Sila Realty Trust (SILA) 10-Q 10 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares shares in Thousands	6 Months Ended
	Jun. 30, 2017	Aug. 07, 2017
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Entity Registrant Name	Carter Validus Mission Critical REIT II, Inc.
Entity Central Index Key	1,567,925
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Class A common stock [Member]
Entity Common Stock, Shares Outstanding		77,373
Class I common stock [Member]
Entity Common Stock, Shares Outstanding		2,306
Class T common stock [Member]
Entity Common Stock, Shares Outstanding		24,443
Class T2 common stock [Member]
Entity Common Stock, Shares Outstanding		0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Real estate:
Land	$ 204,641	$ 154,385
Buildings and improvements, less accumulated depreciation of $29,989 and $18,521, respectively	1,028,553	722,492
Construction in progress	36,808	20,123
Total real estate, net	1,270,002	897,000
Cash and cash equivalents	74,350	50,446
Acquired intangible assets, less accumulated amortization of $13,198 and $7,995, respectively	147,244	98,053
Other assets, net	37,522	24,539
Total assets	1,529,118	1,070,038
Liabilities:
Notes payable, net of deferred financing costs of $3,981 and $1,945, respectively	397,308	151,045
Credit facility, net of deferred financing costs of $751 and $876, respectively	274,249	219,124
Accounts payable due to affiliates	11,938	7,384
Accounts payable and other liabilities	26,755	17,184
Intangible lease liabilities, less accumulated amortization of $1,020 and $634, respectively	22,201	6,873
Total liabilities	732,451	401,610
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; 100,760,807 and 83,109,025 shares issued, respectively; 99,863,473 and 82,744,288 shares outstanding, respectively	999	827
Additional paid-in capital	870,592	723,859
Accumulated distributions in excess of earnings	(75,828)	(57,100)
Accumulated other comprehensive income	902	840
Total stockholders’ equity	796,665	668,426
Noncontrolling interests	2	2
Total equity	796,667	668,428
Total liabilities and stockholders’ equity	$ 1,529,118	$ 1,070,038

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Buildings and improvements, accumulated depreciation	$ 29,989	$ 18,521
Acquired intangible assets, accumulated amortization	13,198	7,995
Notes payable, deferred financing costs	3,981	1,945
Credit facility, deferred financing costs	751	876
Intangible lease liabilities, accumulated amortization	$ 1,020	$ 634
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	100,760,807	83,109,025
Common stock, shares outstanding	99,863,473	82,744,288

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenue:
Rental and parking revenue	$ 23,684	$ 10,888	$ 43,366	$ 20,909
Tenant reimbursement revenue	3,918	1,315	8,258	2,718
Total revenue	27,602	12,203	51,624	23,627
Expenses:
Rental and parking expenses	5,300	1,577	10,226	3,261
General and administrative expenses	1,212	757	2,137	1,522
Acquisition related expenses	0	1,946	0	3,611
Asset management fees	2,351	1,058	4,357	2,013
Depreciation and amortization	9,025	4,300	16,635	8,166
Total expenses	17,888	9,638	33,355	18,573
Income from operations	9,714	2,565	18,269	5,054
Interest expense, net	5,073	732	8,837	1,611
Net income attributable to common stockholders	4,641	1,833	9,432	3,443
Other comprehensive income:
Unrealized (loss) income on interest rate swaps, net	(706)	(101)	62	(101)
Other comprehensive (loss) income attributable to common stockholders	(706)	(101)	62	(101)
Comprehensive income attributable to common stockholders	$ 3,935	$ 1,732	$ 9,494	$ 3,342
Weighted average number of common shares outstanding:
Basic (in shares)	94,910,818	63,514,780	90,721,343	58,591,709
Diluted (in shares)	94,925,665	63,530,999	90,737,075	58,608,490
Net income per common share attributable to common stockholders:
Basic (in dollars per share)	$ 0.05	$ 0.03	$ 0.10	$ 0.06
Diluted (in dollars per share)	0.05	0.03	0.10	0.06
Distributions declared per common share	$ 0.16	$ 0.16	$ 0.31	$ 0.32

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Stockholders' Equity - 6 months ended Jun. 30, 2017 - 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, 2016	82,744,288	82,744,288
Balance, at Dec. 31, 2016	$ 668,428	$ 827	$ 723,859	$ (57,100)	$ 840	$ 668,426	$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		16,046,414
Issuance of common stock	155,800	$ 161	155,639			155,800	0
Issuance of common stock under the distribution reinvestment plan (in shares)		1,603,120
Issuance of common stock under the distribution reinvestment plan	14,649	$ 16	14,633			14,649	0
Vesting of restricted common stock (in shares)		2,250
Vesting of restricted common stock	34	$ 0	34			34	0
Commissions on sale of common stock and related dealer manager fees	(10,258)		(10,258)			(10,258)	0
Distribution and servicing fees	(4,459)		(4,459)			(4,459)	0
Other offering costs	(4,031)		(4,031)			(4,031)	0
Repurchase of common stock (in shares)		(532,599)
Repurchase of common stock	(4,830)	$ (5)	(4,825)			(4,830)	0
Distributions declared to common stockholders	(28,160)			(28,160)		(28,160)	0
Other comprehensive income	62				62	62	0
Net income	$ 9,432			9,432		9,432	0
Balance, (in shares) at Jun. 30, 2017	99,863,473	99,863,473
Balance, at Jun. 30, 2017	$ 796,667	$ 999	$ 870,592	$ (75,828)	$ 902	$ 796,665	$ 2

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 9,432	$ 3,443
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	16,635	8,166
Amortization of deferred financing costs	1,185	447
Amortization of above-market leases	39	19
Amortization of intangible lease liabilities	(386)	(268)
Straight-line rent	(4,842)	(2,699)
Stock-based compensation	34	24
Ineffectiveness of interest rate swaps	(2)	22
Changes in operating assets and liabilities:
Accounts payable and other liabilities	4,853	1,162
Accounts payable due to affiliates	632	111
Other assets	(1,386)	(1,366)
Net cash provided by operating activities	26,194	9,061
Cash flows from investing activities:
Investment in real estate	(405,569)	(161,462)
Acquisition costs capitalized subsequent	(44)	0
Capital expenditures	(13,692)	(2,087)
Real estate deposits, net	290	443
Net cash used in investing activities	(419,015)	(163,106)
Cash flows from financing activities:
Proceeds from issuance of common stock	155,800	182,504
Proceeds from notes payable	248,299	0
Proceeds from credit facility	175,000	45,000
Payments on credit facility	(120,000)	(40,000)
Payments of deferred financing costs	(2,551)	(281)
Repurchases of common stock	(4,830)	(1,135)
Offering costs on issuance of common stock	(14,621)	(17,649)
Distributions to stockholders	(12,812)	(7,493)
Net cash provided by financing activities	424,285	160,946
Net change in cash, cash equivalents and restricted cash	31,464	6,901
Cash, cash equivalents and restricted cash - Beginning of period	56,904	33,189
Cash, cash equivalents and restricted cash - End of period	88,368	40,090
Supplemental cash flow disclosure:
Interest paid, net of interest capitalized of $835 and $101, respectively	7,882	1,242
Supplemental disclosure of non-cash transactions:
Common stock issued through distribution reinvestment plan	14,649	10,096
Distribution and servicing fees accrued during the period	3,725	2,963
Net unrealized gain (loss) on interest rate swap	62	(101)
Liability assumed at acquisition	815	0
Accrued capital expenditures	$ 3,172	$ 0

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Statement of Cash Flows [Abstract]
Interest capitalized	$ 835	$ 101

Organization and Business Opera

Organization and Business Operations	6 Months Ended
	Jun. 30, 2017
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. The Company 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, on September 11, 2015. 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 June 30, 2017 , the Company was offering Class A shares, Class I shares and Class T shares of common stock, in any combination with a dollar value up to the maximum offering amount. On May 1, 2017, the Company filed a registration statement on Form S-11 under the Securities Act to register a maximum of $332,500,000 of shares of common stock in the primary offering pursuant to a proposed follow-on offering, and a maximum of $17,500,000 of additional shares pursuant to the DRIP. Accordingly, as provided pursuant to Rule 415 promulgated under the Securities Act, the Company extended the Offering until the earlier of (i) the effective date of the registration statement for the proposed follow-on public offering, (ii) November 25, 2017, that date that is 180 days after the third anniversary of the effective date of the Offering, or (iii) the date the maximum offering amount under the Offering is sold . The Company's board of directors determined to terminate the Offering on November 24, 2017 . The Company's board of directors may revise the offering termination date as necessary in its discretion. The Company has no t issued any shares in connection with the proposed follow-on offering as the registration statement on Form S-11 has not been declared effective by the SEC. As of June 30, 2017 , the Company had issued approximately 100,752,000 shares of Class A, Class I 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 $989,732,000 , before selling commissions and dealer manager fees of approximately $79,443,000 and other offering costs of approximately $19,908,000 . As of June 30, 2017 , the Company had approximately $1,360,268,000 in Class A shares, Class I 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 creditworthy tenants, as well as to make other real estate-related investments that relate to such property types, which 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 June 30, 2017 , the Company owned 45 real estate investments, consisting of 62 properties, located in 35 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	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The summary of significant accounting policies presented below is designed to assist in understanding the Company’s condensed consolidated financial statements. Such condensed consolidated financial statements and the accompanying notes thereto are the representation of management. These accounting policies conform to accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal and recurring nature considered for a fair presentation, have been included. Operating results for the three and six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . The condensed consolidated balance sheet at December 31, 2016 has been derived from the audited consolidated financial statements at that date but does not include all the information and notes required by GAAP for complete financial statements. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company's audited consolidated financial statements as of and for the year ended December 31, 2016 and related notes thereto set forth in the Company's Annual Report on Form 10-K, filed with the SEC on March 16, 2017. Principles of Consolidation and Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company, the Operating Partnership, and all wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of the condensed 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. Concentration of Credit Risk and Significant Leases As of June 30, 2017 , 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. As of June 30, 2017 , the Company owned real estate investments in 35 MSAs, one of which accounted for 10.0% or more of contractual rental revenue. Real estate investments located in the Oklahoma City, Oklahoma MSA accounted for 11.7% of contractual rental revenue for the six months ended June 30, 2017 . As of June 30, 2017 , the Company had no exposure to tenant concentration that accounted for 10.0% or more of rental revenue. Restricted Cash Restricted cash consists of restricted cash held in escrow and restricted bank deposits. 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. Restricted cash held in escrow is reported in other assets, net in the accompanying condensed consolidated balance sheets. See Note 6—"Other Assets, Net" . Restricted bank deposits consist of tenant receipts for certain properties which are required to be deposited into lender-controlled accounts in accordance with the respective lender's loan agreement. Restricted bank deposits are reported in other assets, net in the accompanying condensed consolidated balance sheets. On April 1, 2017, the Company adopted Accounting Standards Update, or 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 restricted cash. This ASU states that transfers between cash, cash equivalents and restricted cash are not part of the Company’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. As required, the Company retrospectively applied the guidance in ASU 2016-18 to the prior period presented, which resulted in a decrease of $2,515,000 in net cash used in investing activities on the condensed consolidated statements of cash flows for the six months ended June 30, 2016 . The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the totals shown in the condensed consolidated statements of cash flows: Six Months Ended Beginning of period: 2017 2016 Cash and cash equivalents 50,446 31,262 Restricted cash 6,458 1,927 Cash, cash equivalents and restricted cash $ 56,904 $ 33,189 End of period: Cash and cash equivalents 74,350 35,648 Restricted cash 14,018 4,442 Cash, cash equivalents and restricted cash $ 88,368 $ 40,090 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 six months ended June 30, 2017 , the Company received valid repurchase requests related to 532,599 Class A shares and Class T shares of common stock ( 519,091 of Class A shares and 13,508 of Class T shares), all of which were repurchased in full for an aggregate purchase price of approximately $4,830,000 (an average of $9.07 per share). During the six months ended June 30, 2016 , the Company received valid repurchase requests related to 118,641 Class A shares of common stock , all of which were repurchased in full for an aggregate purchase price of approximately $1,135,000 (an average of $9.57 per share). No shares of Class T common stock were requested to be, or were, repurchased during the six months ended June 30, 2016 . No shares of Class I common stock were requested to be, or were, repurchased during the six months ended June 30, 2017 and 2016 . Earnings Per Share The Company calculates basic earnings per share by dividing net income 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 three months ended June 30, 2017 and 2016 , diluted earnings per share reflected the effect of approximately 15,000 and 16,000 , respectively, of non-vested shares of restricted stock that were outstanding as of such period. For the six months ended June 30, 2017 and 2016 , diluted earnings per share reflected the effect of approximately 16,000 and 17,000 , respectively, of non-vested shares of restricted stock that were outstanding as of such period. 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 (Reporting Revenue Gross versus Net), or ASU 2016-08, which clarifies the implementation guidance on principal versus agent considerations in the new revenue recognition standard. 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 and transition of this update is the same as the effective date and transition of ASU 2015-14. As the majority of the Company's revenue is derived from real estate lease contracts, as discussed in relation to ASU 2016-02, Leases , the Company does not expect that the adoption of ASU 2014-09 or related amendments and modifications will have a material impact on the condensed consolidated financial statements. 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 . Under ASU 2016-02, a lessee is required to record a right of use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. The Company is a lessee on a limited number of ground leases, which will result in the recognition of a right of use asset and lease liability upon the adoption of ASU 2016-02. Lessor accounting remains largely unchanged, apart from the narrower scope of initial direct costs that can be capitalized. The new standard will result in certain costs, such as legal costs related to lease negotiations, being expensed rather than capitalized. In addition, ASU 2016-02 requires lessors to identify the lease and non-lease components, such as common area maintenance, contained within each lease. The non-lease components would have to be evaluated under the revenue recognition guidance of ASU 2014-09. 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 evaluating the impact ASU 2016-02 will have on the Company's condensed 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, and interim periods within, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within, beginning after December 15, 2018. The Company is in the process of evaluating the impact ASU 2016-13 will have on the Company’s condensed consolidated financial statements. The Company believes that certain financial statements' accounts will be impacted by the adoption of ASU 2016-13, including allowances for doubtful accounts with respect to accounts receivable and straight-line rents receivable. On February 23, 2017, the FASB issued ASU 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, or ASU 2017-05. ASU 2017-05 clarifies the scope of asset derecognition guidance and accounting for partial sales of nonfinancial assets. Partial sales of nonfinancial assets are common in the real estate industry and include transactions in which the seller retains an equity interest in the entity that owns the assets or has an equity interest in the buyer. ASU 2017-05 is effective for fiscal years beginning after December 15, 2017, including interim reporting periods within those fiscal years. Early adoption is permitted. The Company is in process of evaluating the impact ASU 2017-05 will have on the Company’s condensed consolidated financial statements. T he Company does not expect that the adoption of ASU 2017-05 will have a material impact on the condensed consolidated financial statements.

