Sila Realty Trust (SILA) 10-Q 10 May 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares shares in Thousands	3 Months Ended
	Mar. 31, 2018	May 04, 2018
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Entity Registrant Name	Carter Validus Mission Critical REIT II, Inc.
Entity Central Index Key	1,567,925
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Class A shares [Member]
Entity Common Stock, Shares Outstanding		82,682
Class I shares [Member]
Entity Common Stock, Shares Outstanding		9,010
Class T shares [Member]
Entity Common Stock, Shares Outstanding		37,625
Class T2 shares [Member]
Entity Common Stock, Shares Outstanding		713

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real estate:
Land	$ 226,980	$ 223,277
Buildings and improvements, less accumulated depreciation of $54,926 and $45,789, respectively	1,284,881	1,250,794
Construction in progress	35,046	31,334
Total real estate, net	1,546,907	1,505,405
Cash and cash equivalents	76,734	74,803
Acquired intangible assets, less accumulated amortization of $26,856 and $22,162, respectively	151,794	150,554
Other assets, net	56,648	47,182
Total assets	1,832,083	1,777,944
Liabilities:
Notes payable, net of deferred financing costs of $4,165 and $4,393, respectively	463,885	463,742
Credit facility, net of deferred financing costs of $526 and $601, respectively	249,474	219,399
Accounts payable due to affiliates	14,882	15,249
Accounts payable and other liabilities	28,063	27,709
Intangible lease liabilities, less accumulated amortization of $3,981 and $2,760, respectively	60,073	61,294
Total liabilities	816,377	787,393
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; 131,184,182 and 126,559,834 shares issued, respectively; 128,021,413 and 124,327,777 shares outstanding, respectively	1,280	1,243
Additional paid-in capital	1,117,391	1,084,905
Accumulated distributions in excess of earnings	(111,252)	(99,309)
Accumulated other comprehensive income	8,285	3,710
Total stockholders’ equity	1,015,704	990,549
Noncontrolling interests	2	2
Total equity	1,015,706	990,551
Total liabilities and stockholders’ equity	$ 1,832,083	$ 1,777,944

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Buildings and improvements, accumulated depreciation	$ 54,926	$ 45,789
Acquired intangible assets, accumulated amortization	26,856	22,162
Notes payable, deferred financing costs	4,165	4,393
Credit facility, deferred financing costs	526	601
Intangible lease liabilities, accumulated amortization	$ 3,981	$ 2,760
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	131,184,182	126,559,834
Common stock, shares outstanding (in shares)	128,021,413	124,327,777

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue:
Rental and parking revenue	$ 35,695	$ 19,682
Tenant reimbursement revenue	5,600	4,340
Total revenue	41,295	24,022
Expenses:
Rental and parking expenses	8,290	4,926
General and administrative expenses	943	925
Asset management fees	3,099	2,006
Depreciation and amortization	13,717	7,610
Total expenses	26,049	15,467
Income from operations	15,246	8,555
Interest expense, net	7,742	3,764
Net income attributable to common stockholders	7,504	4,791
Other comprehensive income:
Unrealized income on interest rate swaps, net	4,575	768
Other comprehensive income attributable to common stockholders	4,575	768
Comprehensive income attributable to common stockholders	$ 12,079	$ 5,559
Weighted average number of common shares outstanding:
Basic (in shares)	126,384,346	86,482,927
Diluted (in shares)	126,401,940	86,499,543
Net income per common share attributable to common stockholders:
Basic (in dollars per share)	$ 0.06	$ 0.06
Diluted (in dollars per share)	0.06	0.06
Distributions declared per common share	$ 0.15	$ 0.16

