Sila Realty Trust (SILA) 10-K 16 Mar 17 2016 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Mar. 10, 2017	Jun. 30, 2016
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Entity Registrant Name	Carter Validus Mission Critical REIT II, Inc.
Entity Central Index Key	1,567,925
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Class A shares [Member]
Entity Public Float			$ 619,170
Entity Common Stock, Shares Outstanding		72,388
Class T shares [Member]
Entity Public Float			$ 58,219
Entity Common Stock, Shares Outstanding		16,236
Class I shares [Member]
Entity Common Stock, Shares Outstanding		4

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Real estate:
Land	$ 154,385	$ 48,882
Buildings and improvements, less accumulated depreciation of $18,521 and $5,262, respectively	722,492	361,632
Construction in progress	20,123	0
Total real estate, net	897,000	410,514
Cash and cash equivalents	50,446	31,262
Acquired intangible assets, less accumulated amortization of $7,995 and $2,007, respectively	98,053	54,633
Other assets	24,539	10,218
Total assets	1,070,038	506,627
Liabilities:
Notes payable, net of deferred financing costs of $1,945	151,045	0
Credit facility, net of deferred financing costs of $876 and $103, respectively	219,124	89,897
Accounts payable due to affiliates	7,384	741
Accounts payable and other liabilities	17,184	8,244
Intangible lease liabilities, less accumulated amortization of $634 and $98, respectively	6,873	7,409
Total liabilities	401,610	106,291
Stockholders’ equity:
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding
Common stock, $0.01 par value per share, 500,000,000 shares authorized; 83,109,025 and 48,488,734 shares issued, respectively; 82,744,288 and 48,457,191 shares outstanding, respectively	827	485
Additional paid-in capital	723,859	425,910
Accumulated distributions in excess of earnings	(57,100)	(26,061)
Accumulated other comprehensive income	840	0
Total stockholders’ equity	668,426	400,334
Noncontrolling interests	2	2
Total equity	668,428	400,336
Total liabilities and stockholders’ equity	$ 1,070,038	$ 506,627

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Buildings and improvements, accumulated depreciation	$ 18,521	$ 5,262
Acquired intangible assets, accumulated amortization	7,995	2,007
Notes payable, deferred financing costs	1,945
Credit facility, deferred financing costs	876	103
Intangible lease liabilities, accumulated amortization	$ 634	$ 98
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 issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	83,109,025	48,488,734
Common stock, shares outstanding	82,744,288	48,457,191

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenue:
Rental revenue	$ 49,699	$ 19,000	$ 296
Tenant reimbursement revenue	6,732	2,286	41
Total revenue	56,431	21,286	337
Expenses:
Rental expenses	8,164	2,836	51
General and administrative expenses	3,105	2,133	351
Acquisition related expenses	5,339	10,250	1,820
Asset management fees	4,925	1,895	72
Depreciation and amortization	19,211	7,053	185
Total expenses	40,744	24,167	2,479
Income (loss) from operations	15,687	(2,881)	(2,142)
Interest expense, net	4,390	1,886	152
Net income (loss) attributable to common stockholders	11,297	(4,767)	(2,294)
Other comprehensive income:
Unrealized income on interest rate swaps, net	840	0	0
Other comprehensive income attributable to common stockholders	840	0	0
Comprehensive income (loss) attributable to common stockholders	$ 12,137	$ (4,767)	$ (2,294)
Weighted average number of common shares outstanding:
Basic (in shares)	66,991,294	28,658,495	1,233,715
Diluted (in shares)	67,007,124	28,658,495	1,233,715
Net income (loss) per common share attributable to common stockholders:
Basic (in dollars per share)	$ 0.17	$ (0.17)	$ (1.86)
Diluted (in dollars per share)	$ 0.17	$ (0.17)	$ (1.86)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid in Capital [Member]	Accumulated Distributions in Excess of Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Total Stockholders' Equity [Member]	Noncontrolling Interests [Member]
Balance, (in shares) at Dec. 31, 2013		20,000
Balance, at Dec. 31, 2013	$ 200	$ 0	$ 200	$ 0	$ 0	$ 200	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		7,062,137
Issuance of common stock	70,034	$ 71	69,963			70,034	0
Issuance of common stock under the distribution reinvestment plan (in shares)		28,364
Issuance of common stock under the distribution reinvestment plan	270	$ 0	270			270	0
Vesting of restricted common stock (in shares)		0
Vesting of restricted common stock	11		11			11	0
Contributions from noncontrolling interests	2					0	2
Commissions on sale of common stock and related dealer manager fees	(6,476)		(6,476)			(6,476)	0
Other offering costs	(3,887)		(3,887)			(3,887)	0
Distributions declared to common stockholders	(755)			(755)		(755)	0
Net income (loss)	(2,294)			(2,294)		(2,294)	0
Balance, (in shares) at Dec. 31, 2014		7,110,501
Balance, at Dec. 31, 2014	57,105	$ 71	60,081	(3,049)	0	57,103	2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		40,361,130
Issuance of common stock	401,411	$ 404	401,007			401,411	0
Issuance of common stock under the distribution reinvestment plan (in shares)		1,014,853
Issuance of common stock under the distribution reinvestment plan	9,643	$ 10	9,633			9,643	0
Vesting of restricted common stock (in shares)		2,250
Vesting of restricted common stock	34		34			34	0
Commissions on sale of common stock and related dealer manager fees	(38,163)		(38,163)			(38,163)	0
Other offering costs	(6,371)		(6,371)			(6,371)	0
Repurchase of common stock (in shares)		(31,543)
Repurchase of common stock	(311)	$ 0	(311)			(311)	0
Distributions declared to common stockholders	(18,245)			(18,245)		(18,245)	0
Net income (loss)	$ (4,767)			(4,767)		(4,767)	0
Balance, (in shares) at Dec. 31, 2015	48,457,191	48,457,191
Balance, at Dec. 31, 2015	$ 400,336	$ 485	425,910	(26,061)	0	400,334	2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		32,201,892
Issuance of common stock	314,836	$ 321	314,515			314,836	0
Issuance of common stock under the distribution reinvestment plan (in shares)		2,413,899
Issuance of common stock under the distribution reinvestment plan	22,889	$ 24	22,865			22,889	0
Vesting of restricted common stock (in shares)		4,500
Vesting of restricted common stock	58		58			58	0
Commissions on sale of common stock and related dealer manager fees	(24,546)		(24,546)			(24,546)	0
Distribution and servicing fees	(6,213)		(6,213)			(6,213)	0
Other offering costs	(5,619)		(5,619)			(5,619)	0
Repurchase of common stock (in shares)		(333,194)
Repurchase of common stock	(3,114)	$ (3)	(3,111)			(3,114)	0
Distributions declared to common stockholders	(42,336)			(42,336)		(42,336)	0
Other comprehensive income	840				840	840	0
Net income (loss)	$ 11,297			11,297		11,297	0
Balance, (in shares) at Dec. 31, 2016	82,744,288	82,744,288
Balance, at Dec. 31, 2016	$ 668,428	$ 827	$ 723,859	$ (57,100)	$ 840	$ 668,426	$ 2

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net income (loss)	$ 11,297	$ (4,767)	$ (2,294)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	19,211	7,053	185
Amortization of deferred financing costs	1,061	721	83
Amortization of above-market leases	36	26	6
Amortization of intangible lease liabilities	(536)	(98)	0
Straight-line rent	(6,263)	(2,449)	(13)
Stock-based compensation	58	34	11
Ineffectiveness of interest rate swaps	(144)	0	0
Changes in operating assets and liabilities:
Accounts payable and other liabilities	1,307	4,915	303
Accounts payable due to affiliates	531	389	102
Other assets	(1,588)	(2,534)	(88)
Net cash provided by (used in) operating activities	24,970	3,290	(1,705)
Cash flows from investing activities:
Investment in real estate	(535,447)	(374,164)	(89,241)
Capital expenditures	(8,253)	(1,289)	0
Escrow funds, net	(2,491)	995	(2,922)
Real estate deposits, net	153	(75)	(350)
Net cash used in investing activities	(546,038)	(374,533)	(92,513)
Cash flows from financing activities:
Proceeds from issuance of common stock	314,836	401,411	70,034
Proceeds from notes payable	152,990	0	0
Proceeds from credit facility	240,000	92,000	40,393
Payments on credit facility	(110,000)	(39,500)	(2,893)
Proceeds from noncontrolling interests	0	0	2
Payments of deferred financing costs	(4,133)	(1,799)	(1,825)
Repurchases of common stock	(3,114)	(311)	0
Offering costs on issuance of common stock	(30,628)	(46,611)	(7,839)
Distributions to stockholders	(17,659)	(6,379)	(160)
Escrow funds, net	(2,040)	0	0
Net cash provided by financing activities	540,252	398,811	97,712
Net change in cash and cash equivalents	19,184	27,568	3,494
Cash and cash equivalents - Beginning of year	31,262	3,694	200
Cash and cash equivalents - End of year	50,446	31,262	3,694
Supplemental cash flow disclosure:
Interest paid, net of interest capitalized of $524 during 2016	3,341	1,055	23
Supplemental disclosure of non-cash transactions:
Common stock issued through distribution reinvestment plan	22,889	9,643	270
Distribution and servicing fees accrued	5,750	0	0
Liability assumed at acquisition	1,236	0	0
Accrued capital expenditures	$ 4,221	$ 0	$ 0

Consolidated Statements of Cas7

Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Statement of Cash Flows [Abstract]
Interest capitalized	$ 524

Organization and Business Opera

Organization and Business Operations	12 Months Ended
	Dec. 31, 2016
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, which elected 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. 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 in shares in its primary offering and up to $100,000,000 in 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, or the Registration Statement, filed with the Securities and Exchange Commission, or the SEC, under the Securities Act of 1933, as amended, or the Securities Act, which was declared effective on May 29, 2014. As of December 31, 2016, we were offering Class A shares and Class T shares of common stock, in any combination with a dollar value up to the maximum primary offering amount. On January 20, 2017, the Company filed a Post-Effective Amendment to the Registration Statement to register Class I shares of common stock, which was declared effective on February 10, 2017 by the SEC. As of December 31, 2016 , the Company had issued approximately 83,102,000 shares of Class A and Class T common stock (including shares of common stock issued pursuant to the DRIP) in the Offering, resulting in receipt of gross proceeds of approximately $819,283,000 , before selling commissions and dealer manager fees of approximately $69,185,000 and other offering costs of approximately $15,877,000 . As of December 31, 2016 , the Company had approximately $1,530,717,000 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, an affiliate of the Advisor, or the Dealer Manager, serves as the dealer manager of the Offering. 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 notes receivable. The Company expects real estate-related notes receivable originations and investments to be focused on first mortgage loans, but also may include real estate-related bridge loans, mezzanine loans and securitized notes receivable. As of December 31, 2016 , the Company owned 37 real estate investments, consisting of 51 properties, located in 29 metropolitan statistical areas, or MSAs, and one micropolitan statistical area, or µSA. 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	12 Months Ended
	Dec. 31, 2016
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 consolidated financial statements. Such consolidated financial statements and the accompanying notes thereto are the representation of management. These accounting policies conform to accounting principles generally accepted in the United States of America, or GAAP, in all material respects, and have been consistently applied in preparing the consolidated financial statements. Principles of Consolidation and Basis of Presentation The accompanying 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. On January 1, 2016, the Company adopted Accounting Standards Update, or ASU, ASU 2015-02, Amendments to the Consolidation Analysis, which amends the current consolidation guidance affecting both the variable interest entity, or VIE, and voting interest entity, or VOE, consolidation models. The standard does not add or remove any of the characteristics in determining if an entity is a VIE or VOE, but rather enhances the way the Company assesses some of these characteristics. The Operating Partnership meets the criteria as a VIE, the Company is the primary beneficiary and, accordingly, the Company continues to consolidate the Operating Partnership. The Company’s sole asset is its investment in the Operating Partnership, and consequently, all of the Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Company’s debt is an obligation of the Operating Partnership. Use of Estimates The preparation of the consolidated 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 ongoing 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. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value. Restricted Cash Held in Escrow Restricted cash held in escrow includes cash held in escrow accounts for capital improvements for certain properties as well as cash held by lenders in escrow accounts for tenant and capital improvements, repairs and maintenance and other lender reserves for certain properties, in accordance with the respective lender’s loan agreement. Contributions and receipts of escrowed funds for capital improvements have been classified as investing activities and contributions and receipts of escrowed funds pursuant to loan agreements have been classified as financing activities in the consolidated statements of cash flows. Restricted cash held in escrow is reported in other assets in the accompanying consolidated balance sheets. See Note 7—"Other Assets" . Deferred Financing Costs Deferred financing costs are loan fees, legal fees and other third-party costs associated with obtaining financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity unless specific rules are met that would allow for the carryover of such costs to the refinanced debt. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close. On January 1, 2016, the Company adopted ASU 2015-03, Interest — Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, and ASU 2015-15, Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated With Line-of-Credit Arrangements, or ASUs 2015-03 and 2015-15. According to ASUs 2015-03 and 2015-15, deferred financing costs related to a recognized debt liability in connection with term loans, including the term loan portion of the Company's credit facility, are presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. Deferred financing costs related to the revolving line of credit portion of the Company's secured credit facility are presented in the balance sheet as an asset, which is included in other assets on the consolidated balance sheet. As required, the Company retrospectively applied the guidance in ASUs 2015-03 and 2015-15 to the prior period presented, which resulted in a decrease of $103,000 in other assets and credit facility on the consolidated balance sheet as of December 31, 2015. Investment in Real Estate Real estate costs related to the acquisition, development, construction and improvement of properties are capitalized. Repair and maintenance costs are expensed as incurred and significant replacements and betterments are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset in determining the appropriate useful life. Real estate assets, other than land, are depreciated or amortized on a straight-line basis over each asset’s useful life. The Company anticipates the estimated useful lives of its assets by class as follows: Buildings and improvements 15 – 40 years Tenant improvements Shorter of lease term or expected useful life Furniture, fixtures, and equipment 3 – 10 years Improvements in process — Allocation of Purchase Price of Real Estate Business Combinations Upon the acquisition of real properties determined to be business combinations, the Company allocates the purchase price of properties to acquired tangible assets, consisting of land, buildings and improvements, and acquired intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, based in each case on their estimated fair values. The fair values of the tangible assets of an acquired property (which includes land, buildings and improvements) are determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and buildings and improvements based on management’s determination of the relative fair value of these assets. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market conditions. The fair values of above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) an estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease including any fixed rate bargain renewal periods, with respect to a below-market lease. The above-market and below-market lease values are capitalized as intangible lease assets or liabilities. Above-market lease values are amortized as an adjustment of rental income over the remaining terms of the respective leases. Below-market leases are amortized as an adjustment of rental income over the remaining terms of the respective leases, including any fixed rate bargain renewal periods. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above-market and below-market in-place lease values related to that lease would be recorded as an adjustment to rental income. The fair values of in-place leases include an estimate of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease. Direct costs associated with obtaining a new tenant include commissions, tenant improvements, and other direct costs and are estimated based on management’s consideration of current market costs to execute a similar lease. The value of opportunity costs is calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These lease intangibles are amortized to expense over the remaining terms of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed. Asset Acquisitions Upon the acquisition of real estate properties determined to be asset acquisitions, the Company allocates the purchase price of such properties to acquired tangible assets, consisting of land and buildings and improvements, and acquired intangible assets, based on a relative fair value method allocating all accumulated costs. Acquisition Fees and Expenses Acquisition fees and expenses associated 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 consolidated statements of comprehensive income (loss) . Acquisition fees and expenses associated with transactions determined to be an asset acquisition are capitalized. On January 5, 2017, the FASB issued ASU 2017-01, Business Combinations , or ASU 2017-01. ASU 2017-01 clarifies the definition of a business. The objective of ASU 2017-01 is to add further guidance that assists entities in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If so, the set of transferred asset and activities is not a business. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted using a prospective transition method. The Company adopted ASU 2017-01 effective October 1, 2016. As a result, the Company capitalized $7,285,000 of acquisition fees and expenses that would otherwise have been expensed under business combination treatment. Impairment of Long Lived Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. If based on this analysis the Company does not believe that it will be able to recover the carrying value of the asset, the Company will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the asset. No impairment loss has been recorded to date. When developing estimates of expected future cash flows, the Company makes certain assumptions regarding future market rental income amounts subsequent to the expiration of current lease arrangements, property operating expenses, terminal capitalization and discount rates, the number of months it takes to re-lease the property, required tenant improvements and the number of years the property will be held for investment. The use of alternative assumptions in the future cash flow analysis could result in a different determination of the property’s future cash flows and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the carrying value of the real estate and related assets. Real Estate Escrow Deposits Real estate escrow deposits include funds held by escrow agents and others to be applied towards the purchase of real estate, which are included in other assets in the accompanying consolidated balance sheets. 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, restricted cash, tenant receivables, property escrow deposits, prepaid expenses, accounts payable and accrued liabilities —The Company considered 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. Notes payable—Fixed Rate —The fair value is estimated by discounting the expected cash flows on notes payable at current rates at which management believes similar loans would be made considering the terms and conditions of the loan and prevailing market interest rates. Notes payable—Variable Rate —The carrying value of variable rate notes payable approximates fair value because they are interest rate adjustable. Secured credit facility—Fixed Rate —The fair value is estimated by discounting the expected cash flows on the fixed rate secured credit facility at current rates at which management believes similar borrowings would be made considering the terms and conditions of the borrowings and prevailing market interest rates. Secured credit facility—Variable Rate —The carrying value of the variable rate secured credit facility approximates fair value as the interest on the variable rate secured credit facility is calculated at the London Interbank Offered Rate, plus an applicable margin. The interest rate resets to market on a monthly basis. The fair value of the Company's variable rate secured credit facility is estimated based on the interest rates currently offered to the Company by financial institutions. Derivative instruments —The Company’s derivative instruments consist of interest rate swaps. These swaps are carried at fair value to comply with the provisions of ASC 820. The fair value of these instruments is determined using interest rate market pricing models. The Company incorporated credit valuation adjustments to appropriately reflect the Company’s nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize, or be liable for on disposition of the financial assets and liabilities. Noncontrolling Interest in Operating Partnership The Company is the sole general partner of the Operating Partnership and the Advisor is the initial limited partner of the Operating Partnership. The Company consolidates the Operating Partnership and reports unaffiliated partners’ interests in the Operating Partnership as noncontrolling interests. Noncontrolling interests are reported within the equity section of the consolidated financial statements, and amounts attributable to controlling and noncontrolling interests are reported separately in the accompanying consolidated statements of comprehensive income (loss) and accompanying consolidated statements of stockholders’ equity. Revenue Recognition, Tenant Receivables and Allowance for Uncollectible Accounts The Company recognizes revenue in accordance with Accounting Standards Codification, or ASC, 605, Revenue Recognition , or ASC 605. ASC 605 requires that all four of the following basic criteria be met before revenue is realized or realizable and earned: (1) there is persuasive evidence that an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the seller’s price to the buyer is fixed and determinable; and (4) collectability is reasonably assured. In accordance with ASC 840, Leases , minimum rental revenue is recognized on a straight-line basis over the term of the related lease (including rent holidays). Differences between rental income recognized and amounts contractually due under the lease agreements are credited or charged to deferred rent receivable or deferred rent liability, as applicable. Tenant reimbursement revenue, which is comprised of additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, is recognized as revenue in the period in which the related expenses are incurred. Tenant reimbursements are recognized and presented in accordance with ASC Subtopic 605-45, Revenue Recognition—Principal Agent Consideration, or ASC 605-45. ASC 605-45 requires that these reimbursements be recorded on a gross basis when the Company is the primary obligor with respect to purchasing goods and services from third-party suppliers, and thus, the Company has discretion in selecting the supplier and has credit risk. Tenant receivables and unbilled deferred rent receivables are carried net of the allowances for uncollectible current tenant receivables and unbilled deferred rent. An allowance will be maintained for estimated losses resulting from the inability of certain tenants to meet the contractual obligations under their lease agreements. The Company also maintains an allowance for deferred rent receivables arising from the straight-lining of rents. The Company’s determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the tenant’s financial condition, security deposits, letters of credit, lease guarantees and current economic conditions and other relevant factors. As of December 31, 2016 , the Company did no t have an allowance for uncollectible tenant receivables. Stock-based Compensation The Company accounts for stock-based compensation based upon the estimated fair value of the share awards. Accounting for stock-based compensation requires the fair value of the awards to be amortized as compensation expense over the period for which the services relate and requires any dividend equivalents earned to be treated as dividends for financial reporting purposes. See Note 17—"Stock-based Compensation" for a further discussion of stock-based compensation awards. 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 year ended December 31, 2016 , diluted earnings per share reflected the effect of 16,000 shares of non-vested shares of restricted common stock that were outstanding as of such period. For the years ended December 31, 2015 and December 31, 2014 , there were 15,750 and 9,000 shares, respectively, of non-vested restricted common stock outstanding, but such shares were excluded from the computation of diluted earnings per share because such shares were anti-dilutive during these 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 December 31, 2016 and 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. Derivative Instruments and Hedging Activities As required by ASC 815, Derivatives and Hedging , or ASC 815, the Company records all derivative instruments as assets and liabilities in the statement of financial position at fair value. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. For derivative instruments not designated as hedging instruments, the income or loss is recognized in the consolidated statements of comprehensive income (loss) during the current period. The Company is exposed to variability in expected future cash flows that are attributable to interest rate changes in the normal course of business. The Company’s primary strategy in entering into derivative contracts is to add stability to future cash flows by managing its exposure to interest rate movements. The Company utilizes derivative instruments, including interest rate swaps, to effectively convert some its variable rate debt to fixed rate debt. The Company does not enter into derivative instruments for speculative purposes. In accordance with ASC 815, the Company designates interest rate swap contracts as cash flow hedges of floating-rate borrowings. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the income or loss on the derivative instrument is reported as a component of other comprehensive income (loss) in the consolidated statements of comprehensive income (loss) and reclassified into earnings in the same line item associated with the forecasted transaction and the same period during which the hedged transaction affects earnings. The ineffective portion of the income or loss on the derivative instrument is recognized in the consolidated statements of comprehensive income (loss) during the current period. In accordance with the fair value measurement guidance ASU 2011-04, Fair Value Measurement , the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Concentration of Credit Risk and Significant Leases As of December 31, 2016 , the Company had cash on deposit, including restricted cash, in certain financial institutions that had deposits in excess of current federally insured levels; however, the Company has not experienced any losses in such accounts. 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 December 31, 2016 , the Company owned real estate investments in 29 MSAs, three of which accounted for 10.0% or more of contractual rental revenue. Real estate investments located in the Oklahoma City, Oklahoma MSA, the Houston-The Woodlands-Sugar Land, Texas MSA, and the Dallas-Fort Worth-Arlington, Texas MSA accounted for 15.7% , 12.8% , and 10.5% , respectively, of contractual rental revenue for the year ended December 31, 2016 . As of December 31, 2016 , the Company had two exposures to tenant concentration that accounted for 10.0% or more of contractual rental revenue. The leases with tenants under common control of the guarantor Post Acute Medical, LLC and the leases with Healthcare Partners Investments, LLC , each accounted for 11.1% of contractual rental revenue for the year ended December 31, 2016 . Stockholders’ Equity The Company’s charter authorizes the issuance of up to 600,000,000 shares of stock, consisting of 250,000,000 shares of Class A common stock and 250,000,000 shares of Class T common stock, $0.01 par value per share, and 100,000,000 shares of preferred stock, $0.01 par value per share. The company intends to issue up to $2,250,000,000 in Class A and Class T shares of common stock in its primary offering, and up to $100,000,000 in Class A and Class T shares of common stock pursuant to the DRIP. Other than the different fees with respect to each class and the payment of a distribution and servicing fee out of amounts otherwise distributable to Class T stockholders, Class A shares and Class T shares have identical rights and privileges, such as identical voting rights. The net proceeds from the sale of the two classes of shares will be commingled for investment purposes and all earnings from all of the investments will proportionally accrue to each share regardless of the class. The shares of common stock entitle the holders to one vote per share on all matters upon which stockholders are entitled to vote, to receive distributions as may be authorized by the Company’s board of directors, to receive all assets available for distribution to stockholders in accordance with the Maryland General Corporation Law and to all other rights of a stockholder pursuant to the Maryland General Corporation Law. The common stock has no preferences, preemptive, conversion, exchange, sinking fund or repurchase rights. As of December 31, 2016 , the Company had 83,109,025 shares of Class A and Class T common stock issued and 82,744,288 shares of Class A and Class T common stock outstanding, and no shares of preferred stock issued and outstanding. As of December 31, 2015 , the Company had 48,488,734 shares of Class A common stock issued and 48,457,191 shares of Class A common stock outstanding, and no shares of preferred stock issued and outstanding. The charter authorizes the Company’s board of directors, without stockholder approval, to designate and issue one or more classes or series of preferred stock and to set or change the voting, conversion or other rights, preferences, restrictions, limitations as to dividends or other distributions and qualification or terms or conditions of repurchase of each class of stock so issued. On January 20, 2017, we filed a Post-Effective Amendment to the Registration Statement to register Class I shares of common stock, which was declared effective on February 10, 2017 by the SEC. See Note 1—"Organization and Business Operations" and Note 22—"Subsequent Events" for further discussion regarding Class I common stock. Share Repurchase Program The Company’s share repurchase program allows for repurchases of shares of the Company’s common stock when certain criteria are met. The share repurchase program provides that all repurchases during any calendar year, including those redeemable upon death or a Qualifying Disability of a stockholder, are limited to those that can be funded with equivalent proceeds raised from the DRIP Offering during the prior calendar year and other operating funds, if any, as the board of directors, in its sole discretion, may reserve for this purpose. Repurchases of shares of the Company’s common stock are at the sole discretion of the Company’s board of directors. The Company will limit the number of shares repurchased pursuant to the share repurchase program as follows: during any calendar year, the Company will not repurchase in excess of 5.0% of the number of shares of common stock outstanding on December 31 st of the previous calendar year. In addition, the Company’s board of directors, in its sole discretion, may amend, suspend, reduce, terminate or otherwise change the share repurchase program upon 30 days' prior notice to the Company’s stockholders for any reason it deems appropriate. During the year ended December 31, 2016 , the Company received valid repurchase requests related to 333,194 Class A shares of common stock, or 0.69% of shares outstanding as of December 31, 2015, all of which were redeemed in full for an aggregate purchase price of approximately $3,114,000 (an average of $9.35 per share). During the year ended December 31, 2015 , the Company received valid repurchase requests related to 31,543 Class A shares of common stock, or 0.44% of shares outstanding as of December 31, 2014, all of which were redeemed in full for an aggregate purchase price of approximately $311,000 (an average of $9.86 per share). No shares of Class T common stock were requested to be, or were, repurchased during the years ended December 31, 2016 and December 31, 2015 . Distribution Policy and Distributions Payable In order to maintain its status as a REIT, the Company is required to make distributions each taxable year equal to at least 90% of its REIT taxable income, computed without regard to the dividends paid deduction and excluding capital gains. To the extent funds are available, the Company intends to continue to pay regular distributions to stockholders. Distributions are paid to stockholders of record as of the applicable record dates. As of December 31, 2016 , the Company paid aggregate distributions, since inception, of approximately $57,000,000 ( $24,198,000 in cash and $32,802,000 of which were reinvested in shares of common stock pursuant to the DRIP). Distributions are payable to stockholders from legally available funds therefor. The Company declared distributions per share of common stock in the amounts of $0.63 and $0.64 for the years ended December 31, 2016 and 2015 , respectively. As of December 31, 2016 , the Company had distributions payable of approximately $4,336,000 . Of these distributions payable, approximately $1,977,000 was paid in cash and approximately $2,359,000 was reinvested in shares of common stock pursuant to the DR

