Sila Realty Trust (SILA) 10-Q13 Aug 152015 Q2 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2015	Aug. 11, 2015
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Registrant Name	Carter Validus Mission Critical REIT II, Inc.
Entity Central Index Key	1,567,925
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Class A shares [Member]
Entity Common Stock, Shares Outstanding		34,386,000
Class T shares [Member]
Entity Common Stock, Shares Outstanding		0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Real estate:
Land	$ 28,013	$ 14,515
Buildings and improvements, less accumulated depreciation of $1,404 and $133, respectively	163,612	68,100
Acquired intangible assets, less accumulated amortization of $409 and $58, respectively	21,444	6,442
Total real estate, net	213,069	89,057
Cash and cash equivalents	37,270	3,694
Other assets	7,836	5,115
Total assets	258,175	97,866
Liabilities:
Credit facility	0	37,500
Accounts payable due to affiliates	1,164	2,626
Accounts payable and other liabilities	4,451	628
Intangible lease liabilities, less accumulated amortization of $7 and $0, respectively	1,672	7
Total liabilities	$ 7,287	$ 40,761
Stockholders’ equity:
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none outstanding, respectively
Additional paid-in capital	$ 261,418	$ 60,081
Accumulated deficit	(10,831)	(3,049)
Total stockholders’ equity	250,886	57,103
Noncontrolling interests	2	2
Total equity	250,888	57,105
Total liabilities and stockholders’ equity	258,175	97,866
Class A shares [Member]
Stockholders’ equity:
Common stock, value, issued	$ 299	$ 71
Class T shares [Member]
Stockholders’ equity:
Common stock, value, issued

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Buildings and improvements, accumulated depreciation	$ 1,404	$ 133
Acquired intangible assets, accumulated amortization	409	58
Intangible lease liabilities, accumulated amortization	$ 7	$ 0
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares outstanding	0	0
Class A shares [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares outstanding	29,916,636	7,110,501
Class T shares [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares outstanding	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue:
Rental revenue	$ 2,966	$ 0	$ 5,189	$ 0
Tenant reimbursement revenue	101	0	188	0
Total revenue	3,067	0	5,377	0
Expenses:
Rental expenses	187	0	322	0
General and administrative expenses	448	19	927	19
Acquisition related expenses	2,811	36	3,527	36
Asset management fees	289	0	494	0
Depreciation and amortization	926	0	1,610	0
Total expenses	4,661	55	6,880	55
Loss from operations	(1,594)	(55)	(1,503)	(55)
Interest expense	291	0	661	0
Net loss attributable to common stockholders	$ (1,885)	$ (55)	$ (2,164)	$ (55)
Distributions declared per common share (in dollars per share)	$ 0.16	$ 0	$ 0.31	$ 0
Class A shares [Member]
Weighted average number of common shares outstanding:
Basic and diluted (in shares)	24,058,949	20,000	17,869,872	20,000
Net loss per common share attributable to common stockholders:
Basic and diluted (in dollars per share)	$ (0.08)	$ (2.75)	$ (0.12)	$ (2.75)

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Stockholders' Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	Additional Paid in Capital [Member]	Accumulated Deficit [Member]	Total Stockholders' Equity [Member]	Noncontrolling Interests [Member]	Class A shares [Member]	Class A shares [Member]Common Stock [Member]
Balance, (in shares) at Dec. 31, 2014						7,110,501	7,110,501
Balance, at Dec. 31, 2014	$ 57,105	$ 60,081	$ (3,049)	$ 57,103	$ 2		$ 71
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)							22,518,845
Issuance of common stock	223,988	223,763		223,988	0		$ 225
Issuance of common stock under the distribution reinvestment plan (in shares)							287,290
Issuance of common stock under the distribution reinvestment plan	2,731	2,728		2,731	0		$ 3
Commissions on sale of common stock and related dealer manager fees	(21,321)	(21,321)		(21,321)	0
Other offering costs	(3,844)	(3,844)		(3,844)	0
Stock-based compensation	11	11		11	0
Distributions declared to common stockholders	(5,618)		(5,618)	(5,618)	0
Net loss	(2,164)		(2,164)	(2,164)	0
Balance, (in shares) at Jun. 30, 2015						29,916,636	29,916,636
Balance, at Jun. 30, 2015	$ 250,888	$ 261,418	$ (10,831)	$ 250,886	$ 2		$ 299

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net loss	$ (2,164)	$ (55)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	1,610	0
Amortization of deferred financing costs	291	0
Amortization of above-market leases	13	0
Amortization of intangible lease liabilities	(7)	0
Straight-line rent	(747)	0
Stock-based compensation	11	0
Changes in operating assets and liabilities:
Accounts payable and other liabilities	2,659	41
Accounts payable due to affiliates	183	31
Other assets	(825)	(17)
Net cash provided by operating activities	1,024	0
Cash flows from investing activities:
Investment in real estate	(123,806)	0
Capital expenditures	(157)	0
Escrow funds	(2)	0
Real estate deposits	(1,133)	(100)
Net cash used in investing activities	(125,098)	(100)
Cash flows from financing activities:
Proceeds from issuance of common stock	223,988	0
Proceeds from credit facility	2,000	0
Proceeds from noncontrolling interest	0	2
Payments on credit facility	(39,500)	0
Payments of deferred financing costs	(288)	0
Offering costs on issuance of common stock	(26,810)	0
Distributions to stockholders	(1,740)	0
Net cash provided by financing activities	157,650	2
Net change in cash and cash equivalents	33,576	(98)
Cash and cash equivalents - Beginning of period	3,694	200
Cash and cash equivalents - End of period	37,270	102
Supplemental cash flow disclosure:
Interest paid	272	0
Supplemental disclosure of non-cash transactions:
Common stock issued through distribution reinvestment plan	$ 2,731	$ 0