Real Estate Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments During the six months ended June 30, 2017 , the Company purchased eleven real estate properties, all of which were determined to be asset acquisitions. Upon the acquisition of the 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. The following table summarizes the acquisitions paid in cash during the six months ended June 30, 2017 : Property Description Date Ownership Purchase Price Tempe Data Center 01/26/2017 100% $ 16,224 Norwalk Data Center 03/30/2017 100% 58,835 Aurora Healthcare Facility 03/30/2017 100% 11,531 Texas Rehab - Austin 03/31/2017 100% 36,945 Texas Rehab - Allen 03/31/2017 100% 23,691 Texas Rehab - Beaumont 03/31/2017 100% 9,649 Charlotte Data Center II 05/15/2017 100% 16,646 250 Williams Atlanta Data Center 06/15/2017 100% 168,588 Sunnyvale Data Center 06/28/2017 100% 38,105 Texas Rehab - San Antonio 06/29/2017 100% 14,853 Cincinnati Data Center 06/30/2017 100% 10,502 Total $ 405,569 The following table summarizes management's allocation of the acquisitions during the six months ended June 30, 2017 , based on a relative fair value method allocating all accumulated costs (amounts in thousands): Total Land $ 50,180 Buildings and improvements 318,266 In-place leases 52,204 Above market leases 1,448 Total assets acquired 422,098 Below market leases and liabilities assumed at acquisitions (16,529 ) Total liabilities acquired (16,529 ) Net assets acquired $ 405,569 Acquisition fees and expenses associated with transactions determined to be asset acquisitions are capitalized. The Company capitalized acquisition fees and costs of approximately $6,023,000 related to properties acquired during the three months ended June 30, 2017 and $10,116,000 during the six months ended June 30, 2017 . The Company expensed acquisition fees and expenses of approximately of approximately $1,839,000 and $3,368,000 , respectively, for the three and six months ended June 30, 2016 in connection with the acquisition of properties determined to be business combinations. 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 three and six months ended June 30, 2017 and 2016, acquisition fees and costs did not exceed 6.0% of the contract purchase price of the Company's acquisitions during such periods.

Acquired Intangible Assets, Net

Acquired Intangible Assets, Net	6 Months Ended
	Jun. 30, 2017
Finite-Lived Intangible Assets, Net [Abstract]
Acquired Intangible Assets, Net	Acquired Intangible Assets, Net Acquired intangible assets, net consisted of the following as of June 30, 2017 and December 31, 2016 (amounts in thousands, except weighted average life amounts): June 30, 2017 December 31, 2016 In-place leases, net of accumulated amortization of $13,082 and $7,918, respectively (with a weighted average remaining life of 11.1 years and 12.8 years, respectively) $ 145,014 $ 97,232 Above-market leases, net of accumulated amortization of $93 and $58, respectively (with a weighted average remaining life of 3.3 years and 7.4 years, respectively) 1,609 196 Ground lease interest, net of accumulated amortization of $23 and $19, respectively (with a weighted average remaining life of 66.3 years and 66.8 years, respectively) 621 625 $ 147,244 $ 98,053 The aggregate weighted average remaining life of the acquired intangible assets was 11.2 years and 13.1 years as of June 30, 2017 and December 31, 2016 , respectively. Amortization of the acquired intangible assets for the three months ended June 30, 2017 and 2016 was $2,845,000 and $1,318,000 , respectively, and for the six months ended June 30, 2017 and 2016 was $5,203,000 and $2,499,000 , respectively. Amortization of the above-market leases is recorded as an adjustment to rental and parking revenue, 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 and parking expenses in the accompanying condensed consolidated statements of comprehensive income .

Intangible Lease Liabilities, N

Intangible Lease Liabilities, Net	6 Months Ended
	Jun. 30, 2017
Intangible Lease Liabilities, Net [Abstract]
Intangible Lease Liabilities, Net	Intangible Lease Liabilities, Net Intangible lease liabilities, net consisted of the following as of June 30, 2017 and December 31, 2016 (amounts in thousands, except weighted average life amounts): June 30, 2017 December 31, 2016 Below-market leases, net of accumulated amortization of $1,020 and $634, respectively (with a weighted average remaining life of 9.4 years and 13.6 years, respectively) $ 22,201 $ 6,873 $ 22,201 $ 6,873 Amortization of below-market leases for the three months ended June 30, 2017 and 2016 was $252,000 and $134,000 , respectively, and for the six months ended June 30, 2017 and 2016 was $386,000 and $268,000 , respectively. Amortization of below-market leases is recorded as an adjustment to rental and parking revenue in the accompanying condensed consolidated statements of comprehensive income .

Other Assets, Net

Other Assets, Net	6 Months Ended
	Jun. 30, 2017
Other Assets [Abstract]
Other Assets, Net	Other Assets, Net Other assets, net consisted of the following as of June 30, 2017 and December 31, 2016 (amounts in thousands): June 30, 2017 December 31, 2016 Deferred financing costs, related to the revolver portion of the secured credit facility, net of accumulated amortization of $2,569 and $1,789, respectively $ 2,525 $ 3,071 Real estate escrow deposits — 290 Restricted cash 14,018 6,458 Tenant receivable 3,526 3,126 Straight-line rent receivable 13,567 8,725 Prepaid and other assets 2,073 1,087 Derivative assets 1,813 1,782 $ 37,522 $ 24,539

Accounts Payable and Other Liab

Accounts Payable and Other Liabilities	6 Months Ended
	Jun. 30, 2017
Payables and Accruals [Abstract]
Accounts Payable and Other Liabilities	Accounts Payable and Other Liabilities Accounts payable and other liabilities as of June 30, 2017 and December 31, 2016 , were comprised of the following (amounts in thousands): June 30, 2017 December 31, 2016 Accounts payable and accrued expenses $ 11,884 $ 7,657 Accrued interest expense 1,643 945 Accrued property taxes 3,468 1,164 Distributions payable to stockholders 5,035 4,336 Tenant deposits 1,218 1,551 Deferred rental income 2,742 733 Derivative liabilities 765 798 $ 26,755 $ 17,184

Notes Payable and Secured Credi

Notes Payable and Secured Credit Facility	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Notes Payable and Secured Credit Facility	Notes Payable and Secured Credit Facility The Company's debt outstanding as of June 30, 2017 and December 31, 2016 consisted of the following (amounts in thousands): June 30, 2017 December 31, 2016 Notes payable: Fixed rate notes payable $ 214,699 $ 51,000 Variable rate notes payable fixed through interest rate swaps 136,190 71,540 Variable rate notes payable 50,400 30,450 Total notes payable, principal amount outstanding 401,289 152,990 Unamortized deferred financing costs related to notes payable (3,981 ) (1,945 ) Total notes payable, net of deferred financing costs 397,308 151,045 Secured credit facility: Revolving line of credit 175,000 120,000 Term loan 100,000 100,000 Total secured credit facility, principal amount outstanding 275,000 220,000 Unamortized deferred financing costs related to the term loan of the secured credit facility (751 ) (876 ) Total secured credit facility, net of deferred financing costs 274,249 219,124 Total debt outstanding $ 671,557 $ 370,169 Significant debt activity since December 31, 2016, excluding scheduled principal payments, includes: • During the six months ended June 30, 2017 , the Company drew $175,000,000 and repaid $120,000,000 on its secured credit facility. • During the six months ended June 30, 2017 , the Company increased the borrowing base availability under the secured credit facility by $83,348,000 by adding seven properties to the aggregate pool availability and removed a property from the collateralized pool, which decreased the aggregate pool availability by $18,645,000 . • As of June 30, 2017 , the Company had an aggregate pool availability under the secured credit facility of $361,236,000 and an aggregate outstanding principal balance of $275,000,000 . As of June 30, 2017 , $86,236,000 remained to be drawn on the secured credit facility. • During the six months ended June 30, 2017 , the Company entered into five notes payable collateralized by real estate assets in the principal amount of $248,299,000 . • During the six months ended June 30, 2017 , the Company entered into four interest rate swap agreements to effectively fix the London Interbank Offered Rate, or LIBOR, on $75,000,000 of the term loan of the secured credit facility and two interest rate swap agreements of variable rate notes payable in the aggregate amount of $84,600,000 . The principal payments due on the notes payable and secured credit facility for the six months ending December 31, 2017 and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Total Amount Six months ending December 31, 2017 $ — 2018 175,050 2019 101,749 2020 4,456 2021 154,251 Thereafter 240,783 $ 676,289