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Stockholders' Equity - 3 months ended Mar. 31, 2018 - 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, 2017	124,327,777	124,327,777
Balance, at Dec. 31, 2017	$ 990,551	$ 1,243	$ 1,084,905	$ (99,309)	$ 3,710	$ 990,549	$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		3,530,242
Issuance of common stock	34,096	$ 35	34,061			34,096	0
Issuance of common stock under the distribution reinvestment plan (in shares)		1,080,606
Issuance of common stock under the distribution reinvestment plan	9,920	$ 11	9,909			9,920	0
Vesting of restricted common stock (in shares)		0
Vesting of restricted common stock	22		22			22	0
Commissions on sale of common stock and related dealer manager fees	(1,689)		(1,689)			(1,689)	0
Distribution and servicing fees	(374)		(374)			(374)	0
Other offering costs	(1,032)		(1,032)			(1,032)	0
Repurchase of common stock (in shares)		(917,212)
Repurchase of common stock	(8,420)	$ (9)	(8,411)			(8,420)	0
Distributions declared to common stockholders	(19,447)			(19,447)		(19,447)	0
Other comprehensive income	4,575				4,575	4,575	0
Net income	$ 7,504			7,504		7,504	0
Balance, (in shares) at Mar. 31, 2018	128,021,413	128,021,413
Balance, at Mar. 31, 2018	$ 1,015,706	$ 1,280	$ 1,117,391	$ (111,252)	$ 8,285	$ 1,015,704	$ 2

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income	$ 7,504	$ 4,791
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,717	7,610
Amortization of deferred financing costs	756	561
Amortization of above-market leases	134	9
Amortization of intangible lease liabilities	(1,221)	(134)
Straight-line rent	(3,311)	(2,232)
Stock-based compensation	22	17
Ineffectiveness of interest rate swaps	39	8
Changes in operating assets and liabilities:
Accounts payable and other liabilities	1,584	2,970
Accounts payable due to affiliates	50	199
Other assets	19	(1,030)
Net cash provided by operating activities	19,293	12,769
Cash flows from investing activities:
Investment in real estate	(52,087)	(156,875)
Acquisition costs capitalized subsequent to acquisition	0	(44)
Capital expenditures	(5,755)	(8,108)
Real estate deposits, net	(100)	(3,330)
Net cash used in investing activities	(57,942)	(168,357)
Cash flows from financing activities:
Proceeds from issuance of common stock	34,096	69,923
Proceeds from notes payable	0	25,000
Payments on notes payable	(85)	0
Proceeds from credit facility	30,000	120,000
Payments on credit facility	0	(30,000)
Payments of deferred financing costs	(65)	(526)
Repurchases of common stock	(8,420)	(2,185)
Offering costs on issuance of common stock	(3,672)	(6,661)
Distributions to stockholders	(9,333)	(5,977)
Net cash provided by financing activities	42,521	169,574
Net change in cash, cash equivalents and restricted cash	3,872	13,986
Cash, cash equivalents and restricted cash - Beginning of period	85,747	56,909
Cash, cash equivalents and restricted cash - End of period	89,619	70,895
Supplemental cash flow disclosure:
Interest paid, net of interest capitalized of $474 and $365, respectively	7,265	3,225
Supplemental disclosure of non-cash transactions:
Common stock issued through distribution reinvestment plan	9,920	7,001
Distribution and servicing fees accrued during the period	0	1,333
Liabilities assumed at acquisition	0	815
Accrued capital expenditures	$ 1,268	$ 0

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Cash Flows [Abstract]
Interest capitalized	$ 474	$ 365