Organization and Business Opera

Organization and Business Operations	6 Months Ended
Organization and Business Operations	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Operations	Organization and Business Operations Carter Validus Mission Critical REIT II, Inc., or the Company, is a Maryland corporation that was formed on January 11, 2013, that believes it currently qualifies, and intends to elect to be taxed, as a real estate investment trust, or a REIT, under the Internal Revenue Code of 1986, as amended, for federal income tax purposes commencing with its taxable year ended December 31, 2014. The Company commenced principal operations on July 3, 2014 when it satisfied the minimum offering requirement and issued approximately 213,333 shares of Class A common stock for gross proceeds of $2,000,000 . Substantially all of the Company’s business is conducted through Carter Validus Operating Partnership II, LP, a Delaware limited partnership, or the Operating Partnership, formed on January 10, 2013. The Company is the sole general partner of the Operating Partnership and Carter Validus Advisors II, LLC, or the Advisor, is the initial limited partner of the Operating Partnership. As of June 30, 2015 , the Company owned a 99.999% interest in the Operating Partnership and the Advisor owned a 0.001% interest in the Operating Partnership. The Company is offering for sale a maximum of $2,350,000,000 in shares of common stock, consisting of up to $2,250,000,000 of shares in its primary offering and up to $100,000,000 of shares of common stock to be made available pursuant to the Company’s distribution reinvestment plan, or the DRIP, on a “best efforts” basis, or the Offering, pursuant to a registration statement on Form S-11 filed with the Securities and Exchange Commission, or the SEC, under the Securities Act of 1933, as amended, or the Securities Act (SEC File Number: 333-191706, effective May 29, 2014), or the Registration Statement. The Company is offering two classes of shares of common stock, Class A shares and Class T shares, in any combination with a dollar value up to the maximum primary offering amount. The initial offering price for the shares in the primary offering is $10.00 per Class A share and $9.574 per Class T share. As of June 30, 2015 , the Company had accepted investors’ subscriptions for and issued approximately 29,897,000 shares of Class A common stock (including shares of common stock issued pursuant to the DRIP) in the Offering, resulting in receipt of gross proceeds of approximately $297,023,000 , before selling commissions and dealer manager fees of approximately $27,797,000 and other offering costs of approximately $7,731,000 . The Company had special escrow requirements for subscriptions from residents of Washington, the conditions of which were satisfied on September 8, 2014, and Pennsylvania, the conditions of which were satisfied on February 19, 2015. As of June 30, 2015 , the Company had approximately $2,052,977,000 in Class A shares and Class T shares of common stock remaining in the Offering. Substantially all of the Company’s business is managed by the Advisor. Carter Validus Real Estate Management Services II, LLC, or the Property Manager, an affiliate of the Advisor, serves as the Company’s property manager. The Advisor and the Property Manager have received, and will continue to receive, fees for services related to the acquisition and operational stages. The Advisor will also be eligible to receive fees during the liquidation stage. SC Distributors, LLC, or the Dealer Manager, serves as the dealer manager of the Offering. On August 29, 2014, Validus/Strategic Capital Partners, LLC (now known as Strategic Capital Management Holdings, LLC, or SCMH), the indirect parent of the Dealer Manager and the direct parent of Strategic Capital Advisory Services, LLC, was acquired by RCS Capital Corporation. SCMH is a non-voting minority member of the sole owner of the Advisor. The Company believes that there has been no impact to the operations of the Company as a result of this transaction. The Dealer Manager has received and will continue to receive fees for services related to the Offering. The Company was formed to invest primarily in quality income-producing commercial real estate, with a focus on data centers and healthcare properties, preferably with long-term net leases to investment grade and other creditworthy tenants, as well as to make other real estate-related investments that relate to such property types. Real estate-related investments may include equity or debt interests, including securities, in other real estate entities. The Company also may originate or invest in real estate-related debt. The Company expects real estate-related debt originations and investments to be focused on first mortgage loans, but also may include real estate-related bridge loans, mezzanine loans and securitized debt. As of June 30, 2015 , the Company owned thirteen real estate investment properties in ten metropolitan statistical areas, or MSAs. Except as the context otherwise requires, “we,” “our,” “us,” and the “Company” refer to Carter Validus Mission Critical REIT II, Inc., the Operating Partnership and all wholly-owned subsidiaries.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The summary of significant accounting policies presented below is designed to assist in understanding the Company’s condensed consolidated financial statements. Such condensed consolidated financial statements and the accompanying notes thereto are the representation of management. The accompanying condensed consolidated unaudited financial statements of the Company have been prepared in accordance with the generally accepted accounting principles in the United States, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal and recurring nature considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 . The condensed consolidated balance sheet at December 31, 2014 has been derived from the audited consolidated financial statements at that date but does not include all of the information and notes required by GAAP for complete financial statements. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2014 and related notes thereto set forth in the Company’s Annual Report on Form 10-K, filed with the SEC on March 26, 2015, or the 2014 Annual Report on Form 10-K. Principles of Consolidation and Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company, the Operating Partnership, and all wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of the financial statements and accompanying notes in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates are made and evaluated on an on-going basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates. Earnings Per Share The Company calculates basic earnings per share by dividing net income (loss) attributable to common stockholders for the period by the weighted average shares of its common stock outstanding for that period. Diluted earnings per share are computed based on the weighted average number of shares outstanding and all potentially dilutive securities. Shares of non-vested restricted common stock give rise to potentially dilutive shares of common stock. For the six months ended June 30, 2015 , there were 9,000 non-vested shares of restricted common stock outstanding, but such shares were excluded from the computation of diluted earnings per share because such shares were anti-dilutive during the periods. Reportable Segments Accounting Standards Codification, or ASC, 280, Segment Reporting , establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. As of June 30, 2015 , the Company operated through two reportable business segments—commercial real estate investments in data centers and healthcare. With the continued expansion of the Company’s portfolio, segregation of the Company’s operations into two reporting segments is useful in assessing the performance of the Company’s business in the same way that management reviews performance and makes operating decisions. See Note 12—“Segment Reporting” for further discussion on the reportable segments of the Company. Concentration of Credit Risk and Significant Leases As of June 30, 2015 , the Company had cash on deposit in several financial institutions which were in excess of current federally insured levels totaling approximately $37,740,000 . The Company limits its cash investments to financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits. To date, the Company has experienced no loss or lack of access to cash in its accounts. Concentration of credit risk with respect to accounts receivable from tenants is limited. As of June 30, 2015 , the Company owned real estate investments in ten MSAs, three of which accounted for 10.0% or more of rental revenue. The properties located in the Dallas-Fort Worth-Arlington, Texas MSA accounted for 38.4% of rental revenue for the six months ended June 30, 2015 ; the property located in the Boston-Cambridge-Newton, Massachusetts-New Hampshire MSA accounted for 22.4% of rental revenue for the six months ended June 30, 2015 ; and the property located in the Kansas City, Missouri-Kansas MSA accounted for 16.1% of rental revenue for the six months ended June 30, 2015 . As of June 30, 2015 , the Company had three tenants that accounted for 10.0% or more of rental revenue. The leases with Fort Worth Surgicare Partners, Ltd. accounted for 37.5% of rental revenue for the six months ended June 30, 2015 ; the lease with New England Sinai Hospital, A Steward Family Hospital, Inc., accounted for 22.4% of rental revenue for the six months ended June 30, 2015 ; and the lease with Heartland Rehabilitation Hospital, LLC accounted for 16.1% of rental revenue for the six months ended June 30, 2015 . Fair Value ASC 820, Fair Value Measurements and Disclosures , or ASC 820, defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosures about fair value measurements. ASC 820 emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined by ASC 820 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows: Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2—Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs). Level 3—Unobservable inputs, only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability. The following describes the methods the Company used to estimate the fair value of the Company’s financial assets and liabilities: Cash and cash equivalents, other assets, accounts payable due to affiliates and accounts payable and other liabilities —The Company considers the carrying values of these financial instruments, assets and liabilities to approximate fair value because of the short period of time between origination of the instruments and their expected realization. Credit facility —The carrying value of the variable rate secured credit facility approximates fair value as the interest rate on the secured credit facility resets to market on a monthly basis. Refer to Note 7—"Credit Facility" in the 2014 Annual Report on Form 10-K. Comprehensive Income (Loss) For the periods presented, comprehensive income (loss) equaled net loss; therefore, a separate statement of comprehensive income (loss) is not included in the accompanying consolidated financial statements. Recently Issued Accounting Pronouncements On May 28, 2014, the Financial Accounting Standards Board, or the FASB, issued Accounting Standards Update, or ASU, 2014-09, Revenue from Contracts with Customers , or ASU 2014-09. The objective of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle, which may require more judgment and estimates within the revenue recognition process than are required under existing GAAP. In July 2015, the FASB provided for a one-year deferral of the effective date for ASU 2014-09, which is now effective for fiscal years beginning after December 15, 2017, and interim periods within those years; however, early adoption is permitted as of the original effective date, which was annual reporting periods beginning after December 15, 2016, and the interim periods within that year. The Company is in the process of evaluating the impact ASU 2014-09 will have on the Company’s condensed consolidated financial statements. On February 18, 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , or ASU 2015-02, that changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The amendment affects the following areas: limited partnerships and similar legal entities, evaluating fees paid to a decision maker or a service provider as a variable interest, the effect of fee arrangements on the primary beneficiary determination and certain investment funds. Under the amendment, all reporting entities are within the scope of ASC Subtopic 810-10, Consolidation—Overall, unless a scope exception applies. The presumption that a general partner controls a limited partnership has been eliminated. In addition, fees paid to decision makers that meet certain conditions no longer cause decision makers to consolidate variable interest entities in certain instances. The amendment is effective for public business entities for periods beginning after December 15, 2015. Early adoption of ASU 2015-02 is permitted. The Company is in the process of evaluating the impact ASU 2015-02 will have on the Company’s condensed consolidated financial statements. On April 7, 2015, the FASB issued ASU 2015-03, Interest — Imputation of Interest , or ASU 2015-03, that intends to simplify the presentation of debt issuance costs. The amendment requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The amendment is effective for public business entities for periods beginning after December 15, 2015. The Company is in the process of evaluating the impact ASU 2015-03 will have on the Company’s condensed consolidated financial statements.

Real Estate Investments

Real Estate Investments	6 Months Ended
Real Estate Investments	Jun. 30, 2015
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments During the six months ended June 30, 2015 , the Company completed seven real estate acquisitions, of which six were determined to be business combinations and one was determined to be an asset acquisition. The following table summarizes the consideration transferred for investments in real estate (amounts in thousands): Six Months Ended Investments in real estate: Purchase price of business combinations $ 116,072 Purchase price of asset acquisitions (1) 7,734 Total purchase price of assets acquired $ 123,806 (1) Of this amount, $788,000 was allocated to intangible assets. During the six months ended June 30, 2015 , the Company incurred aggregate charges related to acquisition fees and costs of $3,761,000 . The total amount of all acquisition fees and costs are limited to 6.0% of the contract purchase price of a property. The contract purchase price is the amount actually paid or allocated in respect of the purchase, development, construction or improvement of a property exclusive of acquisition fees and costs. For the six months ended June 30, 2015 , acquisition fees and costs did not exceed 6.0% of the contract purchase price of the Company's acquisitions during such period. Acquisition fees and expenses in connection with the acquisition of properties determined to be business combinations are expensed as incurred, including investment transactions that are no longer under consideration, and are included in acquisition related expenses in the accompanying condensed consolidated statements of operations. Acquisition fees and expenses associated with transactions determined to be asset purchases are capitalized. The Company expensed acquisition fees and expenses of approximately $2,811,000 and $36,000 for the three months ended June 30, 2015 and 2014 , respectively, and $3,527,000 and $36,000 , for the six months ended June 30, 2015 and 2014, respectively. The Company capitalized acquisition fees and expenses of approximately $234,000 for the three and six months ended June 30, 2015 .

Acquired Intangible Assets, Net

Acquired Intangible Assets, Net	6 Months Ended
Acquired Intangible Assets, Net	Jun. 30, 2015
Finite-Lived Intangible Assets, Net [Abstract]
Acquired Intangible Assets, Net	Acquired Intangible Assets, Net Acquired intangible assets, net, which are included in real estate in the accompanying condensed consolidated balance sheets, consisted of the following as of June 30, 2015 and December 31, 2014 (amounts in thousands, except weighted average life amounts): June 30, 2015 December 31, 2014 In-place leases, net of accumulated amortization of $386 and $52, respectively (with a weighted average remaining life of 16.1 years and 14.6 years, respectively) $ 20,569 $ 6,194 Above-market leases, net of accumulated amortization of $19 and $6, respectively (with a weighted average remaining life of 8.9 years and 9.4 years, respectively) 235 248 Ground lease interest, net of accumulated amortization of $4 (with a weighted average remaining life of 68.3 years) 640 — $ 21,444 $ 6,442 The aggregate weighted average remaining life of the acquired intangible assets was 17.6 years and 14.4 years as of June 30, 2015 and December 31, 2014 , respectively.

Other Assets

Other Assets	6 Months Ended
Other Assets	Jun. 30, 2015
Other Assets [Abstract]
Other Assets	Other Assets Other assets consisted of the following as of June 30, 2015 and December 31, 2014 (amounts in thousands): June 30, 2015 December 31, 2014 Deferred financing costs, net of accumulated amortization of $374 and $83, respectively $ 1,739 $ 1,742 Real estate escrow deposits 1,500 350 Restricted cash held in escrow 2,924 2,922 Due from affiliate 164 — Tenant receivable 550 58 Straight-line rent receivable 760 13 Prepaid and other assets 199 30 $ 7,836 $ 5,115

Future Minimum Rent

Future Minimum Rent	6 Months Ended
Future Minimum Rent	Jun. 30, 2015
Leases [Abstract]
Future Minimum Rent	Future Minimum Rent The Company’s real estate assets are leased to tenants under operating leases with varying terms. The leases frequently have provisions to extend the terms of the lease agreements. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. The future minimum rental income from the Company’s investment in real estate assets under non-cancelable operating leases for the six months ending December 31, 2015 and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Six months ending December 31, 2015 $ 7,801 2016 15,846 2017 16,161 2018 16,443 2019 16,705 Thereafter 214,865 $ 287,821

Credit Facility

Credit Facility	6 Months Ended
Credit Facility	Jun. 30, 2015
Line of Credit Facility [Abstract]
Credit Facility	Credit Facility Significant activity regarding the secured credit facility since December 31, 2014 includes: • During the six months ended June 30, 2015 , the Company made a draw of $2,000,000 on the secured credit facility. • During the six months ended June 30, 2015 , the Company repaid $39,500,000 on the secured credit facility. • During the six months ended June 30, 2015 , the Company increased the borrowing base availability under the secured credit facility by $37,321,000 by adding four properties to the aggregate pool availability. • As of June 30, 2015 , the Company had no debt outstanding and an aggregate pool availability of $90,116,000 under the secured credit facility.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation In the ordinary course of business, the Company may become subject to litigation or claims. As of June 30, 2015 , there were, and currently there are, no material pending legal proceedings to which the Company is a party.