Related-Party Transactions and

Related-Party Transactions and Arrangements	6 Months Ended
	Jun. 30, 2017
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 associated with the Offering (other than selling commissions, dealer manager fees and distribution and servicing fees) will be approximately 1.50% of the gross proceeds. As of June 30, 2017 , since inception, the Advisor and its affiliates incurred approximately $15,510,000 on the Company’s behalf in offering costs, of which approximately $627,000 of other organization and offering costs remained accrued as of June 30, 2017 . Other organization expenses are expensed as incurred and offering costs 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. For the three months ended June 30, 2017 and 2016 , the Company incurred approximately $4,873,000 and $1,937,000 , respectively, and for the six months ended June 30, 2017 and 2016 , the Company incurred $7,956,000 and $4,170,000 , 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. For the three months ended June 30, 2017 and 2016 , the Company incurred approximately $2,351,000 and $1,058,000 , respectively, and for the six months ended June 30, 2017 and 2016 , the Company incurred approximately $4,357,000 and $2,013,000 , respectively, in asset management fees. In connection with the rental, leasing, operation and management of the Company’s properties, the Company pays the Property Manager and its affiliates aggregate fees equal to 3.0% of gross revenues from the properties managed, or property management fees. The Company will reimburse the Property Manager and its affiliates for property-level expenses that any of them pay or incur on the Company’s behalf, including salaries, bonuses and benefits of persons employed by the Property Manager and its affiliates except for the salaries, bonuses and benefits of persons who also serve as one of its executive officers. The Property Manager and its affiliates may subcontract the performance of their duties to third parties and pay all or a portion of the property management fee to the third parties with whom they contract for these services. If the Company contracts directly with third parties for such services, it will pay them customary market fees and may pay the Property Manager an oversight fee equal to 1.0% of the gross revenues of the properties managed. In no event will the Company pay the Property Manager or any affiliate both a property management fee and an oversight fee with respect to any particular property. The Company also will pay the Property Manager a separate fee for the one-time initial rent-up, leasing-up of newly constructed properties or re-leasing to existing tenants. For the three months ended June 30, 2017 and 2016 , the Company incurred approximately $738,000 and $312,000 , respectively, and for the six months ended June 30, 2017 and 2016 , the Company incurred approximately $1,409,000 and $611,000 , respectively, in property management fees to the Property Manager, which are recorded in rental and parking expenses in the accompanying condensed consolidated statements of comprehensive income. For the three and six months ended June 30, 2017 , the Company incurred $0 and $23,000 , respectively, in leasing commissions to the Property Manager. As of June 30, 2016 , the Company had no t incurred any leasing commissions to the Property Manager. Leasing commission fees are capitalized in other assets, net in the accompanying condensed consolidated balance sheets. For acting as general contractor and/or construction manager to supervise or coordinate projects or to provide major repairs or rehabilitation on our properties, the Company may pay the Property Manager up to 5.0% of the cost of the projects, repairs and/or rehabilitation, as applicable, or construction management fees. For the three and six months ended June 30, 2017 , the Company incurred approximately $244,000 and $403,000 , respectively, in construction management fees to the Property Manager. As of June 30, 2016 , the Company had no t incurred any construction management fees to the Property Manager. Construction management fees are capitalized in real estate, net in the accompanying condensed 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 three months ended June 30, 2017 and 2016 , the Advisor allocated approximately $482,000 and $321,000 , respectively, and for the six months ended June 30, 2017 and 2016 , the Advisor allocated $847,000 and $598,000 respectively, in operating expenses to the Company, which are recorded in general and administrative expenses in the accompanying condensed consolidated statements of comprehensive income. 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 equal to 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 June 30, 2017 , the Company has not incurred any disposition fees to the Advisor or its affiliates. Upon the sale of the Company, 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, or the subordinated participation in net sale proceeds. As of June 30, 2017 , 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 June 30, 2017 , 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 June 30, 2017 , 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 does not pay selling commissions with respect to Class I shares and 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 may receive up to 2.0% of the gross offering proceeds from the sale of Class I shares as a dealer manager fee, of which 1.0% will be funded by our Advisor without reimbursement from us. The 1.0% of the dealer manager fee paid from offering proceeds will be waived in the event an investor purchases Class I shares through a registered investment advisor that is not affiliated with a broker dealer. 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 of any class made pursuant to the DRIP. For the three months ended June 30, 2017 and 2016 , the Company incurred approximately $5,313,000 and $6,940,000 , respectively, and for the six months ended June 30, 2017 and 2016 , the Company incurred approximately $10,258,000 and $14,944,000 , 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. The Dealer Manager will reallow all of the distribution and servicing fees with respect to Class T shares sold in the primary offering to participating broker-dealers; provided, however, effective June 1, 2017, a participating broker-dealer may give written notice to the Dealer Manager that it waives all or a portion of the reallowance of the distribution and servicing fee, which waiver shall be irrevocable and will not retroactively apply to Class T shares that were previously sold through such participating broker-dealer. 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, the date on which total underwriting compensation in the Offering equals (a) 10% of the gross proceeds from our primary offering less (b) the total amount of distribution and servicing fees waived by participating broker-dealers; (iii) the date on which there are no longer any Class T shares outstanding; (iv) the fourth anniversary of the last day of the fiscal quarter in which the Company's primary offering terminates; (v) with respect to a Class T share sold in the primary offering, the date on which a participating broker-dealer receives (a) total underwriting compensation equal to 10% of the gross offering proceeds of such Class T share less (b) the amount of any waived distribution and servicing fees by such participating broker-dealer; or (vi) the date on which the holder of such Class T share or its agent notifies the Company or its agent that he or she is represented by a new participating broker-dealer; provided that the Company will continue paying the distribution and servicing fee, which shall be re-allowed to the new participating broker-dealer, if the new participating broker-dealer enters into a participating broker-dealer agreement with the Dealer Manager or otherwise agrees to provide the services set forth in the dealer manager agreement. The distribution and servicing fee is paid monthly in arrears. The distribution and servicing fee will not be payable with respect to Class T shares issued under the DRIP or in connection with Class A shares and Class I shares. For the three months ended June 30, 2017 and 2016 , the Company incurred approximately $2,810,000 and $3,020,000 , respectively, and for the six months ended June 30, 2017 and 2016 , the Company incurred approximately $4,459,000 and $3,042,000 , respectively, in distribution and servicing fees to the Dealer Manager. Accounts Payable Due to Affiliates The following amounts were due to affiliates as of June 30, 2017 and December 31, 2016 (amounts in thousands): Entity Fee June 30, 2017 December 31, 2016 Carter Validus Advisors II, LLC and its affiliates Asset management fees $ 883 $ 627 Carter Validus Real Estate Management Services II, LLC Property management fees 352 252 Carter Validus Real Estate Management Services II, LLC Construction management fees 182 323 Carter Validus Advisors II, LLC and its affiliates General and administrative costs 397 138 Carter Validus Advisors II, LLC and its affiliates Offering costs 627 289 SC Distributors, LLC Distribution and servicing fees 9,475 5,750 Carter Validus Advisors II, LLC and its affiliates Acquisition expenses and fees 22 5 $ 11,938 $ 7,384

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2017
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 six months ended June 30, 2017 and 2016 . 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 and parking 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 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 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 as presented in the accompanying condensed consolidated financial statements and data included elsewhere in this Quarterly Report on Form 10-Q . General and administrative expenses, acquisition related expenses, asset management fees, depreciation and amortization and interest expense, 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 three and six months ended June 30, 2017 and 2016 , is as follows (amounts in thousands): Data Center Healthcare Three Months Ended Revenue: Rental, parking and tenant reimbursement revenue $ 11,761 $ 15,841 $ 27,602 Expenses: Rental and parking expenses (3,027 ) (2,273 ) (5,300 ) Segment net operating income $ 8,734 $ 13,568 22,302 Expenses: General and administrative expenses (1,212 ) Asset management fees (2,351 ) Depreciation and amortization (9,025 ) Income from operations 9,714 Interest expense, net (5,073 ) Net income attributable to common stockholders $ 4,641 Data Center Healthcare Three Months Ended Revenue: Rental, parking and tenant reimbursement revenue $ 2,177 $ 10,026 $ 12,203 Expenses: Rental and parking expenses (317 ) (1,260 ) (1,577 ) Segment net operating income $ 1,860 $ 8,766 10,626 Expenses: General and administrative expenses (757 ) Acquisition related expenses (1,946 ) Asset management fees (1,058 ) Depreciation and amortization (4,300 ) Income from operations 2,565 Interest expense, net (732 ) Net income attributable to common stockholders $ 1,833 Data Centers Healthcare Six Months Ended Revenue: Rental, parking and tenant reimbursement revenue $ 21,465 $ 30,159 $ 51,624 Expenses: Rental and parking expenses (5,687 ) (4,539 ) (10,226 ) Segment net operating income $ 15,778 $ 25,620 41,398 Expenses: General and administrative expenses (2,137 ) Asset management fees (4,357 ) Depreciation and amortization (16,635 ) Income from operations 18,269 Interest expense, net (8,837 ) Net income attributable to common stockholders $ 9,432 Data Centers Healthcare Six Months Ended Revenue: Rental, parking and tenant reimbursement revenue $ 3,714 $ 19,913 $ 23,627 Expenses: Rental and parking expenses (571 ) (2,690 ) (3,261 ) Segment net operating income $ 3,143 $ 17,223 20,366 Expenses: General and administrative expenses (1,522 ) Acquisition related expenses (3,611 ) Asset management fees (2,013 ) Depreciation and amortization (8,166 ) Income from operations 5,054 Interest expense, net (1,611 ) Net income attributable to common stockholders $ 3,443 Assets by each reportable segment as of June 30, 2017 and December 31, 2016 are as follows (amounts in thousands): June 30, 2017 December 31, 2016 Assets by segment: Data centers $ 697,585 $ 362,969 Healthcare 763,576 653,416 All other 67,957 53,653 Total assets $ 1,529,118 $ 1,070,038 Capital additions and acquisitions by reportable segments for the six months ended June 30, 2017 and 2016 are as follows (amounts in thousands): Six Months Ended 2017 2016 Capital additions and acquisitions by segment: Data centers $ 308,931 $ 56,544 Healthcare 110,374 107,005 Total capital additions and acquisitions $ 419,305 $ 163,549

Future Minimum Rent

Future Minimum Rent	6 Months Ended
	Jun. 30, 2017
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 for the six months ending December 31, 2017 and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Six months ending December 31, 2017 $ 51,882 2018 105,015 2019 105,934 2020 102,979 2021 103,493 Thereafter 815,468 $ 1,284,771 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 for the six months ending December 31, 2017 and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Six months ending December 31, 2017 $ 18 2018 38 2019 38 2020 38 2021 38 Thereafter 2,481 $ 2,651