Organization and Business Opera

Organization and Business Operations	3 Months Ended
	Mar. 31, 2018
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 has 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. 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 special limited partner of the Operating Partnership. The Company commenced the initial public offering of $2,350,000,000 in shares of common stock, or the Initial Offering, 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. The Company ceased offering shares of common stock pursuant to the Initial Offering on November 24, 2017. At the completion of the Initial Offering, the Company had accepted investors' subscriptions for and issued approximately 125,095,000 shares of Class A, Class I and Class T common stock, including shares of common stock issued pursuant to the DRIP, resulting in gross proceeds of $1,223,803,000 . During the year ended December 31, 2017, the Company filed a Registration Statement on Form S-3 to register 10,893,246 shares of common stock under the DRIP for a proposed maximum offering price of $100,000,000 in shares of common stock, or the DRIP Offering. On November 27, 2017, the Company commenced its follow-on offering of up to $1,000,000,000 in shares of common stock, or the Offering, and collectively with the Initial Offering and the DRIP Offering, the Offerings. The Company will continue to issue shares of common stock under the DRIP Offering until such time as the Company sells all of the shares registered for sale under the DRIP Offering, unless the Company files a new registration statement with the U.S. Securities and Exchange Commission, or the SEC, or the DRIP Offering is terminated by the Company's board of directors. As of March 14, 2018, the Company ceased offering shares of Class T common stock in the Offering. Commencing March 15, 2018, the Company is offering, in any combination with a dollar value up to the maximum offering amount, Class A shares of common stock at a price of $10.200 per share, Class I shares of common stock at a price of $9.273 per share, and Class T2 shares of common stock at a price of $9.714 per share. The offering prices are based on the most recent estimated per share net asset value of each of the Class A common stock, Class I common stock and Class T common stock, and any applicable per share upfront selling commissions and dealer manager fees. As of March 31, 2018 , the Company had issued approximately 131,171,000 shares of Class A, Class I, Class T and Class T2 common stock in the Offerings, resulting in receipt of gross proceeds of approximately $1,281,654,000 , before share repurchases of $29,004,000 , selling commissions and dealer manager fees of approximately $93,587,000 and other offering costs of approximately $24,389,000 . 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 Initial Offering and 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. As of March 31, 2018 , the Company owned 54 real estate investments, consisting of 72 properties. 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	3 Months Ended
	Mar. 31, 2018
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 a normal and recurring nature considered for a fair presentation, have been included. Operating results for the three months ended March 31, 2018 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 . The condensed consolidated balance sheet at December 31, 2017, 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, 2017, and related notes thereto set forth in the Company's Annual Report on Form 10-K, filed with the SEC on March 21, 2018. 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. 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 . 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 . See Note 6—"Other Assets, Net" . 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 periods presented, which resulted in a decrease of $2,000 in net cash provided by operating activities, an increase of $193,000 in net cash used in investing activities and an increase of $213,000 in net cash provided by financing activities for the three months ended March 31, 2017 on the condensed consolidated statements of cash flows . 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 : Three Months Ended Beginning of period: 2018 2017 Cash and cash equivalents 74,803 50,446 Restricted cash (1) 10,944 6,463 Cash, cash equivalents and restricted cash $ 85,747 $ 56,909 End of period: Cash and cash equivalents 76,734 64,414 Restricted cash (1) 12,885 6,481 Cash, cash equivalents and restricted cash $ 89,619 $ 70,895 (1) Included in Other assets, net in the accompanying condensed consolidated balance sheets. Concentration of Credit Risk and Significant Leases As of March 31, 2018 , 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 March 31, 2018 , the Company owned real estate investments in 38 MSAs, two of which accounted for 10.0% or more of contractual rental revenue. Real estate investments located in the Atlanta-Sandy Springs-Roswell, Georgia MSA and the Oklahoma City, Oklahoma MSA accounted for 16.1% and 10.1% , respectively, of contractual rental revenue for the three months ended March 31, 2018 . As of March 31, 2018 , the Company had no exposure to tenant concentration that accounted for 10.0% or more of contractual rental revenue for the three months ended March 31, 2018 . 