Related-Party Transactions and

Related-Party Transactions and Arrangements	6 Months Ended
Related-Party Transactions and Arrangements	Jun. 30, 2015
Related Party Transactions [Abstract]
Related-Party Transactions and Arrangements	Related-Party Transactions and Arrangements The Company reimburses the Advisor and its affiliates for organization and offering expenses it incurs on the Company’s behalf, but only to the extent the reimbursement would not cause the selling commissions, dealer manager fees, distribution fees and other organization and offering expenses to exceed 15% of the gross proceeds of the Offering. The Company expects that organization and offering expenses (other than selling commissions, dealer manager fees, and distribution fees) will be approximately 1.25% of the gross proceeds. As of June 30, 2015 , the Advisor and its affiliates incurred approximately $6,963,000 on the Company’s behalf in offering costs. The Company accrued approximately $879,000 of other organization and offering expenses as of June 30, 2015 . Other organization expenses are expensed as incurred and offering expenses are charged to stockholders’ equity as incurred or as such amounts are reimbursed to the Advisor. The Company pays to the Advisor 2.0% of the contract purchase price of each property or asset acquired and 2.0% of the amount advanced with respect to a mortgage loan. For the three months ended June 30, 2015 , the Company incurred approximately $1,904,000 in acquisition fees to the Advisor or its affiliates. For the six months ended June 30, 2015 , the Company incurred approximately $2,471,000 in acquisition fees to the Advisor or its affiliates. In addition, the Company reimburses the Advisor for acquisition expenses incurred in connection with the selection and acquisition of properties or other real estate-related investments (including expenses relating to potential investments that the Company does not close), such as legal fees and expenses, costs of real estate due diligence, appraisals, non-refundable option payments on properties not acquired, travel and communications expenses, accounting fees and expenses and title insurance premiums, whether or not the property was acquired. The Company expects these expenses will be approximately 0.75% of the purchase price of each property or real estate-related investment. For the three months ended June 30, 2015 and 2014 , the Advisor incurred approximately $3,000 and $5,000 , respectively, in acquisition expenses on the Company’s behalf. For the six months ended June 30, 2015 and 2014 , the Advisor incurred approximately $3,000 and $5,000 , respectively, in acquisition expenses on the Company's behalf. The Company pays to the Advisor an asset management fee calculated on a monthly basis in an amount equal to 1/12t h of 0.75% of gross assets (including amounts borrowed), which is payable monthly in arrears. The Advisor may, in its sole discretion, choose to take any monthly asset management fee in the form of subordinated restricted Class B Units of the Operating Partnership. In the event the Advisor chooses to be compensated in Class B Units, then the Operating Partnership will, within 30 days after the end of the applicable month (subject to the approval of the board of directors), issue a number of restricted Class B Units to the Advisor equal to: (i) the cost of assets multiplied by 0.0625% (or the lower of the cost of assets and the applicable quarterly net asset value, or NAV, multiplied by 0.0625% , once the Company begins calculating NAV) divided by (ii) the value of one Class A share of common stock as of the last day of such calendar month, which will be the offering price, less selling commissions and dealer manager fees, until such time as the Company calculates NAV, when it will then be the per share NAV for Class A shares. The Advisor will be entitled to receive certain distributions of net sales proceeds on the vested and unvested Class B Units it receives in connection with its assets management services at the same rate as distributions received on the Company’s common stock. Such distributions will be in addition to the incentive fees the Advisor and its affiliates may receive from the Company, including, without limitation the subordinated participation in net sales proceeds, the subordinated incentive listing distribution or the subordinated distribution upon termination of the Advisory agreement, as applicable. Class B Units are subject to forfeiture until such time as: (a) the value of the Operating Partnership’s assets plus all distributions made equals or exceeds the total amount of capital contributed by investors plus a 6.0% cumulative, pretax, non-compounded annual return thereon, or the economic hurdle; (b) any one of the following events occurs concurrently with or subsequently to the achievement of the economic hurdle described above: (i) a listing of the Company’s common stock on a national securities exchange; (ii) a transaction to which the Company or the Operating Partnership shall be a party, as a result of which operating partnership units or common stock shall be exchanged for or converted into the right, or the holders of such securities shall otherwise be entitled, to receive cash, securities or other property or any combination thereof; or (iii) the termination of the Advisory Agreement without cause; and (c) the Advisor pursuant to the Advisory Agreement is providing services to the Company immediately prior to the occurrence of an event of the type described in clause (b) above, unless the failure to provide such services is attributable to the termination without cause of the Advisory Agreement by an affirmative vote of a majority of the Company’s independent directors after the economic hurdle described above has been met. Any outstanding Class B Units will be forfeited immediately if the Advisory Agreement is terminated for any reason other than a termination without cause. Any outstanding Class B Units will be forfeited immediately if the Advisory Agreement is terminated without cause by an affirmative vote of a majority of the Company’s board of directors before the economic hurdle described above has been met. For the three months ended June 30, 2015 , the Company incurred approximately $289,000 in asset management fees. For the six months ended June 30, 2015 , the Company incurred approximately $494,000 in asset management fees. As of June 30, 2015 , the Company did not issue any Class B Units. In connection with the rental, leasing, operation and management of the Company’s properties, the Company pays the Property Manager and its affiliates aggregate fees equal to 3.0% of gross revenues from the properties managed, or property management fees. The Company will reimburse the Property Manager and its affiliates for property-level expenses that any of them pay or incur on the Company’s behalf, including salaries, bonuses and benefits of persons employed by the Property Manager and its affiliates except for the salaries, bonuses and benefits of persons who also serve as one of its executive officers. The Property Manager and its affiliates may subcontract the performance of their duties to third parties and pay all or a portion of the property management fee to the third parties with whom they contract for these services. If the Company contracts directly with third parties for such services, it will pay them customary market fees and may pay the Property Manager an oversight fee equal to 1.0% of the gross revenues of the properties managed. In no event will the Company pay the Property Manager or any affiliate both a property management fee and an oversight fee with respect to any particular property. The Company also will pay the Property Manager a separate fee for the one-time initial rent-up, leasing-up of newly constructed properties or re-leasing to existing tenants in an amount not to exceed the fee customarily charged in arm’s length transactions by others rendering similar services in the same geographic area for similar properties as determined by a survey of brokers and agents in such area and which is typically less than $1,000 . For the three months ended June 30, 2015 , the Company incurred approximately $80,000 in property management fees to the Property Manager. For the six months ended June 30, 2015 the Company incurred approximately $140,000 in property management fees to the Property Manager. For acting as general contractor and/or construction manager to supervise or coordinate projects or to provide major repairs or rehabilitation on our properties, the Company may pay the Property Manager up to 5.0% of the cost of the projects, repairs and/or rehabilitation, as applicable, or construction management fees. For the three and six months ended June 30, 2015 and 2014 , the Company did not incur any construction management fees. The Company reimburses the Advisor for all expenses it paid or incurred in connection with the services provided to the Company, subject to certain limitations. The Company will not reimburse the Advisor for personnel costs in connection with services for which the Advisor receives an acquisition fee or a disposition fee. As of June 30, 2015, the Company had incurred total operating expenses in the four consecutive fiscal quarters then ended that exceeded the 2% / 25% guidelines by $62,000 , or the Excess Amount. On August 6, 2015, the board of directors, including all of the independent directors, determined that the Excess Amount was due to unusual and nonrecurring factors associated with the start-up costs related to the Company’s launch, such as nonscalable costs of legal fees, auditing fees, reporting fees, board of directors’ compensation and other direct general and administrative costs. The board of directors determined that these costs were incurred in 2014 and 2015, and that the Company’s amount of capital raised and investments have progressed since then to a satisfactory degree. Therefore, the board of directors deemed the circumstances surrounding the Excess Amount sufficient to justify reimbursing the Advisor for direct expenses, including but not limited to start-up costs as well as direct general and administrative expenses associated with the organization of the Company and the registration and commencement of the Offering. For the three months ended June 30, 2015 and 2014 , the Advisor allocated approximately $200,000 and $18,000 , respectively, in operating expenses to the Company. For the six months ended June 30, 2015 and 2014 , the Advisor allocated approximately $362,000 and $18,000 , respectively, in operating expenses to the Company. For the three and six months ended June 30, 2014, the Advisor waived $10,000 of its operating expenses incurred on behalf of the Company, without recourse. The operating expenses waived by the Advisor consisted of general and administrative expenses, including payroll-related expenses. The Company will pay its Advisor, or its affiliates, if it provides a substantial amount of services (as determined by a majority of the Company’s independent directors) in connection with the sale of properties, a disposition fee, up to the lesser of 1.0% of the contract sales price and one-half of the total brokerage commission paid if a third party broker is also involved, without exceeding the lesser of 6.0% of the contract sales price or a reasonable, customary and competitive real estate commission. For the three and six months ended June 30, 2015 and 2014 , the Company did not incur any disposition fees to the Advisor or its affiliates. The Advisor will receive 15% of the remaining net sale proceeds after return of capital contributions plus payment to investors of a 6.0% annual cumulative, non-compounded return on the capital contributed by investors. For the three and six months ended June 30, 2015 and 2014 , the Company did not incur any subordinated sales proceeds to the Advisor or its affiliates. Upon the listing of the Company’s shares on a national securities exchange, which the Company has no intention to do at this time, the Advisor will receive 15.0% of the amount by which the sum of the Company’s adjusted market value plus distributions exceeds the sum of the aggregate capital contributed by investors plus an amount equal to a 6.0% annual cumulative, non-compounded return to investors. For the three and six months ended June 30, 2015 and 2014 , the Company did not incur any subordinated incentive listing fees to the Advisor or its affiliates. Upon termination or non-renewal of the Advisory Agreement, with or without cause, the Advisor will be entitled to receive distributions from the Operating Partnership equal to 15% of the amount by which the sum of the Company’s adjusted market value plus distributions exceeds the sum of the aggregate capital contributed by investors plus an amount equal to an annual 6.0% cumulative, non-compounded return to investors. In addition, the Advisor may elect to defer its right to receive a subordinated distribution upon termination until either shares of the Company’s common stock are listed and traded on a national securities exchange or another liquidity event occurs. For the three and six months ended June 30, 2015 and 2014 , the Company did not incur any subordinated termination fees to the Advisor or its affiliates. Certain affiliates of the Company receive fees in connection with the Offering and will continue to receive fees during the acquisition, management and sale of assets of the Company. The Company pays the Dealer Manager selling commissions of up to 7.0% of the gross offering proceeds per Class A share and up to 3.0% of gross offering proceeds per Class T share. All selling commissions are expected to be re-allowed to participating broker-dealers. The Company will not pay selling commissions with respect to shares of any class sold pursuant to the DRIP. In addition, the Company pays the Dealer Manager a dealer manager fee of up to 3.0% of gross offering proceeds from the sale of Class A and Class T shares, provided, however that the dealer manager fee the Company pays on the Class T shares may be changed in the future. The dealer manager fee may be partially re-allowed to participating broker-dealers. No dealer manager fees will be paid in connection with purchases of shares made pursuant to the DRIP. For the three months ended June 30, 2015 , the Company incurred approximately $11,431,000 for selling commissions and dealer manager fees in connection with the Offering to the Dealer Manager. For the six months ended June 30, 2015 , the Company incurred approximately $21,321,000 for selling commissions and dealer manager fees in connection with the Offering to the Dealer Manager. The Company will pay the Dealer Manager a distribution fee with respect to its Class T shares that are sold in the primary offering that accrues daily in an amount equal to 1/365t h of .80% of the amount of the purchase price per share (or, once reported, the net asset value per share for such day) on a continuous basis from year to year. Termination of such payment will commence on the earlier to occur of the following: (i) a listing of the Class T shares on a national securities exchange, (ii) following the completion of the Offering, total underwriting compensation in the Offering equaling 10% of the gross proceeds from the primary portion of the Offering, or (iii) such Class T shares no longer being outstanding. The Dealer Manager may re-allow the distribution fee to participating broker-dealers and servicing broker-dealers. The distribution fee will be paid monthly in arrears. The distribution fee will not be payable with respect to Class T shares issued under the DRIP. The Company will not pay a distribution fee with respect to Class A shares. For the three and six months ended June 30, 2015 and 2014 , the Company did not incur any distribution fees to the Dealer Manager. Accounts Payable Due to Affiliates The following amounts were outstanding due to affiliates as of June 30, 2015 and December 31, 2014 (amounts in thousands): Entity Fee June 30, 2015 December 31, 2014 Carter Validus Advisors II, LLC and its affiliates Asset management fees $ 133 $ 66 Carter Validus Real Estate Management Services II, LLC Property management fees 43 3 Carter/Validus Advisors, LLC and its affiliates General and administrative costs 6 15 Carter Validus Advisors II, LLC and its affiliates General and administrative costs 101 14 Carter Validus Advisors II, LLC and its affiliates Offering costs 879 2,524 Carter Validus Advisors II, LLC and its affiliates Acquisition expenses and fees 2 4 $ 1,164 $ 2,626 Due from Affiliates The following amounts were due from affiliates as of June 30, 2015 and December 31, 2014 (amounts in thousands): Entity June 30, 2015 December 31, 2014 Strategic Capital Advisory Services Offering costs $ 164 $ — $ 164 $ —