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2017
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 $213,413,000 and $49,930,000 as of June 30, 2017 and December 31, 2016 , respectively, as compared to the outstanding principal of $214,699,000 and $51,000,000 as of June 30, 2017 and December 31, 2016 , respectively. The estimated fair value of notes payable—variable rate fixed through interest rate swap agreements (Level 2) was approximately $133,774,000 and $69,247,000 as of June 30, 2017 and December 31, 2016 , respectively, as compared to the outstanding principal of $136,190,000 and $71,540,000 as of June 30, 2017 and December 31, 2016 , respectively. Notes payable – Variable —The outstanding principal of the notes payable – variable was $50,400,000 and $30,450,000 as of June 30, 2017 and December 31, 2016, respectively, which approximated its fair value. The fair value of the Company's variable rate notes payable is estimated based on the interest rates currently offered to the Company by financial institutions. Secured credit facility —The outstanding principal of the secured credit facility – variable was $175,000,000 and $195,000,000 , which approximated its fair value as of June 30, 2017 and December 31, 2016 , respectively. 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. The estimated fair value of the secured credit facility – variable rate fixed through an interest rate swap agreement (Level 2) was approximately $99,149,000 and $24,195,000 as of June 30, 2017 and December 31, 2016 , respectively, as compared to the outstanding principal of $100,000,000 and $25,000,000 as of June 30, 2017 and December 31, 2016 , respectively. 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 June 30, 2017 , 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 June 30, 2017 and December 31, 2016 (amounts in thousands): June 30, 2017 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ 1,813 $ — $ 1,813 Total assets at fair value $ — $ 1,813 $ — $ 1,813 Liabilities: Derivative liabilities $ — $ 765 $ — $ 765 Total liabilities at fair value $ — $ 765 $ — $ 765 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 Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2017
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 condensed consolidated statement of stockholders' equity and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the six months ended June 30, 2017 , 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 three months ended June 30, 2017 and 2016 , the Company recognized a gain of $10,000 and a loss of $22,000 , respectively, and during the six months ended June 30, 2017 and 2016 , the Company recognized a gain of $2,000 and a loss of $22,000 , respectively, due to ineffectiveness of its hedges of interest rate risk, which were recorded in interest expense, net in the accompanying condensed consolidated statements of comprehensive income . Amounts reported in accumulated other comprehensive income related to the derivative will be reclassified to interest expense, net as interest payments are made on the Company’s variable rate debt. During the next twelve months, the Company estimates that an additional $885,000 will be reclassified from accumulated other comprehensive income as an increase to interest expense, net. See Note 12—"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 June 30, 2017 December 31, 2016 Outstanding Fair Value of Outstanding Fair Value of Asset (Liability) Asset (Liability) Interest rate swaps Other assets, net/Accounts 07/01/2016 to 12/22/2020 to $ 236,190 $ 1,813 $ (765 ) $ 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, or OCI, in the accompanying condensed consolidated statements of comprehensive income . The table below summarizes the amount of income recognized on the interest rate derivatives designated as cash flow hedging relationships for the three and six months ended June 30, 2017 and 2016 (amounts in thousands): Derivatives in Cash Flow Hedging Relationships Amount of Loss Recognized Location of Loss Amount of Loss Three Months Ended June 30, 2017 Interest rate swap $ (1,048 ) Interest expense, net $ (342 ) Total $ (1,048 ) $ (342 ) Three Months Ended June 30, 2016 Interest rate swap $ (101 ) Interest expense, net $ — Total $ (101 ) $ — Six Months Ended June 30, 2017 Interest rate swaps $ (635 ) Interest expense, net $ (697 ) Total $ (635 ) $ (697 ) Six Months Ended June 30, 2016 Interest rate swaps $ (101 ) Interest expense, net $ — Total $ (101 ) $ — 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 records credit risk valuation adjustments on its interest rate swaps based on the respective credit quality of the Company and the counterparty. The Company believes it mitigates its credit risk by entering into agreements with creditworthy counterparties. As of June 30, 2017 , 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 $898,000 . As of June 30, 2017 , 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 condensed 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 June 30, 2017 and 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 June 30, 2017 $ 1,813 $ — $ 1,813 $ — $ — $ 1,813 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 June 30, 2017 $ 765 $ — $ 765 $ — $ — $ 765 December 31, 2016 $ 798 $ — $ 798 $ — $ — $ 798 The Company reports derivatives in the accompanying condensed consolidated balance sheets as other assets, net and accounts payable and other liabilities.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2017
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 six months ended June 30, 2017 and 2016 (amounts in thousands): Unrealized Income on Derivative Accumulated Other Balance as of December 31, 2016 $ 840 $ 840 Other comprehensive loss before reclassification (635 ) (635 ) Amount of loss reclassified from accumulated other comprehensive income to net income (effective portion) 697 697 Other comprehensive income 62 62 Balance as of June 30, 2017 $ 902 $ 902 Unrealized Loss on Derivative Accumulated Other Balance as of December 31, 2015 $ — $ — Other comprehensive loss before reclassification (101 ) (101 ) Amount of loss reclassified from accumulated other comprehensive loss to net income (effective portion) — — Other comprehensive loss (101 ) (101 ) Balance as of June 30, 2016 $ (101 ) $ (101 ) The following table presents reclassifications out of accumulated other comprehensive income for the six months ended June 30, 2017 and 2016 (amounts in thousands): Details about Accumulated Other Amounts Reclassified from Affected Line Items in the Consolidated Statements of Comprehensive Income Six Months Ended 2017 2016 Interest rate swap contracts $ 697 $ — Interest expense, net

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation In the ordinary course of business, the Company may become subject to litigation or claims. As of June 30, 2017 , there were, and currently there are, no material pending legal proceedings to which the Company is a party.

Economic Dependency

Economic Dependency	6 Months Ended
	Jun. 30, 2017
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.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions to Stockholders Paid On July 3, 2017, the Company paid aggregate distributions of approximately $4,029,000 to Class A stockholders ( $1,977,000 in cash and $2,052,000 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 June 1, 2017 through June 30, 2017. On August 1, 2017, the Company paid aggregate distributions of approximately $4,203,000 to Class A stockholders ( $2,073,000 in cash and $2,130,000 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 July 1, 2017 through July 31, 2017. On July 3, 2017, the Company paid aggregate distributions of approximately $72,000 to Class I stockholders ( $34,000 in cash and $38,000 in shares of the Company's Class I common stock pursuant to the DRIP), which related to distributions declared for each day in the period from June 1, 2017 through June 30, 2017. On August 1, 2017, the Company paid aggregate distributions of approximately $106,000 to Class I stockholders ( $52,000 in cash and $54,000 in shares of the Company's Class I common stock pursuant to the DRIP), which related to distributions declared for each day in the period from July 1, 2017 through July 31, 2017. On July 3, 2017, the Company paid aggregate distributions of approximately $934,000 to Class T stockholders ( $375,000 in cash and $559,000 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 June 1, 2017 through June 30, 2017. On August 1, 2017, the Company paid aggregate distributions of approximately $1,061,000 to Class T stockholders ( $432,000 in cash and $629,000 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 July 1, 2017 through July 31, 2017. Distributions Declared Class A Shares On August 3, 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 September 1, 2017 and ending on November 30, 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 September 2017, October 2017 and November 2017 will be paid in October 2017, November 2017 and December 2017, respectively. The distributions will be payable to stockholders from legally available funds therefor. Class I Shares On August 3, 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 commencing on September 1, 2017 and ending on November 30, 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 September 2017, October 2017 and November 2017 will be paid in October 2017, November 2017 and December 2017, respectively. The distributions will be payable to stockholders from legally available funds therefor. Class T Shares On August 3, 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 September 1, 2017 and ending on November 30, 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 September 2017, October 2017 and November 2017 will be paid in October 2017, November 2017 and December 2017, respectively. The distributions will be payable to stockholders from legally available funds therefor. Status of the Offering As of August 7, 2017 , the Company had accepted investors’ subscriptions for and issued approximately 78,430,000 shares of Class A common stock, 2,306,000 shares of Class I common stock and 24,465,000 shares of Class T common stock in the Offering, resulting in receipt of gross proceeds of approximately $776,787,000 , $20,988,000 and $234,478,000 , respectively, including shares of its common stock issued pursuant to its DRIP, for total gross proceeds raised of $1,032,253,000 . As of August 7, 2017 , the Company had approximately $1,317,747,000 in Class A shares, Class I shares and Class T shares of common stock remaining in the Offering.

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company, the Operating Partnership, and all wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the condensed 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.
Concentration of Credit Risk and Significant Leases	Concentration of Credit Risk and Significant Leases As of June 30, 2017 , 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. As of June 30, 2017 , the Company owned real estate investments in 35 MSAs, one of which accounted for 10.0% or more of contractual rental revenue. Real estate investments located in the Oklahoma City, Oklahoma MSA accounted for 11.7% of contractual rental revenue for the six months ended June 30, 2017 .
Restricted Cash	Restricted Cash Restricted cash consists of restricted cash held in escrow and restricted bank deposits. 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. Restricted cash held in escrow is reported in other assets, net in the accompanying condensed consolidated balance sheets. See Note 6—"Other Assets, Net" . Restricted bank deposits consist of tenant receipts for certain properties which are required to be deposited into lender-controlled accounts in accordance with the respective lender's loan agreement. Restricted bank deposits are reported in other assets, net in the accompanying condensed consolidated balance sheets. On April 1, 2017, the Company adopted Accounting Standards Update, or 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 restricted cash. This ASU states that transfers between cash, cash equivalents and restricted cash are not part of the Company’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. As required, the Company retrospectively applied the guidance in ASU 2016-18 to the prior period presented, which resulted in a decrease of $2,515,000 in net cash used in investing activities on the condensed consolidated statements of cash flows for the six months ended June 30, 2016 . The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the totals shown in the condensed consolidated statements of cash flows: Six Months Ended Beginning of period: 2017 2016 Cash and cash equivalents 50,446 31,262 Restricted cash 6,458 1,927 Cash, cash equivalents and restricted cash $ 56,904 $ 33,189 End of period: Cash and cash equivalents 74,350 35,648 Restricted cash 14,018 4,442 Cash, cash equivalents and restricted cash $ 88,368 $ 40,090
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 six months ended June 30, 2017 , the Company received valid repurchase requests related to 532,599 Class A shares and Class T shares of common stock ( 519,091 of Class A shares and 13,508 of Class T shares), all of which were repurchased in full for an aggregate purchase price of approximately $4,830,000 (an average of $9.07 per share). During the six months ended June 30, 2016 , the Company received valid repurchase requests related to 118,641 Class A shares of common stock , all of which were repurchased in full for an aggregate purchase price of approximately $1,135,000 (an average of $9.57 per share). No shares of Class T common stock were requested to be, or were, repurchased during the six months ended June 30, 2016 . No shares of Class I common stock were requested to be, or were, repurchased during the six months ended June 30, 2017 and 2016 .
Earnings Per Share	Earnings Per Share The Company calculates basic earnings per share by dividing net income 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 three months ended June 30, 2017 and 2016 , diluted earnings per share reflected the effect of approximately 15,000 and 16,000 , respectively, of non-vested shares of restricted stock that were outstanding as of such period. For the six months ended June 30, 2017 and 2016 , diluted earnings per share reflected the effect of approximately 16,000 and 17,000 , respectively, of non-vested shares of restricted stock that were outstanding as of such period.
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 (Reporting Revenue Gross versus Net), or ASU 2016-08, which clarifies the implementation guidance on principal versus agent considerations in the new revenue recognition standard. 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 and transition of this update is the same as the effective date and transition of ASU 2015-14. As the majority of the Company's revenue is derived from real estate lease contracts, as discussed in relation to ASU 2016-02, Leases , the Company does not expect that the adoption of ASU 2014-09 or related amendments and modifications will have a material impact on the condensed consolidated financial statements. 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 . Under ASU 2016-02, a lessee is required to record a right of use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. The Company is a lessee on a limited number of ground leases, which will result in the recognition of a right of use asset and lease liability upon the adoption of ASU 2016-02. Lessor accounting remains largely unchanged, apart from the narrower scope of initial direct costs that can be capitalized. The new standard will result in certain costs, such as legal costs related to lease negotiations, being expensed rather than capitalized. In addition, ASU 2016-02 requires lessors to identify the lease and non-lease components, such as common area maintenance, contained within each lease. The non-lease components would have to be evaluated under the revenue recognition guidance of ASU 2014-09. 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 evaluating the impact ASU 2016-02 will have on the Company's condensed 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, and interim periods within, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within, beginning after December 15, 2018. The Company is in the process of evaluating the impact ASU 2016-13 will have on the Company’s condensed consolidated financial statements. The Company believes that certain financial statements' accounts will be impacted by the adoption of ASU 2016-13, including allowances for doubtful accounts with respect to accounts receivable and straight-line rents receivable. On February 23, 2017, the FASB issued ASU 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, or ASU 2017-05. ASU 2017-05 clarifies the scope of asset derecognition guidance and accounting for partial sales of nonfinancial assets. Partial sales of nonfinancial assets are common in the real estate industry and include transactions in which the seller retains an equity interest in the entity that owns the assets or has an equity interest in the buyer. ASU 2017-05 is effective for fiscal years beginning after December 15, 2017, including interim reporting periods within those fiscal years. Early adoption is permitted. The Company is in process of evaluating the impact ASU 2017-05 will have on the Company’s condensed consolidated financial statements. T he Company does not expect that the adoption of ASU 2017-05 will have a material impact on the condensed consolidated financial statements.