Real Estate Investments

Real Estate Investments	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments During the year ended December 31, 2016 , the Company purchased 23 real estate properties, of which 12 were determined to be business combinations and 11 were determined to be asset acquisitions. See Note 4—"Business Combinations" for further discussion of business combinations. The following table summarizes the consideration transferred for all real estate properties acquired during the year ended December 31, 2016 (amounts in thousands): Year Ended Investments in real estate: Purchase price of business combinations (1) $ 207,447 Purchase price of asset acquisitions (2) 329,236 Total purchase price of real estate investments acquired $ 536,683 (1) See Note 4—"Business Combinations" for management’s allocation of the fair value of the acquisitions determined to be business combinations during the year ended December 31, 2016 . (2) See below for management's allocation of the asset acquisitions during the year ended December 31, 2016 (amounts in thousands): Total Land $ 75,924 Buildings and improvements 222,176 In-place leases 29,091 Tenant improvements 2,045 Total assets acquired $ 329,236 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 consolidated statements of comprehensive income (loss) . Acquisition fees and expenses associated with transactions determined to be asset acquisitions are capitalized. The Company expensed acquisition fees and expenses of approximately $5,081,000 , $9,852,000 and $1,697,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. The Company capitalized acquisition fees and expenses of approximately $9,982,000 and $234,000 for the years ended December 31, 2016 and 2015 , respectively. The total amount of all acquisition fees and costs is 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 years ended December 31, 2016 and 2015 , acquisition fees and costs did not exceed 6.0% of the contract purchase price of the Company's acquisitions during such periods.

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Business Combinations	Business Combinations During the year ended December 31, 2016 , the Company completed the acquisition of 100% of the interests in 12 real estate properties ( four data centers and eight healthcare properties) that were determined to be business combinations. The aggregate purchase price of the acquisitions determined to be business combinations was $207,447,000 , plus closing costs. The following table summarizes the acquisitions determined to be business combinations during the year ended December 31, 2016 : Property Description Date Acquired Ownership Percentage HPI — Edmond 01/20/2016 100% HPI — Oklahoma City III 01/27/2016 100% HPI — Oklahoma City IV 01/27/2016 100% Alpharetta Data Center III 02/02/2016 100% Flint Data Center 02/02/2016 100% HPI — Newcastle 02/03/2016 100% HPI — Oklahoma City V 02/11/2016 100% HPI — Oklahoma City VI 03/07/2016 100% HPI — Oklahoma City VII 06/22/2016 100% Somerset Data Center 06/29/2016 100% Integris Lakeside Women's Hospital 06/30/2016 100% AT&T Hawthorne Data Center 09/27/2016 100% Results of operations for the acquisitions determined to be business combinations are reflected in the accompanying consolidated statements of comprehensive income (loss) for year ended December 31, 2016 for the period subsequent to the acquisition date of each property. For the period from the first acquisition date through December 31, 2016 , the Company recorded $8,722,000 in revenues and a net loss of $1,876,000 for its business combination acquisitions. The following table summarizes management’s allocation of the fair value of the acquisitions determined to be business combinations during the years ended December 31, 2016 and 2015 (amounts in thousands): Year Ended December 31, 2016 2015 Land $ 29,579 $ 33,844 Buildings and improvements 156,038 287,020 In-place leases 20,316 48,708 Tenant improvements 1,514 3,714 Ground leasehold assets — 644 Total assets acquired 207,447 373,930 Below-market leases — (7,500 ) Net assets acquired $ 207,447 $ 366,430 Assuming the business combinations described above had occurred on January 1, 2015, pro forma revenues and net income attributable to common stockholders would have been as follows for the periods listed below (amounts in thousands, except per share amounts, unaudited): Year Ended 2016 2015 Pro forma basis: Revenues $ 62,747 $ 50,900 Net income attributable to common stockholders $ 18,867 $ 18,255 Net income per common share attributable to common stockholders: Basic $ 0.25 $ 0.27 Diluted $ 0.25 $ 0.27 The condensed pro forma consolidated financial statements for the years ended December 31, 2016 and 2015 include pro forma adjustments related to the business combinations during 2016 and 2015 . The pro forma information for the years ended December 31, 2016 and 2015 was adjusted to exclude approximately $5,081,000 and $9,852,000 , respectively, 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.

Acquired Intangible Assets, Net

Acquired Intangible Assets, Net	12 Months Ended
	Dec. 31, 2016
Finite-Lived Intangible Assets, Net [Abstract]
Acquired Intangible Assets, Net	Acquired Intangible Assets, Net Acquired intangible assets, net, consisted of the following as of December 31, 2016 and 2015 (amounts in thousands, except weighted average life amounts): December 31, 2016 December 31, 2015 In-place leases, net of accumulated amortization of $7,918 and $1,967, respectively (with a weighted average remaining life of 12.8 years and 14.5 years, respectively) $ 97,232 $ 53,776 Above-market leases, net of accumulated amortization of $58 and $32, respectively (with a weighted average remaining life of 7.4 years and 8.4 years, respectively) 196 222 Ground lease interest, net of accumulated amortization of $19 and $9, respectively (with a weighted average remaining life of 66.8 years and 67.8 years, respectively) 625 635 $ 98,053 $ 54,633 The aggregate weighted average remaining life of the acquired intangible assets was 13.1 years and 15.1 years as of December 31, 2016 and December 31, 2015 , respectively. Amortization of the acquired intangible assets for the years ended December 31, 2016, 2015 and 2014 was $5,987,000 , $1,950,000 and $58,000 , respectively. Amortization of the above-market leases is recorded as an adjustment to rental income, amortization expense for the in-place leases is included in depreciation and amortization and amortization expense for the ground lease interest is included in rental expenses in the accompanying consolidated statements of comprehensive income (loss) . Estimated amortization expense on the acquired intangible assets as of December 31, 2016 and for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount 2017 $ 9,096 2018 9,011 2019 8,414 2020 7,911 2021 7,852 Thereafter 55,769 $ 98,053

Intangible Lease Liabilities, N

Intangible Lease Liabilities, Net	12 Months Ended
	Dec. 31, 2016
Intangible Lease Liabilities, Net [Abstract]
Intangible Lease Liabilities, Net	Intangible Lease Liabilities, Net Intangible lease liabilities, net, consisted of the following as of December 31, 2016 and December 31, 2015 (amounts in thousands, except weighted average life amounts): December 31, 2016 December 31, 2015 Below-market leases, net of accumulated amortization of $634 and $98, respectively (with a weighted average remaining life of 13.6 years and 14.5 years, respectively) $ 6,873 $ 7,409 $ 6,873 $ 7,409 Amortization of below-market leases for the years ended December 31, 2016, 2015 and 2014 was $536,000 , $98,000 and $0 , respectively. Amortization of below-market leases is recorded as an adjustment to rental income in the accompanying consolidated statements of comprehensive income (loss). Estimated amortization of the below-market leases as of December 31, 2016 and for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount 2017 $ 536 2018 536 2019 536 2020 536 2021 536 Thereafter 4,193 $ 6,873

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2016
Other Assets [Abstract]
Other Assets	Other Assets Other assets consisted of the following as of December 31, 2016 and 2015 (amounts in thousands): December 31, 2016 December 31, 2015 Deferred financing costs, related to the revolver portion of the secured credit facility, net of accumulated amortization of $1,789 and $802, respectively $ 3,071 $ 2,717 Real estate escrow deposits 290 443 Restricted cash held in escrow 6,458 1,927 Tenant receivable 3,126 2,065 Straight-line rent receivable 8,725 2,462 Prepaid and other assets 1,087 604 Derivative assets 1,782 — $ 24,539 $ 10,218 Amortization of deferred financing costs related to the revolver portion of the secured credit facility for the years ended December 31, 2016, 2015 and 2014 was $987,000 , $719,000 and $83,000 , respectively, which was recorded as interest expense in the accompanying consolidated statements of comprehensive income (loss).

Accounts Payable and Other Liab

Accounts Payable and Other Liabilities	12 Months Ended
	Dec. 31, 2016
Payables and Accruals [Abstract]
Accounts Payable and Other Liabilities	Accounts Payable and Other Liabilities Accounts payable and other liabilities, as of December 31, 2016 and December 31, 2015 , were comprised of the following (amounts in thousands): December 31, 2016 December 31, 2015 Accounts payable and accrued expenses $ 7,657 $ 2,283 Accrued interest expense 945 221 Accrued property taxes 1,164 505 Distributions payable to stockholders 4,336 2,548 Tenant deposits 1,551 1,848 Deferred rental income 733 839 Derivative liability 798 — $ 17,184 $ 8,244

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2016
Notes Payable [Abstract]
Notes Payable	Notes Payable The Company had $152,990,000 principal outstanding in notes payable collateralized by real estate assets as of December 31, 2016 . As of December 31, 2016 , the notes payable weighted average interest rate was 4.22% . The following table summarizes the notes payable balances as of December 31, 2016 (amounts in thousands): Interest Rates (1) Notes payable: December 31, 2016 Range Weighted Maturity Date Fixed rate notes payable $ 51,000 4.6% 4.6% 12/11/2021 Variable rate notes payable fixed through interest rate swaps 71,540 3.7% - 5.1% 4.3% 10/28/2021 - 12/26/2021 Variable rate notes payable (2) 30,450 3.5% 3.5% 12/07/2021 Total notes payable, principal amount outstanding $ 152,990 Unamortized deferred financing costs related to notes payable (1,945 ) Total notes payable, net of deferred financing costs $ 151,045 (1) Range of interest rates and weighted average interest rates are as of December 31, 2016 . (2) On December 16, 2016, the Company entered into an interest rate swap agreement in the amount of $30,450,000 with an effective date of January 3, 2017 . Significant loan activities since December 31, 2015 , excluding scheduled principal payments, include: • During the year ended December 31, 2016, the Company entered into four notes payable collateralized by real estate assets. • As of December 31, 2016 , the Company had two variable rate notes payable that were fixed through interest rate swaps. The principal payments due on the notes payable as of December 31, 2016 and for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands): Year Total Amount 2017 $ — 2018 50 2019 969 2020 1,355 2021 150,616 Thereafter — $ 152,990

Credit Facility

Credit Facility	12 Months Ended
	Dec. 31, 2016
Line of Credit Facility [Abstract]
Credit Facility	Credit Facility The Company's outstanding secured credit facility as of December 31, 2016 and December 31, 2015 consisted of the following (amounts in thousands): December 31, 2016 December 31, 2015 Secured credit facility: Revolving line of credit $ 120,000 $ 65,000 Term loan 100,000 25,000 Total secured credit facility, principal amount outstanding 220,000 90,000 Unamortized deferred financing costs related to the term loan secured credit facility (876 ) (103 ) Total secured credit facility, net of deferred financing costs $ 219,124 $ 89,897 Significant activities regarding the secured credit facility since December 31, 2015 include: • During the year ended December 31, 2016 , the Company drew $240,000,000 and repaid $110,000,000 on the secured credit facility. • During the year ended December 31, 2016 , the Company increased the borrowing base availability under the secured credit facility by $101,470,000 by adding 15 properties to the aggregate pool availability. • During the year ended December 31, 2016 , the Company entered into an interest rate swap agreement to effectively fix the London Interbank Offered Rate, or LIBOR, on $25,000,000 of the term loan of the secured credit facility. • On September 30, 2016, the Operating Partnership and certain of the Company's subsidiaries amended certain agreements related to the secured credit facility to increase the maximum commitments available under the secured credit facility from $265,000,000 to an aggregate of up to $315,000,000 , consisting of a $265,000,000 revolving line of credit, with a maturity date of December 22, 2018 , subject to the Operating Partnership’s right for two 12 -month extension periods, and a $50,000,000 term loan, with a maturity date of December 22, 2019 , subject to the Operating Partnership’s right for one 12 -month extension period. • On December 6, 2016, the Operating Partnership received a commitment increase letter from the existing lenders under the secured credit facility and Citizens Bank, N.A., Eastern Bank and Hancock Bank, as new lenders, to increase the maximum commitments available under the secured credit facility from $315,000,000 to an aggregate of up to $425,000,000 , consisting of a $325,000,000 revolving line of credit, with a maturity date of December 22, 2018 , subject to the Operating Partnership’s right for two 12 -month extension periods, and a $100,000,000 term loan, with a maturity date of December 22, 2019 , subject to the Operating Partnership’s right for one 12 -month extension period. • As of December 31, 2016 , the Company had a total pool availability under the secured credit facility of $279,358,000 and an aggregate outstanding principal balance of $220,000,000 . As of December 31, 2016 , $59,358,000 remained to be drawn on the secured credit facility. The principal payments due on the secured credit facility as of December 31, 2016 and for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount 2017 $ — 2018 120,000 2019 100,000 2020 — 2021 — Thereafter — $ 220,000 The proceeds of loans made under the secured credit facility may be used to finance the acquisitions of real estate investments, for tenant improvements and leasing commissions with respect to real estate, for repayment of indebtedness, for capital expenditures with respect to real estate, and for general corporate and working capital purposes. The secured credit facility can be increased to $550,000,000 , subject to certain conditions. The annual interest rate payable under the secured credit facility was, at the Operating Partnership's option, either: (a) LIBOR, plus an applicable margin ranging from 2.00% to 2.65% , which is determined based on the overall leverage of the Operating Partnership or (b) a base rate which means, for any day, a fluctuating rate per annum equal to the prime rate for such day plus an applicable margin ranging from 1.00% to 1.65% , which is determined based on the overall leverage of the Operating Partnership. In addition to interest, the Operating Partnership is required to pay a fee on the unused portion of the lenders’ commitments under the secured credit facility at a per annum rate equal to 0.30% if the average daily amount outstanding under the secured credit facility is less than 50% of the lenders’ commitments or 0.20% if the average daily amount outstanding under the secured credit facility is greater than 50% of the lenders’ commitments, and the unused fee is payable quarterly in arrears. As of December 31, 2016 , the interest rate on the variable rate portion of the credit facility was 2.62% and the interest rate on the variable rate fixed through interest rate swap on the credit facility was 2.91% . The actual amount of credit available under the secured credit facility is a function of certain loan-to-cost, loan-to-value and debt service coverage ratios contained in the secured credit facility agreement. The amount of credit available under the secured credit facility will be a maximum principal amount of the value of the assets that are included in the pool availability. The obligations of the Operating Partnership with respect to the secured credit facility agreement are guaranteed by the Company, including but not limited to, the payment of any outstanding indebtedness under the secured credit facility agreement and all terms, conditions and covenants of the secured credit facility agreement, as further discussed below. The secured credit facility agreement contains various affirmative and negative covenants that are customary for credit facilities and transactions of this type, including limitations on the incurrence of debt by the Operating Partnership and its subsidiaries that own properties that serve as collateral for the secured credit facility, limitations on the nature of the Operating Partnership’s business, and limitations on distributions by the Company, the Operating Partnership and its subsidiaries. The secured credit facility agreement imposes the following financial covenants, which are specifically defined in the secured credit facility agreement, on the Operating Partnership: (a) maximum ratio of indebtedness to gross asset value; (b) minimum ratio of adjusted consolidated earnings before interest, taxes, depreciation and amortization to consolidated fixed charges; (c) minimum tangible net worth; (d) minimum liquidity thresholds; (e) minimum quarterly equity raise; (f) minimum weighted average remaining lease term of properties in the collateral pool; and (g) minimum number of properties in the collateral pool. The Company was in compliance with all financial covenant requirements at December 31, 2016 .

Related-Party Transactions and

Related-Party Transactions and Arrangements	12 Months Ended
	Dec. 31, 2016
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 and servicing 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 and servicing fees) will be approximately 1.25% of the gross proceeds. As of December 31, 2016 , the Advisor and its affiliates incurred approximately $12,965,000 on the Company’s behalf in offering costs. The Company accrued approximately $289,000 of other organization and offering expenses as of December 31, 2016 . Other organization expenses are expensed as incurred and offering expenses are charged to stockholders’ equity as incurred. 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 years ended December 31, 2016 and 2015 , the Company incurred approximately $11,515,000 and $7,486,000 , respectively, 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. 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 net asset value, or NAV, multiplied by 0.0625% , once the Company begins calculating NAV) divided by (ii) the value of one 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 common 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 years ended December 31, 2016 , 2015 and 2014 , the Company incurred approximately $4,925,000 , $1,895,000 and $72,000 , respectively, in asset management fees. As of December 31, 2016 , 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. For the years ended December 31, 2016 , 2015 and 2014 , the Company incurred approximately $1,473,000 , $538,000 and $9,000 , respectively, in property management fees to the Property Manager, which are recorded in rental expenses in the accompanying consolidated statements of comprehensive income (loss). 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. As of December 31, 2016 , the Company did not incur any leasing commissions 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 years ended December 31, 2016 , 2015 and 2014 , the Company incurred approximately $754,000 , $0 and $0 , respectively, in construction management fees to the Property Manager. Construction management fees are capitalized in real estate, net in the accompanying consolidated balance sheets. 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. Expenses in excess of the operating expenses in the four immediately preceding quarters that exceeds the greater of (a) 2.0% of average invested assets or (b) 25% of net income, subject to certain adjustments, will not be reimbursed unless the independent directors determine such excess expenses are justified. 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. For the years ended December 31, 2016 , 2015 and 2014 , the Advisor allocated approximately $1,257,000 , $830,000 and $288,000 , respectively, in operating expenses to the Company. For the year ended December 31, 2014, the Advisor waived approximately $236,000 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. As of December 31, 2016 , the Company has not incurred 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. As of December 31, 2016 , the Company has not incurred any subordinated participation in net sale proceeds to the Advisor or its affiliates. Upon the listing of the Company’s shares on a national securities exchange, 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, or the subordinated incentive listing fee. As of December 31, 2016 , the Company has not incurred 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 subordinated termination fees 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 termination fee 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. As of December 31, 2016 , the Company has not incurred any subordinated termination fees to the Advisor or its affiliates. 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. 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 years ended December 31, 2016 , 2015 and 2014 , the Company incurred approximately $24,546,000 , $38,163,000 and $6,476,000 , respectively, for selling commissions and dealer manager fees in connection with the Offering to the Dealer Manager. The Company pays the Dealer Manager a distribution and servicing fee with respect to its Class T shares that are sold in the primary offering that accrues daily in an amount equal to 1/365th of 1.0% of the most recent offering price per Class T share sold in the primary offering on a continuous basis from year to year; provided, however, that upon the termination of the primary offering, the distribution and servicing fee will accrue daily in an amount equal to 1/365th of 1.0% of the most recent estimated NAV per Class T share on a continuous basis from year to year. Termination of such payment will commence on the earliest 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, (iii) there are no longer any Class T shares outstanding, or (iv) the fourth anniversary of the last day of the fiscal quarter in which the primary offering terminates. The Dealer Manager may re-allow the distribution and servicing fee to participating broker-dealers and servicing broker-dealers. The distribution and servicing fee will be paid monthly in arrears. The distribution and servicing fee will not be payable with respect to Class T shares issued under the DRIP. The Company does not pay a distribution and servicing fee with respect to Class A shares. For the years ended December 31, 2016 , 2015 and 2014 , the Company incurred approximately $6,213,000 , $0 and $0 , respectively, in distribution and servicing fees to the Dealer Manager. Accounts Payable Due to Affiliates The following amounts were outstanding due to affiliates as of December 31, 2016 and December 31, 2015 (amounts in thousands): Entity Fee December 31, 2016 December 31, 2015 Carter Validus Advisors II, LLC and its affiliates Asset management fees $ 627 $ 290 Carter Validus Real Estate Management Services II, LLC Property management fees 252 101 Carter Validus Real Estate Management Services II, LLC Construction management fees 323 — Carter Validus Advisors II, LLC and its affiliates General and administrative costs 138 96 Carter Validus Advisors II, LLC and its affiliates Offering costs 289 250 SC Distributors, LLC Distribution and servicing fees 5,750 — Carter Validus Advisors II, LLC and its affiliates Acquisition expenses and fees 5 4 $ 7,384 $ 741