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 suspend (in whole or in part) the share repurchase program at any time, and may amend, 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 three months ended March 31, 2018 , the Company received valid repurchase requests related to 917,212 Class A shares and Class T shares of common stock ( 842,952 Class A shares and 74,260 Class T shares), all of which were redeemed in full for an aggregate purchase price of approximately $8,420,000 (an average of $9.18 per share). During the three months ended March 31, 2017 , the Company received valid repurchase requests related to 240,902 Class A shares of common stock, all of which were redeemed in full for an aggregate purchase price of approximately $2,185,000 (an average of $9.07 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 March 31, 2018 and 2017 , diluted earnings per share reflected the effect of 18,000 and 17,000 shares, respectively, of non-vested shares of restricted common stock that were outstanding as of such period. Recently Issued Accounting Pronouncements On May 28, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , or ASU 2014-09. The pronouncement was issued to clarify the principles for recognizing revenue and to develop a common revenue standard and disclosure requirements. The pronouncement is effective for reporting periods beginning after December 15, 2017. Upon adoption of ASU 2016-02 in 2019, as discussed below, the Company may be required to classify its tenant recoveries into lease and nonlease components, whereby the nonlease components would be subject to ASU 2014-09, pending the resolution of the proposed amendment issued by the FASB in January 2018. The Company adopted the provisions of ASU 2014-09 effective January 1, 2018, using the modified retrospective approach. The Company's rental revenue consists of (i) contractual revenues from leases recognized on a straight-line basis over the term of the respective lease; (ii) parking revenue; and (iii) the reimbursements of the tenants' share of real estate taxes, insurance and other operating expresses. Rental property revenue is accounted in accordance with Accounting Standards Codification (ASC) 840, Leases . The Company evaluated the revenue recognition for its contracts within this scope under existing accounting standards and under ASU 2014-09 and concluded that there was no changes to the condensed consolidated financial statements as a result of adoption. 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 non-financial 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 provides guidance on how entities should recognize sales, including partial sales, of non-financial assets (and in-substance non-financial assets) to non-customers. ASU 2017-05 requires the seller to recognize a full gain or loss in a partial sale of non-financial assets, to the extent control is not retained. Any noncontrolling interest retained by the seller would, accordingly, be measured at fair value. ASU 2017-05 was effective for fiscal years beginning after December 15, 2017, including interim reporting periods within those fiscal years. The Company adopted the ASU 2017-05 effective January 1, 2018. The Company has not disposed any real estate properties, therefore, the adoption of ASU 2017-05 has no impact on the Company's 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. Gains and Losses from the Derecognition of Non-financial Assets . 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 the reimbursement of 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, Revenue from Contracts with Customers , or ASU 2014-09. Recoveries from tenants to be impacted by ASU 2014-09 will not be addressed until the Company's adoption of ASU 2016-02. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. In January 2018, the FASB proposed an amendment to ASU 2016-02 to simplify the guidance by allowing lessors to elect a practical expedient to allow lessors to not separate non-lease components from a lease, which would provide the Company with the option of not bifurcating certain common area maintenance recoveries as a non-lease component. The Company will evaluate the impact of this amendment to the ASU when it is final. 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 August 28, 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities , or ASU 2017-12. The objectives of ASU 2017-12 are to (i) improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities by better aligning the entity’s financial reporting for hedging relationships with those risk management activities and (ii) reduce the complexity of and simplify the application of hedge accounting by preparers. ASU 2017-12 is effective for fiscal years beginning after December 15, 2018, and interim periods therein. Early adoption is permitted. The Company is in process of evaluating the impact that ASU 2017-12 will have on the Company’s condensed consolidated financial statements.