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the totals shown in the condensed consolidated statements of cash flows: Six Months Ended Beginning of period: 2017 2016 Cash and cash equivalents 50,446 31,262 Restricted cash 6,458 1,927 Cash, cash equivalents and restricted cash $ 56,904 $ 33,189 End of period: Cash and cash equivalents 74,350 35,648 Restricted cash 14,018 4,442 Cash, cash equivalents and restricted cash $ 88,368 $ 40,090

Real Estate Investments (Tables

Real Estate Investments (Tables)	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Schedule of Asset Acquisitions	The following table summarizes the acquisitions paid in cash during the six months ended June 30, 2017 : Property Description Date Ownership Purchase Price Tempe Data Center 01/26/2017 100% $ 16,224 Norwalk Data Center 03/30/2017 100% 58,835 Aurora Healthcare Facility 03/30/2017 100% 11,531 Texas Rehab - Austin 03/31/2017 100% 36,945 Texas Rehab - Allen 03/31/2017 100% 23,691 Texas Rehab - Beaumont 03/31/2017 100% 9,649 Charlotte Data Center II 05/15/2017 100% 16,646 250 Williams Atlanta Data Center 06/15/2017 100% 168,588 Sunnyvale Data Center 06/28/2017 100% 38,105 Texas Rehab - San Antonio 06/29/2017 100% 14,853 Cincinnati Data Center 06/30/2017 100% 10,502 Total $ 405,569
Schedule of Allocation of Asset Acquisitions	The following table summarizes management's allocation of the acquisitions during the six months ended June 30, 2017 , based on a relative fair value method allocating all accumulated costs (amounts in thousands): Total Land $ 50,180 Buildings and improvements 318,266 In-place leases 52,204 Above market leases 1,448 Total assets acquired 422,098 Below market leases and liabilities assumed at acquisitions (16,529 ) Total liabilities acquired (16,529 ) Net assets acquired $ 405,569

Acquired Intangible Assets, N28

Acquired Intangible Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2017
Finite-Lived Intangible Assets, Net [Abstract]
Schedule of Acquired Intangible Assets, Net	Acquired intangible assets, net consisted of the following as of June 30, 2017 and December 31, 2016 (amounts in thousands, except weighted average life amounts): June 30, 2017 December 31, 2016 In-place leases, net of accumulated amortization of $13,082 and $7,918, respectively (with a weighted average remaining life of 11.1 years and 12.8 years, respectively) $ 145,014 $ 97,232 Above-market leases, net of accumulated amortization of $93 and $58, respectively (with a weighted average remaining life of 3.3 years and 7.4 years, respectively) 1,609 196 Ground lease interest, net of accumulated amortization of $23 and $19, respectively (with a weighted average remaining life of 66.3 years and 66.8 years, respectively) 621 625 $ 147,244 $ 98,053

Intangible Lease Liabilities,29

Intangible Lease Liabilities, Net (Tables)	6 Months Ended
	Jun. 30, 2017
Intangible Lease Liabilities, Net [Abstract]
Schedule of Intangible Lease Liabilities, Net	Intangible lease liabilities, net consisted of the following as of June 30, 2017 and December 31, 2016 (amounts in thousands, except weighted average life amounts): June 30, 2017 December 31, 2016 Below-market leases, net of accumulated amortization of $1,020 and $634, respectively (with a weighted average remaining life of 9.4 years and 13.6 years, respectively) $ 22,201 $ 6,873 $ 22,201 $ 6,873

Other Assets, Net (Tables)

Other Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2017
Other Assets [Abstract]
Schedule of Other Assets, Net	Other assets, net consisted of the following as of June 30, 2017 and December 31, 2016 (amounts in thousands): June 30, 2017 December 31, 2016 Deferred financing costs, related to the revolver portion of the secured credit facility, net of accumulated amortization of $2,569 and $1,789, respectively $ 2,525 $ 3,071 Real estate escrow deposits — 290 Restricted cash 14,018 6,458 Tenant receivable 3,526 3,126 Straight-line rent receivable 13,567 8,725 Prepaid and other assets 2,073 1,087 Derivative assets 1,813 1,782 $ 37,522 $ 24,539

Accounts Payable and Other Li31

Accounts Payable and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2017
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Other Liabilities	Accounts payable and other liabilities as of June 30, 2017 and December 31, 2016 , were comprised of the following (amounts in thousands): June 30, 2017 December 31, 2016 Accounts payable and accrued expenses $ 11,884 $ 7,657 Accrued interest expense 1,643 945 Accrued property taxes 3,468 1,164 Distributions payable to stockholders 5,035 4,336 Tenant deposits 1,218 1,551 Deferred rental income 2,742 733 Derivative liabilities 765 798 $ 26,755 $ 17,184

Notes Payable and Secured Cre32

Notes Payable and Secured Credit Facility (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Schedule of Debt	The Company's debt outstanding as of June 30, 2017 and December 31, 2016 consisted of the following (amounts in thousands): June 30, 2017 December 31, 2016 Notes payable: Fixed rate notes payable $ 214,699 $ 51,000 Variable rate notes payable fixed through interest rate swaps 136,190 71,540 Variable rate notes payable 50,400 30,450 Total notes payable, principal amount outstanding 401,289 152,990 Unamortized deferred financing costs related to notes payable (3,981 ) (1,945 ) Total notes payable, net of deferred financing costs 397,308 151,045 Secured credit facility: Revolving line of credit 175,000 120,000 Term loan 100,000 100,000 Total secured credit facility, principal amount outstanding 275,000 220,000 Unamortized deferred financing costs related to the term loan of the secured credit facility (751 ) (876 ) Total secured credit facility, net of deferred financing costs 274,249 219,124 Total debt outstanding $ 671,557 $ 370,169
Schedule of Future Principal Payments Due on Notes Payable and Secured Credit Facility	The principal payments due on the notes payable and secured credit facility for the six months ending December 31, 2017 and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Total Amount Six months ending December 31, 2017 $ — 2018 175,050 2019 101,749 2020 4,456 2021 154,251 Thereafter 240,783 $ 676,289

Related-Party Transactions an33

Related-Party Transactions and Arrangements (Tables)	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Schedule of Accounts Payable Due to Affiliates	The following amounts were due to affiliates as of June 30, 2017 and December 31, 2016 (amounts in thousands): Entity Fee June 30, 2017 December 31, 2016 Carter Validus Advisors II, LLC and its affiliates Asset management fees $ 883 $ 627 Carter Validus Real Estate Management Services II, LLC Property management fees 352 252 Carter Validus Real Estate Management Services II, LLC Construction management fees 182 323 Carter Validus Advisors II, LLC and its affiliates General and administrative costs 397 138 Carter Validus Advisors II, LLC and its affiliates Offering costs 627 289 SC Distributors, LLC Distribution and servicing fees 9,475 5,750 Carter Validus Advisors II, LLC and its affiliates Acquisition expenses and fees 22 5 $ 11,938 $ 7,384

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Schedule of Information for Reportable Segments	Summary information for the reportable segments during the three and six months ended June 30, 2017 and 2016 , is as follows (amounts in thousands): Data Center Healthcare Three Months Ended Revenue: Rental, parking and tenant reimbursement revenue $ 11,761 $ 15,841 $ 27,602 Expenses: Rental and parking expenses (3,027 ) (2,273 ) (5,300 ) Segment net operating income $ 8,734 $ 13,568 22,302 Expenses: General and administrative expenses (1,212 ) Asset management fees (2,351 ) Depreciation and amortization (9,025 ) Income from operations 9,714 Interest expense, net (5,073 ) Net income attributable to common stockholders $ 4,641 Data Center Healthcare Three Months Ended Revenue: Rental, parking and tenant reimbursement revenue $ 2,177 $ 10,026 $ 12,203 Expenses: Rental and parking expenses (317 ) (1,260 ) (1,577 ) Segment net operating income $ 1,860 $ 8,766 10,626 Expenses: General and administrative expenses (757 ) Acquisition related expenses (1,946 ) Asset management fees (1,058 ) Depreciation and amortization (4,300 ) Income from operations 2,565 Interest expense, net (732 ) Net income attributable to common stockholders $ 1,833 Data Centers Healthcare Six Months Ended Revenue: Rental, parking and tenant reimbursement revenue $ 21,465 $ 30,159 $ 51,624 Expenses: Rental and parking expenses (5,687 ) (4,539 ) (10,226 ) Segment net operating income $ 15,778 $ 25,620 41,398 Expenses: General and administrative expenses (2,137 ) Asset management fees (4,357 ) Depreciation and amortization (16,635 ) Income from operations 18,269 Interest expense, net (8,837 ) Net income attributable to common stockholders $ 9,432 Data Centers Healthcare Six Months Ended Revenue: Rental, parking and tenant reimbursement revenue $ 3,714 $ 19,913 $ 23,627 Expenses: Rental and parking expenses (571 ) (2,690 ) (3,261 ) Segment net operating income $ 3,143 $ 17,223 20,366 Expenses: General and administrative expenses (1,522 ) Acquisition related expenses (3,611 ) Asset management fees (2,013 ) Depreciation and amortization (8,166 ) Income from operations 5,054 Interest expense, net (1,611 ) Net income attributable to common stockholders $ 3,443
Schedule of Assets by Reportable Segments	Assets by each reportable segment as of June 30, 2017 and December 31, 2016 are as follows (amounts in thousands): June 30, 2017 December 31, 2016 Assets by segment: Data centers $ 697,585 $ 362,969 Healthcare 763,576 653,416 All other 67,957 53,653 Total assets $ 1,529,118 $ 1,070,038
Schedule of Capital Additions and Acquisitions by Reportable Segments	Capital additions and acquisitions by reportable segments for the six months ended June 30, 2017 and 2016 are as follows (amounts in thousands): Six Months Ended 2017 2016 Capital additions and acquisitions by segment: Data centers $ 308,931 $ 56,544 Healthcare 110,374 107,005 Total capital additions and acquisitions $ 419,305 $ 163,549