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2016
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 years ended December 31, 2016 , 2015 and 2014 . 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, net. 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 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 consolidated financial statements and data included elsewhere in this Annual Report on Form 10-K . General and administrative expenses, acquisition related expenses, asset management fees, depreciation and amortization and interest expense, net 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 attributable to the revolving line of credit portion of the Company's secured credit facility and other assets not attributable to individual properties. Summary information for the reportable segments during the years ended December 31, 2016 , 2015 and 2014 , is as follows (amounts in thousands): Data Centers Healthcare Year Ended Revenue: Rental and tenant reimbursement revenue $ 12,929 $ 43,502 $ 56,431 Expenses: Rental expenses (2,509 ) (5,655 ) (8,164 ) Segment net operating income $ 10,420 $ 37,847 48,267 Expenses: General and administrative expenses (3,105 ) Acquisition related expenses (5,339 ) Asset management fees (4,925 ) Depreciation and amortization (19,211 ) Income from operations 15,687 Interest expense, net (4,390 ) Net income attributable to common stockholders $ 11,297 Data Centers Healthcare Year Ended Revenue: Rental and tenant reimbursement revenue $ 1,618 $ 19,668 $ 21,286 Expenses: Rental expenses (301 ) (2,535 ) (2,836 ) Segment net operating income $ 1,317 $ 17,133 18,450 Expenses: General and administrative expenses (2,133 ) Acquisition related expenses (10,250 ) Asset management fees (1,895 ) Depreciation and amortization (7,053 ) Loss from operations (2,881 ) Interest expense, net (1,886 ) Net loss attributable to common stockholders $ (4,767 ) Data Centers Healthcare Year Ended Revenue: Rental and tenant reimbursement revenue $ — $ 337 $ 337 Expenses: Rental expenses — (51 ) (51 ) Segment net operating income $ — $ 286 286 Expenses: General and administrative expenses (351 ) Acquisition related expenses (1,820 ) Asset management fees (72 ) Depreciation and amortization (185 ) Loss from operations (2,142 ) Interest expense, net (152 ) Net loss attributable to common stockholders $ (2,294 ) Assets by each reportable segment as of December 31, 2016 and December 31, 2015 are as follows (amounts in thousands): December 31, 2016 December 31, 2015 Assets by segment: Data centers $ 362,969 $ 44,207 Healthcare 653,416 427,878 All other 53,653 34,542 Total assets $ 1,070,038 $ 506,627 Capital additions and acquisitions by reportable segments for the years ended December 31, 2016 , 2015 and 2014 are as follows (amounts in thousands): Year Ended 2016 2015 2014 Capital additions and acquisitions by segment: Data centers $ 314,030 $ 43,815 $ — Healthcare 229,670 331,853 89,241 Total capital additions and acquisitions $ 543,700 $ 375,668 $ 89,241

Future Minimum Rent

Future Minimum Rent	12 Months Ended
	Dec. 31, 2016
Leases [Abstract]
Future Minimum Rent	Future Minimum Rent Rental Income 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 rent to be received from the Company’s investment in real estate assets under non-cancelable operating leases as of December 31, 2016 and for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount 2017 $ 69,485 2018 70,378 2019 70,209 2020 69,628 2021 70,877 Thereafter 614,311 $ 964,888 Rental Expense The Company has ground lease obligations that generally require fixed annual rental payments and may also include escalation clauses and renewal options. The future minimum rent obligations under non-cancelable ground leases as of December 31, 2016 and for each of the next five years ended December 31 and thereafter, are as follows (amounts in thousands): Year Amount 2017 $ 8 2018 8 2019 8 2020 8 2021 8 Thereafter 781 $ 821

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Notes payable—Fixed Rate —The estimated fair value of notes payable - fixed rate measured using quoted prices and observable inputs from similar liabilities (Level 2) was approximately $49,930,000 as of December 31, 2016 , as compared to the outstanding principal of $51,000,000 as of December 31, 2016 . The estimated fair value of notes payable - variable rate fixed through interest rate swap agreements (Level 2) was approximately $69,247,000 as of December 31, 2016 , as compared to the outstanding principal of $71,540,000 as of December 31, 2016 . Notes payable—Variable Rate —The outstanding principal of the notes payable – variable was $30,450,000 as of December 31, 2016 , which approximated its fair value. Secured credit facility —The outstanding principal of the secured credit facility – variable was $195,000,000 and $90,000,000 , which approximated its fair value as of December 31, 2016 and December 31, 2015 , respectively. The estimated fair value of the secured credit facility – variable rate fixed through an interest rate swap agreement (Level 2) was approximately $24,195,000 as of December 31, 2016 as compared to the outstanding principal of $25,000,000 as of December 31, 2016 . Derivative instruments —Considerable judgment is necessary to develop estimated fair values of financial instruments. Accordingly, the estimates presented herein are not necessarily indicative of the amount the Company could realize, or be liable for, on disposition of the financial instruments. The Company has determined that the majority of the inputs used to value its interest rate swaps fall within Level 2 of the fair value hierarchy. The credit valuation adjustments associated with these instruments utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and the respective counterparty. However, as of December 31, 2016 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions, and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps. As a result, the Company determined that its interest rate swaps valuation is classified in Level 2 of the fair value hierarchy. The following table shows the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2016 (amounts in thousands): December 31, 2016 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ 1,782 $ — $ 1,782 Total assets at fair value $ — $ 1,782 $ — $ 1,782 Liabilities: Derivative liabilities $ — $ 798 $ — $ 798 Total liabilities at fair value $ — $ 798 $ — $ 798 The Company did not have financial assets and liabilities required to be measured at fair value as of December 31, 2015 .

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated, and that qualify, as cash flow hedges is recorded in accumulated other comprehensive income in the accompanying consolidated statements of stockholders' equity and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the year ended December 31, 2016 , the Company's derivative instruments were used to hedge the variable cash flows associated with variable rate debt. The ineffective portion of changes in fair value of the derivatives are recognized directly in earnings. During the year ended December 31, 2016 , the Company recognized income of $144,000 due to ineffectiveness of its hedges of interest rate risk, which was recorded in interest expense, net in the accompanying consolidated statements of comprehensive income (loss) . Amounts reported in accumulated other comprehensive income related to the derivative will be reclassified to interest expense as interest payments are made on the Company’s variable rate debt. During the next twelve months, the Company estimates that an additional $755,000 will be reclassified from accumulated other comprehensive income as an increase to interest expense. See Note 14—"Fair Value" for a further discussion of the fair value of the Company’s derivative instruments. The following table summarizes the notional amount and fair value of the Company’s derivative instruments (amounts in thousands): Derivatives Balance Effective Maturity December 31, 2016 December 31, 2015 Outstanding Fair Value of Outstanding Fair Value of Asset (Liability) Asset (Liability) Interest rate swaps Other assets/Accounts 07/01/2016 to 12/22/2020 to $ 96,540 $ 1,782 $ (798 ) $ — $ — $ — The notional amount under the agreements is an indication of the extent of the Company’s involvement in the instruments at the time, but does not represent exposure to credit, interest rate or market risks. Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company designated the interest rate swaps as cash flow hedges to hedge the variability of the anticipated cash flows on its variable rate secured credit facility and notes payable. The change in fair value of the effective portion of the derivative instruments that are designated as hedges is recorded in other comprehensive income (loss), or OCI, in the accompanying consolidated statements of comprehensive income (loss) . The table below summarizes the amount of income and loss recognized on the interest rate derivatives designated as cash flow hedges for the year ended December 31, 2016 (amounts in thousands): Derivatives in Cash Flow Hedging Relationships Amount of Income Recognized Location of (Loss) Income Amount of (Loss) Year Ended December 31, 2016 Interest rate swaps $ 744 Interest expense, net $ (96 ) Total $ 744 $ (96 ) The Company did not have derivative instruments as of December 31, 2015 and 2014 . Credit Risk-Related Contingent Features The Company has agreements with each of its derivative counterparties that contain cross-default provisions, whereby if the Company defaults on certain of its indebtedness, then the Company could also be declared in default on its derivative obligation, resulting in an acceleration of payment thereunder. In addition, t he Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. The Company believes it mitigates its credit risk by entering into agreements with creditworthy counterparties. The Company records credit risk valuation adjustments on its interest rate swaps based on the respective credit quality of the Company and the counterparty. As of December 31, 2016 , the fair value of the derivative in a net liability position, including accrued interest but excluding any adjustment for nonperformance risk related to the agreement, was $844,000 . As of December 31, 2016 , there were no termination events or events of default related to the interest rate swaps. Tabular Disclosure Offsetting Derivatives The Company has elected not to offset derivative positions in its consolidated financial statements. The following tables present the effect on the Company’s financial position had the Company made the election to offset its derivative positions as of December 31, 2016 (amounts in thousands): Offsetting of Derivative Assets Gross Amounts Not Offset in the Balance Sheet Gross Gross Amounts Net Amounts of Financial Instruments Cash Collateral Net December 31, 2016 $ 1,782 $ — $ 1,782 $ — $ — $ 1,782 Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Balance Sheet Gross Gross Amounts Net Amounts of Financial Instruments Cash Collateral Net December 31, 2016 $ 798 $ — $ 798 $ — $ — $ 798 The Company did no t have any financial instruments hedged through interest rate swaps as of December 31, 2015. The Company reports derivatives in the accompanying consolidated balance sheets as other assets and accounts payable and other liabilities.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income The following table presents a rollforward of amounts recognized in accumulated other comprehensive income by component for the year ended December 31, 2016 (amounts in thousands): Unrealized Income on Derivative Accumulated Other Balance as of December 31, 2015 $ — $ — Other comprehensive income before reclassification 744 744 Amount of loss reclassified from accumulated other comprehensive income to net income (effective portion) 96 96 Other comprehensive income 840 840 Balance as of December 31, 2016 $ 840 $ 840 The following table presents reclassifications out of accumulated other comprehensive income for the year ended December 31, 2016 (amounts in thousands): Details about Accumulated Other Amounts Reclassified from Affected Line Items in the Consolidated Statements of Comprehensive Income (Loss) Year Ended 2016 Interest rate swap contracts $ 96 Interest expense, net

Stock-based Compensation

Stock-based Compensation	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Compensation	Stock-based Compensation On May 6, 2014, the Company adopted the Carter Validus Mission Critical REIT II, Inc. 2014 Restricted Share Plan, or the Incentive Plan, pursuant to which the Company has the power and authority to grant restricted or deferred stock awards to persons eligible under the Incentive Plan. The Company authorized and reserved 300,000 shares of its Class A shares for issuance under the Incentive Plan, subject to certain adjustments. Subject to certain limited exceptions, restricted stock may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of and is subject to forfeiture within the vesting period. Restricted stock awards generally vest ratably over four years. The Company uses the straight-line method to recognize expenses for service awards with graded vesting. Restricted stock awards are entitled to receive dividends during the vesting period. In addition to the ratable amortization of fair value over the vesting period, dividends paid on unvested shares of restricted stock which are not expected to vest are charged to compensation expense in the period paid. On June 24, 2016, the Company granted 3,000 restricted shares of Class A common stock to each of its independent directors, which were awarded in connection with their re-election to the Company’s board of directors. The fair value of each share of restricted common stock was estimated at the date of grant at $10.00 per share. The restricted stock awards vest over a period of four years. The awards are amortized using the straight-line method over four years. As of December 31, 2016 and 2015 , there was $167,000 and $135,000 , respectively, of total unrecognized compensation expense related to nonvested shares of the Company’s restricted Class A common stock. This expense is expected to be recognized over a remaining weighted average period of 2.51 years . This expected expense does not include the impact of any future stock-based compensation awards. As of December 31, 2016 and 2015 , the fair value of the nonvested shares of restricted Class A common stock was $183,668 and $157,500 , respectively. A summary of the status of the nonvested shares of restricted Class A common stock as of December 31, 2015 and the changes for the year ended December 31, 2016 is presented below: Restricted Stock Shares Weighted Average Grant Date Fair Value December 31, 2015 15,750 $ 10.00 Vested (4,500 ) $ 10.00 Granted 9,000 $ 10.00 December 31, 2016 20,250 Stock-based compensation expense for the years ended December 31, 2016, 2015 and 2014 was $58,000 , $34,000 and $11,000 , respectively, which is reported in general and administrative costs in the accompanying consolidated statements of comprehensive income (loss) .

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes As a REIT, the Company generally will not be subject to U.S. federal income tax on taxable income that it distributes to the stockholders. For U.S. federal income tax purposes, distributions to stockholders are characterized as either ordinary dividends, capital gain distributions, or nontaxable distributions. Nontaxable distributions will reduce U.S. stockholders’ respective bases in their shares. The following table shows the character of distributions the Company paid on a percentage basis during the years ended December 31, 2016 , 2015 and 2014: Year Ended December 31, Character of Class A Distributions: 2016 2015 2014 Ordinary dividends 34.23 % 33.81 % — % Nontaxable distributions 65.77 % 66.19 % 100.00 % Total 100.00 % 100.00 % 100.00 % Year Ended December 31, Character of Class T Distributions: 2016 2015 2014 Ordinary dividends 23.07 % — % — % Nontaxable distributions 76.93 % — % — % Total 100.00 % — % — % The Company is subject to certain state and local income taxes on income, property or net worth in some jurisdictions, and in certain circumstances may also be subject to federal excise tax on undistributed income. Texas, Tennessee and Massachusetts are the major state and local tax jurisdictions for the Company. The Company applies the rules under ASC 740-10, Accounting for Uncertainty in Income Taxes , for uncertain tax positions using a “more likely than not” recognition threshold for tax positions. Pursuant to these rules, the financial statement effects of a tax position are initially recognized when it is more likely than not, based on the technical merits of the tax position, that such a position will be sustained upon examination by the relevant tax authorities. If the tax benefit meets the “more likely than not” threshold, the measurement of the tax benefit will be based on the Company's estimate of the ultimate tax benefit to be sustained if audited by the taxing authority. The Company concluded there was no impact related to uncertain tax positions from the results of the operations of the Company for the years ended December 31, 2016 and 2015 . The earliest tax year subject to examination is 2014. The Company’s policy is to recognize accrued interest related to unrecognized tax benefits as a component of interest expense and penalties related to unrecognized tax benefits as a component of general and administrative expenses. From inception through December 31, 2016 , the Company has not recognized any interest expense or penalties related to unrecognized tax benefits.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitment and Contingencies Litigation In the ordinary course of business, the Company may become subject to litigation or claims. As of December 31, 2016 , there were, and currently there are, no material pending legal proceedings to which the Company is a party.

Economic Dependency

Economic Dependency	12 Months Ended
	Dec. 31, 2016
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 issuance; 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.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	Selected Quarterly Financial Data (Unaudited) Presented in the following table is a summary of the unaudited quarterly financial information for the years ended December 31, 2016 and 2015 . The Company believes that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly, and in accordance with GAAP, the selected quarterly information (amounts in thousands, except shares and per share data): 2016 Fourth Third Second First Revenue $ 19,210 $ 13,594 $ 12,203 $ 11,424 Expenses (11,711 ) (10,460 ) (9,638 ) (8,935 ) Income from operations 7,499 3,134 2,565 2,489 Interest expense, net (2,153 ) (626 ) (732 ) (879 ) Net income attributable to common stockholders $ 5,346 $ 2,508 $ 1,833 $ 1,610 Net income per common share attributable to common stockholders: Basic $ 0.07 $ 0.03 $ 0.03 $ 0.03 Diluted $ 0.07 $ 0.03 $ 0.03 $ 0.03 Weighted average number of common shares outstanding: Basic 78,728,400 71,852,230 63,514,780 53,666,785 Diluted 78,742,067 71,866,949 63,530,999 53,679,723 2015 Fourth Third Second First Revenue $ 9,025 $ 6,884 $ 3,067 $ 2,310 Expenses (9,184 ) (8,103 ) (4,661 ) (2,219 ) Loss from operations (159 ) (1,219 ) (1,594 ) 91 Interest expense, net (683 ) (542 ) (291 ) (370 ) Net loss attributable to common stockholders $ (842 ) $ (1,761 ) $ (1,885 ) $ (279 ) Net loss per common share attributable to common stockholders: Basic $ (0.02 ) $ (0.05 ) $ (0.08 ) $ (0.02 ) Diluted $ (0.02 ) $ (0.05 ) $ (0.08 ) $ (0.02 ) Weighted average number of common shares outstanding: Basic 43,735,330 34,794,832 24,058,949 11,612,028 Diluted 43,735,330 34,794,832 24,058,949 11,612,028

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions to Stockholders Paid On January 3, 2017, the Company paid aggregate distributions of approximately $3,773,000 to Class A stockholders ( $1,764,000 in cash and $2,009,000 in shares of the Company’s Class A common stock pursuant to the DRIP), which related to distributions declared for each day in the period from December 1, 2016 through December 31, 2016. On February 1, 2017, the Company paid aggregate distributions of approximately $3,846,000 to Class A stockholders ( $1,820,000 in cash and $2,026,000 in shares of the Company’s Class A common stock pursuant to the DRIP), which related to distributions declared for each day in the period from January 1, 2017 through January 31, 2017. On March 1, 2017, the Company paid aggregate distributions of approximately $3,531,000 to Class A stockholders ( $1,682,000 in cash and $1,849,000 in shares of the Company’s Class A common stock pursuant to the DRIP), which related to distributions declared for each day in the period from February 1, 2017 through February 28, 2017. On January 3, 2017, the Company paid aggregate distributions of approximately $563,000 to Class T stockholders ( $213,000 in cash and $350,000 in shares of the Company's Class T common stock pursuant to the DRIP), which related to distributions declared for each day in the period from December 1, 2016 through December 31, 2016. On February 1, 2017, the Company paid aggregate distributions of approximately $636,000 to Class T stockholders ( $250,000 in cash and $386,000 in shares of the Company's Class T common stock pursuant to the DRIP), which related to distributions declared for each day in the period from January 1, 2017 through January 31, 2017. On March 1, 2017, the Company paid aggregate distributions of approximately $630,000 to Class T stockholders ( $249,000 in cash and $381,000 in shares of the Company's Class T common stock pursuant to the DRIP), which related to distributions declared for each day in the period from February 1, 2017 through February 28, 2017. Distributions Declared Class A Shares On February 8, 2017, the board of directors of the Company approved and declared a distribution to the Company’s Class A stockholders of record as of the close of business on each day of the period commencing on March 1, 2017 and ending on May 31, 2017. The distributions will be calculated based on 365 days in the calendar year and will be equal to $0.001767101 per share of Class A common stock, which will be equal to an annualized distribution rate of 6.40% , assuming a purchase price of $10.078 per share of Class A common stock. The distributions declared for each record date in March 2017, April 2017 and May 2017 will be paid in April 2017, May 2017 and June 2017, respectively. The distributions will be payable to stockholders from legally available funds therefor. Class I Shares On February 8, 2017, the board of directors of the Company approved and declared a daily distribution to the Company’s Class I stockholders of record as of the close of business on each day of the period following the date on which the first Class I share was purchased in the Offering and ending May 31, 2017. The distribution will be calculated based on 365 days in the calendar year and will be equal to $0.001767101 per share of Class I common stock, which will be equal to an annualized distribution rate of 7.04% , assuming a purchase price of $9.162 per share. The distributions declared for each record date in February 2017, March 2017, April 2017 and May 2017 will be paid in March 2017, April 2017, May 2017 and June 2017, respectively. The distributions will be payable to stockholders from legally available funds therefor. Class T Shares On February 8, 2017, the board of directors of the Company approved and declared a daily distribution to the Company’s Class T stockholders of record as of the close of business on each day of the period commencing on March 1, 2017 and ending May 31, 2017. The distribution will be calculated based on 365 days in the calendar year and will be equal to $0.001501543 per share of Class T common stock, which will be equal to an annualized distribution rate of 5.68% , assuming a purchase price of $9.649 per share. The distributions declared for each record date in March 2017, April 2017 and May 2017 will be paid in April 2017, May 2017 and June 2017, respectively. The distributions will be payable to stockholders from legally available funds therefor. Status of the Offering As of March 10, 2017 , the Company had accepted investors’ subscriptions for and issued approximately 72,987,000 shares of Class A common stock, 4,000 shares of Class I common stock and 16,236,000 shares of Class T common stock in the Offering, resulting in receipt of gross proceeds of approximately $723,298,000 , $40,000 and $155,291,000 , respectively, including shares of its common stock issued pursuant to its DRIP. As of March 10, 2017 , the Company had approximately $1,471,371,000 in Class A shares, Class I shares and Class T shares of common stock remaining in the Offering. Articles Supplementary On January 13, 2017, the Company filed Articles Supplementary to the Second Articles of Amendment and Restatement with the State Department of Assessments and Taxation of Maryland reclassifying a portion of our Class A shares and Class T shares as Class I shares. Amendments to Certain Agreements Fifth Amendment to the Dealer Manager Agreement On February 9, 2017, the Company entered into the fifth amendment to the dealer manager agreement with the Advisor and Dealer Manager to incorporate the terms of Class I shares. Pursuant to such fifth amendment, the Dealer Manager may receive a dealer manager fee in an amount equal to up to 2.0% of the gross offering proceeds from the sale of Class I shares, of which 1.0% will be funded by the Advisor without reimbursement from the Company. The Dealer Manager will not be entitled to receive selling commissions or distribution and servicing fees with respect to Class I shares and will not receive a dealer manager fee with respect to Class I shares sold pursuant to the DRIP. Second Amendment to the Operating Partnership Agreement On February 9, 2017, the Company entered into the second amendment to the Amended and Restated Agreement of Limited Partnership of the Company's Operating Partnership with the Advisor primarily to incorporate the terms of Class I shares and also to make changes to certain tax provisions related to the 2015 Budget Act (as defined therein). Third Amended and Restated Distribution Reinvestment Plan On January 17, 2017, the Company's board of directors approved and adopted the Third Amended and Restated Distribution Reinvestment Plan (the “Third Amended DRIP”), which became effective on February 20, 2017. The purpose of the Third Amended DRIP, which was included as Appendix E to the Company's prospectus, is to allow Class I stockholders to elect to have cash distributions attributable to Class I shares owned automatically reinvested in additional Class I shares. Pursuant to the Third Amended DRIP, during the time that the Company’s initial public offering or any follow-on offering is effective, the purchase price per Class A share, Class I share and Class T share will be equal to the most recent estimated value per share of each respective class, as determined by the Company’s board of directors. The Third Amended DRIP also provides that the purchase price per Class A share, Class I share and/or Class T share may be amended from time to time by the board based upon changes in the Company’s estimated value per share and other factors the board deems relevant. The most recent estimated value per share of $9.07 for each of our Class A common stock and Class T common stock serves as the purchase price per Class A share, Class I share and Class T share in the Company's distribution reinvestment plan. Second Amended and Restated Share Repurchase Program On January 17, 2017, the Company's board of directors approved and adopted the Second Amended and Restated Share Repurchase Program, which became effective on February 10, 2017. The purpose of the Second Amended and Restated Share Repurchase Program is to allow Class I stockholders who have held their shares for at least one year (unless an exception applies) to present for repurchase all or a portion of their Class I shares. Acquisitions The following table summarizes properties acquired subsequent to December 31, 2016 and through March 16, 2017: Property (1) Date Acquired Purchase Price (2) Ownership Tempe Data Center 01/26/2017 $16,174,950 100% (1) The property is leased to a single tenant. (2) The property acquisition was funded using net proceeds from the Offering and the secured credit facility.