Intangible Lease Liabilities, N

Intangible Lease Liabilities, Net	6 Months Ended
Intangible Lease Liabilities, Net	Jun. 30, 2015
Intangible Lease Liabilities, Net [Abstract]
Intangible Lease Liabilities, Net	Intangible Lease Liabilities, Net Intangible lease liabilities, net, consisted of the following as of June 30, 2015 and December 31, 2014 (amounts in thousands, except weighted average life amounts): June 30, 2015 December 31, 2014 Below-market leases, net of accumulated amortization of $7 and $0, respectively (with a weighted average remaining life of 13.2 years and 4.8 years, respectively) $ 1,672 $ 7 $ 1,672 $ 7

Business Combinations

Business Combinations	6 Months Ended
Business Combinations	Jun. 30, 2015
Business Combinations [Abstract]
Business Combinations	Business Combinations During the six months ended June 30, 2015 , the Company completed the acquisition of 100% of the interests in six real estate investments ( one data center and five healthcare) that were determined to be business combinations, comprised of six buildings. The aggregate purchase price of the acquisitions determined to be business combinations was $116,072,000 , plus closing costs. The following table summarizes the acquisitions determined to be business combinations during the six months ended June 30, 2015 : Property Description Date Acquired Ownership Percentage Winter Haven Healthcare Facility 01/27/2015 100% Heartland Rehabilitation Hospital 02/17/2015 100% Clarion IMF 06/01/2015 100% Post Acute Webster Rehabilitation Hospital 06/05/2015 100% Eagan Data Center 06/29/2015 100% Houston Surgical Hospital and LTACH 06/30/2015 100% Results of operations for the acquisitions determined to be business combinations are reflected in the accompanying condensed consolidated statement of operations for the three and six months ended June 30, 2015 for the period subsequent to the acquisition date of each property. For the period from the acquisition date through June 30, 2015 , the Company recorded $1,265,000 of revenues and a net loss of $2,615,000 for its business combination acquisitions. In addition, during the six months ended June 30, 2015 , the Company incurred aggregate non-recurring charges related to acquisition fees and costs of $3,275,000 in connection with acquisitions determined to be business combinations, which are included in the accompanying condensed consolidated statement of operations. The following table summarizes management’s allocation of the fair value of the acquisitions determined to be business combinations during the six months ended June 30, 2015 (amounts in thousands): Total Land $ 12,975 Buildings and improvements 89,672 In-place leases 13,921 Tenant improvements 532 Ground leasehold assets 644 Total assets acquired 117,744 Below-market leases (1,672 ) Total liabilities acquired (1,672 ) Net assets acquired $ 116,072 Assuming the business combinations described above had occurred on January 1, 2015, pro forma revenues, net income and net income attributable to common stockholders would have been as follows for the periods listed below (amounts in thousands, unaudited): Three Months Ended Six Months Ended 2015 2015 Pro forma basis: Revenues $ 4,545 $ 8,496 Net income attributable to common stockholders $ 1,491 $ 2,567 Net income per common share attributable to common stockholders: Class A basic and diluted $ 0.06 $ 0.11 The pro forma information for the three and six months ended June 30, 2015 was adjusted to exclude approximately $3,275,000 of acquisition fees and costs recorded related to the Company’s real estate investments. The pro forma information may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2015, nor is it necessarily indicative of future operating results.

Segment Reporting

Segment Reporting	6 Months Ended
Segment Reporting	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Management reviews the performance of individual properties and aggregates individual properties based on operating criteria into two reportable segments—commercial real estate investments in data centers and healthcare, and makes operating decisions based on these two reportable segments. The Company’s commercial real estate investments in data centers and healthcare are based on certain underwriting assumptions and operating criteria, which are different for data centers and healthcare. There were no intersegment sales or transfers during the three and six months ended June 30, 2015 . The Company evaluates performance based on net operating income of the individual properties in each segment. Net operating income, a non-GAAP financial measure, is defined as total revenues, less rental expenses, which excludes depreciation and amortization, general and administrative expenses, acquisition related expenses, asset management fees and interest expense. The Company believes that segment net operating income serves as a useful supplement to net income (loss) because it allows investors and management to measure unlevered property-level operating results and to compare operating results to the operating results of other real estate companies and between periods on a consistent basis. Segment net operating income should not be considered as an alternative to net income (loss) determined in accordance with GAAP as an indicator of financial performance, and accordingly, the Company believes that in order to facilitate a clear understanding of the consolidated historical operating results, segment net operating income should be examined in conjunction with net income (loss) as presented in the accompanying condensed consolidated financial statements and data included elsewhere in this Quarterly Report on Form 10-Q. General and administrative expenses, acquisition related expenses, asset management fees, depreciation and amortization and interest expense are not allocated to individual segments for purposes of assessing segment performance. Non-segment assets primarily consist of corporate assets, including cash and cash equivalents, real estate and escrow deposits, deferred financing costs and other assets not attributable to individual properties. As of June 30, 2014, the Company had no properties, and therefore, had not generated rental revenue or rental expenses. Thus, no 2014 reporting segments have been included. Summary information for the reportable segments during the three and six months ended June 30, 2015 , are as follows (amounts in thousands): Data Centers Healthcare Three Months Ended Revenue: Rental and tenant reimbursement revenue $ 181 $ 2,886 $ 3,067 Expenses: Rental expenses (8 ) (179 ) (187 ) Segment net operating income $ 173 $ 2,707 $ 2,880 Expenses: General and administrative expenses (448 ) Acquisition related expenses (2,811 ) Asset management fees (289 ) Depreciation and amortization (926 ) Loss from operations (1,594 ) Interest expense (291 ) Net loss attributable to common stockholders $ (1,885 ) Data Centers Healthcare Six Months Ended Revenue: Rental and tenant reimbursement revenue $ 181 $ 5,196 $ 5,377 Expenses: Rental expenses (8 ) (314 ) (322 ) Segment net operating income $ 173 $ 4,882 5,055 Expenses: General and administrative expenses (927 ) Acquisition related expenses (3,527 ) Asset management fees (494 ) Depreciation and amortization (1,610 ) Loss from operations (1,503 ) Interest expense (661 ) Net loss attributable to common stockholders $ (2,164 ) Assets by reportable segments as of June 30, 2015 and December 31, 2014 are as follows (amounts in thousands): June 30, 2015 December 31, 2014 Assets by segment: Data centers $ 14,327 $ — Healthcare 203,150 92,052 All other 40,698 5,814 Total assets $ 258,175 $ 97,866 Capital additions and acquisitions by reportable segments for the six months ended June 30, 2015 are as follows (amounts in thousands): Six Months Ended Capital additions and acquisitions by segment: Data centers $ 13,534 Healthcare 110,429 Total capital additions and acquisitions $ 123,963

Accounts Payable and Other Liab

Accounts Payable and Other Liabilities	6 Months Ended
Accounts Payable and Other Liabilities	Jun. 30, 2015
Payables and Accruals [Abstract]
Accounts Payable and Other Liabilities	Accounts Payable and Other Liabilities Accounts payable and other liabilities, as of June 30, 2015 and December 31, 2014 , were comprised of the following (amounts in thousands): June 30, 2015 December 31, 2014 Accounts payable and accrued expenses $ 666 $ 219 Accrued interest expense 137 47 Accrued property taxes 100 6 Distributions to stockholders payable 1,472 325 Tenant deposits 1,668 — Deferred rental income 408 31 $ 4,451 $ 628

Economic Dependency

Economic Dependency	6 Months Ended
Economic Dependency	Jun. 30, 2015
Economic Dependency [Abstract]
Economic Dependency	Economic Dependency The Company is dependent on the Advisor and its affiliates for certain services that are essential to the Company, including the sale of the Company’s shares of common and preferred stock available for issue; the identification, evaluation, negotiation, purchase and disposition of real estate investments and other investments; the management of the daily operations of the Company’s real estate portfolio; and other general and administrative responsibilities. In the event that the Advisor and its affiliates are unable to provide the respective services, the Company will be required to obtain such services from other sources.