Future Minimum Rent (Tables)

Future Minimum Rent (Tables)	6 Months Ended
	Jun. 30, 2017
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 for the six months ending December 31, 2017 and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Six months ending December 31, 2017 $ 51,882 2018 105,015 2019 105,934 2020 102,979 2021 103,493 Thereafter 815,468 $ 1,284,771
Schedule of Future Minimum Rental Payments Under Non-Cancelable Ground Leases	The future minimum rent obligations under non-cancelable ground leases for the six months ending December 31, 2017 and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Six months ending December 31, 2017 $ 18 2018 38 2019 38 2020 38 2021 38 Thereafter 2,481 $ 2,651

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 and December 31, 2016 (amounts in thousands): June 30, 2017 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ 1,813 $ — $ 1,813 Total assets at fair value $ — $ 1,813 $ — $ 1,813 Liabilities: Derivative liabilities $ — $ 765 $ — $ 765 Total liabilities at fair value $ — $ 765 $ — $ 765 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 He37

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 December 31, 2016 Outstanding Fair Value of Outstanding Fair Value of Asset (Liability) Asset (Liability) Interest rate swaps Other assets, net/Accounts 07/01/2016 to 12/22/2020 to $ 236,190 $ 1,813 $ (765 ) $ 96,540 $ 1,782 $ (798 )
Schedule of Income and Losses Recognized on Derivative Instruments	The table below summarizes the amount of income recognized on the interest rate derivatives designated as cash flow hedging relationships for the three and six months ended June 30, 2017 and 2016 (amounts in thousands): Derivatives in Cash Flow Hedging Relationships Amount of Loss Recognized Location of Loss Amount of Loss Three Months Ended June 30, 2017 Interest rate swap $ (1,048 ) Interest expense, net $ (342 ) Total $ (1,048 ) $ (342 ) Three Months Ended June 30, 2016 Interest rate swap $ (101 ) Interest expense, net $ — Total $ (101 ) $ — Six Months Ended June 30, 2017 Interest rate swaps $ (635 ) Interest expense, net $ (697 ) Total $ (635 ) $ (697 ) Six Months Ended June 30, 2016 Interest rate swaps $ (101 ) Interest expense, net $ — Total $ (101 ) $ —
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 June 30, 2017 and 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 June 30, 2017 $ 1,813 $ — $ 1,813 $ — $ — $ 1,813 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 June 30, 2017 $ 765 $ — $ 765 $ — $ — $ 765 December 31, 2016 $ 798 $ — $ 798 $ — $ — $ 798

Accumulated Other Comprehensi38

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2017
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 six months ended June 30, 2017 and 2016 (amounts in thousands): Unrealized Income on Derivative Accumulated Other Balance as of December 31, 2016 $ 840 $ 840 Other comprehensive loss before reclassification (635 ) (635 ) Amount of loss reclassified from accumulated other comprehensive income to net income (effective portion) 697 697 Other comprehensive income 62 62 Balance as of June 30, 2017 $ 902 $ 902 Unrealized Loss on Derivative Accumulated Other Balance as of December 31, 2015 $ — $ — Other comprehensive loss before reclassification (101 ) (101 ) Amount of loss reclassified from accumulated other comprehensive loss to net income (effective portion) — — Other comprehensive loss (101 ) (101 ) Balance as of June 30, 2016 $ (101 ) $ (101 )
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income	The following table presents reclassifications out of accumulated other comprehensive income for the six months ended June 30, 2017 and 2016 (amounts in thousands): Details about Accumulated Other Amounts Reclassified from Affected Line Items in the Consolidated Statements of Comprehensive Income Six Months Ended 2017 2016 Interest rate swap contracts $ 697 $ — Interest expense, net

Organization and Business Ope39

Organization and Business Operations (Details)	Jun. 30, 2017USD ($)real_estate_investmentmetropolitanmicropolitanpropertyshares	May 01, 2017USD ($)	Jun. 30, 2017USD ($)real_estate_investmentmetropolitanmicropolitanproperty	May 29, 2014USD ($)
Organization and Business Operations [Line Items]
Extension of initial public offering, description		the Company extended the Offering until the earlier of (i) the effective date of the registration statement for the proposed follow-on public offering, (ii) November 25, 2017, that date that is 180 days after the third anniversary of the effective date of the Offering, or (iii) the date the maximum offering amount under the Offering is sold
Initial public offering, termination date			Nov. 24, 2017
Selling commissions and dealer manager fees			$ 10,258,000
Other offering costs			$ 4,031,000
Number of Company owned real estate investments | real_estate_investment	45		45
Number of Company owned properties | property	62		62
Number of metropolitan statistical areas in which Company owns rental property | metropolitan	35		35
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	$ 79,443,000
Other offering costs	$ 19,908,000
Offering [Member] | Common Class A, I and T shares [Member] | Common Stock [Member]
Organization and Business Operations [Line Items]
Common stock offering, shares issued | shares	100,752,000
Common stock offering, gross proceeds raised	$ 989,732,000
Common stock offering, value remaining	$ 1,360,268,000		$ 1,360,268,000
Follow-On Offering [Member]
Organization and Business Operations [Line Items]
Common stock offering, value		$ 332,500,000
Common stock offering pursuant to DRIP, value		$ 17,500,000
Common stock offering, shares issued | shares	0

Summary of Significant Accoun40

Summary of Significant Accounting Policies (Narrative) (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017metropolitantenantshares	Jun. 30, 2016shares	Jun. 30, 2017USD ($)metropolitantenant$ / sharesshares	Jun. 30, 2016USD ($)$ / sharesshares
Summary of Significant Accounting Policies [Line Items]
Number of metropolitan statistical areas in which Company owns rental property | metropolitan	35		35
Net cash used in investing activities | $			$ (419,015)	$ (163,106)
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 | $			$ 4,830
Diluted earnings per share outstanding adjustment (in shares) | shares	15,000	16,000	16,000	17,000
Common Stock [Member]
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares) | shares			532,599
Repurchase of common stock | $			$ 5
Common Stock [Member] | Class A and T shares [Member]
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares) | shares			532,599
Repurchase of common stock | $			$ 4,830
Repurchase of common stock, average price per share (in dollars per share) | $ / shares			$ 9.07
Common Stock [Member] | Class A shares [Member]
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares) | shares			519,091	118,641
Repurchase of common stock | $				$ 1,135
Repurchase of common stock, average price per share (in dollars per share) | $ / shares				$ 9.57
Common Stock [Member] | Class T shares [Member]
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares) | shares			13,508	0
Common Stock [Member] | Class I shares [Member]
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares) | shares			0	0
ASU 2016-18 [Member]
Summary of Significant Accounting Policies [Line Items]
Net cash used in investing activities | $				$ (2,515)
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	1		1
Rental Revenue [Member] | Geographic Concentration Risk [Member] | Oklahoma City, Oklahoma MSA [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration risk, percentage			11.70%
Rental Revenue [Member] | Customer Concentration Risk [Member]
Summary of Significant Accounting Policies [Line Items]
Number of tenants | tenant	0		0

Summary of Significant Accoun41

Summary of Significant Accounting Policies (Reconciliation of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Cash and cash equivalents	$ 74,350	$ 50,446	$ 35,648	$ 31,262
Restricted cash	14,018	6,458	4,442	1,927
Cash, cash equivalents and restricted cash	$ 88,368	$ 56,904	$ 40,090	$ 33,189

Real Estate Investments (Narrat

Real Estate Investments (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)property	Jun. 30, 2016USD ($)
Real Estate Properties [Line Items]
Number of real estate properties purchased | property			11
Acquisition fees and costs capitalized	$ 6,023		$ 10,116
Acquisition related expenses	$ 0	$ 1,946	$ 0	$ 3,611
Maximum [Member]
Real Estate Properties [Line Items]
Acquisition fee and cost reimbursement, as percentage of contract purchase price of a property	6.00%	6.00%	6.00%	6.00%
Business Combinations [Member]
Real Estate Properties [Line Items]
Acquisition related expenses		$ 1,839		$ 3,368

Real Estate Investments (Schedu

Real Estate Investments (Schedule of Asset Acquisitions) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Asset Acquisition [Line Items]
Purchase Price	$ 405,569	$ 161,462
Tempe Data Center [Member]
Asset Acquisition [Line Items]
Date Acquired	Jan. 26, 2017
Ownership Percentage	100.00%
Purchase Price	$ 16,224
Norwalk Data Center [Member]
Asset Acquisition [Line Items]
Date Acquired	Mar. 30, 2017
Ownership Percentage	100.00%
Purchase Price	$ 58,835
Aurora Healthcare Facility [Member]
Asset Acquisition [Line Items]
Date Acquired	Mar. 30, 2017
Ownership Percentage	100.00%
Purchase Price	$ 11,531
Texas Rehab - Austin [Member]
Asset Acquisition [Line Items]
Date Acquired	Mar. 31, 2017
Ownership Percentage	100.00%
Purchase Price	$ 36,945
Texas Rehab - Allen [Member]
Asset Acquisition [Line Items]
Date Acquired	Mar. 31, 2017
Ownership Percentage	100.00%
Purchase Price	$ 23,691
Texas Rehab - Beaumont [Member]
Asset Acquisition [Line Items]
Date Acquired	Mar. 31, 2017
Ownership Percentage	100.00%
Purchase Price	$ 9,649
Charlotte Data Center II [Member]
Asset Acquisition [Line Items]
Date Acquired	May 15, 2017
Ownership Percentage	100.00%
Purchase Price	$ 16,646
250 Williams Atlanta Data Center [Member]
Asset Acquisition [Line Items]
Date Acquired	Jun. 15, 2017
Ownership Percentage	100.00%
Purchase Price	$ 168,588
Sunnyvale Data Center [Member]
Asset Acquisition [Line Items]
Date Acquired	Jun. 28, 2017
Ownership Percentage	100.00%
Purchase Price	$ 38,105
Texas Rehab - San Antonio [Member]
Asset Acquisition [Line Items]
Date Acquired	Jun. 29, 2017
Ownership Percentage	100.00%
Purchase Price	$ 14,853
Cincinnati Data Center [Member]
Asset Acquisition [Line Items]
Date Acquired	Jun. 30, 2017
Ownership Percentage	100.00%
Purchase Price	$ 10,502

