreciation and Amortization	$ (864)
Acquisition Date / Completion Date	Jun. 20, 2014
Windham Industrial Center in Romeoville, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,808
Initial Cost of Buildings and Improvements	8,092
Total Initial Costs	10,900
Costs Capitalized or Adjustments Subsequent to Acquisition	828
Gross amount carried, Land	2,808
Gross amount carried, Buildings and Improvements	8,920
Gross amount carried, Total Costs	11,728
Accumulated Depreciation and Amortization	$ (1,243)
Acquisition Date / Completion Date	Jun. 30, 2014
Corridor Industrial Center in Savage, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 4,247
Initial Cost of Buildings and Improvements	5,634
Total Initial Costs	9,881
Costs Capitalized or Adjustments Subsequent to Acquisition	109
Gross amount carried, Land	4,247
Gross amount carried, Buildings and Improvements	5,743
Gross amount carried, Total Costs	9,990
Accumulated Depreciation and Amortization	$ (854)
Acquisition Date / Completion Date	Sep. 16, 2014
O'Hare Distribution Center in Elmhurst, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 11,140
Initial Cost of Buildings and Improvements	15,810
Total Initial Costs	26,950
Costs Capitalized or Adjustments Subsequent to Acquisition	8
Gross amount carried, Land	11,140
Gross amount carried, Buildings and Improvements	15,818
Gross amount carried, Total Costs	26,958
Accumulated Depreciation and Amortization	$ (2,094)
Acquisition Date / Completion Date	Sep. 17, 2014
Lehigh Valley Commerce Center in Kutztown, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,545
Initial Cost of Buildings and Improvements	4,456
Total Initial Costs	6,001
Costs Capitalized or Adjustments Subsequent to Acquisition	(1)
Gross amount carried, Land	1,545
Gross amount carried, Buildings and Improvements	4,455
Gross amount carried, Total Costs	6,000
Accumulated Depreciation and Amortization	$ (537)
Acquisition Date / Completion Date	Sep. 25, 2014
Corridor Industrial Center II in Savage, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	3
Initial Cost of Land	$ 11,500
Initial Cost of Buildings and Improvements	15,297
Total Initial Costs	26,797
Costs Capitalized or Adjustments Subsequent to Acquisition	564
Gross amount carried, Land	11,500
Gross amount carried, Buildings and Improvements	15,861
Gross amount carried, Total Costs	27,361
Accumulated Depreciation and Amortization	$ (3,108)
Acquisition Date / Completion Date	Sep. 29, 2014
Bolingbrook Industrial Center in Bolingbrook, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,124
Initial Cost of Buildings and Improvements	2,963
Total Initial Costs	4,087
Costs Capitalized or Adjustments Subsequent to Acquisition	(1)
Gross amount carried, Land	1,124
Gross amount carried, Buildings and Improvements	2,962
Gross amount carried, Total Costs	4,086
Accumulated Depreciation and Amortization	$ (651)
Acquisition Date / Completion Date	Sep. 30, 2014
Normal Junction Commerce Center in Tempe, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 2,780
Initial Cost of Buildings and Improvements	9,673
Total Initial Costs	12,453
Costs Capitalized or Adjustments Subsequent to Acquisition	246
Gross amount carried, Land	2,780
Gross amount carried, Buildings and Improvements	9,919
Gross amount carried, Total Costs	12,699
Accumulated Depreciation and Amortization	$ (1,568)
Acquisition Date / Completion Date	Oct. 21, 2014
Mechanicsburg Distribution Center in Mechanicsburg, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,931
Initial Cost of Buildings and Improvements	6,444
Total Initial Costs	8,375
Costs Capitalized or Adjustments Subsequent to Acquisition	86
Gross amount carried, Land	1,931
Gross amount carried, Buildings and Improvements	6,530
Gross amount carried, Total Costs	8,461
Accumulated Depreciation and Amortization	$ (1,001)
Acquisition Date / Completion Date	Oct. 23, 2014
West Valley Distribution Center II in Kent, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 1,885
Initial Cost of Buildings and Improvements	4,002
Total Initial Costs	5,887
Costs Capitalized or Adjustments Subsequent to Acquisition	710
Gross amount carried, Land	1,885
Gross amount carried, Buildings and Improvements	4,712
Gross amount carried, Total Costs	6,597
Accumulated Depreciation and Amortization	$ (893)
Acquisition Date / Completion Date	Oct. 24, 2014
CentrePort Distribution Center in Fort Worth, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,795
Initial Cost of Buildings and Improvements	13,898
Total Initial Costs	16,693
Costs Capitalized or Adjustments Subsequent to Acquisition	315
Gross amount carried, Land	2,795
Gross amount carried, Buildings and Improvements	14,213
Gross amount carried, Total Costs	17,008
Accumulated Depreciation and Amortization	$ (2,567)
Acquisition Date / Completion Date	Oct. 31, 2014
Tacoma Commerce Center in Tacoma, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,808
Initial Cost of Buildings and Improvements	1,542
Total Initial Costs	3,350
Costs Capitalized or Adjustments Subsequent to Acquisition	88
Gross amount carried, Land	1,808
Gross amount carried, Buildings and Improvements	1,630
Gross amount carried, Total Costs	3,438
Accumulated Depreciation and Amortization	$ (291)
Acquisition Date / Completion Date	Oct. 31, 2014
Richmond Distribution Center in Richmond, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 8,185
Initial Cost of Buildings and Improvements	10,165
Total Initial Costs	18,350
Costs Capitalized or Adjustments Subsequent to Acquisition	3,135
Gross amount carried, Land	8,185
Gross amount carried, Buildings and Improvements	13,300
Gross amount carried, Total Costs	21,485
Accumulated Depreciation and Amortization	$ (2,304)
Acquisition Date / Completion Date	Oct. 31, 2014
Auburn Industrial Center in Auburn, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,576
Initial Cost of Buildings and Improvements	5,274
Total Initial Costs	7,850
Costs Capitalized or Adjustments Subsequent to Acquisition	498
Gross amount carried, Land	2,576
Gross amount carried, Buildings and Improvements	5,772
Gross amount carried, Total Costs	8,348
Accumulated Depreciation and Amortization	$ (1,121)
Acquisition Date / Completion Date	Nov. 12, 2014
Dorsey Run Distribution Center in Elkridge, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,123
Initial Cost of Buildings and Improvements	3,962
Total Initial Costs	7,085
Costs Capitalized or Adjustments Subsequent to Acquisition	166
Gross amount carried, Land	3,123
Gross amount carried, Buildings and Improvements	4,128
Gross amount carried, Total Costs	7,251
Accumulated Depreciation and Amortization	$ (475)
Dorsey Run Distribution Center In Elkridge MD - 1st Closing [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Date / Completion Date	Dec. 9, 2014
Dorsey Run Distribution Center In Elkridge MD - 2nd Closing [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Date / Completion Date	Dec. 18, 2014
Portland Industrial Center in Portland, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	10
Initial Cost of Land	$ 18,422
Initial Cost of Buildings and Improvements	38,814
Total Initial Costs	57,236
Costs Capitalized or Adjustments Subsequent to Acquisition	15,576
Gross amount carried, Land	18,422
Gross amount carried, Buildings and Improvements	54,390
Gross amount carried, Total Costs	72,812
Accumulated Depreciation and Amortization	$ (6,471)
Acquisition Date / Completion Date	Apr. 18, 2016
Newark Distribution Center in Newark, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 8,523
Initial Cost of Buildings and Improvements	11,389
Total Initial Costs	19,912
Costs Capitalized or Adjustments Subsequent to Acquisition	1,152
Gross amount carried, Land	8,523
Gross amount carried, Buildings and Improvements	12,541
Gross amount carried, Total Costs	21,064
Accumulated Depreciation and Amortization	$ (1,338)
Acquisition Date / Completion Date	Jan. 6, 2015
Totowa Commerce Center in Totowa, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 10,715
Initial Cost of Buildings and Improvements	15,535
Total Initial Costs	26,250
Costs Capitalized or Adjustments Subsequent to Acquisition	16
Gross amount carried, Land	10,715
Gross amount carried, Buildings and Improvements	15,551
Gross amount carried, Total Costs	26,266
Accumulated Depreciation and Amortization	$ (1,941)
Acquisition Date / Completion Date	Jan. 23, 2015
8A Distribution Center in Monroe, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 7,949
Initial Cost of Buildings and Improvements	15,525
Total Initial Costs	23,474
Costs Capitalized or Adjustments Subsequent to Acquisition	862
Gross amount carried, Land	7,949
Gross amount carried, Buildings and Improvements	16,387
Gross amount carried, Total Costs	24,336
Accumulated Depreciation and Amortization	$ (1,892)
Acquisition Date / Completion Date	Feb. 2, 2015
Bayport Distribution Center in Pasadena, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 4,807
Initial Cost of Buildings and Improvements	34,408
Total Initial Costs	39,215
Costs Capitalized or Adjustments Subsequent to Acquisition	198
Gross amount carried, Land	4,807
Gross amount carried, Buildings and Improvements	34,606
Gross amount carried, Total Costs	39,413
Accumulated Depreciation and Amortization	$ (2,371)
Acquisition Date / Completion Date	Feb. 17, 2015
Mesa Distribution Center in Mesa, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,559
Initial Cost of Buildings and Improvements	4,941
Total Initial Costs	6,500
Gross amount carried, Land	1,559
Gross amount carried, Buildings and Improvements	4,941
Gross amount carried, Total Costs	6,500
Accumulated Depreciation and Amortization	$ (464)