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions to Stockholders Paid On July 1, 2015, the Company paid aggregate distributions of approximately $1,472,000 ( $575,000 in cash and $897,000 in shares of the Company’s common stock pursuant to the DRIP), which related to distributions declared for each day in the period from June 1, 2015 through June 30, 2015. On August 3, 2015, the Company paid aggregate distributions of approximately $1,715,000 ( $684,000 in cash and $1,031,000 in shares of the Company’s common stock pursuant to the DRIP), which related to distributions declared for each day in the period from July 1, 2015 through July 31, 2015. Distributions Declared On August 6, 2015, the board of directors of the Company approved and declared a distribution to the Company’s stockholders of record as of the close of business on each day of the period commencing on September 1, 2015 and ending on November 30, 2015. The distributions will be calculated based on 365 days in the calendar year and will be equal to $0.001753425 per share of Class A common stock, which is equal to an annualized distribution rate of 6.4% , assuming a purchase price of $10.00 per share of Class A common stock. The distributions declared for each record date in September 2015, October 2015 and November 2015 will be paid in October 2015, November 2015 and December 2015, respectively. As of August 11, 2015 , there were no shares of Class T common stock outstanding. The distributions will be payable to stockholders from legally available funds therefor. Status of the Offering As of August 11, 2015 , the Company had accepted investors’ subscriptions for and issued approximately 34,386,000 shares of Class A common stock in the Offering, resulting in receipt of gross proceeds of approximately $341,593,000 , including shares of its common stock issued pursuant to its DRIP. As of August 11, 2015 , the Company had approximately $2,008,407,000 in Class A shares and Class T shares of common stock remaining in the Offering. Acquisition of the Kentucky Maine Ohio IMF Portfolio On July 22, 2015, the Company completed the acquisition of 100% of the interest in a healthcare portfolio consisting of five properties, or the Kentucky Maine Ohio IMF Portfolio, for a purchase price of $79,085,419 , plus closing costs. The Company financed the purchase of the Kentucky Maine Ohio IMF Portfolio using net proceeds from the Offering and the secured credit facility. The Kentucky Maine Ohio IMF Portfolio is leased to multiple tenants and was determined to be a business combination. With respect to this acquisition, the Company has not completed its fair value-based purchase price allocation; it is therefore impractical to provide pro-forma information. Acquisition of the Reading Surgical Hospital On July 24, 2015, the Company completed the acquisition of 100% of the interest in a healthcare property, or the Reading Surgical Hospital, for a purchase price of $24,990,000 , plus closing costs. The Company financed the purchase of the Reading Surgical Hospital using net proceeds from the Offering. The Reading Surgical Hospital is leased to a single tenant and was determined to be a business combination. With respect to this acquisition, the Company has not completed its fair value-based purchase price allocation; it is therefore impractical to provide pro-forma information. Acquisition of the Post Acute Warm Springs Specialty Hospital of Luling On July 30, 2015, the Company completed the acquisition of 100% of the interest in a healthcare property, or the Post Acute Warm Springs Specialty Hospital of Luling, for a purchase price of $9,675,000 , plus closing costs. The Company financed the purchase of the Post Acute Warm Springs Specialty Hospital of Luling using net proceeds from the Offering. The Post Acute Warm Springs Specialty Hospital of Luling is leased to a single tenant and was determined to be a business combination. With respect to this acquisition, the Company has not completed its fair value-based purchase price allocation; it is therefore impractical to provide pro-forma information. Increase in Borrowing Base Availability Under the Credit Facility On July 22, 2015, the Company added the Kentucky Maine Ohio IMF Portfolio to the collateral pool of the secured credit facility, which increased the borrowing base availability under the secured credit facility by approximately $37,806,000 . In addition, on July 24, 2015, the Company added the Reading Surgical Hospital to the collateral pool of the secured facility which increased the borrowing base availability under the secured credit facility by approximately $14,447,000 . As of August 13, 2015, the aggregate borrowing base availability was $72,369,000 under the secured credit facility and there was $70,000,000 outstanding under the secured credit facility.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2015
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company, the Operating Partnership, and all wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the financial statements and accompanying notes in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates are made and evaluated on an on-going basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates.
Earnings Per Share	Earnings Per Share The Company calculates basic earnings per share by dividing net income (loss) attributable to common stockholders for the period by the weighted average shares of its common stock outstanding for that period. Diluted earnings per share are computed based on the weighted average number of shares outstanding and all potentially dilutive securities. Shares of non-vested restricted common stock give rise to potentially dilutive shares of common stock. For the six months ended June 30, 2015 , there were 9,000 non-vested shares of restricted common stock outstanding, but such shares were excluded from the computation of diluted earnings per share because such shares were anti-dilutive during the periods.
Reportable Segments	Reportable Segments Accounting Standards Codification, or ASC, 280, Segment Reporting , establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. As of June 30, 2015 , the Company operated through two reportable business segments—commercial real estate investments in data centers and healthcare. With the continued expansion of the Company’s portfolio, segregation of the Company’s operations into two reporting segments is useful in assessing the performance of the Company’s business in the same way that management reviews performance and makes operating decisions. See Note 12—“Segment Reporting” for further discussion on the reportable segments of the Company.
Concentration of Credit Risk and Significant Leases	Concentration of Credit Risk and Significant Leases As of June 30, 2015 , the Company had cash on deposit in several financial institutions which were in excess of current federally insured levels totaling approximately $37,740,000 . The Company limits its cash investments to financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits. To date, the Company has experienced no loss or lack of access to cash in its accounts. Concentration of credit risk with respect to accounts receivable from tenants is limited. As of June 30, 2015 , the Company owned real estate investments in ten MSAs, three of which accounted for 10.0% or more of rental revenue. The properties located in the Dallas-Fort Worth-Arlington, Texas MSA accounted for 38.4% of rental revenue for the six months ended June 30, 2015 ; the property located in the Boston-Cambridge-Newton, Massachusetts-New Hampshire MSA accounted for 22.4% of rental revenue for the six months ended June 30, 2015 ; and the property located in the Kansas City, Missouri-Kansas MSA accounted for 16.1% of rental revenue for the six months ended June 30, 2015 . As of June 30, 2015 , the Company had three tenants that accounted for 10.0% or more of rental revenue. The leases with Fort Worth Surgicare Partners, Ltd. accounted for 37.5% of rental revenue for the six months ended June 30, 2015 ; the lease with New England Sinai Hospital, A Steward Family Hospital, Inc., accounted for 22.4% of rental revenue for the six months ended June 30, 2015 ; and the lease with Heartland Rehabilitation Hospital, LLC accounted for 16.1% of rental revenue for the six months ended June 30, 2015 .
Fair Value	Fair Value ASC 820, Fair Value Measurements and Disclosures , or ASC 820, defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosures about fair value measurements. ASC 820 emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined by ASC 820 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows: Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2—Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs). Level 3—Unobservable inputs, only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability. The following describes the methods the Company used to estimate the fair value of the Company’s financial assets and liabilities: Cash and cash equivalents, other assets, accounts payable due to affiliates and accounts payable and other liabilities —The Company considers the carrying values of these financial instruments, assets and liabilities to approximate fair value because of the short period of time between origination of the instruments and their expected realization. Credit facility —The carrying value of the variable rate secured credit facility approximates fair value as the interest rate on the secured credit facility resets to market on a monthly basis. Refer to Note 7—"Credit Facility" in the 2014 Annual Report on Form 10-K.
Comprehensive Income (Loss)	Comprehensive Income (Loss) For the periods presented, comprehensive income (loss) equaled net loss; therefore, a separate statement of comprehensive income (loss) is not included in the accompanying consolidated financial statements.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements On May 28, 2014, the Financial Accounting Standards Board, or the FASB, issued Accounting Standards Update, or ASU, 2014-09, Revenue from Contracts with Customers , or ASU 2014-09. The objective of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle, which may require more judgment and estimates within the revenue recognition process than are required under existing GAAP. In July 2015, the FASB provided for a one-year deferral of the effective date for ASU 2014-09, which is now effective for fiscal years beginning after December 15, 2017, and interim periods within those years; however, early adoption is permitted as of the original effective date, which was annual reporting periods beginning after December 15, 2016, and the interim periods within that year. The Company is in the process of evaluating the impact ASU 2014-09 will have on the Company’s condensed consolidated financial statements. On February 18, 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , or ASU 2015-02, that changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The amendment affects the following areas: limited partnerships and similar legal entities, evaluating fees paid to a decision maker or a service provider as a variable interest, the effect of fee arrangements on the primary beneficiary determination and certain investment funds. Under the amendment, all reporting entities are within the scope of ASC Subtopic 810-10, Consolidation—Overall, unless a scope exception applies. The presumption that a general partner controls a limited partnership has been eliminated. In addition, fees paid to decision makers that meet certain conditions no longer cause decision makers to consolidate variable interest entities in certain instances. The amendment is effective for public business entities for periods beginning after December 15, 2015. Early adoption of ASU 2015-02 is permitted. The Company is in the process of evaluating the impact ASU 2015-02 will have on the Company’s condensed consolidated financial statements. On April 7, 2015, the FASB issued ASU 2015-03, Interest — Imputation of Interest , or ASU 2015-03, that intends to simplify the presentation of debt issuance costs. The amendment requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The amendment is effective for public business entities for periods beginning after December 15, 2015. The Company is in the process of evaluating the impact ASU 2015-03 will have on the Company’s condensed consolidated financial statements.

Real Estate Investments (Tables

Real Estate Investments (Tables)	6 Months Ended
Real Estate Investments (Tables)	Jun. 30, 2015
Real Estate [Abstract]
Schedule Of Consideration Transferred For Investments In Real Estate	The following table summarizes the consideration transferred for investments in real estate (amounts in thousands): Six Months Ended Investments in real estate: Purchase price of business combinations $ 116,072 Purchase price of asset acquisitions (1) 7,734 Total purchase price of assets acquired $ 123,806 (1) Of this amount, $788,000 was allocated to intangible assets.