Schedule III - Real Estate Asse

Schedule III - Real Estate Assets and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate Assets and Accumulated Depreciation	CARTER VALIDUS MISSION CRITICAL REIT II, INC. SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION December 31, 2016 (in thousands) Initial Cost Cost Gross Amount Property Description Location Encumbrances Land Buildings and Land Buildings and Total Accumulated Year Date Cy Fair Surgical Center Houston, TX $ — (a) $ 762 $ 2,970 $ 106 $ 762 $ 3,076 $ 3,838 $ 244 1993 07/31/2014 Mercy Healthcare Facility Cincinnati, OH — (a) 356 3,167 19 356 3,186 3,542 210 2001 10/29/2014 Winston-Salem, NC IMF Winston-Salem, NC — (a) 684 4,903 — 684 4,903 5,587 298 2004 12/17/2014 New England Sinai Medical Center Stoughton, MA — (a) 4,049 19,977 1,816 4,049 21,793 25,842 1,072 1967/1973 (d) 12/23/2014 Baylor Surgical Hospital at Fort Worth Fort Worth, TX — (a) 8,297 35,615 — 8,297 35,615 43,912 1,906 2014 12/31/2014 Baylor Surgical Hospital Integrated Medical Facility Fort Worth, TX — (a) 367 1,587 164 367 1,751 2,118 155 2014 12/31/2014 Winter Haven Healthcare Facility Winter Haven, FL — — 2,805 — — 2,805 2,805 152 2009 01/27/2015 Heartland Rehabilitation Hospital Overland Park, KS — (a) 1,558 20,549 — 1,558 20,549 22,107 1,013 2014 02/17/2015 Indianapolis Data Center Indianapolis, IN — (a) 524 6,422 (6 ) 524 6,416 6,940 279 2000 (e) 04/01/2015 Clarion IMF Clarion, PA — (a) 462 5,377 — 462 5,377 5,839 280 2012 06/01/2015 Post Acute Webster Rehabilitation Hospital Webster, TX — (a) 1,858 20,140 — 1,858 20,140 21,998 814 2015 06/05/2015 Eagan Data Center Eagan, MN — (a) 768 5,037 — 768 5,037 5,805 240 1998 (f) 06/29/2015 Houston Surgical Hospital and LTACH Houston, TX — (a) 8,329 36,297 — 8,329 36,297 44,626 1,566 1950 (g) 06/30/2015 KMO IMF - Cincinnati I Cincinnati, OH — (a) 1,812 24,382 — 1,812 24,382 26,194 1,065 1959 (h) 07/22/2015 KMO IMF - Cincinnati II Cincinnati, OH — (a) 446 10,239 4 446 10,243 10,689 397 2014 07/22/2015 KMO IMF - Florence Florence, KY — (a) 650 9,919 1 650 9,920 10,570 383 2014 07/22/2015 KMO IMF - Augusta Augusta, ME — (a) 556 14,401 — 556 14,401 14,957 594 2010 07/22/2015 KMO IMF - Oakland Oakland, ME — (a) 229 5,416 — 229 5,416 5,645 241 2003 07/22/2015 Reading Surgical Hospital Wyomissing, PA — (a) 1,504 20,193 — 1,504 20,193 21,697 796 2007 07/24/2015 Post Acute Warm Springs Specialty Hospital of Luling Luling, TX — (a) 824 7,530 — 824 7,530 8,354 295 2002 07/30/2015 Minnetonka Data Center Minnetonka, MN — (a) 2,085 15,099 25 2,085 15,124 17,209 728 1985 08/28/2015 Nebraska Healthcare Facility Omaha, NE — (a) 1,259 9,796 — 1,259 9,796 11,055 311 2014 10/14/2015 Heritage Park - Sherman I Sherman, TX — (a) 1,679 23,926 — 1,679 23,926 25,605 699 2005 (i) 11/20/2015 Heritage Park - Sherman II Sherman, TX — (a) 214 3,209 — 214 3,209 3,423 95 2005 11/20/2015 Baylor Surgery Center at Fort Worth Fort Worth, TX — (a) 3,120 9,312 — 3,120 9,312 12,432 255 1998 (j) 12/23/2015 HPI - Oklahoma City I Oklahoma City, OK — (a) 4,626 30,509 — 4,626 30,509 35,135 863 1985 (k) 12/29/2015 HPI - Oklahoma City II Oklahoma City, OK — (a) 991 8,366 — 991 8,366 9,357 252 1994 (l) 12/29/2015 Waco Data Center Waco, TX — (a) 873 8,233 — 873 8,233 9,106 217 1956 (m) 12/30/2015 HPI - Edmond Edmond, OK — (a) 796 3,199 — 796 3,199 3,995 90 2002 01/20/2016 HPI - Oklahoma City III Oklahoma City, OK — (a) 452 1,081 — 452 1,081 1,533 31 2007 01/27/2016 Initial Cost Cost Gross Amount Property Description Location Encumbrances Land Buildings and Land Buildings and Total Accumulated Year Date HPI - Oklahoma City IV Oklahoma City, OK — (a) 368 2,344 — 368 2,344 2,712 66 2006 01/27/2016 Alpharetta Data Center III Alpharetta, GA — 3,395 11,081 — 3,395 11,081 14,476 269 1999 02/02/2016 Flint Data Center Flint, MI — (a) 111 7,001 — 111 7,001 7,112 166 1987 02/02/2016 HPI - Newcastle Newcastle, OK — (a) 412 1,173 — 412 1,173 1,585 31 1995 (n) 02/03/2016 HPI - Oklahoma City V Oklahoma City, OK — (a) 541 12,445 — 541 12,445 12,986 321 2008 02/11/2016 Vibra Rehabilitation Hospital Rancho Mirage, CA — 2,724 — 14,762 2,724 14,762 17,486 (o) (o) 03/01/2016 HPI - Oklahoma City VI Oklahoma City, OK — (a) 896 3,684 — 896 3,684 4,580 89 2007 03/07/2016 Tennessee Data Center Franklin, TN — 6,624 10,971 — 6,624 10,971 17,595 232 2015 03/31/2016 HPI - Oklahoma City VII Oklahoma City, OK — 3,203 32,380 — 3,203 32,380 35,583 460 2016 06/22/2016 Post Acute Las Vegas Rehabilitation Hospital Las Vegas, NV — 2,614 — 5,361 2,614 5,361 7,975 (p) (p) 06/24/2016 Somerset Data Center Somerset, NJ — (a) 906 10,466 — 906 10,466 11,372 164 1973 (q) 06/29/2016 Integris Lakeside Women's Hospital Oklahoma City, OK — (a) 2,002 15,384 — 2,002 15,384 17,386 216 1997 (r) 06/30/2016 AT&T Hawthorne Data Center Hawthorne, CA 39,750 16,498 57,312 — 16,498 57,312 73,810 425 1963 (s) 09/27/2016 McLean I McLean, VA 23,460 31,554 4,930 — 31,554 4,930 36,484 28 1966 (t) 10/17/2016 McLean II McLean, VA 27,540 20,392 22,727 — 20,392 22,727 43,119 122 1991 (u) 10/17/2016 Select Medical Rehabilitation Facility Marlton, NJ 31,790 — 57,154 — — 57,154 57,154 179 1995 11/01/2016 Andover Data Center II Andover, MA — (a) 6,566 28,072 — 6,566 28,072 34,638 100 2000 11/08/2016 Grand Rapids Healthcare Facility Grand Rapids, MI 30,450 2,533 39,487 — 2,533 39,487 42,020 54 2008 12/07/2016 Corpus Christi Surgery Center Corpus Christi, TX — 975 4,963 — 975 4,963 5,938 6 1992 12/22/2016 Chicago Data Center II Downers Grove, IL — 1,329 29,940 — 1,329 29,940 31,269 33 1987 (v) 12/28/2016 Blythewood Data Center Blythewood, SC — 612 17,714 — 612 17,714 18,326 19 1983 12/29/2016 $ 152,990 $ 154,385 $ 738,884 $ 22,252 $ 154,385 $ 761,136 $ 915,521 $ 18,521 (a) Property collateralized under the secured credit facility. As of December 31, 2016 , 37 commercial properties were collateralized under the secured credit facility and the Company had $220,000,000 aggregate principal amount outstanding thereunder. (b) The aggregated cost for federal income tax purposes is approximately $848,083,000 . (c) The Company’s assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, buildings and improvements are depreciated over 15 - 40 years. (d) The New England Sinai Medical Center consists of two buildings and was renovated beginning in 1997 . (e) The Indianapolis Data Center was renovated in 2014 . (f) The Eagan Data Center was renovated in 2015 . (g) The Houston Surgical Hospital and LTACH was renovated in 2005 and 2008 . (h) The KMO IMF - Cincinnati I was renovated in 1970 and 2013 . (i) The Heritage Park - Sherman I was renovated in 2010 . (j) The Baylor Surgery Center at Fort Worth was renovated in 2007 and 2015 . (k) The HPI - Oklahoma City I was renovated in 1998 and 2003 . (l) The HPI - Oklahoma City II was renovated in 1999 . (m) The Waco Data Center was renovated in 2009 . (n) The HPI - Newcastle was renovated in 1999 . (o) As of December 31, 2016, the Vibra Rehabilitation Hospital was under construction; therefore, depreciation is not applicable. (p) As of December 31, 2016, the Post Acute Las Vegas Rehabilitation Hospital was under construction; therefore, depreciation is not applicable. (q) The Somerset Data Center was renovated in 2006 . (r) The Integris Lakeside Women's Hospital was renovated in 2008 . (s) The AT&T Hawthorne Data Center was renovated in 1983 and 2001 . (t) The McLean I was renovated in 1998 . (u) The McLean II was renovated in 1998 . (v) The Chicago Data Center II was renovated in 2016 . CARTER VALIDUS MISSION CRITICAL REIT II, INC. SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (CONTINUED) December 31, 2016 (in thousands) 2016 2015 2014 Real Estate Balance at beginning of year $ 415,776 $ 82,748 $ — Additions: Acquisitions 479,011 331,524 82,734 Improvements 20,734 1,504 14 Balance at end of year $ 915,521 $ 415,776 $ 82,748 Accumulated Depreciation Balance at beginning of year $ (5,262 ) $ (133 ) $ — Depreciation (13,259 ) (5,129 ) (133 ) Balance at end of year $ (18,521 ) $ (5,262 ) $ (133 )

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying 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. On January 1, 2016, the Company adopted Accounting Standards Update, or ASU, ASU 2015-02, Amendments to the Consolidation Analysis, which amends the current consolidation guidance affecting both the variable interest entity, or VIE, and voting interest entity, or VOE, consolidation models. The standard does not add or remove any of the characteristics in determining if an entity is a VIE or VOE, but rather enhances the way the Company assesses some of these characteristics. The Operating Partnership meets the criteria as a VIE, the Company is the primary beneficiary and, accordingly, the Company continues to consolidate the Operating Partnership. The Company’s sole asset is its investment in the Operating Partnership, and consequently, all of the Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Company’s debt is an obligation of the Operating Partnership.
Use of Estimates	Use of Estimates The preparation of the consolidated 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 ongoing 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.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value.
Restricted Cash Held in Escrow	Restricted Cash Held in Escrow Restricted cash held in escrow includes cash held in escrow accounts for capital improvements for certain properties as well as cash held by lenders in escrow accounts for tenant and capital improvements, repairs and maintenance and other lender reserves for certain properties, in accordance with the respective lender’s loan agreement. Contributions and receipts of escrowed funds for capital improvements have been classified as investing activities and contributions and receipts of escrowed funds pursuant to loan agreements have been classified as financing activities in the consolidated statements of cash flows. Restricted cash held in escrow is reported in other assets in the accompanying consolidated balance sheets. See Note 7—"Other Assets" .
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs are loan fees, legal fees and other third-party costs associated with obtaining financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity unless specific rules are met that would allow for the carryover of such costs to the refinanced debt. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close. On January 1, 2016, the Company adopted ASU 2015-03, Interest — Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, and ASU 2015-15, Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated With Line-of-Credit Arrangements, or ASUs 2015-03 and 2015-15. According to ASUs 2015-03 and 2015-15, deferred financing costs related to a recognized debt liability in connection with term loans, including the term loan portion of the Company's credit facility, are presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. Deferred financing costs related to the revolving line of credit portion of the Company's secured credit facility are presented in the balance sheet as an asset, which is included in other assets on the consolidated balance sheet. As required, the Company retrospectively applied the guidance in ASUs 2015-03 and 2015-15 to the prior period presented, which resulted in a decrease of $103,000 in other assets and credit facility on the consolidated balance sheet as of December 31, 2015.
Investment in Real Estate	Investment in Real Estate Real estate costs related to the acquisition, development, construction and improvement of properties are capitalized. Repair and maintenance costs are expensed as incurred and significant replacements and betterments are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset in determining the appropriate useful life. Real estate assets, other than land, are depreciated or amortized on a straight-line basis over each asset’s useful life. The Company anticipates the estimated useful lives of its assets by class as follows: Buildings and improvements 15 – 40 years Tenant improvements Shorter of lease term or expected useful life Furniture, fixtures, and equipment 3 – 10 years Improvements in process —
Allocation of Purchase Price of Real Estate	Allocation of Purchase Price of Real Estate Business Combinations Upon the acquisition of real properties determined to be business combinations, the Company allocates the purchase price of properties to acquired tangible assets, consisting of land, buildings and improvements, and acquired intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, based in each case on their estimated fair values. The fair values of the tangible assets of an acquired property (which includes land, buildings and improvements) are determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and buildings and improvements based on management’s determination of the relative fair value of these assets. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. In estimating carrying costs, management includes real estate taxes, insurance, and other operating expenses during the expected lease-up periods based on current market conditions. The fair values of above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) an estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease including any fixed rate bargain renewal periods, with respect to a below-market lease. The above-market and below-market lease values are capitalized as intangible lease assets or liabilities. Above-market lease values are amortized as an adjustment of rental income over the remaining terms of the respective leases. Below-market leases are amortized as an adjustment of rental income over the remaining terms of the respective leases, including any fixed rate bargain renewal periods. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above-market and below-market in-place lease values related to that lease would be recorded as an adjustment to rental income. The fair values of in-place leases include an estimate of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rentals that are avoided by acquiring an in-place lease. Direct costs associated with obtaining a new tenant include commissions, tenant improvements, and other direct costs and are estimated based on management’s consideration of current market costs to execute a similar lease. The value of opportunity costs is calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. These lease intangibles are amortized to expense over the remaining terms of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed. Asset Acquisitions Upon the acquisition of real estate properties determined to be asset acquisitions, the Company allocates the purchase price of such properties to acquired tangible assets, consisting of land and buildings and improvements, and acquired intangible assets, based on a relative fair value method allocating all accumulated costs.
Acquisition Fees and Expenses	Acquisition Fees and Expenses Acquisition fees and expenses associated 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 consolidated statements of comprehensive income (loss) . Acquisition fees and expenses associated with transactions determined to be an asset acquisition are capitalized. On January 5, 2017, the FASB issued ASU 2017-01, Business Combinations , or ASU 2017-01. ASU 2017-01 clarifies the definition of a business. The objective of ASU 2017-01 is to add further guidance that assists entities in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If so, the set of transferred asset and activities is not a business. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted using a prospective transition method. The Company adopted ASU 2017-01 effective October 1, 2016. As a result, the Company capitalized $7,285,000 of acquisition fees and expenses that would otherwise have been expensed under business combination treatment.
Impairment of Long Lived Assets	Impairment of Long Lived Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. If based on this analysis the Company does not believe that it will be able to recover the carrying value of the asset, the Company will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the asset. No impairment loss has been recorded to date. When developing estimates of expected future cash flows, the Company makes certain assumptions regarding future market rental income amounts subsequent to the expiration of current lease arrangements, property operating expenses, terminal capitalization and discount rates, the number of months it takes to re-lease the property, required tenant improvements and the number of years the property will be held for investment. The use of alternative assumptions in the future cash flow analysis could result in a different determination of the property’s future cash flows and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the carrying value of the real estate and related assets.
Real Estate Escrow Deposits	Real Estate Escrow Deposits Real estate escrow deposits include funds held by escrow agents and others to be applied towards the purchase of real estate, which are included in other assets in the accompanying consolidated balance sheets.
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, restricted cash, tenant receivables, property escrow deposits, prepaid expenses, accounts payable and accrued liabilities —The Company considered 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. Notes payable—Fixed Rate —The fair value is estimated by discounting the expected cash flows on notes payable at current rates at which management believes similar loans would be made considering the terms and conditions of the loan and prevailing market interest rates. Notes payable—Variable Rate —The carrying value of variable rate notes payable approximates fair value because they are interest rate adjustable. Secured credit facility—Fixed Rate —The fair value is estimated by discounting the expected cash flows on the fixed rate secured credit facility at current rates at which management believes similar borrowings would be made considering the terms and conditions of the borrowings and prevailing market interest rates. Secured credit facility—Variable Rate —The carrying value of the variable rate secured credit facility approximates fair value as the interest on the variable rate secured credit facility is calculated at the London Interbank Offered Rate, plus an applicable margin. The interest rate resets to market on a monthly basis. The fair value of the Company's variable rate secured credit facility is estimated based on the interest rates currently offered to the Company by financial institutions. Derivative instruments —The Company’s derivative instruments consist of interest rate swaps. These swaps are carried at fair value to comply with the provisions of ASC 820. The fair value of these instruments is determined using interest rate market pricing models. The Company incorporated credit valuation adjustments to appropriately reflect the Company’s nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize, or be liable for on disposition of the financial assets and liabilities.
Noncontrolling Interest in Operating Partnership	Noncontrolling Interest in Operating Partnership The Company is the sole general partner of the Operating Partnership and the Advisor is the initial limited partner of the Operating Partnership. The Company consolidates the Operating Partnership and reports unaffiliated partners’ interests in the Operating Partnership as noncontrolling interests. Noncontrolling interests are reported within the equity section of the consolidated financial statements, and amounts attributable to controlling and noncontrolling interests are reported separately in the accompanying consolidated statements of comprehensive income (loss) and accompanying consolidated statements of stockholders’ equity.
Revenue Recognition, Tenant Receivables and Allowance for Uncollectible Accounts	Revenue Recognition, Tenant Receivables and Allowance for Uncollectible Accounts The Company recognizes revenue in accordance with Accounting Standards Codification, or ASC, 605, Revenue Recognition , or ASC 605. ASC 605 requires that all four of the following basic criteria be met before revenue is realized or realizable and earned: (1) there is persuasive evidence that an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the seller’s price to the buyer is fixed and determinable; and (4) collectability is reasonably assured. In accordance with ASC 840, Leases , minimum rental revenue is recognized on a straight-line basis over the term of the related lease (including rent holidays). Differences between rental income recognized and amounts contractually due under the lease agreements are credited or charged to deferred rent receivable or deferred rent liability, as applicable. Tenant reimbursement revenue, which is comprised of additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, is recognized as revenue in the period in which the related expenses are incurred. Tenant reimbursements are recognized and presented in accordance with ASC Subtopic 605-45, Revenue Recognition—Principal Agent Consideration, or ASC 605-45. ASC 605-45 requires that these reimbursements be recorded on a gross basis when the Company is the primary obligor with respect to purchasing goods and services from third-party suppliers, and thus, the Company has discretion in selecting the supplier and has credit risk. Tenant receivables and unbilled deferred rent receivables are carried net of the allowances for uncollectible current tenant receivables and unbilled deferred rent. An allowance will be maintained for estimated losses resulting from the inability of certain tenants to meet the contractual obligations under their lease agreements. The Company also maintains an allowance for deferred rent receivables arising from the straight-lining of rents. The Company’s determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the tenant’s financial condition, security deposits, letters of credit, lease guarantees and current economic conditions and other relevant factors. As of December 31, 2016 , the Company did no t have an allowance for uncollectible tenant receivables.
Stock-based Compensation	Stock-based Compensation The Company accounts for stock-based compensation based upon the estimated fair value of the share awards. Accounting for stock-based compensation requires the fair value of the awards to be amortized as compensation expense over the period for which the services relate and requires any dividend equivalents earned to be treated as dividends for financial reporting purposes. See Note 17—"Stock-based Compensation" for a further discussion of stock-based compensation awards.
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 year ended December 31, 2016 , diluted earnings per share reflected the effect of 16,000 shares of non-vested shares of restricted common stock that were outstanding as of such period. For the years ended December 31, 2015 and December 31, 2014 , there were 15,750 and 9,000 shares, respectively, of non-vested restricted common stock outstanding, but such shares were excluded from the computation of diluted earnings per share because such shares were anti-dilutive during these 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 December 31, 2016 and 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.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities As required by ASC 815, Derivatives and Hedging , or ASC 815, the Company records all derivative instruments as assets and liabilities in the statement of financial position at fair value. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. For derivative instruments not designated as hedging instruments, the income or loss is recognized in the consolidated statements of comprehensive income (loss) during the current period. The Company is exposed to variability in expected future cash flows that are attributable to interest rate changes in the normal course of business. The Company’s primary strategy in entering into derivative contracts is to add stability to future cash flows by managing its exposure to interest rate movements. The Company utilizes derivative instruments, including interest rate swaps, to effectively convert some its variable rate debt to fixed rate debt. The Company does not enter into derivative instruments for speculative purposes. In accordance with ASC 815, the Company designates interest rate swap contracts as cash flow hedges of floating-rate borrowings. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the income or loss on the derivative instrument is reported as a component of other comprehensive income (loss) in the consolidated statements of comprehensive income (loss) and reclassified into earnings in the same line item associated with the forecasted transaction and the same period during which the hedged transaction affects earnings. The ineffective portion of the income or loss on the derivative instrument is recognized in the consolidated statements of comprehensive income (loss) during the current period. In accordance with the fair value measurement guidance ASU 2011-04, Fair Value Measurement , the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.
Concentration of Credit Risk and Significant Leases	Concentration of Credit Risk and Significant Leases As of December 31, 2016 , the Company had cash on deposit, including restricted cash, in certain financial institutions that had deposits in excess of current federally insured levels; however, the Company has not experienced any losses in such accounts. 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 December 31, 2016 , the Company owned real estate investments in 29 MSAs, three of which accounted for 10.0% or more of contractual rental revenue. Real estate investments located in the Oklahoma City, Oklahoma MSA, the Houston-The Woodlands-Sugar Land, Texas MSA, and the Dallas-Fort Worth-Arlington, Texas MSA accounted for 15.7% , 12.8% , and 10.5% , respectively, of contractual rental revenue for the year ended December 31, 2016 . As of December 31, 2016 , the Company had two exposures to tenant concentration that accounted for 10.0% or more of contractual rental revenue. The leases with tenants under common control of the guarantor Post Acute Medical, LLC and the leases with Healthcare Partners Investments, LLC , each accounted for 11.1% of contractual rental revenue for the year ended December 31, 2016 .
Stockholders' Equity	Stockholders’ Equity The Company’s charter authorizes the issuance of up to 600,000,000 shares of stock, consisting of 250,000,000 shares of Class A common stock and 250,000,000 shares of Class T common stock, $0.01 par value per share, and 100,000,000 shares of preferred stock, $0.01 par value per share. The company intends to issue up to $2,250,000,000 in Class A and Class T shares of common stock in its primary offering, and up to $100,000,000 in Class A and Class T shares of common stock pursuant to the DRIP. Other than the different fees with respect to each class and the payment of a distribution and servicing fee out of amounts otherwise distributable to Class T stockholders, Class A shares and Class T shares have identical rights and privileges, such as identical voting rights. The net proceeds from the sale of the two classes of shares will be commingled for investment purposes and all earnings from all of the investments will proportionally accrue to each share regardless of the class. The shares of common stock entitle the holders to one vote per share on all matters upon which stockholders are entitled to vote, to receive distributions as may be authorized by the Company’s board of directors, to receive all assets available for distribution to stockholders in accordance with the Maryland General Corporation Law and to all other rights of a stockholder pursuant to the Maryland General Corporation Law. The common stock has no preferences, preemptive, conversion, exchange, sinking fund or repurchase rights. As of December 31, 2016 , the Company had 83,109,025 shares of Class A and Class T common stock issued and 82,744,288 shares of Class A and Class T common stock outstanding, and no shares of preferred stock issued and outstanding. As of December 31, 2015 , the Company had 48,488,734 shares of Class A common stock issued and 48,457,191 shares of Class A common stock outstanding, and no shares of preferred stock issued and outstanding. The charter authorizes the Company’s board of directors, without stockholder approval, to designate and issue one or more classes or series of preferred stock and to set or change the voting, conversion or other rights, preferences, restrictions, limitations as to dividends or other distributions and qualification or terms or conditions of repurchase of each class of stock so issued. On January 20, 2017, we filed a Post-Effective Amendment to the Registration Statement to register Class I shares of common stock, which was declared effective on February 10, 2017 by the SEC. See Note 1—"Organization and Business Operations" and Note 22—"Subsequent Events" for further discussion regarding Class I common stock.
Share Repurchase Program	Share Repurchase Program The Company’s share repurchase program allows for repurchases of shares of the Company’s common stock when certain criteria are met. The share repurchase program provides that all repurchases during any calendar year, including those redeemable upon death or a Qualifying Disability of a stockholder, are limited to those that can be funded with equivalent proceeds raised from the DRIP Offering during the prior calendar year and other operating funds, if any, as the board of directors, in its sole discretion, may reserve for this purpose. Repurchases of shares of the Company’s common stock are at the sole discretion of the Company’s board of directors. The Company will limit the number of shares repurchased pursuant to the share repurchase program as follows: during any calendar year, the Company will not repurchase in excess of 5.0% of the number of shares of common stock outstanding on December 31 st of the previous calendar year. In addition, the Company’s board of directors, in its sole discretion, may amend, suspend, reduce, terminate or otherwise change the share repurchase program upon 30 days' prior notice to the Company’s stockholders for any reason it deems appropriate. During the year ended December 31, 2016 , the Company received valid repurchase requests related to 333,194 Class A shares of common stock, or 0.69% of shares outstanding as of December 31, 2015, all of which were redeemed in full for an aggregate purchase price of approximately $3,114,000 (an average of $9.35 per share). During the year ended December 31, 2015 , the Company received valid repurchase requests related to 31,543 Class A shares of common stock, or 0.44% of shares outstanding as of December 31, 2014, all of which were redeemed in full for an aggregate purchase price of approximately $311,000 (an average of $9.86 per share). No shares of Class T common stock were requested to be, or were, repurchased during the years ended December 31, 2016 and December 31, 2015 .
Distribution Policy and Distributions Payable	Distribution Policy and Distributions Payable In order to maintain its status as a REIT, the Company is required to make distributions each taxable year equal to at least 90% of its REIT taxable income, computed without regard to the dividends paid deduction and excluding capital gains. To the extent funds are available, the Company intends to continue to pay regular distributions to stockholders. Distributions are paid to stockholders of record as of the applicable record dates. As of December 31, 2016 , the Company paid aggregate distributions, since inception, of approximately $57,000,000 ( $24,198,000 in cash and $32,802,000 of which were reinvested in shares of common stock pursuant to the DRIP). Distributions are payable to stockholders from legally available funds therefor. The Company declared distributions per share of common stock in the amounts of $0.63 and $0.64 for the years ended December 31, 2016 and 2015 , respectively. As of December 31, 2016 , the Company had distributions payable of approximately $4,336,000 . Of these distributions payable, approximately $1,977,000 was paid in cash and approximately $2,359,000 was reinvested in shares of common stock pursuant to the DRIP on January 3, 2017. Distributions to stockholders are determined by the board of directors of the Company and are dependent upon a number of factors relating to the Company, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain the Company’s status as a REIT under the Code.
Income Taxes	Income Taxes The Company currently qualifies and is taxed as a REIT under Sections 856 through 860 of the Code. Accordingly, it will generally not be subject to corporate U.S. federal or state income tax to the extent that it makes qualifying distributions to stockholders, and provided it satisfies, on a continuing basis, through actual investment and operating results, the REIT requirements, including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it lost its REIT qualification, unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Accordingly, failure to qualify as a REIT could have a material adverse impact on the results of operations and amounts available for distribution to stockholders. The dividends paid deduction of a REIT for qualifying dividends paid to its stockholders is computed using the Company’s taxable income as opposed to net income reported in the consolidated financial statements. Taxable income, generally, will differ from net income reported in the consolidated financial statements because the determination of taxable income is based on tax provisions and not financial accounting principles. The Company has concluded that there was no impact related to uncertain tax provisions from results of operations of the Company for the years ended December 31, 2016 , 2015 and 2014 . The United States of America is the major jurisdiction for the Company, and the earliest tax year subject to examination will be 2014.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements On May 28, 2014, the Financial Accounting Standards Board, or the FASB, issued 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 August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606) Deferral of the Effective Date , or ASU 2015-14. ASU 2015-14 defers the effective date of ASU 2014-09 by one year to fiscal years and interim periods beginning after December 15, 2017. 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. On March 17, 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Principal versus Agent Considerations), or ASU 2016-08, which improves the implementation guidance on principal versus agent considerations. ASU 2016-08 clarifies that an entity is a principal when it controls the specified good or service before that good or service is transferred to the customer, and is an agent when it does not control the specified good or service before it is transferred to the customer. The effective date of this update is the same as the effective date of ASU 2015-14. The Company believes the adoption of ASUs 2014-09 and 2016-08 will not have a material impact on the Company’s consolidated financial statements, but may result in additional disclosures. On February 25, 2016, the FASB issued ASU 2016-02 , Leases , or ASU 2016-02. ASU 2016-02 establishes the principles to increase the transparency about the assets and liabilities arising from leases. ASU 2016-02 results in a more faithful representation of the rights and obligations arising from leases by requiring lessees to recognize the lease assets and lease liabilities that arise from leases in the statement of financial position and to disclose qualitative and quantitative information about lease transactions and aligns lessor accounting and sale leaseback transactions guidance more closely to comparable guidance in Topic 606, Revenue from Contracts with Customers , and Topic 610, Other Income . ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is in process of evaluation the impact ASU 2016-02 will have on the Company’s consolidated financial statements. On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses, or ASU 2016-13. ASU 2016-13 requires more timely recording of credit losses on loans and other financial instruments that are not accounted for at fair value through net income, including loans held for investment, held-to-maturity debt securities, trade and other receivables, net investment in leases and other such commitments. ASU 2016-13 requires that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The amendments in ASU 2016-13 require the Company to measure all expected credit losses based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets and eliminates the “incurred loss” methodology in current GAAP. ASU 2016-13 is effective for fiscal years beginning after, and interim periods within, December 15, 2019. Early adoption is permitted for fiscal years beginning after, and interim periods within, December 15, 2018. The Company is in the process of evaluating the impact ASU 2016-13 will have on the Company’s consolidated financial statements. On August 26, 2016, the FASB issued ASU 2016-15, Statement of Cash Flows , or ASU 2016-15. ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 addresses eight classification issues related to the statement of cash flows: 1) debt prepayment or debt extinguishment costs; 2) settlement of zero-coupon bonds; 3) contingent consideration payments made after a business combination; 4) proceeds from the settlement of insurance claims; 5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; 6) distributions received from equity method investees; 7) beneficial interests in securitization transactions; and 8) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2017. Entities should apply this ASU using a retrospective transition method to each period presented. The Company is in the process of evaluating the impact ASU 2016-15 will have on the Company’s consolidated financial statements. On October 26, 2016, the FASB issued ASU 2016-17, Interests Held Through Related Parties That Are Under Common Control, or ASU 2016-17. ASU 2016-17 provides guidance on how a reporting entity that is the single decision maker of a VIE should treat indirect interests in an entity held through related parties that are under common control. Under ASU 2016-17, if a decision maker is required to evaluate whether it is the primary beneficiary of a VIE, it will need to consider only its proportionate indirect interest in the VIE held through a common control party. ASU 2016-17 is effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. Entities should apply this ASU using a retrospective transition method to each period presented. The Company believes the adoption of ASU 2016-17 does not have an impact on the Company’s consolidated financial statements. On November 17, 2016, the FASB issued ASU 2016-18, Restricted Cash , or ASU 2016-18. ASU 2016-18 requires that a statement of cash flows explain the change during a reporting period in the total of cash, cash equivalents, and amounts generally described as restricted cash and restricted cash equivalents. This ASU states that transfers between cash, cash equivalents, and restricted cash are not part of the entity’s operating, investing, and financing activities. Therefore, restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. This ASU should be applied using a retrospective transition method to each period presented. The Company is in the process of evaluating the impact ASU 2016-18 will have on the Company’s consolidated statements of cash flows.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current financial statement presentation, with no effect on the Company’s consolidated financial position or results of operations.