Acquisition Date / Completion Date	Mar. 4, 2015
Iron Run Distribution Center II in Allentown, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,857
Initial Cost of Buildings and Improvements	6,566
Total Initial Costs	9,423
Costs Capitalized or Adjustments Subsequent to Acquisition	528
Gross amount carried, Land	2,857
Gross amount carried, Buildings and Improvements	7,094
Gross amount carried, Total Costs	9,951
Accumulated Depreciation and Amortization	$ (1,383)
Acquisition Date / Completion Date	Apr. 17, 2015
Hayward Industrial Center in Hayward, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,214
Initial Cost of Buildings and Improvements	1,841
Total Initial Costs	3,055
Costs Capitalized or Adjustments Subsequent to Acquisition	85
Gross amount carried, Land	1,214
Gross amount carried, Buildings and Improvements	1,926
Gross amount carried, Total Costs	3,140
Accumulated Depreciation and Amortization	$ (277)
Acquisition Date / Completion Date	Apr. 27, 2015
Drew Court Commerce Center in King of Prussia, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 3,716
Initial Cost of Buildings and Improvements	8,184
Total Initial Costs	11,900
Costs Capitalized or Adjustments Subsequent to Acquisition	380
Gross amount carried, Land	3,716
Gross amount carried, Buildings and Improvements	8,564
Gross amount carried, Total Costs	12,280
Accumulated Depreciation and Amortization	$ (1,676)
Acquisition Date / Completion Date	Apr. 30, 2015
8A Distribution Center II in Monroe, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 5,516
Initial Cost of Buildings and Improvements	9,934
Total Initial Costs	15,450
Gross amount carried, Land	5,516
Gross amount carried, Buildings and Improvements	9,934
Gross amount carried, Total Costs	15,450
Accumulated Depreciation and Amortization	$ (911)
Acquisition Date / Completion Date	May 1, 2015
Livermore Distribution Center in Livermore, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 4,885
Initial Cost of Buildings and Improvements	20,871
Total Initial Costs	25,756
Costs Capitalized or Adjustments Subsequent to Acquisition	169
Gross amount carried, Land	4,885
Gross amount carried, Buildings and Improvements	21,040
Gross amount carried, Total Costs	25,925
Accumulated Depreciation and Amortization	$ (1,939)
Acquisition Date / Completion Date	May 1, 2015
Chastain Meadows Distribution Center in Kennesaw, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	5
Initial Cost of Land	$ 5,362
Initial Cost of Buildings and Improvements	40,288
Total Initial Costs	45,650
Costs Capitalized or Adjustments Subsequent to Acquisition	409
Gross amount carried, Land	5,362
Gross amount carried, Buildings and Improvements	40,697
Gross amount carried, Total Costs	46,059
Accumulated Depreciation and Amortization	$ (3,553)
Acquisition Date / Completion Date	Jun. 1, 2015
Auburn Distribution Center in Auburn, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,984
Initial Cost of Buildings and Improvements	13,031
Total Initial Costs	17,015
Costs Capitalized or Adjustments Subsequent to Acquisition	54
Gross amount carried, Land	3,984
Gross amount carried, Buildings and Improvements	13,085
Gross amount carried, Total Costs	17,069
Accumulated Depreciation and Amortization	$ (1,205)
Acquisition Date / Completion Date	Jun. 10, 2015
North Atlanta Portfolio in Atlanta, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 1,409
Initial Cost of Buildings and Improvements	6,352
Total Initial Costs	7,761
Costs Capitalized or Adjustments Subsequent to Acquisition	484
Gross amount carried, Land	1,409
Gross amount carried, Buildings and Improvements	6,836
Gross amount carried, Total Costs	8,245
Accumulated Depreciation and Amortization	$ (614)
Acquisition Date / Completion Date	Jun. 17, 2015
Richmond Distribution Center II in Richmond, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 4,160
Initial Cost of Buildings and Improvements	9,000
Total Initial Costs	13,160
Costs Capitalized or Adjustments Subsequent to Acquisition	3
Gross amount carried, Land	4,160
Gross amount carried, Buildings and Improvements	9,003
Gross amount carried, Total Costs	13,163
Accumulated Depreciation and Amortization	$ (624)
Acquisition Date / Completion Date	Jun. 22, 2015
Carol Stream Distribution Center in Carol Stream, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 7,136
Initial Cost of Buildings and Improvements	14,264
Total Initial Costs	21,400
Gross amount carried, Land	7,136
Gross amount carried, Buildings and Improvements	14,264
Gross amount carried, Total Costs	21,400
Accumulated Depreciation and Amortization	$ (1,226)
Acquisition Date / Completion Date	Jul. 20, 2015
Houston Industrial Portfolio in Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	4
Initial Cost of Land	$ 12,027
Initial Cost of Buildings and Improvements	42,485
Total Initial Costs	54,512
Gross amount carried, Land	12,027
Gross amount carried, Buildings and Improvements	42,485
Gross amount carried, Total Costs	54,512
Accumulated Depreciation and Amortization	$ (2,467)
Houston Industrial Portfolio In Houston TX - 1st Closing [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Date / Completion Date	Jul. 30, 2015
Houston Industrial Portfolio In Houston TX - 2nd Closing [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Date / Completion Date	Sep. 25, 2015
Houston Industrial Portfolio In Houston TX - 3rd Closing [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Date / Completion Date	Feb. 25, 2016
Wilson Commerce Center in Nashville, TN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,897
Initial Cost of Buildings and Improvements	26,002
Total Initial Costs	27,899
Costs Capitalized or Adjustments Subsequent to Acquisition	425
Gross amount carried, Land	1,897
Gross amount carried, Buildings and Improvements	26,427
Gross amount carried, Total Costs	28,324
Accumulated Depreciation and Amortization	$ (2,481)
Acquisition Date / Completion Date	Aug. 7, 2015
North Kent Industrial Center in Kent, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 4,065
Initial Cost of Buildings and Improvements	6,281
Total Initial Costs	10,346
Costs Capitalized or Adjustments Subsequent to Acquisition	63
Gross amount carried, Land	4,065
Gross amount carried, Buildings and Improvements	6,344
Gross amount carried, Total Costs	10,409
Accumulated Depreciation and Amortization	$ (747)
Acquisition Date / Completion Date	Aug. 7, 2015
Long Beach Industrial Center in Long Beach, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 4,306
Initial Cost of Buildings and Improvements	4,594
Total Initial Costs	8,900
Costs Capitalized or Adjustments Subsequent to Acquisition	150
Gross amount carried, Land	4,306
Gross amount carried, Buildings and Improvements	4,744
Gross amount carried, Total Costs	9,050
Accumulated Depreciation and Amortization	$ (457)
Acquisition Date / Completion Date	Aug. 12, 2015
Kelley Point Distribution Center in Portland, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	5
Initial Cost of Land	$ 12,710
Initial Cost of Buildings and Improvements	60,850
Total Initial Costs	73,560
Costs Capitalized or Adjustments Subsequent to Acquisition	1,173
Gross amount carried, Land	12,710
Gross amount carried, Buildings and Improvements	62,023
Gross amount carried, Total Costs	74,733
Accumulated Depreciation and Amortization	$ (5,045)
Acquisition Date / Completion Date	Sep. 9, 2015
Aurora Distribution Center in Aurora, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 4,007
Initial Cost of Buildings and Improvements	16,993
Total Initial Costs	21,000
Costs Capitalized or Adjustments Subsequent to Acquisition	85
Gross amount carried, Land	4,007
Gross amount carried, Buildings and Improvements	17,078
Gross amount carried, Total Costs	21,085
Accumulated Depreciation and Amortization	$ (1,020)
Acquisition Date / Completion Date	Sep. 21, 2015
Junction Industrial Center in Annapolis Junction, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,934
Initial Cost of Buildings and Improvements	3,066
Total Initial Costs	5,000
Costs Capitalized or Adjustments Subsequent to Acquisition	14
Gross amount carried, Land	1,934
Gross amount carried, Buildings and Improvements	3,080
Gross amount carried, Total Costs	5,014
Accumulated Depreciation and Amortization	$ (281)
Acquisition Date / Completion Date	Sep. 24, 2015
Demarest Distribution Center in Wayne, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,831
Initial Cost of Buildings and Improvements	5,110
Total Initial Costs	8,941
Gross amount carried, Land	3,831
Gross amount carried, Buildings and Improvements	5,110
Gross amount carried, Total Costs	8,941
Accumulated Depreciation and Amortization	$ (303)
Acquisition Date / Completion Date	Oct. 7, 2015
Salt Lake City Distribution Center in Salt Lake City UT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,514
Initial Cost of Buildings and Improvements	13,261
Total Initial Costs	16,775
Costs Capitalized or Adjustments Subsequent to Acquisition	2,739
Gross amount carried, Land	3,514
Gross amount carried, Buildings and Improvements	16,000
Gross amount carried, Total Costs	19,514
Accumulated Depreciation and Amortization	$ (777)
Acquisition Date / Completion Date	Oct. 23, 2015
Auburn Distribution Center II in Auburn, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 6,159
Initial Cost of Buildings and Improvements	4,941
Total Initial Costs	11,100
Costs Capitalized or Adjustments Subsequent to Acquisition	84
Gross amount carried, Land	6,159
Gross amount carried, Buildings and Improvements	5,025
Gross amount carried, Total Costs	11,184
Accumulated Depreciation and Amortization	$ (247)