Acquired Intangible Assets, N24

Acquired Intangible Assets, Net (Tables)	6 Months Ended
Acquired Intangible Assets, Net (Tables)	Jun. 30, 2015
Finite-Lived Intangible Assets, Net [Abstract]
Schedule of Acquired Intangible Assets, Net	Acquired intangible assets, net, which are included in real estate in the accompanying condensed consolidated balance sheets, consisted of the following as of June 30, 2015 and December 31, 2014 (amounts in thousands, except weighted average life amounts): June 30, 2015 December 31, 2014 In-place leases, net of accumulated amortization of $386 and $52, respectively (with a weighted average remaining life of 16.1 years and 14.6 years, respectively) $ 20,569 $ 6,194 Above-market leases, net of accumulated amortization of $19 and $6, respectively (with a weighted average remaining life of 8.9 years and 9.4 years, respectively) 235 248 Ground lease interest, net of accumulated amortization of $4 (with a weighted average remaining life of 68.3 years) 640 — $ 21,444 $ 6,442

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
Other Assets (Tables)	Jun. 30, 2015
Other Assets [Abstract]
Schedule of Other Assets	Other assets consisted of the following as of June 30, 2015 and December 31, 2014 (amounts in thousands): June 30, 2015 December 31, 2014 Deferred financing costs, net of accumulated amortization of $374 and $83, respectively $ 1,739 $ 1,742 Real estate escrow deposits 1,500 350 Restricted cash held in escrow 2,924 2,922 Due from affiliate 164 — Tenant receivable 550 58 Straight-line rent receivable 760 13 Prepaid and other assets 199 30 $ 7,836 $ 5,115

Future Minimum Rent (Tables)

Future Minimum Rent (Tables)	6 Months Ended
Future Minimum Rent (Tables)	Jun. 30, 2015
Leases [Abstract]
Schedule of Future Minimum Rental Income from Non-Cancelable Operating Leases	The future minimum rental income from the Company’s investment in real estate assets under non-cancelable operating leases for the six months ending December 31, 2015 and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Six months ending December 31, 2015 $ 7,801 2016 15,846 2017 16,161 2018 16,443 2019 16,705 Thereafter 214,865 $ 287,821

Related-Party Transactions an27

Related-Party Transactions and Arrangements (Tables)	6 Months Ended
Related-Party Transactions and Arrangements (Tables)	Jun. 30, 2015
Related Party Transactions [Abstract]
Schedule of Accounts Payable Due to Affiliates	The following amounts were outstanding due to affiliates as of June 30, 2015 and December 31, 2014 (amounts in thousands): Entity Fee June 30, 2015 December 31, 2014 Carter Validus Advisors II, LLC and its affiliates Asset management fees $ 133 $ 66 Carter Validus Real Estate Management Services II, LLC Property management fees 43 3 Carter/Validus Advisors, LLC and its affiliates General and administrative costs 6 15 Carter Validus Advisors II, LLC and its affiliates General and administrative costs 101 14 Carter Validus Advisors II, LLC and its affiliates Offering costs 879 2,524 Carter Validus Advisors II, LLC and its affiliates Acquisition expenses and fees 2 4 $ 1,164 $ 2,626
Schedule of Amounts Due from Affiliates	The following amounts were due from affiliates as of June 30, 2015 and December 31, 2014 (amounts in thousands): Entity June 30, 2015 December 31, 2014 Strategic Capital Advisory Services Offering costs $ 164 $ — $ 164 $ —

Intangible Lease Liabilities,28

Intangible Lease Liabilities, Net (Tables)	6 Months Ended
Intangible Lease Liabilities, Net (Tables)	Jun. 30, 2015
Intangible Lease Liabilities, Net [Abstract]
Schedule of Intangible Lease Liabilities, Net	Intangible lease liabilities, net, consisted of the following as of June 30, 2015 and December 31, 2014 (amounts in thousands, except weighted average life amounts): June 30, 2015 December 31, 2014 Below-market leases, net of accumulated amortization of $7 and $0, respectively (with a weighted average remaining life of 13.2 years and 4.8 years, respectively) $ 1,672 $ 7 $ 1,672 $ 7

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
Business Combinations (Tables)	Jun. 30, 2015
Business Combinations [Abstract]
Schedule of Business Combinations	The following table summarizes the acquisitions determined to be business combinations during the six months ended June 30, 2015 : Property Description Date Acquired Ownership Percentage Winter Haven Healthcare Facility 01/27/2015 100% Heartland Rehabilitation Hospital 02/17/2015 100% Clarion IMF 06/01/2015 100% Post Acute Webster Rehabilitation Hospital 06/05/2015 100% Eagan Data Center 06/29/2015 100% Houston Surgical Hospital and LTACH 06/30/2015 100%
Schedule of Allocation of Fair Value of Business Combinations	The following table summarizes management’s allocation of the fair value of the acquisitions determined to be business combinations during the six months ended June 30, 2015 (amounts in thousands): Total Land $ 12,975 Buildings and improvements 89,672 In-place leases 13,921 Tenant improvements 532 Ground leasehold assets 644 Total assets acquired 117,744 Below-market leases (1,672 ) Total liabilities acquired (1,672 ) Net assets acquired $ 116,072
Schedule of Business Combinations on a Pro Forma Basis	Assuming the business combinations described above had occurred on January 1, 2015, pro forma revenues, net income and net income attributable to common stockholders would have been as follows for the periods listed below (amounts in thousands, unaudited): Three Months Ended Six Months Ended 2015 2015 Pro forma basis: Revenues $ 4,545 $ 8,496 Net income attributable to common stockholders $ 1,491 $ 2,567 Net income per common share attributable to common stockholders: Class A basic and diluted $ 0.06 $ 0.11

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
Segment Reporting (Tables)	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of Information for Reportable Segments	Summary information for the reportable segments during the three and six months ended June 30, 2015 , are as follows (amounts in thousands): Data Centers Healthcare Three Months Ended Revenue: Rental and tenant reimbursement revenue $ 181 $ 2,886 $ 3,067 Expenses: Rental expenses (8 ) (179 ) (187 ) Segment net operating income $ 173 $ 2,707 $ 2,880 Expenses: General and administrative expenses (448 ) Acquisition related expenses (2,811 ) Asset management fees (289 ) Depreciation and amortization (926 ) Loss from operations (1,594 ) Interest expense (291 ) Net loss attributable to common stockholders $ (1,885 ) Data Centers Healthcare Six Months Ended Revenue: Rental and tenant reimbursement revenue $ 181 $ 5,196 $ 5,377 Expenses: Rental expenses (8 ) (314 ) (322 ) Segment net operating income $ 173 $ 4,882 5,055 Expenses: General and administrative expenses (927 ) Acquisition related expenses (3,527 ) Asset management fees (494 ) Depreciation and amortization (1,610 ) Loss from operations (1,503 ) Interest expense (661 ) Net loss attributable to common stockholders $ (2,164 )
Schedule of Assets by Reportable Segments	Assets by reportable segments as of June 30, 2015 and December 31, 2014 are as follows (amounts in thousands): June 30, 2015 December 31, 2014 Assets by segment: Data centers $ 14,327 $ — Healthcare 203,150 92,052 All other 40,698 5,814 Total assets $ 258,175 $ 97,866
Schedule of Capital Additions and Acquisitions by Reportable Segments	Capital additions and acquisitions by reportable segments for the six months ended June 30, 2015 are as follows (amounts in thousands): Six Months Ended Capital additions and acquisitions by segment: Data centers $ 13,534 Healthcare 110,429 Total capital additions and acquisitions $ 123,963

Accounts Payable and Other Li31

Accounts Payable and Other Liabilities (Tables)	6 Months Ended
Accounts Payable and Other Liabilities (Tables)	Jun. 30, 2015
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Other Liabilities	Accounts payable and other liabilities, as of June 30, 2015 and December 31, 2014 , were comprised of the following (amounts in thousands): June 30, 2015 December 31, 2014 Accounts payable and accrued expenses $ 666 $ 219 Accrued interest expense 137 47 Accrued property taxes 100 6 Distributions to stockholders payable 1,472 325 Tenant deposits 1,668 — Deferred rental income 408 31 $ 4,451 $ 628

Organization and Business Ope32

Organization and Business Operations (Details)	Jul. 03, 2014USD ($)shares	Jun. 30, 2015USD ($)real_estate_investmentmetropolitan	Jun. 30, 2015USD ($)real_estate_investmentmetropolitanshares	May. 29, 2014USD ($)classes$ / shares
Organization and Business Operations [Line Items]
Company owned interest in Operating Partnership (as a percent)		99.999%
Advisor owned interest in Operating Partnership (as a percent)		0.001%
Number of classes of common stock \| classes				2
Selling commissions and dealer manager fees		$ 21,321,000
Other offering costs		$ 3,844,000
Number of Company owned real estate investments \| real_estate_investment		13	13
Number of metropolitan statistical areas in which Company owns rental property \| metropolitan		10	10
Offering [Member]
Organization and Business Operations [Line Items]
Common stock offering including DRIP, value				$ 2,350,000,000
Common stock offering, value				2,250,000,000
Common stock offering pursuant to DRIP, value				$ 100,000,000
Selling commissions and dealer manager fees			$ 27,797,000
Other offering costs			$ 7,731,000
Offering [Member] \| Class A shares [Member] \| Common Stock [Member]
Organization and Business Operations [Line Items]
Common stock offering, minimum offering requirement, shares \| shares	213,333
Common stock offering, minimum offering requirement, value	$ 2,000,000
Common stock offering, price per share (in dollars per share) \| $ / shares				$ 10
Common stock offering, shares issued \| shares			29,897,000
Common stock offering, gross proceeds raised			$ 297,023,000
Offering [Member] \| Class T shares [Member] \| Common Stock [Member]
Organization and Business Operations [Line Items]
Common stock offering, price per share (in dollars per share) \| $ / shares				$ 9.574
Offering [Member] \| Class A and T shares [Member] \| Common Stock [Member]
Organization and Business Operations [Line Items]
Common stock offering, value remaining		$ 2,052,977,000	$ 2,052,977,000

Summary of Significant Accoun33

Summary of Significant Accounting Policies (Details) - Jun. 30, 2015 $ in Thousands	USD ($)tenantsmetropolitansegmentshares
Summary of Significant Accounting Policies [Line Items]
Anti-dilutive shares excluded from computation of diluted earnings per share (in shares) \| shares	9,000
Number of reportable business segments \| segment	2
Cash on deposit in excess of federally insured levels \| $	$ 37,740
Number of metropolitan statistical areas in which Company owns rental property	10
Rental Revenue [Member] \| Geographic Concentration Risk [Member]
Summary of Significant Accounting Policies [Line Items]
Number of metropolitan statistical areas in which Company owns rental property	3
Rental Revenue [Member] \| Customer Concentration Risk [Member]
Summary of Significant Accounting Policies [Line Items]
Number of tenants \| tenants	3
Rental Revenue [Member] \| Fort Worth Surgicare Partners, Ltd. [Member] \| Customer Concentration Risk [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration risk, percentage	37.50%
Rental Revenue [Member] \| New England Sinai Hospital, A Steward Family Hospital, Inc. [Member] \| Customer Concentration Risk [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration risk, percentage	22.40%
Rental Revenue [Member] \| Heartland Rehabilitation Hospital, LLC [Member] \| Customer Concentration Risk [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration risk, percentage	16.10%
Rental Revenue [Member] \| Dallas-Fort Worth-Arlington, Texas MSA [Member] \| Geographic Concentration Risk [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration risk, percentage	38.40%
Rental Revenue [Member] \| Boston-Cambridge-Newton, Massachusetts-New Hampshire MSA [Member] \| Geographic Concentration Risk [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration risk, percentage	22.40%
Rental Revenue [Member] \| Kansas City, Missouri-Kansas MSA [Member] \| Geographic Concentration Risk [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration risk, percentage	16.10%

Real Estate Investments (Narrat

Real Estate Investments (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)real_estate_investment	Jun. 30, 2014USD ($)
Real Estate Properties [Line Items]
Number of acquisitions \| real_estate_investment			7
Aggregate acquisition fees and costs			$ 3,761
Acquisition fees and expenses	$ 2,811	$ 36	3,527	$ 36
Acquisition fees and expenses capitalized	234		$ 234
Maximum [Member]
Real Estate Properties [Line Items]
Acquisition fee and expense reimbursement, as percentage of purchase price of properties			6.00%
Business Combinations [Member]
Real Estate Properties [Line Items]
Number of acquisitions \| real_estate_investment			6
Acquisition fees and expenses	$ 3,275		$ 3,275
Asset Acquisitions [Member]
Real Estate Properties [Line Items]
Number of acquisitions \| real_estate_investment			1

Real Estate Investments (Schedu

Real Estate Investments (Schedule of Consideration Transferred For Investments In Real Estate) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014
Real Estate Properties [Line Items]
Total purchase price of assets acquired		$ 123,806	$ 0
Business Combinations [Member]
Real Estate Properties [Line Items]
Total purchase price of assets acquired		116,072
Asset Acquisitions [Member]
Real Estate Properties [Line Items]
Total purchase price of assets acquired	[1]	7,734
Purchase price allocated to intangible assets		$ 788

[1]	Of this amount, $788,000 was allocated to intangible assets.