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Schedule of Estimated Useful Lives of Assets by Class	The Company anticipates the estimated useful lives of its assets by class as follows: Buildings and improvements 15 – 40 years Tenant improvements Shorter of lease term or expected useful life Furniture, fixtures, and equipment 3 – 10 years Improvements in process —

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
Schedule Of Consideration Transferred For Investments In Real Estate	The following table summarizes the consideration transferred for all real estate properties acquired during the year ended December 31, 2016 (amounts in thousands): Year Ended Investments in real estate: Purchase price of business combinations (1) $ 207,447 Purchase price of asset acquisitions (2) 329,236 Total purchase price of real estate investments acquired $ 536,683 (1) See Note 4—"Business Combinations" for management’s allocation of the fair value of the acquisitions determined to be business combinations during the year ended December 31, 2016 . (2) See below for management's allocation of the asset acquisitions during the year ended December 31, 2016 (amounts in thousands): Total Land $ 75,924 Buildings and improvements 222,176 In-place leases 29,091 Tenant improvements 2,045 Total assets acquired $ 329,236

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Schedule of Business Combinations	The following table summarizes the acquisitions determined to be business combinations during the year ended December 31, 2016 : Property Description Date Acquired Ownership Percentage HPI — Edmond 01/20/2016 100% HPI — Oklahoma City III 01/27/2016 100% HPI — Oklahoma City IV 01/27/2016 100% Alpharetta Data Center III 02/02/2016 100% Flint Data Center 02/02/2016 100% HPI — Newcastle 02/03/2016 100% HPI — Oklahoma City V 02/11/2016 100% HPI — Oklahoma City VI 03/07/2016 100% HPI — Oklahoma City VII 06/22/2016 100% Somerset Data Center 06/29/2016 100% Integris Lakeside Women's Hospital 06/30/2016 100% AT&T Hawthorne Data Center 09/27/2016 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 years ended December 31, 2016 and 2015 (amounts in thousands): Year Ended December 31, 2016 2015 Land $ 29,579 $ 33,844 Buildings and improvements 156,038 287,020 In-place leases 20,316 48,708 Tenant improvements 1,514 3,714 Ground leasehold assets — 644 Total assets acquired 207,447 373,930 Below-market leases — (7,500 ) Net assets acquired $ 207,447 $ 366,430
Schedule of Business Combinations on a Pro Forma Basis	Assuming the business combinations described above had occurred on January 1, 2015, pro forma revenues and net income attributable to common stockholders would have been as follows for the periods listed below (amounts in thousands, except per share amounts, unaudited): Year Ended 2016 2015 Pro forma basis: Revenues $ 62,747 $ 50,900 Net income attributable to common stockholders $ 18,867 $ 18,255 Net income per common share attributable to common stockholders: Basic $ 0.25 $ 0.27 Diluted $ 0.25 $ 0.27

Acquired Intangible Assets, N35

Acquired Intangible Assets, Net (Tables)	12 Months Ended
	Dec. 31, 2016
Finite-Lived Intangible Assets, Net [Abstract]
Schedule of Acquired Intangible Assets, Net	Acquired intangible assets, net, consisted of the following as of December 31, 2016 and 2015 (amounts in thousands, except weighted average life amounts): December 31, 2016 December 31, 2015 In-place leases, net of accumulated amortization of $7,918 and $1,967, respectively (with a weighted average remaining life of 12.8 years and 14.5 years, respectively) $ 97,232 $ 53,776 Above-market leases, net of accumulated amortization of $58 and $32, respectively (with a weighted average remaining life of 7.4 years and 8.4 years, respectively) 196 222 Ground lease interest, net of accumulated amortization of $19 and $9, respectively (with a weighted average remaining life of 66.8 years and 67.8 years, respectively) 625 635 $ 98,053 $ 54,633
Schedule of Estimated Future Amortization Expense of Acquired Intangible Assets	Estimated amortization expense on the acquired intangible assets as of December 31, 2016 and for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount 2017 $ 9,096 2018 9,011 2019 8,414 2020 7,911 2021 7,852 Thereafter 55,769 $ 98,053

Intangible Lease Liabilities,36

Intangible Lease Liabilities, Net (Tables)	12 Months Ended
	Dec. 31, 2016
Intangible Lease Liabilities, Net [Abstract]
Schedule of Intangible Lease Liabilities, Net	Intangible lease liabilities, net, consisted of the following as of December 31, 2016 and December 31, 2015 (amounts in thousands, except weighted average life amounts): December 31, 2016 December 31, 2015 Below-market leases, net of accumulated amortization of $634 and $98, respectively (with a weighted average remaining life of 13.6 years and 14.5 years, respectively) $ 6,873 $ 7,409 $ 6,873 $ 7,409
Schedule of Estimated Future Amortization Income of Below-Market Leases	Estimated amortization of the below-market leases as of December 31, 2016 and for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount 2017 $ 536 2018 536 2019 536 2020 536 2021 536 Thereafter 4,193 $ 6,873

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2016
Other Assets [Abstract]
Schedule of Other Assets	Other assets consisted of the following as of December 31, 2016 and 2015 (amounts in thousands): December 31, 2016 December 31, 2015 Deferred financing costs, related to the revolver portion of the secured credit facility, net of accumulated amortization of $1,789 and $802, respectively $ 3,071 $ 2,717 Real estate escrow deposits 290 443 Restricted cash held in escrow 6,458 1,927 Tenant receivable 3,126 2,065 Straight-line rent receivable 8,725 2,462 Prepaid and other assets 1,087 604 Derivative assets 1,782 — $ 24,539 $ 10,218

Accounts Payable and Other Li38

Accounts Payable and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2016
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Other Liabilities	Accounts payable and other liabilities, as of December 31, 2016 and December 31, 2015 , were comprised of the following (amounts in thousands): December 31, 2016 December 31, 2015 Accounts payable and accrued expenses $ 7,657 $ 2,283 Accrued interest expense 945 221 Accrued property taxes 1,164 505 Distributions payable to stockholders 4,336 2,548 Tenant deposits 1,551 1,848 Deferred rental income 733 839 Derivative liability 798 — $ 17,184 $ 8,244

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Instrument [Line Items]
Schedule of Notes Payable	The following table summarizes the notes payable balances as of December 31, 2016 (amounts in thousands): Interest Rates (1) Notes payable: December 31, 2016 Range Weighted Maturity Date Fixed rate notes payable $ 51,000 4.6% 4.6% 12/11/2021 Variable rate notes payable fixed through interest rate swaps 71,540 3.7% - 5.1% 4.3% 10/28/2021 - 12/26/2021 Variable rate notes payable (2) 30,450 3.5% 3.5% 12/07/2021 Total notes payable, principal amount outstanding $ 152,990 Unamortized deferred financing costs related to notes payable (1,945 ) Total notes payable, net of deferred financing costs $ 151,045 (1) Range of interest rates and weighted average interest rates are as of December 31, 2016 . (2) On December 16, 2016, the Company entered into an interest rate swap agreement in the amount of $30,450,000 with an effective date of January 3, 2017 .
Notes Payable [Member]
Debt Instrument [Line Items]
Schedule of Future Principal Payments Due on Notes Payable	The principal payments due on the notes payable as of December 31, 2016 and for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands): Year Total Amount 2017 $ — 2018 50 2019 969 2020 1,355 2021 150,616 Thereafter — $ 152,990

Credit Facility (Tables)

Credit Facility (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Instrument [Line Items]
Schedule of Secured Credit Facility	The Company's outstanding secured credit facility as of December 31, 2016 and December 31, 2015 consisted of the following (amounts in thousands): December 31, 2016 December 31, 2015 Secured credit facility: Revolving line of credit $ 120,000 $ 65,000 Term loan 100,000 25,000 Total secured credit facility, principal amount outstanding 220,000 90,000 Unamortized deferred financing costs related to the term loan secured credit facility (876 ) (103 ) Total secured credit facility, net of deferred financing costs $ 219,124 $ 89,897
Secured Credit Facility [Member]
Debt Instrument [Line Items]
Schedule of Future Principal Payments Due on Secured Credit Facility	The principal payments due on the secured credit facility as of December 31, 2016 and for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount 2017 $ — 2018 120,000 2019 100,000 2020 — 2021 — Thereafter — $ 220,000

Related-Party Transactions an41

Related-Party Transactions and Arrangements (Tables)	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Schedule of Accounts Payable Due to Affiliates	The following amounts were outstanding due to affiliates as of December 31, 2016 and December 31, 2015 (amounts in thousands): Entity Fee December 31, 2016 December 31, 2015 Carter Validus Advisors II, LLC and its affiliates Asset management fees $ 627 $ 290 Carter Validus Real Estate Management Services II, LLC Property management fees 252 101 Carter Validus Real Estate Management Services II, LLC Construction management fees 323 — Carter Validus Advisors II, LLC and its affiliates General and administrative costs 138 96 Carter Validus Advisors II, LLC and its affiliates Offering costs 289 250 SC Distributors, LLC Distribution and servicing fees 5,750 — Carter Validus Advisors II, LLC and its affiliates Acquisition expenses and fees 5 4 $ 7,384 $ 741

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Schedule of Information for Reportable Segments	Summary information for the reportable segments during the years ended December 31, 2016 , 2015 and 2014 , is as follows (amounts in thousands): Data Centers Healthcare Year Ended Revenue: Rental and tenant reimbursement revenue $ 12,929 $ 43,502 $ 56,431 Expenses: Rental expenses (2,509 ) (5,655 ) (8,164 ) Segment net operating income $ 10,420 $ 37,847 48,267 Expenses: General and administrative expenses (3,105 ) Acquisition related expenses (5,339 ) Asset management fees (4,925 ) Depreciation and amortization (19,211 ) Income from operations 15,687 Interest expense, net (4,390 ) Net income attributable to common stockholders $ 11,297 Data Centers Healthcare Year Ended Revenue: Rental and tenant reimbursement revenue $ 1,618 $ 19,668 $ 21,286 Expenses: Rental expenses (301 ) (2,535 ) (2,836 ) Segment net operating income $ 1,317 $ 17,133 18,450 Expenses: General and administrative expenses (2,133 ) Acquisition related expenses (10,250 ) Asset management fees (1,895 ) Depreciation and amortization (7,053 ) Loss from operations (2,881 ) Interest expense, net (1,886 ) Net loss attributable to common stockholders $ (4,767 ) Data Centers Healthcare Year Ended Revenue: Rental and tenant reimbursement revenue $ — $ 337 $ 337 Expenses: Rental expenses — (51 ) (51 ) Segment net operating income $ — $ 286 286 Expenses: General and administrative expenses (351 ) Acquisition related expenses (1,820 ) Asset management fees (72 ) Depreciation and amortization (185 ) Loss from operations (2,142 ) Interest expense, net (152 ) Net loss attributable to common stockholders $ (2,294 )
Schedule of Assets by Reportable Segments	Assets by each reportable segment as of December 31, 2016 and December 31, 2015 are as follows (amounts in thousands): December 31, 2016 December 31, 2015 Assets by segment: Data centers $ 362,969 $ 44,207 Healthcare 653,416 427,878 All other 53,653 34,542 Total assets $ 1,070,038 $ 506,627
Schedule of Capital Additions and Acquisitions by Reportable Segments	Capital additions and acquisitions by reportable segments for the years ended December 31, 2016 , 2015 and 2014 are as follows (amounts in thousands): Year Ended 2016 2015 2014 Capital additions and acquisitions by segment: Data centers $ 314,030 $ 43,815 $ — Healthcare 229,670 331,853 89,241 Total capital additions and acquisitions $ 543,700 $ 375,668 $ 89,241

Future Minimum Rent (Tables)

Future Minimum Rent (Tables)	12 Months Ended
	Dec. 31, 2016
Leases [Abstract]
Schedule of Future Minimum Rental Income from Non-Cancelable Operating Leases	The future minimum rent to be received from the Company’s investment in real estate assets under non-cancelable operating leases as of December 31, 2016 and for each of the next five years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount 2017 $ 69,485 2018 70,378 2019 70,209 2020 69,628 2021 70,877 Thereafter 614,311 $ 964,888
Schedule of Future Minimum Rental Payments Under Non-Cancelable Ground Leases	The future minimum rent obligations under non-cancelable ground leases as of December 31, 2016 and for each of the next five years ended December 31 and thereafter, are as follows (amounts in thousands): Year Amount 2017 $ 8 2018 8 2019 8 2020 8 2021 8 Thereafter 781 $ 821

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table shows the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2016 (amounts in thousands): December 31, 2016 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ 1,782 $ — $ 1,782 Total assets at fair value $ — $ 1,782 $ — $ 1,782 Liabilities: Derivative liabilities $ — $ 798 $ — $ 798 Total liabilities at fair value $ — $ 798 $ — $ 798

Derivative Instruments and He45

Derivative Instruments and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of the Notional Amount and Fair Value of Derivative Instruments	The following table summarizes the notional amount and fair value of the Company’s derivative instruments (amounts in thousands): Derivatives Balance Effective Maturity December 31, 2016 December 31, 2015 Outstanding Fair Value of Outstanding Fair Value of Asset (Liability) Asset (Liability) Interest rate swaps Other assets/Accounts 07/01/2016 to 12/22/2020 to $ 96,540 $ 1,782 $ (798 ) $ — $ — $ —
Schedule of Income and Losses Recognized on Derivative Instruments	The table below summarizes the amount of income and loss recognized on the interest rate derivatives designated as cash flow hedges for the year ended December 31, 2016 (amounts in thousands): Derivatives in Cash Flow Hedging Relationships Amount of Income Recognized Location of (Loss) Income Amount of (Loss) Year Ended December 31, 2016 Interest rate swaps $ 744 Interest expense, net $ (96 ) Total $ 744 $ (96 )
Schedule of Offsetting of Derivative Assets	The following tables present the effect on the Company’s financial position had the Company made the election to offset its derivative positions as of December 31, 2016 (amounts in thousands): Offsetting of Derivative Assets Gross Amounts Not Offset in the Balance Sheet Gross Gross Amounts Net Amounts of Financial Instruments Cash Collateral Net December 31, 2016 $ 1,782 $ — $ 1,782 $ — $ — $ 1,782
Schedule of Offsetting of Derivative Liabilities	Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Balance Sheet Gross Gross Amounts Net Amounts of Financial Instruments Cash Collateral Net December 31, 2016 $ 798 $ — $ 798 $ — $ — $ 798

Accumulated Other Comprehensi46

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income	The following table presents a rollforward of amounts recognized in accumulated other comprehensive income by component for the year ended December 31, 2016 (amounts in thousands): Unrealized Income on Derivative Accumulated Other Balance as of December 31, 2015 $ — $ — Other comprehensive income before reclassification 744 744 Amount of loss reclassified from accumulated other comprehensive income to net income (effective portion) 96 96 Other comprehensive income 840 840 Balance as of December 31, 2016 $ 840 $ 840
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income	The following table presents reclassifications out of accumulated other comprehensive income for the year ended December 31, 2016 (amounts in thousands): Details about Accumulated Other Amounts Reclassified from Affected Line Items in the Consolidated Statements of Comprehensive Income (Loss) Year Ended 2016 Interest rate swap contracts $ 96 Interest expense, net

Stock-based Compensation (Table

Stock-based Compensation (Tables)	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Nonvested Shares of Restricted Common Stock Activity	A summary of the status of the nonvested shares of restricted Class A common stock as of December 31, 2015 and the changes for the year ended December 31, 2016 is presented below: Restricted Stock Shares Weighted Average Grant Date Fair Value December 31, 2015 15,750 $ 10.00 Vested (4,500 ) $ 10.00 Granted 9,000 $ 10.00 December 31, 2016 20,250

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of Characterization of Distributions Paid to Stockholders	The following table shows the character of distributions the Company paid on a percentage basis during the years ended December 31, 2016 , 2015 and 2014: Year Ended December 31, Character of Class A Distributions: 2016 2015 2014 Ordinary dividends 34.23 % 33.81 % — % Nontaxable distributions 65.77 % 66.19 % 100.00 % Total 100.00 % 100.00 % 100.00 % Year Ended December 31, Character of Class T Distributions: 2016 2015 2014 Ordinary dividends 23.07 % — % — % Nontaxable distributions 76.93 % — % — % Total 100.00 % — % — %

Selected Quarterly Financial 49

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of Selected Quarterly Financial Data (Unaudited)	The Company believes that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly, and in accordance with GAAP, the selected quarterly information (amounts in thousands, except shares and per share data): 2016 Fourth Third Second First Revenue $ 19,210 $ 13,594 $ 12,203 $ 11,424 Expenses (11,711 ) (10,460 ) (9,638 ) (8,935 ) Income from operations 7,499 3,134 2,565 2,489 Interest expense, net (2,153 ) (626 ) (732 ) (879 ) Net income attributable to common stockholders $ 5,346 $ 2,508 $ 1,833 $ 1,610 Net income per common share attributable to common stockholders: Basic $ 0.07 $ 0.03 $ 0.03 $ 0.03 Diluted $ 0.07 $ 0.03 $ 0.03 $ 0.03 Weighted average number of common shares outstanding: Basic 78,728,400 71,852,230 63,514,780 53,666,785 Diluted 78,742,067 71,866,949 63,530,999 53,679,723 2015 Fourth Third Second First Revenue $ 9,025 $ 6,884 $ 3,067 $ 2,310 Expenses (9,184 ) (8,103 ) (4,661 ) (2,219 ) Loss from operations (159 ) (1,219 ) (1,594 ) 91 Interest expense, net (683 ) (542 ) (291 ) (370 ) Net loss attributable to common stockholders $ (842 ) $ (1,761 ) $ (1,885 ) $ (279 ) Net loss per common share attributable to common stockholders: Basic $ (0.02 ) $ (0.05 ) $ (0.08 ) $ (0.02 ) Diluted $ (0.02 ) $ (0.05 ) $ (0.08 ) $ (0.02 ) Weighted average number of common shares outstanding: Basic 43,735,330 34,794,832 24,058,949 11,612,028 Diluted 43,735,330 34,794,832 24,058,949 11,612,028

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Schedule of Subsequent Acquisitions	The following table summarizes properties acquired subsequent to December 31, 2016 and through March 16, 2017: Property (1) Date Acquired Purchase Price (2) Ownership Tempe Data Center 01/26/2017 $16,174,950 100% (1) The property is leased to a single tenant. (2) The property acquisition was funded using net proceeds from the Offering and the secured credit facility.