Acquisition Date / Completion Date	Nov. 2, 2015
York Distribution Center in York, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 4,378
Initial Cost of Buildings and Improvements	12,022
Total Initial Costs	16,400
Costs Capitalized or Adjustments Subsequent to Acquisition	120
Gross amount carried, Land	4,378
Gross amount carried, Buildings and Improvements	12,142
Gross amount carried, Total Costs	16,520
Accumulated Depreciation and Amortization	$ (941)
Acquisition Date / Completion Date	Nov. 10, 2015
Etiwanda Industrial Center in Ontario, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	3
Initial Cost of Land	$ 8,916
Initial Cost of Buildings and Improvements	8,257
Total Initial Costs	17,173
Costs Capitalized or Adjustments Subsequent to Acquisition	236
Gross amount carried, Land	8,916
Gross amount carried, Buildings and Improvements	8,493
Gross amount carried, Total Costs	17,409
Accumulated Depreciation and Amortization	$ (872)
Acquisition Date / Completion Date	Nov. 13, 2015
Cincinnati Industrial Center in Cincinnati, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	4
Initial Cost of Land	$ 3,595
Initial Cost of Buildings and Improvements	30,857
Total Initial Costs	34,452
Costs Capitalized or Adjustments Subsequent to Acquisition	680
Gross amount carried, Land	3,595
Gross amount carried, Buildings and Improvements	31,537
Gross amount carried, Total Costs	35,132
Accumulated Depreciation and Amortization	$ (2,501)
Acquisition Date / Completion Date	Nov. 23, 2015
Belt Line Distribution Center in Carrollton, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,530
Initial Cost of Buildings and Improvements	8,070
Total Initial Costs	9,600
Costs Capitalized or Adjustments Subsequent to Acquisition	342
Gross amount carried, Land	1,530
Gross amount carried, Buildings and Improvements	8,412
Gross amount carried, Total Costs	9,942
Accumulated Depreciation and Amortization	$ (441)
Acquisition Date / Completion Date	Dec. 1, 2015
Mid Counties Distribution Center in Santa Fe Springs, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 8,418
Initial Cost of Buildings and Improvements	9,783
Total Initial Costs	18,201
Gross amount carried, Land	8,418
Gross amount carried, Buildings and Improvements	9,783
Gross amount carried, Total Costs	18,201
Accumulated Depreciation and Amortization	$ (505)
Acquisition Date / Completion Date	Dec. 1, 2015
Airwest Distribution Center I in Plainfield, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,505
Initial Cost of Buildings and Improvements	13,095
Total Initial Costs	14,600
Gross amount carried, Land	1,505
Gross amount carried, Buildings and Improvements	13,095
Gross amount carried, Total Costs	14,600
Accumulated Depreciation and Amortization	$ (767)
Acquisition Date / Completion Date	Dec. 14, 2015
Airwest Distribution Center II in Plainfield, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 700
Initial Cost of Buildings and Improvements	6,044
Total Initial Costs	6,744
Gross amount carried, Land	700
Gross amount carried, Buildings and Improvements	6,044
Gross amount carried, Total Costs	6,744
Accumulated Depreciation and Amortization	$ (185)
Acquisition Date / Completion Date	Dec. 15, 2015
Chicago Industrial Portfolio in Chicago, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	5
Initial Cost of Land	$ 16,711
Initial Cost of Buildings and Improvements	52,889
Total Initial Costs	69,600
Costs Capitalized or Adjustments Subsequent to Acquisition	(760)
Gross amount carried, Land	16,711
Gross amount carried, Buildings and Improvements	52,129
Gross amount carried, Total Costs	68,840
Accumulated Depreciation and Amortization	$ (2,431)
Acquisition Date / Completion Date	Dec. 17, 2015
Atlanta Industrial Portfolio in Atlanta, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	12
Initial Cost of Land	$ 9,268
Initial Cost of Buildings and Improvements	50,492
Total Initial Costs	59,760
Costs Capitalized or Adjustments Subsequent to Acquisition	511
Gross amount carried, Land	9,268
Gross amount carried, Buildings and Improvements	51,003
Gross amount carried, Total Costs	60,271
Accumulated Depreciation and Amortization	$ (5,231)
Acquisition Date / Completion Date	Dec. 17, 2015
Lehigh Valley Distribution Center in Bethlehem, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 9,485
Initial Cost of Buildings and Improvements	28,115
Total Initial Costs	37,600
Gross amount carried, Land	9,485
Gross amount carried, Buildings and Improvements	28,115
Gross amount carried, Total Costs	37,600
Accumulated Depreciation and Amortization	$ (1,802)
Acquisition Date / Completion Date	Dec. 22, 2015
Valencia Industrial Center in Valencia, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,327
Initial Cost of Buildings and Improvements	7,673
Total Initial Costs	11,000
Costs Capitalized or Adjustments Subsequent to Acquisition	234
Gross amount carried, Land	3,327
Gross amount carried, Buildings and Improvements	7,907
Gross amount carried, Total Costs	11,234
Accumulated Depreciation and Amortization	$ (335)
Acquisition Date / Completion Date	Dec. 22, 2015
Phoenix Industrial Portfolio in Phoenix, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	5
Initial Cost of Land	$ 8,722
Initial Cost of Buildings and Improvements	29,261
Total Initial Costs	37,983
Costs Capitalized or Adjustments Subsequent to Acquisition	21
Gross amount carried, Land	8,722
Gross amount carried, Buildings and Improvements	29,282
Gross amount carried, Total Costs	38,004
Accumulated Depreciation and Amortization	$ (2,381)
Acquisition Date / Completion Date	Dec. 22, 2015
Golden State Portfolio Central Valley in Bakersfield, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 2,466
Initial Cost of Buildings and Improvements	15,633
Total Initial Costs	18,099
Costs Capitalized or Adjustments Subsequent to Acquisition	5
Gross amount carried, Land	2,466
Gross amount carried, Buildings and Improvements	15,638
Gross amount carried, Total Costs	18,104
Accumulated Depreciation and Amortization	$ (847)
Acquisition Date / Completion Date	Dec. 23, 2015
Golden State Portfolio South LA in Chula Vista, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 6,345
Initial Cost of Buildings and Improvements	15,043
Total Initial Costs	21,388
Costs Capitalized or Adjustments Subsequent to Acquisition	215
Gross amount carried, Land	6,345
Gross amount carried, Buildings and Improvements	15,258
Gross amount carried, Total Costs	21,603
Accumulated Depreciation and Amortization	$ (1,482)
Acquisition Date / Completion Date	Dec. 23, 2015
Golden State Portfolio East Bay Area in Newark, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 44,715
Initial Cost of Buildings and Improvements	32,517
Total Initial Costs	77,232
Costs Capitalized or Adjustments Subsequent to Acquisition	3,004
Gross amount carried, Land	44,715
Gross amount carried, Buildings and Improvements	35,521
Gross amount carried, Total Costs	80,236
Accumulated Depreciation and Amortization	$ (3,153)
Acquisition Date / Completion Date	Dec. 23, 2015
Golden State Portfolio Central LA in Pico Rivera, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 11,769
Initial Cost of Buildings and Improvements	1,118
Total Initial Costs	12,887
Costs Capitalized or Adjustments Subsequent to Acquisition	30
Gross amount carried, Land	11,769
Gross amount carried, Buildings and Improvements	1,148
Gross amount carried, Total Costs	12,917
Accumulated Depreciation and Amortization	$ (131)
Acquisition Date / Completion Date	Dec. 23, 2015
Golden State Portfolio South Bay Area in San Jose, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	7
Initial Cost of Land	$ 32,138
Initial Cost of Buildings and Improvements	22,007
Total Initial Costs	54,145
Costs Capitalized or Adjustments Subsequent to Acquisition	480
Gross amount carried, Land	32,138
Gross amount carried, Buildings and Improvements	22,487
Gross amount carried, Total Costs	54,625
Accumulated Depreciation and Amortization	$ (2,367)
Golden State Portfolio South Bay Area In San Jose CA - 1st Closing [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Date / Completion Date	Dec. 23, 2015
Golden State Portfolio South Bay Area In San Jose CA - 2nd Closing [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Date / Completion Date	Jan. 12, 2016
Northwest Industrial Center in Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	11
Initial Cost of Land	$ 29,206
Initial Cost of Buildings and Improvements	36,307
Total Initial Costs	65,513
Costs Capitalized or Adjustments Subsequent to Acquisition	210
Gross amount carried, Land	29,206
Gross amount carried, Buildings and Improvements	36,517
Gross amount carried, Total Costs	65,723
Accumulated Depreciation and Amortization	$ (3,186)
Northwest Industrial Center In Houston TX - 1st Closing [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Date / Completion Date	Dec. 29, 2015
Northwest Industrial Center In Houston TX - 2nd Closing [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Date / Completion Date	Jan. 5, 2016
Victory Industrial Portfolio in Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,572
Initial Cost of Buildings and Improvements	11,401
Total Initial Costs	13,973
Gross amount carried, Land	2,572
Gross amount carried, Buildings and Improvements	11,401
Gross amount carried, Total Costs	13,973
Accumulated Depreciation and Amortization	$ (372)
Acquisition Date / Completion Date	Jan. 13, 2016
Victory Industrial Portfolio in Dallas/Ft. Worth, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,781
Initial Cost of Buildings and Improvements	20,280
Total Initial Costs	23,061
Gross amount carried, Land	2,781