Acquired Intangible Assets, N36

Acquired Intangible Assets, Net (Schedule of Acquired Intangible Assets, Net) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Acquired Intangible Assets, Net [Line Items]
Acquired intangible asset, net of accumulated amortization	$ 21,444	$ 6,442
Acquired intangible asset, accumulated amortization	$ 409	$ 58
Acquired intangible asset, weighted average remaining life	17 years 7 months 6 days	14 years 4 months 24 days
In-place leases [Member]
Acquired Intangible Assets, Net [Line Items]
Acquired intangible asset, net of accumulated amortization	$ 20,569	$ 6,194
Acquired intangible asset, accumulated amortization	$ 386	$ 52
Acquired intangible asset, weighted average remaining life	16 years 1 month 6 days	14 years 7 months 6 days
Above-market leases [Member]
Acquired Intangible Assets, Net [Line Items]
Acquired intangible asset, net of accumulated amortization	$ 235	$ 248
Acquired intangible asset, accumulated amortization	$ 19	$ 6
Acquired intangible asset, weighted average remaining life	8 years 10 months 24 days	9 years 4 months 24 days
Ground lease interest [Member]
Acquired Intangible Assets, Net [Line Items]
Acquired intangible asset, net of accumulated amortization	$ 640	$ 0
Acquired intangible asset, accumulated amortization	$ 4
Acquired intangible asset, weighted average remaining life	68 years 3 months 18 days

Other Assets (Schedule of Other

Other Assets (Schedule of Other Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Other Assets [Abstract]
Deferred financing costs, net of accumulated amortization of $374 and $83, respectively	$ 1,739	$ 1,742
Real estate escrow deposits	1,500	350
Restricted cash held in escrow	2,924	2,922
Due from affiliate	164	0
Tenant receivable	550	58
Straight-line rent receivable	760	13
Prepaid and other assets	199	30
Total other assets	7,836	5,115
Deferred financing costs, accumulated amortization	$ 374	$ 83

Future Minimum Rent (Schedule o

Future Minimum Rent (Schedule of Future Minimum Rental Income from Non-Cancelable Operating Leases) (Details) $ in Thousands	Jun. 30, 2015USD ($)
Leases [Abstract]
Six months ending December 31, 2015	$ 7,801
2,016	15,846
2,017	16,161
2,018	16,443
2,019	16,705
Thereafter	214,865
Total	$ 287,821

Credit Facility (Details)

Credit Facility (Details)	6 Months Ended
Credit Facility (Details)	Jun. 30, 2015USD ($)property	Jun. 30, 2014USD ($)
Line of Credit Facility [Abstract]
Proceeds from credit facility	$ 2,000,000	$ 0
Payments on credit facility	39,500,000	$ 0
Increase in borrowing base availability under credit facility	$ 37,321,000
Number of properties added to pool \| property	4
Debt outstanding	$ 0
Aggregate pool availability under credit facility	$ 90,116,000

Commitments and Contingencies (

Commitments and Contingencies (Details)	Jun. 30, 2015case
Commitments and Contingencies Disclosure [Abstract]
Number of pending legal proceedings to which the Company is a party	0

Related-Party Transactions an41

Related-Party Transactions and Arrangements (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Cumulative, pretax, non-compounded annual return rate to investors			6.00%
Asset management fees	$ 289,000	$ 0	$ 494,000	$ 0
Selling commissions and dealer manager fees			$ 21,321,000
Carter Validus Advisors II, LLC And/Or Its Affiliates [Member]
Related Party Transaction [Line Items]
Estimated organization and offering costs reimbursement, as percentage of gross offering proceeds			1.25%
Offering costs incurred by Advisor on Company's behalf	6,963,000		$ 6,963,000
Other organization and offering expenses accrued	879,000		879,000
Acquisition fees incurred	1,904,000		2,471,000
Acquisition expenses incurred	3,000	5,000	$ 3,000	5,000
Maximum brokerage fees paid by Company, as percentage of contract sales price			6.00%
Disposition fees incurred	0	0	$ 0	0
Subordinated sale fees	0	0	$ 0	0
Listing fee, percentage			15.00%
Subordinated incentive listing fees	0	0	$ 0	0
Subordinated termination fee	0	0	$ 0	0
Carter Validus Advisors II, LLC And/Or Its Affiliates [Member] \| Maximum [Member]
Related Party Transaction [Line Items]
Reimbursable organization and offering costs, as percentage of gross offering proceeds			15.00%
Disposition fee, as percentage of contract sales price			1.00%
Percentage of brokerage commission paid by Company for properties sold that required a substantial amount of services			50.00%
Carter Validus Advisors II, LLC [Member]
Related Party Transaction [Line Items]
Acquisition fee, as percentage of contract purchase price of each property or asset acquired			2.00%
Acquisition fee, as percentage of amount advanced on mortgage loan			2.00%
Estimated acquisition expense reimbursement, as percentage of purchase price of property and real estate-related investments			0.75%
Period needed to issue Class B Units			30 days
Monthly asset management fee, as percentage of gross assets			0.0625%
Asset management fees	289,000		$ 494,000
Class B units issued			0
Operating expenses in excess of operating expense reimbursement as percentage of average invested assets and net income			$ 62,000
Operating expenses allocated to the Company by the advisor	200,000	18,000	$ 362,000	18,000
Operating expenses allocated to the Company by the advisor, waived irrevocably, without recourse		10,000		10,000
Percentage of remaining net sales proceeds Advisor will receive after investors receive return			15.00%
Distribution percentage upon termination of Advisory agreement			15.00%
Carter Validus Advisors II, LLC [Member] \| Maximum [Member]
Related Party Transaction [Line Items]
Operating expense reimbursement, percentage of average invested assets			2.00%
Operating expense reimbursement, percentage of net income			25.00%
Carter Validus Real Estate Management Services II, LLC [Member]
Related Party Transaction [Line Items]
Property management and leasing fees, as percentage of gross revenues from properties managed			3.00%
Oversight fee, as percentage of gross revenues from properties managed			1.00%
Property management fees incurred	80,000		$ 140,000
Construction management fees	0	0	0	0
Carter Validus Real Estate Management Services II, LLC [Member] \| Maximum [Member]
Related Party Transaction [Line Items]
Estimated initial rent-up or lease-up fee for newly constructed properties, less than $1,000			$ 1,000
Construction management fee, as percentage of cost of project			5.00%
SC Distributors, LLC [Member]
Related Party Transaction [Line Items]
Selling commissions and dealer manager fees	11,431,000		$ 21,321,000
Total underwriting compensation percentage that will terminate distribution fees, as percentage of gross proceeds from primary portion of offering			10.00%
Distribution fees incurred	$ 0	$ 0	$ 0	$ 0
SC Distributors, LLC [Member] \| Class A shares [Member] \| Maximum [Member]
Related Party Transaction [Line Items]
Selling commission, as percentage of gross offering proceeds			7.00%
SC Distributors, LLC [Member] \| Class T shares [Member]
Related Party Transaction [Line Items]
Daily distribution fee accrued, as percentage of purchase price per share			0.00219%
SC Distributors, LLC [Member] \| Class T shares [Member] \| Maximum [Member]
Related Party Transaction [Line Items]
Selling commission, as percentage of gross offering proceeds			3.00%
SC Distributors, LLC [Member] \| Class A and T shares [Member] \| Maximum [Member]
Related Party Transaction [Line Items]
Dealer manager fee, as percentage of gross offering proceeds			3.00%

Related-Party Transactions an42

Related-Party Transactions and Arrangements (Schedule of Accounts Payable Due to Affiliates) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Accounts payable due to affiliates	$ 1,164	$ 2,626
Carter Validus Advisors II, LLC And/Or Its Affiliates [Member] \| Asset Management Fees [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	133	66
Carter Validus Advisors II, LLC And/Or Its Affiliates [Member] \| General And Administrative Costs [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	101	14
Carter Validus Advisors II, LLC And/Or Its Affiliates [Member] \| Offering Costs [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	879	2,524
Carter Validus Advisors II, LLC And/Or Its Affiliates [Member] \| Acquisition Expenses and Fees [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	2	4
Carter Validus Real Estate Management Services II, LLC [Member] \| Property Management Fees [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	43	3
Carter Validus Advisors, LLC And Or Its Affiliates [Member] \| General And Administrative Costs [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	$ 6	$ 15

Related-Party Transactions an43

Related-Party Transactions and Arrangements (Schedule of Amounts Due from Affiliates) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Due from affiliates	$ 164	$ 0
Strategic Capital Advisory Services [Member] \| Offering Costs [Member]
Related Party Transaction [Line Items]
Due from affiliates	$ 164	$ 0

Intangible Lease Liabilities,44

Intangible Lease Liabilities, Net (Schedule of Intangible Lease Liabilities, Net) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Intangible Lease Liabilities, Net [Abstract]
Below-market leases, net of accumulated amortization of $7 and $0, respectively (with a weighted average remaining life of 13.2 years and 4.8 years, respectively)	$ 1,672	$ 7
Below-market lease, accumulated amortization	$ 7	$ 0
Below market lease, weighted average remaining life	13 years 2 months 12 days	4 years 9 months 18 days