Organization and Business Ope51

Organization and Business Operations (Details)	Dec. 31, 2016USD ($)real_estate_investmentmicropolitanpropertymetropolitanshares	Jul. 03, 2014USD ($)shares	Dec. 31, 2016USD ($)real_estate_investmentmicropolitanpropertymetropolitan	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	May 29, 2014USD ($)
Organization and Business Operations [Line Items]
Selling commissions and dealer manager fees			$ 24,546,000	$ 38,163,000	$ 6,476,000
Other offering costs			$ 5,619,000	$ 6,371,000	$ 3,887,000
Number of Company owned real estate investments | real_estate_investment	37		37
Number of Company owned properties | property	51		51
Number of metropolitan statistical areas in which Company owns rental property | metropolitan	29		29
Number of micropolitan statistical areas in which Company owns rental property | micropolitan	1		1
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	$ 69,185,000
Other offering costs	$ 15,877,000
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
Offering [Member] | Class A and T shares [Member] | Common Stock [Member]
Organization and Business Operations [Line Items]
Common stock offering, shares issued | shares	83,102,000
Common stock offering, gross proceeds raised	$ 819,283,000
Common stock offering, value remaining	$ 1,530,717,000		$ 1,530,717,000

Summary of Significant Accoun52

Summary of Significant Accounting Policies (Narrative) (Details)	Jan. 03, 2017USD ($)	Dec. 31, 2016USD ($)tenantmetropolitan$ / sharesshares	Dec. 31, 2016USD ($)tenantmetropolitan$ / sharesshares	Dec. 31, 2016USD ($)classsegmenttenantmetropolitan$ / sharesshares	Dec. 31, 2015USD ($)segment$ / sharesshares	Dec. 31, 2014USD ($)shares	May 29, 2014USD ($)class	Dec. 31, 2013shares
Summary of Significant Accounting Policies [Line Items]
Acquisition fees and expenses capitalized				$ 9,982,000	$ 234,000
Impairment losses on real estate and related intangible assets		$ 0
Allowance for uncollectible tenant receivables		$ 0	$ 0	$ 0
Diluted earnings per share outstanding adjustment (in shares) | shares				16,000
Anti-dilutive shares excluded from computation of diluted earnings per share (in shares) | shares					15,750	9,000
Number of reportable business segments | segment				2	2
Number of metropolitan statistical areas in which Company owns rental property | metropolitan		29	29	29
Shares authorized | shares		600,000,000	600,000,000	600,000,000
Common stock, shares authorized | shares		500,000,000	500,000,000	500,000,000	500,000,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized | shares		100,000,000	100,000,000	100,000,000	100,000,000
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01	$ 0.01	$ 0.01
Number of classes of common stock | class							2
Common stock voting rights				The shares of common stock entitle the holders to one vote per share on all matters upon which stockholders are entitled to vote, to receive distributions as may be authorized by the Company’s board of directors, to receive all assets available for distribution to stockholders in accordance with the Maryland General Corporation Law and to all other rights of a stockholder pursuant to the Maryland General Corporation Law.
Common stock, shares issued | shares		83,109,025	83,109,025	83,109,025	48,488,734
Common stock, shares outstanding | shares		82,744,288	82,744,288	82,744,288	48,457,191
Preferred stock, shares issued | shares		0	0	0	0
Preferred stock, shares outstanding | shares		0	0	0	0
Minimum number of classes or series of preferred stock the board of directors can issue without stockholder approval | class				1
Maximum number of shares available for repurchase during any calendar year, as percentage of common stock outstanding at end of prior year				5.00%
Period of notice required for changes to share repurchase program				30 days
Repurchase of common stock, percentage				0.69%	0.44%
Repurchase of common stock				$ 3,114,000	$ 311,000
Aggregate distributions paid		$ 57,000,000
Distributions paid in cash		24,198,000		17,659,000	6,379,000	$ 160,000
Common stock issued through distribution reinvestment plan		32,802,000		$ 22,889,000	$ 9,643,000	270,000
Distributions declared per common share (in dollars per share) | $ / shares				$ 0.63	$ 0.64
Distributions payable		$ 4,336,000	$ 4,336,000	$ 4,336,000	$ 2,548,000
Impact related to uncertain tax positions from the results of operations				$ 0	$ 0	$ 0
December 1, 2016 To December 31, 2016 [Member] | Subsequent Event [Member]
Summary of Significant Accounting Policies [Line Items]
Distributions paid in cash	$ 1,977,000
Common stock issued through distribution reinvestment plan	2,359,000
Common Stock [Member]
Summary of Significant Accounting Policies [Line Items]
Common stock, shares outstanding | shares		82,744,288	82,744,288	82,744,288	48,457,191	7,110,501		20,000
Repurchase of common stock (in shares) | shares				333,194	31,543
Repurchase of common stock				$ 3,000	$ 0
Common stock issued through distribution reinvestment plan				$ 24,000	$ 10,000	$ 0
Offering [Member]
Summary of Significant Accounting Policies [Line Items]
Common stock offering, value							$ 2,250,000,000
Common stock offering pursuant to DRIP, value							$ 100,000,000
Class A shares [Member]
Summary of Significant Accounting Policies [Line Items]
Common stock, shares authorized | shares		250,000,000	250,000,000	250,000,000
Class A shares [Member] | December 1, 2016 To December 31, 2016 [Member] | Subsequent Event [Member]
Summary of Significant Accounting Policies [Line Items]
Aggregate distributions paid	3,773,000
Distributions paid in cash	1,764,000
Common stock issued through distribution reinvestment plan	2,009,000
Class A shares [Member] | Common Stock [Member]
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares) | shares				333,194	31,543
Repurchase of common stock				$ 3,114,000	$ 311,000
Repurchase of common stock, average price per share (in dollars per share) | $ / shares				$ 9.35	$ 9.86
Class T shares [Member]
Summary of Significant Accounting Policies [Line Items]
Common stock, shares authorized | shares		250,000,000	250,000,000	250,000,000
Class T shares [Member] | December 1, 2016 To December 31, 2016 [Member] | Subsequent Event [Member]
Summary of Significant Accounting Policies [Line Items]
Aggregate distributions paid	563,000
Distributions paid in cash	213,000
Common stock issued through distribution reinvestment plan	$ 350,000
Class T shares [Member] | Common Stock [Member]
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares) | shares				0	0
Class A and T shares [Member]
Summary of Significant Accounting Policies [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01	$ 0.01
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 | metropolitan		3	3	3
Rental Revenue [Member] | Geographic Concentration Risk [Member] | Oklahoma City, Oklahoma MSA [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration risk, percentage				15.70%
Rental Revenue [Member] | Geographic Concentration Risk [Member] | Houston-the Woodlands-Sugar Land, Texas MSA [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration risk, percentage				12.80%
Rental Revenue [Member] | Geographic Concentration Risk [Member] | Dallas-Fort Worth-Arlington, Texas MSA [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration risk, percentage				10.50%
Rental Revenue [Member] | Customer Concentration Risk [Member]
Summary of Significant Accounting Policies [Line Items]
Number of tenants | tenant		2	2	2
Rental Revenue [Member] | Customer Concentration Risk [Member] | Post Acute Medical, LLC [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration risk, percentage				11.10%
Rental Revenue [Member] | Customer Concentration Risk [Member] | Healthcare Partners Investments, LLC [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration risk, percentage				11.10%
ASU 2015-03 [Member] | Other Assets [Member]
Summary of Significant Accounting Policies [Line Items]
Deferred financing costs, net					$ (103,000)
ASU 2015-03 [Member] | Credit Facility [Member]
Summary of Significant Accounting Policies [Line Items]
Deferred financing costs, net					$ 103,000
ASU 2017-01 [Member]
Summary of Significant Accounting Policies [Line Items]
Acquisition fees and expenses capitalized			$ 7,285,000

Summary of Significant Accoun53

Summary of Significant Accounting Policies (Schedule of Estimated Useful Lives of Assets by Class) (Details)	12 Months Ended
	Dec. 31, 2016
Building and improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	15 years
Building and improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Furniture, fixtures, and equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Furniture, fixtures, and equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years

Real Estate Investments (Narrat

Real Estate Investments (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)real_estate_investment	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Real Estate Properties [Line Items]
Number of real estate acquisitions | real_estate_investment	23
Acquisition fees and expenses | $	$ 5,339	$ 10,250	$ 1,820
Acquisition fees and expenses capitalized | $	$ 9,982	$ 234
Maximum [Member]
Real Estate Properties [Line Items]
Acquisition fee and expense reimbursement, as percentage of purchase price of properties	6.00%	6.00%
Business Combinations [Member]
Real Estate Properties [Line Items]
Number of real estate acquisitions | real_estate_investment	12
Acquisition fees and expenses | $	$ 5,081	$ 9,852	$ 1,697
Asset Acquisitions [Member]
Real Estate Properties [Line Items]
Number of real estate acquisitions | real_estate_investment	11

Real Estate Investments (Schedu

Real Estate Investments (Schedule of Consideration Transferred For Investments In Real Estate) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Total purchase price of assets acquired		$ 536,683
Land		29,579	$ 33,844
Buildings and improvements		156,038	287,020
In-place leases		20,316	48,708
Tenant improvements		1,514	3,714
Total assets acquired		207,447	$ 373,930
Business Combinations [Member]
Real Estate Properties [Line Items]
Total purchase price of assets acquired	[1]	207,447
Asset Acquisitions [Member]
Real Estate Properties [Line Items]
Total purchase price of assets acquired	[2]	329,236
Land		75,924
Buildings and improvements		222,176
In-place leases		29,091
Tenant improvements		2,045
Total assets acquired		$ 329,236
[1]	See Note 4—"Business Combinations" for management’s allocation of the fair value of the acquisitions determined to be business combinations during the year ended December 31, 2016.
[2]	See below for management's allocation of the asset acquisitions during the year ended December 31, 2016 (amounts in thousands): TotalLand$75,924Buildings and improvements222,176In-place leases29,091Tenant improvements2,045Total assets acquired$329,236

Business Combinations (Narrativ

Business Combinations (Narrative) (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Business Acquisition [Line Items]
Total purchase price of assets acquired		$ 536,683
Revenues		8,722
Net loss		1,876
Acquisition fees and expenses		$ 5,339	$ 10,250	$ 1,820
Business Combinations [Member]
Business Acquisition [Line Items]
Ownership percentage		100.00%
Number of real estate properties acquired | property		12
Total purchase price of assets acquired	[1]	$ 207,447
Acquisition fees and expenses		$ 5,081	$ 9,852	$ 1,697
Data Centers [Member] | Business Combinations [Member]
Business Acquisition [Line Items]
Number of real estate properties acquired | property		4
Healthcare [Member] | Business Combinations [Member]
Business Acquisition [Line Items]
Number of real estate properties acquired | property		8
[1]	See Note 4—"Business Combinations" for management’s allocation of the fair value of the acquisitions determined to be business combinations during the year ended December 31, 2016.

Business Combinations (Schedule

Business Combinations (Schedule of Business Combinations) (Details)	12 Months Ended
	Dec. 31, 2016
HPI - Edmond [Member]
Business Acquisition [Line Items]
Date Acquired	Jan. 20, 2016
Ownership Percentage	100.00%
HPI - Oklahoma City III [Member]
Business Acquisition [Line Items]
Date Acquired	Jan. 27, 2016
Ownership Percentage	100.00%
HPI - Oklahoma City IV [Member]
Business Acquisition [Line Items]
Date Acquired	Jan. 27, 2016
Ownership Percentage	100.00%
Alpharetta Data Center III [Member]
Business Acquisition [Line Items]
Date Acquired	Feb. 2, 2016
Ownership Percentage	100.00%
Flint Data Center [Member]
Business Acquisition [Line Items]
Date Acquired	Feb. 2, 2016
Ownership Percentage	100.00%
HPI - Newcastle [Member]
Business Acquisition [Line Items]
Date Acquired	Feb. 3, 2016
Ownership Percentage	100.00%
HPI - Oklahoma City V [Member]
Business Acquisition [Line Items]
Date Acquired	Feb. 11, 2016
Ownership Percentage	100.00%
HPI - Oklahoma City VI [Member]
Business Acquisition [Line Items]
Date Acquired	Mar. 7, 2016
Ownership Percentage	100.00%
HPI - Oklahoma City VII [Member]
Business Acquisition [Line Items]
Date Acquired	Jun. 22, 2016
Ownership Percentage	100.00%
Somerset Data Center [Member]
Business Acquisition [Line Items]
Date Acquired	Jun. 29, 2016
Ownership Percentage	100.00%
Integris Lakeside Women's Hospital [Member]
Business Acquisition [Line Items]
Date Acquired	Jun. 30, 2016
Ownership Percentage	100.00%
AT&T Hawthorne Data Center [Member]
Business Acquisition [Line Items]
Date Acquired	Sep. 27, 2016
Ownership Percentage	100.00%

Business Combinations (Schedu58

Business Combinations (Schedule of Allocation of Fair Value of Business Combinations) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Business Combinations [Abstract]
Land	$ 29,579	$ 33,844
Buildings and improvements	156,038	287,020
In-place leases	20,316	48,708
Tenant improvements	1,514	3,714
Ground leasehold assets	0	644
Total assets acquired	207,447	373,930
Below-market leases	0	(7,500)
Net assets acquired	$ 207,447	$ 366,430

Business Combinations (Schedu59

Business Combinations (Schedule of Business Combinations on a Pro Forma Basis) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Pro forma basis:
Revenues	$ 62,747	$ 50,900
Net income attributable to common stockholders	$ 18,867	$ 18,255
Net income per common share attributable to common stockholders:
Basic (in dollars per share)	$ 0.25	$ 0.27
Diluted (in dollars per share)	$ 0.25	$ 0.27

Acquired Intangible Assets, N60

Acquired Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Acquired Finite-Lived Intangible Assets [Line Items]
Depreciation and amortization	$ 19,211	$ 7,053	$ 185
In-place leases, Above-market leases and Ground lease interest
Acquired Finite-Lived Intangible Assets [Line Items]
Depreciation and amortization	$ 5,987	$ 1,950	$ 58

Acquired Intangible Assets, N61

Acquired Intangible Assets, Net (Schedule of Acquired Intangible Assets, Net) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, net of accumulated amortization	$ 98,053	$ 54,633
Acquired intangible asset, accumulated amortization	$ 7,995	$ 2,007
Acquired intangible asset, weighted average remaining life	13 years 1 month 6 days	15 years 1 month 6 days
In-place leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, net of accumulated amortization	$ 97,232	$ 53,776
Acquired intangible asset, accumulated amortization	$ 7,918	$ 1,967
Acquired intangible asset, weighted average remaining life	12 years 9 months 18 days	14 years 6 months
Above-market leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, net of accumulated amortization	$ 196	$ 222
Acquired intangible asset, accumulated amortization	$ 58	$ 32
Acquired intangible asset, weighted average remaining life	7 years 4 months 24 days	8 years 4 months 24 days
Ground lease interest [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, net of accumulated amortization	$ 625	$ 635
Acquired intangible asset, accumulated amortization	$ 19	$ 9
Acquired intangible asset, weighted average remaining life	66 years 9 months 18 days	67 years 9 months 18 days

Acquired Intangible Assets, N62

Acquired Intangible Assets, Net (Schedule of Estimated Future Amortization Expense of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,017	$ 9,096
2,018	9,011
2,019	8,414
2,020	7,911
2,021	7,852
Thereafter	55,769
Total	$ 98,053	$ 54,633

Intangible Lease Liabilities,63

Intangible Lease Liabilities, Net (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Intangible Lease Liabilities, Net [Abstract]
Amortization of below-market leases	$ 536	$ 98	$ 0

Intangible Lease Liabilities,64

Intangible Lease Liabilities, Net (Schedule of Intangible Lease Liabilities, Net) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Intangible Lease Liabilities, Net [Abstract]
Below-market leases, net of accumulated amortization of $634 and $98, respectively (with a weighted average remaining life of 13.6 years and 14.5 years, respectively)	$ 6,873	$ 7,409
Below-market leases, accumulated amortization	$ 634	$ 98
Below market leases, weighted average remaining life	13 years 7 months 6 days	14 years 6 months

Intangible Lease Liabilities,65

Intangible Lease Liabilities, Net (Schedule of Future Amortization Income of Below-Market Leases) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract]
2,017	$ 536
2,018	536
2,019	536
2,020	536
2,021	536
Thereafter	4,193
Below-market leases, net	$ 6,873	$ 7,409

Other Assets (Narrative) (Detai

Other Assets (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Other Assets [Abstract]
Amortization of deferred financing costs related to the revolver portion of the secured credit facility	$ 987	$ 719	$ 83

Other Assets (Schedule of Other

Other Assets (Schedule of Other Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Other Assets [Abstract]
Deferred financing costs, related to the revolver portion of the secured credit facility, net of accumulated amortization of $1,789 and $802, respectively	$ 3,071	$ 2,717
Real estate escrow deposits	290	443
Restricted cash held in escrow	6,458	1,927
Tenant receivable	3,126	2,065
Straight-line rent receivable	8,725	2,462
Prepaid and other assets	1,087	604
Derivative assets	1,782	0
Total other assets	24,539	10,218
Deferred financing costs, accumulated amortization	$ 1,789	$ 802

Accounts Payable and Other Li68

Accounts Payable and Other Liabilities (Schedule of Accounts Payable and Other Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Payables and Accruals [Abstract]
Accounts payable and accrued expenses	$ 7,657	$ 2,283
Accrued interest expense	945	221
Accrued property taxes	1,164	505
Distributions payable to stockholders	4,336	2,548
Tenant deposits	1,551	1,848
Deferred rental income	733	839
Derivative liability	798	0
Total accounts payable and other liabilities	$ 17,184	$ 8,244

Notes Payable (Narrative) (Deta

Notes Payable (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)loan
Debt Instrument [Line Items]
Notes payable, principal amount outstanding | $	$ 152,990
Number of notes payable entered into during period | loan	4
Variable Rate Debt, Subject To Interest Rate Swap [Member]
Debt Instrument [Line Items]
Notes payable, principal amount outstanding | $	$ 71,540
Weighted Average Interest Rate	4.30%	[1]
Number of notes payable | loan	2
Notes Payable [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	4.22%
[1]	Range of interest rates and weighted average interest rates are as of December 31, 2016.

Notes Payable (Schedule of Note

Notes Payable (Schedule of Notes Payable) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Notes payable, principal amount outstanding		$ 152,990
Unamortized deferred financing costs related to notes payable		(1,945)
Notes payable, net of deferred financing costs		151,045	$ 0
Fixed Rate [Member]
Debt Instrument [Line Items]
Notes payable, principal amount outstanding		$ 51,000
Interest Rate	[1]	4.60%
Weighted Average Interest Rate	[1]	4.60%
Maturity Date		Dec. 11, 2021
Variable Rate, Subject To Interest Rate Swap [Member]
Debt Instrument [Line Items]
Notes payable, principal amount outstanding		$ 71,540
Weighted Average Interest Rate	[1]	4.30%
Variable Rate, Subject To Interest Rate Swap [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	3.70%
Maturity Date		Oct. 28, 2021
Variable Rate, Subject To Interest Rate Swap [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	5.10%
Maturity Date		Dec. 26, 2021
Variable Rate [Member]
Debt Instrument [Line Items]
Notes payable, principal amount outstanding	[2]	$ 30,450
Interest Rate	[1]	3.50%
Weighted Average Interest Rate	[1]	3.50%
Maturity Date		Dec. 7, 2021
Amount of interest rate swap agreement		$ 30,450
Effective date of interest rate swap agreement		Jan. 3, 2017
[1]	Range of interest rates and weighted average interest rates are as of December 31, 2016.
[2]	On December 16, 2016, the Company entered into an interest rate swap agreement in the amount of $30,450,000 with an effective date of January 3, 2017.

Notes Payable (Schedule of Futu

Notes Payable (Schedule of Future Principal Payments Due on Notes Payable) (Details) - Notes Payable [Member] $ in Thousands	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
2,017	$ 0
2,018	50
2,019	969
2,020	1,355
2,021	150,616
Thereafter	0
Total	$ 152,990

Credit Facility (Narrative) (De

Credit Facility (Narrative) (Details)		Sep. 30, 2016USD ($)extension	Dec. 31, 2016USD ($)extension	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 29, 2016USD ($)
Line of Credit Facility [Line Items]
Proceeds from credit facility				$ 240,000,000	$ 92,000,000	$ 40,393,000
Payments on credit facility				110,000,000	39,500,000	$ 2,893,000
Credit facility, increase in borrowing base availability				$ 101,470,000
Credit facility, number of properties added to aggregate pool availability | property				15
Credit facility, maximum commitments available		$ 315,000,000	$ 425,000,000	$ 425,000,000			$ 265,000,000
Credit facility, total pool availability			279,358,000	279,358,000
Credit facility, outstanding principal balance			220,000,000	220,000,000	90,000,000
Credit facility, amount remaining to be drawn			59,358,000	59,358,000
Credit facility, maximum commitments available after available increase			550,000,000	$ 550,000,000
Credit facility, threshold percentage for unused portion of lenders' commitments				50.00%
Variable Rate [Member]
Line of Credit Facility [Line Items]
Amount of interest rate swap agreement			30,450,000	$ 30,450,000
Credit facility, outstanding principal balance			$ 195,000,000	$ 195,000,000	90,000,000
Credit facility, interest rate	[1]		3.50%	3.50%
Variable Rate, Subject To Interest Rate Swap [Member]
Line of Credit Facility [Line Items]
Credit facility, outstanding principal balance			$ 25,000,000	$ 25,000,000
Minimum [Member]
Line of Credit Facility [Line Items]
Credit facility, unused portion, commitment fee percentage				0.20%
Minimum [Member] | Variable Rate, Subject To Interest Rate Swap [Member]
Line of Credit Facility [Line Items]
Credit facility, interest rate	[1]		3.70%	3.70%
Maximum [Member]
Line of Credit Facility [Line Items]
Credit facility, unused portion, commitment fee percentage				0.30%
Maximum [Member] | Variable Rate, Subject To Interest Rate Swap [Member]
Line of Credit Facility [Line Items]
Credit facility, interest rate	[1]		5.10%	5.10%
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Credit facility, basis spread on variable rate				2.00%
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Credit facility, basis spread on variable rate				2.65%
Base Rate [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Credit facility, basis spread on variable rate				1.00%
Base Rate [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Credit facility, basis spread on variable rate				1.65%
Term Loan [Member]
Line of Credit Facility [Line Items]
Amount of interest rate swap agreement			$ 25,000,000	$ 25,000,000
Credit facility, maximum commitments available		$ 50,000,000	$ 100,000,000	100,000,000
Credit facility, maturity date		Dec. 22, 2019	Dec. 22, 2019
Credit facility, number of maturity date extension periods | extension		1	1
Credit facility, available extension period		12 months	12 months
Credit facility, outstanding principal balance			$ 100,000,000	100,000,000	25,000,000
Revolving Line of Credit [Member]
Line of Credit Facility [Line Items]
Credit facility, maximum commitments available		$ 265,000,000	$ 325,000,000	325,000,000
Credit facility, maturity date		Dec. 22, 2018	Dec. 22, 2018
Credit facility, number of maturity date extension periods | extension		2	2
Credit facility, available extension period		12 months	12 months
Credit facility, outstanding principal balance			$ 120,000,000	$ 120,000,000	$ 65,000,000
Secured Credit Facility [Member] | Variable Rate [Member]
Line of Credit Facility [Line Items]
Credit facility, interest rate			2.62%	2.62%
Secured Credit Facility [Member] | Variable Rate, Subject To Interest Rate Swap [Member]
Line of Credit Facility [Line Items]
Credit facility, interest rate			2.91%	2.91%
[1]	Range of interest rates and weighted average interest rates are as of December 31, 2016.