Gross amount carried, Buildings and Improvements	20,280
Gross amount carried, Total Costs	23,061
Accumulated Depreciation and Amortization	$ (620)
Acquisition Date / Completion Date	Jan. 13, 2016
Victory Industrial Portfolio in Louisville, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 900
Initial Cost of Buildings and Improvements	7,672
Total Initial Costs	8,572
Costs Capitalized or Adjustments Subsequent to Acquisition	18
Gross amount carried, Land	900
Gross amount carried, Buildings and Improvements	7,690
Gross amount carried, Total Costs	8,590
Accumulated Depreciation and Amortization	$ (287)
Acquisition Date / Completion Date	Jan. 13, 2016
GSW Distribution Center in Dallas/Ft. Worth, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,676
Initial Cost of Buildings and Improvements	13,327
Total Initial Costs	17,003
Costs Capitalized or Adjustments Subsequent to Acquisition	3,690
Gross amount carried, Land	3,676
Gross amount carried, Buildings and Improvements	17,017
Gross amount carried, Total Costs	20,693
Accumulated Depreciation and Amortization	$ (271)
Acquisition Date / Completion Date	Jan. 27, 2016
National Distribution Portfolio in Stockton, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 4,525
Initial Cost of Buildings and Improvements	29,779
Total Initial Costs	34,304
Costs Capitalized or Adjustments Subsequent to Acquisition	84
Gross amount carried, Land	4,525
Gross amount carried, Buildings and Improvements	29,863
Gross amount carried, Total Costs	34,388
Accumulated Depreciation and Amortization	$ (1,912)
Acquisition Date / Completion Date	Jan. 29, 2016
National Distribution Portfolio in Indianapolis, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,362
Initial Cost of Buildings and Improvements	22,197
Total Initial Costs	24,559
Costs Capitalized or Adjustments Subsequent to Acquisition	1,102
Gross amount carried, Land	2,362
Gross amount carried, Buildings and Improvements	23,299
Gross amount carried, Total Costs	25,661
Accumulated Depreciation and Amortization	$ (408)
Acquisition Date / Completion Date	Jan. 29, 2016
National Distribution Portfolio in Memphis, TN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	5
Initial Cost of Land	$ 3,806
Initial Cost of Buildings and Improvements	51,831
Total Initial Costs	55,637
Costs Capitalized or Adjustments Subsequent to Acquisition	485
Gross amount carried, Land	3,806
Gross amount carried, Buildings and Improvements	52,316
Gross amount carried, Total Costs	56,122
Accumulated Depreciation and Amortization	$ (2,912)
Acquisition Date / Completion Date	Jan. 29, 2016
Horizon Distribution Center in King of Prussia, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,166
Initial Cost of Buildings and Improvements	6,384
Total Initial Costs	9,550
Gross amount carried, Land	3,166
Gross amount carried, Buildings and Improvements	6,384
Gross amount carried, Total Costs	9,550
Accumulated Depreciation and Amortization	$ (387)
Acquisition Date / Completion Date	Feb. 12, 2016
Stockton Industrial Center in Stockton, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 396
Initial Cost of Buildings and Improvements	2,072
Total Initial Costs	2,468
Costs Capitalized or Adjustments Subsequent to Acquisition	19
Gross amount carried, Land	396
Gross amount carried, Buildings and Improvements	2,091
Gross amount carried, Total Costs	2,487
Accumulated Depreciation and Amortization	$ (123)
Acquisition Date / Completion Date	Feb. 26, 2016
Baseline Industrial Center in Phoenix, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,983
Initial Cost of Buildings and Improvements	11,017
Total Initial Costs	14,000
Costs Capitalized or Adjustments Subsequent to Acquisition	20
Gross amount carried, Land	2,983
Gross amount carried, Buildings and Improvements	11,037
Gross amount carried, Total Costs	14,020
Accumulated Depreciation and Amortization	$ (401)
Acquisition Date / Completion Date	Mar. 1, 2016
Lehigh Valley Distribution Center II In Lehigh Valley PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 7,093
Initial Cost of Buildings and Improvements	20,800
Total Initial Costs	27,893
Costs Capitalized or Adjustments Subsequent to Acquisition	789
Gross amount carried, Land	7,093
Gross amount carried, Buildings and Improvements	21,589
Gross amount carried, Total Costs	28,682
Accumulated Depreciation and Amortization	$ (192)
Lehigh Valley Distribution Center II In Lehigh Valley PA First Closing [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Date / Completion Date	Mar. 7, 2016
Lehigh Valley Distribution Center II In Lehigh Valley PA Second Closing [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Date / Completion Date	May 20, 2016
Stockton Industrial Center in Stockton [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 486
Initial Cost of Buildings and Improvements	2,014
Total Initial Costs	2,500
Costs Capitalized or Adjustments Subsequent to Acquisition	(23)
Gross amount carried, Land	486
Gross amount carried, Buildings and Improvements	1,991
Gross amount carried, Total Costs	2,477
Accumulated Depreciation and Amortization	$ (97)
Acquisition Date / Completion Date	Mar. 23, 2016
Lehigh Valley Business Center in Lehigh Valley, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	4
Initial Cost of Land	$ 4,179
Initial Cost of Buildings and Improvements	8,206
Total Initial Costs	12,385
Costs Capitalized or Adjustments Subsequent to Acquisition	105
Gross amount carried, Land	4,179
Gross amount carried, Buildings and Improvements	8,311
Gross amount carried, Total Costs	12,490
Accumulated Depreciation and Amortization	$ (865)
Acquisition Date / Completion Date	Mar. 24, 2016
Kent Industrial Property in Seattle/Tacoma, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	4
Initial Cost of Land	$ 9,813
Initial Cost of Buildings and Improvements	21,684
Total Initial Costs	31,497
Costs Capitalized or Adjustments Subsequent to Acquisition	153
Gross amount carried, Land	9,813
Gross amount carried, Buildings and Improvements	21,837
Gross amount carried, Total Costs	31,650
Accumulated Depreciation and Amortization	$ (1,472)
Acquisition Date / Completion Date	Mar. 28, 2016
O'Hare Industrial Center in Chicago, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,178
Initial Cost of Buildings and Improvements	5,622
Total Initial Costs	8,800
Costs Capitalized or Adjustments Subsequent to Acquisition	108
Gross amount carried, Land	3,178
Gross amount carried, Buildings and Improvements	5,730
Gross amount carried, Total Costs	8,908
Accumulated Depreciation and Amortization	$ (340)
Acquisition Date / Completion Date	Mar. 31, 2016
Auburn 167 Industrial Center in Seattle/Tacoma, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	3
Initial Cost of Land	$ 6,934
Initial Cost of Buildings and Improvements	15,056
Total Initial Costs	21,990
Costs Capitalized or Adjustments Subsequent to Acquisition	35
Gross amount carried, Land	6,934
Gross amount carried, Buildings and Improvements	15,091
Gross amount carried, Total Costs	22,025
Accumulated Depreciation and Amortization	$ (793)
Acquisition Date / Completion Date	Apr. 14, 2016
Trade Port Distribution Center III in Louisville, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,210
Initial Cost of Buildings and Improvements	8,490
Total Initial Costs	9,700
Costs Capitalized or Adjustments Subsequent to Acquisition	54
Gross amount carried, Land	1,210
Gross amount carried, Buildings and Improvements	8,544
Gross amount carried, Total Costs	9,754
Accumulated Depreciation and Amortization	$ (470)
Acquisition Date / Completion Date	Apr. 26, 2016
Upland Distribution Center in Denver, CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,137
Initial Cost of Buildings and Improvements	4,963
Total Initial Costs	6,100
Gross amount carried, Land	1,137
Gross amount carried, Buildings and Improvements	4,963
Gross amount carried, Total Costs	6,100
Accumulated Depreciation and Amortization	$ (295)
Acquisition Date / Completion Date	Apr. 27, 2016
Corona Industrial Center in Corona, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 10,958
Initial Cost of Buildings and Improvements	9,435
Total Initial Costs	20,393
Costs Capitalized or Adjustments Subsequent to Acquisition	1,112
Gross amount carried, Land	10,958
Gross amount carried, Buildings and Improvements	10,547
Gross amount carried, Total Costs	21,505
Accumulated Depreciation and Amortization	$ (381)
Acquisition Date / Completion Date	Apr. 27, 2016
Turnpike Industrial Center in Avenel, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,802
Initial Cost of Buildings and Improvements	2,898
Total Initial Costs	6,700
Costs Capitalized or Adjustments Subsequent to Acquisition	353
Gross amount carried, Land	3,802
Gross amount carried, Buildings and Improvements	3,251
Gross amount carried, Total Costs	7,053
Accumulated Depreciation and Amortization	$ (211)
Acquisition Date / Completion Date	May 4, 2016
National Distribution Portfolio II in Redlands, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 15,951
Initial Cost of Buildings and Improvements	20,439
Total Initial Costs	36,390
Costs Capitalized or Adjustments Subsequent to Acquisition	64
Gross amount carried, Land	15,951
Gross amount carried, Buildings and Improvements	20,503
Gross amount carried, Total Costs	36,454
Accumulated Depreciation and Amortization	$ (1,354)
Acquisition Date / Completion Date	May 19, 2016
National Distribution Portfolio II in Kennesaw, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	3
Initial Cost of Land	$ 9,360
Initial Cost of Buildings and Improvements	46,665
Total Initial Costs	56,025
Costs Capitalized or Adjustments Subsequent to Acquisition	908