Real Estate Investments (Sche44

Real Estate Investments (Schedule of Allocation of Asset Acquisitions) (Details) $ in Thousands	Jun. 30, 2017USD ($)
Real Estate [Abstract]
Land	$ 50,180
Buildings and improvements	318,266
In-place leases	52,204
Above market leases	1,448
Total assets acquired	422,098
Below market leases and liabilities assumed at acquisitions	(16,529)
Total liabilities acquired	(16,529)
Net assets acquired	$ 405,569

Acquired Intangible Assets, N45

Acquired Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 9,025	$ 4,300	$ 16,635	$ 8,166
In-place leases, above-market leases and ground lease interest [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 2,845	$ 1,318	$ 5,203	$ 2,499

Acquired Intangible Assets, N46

Acquired Intangible Assets, Net (Schedule of Acquired Intangible Assets, Net) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, net of accumulated amortization	$ 147,244	$ 98,053
Acquired intangible asset, accumulated amortization	$ 13,198	$ 7,995
Acquired intangible asset, weighted average remaining life	11 years 2 months 12 days	13 years 1 month 6 days
In-place leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, net of accumulated amortization	$ 145,014	$ 97,232
Acquired intangible asset, accumulated amortization	$ 13,082	$ 7,918
Acquired intangible asset, weighted average remaining life	11 years 1 month 6 days	12 years 9 months 18 days
Above-market leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, net of accumulated amortization	$ 1,609	$ 196
Acquired intangible asset, accumulated amortization	$ 93	$ 58
Acquired intangible asset, weighted average remaining life	3 years 3 months 18 days	7 years 4 months 24 days
Ground lease interest [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, net of accumulated amortization	$ 621	$ 625
Acquired intangible asset, accumulated amortization	$ 23	$ 19
Acquired intangible asset, weighted average remaining life	66 years 3 months 18 days	66 years 9 months 18 days

Intangible Lease Liabilities,47

Intangible Lease Liabilities, Net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Intangible Lease Liabilities, Net [Abstract]
Amortization of below-market leases	$ 252	$ 134	$ 386	$ 268

Intangible Lease Liabilities,48

Intangible Lease Liabilities, Net (Schedule of Intangible Lease Liabilities, Net) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Intangible Lease Liabilities, Net [Abstract]
Below-market leases, net of accumulated amortization of $1,020 and $634, respectively (with a weighted average remaining life of 9.4 years and 13.6 years, respectively)	$ 22,201	$ 6,873
Below-market leases, accumulated amortization	$ 1,020	$ 634
Below market leases, weighted average remaining life	9 years 4 months 24 days	13 years 7 months 6 days

Other Assets, Net (Schedule of

Other Assets, Net (Schedule of Other Assets, Net) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 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 $2,569 and $1,789, respectively	$ 2,525	$ 3,071
Real estate escrow deposits	0	290
Restricted cash	14,018	6,458	$ 4,442	$ 1,927
Tenant receivable	3,526	3,126
Straight-line rent receivable	13,567	8,725
Prepaid and other assets	2,073	1,087
Derivative assets	1,813	1,782
Total other assets, net	37,522	24,539
Deferred financing costs, related to the revolver portion of the secured credit facility, accumulated amortization	$ 2,569	$ 1,789

Accounts Payable and Other Li50

Accounts Payable and Other Liabilities (Schedule of Accounts Payable and Other Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Payables and Accruals [Abstract]
Accounts payable and accrued expenses	$ 11,884	$ 7,657
Accrued interest expense	1,643	945
Accrued property taxes	3,468	1,164
Distributions payable to stockholders	5,035	4,336
Tenant deposits	1,218	1,551
Deferred rental income	2,742	733
Derivative liabilities	765	798
Total accounts payable and other liabilities	$ 26,755	$ 17,184

Notes Payable and Secured Cre51

Notes Payable and Secured Credit Facility (Narrative) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)interest_rate_swap_agreementloanproperty	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Proceeds from credit facility	$ 175,000	$ 45,000
Payments on credit facility	120,000	40,000
Secured credit facility, increase in borrowing base availability	$ 83,348
Secured credit facility, number of properties added to aggregate pool availability | property	7
Secured credit facility, decrease in borrowing base availability	$ 18,645
Secured credit facility, total pool availability	361,236
Secured credit facility, principal amount outstanding	275,000		$ 220,000
Secured credit facility, amount remaining to be drawn	$ 86,236
Number of notes payable entered into during period | loan	5
Proceeds from notes payable	$ 248,299	$ 0
Variable Rate [Member]
Debt Instrument [Line Items]
Secured credit facility, principal amount outstanding	$ 175,000		195,000
Number of interest rate swap agreements entered into during period | interest_rate_swap_agreement	2
Amount of interest rate swap agreement	$ 84,600
Term Loan [Member]
Debt Instrument [Line Items]
Secured credit facility, principal amount outstanding	$ 100,000		$ 100,000
Number of interest rate swap agreements entered into during period | interest_rate_swap_agreement	4
Amount of interest rate swap agreement	$ 75,000

Notes Payable and Secured Cre52

Notes Payable and Secured Credit Facility (Schedule of Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Notes payable, principal amount outstanding	$ 401,289	$ 152,990
Unamortized deferred financing costs related to notes payable	(3,981)	(1,945)
Notes payable, net of deferred financing costs	397,308	151,045
Secured credit facility, principal amount outstanding	275,000	220,000
Unamortized deferred financing costs related to the term loan of the secured credit facility	(751)	(876)
Secured credit facility, net of deferred financing costs	274,249	219,124
Total debt outstanding	671,557	370,169
Revolving Line of Credit [Member]
Debt Instrument [Line Items]
Secured credit facility, principal amount outstanding	175,000	120,000
Term Loan [Member]
Debt Instrument [Line Items]
Secured credit facility, principal amount outstanding	100,000	100,000
Fixed Rate [Member]
Debt Instrument [Line Items]
Notes payable, principal amount outstanding	214,699	51,000
Variable Rate, Subject To Interest Rate Swap [Member]
Debt Instrument [Line Items]
Notes payable, principal amount outstanding	136,190	71,540
Secured credit facility, principal amount outstanding	100,000	25,000
Variable Rate [Member]
Debt Instrument [Line Items]
Notes payable, principal amount outstanding	50,400	30,450
Secured credit facility, principal amount outstanding	$ 175,000	$ 195,000

Notes Payable and Secured Cre53

Notes Payable and Secured Credit Facility (Schedule of Future Principal Payments Due on Notes Payable and Secured Credit Facility) (Details) $ in Thousands	Jun. 30, 2017USD ($)
Debt Disclosure [Abstract]
Six months ending December 31, 2017	$ 0
2,018	175,050
2,019	101,749
2,020	4,456
2,021	154,251
Thereafter	240,783
Total	$ 676,289

Related-Party Transactions an54

Related-Party Transactions and Arrangements (Narrative) (Details) - USD ($)	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Accounts payable due to affiliates	$ 11,938,000		$ 11,938,000		$ 11,938,000		$ 7,384,000
Asset management fees			2,351,000	$ 1,058,000	$ 4,357,000	$ 2,013,000
Cumulative, pretax, non-compounded annual return rate to investors					6.00%
Class I shares [Member]
Related Party Transaction [Line Items]
Dealer manager fee funded by Advisor, as percentage of gross offering proceeds					1.00%
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					1.50%
Offering costs incurred by Advisor on Company's behalf	15,510,000		15,510,000		$ 15,510,000
Acquisition fees incurred			4,873,000	1,937,000	$ 7,956,000	4,170,000
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	$ 627,000		627,000		$ 627,000		$ 289,000
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%
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			2,351,000	1,058,000	$ 4,357,000	2,013,000
Operating expenses allocated to the Company by the advisor			482,000	321,000	$ 847,000	598,000
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			738,000	312,000	$ 1,409,000	611,000
Leasing commissions incurred		$ 0	0		$ 23,000
Construction management fee, as percentage of project costs					5.00%
Construction management fees		$ 0	244,000		$ 403,000
SC Distributors, LLC [Member]
Related Party Transaction [Line Items]
Selling commissions and dealer manager fees			5,313,000	6,940,000	$ 10,258,000	14,944,000
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			$ 2,810,000	$ 3,020,000	$ 4,459,000	$ 3,042,000
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%
SC Distributors, LLC [Member] | Class I shares [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Dealer manager fee, as percentage of gross offering proceeds					2.00%

Related-Party Transactions an55

Related-Party Transactions and Arrangements (Schedule of Accounts Payable Due to Affiliates) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Accounts payable due to affiliates	$ 11,938	$ 7,384
Carter Validus Advisors II, LLC And/Or Its Affiliates [Member] | Asset Management Fees [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	883	627
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	397	138
Carter Validus Advisors II, LLC And/Or Its Affiliates [Member] | Offering Costs [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	627	289
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	22	5
Carter Validus Real Estate Management Services II, LLC [Member] | Property Management Fees [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	352	252
Carter Validus Real Estate Management Services II, LLC [Member] | Construction Management Fees [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	182	323
SC Distributors, LLC [Member] | Distribution and Servicing Fees [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	$ 9,475	$ 5,750

Segment Reporting (Narrative) (

Segment Reporting (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)segment	Jun. 30, 2016USD ($)
Segment Reporting Information [Line Items]
Number of reportable business segments | segment			2
Revenues	$ 27,602,000	$ 12,203,000	$ 51,624,000	$ 23,627,000
Intersegment Elimination [Member]
Segment Reporting Information [Line Items]
Revenues			$ 0	$ 0

Segment Reporting (Schedule of

Segment Reporting (Schedule of Information for Reportable Segments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting Information [Line Items]
Rental and parking expenses	$ (5,300)	$ (1,577)	$ (10,226)	$ (3,261)
Income from operations	9,714	2,565	18,269	5,054
General and administrative expenses	(1,212)	(757)	(2,137)	(1,522)
Acquisition related expenses	0	(1,946)	0	(3,611)
Asset management fees	(2,351)	(1,058)	(4,357)	(2,013)
Depreciation and amortization	(9,025)	(4,300)	(16,635)	(8,166)
Interest expense, net	(5,073)	(732)	(8,837)	(1,611)
Net income attributable to common stockholders	4,641	1,833	9,432	3,443
Operating Segments [Member]
Segment Reporting Information [Line Items]
Rental, parking and tenant reimbursement revenue	27,602	12,203	51,624	23,627
Rental and parking expenses	(5,300)	(1,577)	(10,226)	(3,261)
Income from operations	22,302	10,626	41,398	20,366
Operating Segments [Member] | Data Centers [Member]
Segment Reporting Information [Line Items]
Rental, parking and tenant reimbursement revenue	11,761	2,177	21,465	3,714
Rental and parking expenses	(3,027)	(317)	(5,687)	(571)
Income from operations	8,734	1,860	15,778	3,143
Operating Segments [Member] | Healthcare [Member]
Segment Reporting Information [Line Items]
Rental, parking and tenant reimbursement revenue	15,841	10,026	30,159	19,913
Rental and parking expenses	(2,273)	(1,260)	(4,539)	(2,690)
Income from operations	$ 13,568	$ 8,766	$ 25,620	$ 17,223

Segment Reporting (Schedule o58

Segment Reporting (Schedule of Assets by Reportable Segments) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets by segment [Line Items]
Total assets	$ 1,529,118	$ 1,070,038
Operating Segments [Member] | Data Centers [Member]
Assets by segment [Line Items]
Total assets	697,585	362,969
Operating Segments [Member] | Healthcare [Member]
Assets by segment [Line Items]
Total assets	763,576	653,416
All Other [Member]
Assets by segment [Line Items]
Total assets	$ 67,957	$ 53,653