Credit Facility (Schedule of Se

Credit Facility (Schedule of Secured Credit Facility) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Line of Credit Facility [Line Items]
Secured credit facility, principal amount outstanding	$ 220,000	$ 90,000
Unamortized deferred financing costs related to the term loan secured credit facility	(876)	(103)
Secured credit facility, net of deferred financing costs	219,124	89,897
Revolving Line of Credit [Member]
Line of Credit Facility [Line Items]
Secured credit facility, principal amount outstanding	120,000	65,000
Term Loan [Member]
Line of Credit Facility [Line Items]
Secured credit facility, principal amount outstanding	$ 100,000	$ 25,000

Credit Facility (Schedule of Fu

Credit Facility (Schedule of Future Principal Payments Due on Secured Credit Facility) (Details) - Secured Credit Facility [Member] $ in Thousands	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
2,017	$ 0
2,018	120,000
2,019	100,000
2,020	0
2,021	0
Thereafter	0
Total	$ 220,000

Related-Party Transactions an75

Related-Party Transactions and Arrangements (Narrative) (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Accounts payable due to affiliates	$ 7,384,000	$ 7,384,000	$ 741,000
Period needed to issue Class B Units		30 days
Cumulative, pretax, non-compounded annual return rate to investors		6.00%
Asset management fees		$ 4,925,000	1,895,000	$ 72,000
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	12,965,000	$ 12,965,000
Acquisition fees incurred		$ 11,515,000	7,486,000
Maximum brokerage fees paid by Company, as percentage of contract sales price		6.00%
Disposition fees incurred	0
Percentage of remaining net sales proceeds Advisor will receive after investors receive return		15.00%
Subordinated sale fees	0
Listing fee, percentage		15.00%
Subordinated incentive listing fees	0
Distribution percentage upon termination of Advisory agreement		15.00%
Subordinated termination fee	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 And/Or Its Affiliates [Member] | Offering Costs [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	$ 289,000	$ 289,000	250,000
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%
Monthly asset management fee, as percentage of gross assets		0.0625%
Asset management fees		$ 4,925,000	1,895,000	72,000
Class B units issued (in shares)	0
Operating expenses allocated to the Company by the advisor		$ 1,257,000	830,000	288,000
Operating expenses allocated to the Company by the advisor, waived irrevocably, without recourse				236,000
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		$ 1,473,000	538,000	9,000
Leasing commissions incurred	$ 0
Construction management fee, as percentage of project costs		5.00%
Construction management fees		$ 754,000	0	0
SC Distributors, LLC [Member]
Related Party Transaction [Line Items]
Selling commissions and dealer manager fees		$ 24,546,000	38,163,000	6,476,000
Total underwriting compensation percentage that will terminate distribution fees, as percentage of gross proceeds from primary portion of offering		10.00%
Distribution and servicing fees incurred		$ 6,213,000	$ 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 and servicing fee accrued, as percentage of purchase price per share		0.00274%
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 an76

Related-Party Transactions and Arrangements (Schedule of Accounts Payable Due to Affiliates) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Accounts payable due to affiliates	$ 7,384	$ 741
Carter Validus Advisors II, LLC And/Or Its Affiliates [Member] | Asset Management Fees [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	627	290
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	138	96
Carter Validus Advisors II, LLC And/Or Its Affiliates [Member] | Offering Costs [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	289	250
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	5	4
Carter Validus Real Estate Management Services II, LLC [Member] | Property Management Fees [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	252	101
Carter Validus Real Estate Management Services II, LLC [Member] | Construction Management Fees [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	323	0
SC Distributors, LLC [Member] | Distribution and Servicing Fees [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	$ 5,750	$ 0

Segment Reporting (Narrative) (

Segment Reporting (Narrative) (Details)	3 Months Ended								12 Months Ended
	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2016USD ($)segment	Dec. 31, 2015USD ($)segment	Dec. 31, 2014USD ($)
Segment Reporting Information [Line Items]
Number of reportable business segments | segment									2	2
Revenues	$ 19,210,000	$ 13,594,000	$ 12,203,000	$ 11,424,000	$ 9,025,000	$ 6,884,000	$ 3,067,000	$ 2,310,000	$ 56,431,000	$ 21,286,000	$ 337,000
Intersegment Elimination [Member]
Segment Reporting Information [Line Items]
Revenues									$ 0	$ 0	$ 0

Segment Reporting (Schedule of

Segment Reporting (Schedule of Information for Reportable Segments) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Rental expenses									$ (8,164)	$ (2,836)	$ (51)
Income (loss) from operations	$ 7,499	$ 3,134	$ 2,565	$ 2,489	$ (159)	$ (1,219)	$ (1,594)	$ 91	15,687	(2,881)	(2,142)
General and administrative expenses									(3,105)	(2,133)	(351)
Acquisition related expenses									(5,339)	(10,250)	(1,820)
Asset management fees									(4,925)	(1,895)	(72)
Depreciation and amortization									(19,211)	(7,053)	(185)
Interest expense, net	(2,153)	(626)	(732)	(879)	(683)	(542)	(291)	(370)	(4,390)	(1,886)	(152)
Net income (loss) attributable to common stockholders	$ 5,346	$ 2,508	$ 1,833	$ 1,610	$ (842)	$ (1,761)	$ (1,885)	$ (279)	11,297	(4,767)	(2,294)
Operating Segments [Member]
Segment Reporting Information [Line Items]
Rental and tenant reimbursement revenue									56,431	21,286	337
Rental expenses									(8,164)	(2,836)	(51)
Income (loss) from operations									48,267	18,450	286
Operating Segments [Member] | Data Centers [Member]
Segment Reporting Information [Line Items]
Rental and tenant reimbursement revenue									12,929	1,618	0
Rental expenses									(2,509)	(301)	0
Income (loss) from operations									10,420	1,317	0
Operating Segments [Member] | Healthcare [Member]
Segment Reporting Information [Line Items]
Rental and tenant reimbursement revenue									43,502	19,668	337
Rental expenses									(5,655)	(2,535)	(51)
Income (loss) from operations									$ 37,847	$ 17,133	$ 286

Segment Reporting (Schedule o79

Segment Reporting (Schedule of Assets by Reportable Segments) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Assets by segment [Line Items]
Total assets	$ 1,070,038	$ 506,627
Operating Segments [Member] | Data Centers [Member]
Assets by segment [Line Items]
Total assets	362,969	44,207
Operating Segments [Member] | Healthcare [Member]
Assets by segment [Line Items]
Total assets	653,416	427,878
All Other [Member]
Assets by segment [Line Items]
Total assets	$ 53,653	$ 34,542

Segment Reporting (Schedule o80

Segment Reporting (Schedule of Capital Additions and Acquisitions by Reportable Segments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Capital additions and acquisitions by segment [Line Items]
Total capital additions and acquisitions	$ 543,700	$ 375,668	$ 89,241
Operating Segments [Member] | Data Centers [Member]
Capital additions and acquisitions by segment [Line Items]
Total capital additions and acquisitions	314,030	43,815	0
Operating Segments [Member] | Healthcare [Member]
Capital additions and acquisitions by segment [Line Items]
Total capital additions and acquisitions	$ 229,670	$ 331,853	$ 89,241

Future Minimum Rent (Schedule o

Future Minimum Rent (Schedule of Future Minimum Rental Income from Non-Cancelable Operating Leases) (Details) $ in Thousands	Dec. 31, 2016USD ($)
Leases [Abstract]
2,017	$ 69,485
2,018	70,378
2,019	70,209
2,020	69,628
2,021	70,877
Thereafter	614,311
Total	$ 964,888

Future Minimum Rent (Schedule82

Future Minimum Rent (Schedule of Future Minimum Rental Payments Under Non-Cancelable Ground Leases) (Details) $ in Thousands	Dec. 31, 2016USD ($)
Leases [Abstract]
2,017	$ 8
2,018	8
2,019	8
2,020	8
2,021	8
Thereafter	781
Total	$ 821

Fair Value (Narrative) (Details

Fair Value (Narrative) (Details) - USD ($)		Dec. 31, 2016	Dec. 31, 2015
Fair Value [Line Items]
Notes payable, principal amount outstanding		$ 152,990,000
Secured credit facility, principal amount outstanding		220,000,000	$ 90,000,000
Recurring basis [Member]
Fair Value [Line Items]
Assets required to be measured at fair value		1,782,000	0
Liabilities required to be measured at fair value		798,000	0
Fixed Rate [Member]
Fair Value [Line Items]
Notes payable, principal amount outstanding		51,000,000
Variable Rate, Subject To Interest Rate Swap [Member]
Fair Value [Line Items]
Notes payable, principal amount outstanding		71,540,000
Secured credit facility, principal amount outstanding		25,000,000
Variable Rate [Member]
Fair Value [Line Items]
Notes payable, principal amount outstanding	[1]	30,450,000
Secured credit facility, principal amount outstanding		195,000,000	$ 90,000,000
Significant Other Observable Inputs (Level 2) [Member] | Recurring basis [Member]
Fair Value [Line Items]
Assets required to be measured at fair value		1,782,000
Liabilities required to be measured at fair value		798,000
Estimate of Fair Value Measurement [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fixed Rate [Member]
Fair Value [Line Items]
Notes payable, fair value disclosure		49,930,000
Estimate of Fair Value Measurement [Member] | Significant Other Observable Inputs (Level 2) [Member] | Variable Rate, Subject To Interest Rate Swap [Member]
Fair Value [Line Items]
Notes payable, fair value disclosure		69,247,000
Secured credit facility, fair value disclosure		$ 24,195,000
[1]	On December 16, 2016, the Company entered into an interest rate swap agreement in the amount of $30,450,000 with an effective date of January 3, 2017.

Fair Value (Schedule of Fair Va

Fair Value (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Assets:
Derivative assets	$ 1,782,000	$ 0
Liabilities:
Derivative liability	798,000	0
Recurring basis [Member]
Assets:
Derivative assets	1,782,000
Total assets at fair value	1,782,000	0
Liabilities:
Derivative liability	798,000
Total liabilities at fair value	798,000	$ 0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring basis [Member]
Assets:
Derivative assets	0
Total assets at fair value	0
Liabilities:
Derivative liability	0
Total liabilities at fair value	0
Significant Other Observable Inputs (Level 2) [Member] | Recurring basis [Member]
Assets:
Derivative assets	1,782,000
Total assets at fair value	1,782,000
Liabilities:
Derivative liability	798,000
Total liabilities at fair value	798,000
Significant Unobservable Inputs (Level 3) [Member] | Recurring basis [Member]
Assets:
Derivative assets	0
Total assets at fair value	0
Liabilities:
Derivative liability	0
Total liabilities at fair value	$ 0

Derivative Instruments and He85

Derivative Instruments and Hedging Activities (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)instrument	Dec. 31, 2014USD ($)instrument
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Income (loss) recognized due to ineffectiveness of hedges of interest rate risk	$ 144	$ 0	$ 0
Additional amount expected to be reclassified from AOCI into earnings during next twelve months	755
Number of derivative instruments | instrument		0	0
Fair value of derivatives in a net liability position	$ 844

Derivative Instruments and He86

Derivative Instruments and Hedging Activities (Schedule of the Notional Amount and Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Fair Value of Asset	$ 1,782
Fair Value of (Liability)	(798)
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Outstanding Notional Amount	$ 96,540	$ 0
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Minimum [Member]
Derivatives, Fair Value [Line Items]
Effective Date	Jul. 1, 2016
Maturity Date	Dec. 22, 2020
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Maximum [Member]
Derivatives, Fair Value [Line Items]
Effective Date	Jan. 3, 2017
Maturity Date	Dec. 26, 2021
Other Assets [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Fair Value of Asset	$ 1,782	0
Accounts Payable and Other Liabilities [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Fair Value of (Liability)	$ (798)	$ 0

Derivative Instruments and He87

Derivative Instruments and Hedging Activities (Schedule of Income and Losses Recognized on Derivative Instruments) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Income Recognized in OCI on Derivative (Effective Portion)	$ 744
Amount of (Loss) Reclassified From Accumulated Other Comprehensive Loss to Net Income (Effective Portion)	(96)
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Income Recognized in OCI on Derivative (Effective Portion)	744
Interest Rate Swap [Member] | Interest Expense, Net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Reclassified From Accumulated Other Comprehensive Loss to Net Income (Effective Portion)	$ (96)

Derivative Instruments and He88

Derivative Instruments and Hedging Activities (Schedule of Offsetting of Derivative Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 1,782
Gross Amounts Offset in the Balance Sheet	0
Net Amounts of Assets Presented in the Balance Sheet	1,782	$ 0
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments Collateral	0
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral	0
Net Amount	$ 1,782

Derivative Instruments and He89

Derivative Instruments and Hedging Activities (Schedule of Offsetting of Derivative Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Liabilities	$ 798
Gross Amounts Offset in the Balance Sheet	0
Net Amounts of Liabilities Presented in the Balance Sheet	798	$ 0
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments Collateral	0
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral	0
Net Amount	$ 798

Accumulated Other Comprehensi90

Accumulated Other Comprehensive Income (Schedule of Amounts Recognized in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 400,334
Other comprehensive income attributable to common stockholders	840	$ 0	$ 0
Ending Balance	668,426	400,334
Unrealized Income on Derivative Instruments [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	0
Other comprehensive income before reclassification	744
Amount of loss reclassified from accumulated other comprehensive income to net income (effective portion)	96
Other comprehensive income attributable to common stockholders	840
Ending Balance	840	0
Accumulated Other Comprehensive Income [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	0
Other comprehensive income before reclassification	744
Amount of loss reclassified from accumulated other comprehensive income to net income (effective portion)	96
Other comprehensive income attributable to common stockholders	840
Ending Balance	$ 840	$ 0

Accumulated Other Comprehensi91

Accumulated Other Comprehensive Income (Schedule of Reclassifications Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net	$ 2,153	$ 626	$ 732	$ 879	$ 683	$ 542	$ 291	$ 370	$ 4,390	$ 1,886	$ 152
Interest Rate Swap [Member] | Unrealized Income on Derivative Instruments [Member] | Amounts Reclassified from Accumulated Other Comprehensive Income to Net Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net									$ 96

Stock-based Compensation (Narra

Stock-based Compensation (Narrative) (Details) - Class A shares [Member] - 2014 Restricted Share Plan [Member] - Restricted Stock [Member] - USD ($)	Jun. 24, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of authorized and reserved shares of common stock under plan		300,000
Award vesting period under plan		4 years
Number of shares awarded to independent board members upon re-election	3,000	9,000
Grant date fair value, per share (in dollars per share)		$ 10
Unrecognized compensation expense		$ 167,000	$ 135,000
Unrecognized compensation expense, weighted average period of recognition		2 years 6 months 4 days
Fair value of nonvested shares of restricted common stock		$ 183,668	157,500
Stock-based compensation expense		$ 58,000	$ 34,000	$ 11,000

Stock-based Compensation (Sched

Stock-based Compensation (Schedule of Nonvested Shares of Restricted Common Stock Activity) (Details) - Class A shares [Member] - 2014 Restricted Share Plan [Member] - Restricted Stock [Member] - $ / shares	Jun. 24, 2016	Dec. 31, 2016
Summary of Restricted Common Stock Activity, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)		15,750
Vested (in shares)		(4,500)
Granted (in shares)	3,000	9,000
Ending balance (in shares)		20,250
Summary of Restricted Common Stock Activity, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Beginning balance, Weighted Average Grant Date Fair Value (in dollars per share)		$ 10
Vested, Weighted Average Grant Date Fair Value (in dollars per share)		10
Granted, Weighted Average Grant Date Fair Value (in dollars per share)		$ 10

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Impact related to uncertain tax positions from the results of operations		$ 0	$ 0	$ 0
Interest expense or penalties related to unrecognized tax benefits	$ 0

Income Taxes (Schedule of Chara

Income Taxes (Schedule of Characterization of Distributions Paid to Stockholders) (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Class A shares [Member]
Income Taxes [Line Items]
Ordinary dividends (as a percent)	34.23%	33.81%	0.00%
Nontaxable distributions (as a percent)	65.77%	66.19%	100.00%
Total (as a percent)	100.00%	100.00%	100.00%
Class T shares [Member]
Income Taxes [Line Items]
Ordinary dividends (as a percent)	23.07%	0.00%	0.00%
Nontaxable distributions (as a percent)	76.93%	0.00%	0.00%
Total (as a percent)	100.00%	0.00%	0.00%

Commitments and Contingencies (

Commitments and Contingencies (Details)	Dec. 31, 2016case
Commitments and Contingencies Disclosure [Abstract]
Number of pending legal proceedings to which the Company is a party	0

Selected Quarterly Financial 97

Selected Quarterly Financial Data (Unaudited) (Schedule of Selected Quarterly Financial Data (Unaudited)) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Selected Quarterly Financial Information [Abstract]
Revenue	$ 19,210	$ 13,594	$ 12,203	$ 11,424	$ 9,025	$ 6,884	$ 3,067	$ 2,310	$ 56,431	$ 21,286	$ 337
Expenses	(11,711)	(10,460)	(9,638)	(8,935)	(9,184)	(8,103)	(4,661)	(2,219)	(40,744)	(24,167)	(2,479)
Income (loss) from operations	7,499	3,134	2,565	2,489	(159)	(1,219)	(1,594)	91	15,687	(2,881)	(2,142)
Interest expense, net	(2,153)	(626)	(732)	(879)	(683)	(542)	(291)	(370)	(4,390)	(1,886)	(152)
Net income (loss) attributable to common stockholders	$ 5,346	$ 2,508	$ 1,833	$ 1,610	$ (842)	$ (1,761)	$ (1,885)	$ (279)	$ 11,297	$ (4,767)	$ (2,294)
Net income (loss) per common share attributable to common stockholders:
Basic (in dollars per share)	$ 0.07	$ 0.03	$ 0.03	$ 0.03	$ (0.02)	$ (0.05)	$ (0.08)	$ (0.02)	$ 0.17	$ (0.17)	$ (1.86)
Diluted (in dollars per share)	$ 0.07	$ 0.03	$ 0.03	$ 0.03	$ (0.02)	$ (0.05)	$ (0.08)	$ (0.02)	$ 0.17	$ (0.17)	$ (1.86)
Weighted average number of common shares outstanding:
Basic (in shares)	78,728,400	71,852,230	63,514,780	53,666,785	43,735,330	34,794,832	24,058,949	11,612,028	66,991,294	28,658,495	1,233,715
Diluted (in shares)	78,742,067	71,866,949	63,530,999	53,679,723	43,735,330	34,794,832	24,058,949	11,612,028	67,007,124	28,658,495	1,233,715

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Mar. 10, 2017	Mar. 01, 2017	Feb. 09, 2017	Feb. 08, 2017	Feb. 01, 2017	Jan. 03, 2017	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jan. 17, 2017
Subsequent Event [Line Items]
Aggregate distributions paid							$ 57,000
Distributions paid in cash							24,198	$ 17,659	$ 6,379	$ 160
Common stock issued through distribution reinvestment plan							$ 32,802	$ 22,889	$ 9,643	270
Distributions declared per common share (in dollars per share)								$ 0.63	$ 0.64
Common Stock [Member]
Subsequent Event [Line Items]
Common stock issued through distribution reinvestment plan								$ 24	$ 10	$ 0
Subsequent Event [Member] | Class A shares [Member] | Common Stock [Member] | Offering [Member]
Subsequent Event [Line Items]
Common stock offering, shares issued	72,987
Common stock offering, gross proceeds raised	$ 723,298
Subsequent Event [Member] | Class I shares [Member]
Subsequent Event [Line Items]
Number of days, distribution calculation				365 days
Distributions declared per common share (in dollars per share)				$ 0.001767101
Annualized distribution rate				7.04%
Common stock offering, price per share (in dollars per share)				$ 9.162
Dealer manager fee funded by Advisor, as percentage of gross offering proceeds			1.00%
Subsequent Event [Member] | Class I shares [Member] | Maximum [Member]
Subsequent Event [Line Items]
Dealer manager fee, as percentage of gross offering proceeds			2.00%
Subsequent Event [Member] | Class I shares [Member] | Common Stock [Member] | Offering [Member]
Subsequent Event [Line Items]
Common stock offering, shares issued	4
Common stock offering, gross proceeds raised	$ 40
Subsequent Event [Member] | Class T shares [Member] | Common Stock [Member] | Offering [Member]
Subsequent Event [Line Items]
Common stock offering, shares issued	16,236
Common stock offering, gross proceeds raised	$ 155,291
Subsequent Event [Member] | Common Class A, I and T shares [Member] | DRIP [Member]
Subsequent Event [Line Items]
Common stock offering, price per share (in dollars per share)											$ 9.07
Subsequent Event [Member] | Common Class A, I and T shares [Member] | Common Stock [Member] | Offering [Member]
Subsequent Event [Line Items]
Common stock offering, value remaining	$ 1,471,371
Subsequent Event [Member] | December 1, 2016 To December 31, 2016 [Member]
Subsequent Event [Line Items]
Distributions paid in cash						$ 1,977
Common stock issued through distribution reinvestment plan						2,359
Subsequent Event [Member] | December 1, 2016 To December 31, 2016 [Member] | Class A shares [Member]
Subsequent Event [Line Items]
Aggregate distributions paid						3,773
Distributions paid in cash						1,764
Common stock issued through distribution reinvestment plan						2,009
Subsequent Event [Member] | December 1, 2016 To December 31, 2016 [Member] | Class T shares [Member]
Subsequent Event [Line Items]
Aggregate distributions paid						563
Distributions paid in cash						213
Common stock issued through distribution reinvestment plan						$ 350
Subsequent Event [Member] | January 1, 2017 To January 31, 2017 [Member] | Class A shares [Member]
Subsequent Event [Line Items]
Aggregate distributions paid					$ 3,846
Distributions paid in cash					1,820
Common stock issued through distribution reinvestment plan					2,026
Subsequent Event [Member] | January 1, 2017 To January 31, 2017 [Member] | Class T shares [Member]
Subsequent Event [Line Items]
Aggregate distributions paid					636
Distributions paid in cash					250
Common stock issued through distribution reinvestment plan					$ 386
Subsequent Event [Member] | February 1, 2017 To February 28, 2017 [Member] | Class A shares [Member]
Subsequent Event [Line Items]
Aggregate distributions paid		$ 3,531
Distributions paid in cash		1,682
Common stock issued through distribution reinvestment plan		1,849
Subsequent Event [Member] | February 1, 2017 To February 28, 2017 [Member] | Class T shares [Member]
Subsequent Event [Line Items]
Aggregate distributions paid		630
Distributions paid in cash		249
Common stock issued through distribution reinvestment plan		$ 381
Subsequent Event [Member] | March 1, 2017 To May 31, 2017 [Member] | Class A shares [Member]
Subsequent Event [Line Items]
Number of days, distribution calculation				365 days
Distributions declared per common share (in dollars per share)				$ 0.001767101
Annualized distribution rate				6.40%
Common stock offering, price per share (in dollars per share)				$ 10.078
Subsequent Event [Member] | March 1, 2017 To May 31, 2017 [Member] | Class T shares [Member]
Subsequent Event [Line Items]
Number of days, distribution calculation				365 days
Distributions declared per common share (in dollars per share)				$ 0.001501543
Annualized distribution rate				5.68%
Common stock offering, price per share (in dollars per share)				$ 9.649

Subsequent Events (Schedule of

Subsequent Events (Schedule of Subsequent Acquisitions) (Details)		Jan. 26, 2017USD ($)tenant	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Subsequent Event [Line Items]
Total purchase price of assets acquired			$ 535,447,000	$ 374,164,000	$ 89,241,000
Subsequent Event [Member] | Tempe Data Center [Member]
Subsequent Event [Line Items]
Date Acquired	[1]	Jan. 26, 2017
Total purchase price of assets acquired	[1],[2]	$ 16,174,950
Ownership Percentage	[1]	100.00%
Number of tenants | tenant		1
[1]	The property is leased to a single tenant.
[2]	The property acquisition was funded using net proceeds from the Offering and the secured credit facility.