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments During the three months ended March 31, 2018 , the Company purchased a portfolio of two real estate properties, which was determined to be an asset acquisition. Upon the acquisition of the real estate properties determined to be asset acquisitions, the Company allocated the purchase price of the real estate portfolio 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 consideration transferred for the properties acquired during the three months ended March 31, 2018 : Property Description Date Acquired Ownership Percentage Purchase Price (amounts in thousands) Rancho Cordova Data Center Portfolio 03/14/2018 100% $ 52,087 The following table summarizes management's allocation of the real estate portfolio acquisition during the three months ended March 31, 2018 , (amounts in thousands): Total Land $ 3,703 Buildings and improvements 42,450 In-place leases 5,934 Total assets acquired $ 52,087 Acquisition fees and costs associated with transactions determined to be asset acquisitions are capitalized. The Company capitalized acquisition fees and costs of approximately $1,127,000 related to properties acquired during the three months ended March 31, 2018 . 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 months ended March 31, 2018 and 2017 , 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	3 Months Ended
	Mar. 31, 2018
Finite-Lived Intangible Assets, Net [Abstract]
Acquired Intangible Assets, Net	Acquired Intangible Assets, Net Acquired intangible assets, net consisted of the following as of March 31, 2018 and December 31, 2017 (amounts in thousands, except weighted average life amounts): March 31, 2018 December 31, 2017 In-place leases, net of accumulated amortization of $26,336 and $21,776, respectively (with a weighted average remaining life of 10.7 years and 11.0 years, respectively) $ 149,968 $ 148,594 Above-market leases, net of accumulated amortization of $490 and $358, respectively (with a weighted average remaining life of 2.6 years and 2.8 years, respectively) 1,212 1,344 Ground lease interest, net of accumulated amortization of $30 and $28, respectively (with a weighted average remaining life of 65.6 years and 65.8 years, respectively) 614 616 $ 151,794 $ 150,554 The aggregate weighted average remaining life of the acquired intangible assets was 10.9 years and 11.2 years as of March 31, 2018 and December 31, 2017 , respectively. Amortization of the acquired intangible assets for the three months ended March 31, 2018 and 2017 was $4,694,000 and $2,358,000 , respectively. Amortization of the above-market leases is recorded as an adjustment to rental and parking revenue, amortization of the in-place leases is included in depreciation and amortization, and amortization of 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	3 Months Ended
	Mar. 31, 2018
Intangible Lease Liabilities, Net [Abstract]
Intangible Lease Liabilities, Net	Intangible Lease Liabilities, Net Intangible lease liabilities, net, consisted of the following as of March 31, 2018 and December 31, 2017 (amounts in thousands, except weighted average life amounts): March 31, 2018 December 31, 2017 Below-market leases, net of accumulated amortization of $3,981 and $2,760, respectively (with a weighted average remaining life of 18.6 years and 18.7 years, respectively) $ 60,073 $ 61,294 $ 60,073 $ 61,294 Amortization of below-market leases for the three months ended March 31, 2018 and 2017 was $1,221,000 and $134,000 , 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	3 Months Ended
	Mar. 31, 2018
Other Assets [Abstract]
Other Assets, Net	Other Assets, Net Other assets, net consisted of the following as of March 31, 2018 and December 31, 2017 (amounts in thousands): March 31, 2018 December 31, 2017 Deferred financing costs, related to the revolver portion of the secured credit facility, net of accumulated amortization of $3,874 and $3,426, respectively $ 1,488 $ 1,850 Real estate escrow deposits 200 100 Restricted cash 12,885 10,944 Tenant receivables 5,572 4,916 Straight-line rent receivable 22,632 19,321 Prepaid and other assets 5,423 6,117 Derivative assets 8,448 3,934 $ 56,648 $ 47,182