Gross amount carried, Land	9,360
Gross amount carried, Buildings and Improvements	47,573
Gross amount carried, Total Costs	56,933
Accumulated Depreciation and Amortization	$ (2,455)
Acquisition Date / Completion Date	May 19, 2016
National Distribution Portfolio II in Romeoville, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 8,319
Initial Cost of Buildings and Improvements	23,724
Total Initial Costs	32,043
Gross amount carried, Land	8,319
Gross amount carried, Buildings and Improvements	23,724
Gross amount carried, Total Costs	32,043
Accumulated Depreciation and Amortization	$ (947)
Acquisition Date / Completion Date	May 19, 2016
National Distribution Portfolio II in Shepherdsville, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 5,181
Initial Cost of Buildings and Improvements	25,386
Total Initial Costs	30,567
Costs Capitalized or Adjustments Subsequent to Acquisition	648
Gross amount carried, Land	5,181
Gross amount carried, Buildings and Improvements	26,034
Gross amount carried, Total Costs	31,215
Accumulated Depreciation and Amortization	$ (1,704)
Acquisition Date / Completion Date	May 19, 2016
National Distribution Portfolio II in Huntersville, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 4,648
Initial Cost of Buildings and Improvements	27,827
Total Initial Costs	32,475
Costs Capitalized or Adjustments Subsequent to Acquisition	(1)
Gross amount carried, Land	4,648
Gross amount carried, Buildings and Improvements	27,826
Gross amount carried, Total Costs	32,474
Accumulated Depreciation and Amortization	$ (1,113)
Acquisition Date / Completion Date	May 19, 2016
Carlisle Distribution Center in Carlisle, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 7,892
Initial Cost of Buildings and Improvements	20,958
Total Initial Costs	28,850
Gross amount carried, Land	7,892
Gross amount carried, Buildings and Improvements	20,958
Gross amount carried, Total Costs	28,850
Accumulated Depreciation and Amortization	$ (760)
Acquisition Date / Completion Date	May 19, 2016
Central Valley Portfolio in Tracy, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 6,132
Initial Cost of Buildings and Improvements	25,166
Total Initial Costs	31,298
Gross amount carried, Land	6,132
Gross amount carried, Buildings and Improvements	25,166
Gross amount carried, Total Costs	31,298
Accumulated Depreciation and Amortization	$ (1,340)
Acquisition Date / Completion Date	May 24, 2016
Central Valley Portfolio in Stockton, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,107
Initial Cost of Buildings and Improvements	8,039
Total Initial Costs	10,146
Costs Capitalized or Adjustments Subsequent to Acquisition	68
Gross amount carried, Land	2,107
Gross amount carried, Buildings and Improvements	8,107
Gross amount carried, Total Costs	10,214
Accumulated Depreciation and Amortization	$ (360)
Acquisition Date / Completion Date	May 24, 2016
Cheyenne Distribution Center in Las Vegas, NV [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 5,199
Initial Cost of Buildings and Improvements	24,967
Total Initial Costs	30,166
Gross amount carried, Land	5,199
Gross amount carried, Buildings and Improvements	24,967
Gross amount carried, Total Costs	30,166
Accumulated Depreciation and Amortization	$ (582)
Acquisition Date / Completion Date	May 25, 2016
Peoria Distribution Center in Denver, CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,825
Initial Cost of Buildings and Improvements	17,425
Total Initial Costs	21,250
Costs Capitalized or Adjustments Subsequent to Acquisition	24
Gross amount carried, Land	3,825
Gross amount carried, Buildings and Improvements	17,449
Gross amount carried, Total Costs	21,274
Accumulated Depreciation and Amortization	$ (572)
Acquisition Date / Completion Date	Jun. 15, 2016
Trade Port Distribution Center II in Louisville, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 5,170
Initial Cost of Buildings and Improvements	47,130
Total Initial Costs	52,300
Gross amount carried, Land	5,170
Gross amount carried, Buildings and Improvements	47,130
Gross amount carried, Total Costs	52,300
Accumulated Depreciation and Amortization	$ (1,076)
Acquisition Date / Completion Date	Jun. 17, 2016
Northeast Distribution Portfolio in Robbinsville, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 6,309
Initial Cost of Buildings and Improvements	15,491
Total Initial Costs	21,800
Gross amount carried, Land	6,309
Gross amount carried, Buildings and Improvements	15,491
Gross amount carried, Total Costs	21,800
Accumulated Depreciation and Amortization	$ (378)
Acquisition Date / Completion Date	Jun. 20, 2016
Pinnacle Distribution Center II in Chicago, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 8,150
Initial Cost of Buildings and Improvements	25,450
Total Initial Costs	33,600
Gross amount carried, Land	8,150
Gross amount carried, Buildings and Improvements	25,450
Gross amount carried, Total Costs	33,600
Accumulated Depreciation and Amortization	$ (778)
Acquisition Date / Completion Date	Jun. 22, 2016
Marina Vista Business Center in Dallas/Ft. Worth, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,311
Initial Cost of Buildings and Improvements	6,169
Total Initial Costs	7,480
Costs Capitalized or Adjustments Subsequent to Acquisition	1,534
Gross amount carried, Land	1,311
Gross amount carried, Buildings and Improvements	7,703
Gross amount carried, Total Costs	9,014
Accumulated Depreciation and Amortization	$ (4)
Acquisition Date / Completion Date	Jun. 30, 2016
Southwest Industrial Portfolio in Braselton, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,601
Initial Cost of Buildings and Improvements	26,574
Total Initial Costs	29,175
Gross amount carried, Land	2,601
Gross amount carried, Buildings and Improvements	26,574
Gross amount carried, Total Costs	29,175
Accumulated Depreciation and Amortization	$ (576)
Acquisition Date / Completion Date	Jul. 11, 2016
Southwest Industrial Portfolio in Memphis, TN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 2,991
Initial Cost of Buildings and Improvements	43,949
Total Initial Costs	46,940
Gross amount carried, Land	2,991
Gross amount carried, Buildings and Improvements	43,949
Gross amount carried, Total Costs	46,940
Accumulated Depreciation and Amortization	$ (1,237)
Acquisition Date / Completion Date	Jul. 11, 2016
Alessandro Distribution Center in Riverside, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 16,457
Initial Cost of Buildings and Improvements	30,916
Total Initial Costs	47,373
Costs Capitalized or Adjustments Subsequent to Acquisition	2,389
Gross amount carried, Land	16,457
Gross amount carried, Buildings and Improvements	33,305
Gross amount carried, Total Costs	49,762
Accumulated Depreciation and Amortization	$ (444)
Acquisition Date / Completion Date	Jul. 20, 2016
Lakeside Distribution Center in Dallas/Ft. Worth, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,852
Initial Cost of Buildings and Improvements	13,483
Total Initial Costs	16,335
Gross amount carried, Land	2,852
Gross amount carried, Buildings and Improvements	13,483
Gross amount carried, Total Costs	16,335
Accumulated Depreciation and Amortization	$ (241)
Acquisition Date / Completion Date	Jul. 26, 2016
East Union Distribution Center in East Rutherford, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 5,619
Initial Cost of Buildings and Improvements	6,981
Total Initial Costs	12,600
Costs Capitalized or Adjustments Subsequent to Acquisition	496
Gross amount carried, Land	5,619
Gross amount carried, Buildings and Improvements	7,477
Gross amount carried, Total Costs	13,096
Accumulated Depreciation and Amortization	$ (1)
Acquisition Date / Completion Date	Jul. 29, 2016
Billings Industrial Portfolio in Renton, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,777
Initial Cost of Buildings and Improvements	6,799
Total Initial Costs	9,576
Gross amount carried, Land	2,777
Gross amount carried, Buildings and Improvements	6,799
Gross amount carried, Total Costs	9,576
Accumulated Depreciation and Amortization	$ (180)
Acquisition Date / Completion Date	Aug. 5, 2016
Billings Industrial Portfolio in Portland, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,870
Initial Cost of Buildings and Improvements	8,604
Total Initial Costs	10,474
Gross amount carried, Land	1,870
Gross amount carried, Buildings and Improvements	8,604
Gross amount carried, Total Costs	10,474
Accumulated Depreciation and Amortization	$ (264)
Acquisition Date / Completion Date	Aug. 5, 2016
Marley Neck Distribution Center in Baltimore, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 5,215
Initial Cost of Buildings and Improvements	12,310
Total Initial Costs	17,525
Costs Capitalized or Adjustments Subsequent to Acquisition	156
Gross amount carried, Land	5,215
Gross amount carried, Buildings and Improvements	12,466
Gross amount carried, Total Costs	17,681
Accumulated Depreciation and Amortization	$ (261)
Acquisition Date / Completion Date	Aug. 8, 2016
Lakeside Corporate Center in Flower Mound, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	4
Initial Cost of Land	$ 6,955
Initial Cost of Buildings and Improvements	37,145
Total Initial Costs	44,100
Costs Capitalized or Adjustments Subsequent to Acquisition	109
Gross amount carried, Land	6,955
Gross amount carried, Buildings and Improvements	37,254
Gross amount carried, Total Costs	44,209
Accumulated Depreciation and Amortization	$ (806)
Acquisition Date / Completion Date	Aug. 16, 2016
Pompano Industrial Center in Pompano Beach, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	2
Initial Cost of Land	$ 2,995
Initial Cost of Buildings and Improvements	5,940