Segment Reporting (Schedule o59

Segment Reporting (Schedule of Capital Additions and Acquisitions by Reportable Segments) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Capital additions and acquisitions by segment [Line Items]
Total capital additions and acquisitions	$ 419,305	$ 163,549
Operating Segments [Member] | Data Centers [Member]
Capital additions and acquisitions by segment [Line Items]
Total capital additions and acquisitions	308,931	56,544
Operating Segments [Member] | Healthcare [Member]
Capital additions and acquisitions by segment [Line Items]
Total capital additions and acquisitions	$ 110,374	$ 107,005

Future Minimum Rent (Schedule o

Future Minimum Rent (Schedule of Future Minimum Rental Income from Non-Cancelable Operating Leases) (Details) $ in Thousands	Jun. 30, 2017USD ($)
Leases [Abstract]
Six months ending December 31, 2017	$ 51,882
2,018	105,015
2,019	105,934
2,020	102,979
2,021	103,493
Thereafter	815,468
Total	$ 1,284,771

Future Minimum Rent (Schedule61

Future Minimum Rent (Schedule of Future Minimum Rental Payments Under Non-Cancelable Ground Leases) (Details) $ in Thousands	Jun. 30, 2017USD ($)
Leases [Abstract]
Six months ending December 31, 2017	$ 18
2,018	38
2,019	38
2,020	38
2,021	38
Thereafter	2,481
Total	$ 2,651

Fair Value (Narrative) (Details

Fair Value (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value [Line Items]
Notes payable, principal amount outstanding	$ 401,289	$ 152,990
Secured credit facility, principal amount outstanding	275,000	220,000
Fixed Rate [Member]
Fair Value [Line Items]
Notes payable, principal amount outstanding	214,699	51,000
Variable Rate, Subject To Interest Rate Swap [Member]
Fair Value [Line Items]
Notes payable, principal amount outstanding	136,190	71,540
Secured credit facility, principal amount outstanding	100,000	25,000
Variable Rate [Member]
Fair Value [Line Items]
Notes payable, principal amount outstanding	50,400	30,450
Secured credit facility, principal amount outstanding	175,000	195,000
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	213,413	49,930
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	133,774	69,247
Secured credit facility, fair value disclosure	$ 99,149	$ 24,195

Fair Value (Schedule of Fair Va

Fair Value (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets:
Derivative assets	$ 1,813	$ 1,782
Liabilities:
Derivative liabilities	765	798
Recurring basis [Member]
Assets:
Derivative assets	1,813	1,782
Total assets at fair value	1,813	1,782
Liabilities:
Derivative liabilities	765	798
Total liabilities at fair value	765	798
Recurring basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets:
Derivative assets	0	0
Total assets at fair value	0	0
Liabilities:
Derivative liabilities	0	0
Total liabilities at fair value	0	0
Recurring basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets:
Derivative assets	1,813	1,782
Total assets at fair value	1,813	1,782
Liabilities:
Derivative liabilities	765	798
Total liabilities at fair value	765	798
Recurring basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets:
Derivative assets	0	0
Total assets at fair value	0	0
Liabilities:
Derivative liabilities	0	0
Total liabilities at fair value	$ 0	$ 0

Derivative Instruments and He64

Derivative Instruments and Hedging Activities (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Ineffectiveness of interest rate swaps	$ 10	$ (22)	$ 2	$ (22)
Additional amount expected to be reclassified from AOCI into earnings during next twelve months	885		885
Fair value of derivatives in a net liability position	$ 898		$ 898

Derivative Instruments and He65

Derivative Instruments and Hedging Activities (Schedule of the Notional Amount and Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Fair Value of Asset	$ 1,813	$ 1,782
Fair Value of (Liability)	(765)	(798)
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Outstanding Notional Amount	$ 236,190	96,540
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Minimum [Member]
Derivatives, Fair Value [Line Items]
Effective Dates	Jul. 1, 2016
Maturity Dates	Dec. 22, 2020
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Maximum [Member]
Derivatives, Fair Value [Line Items]
Effective Dates	May 10, 2017
Maturity Dates	Apr. 19, 2022
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Assets, Net [Member]
Derivatives, Fair Value [Line Items]
Fair Value of Asset	$ 1,813	1,782
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Accounts Payable and Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Fair Value of (Liability)	$ (765)	$ (798)

Derivative Instruments and He66

Derivative Instruments and Hedging Activities (Schedule of Income and Losses Recognized on Derivative Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in OCI on Derivative (Effective Portion)	$ (1,048)	$ (101)	$ (635)	$ (101)
Amount of Loss Reclassified From Accumulated Other Comprehensive Income to Net Income (Effective Portion)	(342)	0	(697)	0
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in OCI on Derivative (Effective Portion)	(1,048)	(101)	(635)	(101)
Interest Rate Swap [Member] | Interest Expense, Net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Reclassified From Accumulated Other Comprehensive Income to Net Income (Effective Portion)	$ (342)	$ 0	$ (697)	$ 0

Derivative Instruments and He67

Derivative Instruments and Hedging Activities (Schedule of Offsetting of Derivative Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 1,813	$ 1,782
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Assets Presented in the Balance Sheet	1,813	1,782
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments Collateral	0	0
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral	0	0
Net Amount	$ 1,813	$ 1,782

Derivative Instruments and He68

Derivative Instruments and Hedging Activities (Schedule of Offsetting of Derivative Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Liabilities	$ 765	$ 798
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Liabilities Presented in the Balance Sheet	765	798
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments Collateral	0	0
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral	0	0
Net Amount	$ 765	$ 798

Accumulated Other Comprehensi69

Accumulated Other Comprehensive Income (Schedule of Amounts Recognized in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			$ 668,426
Other comprehensive (loss) income attributable to common stockholders	$ (706)	$ (101)	62	$ (101)
Ending Balance	796,665		796,665
Unrealized Income (Loss) on Derivative Instruments [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			840	0
Other comprehensive loss before reclassification			(635)	(101)
Amount of loss reclassified from accumulated other comprehensive income to net income (effective portion)			697	0
Other comprehensive (loss) income attributable to common stockholders			62	(101)
Ending Balance	902	(101)	902	(101)
Accumulated Other Comprehensive Income [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			840	0
Other comprehensive loss before reclassification			(635)	(101)
Amount of loss reclassified from accumulated other comprehensive income to net income (effective portion)			697	0
Other comprehensive (loss) income attributable to common stockholders			62	(101)
Ending Balance	$ 902	$ (101)	$ 902	$ (101)

Accumulated Other Comprehensi70

Accumulated Other Comprehensive Income (Schedule of Reclassifications Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net	$ 5,073	$ 732	$ 8,837	$ 1,611
Interest Rate Swap [Member] | Unrealized Income (Loss) 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			$ 697	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details)	Jun. 30, 2017case
Commitments and Contingencies Disclosure [Abstract]
Number of pending legal proceedings to which the Company is a party	0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Aug. 07, 2017	Aug. 03, 2017	Aug. 01, 2017	Jul. 03, 2017	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Subsequent Event [Line Items]
Distributions paid in cash								$ 12,812	$ 7,493
Common stock issued through distribution reinvestment plan								$ 14,649	$ 10,096
Distributions declared per common share						$ 0.16	$ 0.16	$ 0.31	$ 0.32
Common Stock [Member]
Subsequent Event [Line Items]
Common stock issued through distribution reinvestment plan								$ 16
Common Class A, I and T shares [Member] | Common Stock [Member] | Offering [Member]
Subsequent Event [Line Items]
Common stock offering, shares issued					100,752
Common stock offering, gross proceeds raised					$ 989,732
Common stock offering, value remaining					$ 1,360,268	$ 1,360,268		$ 1,360,268
Subsequent Event [Member] | Class A shares [Member] | Common Stock [Member] | Offering [Member]
Subsequent Event [Line Items]
Common stock offering, shares issued	78,430
Common stock offering, gross proceeds raised	$ 776,787
Subsequent Event [Member] | Class I shares [Member] | Common Stock [Member] | Offering [Member]
Subsequent Event [Line Items]
Common stock offering, shares issued	2,306
Common stock offering, gross proceeds raised	$ 20,988
Subsequent Event [Member] | Class T shares [Member] | Common Stock [Member] | Offering [Member]
Subsequent Event [Line Items]
Common stock offering, shares issued	24,465
Common stock offering, gross proceeds raised	$ 234,478
Subsequent Event [Member] | Common Class A, I and T shares [Member] | Common Stock [Member] | Offering [Member]
Subsequent Event [Line Items]
Common stock offering, gross proceeds raised	1,032,253
Common stock offering, value remaining	$ 1,317,747
Subsequent Event [Member] | June 1, 2017 To June 30, 2017 [Member] | Class A shares [Member]
Subsequent Event [Line Items]
Aggregate distributions paid				$ 4,029
Distributions paid in cash				1,977
Common stock issued through distribution reinvestment plan				2,052
Subsequent Event [Member] | June 1, 2017 To June 30, 2017 [Member] | Class I shares [Member]
Subsequent Event [Line Items]
Aggregate distributions paid				72
Distributions paid in cash				34
Common stock issued through distribution reinvestment plan				38
Subsequent Event [Member] | June 1, 2017 To June 30, 2017 [Member] | Class T shares [Member]
Subsequent Event [Line Items]
Aggregate distributions paid				934
Distributions paid in cash				375
Common stock issued through distribution reinvestment plan				$ 559
Subsequent Event [Member] | July 1, 2017 To July 31, 2017 [Member] | Class A shares [Member]
Subsequent Event [Line Items]
Aggregate distributions paid			$ 4,203
Distributions paid in cash			2,073
Common stock issued through distribution reinvestment plan			2,130
Subsequent Event [Member] | July 1, 2017 To July 31, 2017 [Member] | Class I shares [Member]
Subsequent Event [Line Items]
Aggregate distributions paid			106
Distributions paid in cash			52
Common stock issued through distribution reinvestment plan			54
Subsequent Event [Member] | July 1, 2017 To July 31, 2017 [Member] | Class T shares [Member]
Subsequent Event [Line Items]
Aggregate distributions paid			1,061
Distributions paid in cash			432
Common stock issued through distribution reinvestment plan			$ 629
Subsequent Event [Member] | September 1, 2017 To November 30, 2017 [Member] | Class A shares [Member]
Subsequent Event [Line Items]
Number of days, distribution calculation		365 days
Distributions declared per common share		$ 0.001767101
Annualized distribution rate		6.40%
Common stock offering, price per share (in dollars per share)		$ 10.078
Subsequent Event [Member] | September 1, 2017 To November 30, 2017 [Member] | Class I shares [Member]
Subsequent Event [Line Items]
Number of days, distribution calculation		365 days
Distributions declared per common share		$ 0.001767101
Annualized distribution rate		7.04%
Common stock offering, price per share (in dollars per share)		$ 9.162
Subsequent Event [Member] | September 1, 2017 To November 30, 2017 [Member] | Class T shares [Member]
Subsequent Event [Line Items]
Number of days, distribution calculation		365 days
Distributions declared per common share		$ 0.001501543
Annualized distribution rate		5.68%
Common stock offering, price per share (in dollars per share)		$ 9.649