Schedule III - Real Estate A100

Schedule III - Real Estate Assets and Accumulated Depreciation (Schedule of Real Estate Assets and Accumulated Depreciation) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 152,990
Initial Cost, Land		154,385
Initial Cost, Buildings and Improvements		738,884
Cost Capitalized Subsequent to Acquisition		22,252
Gross Amount Carried at Close of Period, Land	[1]	154,385
Gross Amount Carried at Close of Period, Buildings and Improvements	[1]	761,136
Gross Amount Carried at Close of Period, Total		915,521	[1]	$ 415,776	$ 82,748	$ 0
Accumulated Depreciation		18,521	[2]	$ 5,262	$ 133	$ 0
Cy Fair Surgical Center [Member] | Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	0
Initial Cost, Land		762
Initial Cost, Buildings and Improvements		2,970
Cost Capitalized Subsequent to Acquisition		106
Gross Amount Carried at Close of Period, Land		762
Gross Amount Carried at Close of Period, Buildings and Improvements		3,076
Gross Amount Carried at Close of Period, Total		3,838
Accumulated Depreciation		$ 244
Year Constructed		1,993
Date Acquired		Jul. 31, 2014
Mercy Healthcare Facility [Member] | Cincinnati, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		356
Initial Cost, Buildings and Improvements		3,167
Cost Capitalized Subsequent to Acquisition		19
Gross Amount Carried at Close of Period, Land		356
Gross Amount Carried at Close of Period, Buildings and Improvements		3,186
Gross Amount Carried at Close of Period, Total		3,542
Accumulated Depreciation		$ 210
Year Constructed		2,001
Date Acquired		Oct. 29, 2014
Winston-Salem, NC IMF [Member] | Winston-Salem, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		684
Initial Cost, Buildings and Improvements		4,903
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		684
Gross Amount Carried at Close of Period, Buildings and Improvements		4,903
Gross Amount Carried at Close of Period, Total		5,587
Accumulated Depreciation		$ 298
Year Constructed		2,004
Date Acquired		Dec. 17, 2014
New England Sinai Medical Center [Member] | Stoughton, MA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		4,049
Initial Cost, Buildings and Improvements		19,977
Cost Capitalized Subsequent to Acquisition		1,816
Gross Amount Carried at Close of Period, Land		4,049
Gross Amount Carried at Close of Period, Buildings and Improvements		21,793
Gross Amount Carried at Close of Period, Total		25,842
Accumulated Depreciation		$ 1,072
Date Acquired		Dec. 23, 2014
New England Sinai Medical Center [Member] | Stoughton, MA [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Year Constructed	[4]	1,967
New England Sinai Medical Center [Member] | Stoughton, MA [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Year Constructed	[4]	1,973
Baylor Surgical Hospital at Fort Worth [Member] | Fort Worth, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		8,297
Initial Cost, Buildings and Improvements		35,615
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		8,297
Gross Amount Carried at Close of Period, Buildings and Improvements		35,615
Gross Amount Carried at Close of Period, Total		43,912
Accumulated Depreciation		$ 1,906
Year Constructed		2,014
Date Acquired		Dec. 31, 2014
Baylor Surgical Hospital Integrated Medical Facility [Member] | Fort Worth, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		367
Initial Cost, Buildings and Improvements		1,587
Cost Capitalized Subsequent to Acquisition		164
Gross Amount Carried at Close of Period, Land		367
Gross Amount Carried at Close of Period, Buildings and Improvements		1,751
Gross Amount Carried at Close of Period, Total		2,118
Accumulated Depreciation		$ 155
Year Constructed		2,014
Date Acquired		Dec. 31, 2014
Winter Haven Healthcare Facility [Member] | Winter Haven, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost, Land		0
Initial Cost, Buildings and Improvements		2,805
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		0
Gross Amount Carried at Close of Period, Buildings and Improvements		2,805
Gross Amount Carried at Close of Period, Total		2,805
Accumulated Depreciation		$ 152
Year Constructed		2,009
Date Acquired		Jan. 27, 2015
Heartland Rehabilitation Hospital [Member] | Overland Park, KS [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		1,558
Initial Cost, Buildings and Improvements		20,549
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		1,558
Gross Amount Carried at Close of Period, Buildings and Improvements		20,549
Gross Amount Carried at Close of Period, Total		22,107
Accumulated Depreciation		$ 1,013
Year Constructed		2,014
Date Acquired		Feb. 17, 2015
Indianapolis Data Center [Member] | Indianapolis, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		524
Initial Cost, Buildings and Improvements		6,422
Cost Capitalized Subsequent to Acquisition		(6)
Gross Amount Carried at Close of Period, Land		524
Gross Amount Carried at Close of Period, Buildings and Improvements		6,416
Gross Amount Carried at Close of Period, Total		6,940
Accumulated Depreciation		$ 279
Year Constructed	[5]	2,000
Date Acquired		Apr. 1, 2015
Clarion IMF [Member] | Clarion, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		462
Initial Cost, Buildings and Improvements		5,377
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		462
Gross Amount Carried at Close of Period, Buildings and Improvements		5,377
Gross Amount Carried at Close of Period, Total		5,839
Accumulated Depreciation		$ 280
Year Constructed		2,012
Date Acquired		Jun. 1, 2015
Post Acute Webster Rehabilitation Hospital [Member] | Webster, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		1,858
Initial Cost, Buildings and Improvements		20,140
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		1,858
Gross Amount Carried at Close of Period, Buildings and Improvements		20,140
Gross Amount Carried at Close of Period, Total		21,998
Accumulated Depreciation		$ 814
Year Constructed		2,015
Date Acquired		Jun. 5, 2015
Eagan Data Center [Member] | Eagan, MN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		768
Initial Cost, Buildings and Improvements		5,037
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		768
Gross Amount Carried at Close of Period, Buildings and Improvements		5,037
Gross Amount Carried at Close of Period, Total		5,805
Accumulated Depreciation		$ 240
Year Constructed	[6]	1,998
Date Acquired		Jun. 29, 2015
Houston Surgical Hospital and LTACH [Member] | Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		8,329
Initial Cost, Buildings and Improvements		36,297
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		8,329
Gross Amount Carried at Close of Period, Buildings and Improvements		36,297
Gross Amount Carried at Close of Period, Total		44,626
Accumulated Depreciation		$ 1,566
Year Constructed	[7]	1,950
Date Acquired		Jun. 30, 2015
KMO IMF - Cincinnati I [Member] | Cincinnati, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		1,812
Initial Cost, Buildings and Improvements		24,382
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		1,812
Gross Amount Carried at Close of Period, Buildings and Improvements		24,382
Gross Amount Carried at Close of Period, Total		26,194
Accumulated Depreciation		$ 1,065
Year Constructed	[8]	1,959
Date Acquired		Jul. 22, 2015
KMO IMF - Cincinnati II [Member] | Cincinnati, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		446
Initial Cost, Buildings and Improvements		10,239
Cost Capitalized Subsequent to Acquisition		4
Gross Amount Carried at Close of Period, Land		446
Gross Amount Carried at Close of Period, Buildings and Improvements		10,243
Gross Amount Carried at Close of Period, Total		10,689
Accumulated Depreciation		$ 397
Year Constructed		2,014
Date Acquired		Jul. 22, 2015
KMO IMF - Florence [Member] | Florence, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		650
Initial Cost, Buildings and Improvements		9,919
Cost Capitalized Subsequent to Acquisition		1
Gross Amount Carried at Close of Period, Land		650
Gross Amount Carried at Close of Period, Buildings and Improvements		9,920
Gross Amount Carried at Close of Period, Total		10,570
Accumulated Depreciation		$ 383
Year Constructed		2,014
Date Acquired		Jul. 22, 2015
KMO IMF - Augusta [Member] | Augusta, ME [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		556
Initial Cost, Buildings and Improvements		14,401
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		556
Gross Amount Carried at Close of Period, Buildings and Improvements		14,401
Gross Amount Carried at Close of Period, Total		14,957
Accumulated Depreciation		$ 594
Year Constructed		2,010
Date Acquired		Jul. 22, 2015
KMO IMF - Oakland [Member] | Oakland, ME [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		229
Initial Cost, Buildings and Improvements		5,416
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		229
Gross Amount Carried at Close of Period, Buildings and Improvements		5,416
Gross Amount Carried at Close of Period, Total		5,645
Accumulated Depreciation		$ 241
Year Constructed		2,003
Date Acquired		Jul. 22, 2015
Reading Surgical Hospital [Member] | Wyomissing, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		1,504
Initial Cost, Buildings and Improvements		20,193
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		1,504
Gross Amount Carried at Close of Period, Buildings and Improvements		20,193
Gross Amount Carried at Close of Period, Total		21,697
Accumulated Depreciation		$ 796
Year Constructed		2,007
Date Acquired		Jul. 24, 2015
Post Acute Warm Springs Specialty Hospital of Luling [Member] | Luling, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		824
Initial Cost, Buildings and Improvements		7,530
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		824
Gross Amount Carried at Close of Period, Buildings and Improvements		7,530
Gross Amount Carried at Close of Period, Total		8,354
Accumulated Depreciation		$ 295
Year Constructed		2,002
Date Acquired		Jul. 30, 2015
Minnetonka Data Center [Member] | Minnetonka, MN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		2,085
Initial Cost, Buildings and Improvements		15,099
Cost Capitalized Subsequent to Acquisition		25
Gross Amount Carried at Close of Period, Land		2,085
Gross Amount Carried at Close of Period, Buildings and Improvements		15,124
Gross Amount Carried at Close of Period, Total		17,209
Accumulated Depreciation		$ 728
Year Constructed		1,985
Date Acquired		Aug. 28, 2015
Nebraska Healthcare Facility [Member] | Omaha, NE [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		1,259
Initial Cost, Buildings and Improvements		9,796
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		1,259
Gross Amount Carried at Close of Period, Buildings and Improvements		9,796
Gross Amount Carried at Close of Period, Total		11,055
Accumulated Depreciation		$ 311
Year Constructed		2,014
Date Acquired		Oct. 14, 2015
Heritage Park - Sherman I [Member] | Sherman, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		1,679
Initial Cost, Buildings and Improvements		23,926
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		1,679
Gross Amount Carried at Close of Period, Buildings and Improvements		23,926
Gross Amount Carried at Close of Period, Total		25,605
Accumulated Depreciation		$ 699
Year Constructed	[9]	2,005
Date Acquired		Nov. 20, 2015
Heritage Park - Sherman II [Member] | Sherman, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		214
Initial Cost, Buildings and Improvements		3,209
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		214
Gross Amount Carried at Close of Period, Buildings and Improvements		3,209
Gross Amount Carried at Close of Period, Total		3,423
Accumulated Depreciation		$ 95
Year Constructed		2,005
Date Acquired		Nov. 20, 2015
Baylor Surgery Center at Fort Worth [Member] | Fort Worth, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		3,120
Initial Cost, Buildings and Improvements		9,312
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		3,120
Gross Amount Carried at Close of Period, Buildings and Improvements		9,312
Gross Amount Carried at Close of Period, Total		12,432
Accumulated Depreciation		$ 255
Year Constructed	[10]	1,998
Date Acquired		Dec. 23, 2015
HPI - Oklahoma City I [Member] | Oklahoma City, OK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		4,626
Initial Cost, Buildings and Improvements		30,509
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		4,626
Gross Amount Carried at Close of Period, Buildings and Improvements		30,509
Gross Amount Carried at Close of Period, Total		35,135
Accumulated Depreciation		$ 863
Year Constructed	[11]	1,985
Date Acquired		Dec. 29, 2015
HPI - Oklahoma City II [Member] | Oklahoma City, OK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		991
Initial Cost, Buildings and Improvements		8,366
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		991
Gross Amount Carried at Close of Period, Buildings and Improvements		8,366
Gross Amount Carried at Close of Period, Total		9,357
Accumulated Depreciation		$ 252
Year Constructed	[12]	1,994
Date Acquired		Dec. 29, 2015
Waco Data Center [Member] | Waco, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		873
Initial Cost, Buildings and Improvements		8,233
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		873
Gross Amount Carried at Close of Period, Buildings and Improvements		8,233
Gross Amount Carried at Close of Period, Total		9,106
Accumulated Depreciation		$ 217
Year Constructed	[13]	1,956
Date Acquired		Dec. 30, 2015
HPI - Edmond [Member] | Edmond, OK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		796
Initial Cost, Buildings and Improvements		3,199
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		796
Gross Amount Carried at Close of Period, Buildings and Improvements		3,199
Gross Amount Carried at Close of Period, Total		3,995
Accumulated Depreciation		$ 90
Year Constructed		2,002
Date Acquired		Jan. 20, 2016
HPI - Oklahoma City III [Member] | Oklahoma City, OK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		452
Initial Cost, Buildings and Improvements		1,081
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		452
Gross Amount Carried at Close of Period, Buildings and Improvements		1,081
Gross Amount Carried at Close of Period, Total		1,533
Accumulated Depreciation		$ 31
Year Constructed		2,007
Date Acquired		Jan. 27, 2016
HPI - Oklahoma City IV [Member] | Oklahoma City, OK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		368
Initial Cost, Buildings and Improvements		2,344
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		368
Gross Amount Carried at Close of Period, Buildings and Improvements		2,344
Gross Amount Carried at Close of Period, Total		2,712
Accumulated Depreciation		$ 66
Year Constructed		2,006
Date Acquired		Jan. 27, 2016
Alpharetta Data Center III [Member] | Alpharetta, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost, Land		3,395
Initial Cost, Buildings and Improvements		11,081
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		3,395
Gross Amount Carried at Close of Period, Buildings and Improvements		11,081
Gross Amount Carried at Close of Period, Total		14,476
Accumulated Depreciation		$ 269
Year Constructed		1,999
Date Acquired		Feb. 2, 2016
Flint Data Center [Member] | Flint, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		111
Initial Cost, Buildings and Improvements		7,001
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		111
Gross Amount Carried at Close of Period, Buildings and Improvements		7,001
Gross Amount Carried at Close of Period, Total		7,112
Accumulated Depreciation		$ 166
Year Constructed		1,987
Date Acquired		Feb. 2, 2016
HPI - Newcastle [Member] | Newcastle, OK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		412
Initial Cost, Buildings and Improvements		1,173
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		412
Gross Amount Carried at Close of Period, Buildings and Improvements		1,173
Gross Amount Carried at Close of Period, Total		1,585
Accumulated Depreciation		$ 31
Year Constructed	[14]	1,995
Date Acquired		Feb. 3, 2016
HPI - Oklahoma City V [Member] | Oklahoma City, OK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		541
Initial Cost, Buildings and Improvements		12,445
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		541
Gross Amount Carried at Close of Period, Buildings and Improvements		12,445
Gross Amount Carried at Close of Period, Total		12,986
Accumulated Depreciation		$ 321
Year Constructed		2,008
Date Acquired		Feb. 11, 2016
Vibra Rehabilitation Hospital [Member] | Rancho Mirage, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[15]	$ 0
Initial Cost, Land	[15]	2,724
Initial Cost, Buildings and Improvements	[15]	0
Cost Capitalized Subsequent to Acquisition	[15]	14,762
Gross Amount Carried at Close of Period, Land	[15]	2,724
Gross Amount Carried at Close of Period, Buildings and Improvements	[15]	14,762
Gross Amount Carried at Close of Period, Total	[15]	$ 17,486
Date Acquired	[15]	Mar. 1, 2016
HPI - Oklahoma City VI [Member] | Oklahoma City, OK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		896
Initial Cost, Buildings and Improvements		3,684
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		896
Gross Amount Carried at Close of Period, Buildings and Improvements		3,684
Gross Amount Carried at Close of Period, Total		4,580
Accumulated Depreciation		$ 89
Year Constructed		2,007
Date Acquired		Mar. 7, 2016
Tennessee Data Center [Member] | Franklin, TN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost, Land		6,624
Initial Cost, Buildings and Improvements		10,971
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		6,624
Gross Amount Carried at Close of Period, Buildings and Improvements		10,971
Gross Amount Carried at Close of Period, Total		17,595
Accumulated Depreciation		$ 232
Year Constructed		2,015
Date Acquired		Mar. 31, 2016
HPI - Oklahoma City VII [Member] | Oklahoma City, OK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost, Land		3,203
Initial Cost, Buildings and Improvements		32,380
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		3,203
Gross Amount Carried at Close of Period, Buildings and Improvements		32,380
Gross Amount Carried at Close of Period, Total		35,583
Accumulated Depreciation		$ 460
Year Constructed		2,016
Date Acquired		Jun. 22, 2016
Post Acute Las Vegas Rehabilitation Hospital [Member] | Las Vegas, NV [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[16]	$ 0
Initial Cost, Land	[16]	2,614
Initial Cost, Buildings and Improvements	[16]	0
Cost Capitalized Subsequent to Acquisition	[16]	5,361
Gross Amount Carried at Close of Period, Land	[16]	2,614
Gross Amount Carried at Close of Period, Buildings and Improvements	[16]	5,361
Gross Amount Carried at Close of Period, Total	[16]	$ 7,975
Date Acquired	[16]	Jun. 24, 2016
Somerset Data Center [Member] | Somerset, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		906
Initial Cost, Buildings and Improvements		10,466
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		906
Gross Amount Carried at Close of Period, Buildings and Improvements		10,466
Gross Amount Carried at Close of Period, Total		11,372
Accumulated Depreciation		$ 164
Year Constructed	[17]	1,973
Date Acquired		Jun. 29, 2016
Integris Lakeside Women's Hospital [Member] | Oklahoma City, OK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		2,002
Initial Cost, Buildings and Improvements		15,384
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		2,002
Gross Amount Carried at Close of Period, Buildings and Improvements		15,384
Gross Amount Carried at Close of Period, Total		17,386
Accumulated Depreciation		$ 216
Year Constructed	[18]	1,997
Date Acquired		Jun. 30, 2016
AT&T Hawthorne Data Center [Member] | Hawthorne, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 39,750
Initial Cost, Land		16,498
Initial Cost, Buildings and Improvements		57,312
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		16,498
Gross Amount Carried at Close of Period, Buildings and Improvements		57,312
Gross Amount Carried at Close of Period, Total		73,810
Accumulated Depreciation		$ 425
Year Constructed	[19]	1,963
Date Acquired		Sep. 27, 2016
McLean I [Member] | McLean, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 23,460
Initial Cost, Land		31,554
Initial Cost, Buildings and Improvements		4,930
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		31,554
Gross Amount Carried at Close of Period, Buildings and Improvements		4,930
Gross Amount Carried at Close of Period, Total		36,484
Accumulated Depreciation		$ 28
Year Constructed	[20]	1,966
Date Acquired		Oct. 17, 2016
McLean II [Member] | McLean, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 27,540
Initial Cost, Land		20,392
Initial Cost, Buildings and Improvements		22,727
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		20,392
Gross Amount Carried at Close of Period, Buildings and Improvements		22,727
Gross Amount Carried at Close of Period, Total		43,119
Accumulated Depreciation		$ 122
Year Constructed	[21]	1,991
Date Acquired		Oct. 17, 2016
Select Medical Rehabilitation Facility [Member] | Marlton, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 31,790
Initial Cost, Land		0
Initial Cost, Buildings and Improvements		57,154
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		0
Gross Amount Carried at Close of Period, Buildings and Improvements		57,154
Gross Amount Carried at Close of Period, Total		57,154
Accumulated Depreciation		$ 179
Year Constructed		1,995
Date Acquired		Nov. 1, 2016
Andover Data Center II [Member] | Andover, MA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[3]	$ 0
Initial Cost, Land		6,566
Initial Cost, Buildings and Improvements		28,072
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		6,566
Gross Amount Carried at Close of Period, Buildings and Improvements		28,072
Gross Amount Carried at Close of Period, Total		34,638
Accumulated Depreciation		$ 100
Year Constructed		2,000
Date Acquired		Nov. 8, 2016
Grand Rapids Healthcare Facility [Member] | Grand Rapids, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 30,450
Initial Cost, Land		2,533
Initial Cost, Buildings and Improvements		39,487
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		2,533
Gross Amount Carried at Close of Period, Buildings and Improvements		39,487
Gross Amount Carried at Close of Period, Total		42,020
Accumulated Depreciation		$ 54
Year Constructed		2,008
Date Acquired		Dec. 7, 2016
Corpus Christi Surgery Center [Member] | Corpus Christi, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost, Land		975
Initial Cost, Buildings and Improvements		4,963
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		975
Gross Amount Carried at Close of Period, Buildings and Improvements		4,963
Gross Amount Carried at Close of Period, Total		5,938
Accumulated Depreciation		$ 6
Year Constructed		1,992
Date Acquired		Dec. 22, 2016
Chicago Data Center II [Member] | Downers Grove, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost, Land		1,329
Initial Cost, Buildings and Improvements		29,940
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		1,329
Gross Amount Carried at Close of Period, Buildings and Improvements		29,940
Gross Amount Carried at Close of Period, Total		31,269
Accumulated Depreciation		$ 33
Year Constructed	[22]	1,987
Date Acquired		Dec. 28, 2016
Blythewood Data Center [Member] | Blythewood, SC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost, Land		612
Initial Cost, Buildings and Improvements		17,714
Cost Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period, Land		612
Gross Amount Carried at Close of Period, Buildings and Improvements		17,714
Gross Amount Carried at Close of Period, Total		18,326
Accumulated Depreciation		$ 19
Year Constructed		1,983
Date Acquired		Dec. 29, 2016
[1]	The aggregated cost for federal income tax purposes is approximately $848,083,000.
[2]	The Company’s assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, buildings and improvements are depreciated over 15-40 years.
[3]	Property collateralized under the secured credit facility. As of December 31, 2016, 37 commercial properties were collateralized under the secured credit facility and the Company had $220,000,000 aggregate principal amount outstanding thereunder.
[4]	The New England Sinai Medical Center consists of two buildings and was renovated beginning in 1997.
[5]	The Indianapolis Data Center was renovated in 2014.
[6]	The Eagan Data Center was renovated in 2015.
[7]	The Houston Surgical Hospital and LTACH was renovated in 2005 and 2008.
[8]	The KMO IMF - Cincinnati I was renovated in 1970 and 2013.
[9]	The Heritage Park - Sherman I was renovated in 2010.
[10]	The Baylor Surgery Center at Fort Worth was renovated in 2007 and 2015.
[11]	The HPI - Oklahoma City I was renovated in 1998 and 2003.
[12]	The HPI - Oklahoma City II was renovated in 1999.
[13]	The Waco Data Center was renovated in 2009.
[14]	The HPI - Newcastle was renovated in 1999.
[15]	As of December 31, 2016, the Vibra Rehabilitation Hospital was under construction; therefore, depreciation is not applicable.
[16]	As of December 31, 2016, the Post Acute Las Vegas Rehabilitation Hospital was under construction; therefore, depreciation is not applicable.
[17]	The Somerset Data Center was renovated in 2006.
[18]	The Integris Lakeside Women's Hospital was renovated in 2008.
[19]	The AT&T Hawthorne Data Center was renovated in 1983 and 2001.
[20]	The McLean I was renovated in 1998.
[21]	The McLean II was renovated in 1998.
[22]	The Chicago Data Center II was renovated in 2016.

Schedule III - Real Estate A101

Schedule III - Real Estate Assets and Accumulated Depreciation (Schedule of Real Estate Assets and Accumulated Depreciation - Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)propertybuilding	Dec. 31, 2015USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of properties collateralized under line of credit facility | property	37
Secured credit facility, principal amount outstanding	$ 220,000	$ 90,000
Aggregated cost for federal income tax purposes	$ 848,083
New England Sinai Medical Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | building	2
Year renovated	1,997
Indianapolis Data Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Year renovated	2,014
Eagan Data Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Year renovated	2,015
Heritage Park - Sherman I [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Year renovated	2,010
HPI - Oklahoma City II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Year renovated	1,999
Waco Data Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Year renovated	2,009
HPI - Newcastle [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Year renovated	1,999
Somerset Data Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Year renovated	2,006
Integris Lakeside Women's Hospital [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Year renovated	2,008
McLean I [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Year renovated	1,998
McLean II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Year renovated	1,998
Chicago Data Center II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Year renovated	2,016
Minimum [Member] | Houston Surgical Hospital and LTACH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Year renovated	2,005
Minimum [Member] | KMO IMF - Cincinnati I [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Year renovated	1,970
Minimum [Member] | Baylor Surgery Center at Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Year renovated	2,007
Minimum [Member] | HPI - Oklahoma City I [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Year renovated	1,998
Minimum [Member] | AT&T Hawthorne Data Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Year renovated	1,983
Maximum [Member] | Houston Surgical Hospital and LTACH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Year renovated	2,008
Maximum [Member] | KMO IMF - Cincinnati I [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Year renovated	2,013
Maximum [Member] | Baylor Surgery Center at Fort Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Year renovated	2,015
Maximum [Member] | HPI - Oklahoma City I [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Year renovated	2,003
Maximum [Member] | AT&T Hawthorne Data Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Year renovated	2,001
Building and improvements [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life used for depreciation	15 years
Building and improvements [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life used for depreciation	40 years

Schedule III - Real Estate A102

Schedule III - Real Estate Assets and Accumulated Depreciation (Schedule of Changes in Real Estate Assets and Accumulated Depreciation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016		Dec. 31, 2015	Dec. 31, 2014
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at beginning of year	$ 415,776		$ 82,748	$ 0
Acquisitions	479,011		331,524	82,734
Improvements	20,734		1,504	14
Balance at end of year	915,521	[1]	415,776	82,748
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at beginning of year	(5,262)		(133)	0
Depreciation	(13,259)		(5,129)	(133)
Balance at end of year	$ (18,521)	[2]	$ (5,262)	$ (133)
[1]	The aggregated cost for federal income tax purposes is approximately $848,083,000.
[2]	The Company’s assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, buildings and improvements are depreciated over 15-40 years.