Total Initial Costs	8,935
Gross amount carried, Land	2,995
Gross amount carried, Buildings and Improvements	5,940
Gross amount carried, Total Costs	8,935
Accumulated Depreciation and Amortization	$ (175)
Acquisition Date / Completion Date	Sep. 7, 2016
South Bay Distribution Center in Rancho Diminguez, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,448
Initial Cost of Buildings and Improvements	2,702
Total Initial Costs	5,150
Gross amount carried, Land	2,448
Gross amount carried, Buildings and Improvements	2,702
Gross amount carried, Total Costs	5,150
Accumulated Depreciation and Amortization	$ (62)
Acquisition Date / Completion Date	Sep. 8, 2016
Corona Industrial Center II in Corona, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 8,244
Initial Cost of Buildings and Improvements	9,200
Total Initial Costs	17,444
Costs Capitalized or Adjustments Subsequent to Acquisition	206
Gross amount carried, Land	8,244
Gross amount carried, Buildings and Improvements	9,406
Gross amount carried, Total Costs	$ 17,650
Acquisition Date / Completion Date	Sep. 13, 2016
San Leandro Distribution Center in San Leandro, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 9,621
Initial Cost of Buildings and Improvements	579
Total Initial Costs	10,200
Gross amount carried, Land	9,621
Gross amount carried, Buildings and Improvements	579
Gross amount carried, Total Costs	10,200
Accumulated Depreciation and Amortization	$ (82)
Acquisition Date / Completion Date	Oct. 3, 2016
South San Francisco Distribution Center in San Francisco, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 5,198
Initial Cost of Buildings and Improvements	2,818
Total Initial Costs	8,016
Costs Capitalized or Adjustments Subsequent to Acquisition	48
Gross amount carried, Land	5,198
Gross amount carried, Buildings and Improvements	2,866
Gross amount carried, Total Costs	8,064
Accumulated Depreciation and Amortization	$ (50)
Acquisition Date / Completion Date	Oct. 18, 2016
Rainer Park Distribution Center in Summer, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 1,883
Initial Cost of Buildings and Improvements	3,517
Total Initial Costs	5,400
Gross amount carried, Land	1,883
Gross amount carried, Buildings and Improvements	3,517
Gross amount carried, Total Costs	5,400
Accumulated Depreciation and Amortization	$ (44)
Acquisition Date / Completion Date	Oct. 27, 2016
Park West Distribution Center in Hebron, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 3,016
Initial Cost of Buildings and Improvements	22,224
Total Initial Costs	25,240
Gross amount carried, Land	3,016
Gross amount carried, Buildings and Improvements	22,224
Gross amount carried, Total Costs	25,240
Accumulated Depreciation and Amortization	$ (170)
Acquisition Date / Completion Date	Nov. 8, 2016
World Park Distribution Center in Cincinnati, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 943
Initial Cost of Buildings and Improvements	7,924
Total Initial Costs	8,867
Gross amount carried, Land	943
Gross amount carried, Buildings and Improvements	7,924
Gross amount carried, Total Costs	8,867
Accumulated Depreciation and Amortization	$ (93)
Acquisition Date / Completion Date	Nov. 22, 2016
High Grove Distribution Center in Naperville, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 2,552
Initial Cost of Buildings and Improvements	11,245
Total Initial Costs	13,797
Gross amount carried, Land	2,552
Gross amount carried, Buildings and Improvements	11,245
Gross amount carried, Total Costs	13,797
Accumulated Depreciation and Amortization	$ (139)
Acquisition Date / Completion Date	Nov. 22, 2016
Exeter Portfolio in BWI Corridor, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 4,832
Initial Cost of Buildings and Improvements	7,589
Total Initial Costs	12,421
Gross amount carried, Land	4,832
Gross amount carried, Buildings and Improvements	7,589
Gross amount carried, Total Costs	12,421
Accumulated Depreciation and Amortization	$ (46)
Acquisition Date / Completion Date	Nov. 22, 2016
Exeter Portfolio in Prince George's County, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Buildings | Building	1
Initial Cost of Land	$ 5,917
Initial Cost of Buildings and Improvements	8,015
Total Initial Costs	13,932
Gross amount carried, Land	5,917
Gross amount carried, Buildings and Improvements	8,015
Gross amount carried, Total Costs	13,932
Accumulated Depreciation and Amortization	$ (59)
Acquisition Date / Completion Date	Nov. 22, 2016
Minimum [Member] | West Valley Distribution Center in Kent, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Century Distribution Center in Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Oakesdale Commerce Center in Renton, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Medley Distribution Center in Medley, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Rialto Distribution Center in Rialto, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Palm Beach Commerce Center in Boca Raton, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Windham Industrial Center in Romeoville, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Corridor Industrial Center in Savage, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | O'Hare Distribution Center in Elmhurst, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Lehigh Valley Commerce Center in Kutztown, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Corridor Industrial Center II in Savage, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Bolingbrook Industrial Center in Bolingbrook, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Normal Junction Commerce Center in Tempe, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Mechanicsburg Distribution Center in Mechanicsburg, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | West Valley Distribution Center II in Kent, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | CentrePort Distribution Center in Fort Worth, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Tacoma Commerce Center in Tacoma, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Richmond Distribution Center in Richmond, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Auburn Industrial Center in Auburn, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Dorsey Run Distribution Center in Elkridge, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Portland Industrial Center in Portland, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Newark Distribution Center in Newark, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Totowa Commerce Center in Totowa, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | 8A Distribution Center in Monroe, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Bayport Distribution Center in Pasadena, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Mesa Distribution Center in Mesa, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Iron Run Distribution Center II in Allentown, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Hayward Industrial Center in Hayward, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Drew Court Commerce Center in King of Prussia, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | 8A Distribution Center II in Monroe, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Livermore Distribution Center in Livermore, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Chastain Meadows Distribution Center in Kennesaw, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Auburn Distribution Center in Auburn, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | North Atlanta Portfolio in Atlanta, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Richmond Distribution Center II in Richmond, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Carol Stream Distribution Center in Carol Stream, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Houston Industrial Portfolio in Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Wilson Commerce Center in Nashville, TN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | North Kent Industrial Center in Kent, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Long Beach Industrial Center in Long Beach, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Kelley Point Distribution Center in Portland, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Aurora Distribution Center in Aurora, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Junction Industrial Center in Annapolis Junction, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Demarest Distribution Center in Wayne, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Salt Lake City Distribution Center in Salt Lake City UT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Auburn Distribution Center II in Auburn, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | York Distribution Center in York, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Etiwanda Industrial Center in Ontario, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Cincinnati Industrial Center in Cincinnati, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Belt Line Distribution Center in Carrollton, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Mid Counties Distribution Center in Santa Fe Springs, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Airwest Distribution Center I in Plainfield, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Airwest Distribution Center II in Plainfield, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Chicago Industrial Portfolio in Chicago, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Atlanta Industrial Portfolio in Atlanta, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Lehigh