Business Combinations (Narrativ

Business Combinations (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
Business Combinations (Narrative) (Details) $ in Thousands	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)buildingsreal_estate_investment	Jun. 30, 2014USD ($)
Business Acquisition [Line Items]
Number of acquisitions \| real_estate_investment			7
Total purchase price of assets acquired			$ 123,806	$ 0
Revenues			1,265
Net loss			2,615
Acquisition fees and expenses	$ 2,811	$ 36	$ 3,527	$ 36
Business Combinations [Member]
Business Acquisition [Line Items]
Ownership percentage	100.00%		100.00%
Number of acquisitions \| real_estate_investment			6
Number of buildings \| buildings			6
Total purchase price of assets acquired			$ 116,072
Acquisition fees and expenses	$ 3,275		$ 3,275
Data Centers [Member] \| Business Combinations [Member]
Business Acquisition [Line Items]
Number of acquisitions \| real_estate_investment			1
Healthcare [Member] \| Business Combinations [Member]
Business Acquisition [Line Items]
Number of acquisitions \| real_estate_investment			5

Business Combinations (Schedule

Business Combinations (Schedule of Business Combinations) (Details) - Jun. 30, 2015	Total
Winter Haven Healthcare Facility [Member]
Business Acquisition [Line Items]
Date Acquired	Jan. 27, 2015
Ownership Percentage	100.00%
Heartland Rehabilitation Hospital [Member]
Business Acquisition [Line Items]
Date Acquired	Feb. 17, 2015
Ownership Percentage	100.00%
Clarion IMF [Member]
Business Acquisition [Line Items]
Date Acquired	Jun. 1, 2015
Ownership Percentage	100.00%
Post Acute Webster Rehabilitation Hospital [Member]
Business Acquisition [Line Items]
Date Acquired	Jun. 5, 2015
Ownership Percentage	100.00%
Eagan Data Center [Member]
Business Acquisition [Line Items]
Date Acquired	Jun. 29, 2015
Ownership Percentage	100.00%
Houston Surgical Hospital and LTACH [Member]
Business Acquisition [Line Items]
Date Acquired	Jun. 30, 2015
Ownership Percentage	100.00%

Business Combinations (Schedu47

Business Combinations (Schedule of Allocation of Fair Value of Business Combinations) (Details) $ in Thousands	Jun. 30, 2015USD ($)
Business Combinations [Abstract]
Land	$ 12,975
Buildings and improvements	89,672
In-place leases	13,921
Tenant improvements	532
Ground leasehold assets	644
Total assets acquired	117,744
Below-market leases	(1,672)
Total liabilities acquired	(1,672)
Net assets acquired	$ 116,072

Business Combinations (Schedu48

Business Combinations (Schedule of Business Combinations on a Pro Forma Basis) (Details) - Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Thousands	Total	Total
Pro forma basis:
Revenues	$ 4,545	$ 8,496
Net income attributable to common stockholders	$ 1,491	$ 2,567
Class A shares [Member]
Net income per common share attributable to common stockholders:
Basic and diluted (in dollars per share)	$ 0.06	$ 0.11

Segment Reporting (Narrative) (

Segment Reporting (Narrative) (Details)	3 Months Ended		6 Months Ended
Segment Reporting (Narrative) (Details)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)property	Jun. 30, 2015USD ($)segment	Jun. 30, 2014USD ($)property
Segment Reporting Information [Line Items]
Number of reportable business segments \| segment			2
Revenues	$ 3,067,000	$ 0	$ 5,377,000	$ 0
Number of Company owned properties \| property		0		0
Intersegment Elimination [Member]
Segment Reporting Information [Line Items]
Revenues	$ 0		$ 0

Segment Reporting (Schedule of

Segment Reporting (Schedule of Information for Reportable Segments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Rental expenses	$ (187)	$ 0	$ (322)	$ 0
Loss from operations	(1,594)	(55)	(1,503)	(55)
General and administrative expenses	(448)	(19)	(927)	(19)
Acquisition related expenses	(2,811)	(36)	(3,527)	(36)
Asset management fees	(289)	0	(494)	0
Depreciation and amortization	(926)	0	(1,610)	0
Interest expense	(291)	0	(661)	0
Net loss attributable to common stockholders	(1,885)	$ (55)	(2,164)	$ (55)
Operating Segments [Member]
Segment Reporting Information [Line Items]
Rental and tenant reimbursement revenue	3,067		5,377
Rental expenses	(187)		(322)
Loss from operations	2,880		5,055
Operating Segments [Member] \| Data Centers [Member]
Segment Reporting Information [Line Items]
Rental and tenant reimbursement revenue	181		181
Rental expenses	(8)		(8)
Loss from operations	173		173
Operating Segments [Member] \| Healthcare [Member]
Segment Reporting Information [Line Items]
Rental and tenant reimbursement revenue	2,886		5,196
Rental expenses	(179)		(314)
Loss from operations	$ 2,707		$ 4,882

Segment Reporting (Schedule o51

Segment Reporting (Schedule of Assets by Reportable Segments) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets by segment [Line Items]
Total assets	$ 258,175	$ 97,866
Operating Segments [Member] \| Data Centers [Member]
Assets by segment [Line Items]
Total assets	14,327	0
Operating Segments [Member] \| Healthcare [Member]
Assets by segment [Line Items]
Total assets	203,150	92,052
All Other [Member]
Assets by segment [Line Items]
Total assets	$ 40,698	$ 5,814

Segment Reporting (Schedule o52

Segment Reporting (Schedule of Capital Additions and Acquisitions by Reportable Segments) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Capital additions and acquisitions by segment [Line Items]
Total capital additions and acquisitions	$ 123,963
Operating Segments [Member] \| Data Centers [Member]
Capital additions and acquisitions by segment [Line Items]
Total capital additions and acquisitions	13,534
Operating Segments [Member] \| Healthcare [Member]
Capital additions and acquisitions by segment [Line Items]
Total capital additions and acquisitions	$ 110,429

Accounts Payable and Other Li53

Accounts Payable and Other Liabilities (Schedule of Accounts Payable and Other Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Accounts payable and accrued expenses	$ 666	$ 219
Accrued interest expense	137	47
Accrued property taxes	100	6
Distributions to stockholders payable	1,472	325
Tenant deposits	1,668	0
Deferred rental income	408	31
Total accounts payable and other liabilities	$ 4,451	$ 628

Subsequent Events (Details)

Aug. 06, 2015$ / shares

Aug. 03, 2015USD ($)

Jul. 30, 2015USD ($)tenants

Jul. 24, 2015USD ($)tenants

Jul. 22, 2015USD ($)property

Jul. 01, 2015USD ($)

Jun. 30, 2015USD ($)$ / sharesshares

Jun. 30, 2014$ / shares

Jun. 30, 2015USD ($)$ / sharesshares

Jun. 30, 2014USD ($)$ / shares

Jun. 30, 2015USD ($)shares

Aug. 11, 2015USD ($)shares

Aug. 13, 2015USD ($)

Dec. 31, 2014USD ($)shares

May. 29, 2014$ / shares

Subsequent Event [Line Items]

Distributions paid in cash

$ 1,740,000

$ 0

Common stock issued through distribution reinvestment plan

$ 2,731,000

$ 0

Distributions declared per common share (in dollars per share) | $ / shares

$ 0.16

$ 0

$ 0.31

$ 0

Total purchase price of assets acquired

$ 123,806,000

$ 0

Increase in borrowing base availability under credit facility

37,321,000

Outstanding balance under credit facility

$ 0

$ 37,500,000

Class A shares [Member]

Subsequent Event [Line Items]

Common stock, shares outstanding | shares

29,916,636

7,110,501

Class T shares [Member]

Subsequent Event [Line Items]

Common stock, shares outstanding | shares

Common Stock [Member] | Class A shares [Member]

Subsequent Event [Line Items]

Common stock issued through distribution reinvestment plan

$ 3,000

Common stock, shares outstanding | shares

29,916,636

7,110,501

Common Stock [Member] | Class A shares [Member] | Offering [Member]

Subsequent Event [Line Items]

Common stock offering, price per share (in dollars per share) | $ / shares

$ 10

Common stock offering, shares issued | shares

29,897,000

Common stock offering, gross proceeds raised

$ 297,023,000

Common Stock [Member] | Class T shares [Member] | Offering [Member]

Subsequent Event [Line Items]

Common stock offering, price per share (in dollars per share) | $ / shares

$ 9.574

Common Stock [Member] | Class A and T shares [Member] | Offering [Member]

Subsequent Event [Line Items]

Common stock offering, value remaining

$ 2,052,977,000

Subsequent Event [Member]

Subsequent Event [Line Items]

Aggregate pool availability under credit facility

$ 72,369,000

Outstanding balance under credit facility

$ 70,000,000

Subsequent Event [Member] | Kentucky Maine Ohio IMF Portfolio [Member]

Subsequent Event [Line Items]

Ownership percentage

100.00%

Number of real estate properties acquired | property

Total purchase price of assets acquired

$ 79,085,419

Leasing arrangement, description

leased to multiple tenants

Increase in borrowing base availability under credit facility

$ 37,806,000

Subsequent Event [Member] | Reading Surgical Hospital [Member]

Subsequent Event [Line Items]

Ownership percentage

100.00%

Total purchase price of assets acquired

$ 24,990,000

Number of tenants | tenants

Increase in borrowing base availability under credit facility

$ 14,447,000

Subsequent Event [Member] | Post Acute Warm Springs Specialty Hospital of Luling [Member]

Subsequent Event [Line Items]

Ownership percentage

100.00%

Total purchase price of assets acquired

$ 9,675,000

Number of tenants | tenants

Subsequent Event [Member] | Class T shares [Member]

Subsequent Event [Line Items]

Common stock, shares outstanding | shares

Subsequent Event [Member] | Common Stock [Member] | Class A shares [Member] | Offering [Member]

Subsequent Event [Line Items]

Common stock offering, shares issued | shares

34,386,000

Common stock offering, gross proceeds raised

$ 341,593,000

Subsequent Event [Member] | Common Stock [Member] | Class A and T shares [Member] | Offering [Member]

Subsequent Event [Line Items]

Common stock offering, value remaining

$ 2,008,407,000

Subsequent Event [Member] | June 1, 2015 To June 30, 2015 [Member]

Subsequent Event [Line Items]

Aggregate distributions paid

$ 1,472,000

Distributions paid in cash

575,000

Common stock issued through distribution reinvestment plan

$ 897,000

Subsequent Event [Member] | July 1, 2015 To July 31, 2015 [Member]

Subsequent Event [Line Items]

Aggregate distributions paid

$ 1,715,000

Distributions paid in cash

684,000

Common stock issued through distribution reinvestment plan

$ 1,031,000

Subsequent Event [Member] | September 1, 2015 To November 30, 2015 [Member]

Subsequent Event [Line Items]

Number of days, distribution calculation

365 days

Subsequent Event [Member] | September 1, 2015 To November 30, 2015 [Member] | Class A shares [Member]

Subsequent Event [Line Items]

Distributions declared per common share (in dollars per share) | $ / shares

$ 0.001753425

Annualized distribution rate

6.40%

Common stock offering, price per share (in dollars per share) | $ / shares

$ 10