Valley Distribution Center in Bethlehem, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Valencia Industrial Center in Valencia, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Phoenix Industrial Portfolio in Phoenix, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Golden State Portfolio Central Valley in Bakersfield, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Golden State Portfolio South LA in Chula Vista, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Golden State Portfolio East Bay Area in Newark, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Golden State Portfolio Central LA in Pico Rivera, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Golden State Portfolio South Bay Area in San Jose, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Northwest Industrial Center in Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Victory Industrial Portfolio in Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Victory Industrial Portfolio in Dallas/Ft. Worth, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Victory Industrial Portfolio in Louisville, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | GSW Distribution Center in Dallas/Ft. Worth, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | National Distribution Portfolio in Stockton, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | National Distribution Portfolio in Indianapolis, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | National Distribution Portfolio in Memphis, TN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Horizon Distribution Center in King of Prussia, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Stockton Industrial Center in Stockton, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Baseline Industrial Center in Phoenix, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Lehigh Valley Distribution Center II In Lehigh Valley PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Stockton Industrial Center in Stockton [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Lehigh Valley Business Center in Lehigh Valley, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Kent Industrial Property in Seattle/Tacoma, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | O'Hare Industrial Center in Chicago, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Auburn 167 Industrial Center in Seattle/Tacoma, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Trade Port Distribution Center III in Louisville, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Upland Distribution Center in Denver, CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Corona Industrial Center in Corona, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Turnpike Industrial Center in Avenel, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | National Distribution Portfolio II in Redlands, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | National Distribution Portfolio II in Kennesaw, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | National Distribution Portfolio II in Romeoville, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | National Distribution Portfolio II in Shepherdsville, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | National Distribution Portfolio II in Huntersville, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Carlisle Distribution Center in Carlisle, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Central Valley Portfolio in Tracy, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Central Valley Portfolio in Stockton, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Cheyenne Distribution Center in Las Vegas, NV [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Peoria Distribution Center in Denver, CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Trade Port Distribution Center II in Louisville, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Northeast Distribution Portfolio in Robbinsville, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Pinnacle Distribution Center II in Chicago, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Marina Vista Business Center in Dallas/Ft. Worth, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Southwest Industrial Portfolio in Braselton, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Southwest Industrial Portfolio in Memphis, TN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Alessandro Distribution Center in Riverside, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Lakeside Distribution Center in Dallas/Ft. Worth, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | East Union Distribution Center in East Rutherford, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Billings Industrial Portfolio in Renton, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Billings Industrial Portfolio in Portland, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Marley Neck Distribution Center in Baltimore, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Lakeside Corporate Center in Flower Mound, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Pompano Industrial Center in Pompano Beach, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | South Bay Distribution Center in Rancho Diminguez, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Corona Industrial Center II in Corona, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | San Leandro Distribution Center in San Leandro, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | South San Francisco Distribution Center in San Francisco, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Rainer Park Distribution Center in Summer, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Park West Distribution Center in Hebron, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | World Park Distribution Center in Cincinnati, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | High Grove Distribution Center in Naperville, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Exeter Portfolio in BWI Corridor, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Minimum [Member] | Exeter Portfolio in Prince George's County, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	1 year
Maximum [Member] | West Valley Distribution Center in Kent, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Century Distribution Center in Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Oakesdale Commerce Center in Renton, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Medley Distribution Center in Medley, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Rialto Distribution Center in Rialto, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Palm Beach Commerce Center in Boca Raton, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Windham Industrial Center in Romeoville, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Corridor Industrial Center in Savage, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | O'Hare Distribution Center in Elmhurst, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Lehigh Valley Commerce Center in Kutztown, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Corridor Industrial Center II in Savage, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Bolingbrook Industrial Center in Bolingbrook, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Normal Junction Commerce Center in Tempe, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Mechanicsburg Distribution Center in Mechanicsburg, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | West Valley Distribution Center II in Kent, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | CentrePort Distribution Center in Fort Worth, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Tacoma Commerce Center in Tacoma, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Richmond Distribution Center in Richmond, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Auburn Industrial Center in Auburn, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Dorsey Run Distribution Center in Elkridge, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Portland Industrial Center in Portland, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Newark Distribution Center in Newark, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Totowa Commerce Center in Totowa, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | 8A Distribution Center in Monroe, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Bayport Distribution Center in Pasadena, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Mesa Distribution Center in Mesa, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Iron Run Distribution Center II in Allentown, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Hayward Industrial Center in Hayward, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Drew Court Commerce Center in King of Prussia, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | 8A Distribution Center II in Monroe, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Livermore Distribution Center in Livermore, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Chastain Meadows Distribution Center in Kennesaw, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Auburn Distribution Center in Auburn, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | North Atlanta Portfolio in Atlanta, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Richmond Distribution Center II in Richmond, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Carol Stream Distribution Center in Carol Stream, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Houston Industrial Portfolio in Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Wilson Commerce Center in Nashville, TN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | North Kent Industrial Center in Kent, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Long Beach Industrial Center in Long Beach, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Kelley Point Distribution Center in Portland, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Aurora Distribution Center in Aurora, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Junction Industrial Center in Annapolis Junction, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Demarest Distribution Center in Wayne, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Salt Lake City Distribution Center in Salt Lake City UT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Auburn Distribution Center II in Auburn, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | York Distribution Center in York, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Etiwanda Industrial Center in Ontario, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Cincinnati Industrial Center in Cincinnati, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Belt Line Distribution Center in Carrollton, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Mid Counties Distribution Center in Santa Fe Springs, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Airwest Distribution Center I in Plainfield, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Airwest Distribution Center II in Plainfield, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Chicago Industrial Portfolio in Chicago, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Atlanta Industrial Portfolio in Atlanta, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Lehigh Valley Distribution Center in Bethlehem, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Valencia Industrial Center in Valencia, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Phoenix Industrial Portfolio in Phoenix, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Golden State Portfolio Central Valley in Bakersfield, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Golden State Portfolio South LA in Chula Vista, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Golden State Portfolio East Bay Area in Newark, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Golden State Portfolio Central LA in Pico Rivera, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Golden State Portfolio South Bay Area in San Jose, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Northwest Industrial Center in Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Victory Industrial Portfolio in Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Victory Industrial Portfolio in Dallas/Ft. Worth, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Victory Industrial Portfolio in Louisville, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | GSW Distribution Center in Dallas/Ft. Worth, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | National Distribution Portfolio in Stockton, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | National Distribution Portfolio in Indianapolis, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | National Distribution Portfolio in Memphis, TN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Horizon Distribution Center in King of Prussia, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Stockton Industrial Center in Stockton, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Baseline Industrial Center in Phoenix, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Lehigh Valley Distribution Center II In Lehigh Valley PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Stockton Industrial Center in Stockton [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Lehigh Valley Business Center in Lehigh Valley, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Kent Industrial Property in Seattle/Tacoma, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | O'Hare Industrial Center in Chicago, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Auburn 167 Industrial Center in Seattle/Tacoma, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Trade Port Distribution Center III in Louisville, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Upland Distribution Center in Denver, CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Corona Industrial Center in Corona, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Turnpike Industrial Center in Avenel, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | National Distribution Portfolio II in Redlands, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | National Distribution Portfolio II in Kennesaw, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | National Distribution Portfolio II in Romeoville, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | National Distribution Portfolio II in Shepherdsville, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | National Distribution Portfolio II in Huntersville, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Carlisle Distribution Center in Carlisle, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Central Valley Portfolio in Tracy, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Central Valley Portfolio in Stockton, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Cheyenne Distribution Center in Las Vegas, NV [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Peoria Distribution Center in Denver, CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Trade Port Distribution Center II in Louisville, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Northeast Distribution Portfolio in Robbinsville, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Pinnacle Distribution Center II in Chicago, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Marina Vista Business Center in Dallas/Ft. Worth, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Southwest Industrial Portfolio in Braselton, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Southwest Industrial Portfolio in Memphis, TN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Alessandro Distribution Center in Riverside, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Lakeside Distribution Center in Dallas/Ft. Worth, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | East Union Distribution Center in East Rutherford, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Billings Industrial Portfolio in Renton, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Billings Industrial Portfolio in Portland, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Marley Neck Distribution Center in Baltimore, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Lakeside Corporate Center in Flower Mound, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | Pompano Industrial Center in Pompano Beach, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | South Bay Distribution Center in Rancho Diminguez, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Corona Industrial Center II in Corona, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years
Maximum [Member] | San Leandro Distribution Center in San Leandro, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | South San Francisco Distribution Center in San Francisco, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | Rainer Park Distribution Center in Summer, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Park West Distribution Center in Hebron, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | World Park Distribution Center in Cincinnati, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	20 years
Maximum [Member] | High Grove Distribution Center in Naperville, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Exeter Portfolio in BWI Corridor, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	30 years
Maximum [Member] | Exeter Portfolio in Prince George's County, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Life (Years)	40 years

Schedule III Real Estate and 93

Schedule III Real Estate and Accumulated Depreciation (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt instrument, principal amount outstanding	$ 1,298,880	$ 615,000
Intangible lease assets, gross	219,512	123,451
Intangibles lease liabilities, gross	30,929
Real estate federal income tax basis	2,600,000
Fixed-Rate Mortgage Notes [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt instrument, principal amount outstanding	$ 617,880	$ 100,000
Fixed-Rate Mortgage Notes [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Interest rate	2.94%
Fixed-Rate Mortgage Notes [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Interest rate	3.52%

Schedule III Real Estate and 94

Schedule III Real Estate and Accumulated Depreciation - Summary of Activity for Investment in Real Estate Properties (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Investment Properties Beginning Balance	$ 1,387,814	$ 411,242
Acquisition of properties	1,217,652	1,098,442
Properties deconsolidated		(137,199)
Properties held for sale	(16,421)
Improvements	41,147	15,589
Disposition of properties	(52,360)
Impairment	(2,672)
Other	(1,525)	(260)
Investment Properties Ending Balance	2,573,635	1,387,814
Accumulated Depreciation and Amortization Beginning Balance	(32,050)	(4,101)
Additions charged to costs and expenses	(99,067)	(28,967)
Deconsolidated accumulated depreciation and amortization		731
Properties held for sale	1,028
Disposition of properties	2,286
Other	1,568	287
Accumulated Depreciation and Amortization Ending Balance	$ (126,235)	$ (32,050)