Accounts Payable and Other Liab

Accounts Payable and Other Liabilities	3 Months Ended
	Mar. 31, 2018
Payables and Accruals [Abstract]
Accounts Payable and Other Liabilities	Accounts Payable and Other Liabilities Accounts payable and other liabilities, as of March 31, 2018 and December 31, 2017 , consisted of the following (amounts in thousands): March 31, 2018 December 31, 2017 Accounts payable and accrued expenses $ 10,836 $ 13,220 Accrued interest expense 2,625 2,410 Accrued property taxes 2,579 1,532 Distributions payable to stockholders 6,760 6,566 Tenant deposits 696 682 Deferred rental income 4,567 3,277 Derivative liabilities — 22 $ 28,063 $ 27,709

Notes Payable and Secured Credi

Notes Payable and Secured Credit Facility	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Notes Payable and Secured Credit Facility	Notes Payable and Secured Credit Facility The Company's debt outstanding as of March 31, 2018 and December 31, 2017 consisted of the following (amounts in thousands): March 31, 2018 December 31, 2017 Notes payable: Fixed rate notes payable $ 220,414 $ 220,436 Variable rate notes payable fixed through interest rate swaps 247,636 247,699 Total notes payable, principal amount outstanding 468,050 468,135 Unamortized deferred financing costs related to notes payable (4,165 ) (4,393 ) Total notes payable, net of deferred financing costs 463,885 463,742 Secured credit facility: Revolving line of credit 150,000 120,000 Term loan 100,000 100,000 Total secured credit facility, principal amount outstanding 250,000 220,000 Unamortized deferred financing costs related to the term loan secured credit facility (526 ) (601 ) Total secured credit facility, net of deferred financing costs 249,474 219,399 Total debt outstanding $ 713,359 $ 683,141 Significant debt activity for the three months ended March 31, 2018, excluding scheduled principal payments, includes: • During the three months ended March 31, 2018 , the Company drew $30,000,000 on its secured credit facility related to a real estate portfolio acquisition. • During the three months ended March 31, 2018 , the Company increased the borrowing base availability under the secured credit facility by $28,028,000 by adding two properties to the aggregate pool availability. • As of March 31, 2018 , the Company had an aggregate pool availability under the secured credit facility of $427,371,000 ; however, the maximum commitment thereunder was $425,000,000 . As of March 31, 2018, the aggregate outstanding principal balance was $250,000,000 , and a total of $175,000,000 remained to be drawn on the secured credit facility. The principal payments due on the notes payable and secured credit facility for the nine months ending December 31, 2018 , and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Total Amount Nine months ending December 31, 2018 (1) $ 150,338 2019 101,971 2020 4,635 2021 155,118 2022 164,847 Thereafter 141,141 $ 718,050 (1) Of this amount, $150,000,000 relates to the revolving line of credit under the secured credit facility. As of March 31, 2018, the maturity date on the revolving line of credit was December 22, 2018 , subject to the Company's right to two 12 -month extension periods. On April 27, 2018, the Company extended the maturity date of the revolving line of credit under the secured credit facility to April 27, 2022 , subject to the Company's right to a 12 -month extension period. See Note 17—"Subsequent Events" for additional details.

Related-Party Transactions and

Related-Party Transactions and Arrangements	3 Months Ended
	Mar. 31, 2018
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 15.0% of the gross proceeds of the Company's Initial Offering or Offering, respectively. Organization and offering expenses (other than selling commissions, dealer manager fees and distribution and servicing fees) associated with the Company's Initial Offering, which terminated on November 24, 2017, were approximately 2.0% of the gross proceeds. The Company expects that organization and offering expenses (other than selling commissions, dealer manager fees and distribution and servicing fees) associated with the Company's Offering, which commenced on November 27, 2017, will be approximately 2.0% of the gross proceeds at the termination of the Offering. As of March 31, 2018 , since inception, the Advisor and its affiliates incurred approximately $18,316,000 on the Company’s behalf in offering costs, the majority of which were incurred by the Dealer Manager. Of this amount, approximately $239,000 of other organization and offering costs remained accrued as of March 31, 2018 . As of March 31, 2018 , since inception, the Advisor paid approximately $495,000 to an affiliate of the Dealer Manager in other offering costs on the Company's behalf. 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 March 31, 2018 and 2017 , the Company incurred approximately $1,019,000 and $3,083,000 , 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 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 March 31, 2018 and 2017 , the Company incurred approximately $3,099,000 and $2,006,000 , 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 lease-up, leasing-up of newly constructed properties or re-leasing to existing tenants. For the three months ended March 31, 2018 and 2017 , the Company incurred approximately $1,037,000 and $671,000 , 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 months ended March 31, 2018 and 2017 , the Company incurred $0 and $23,000 , respectively, in 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 months ended March 31, 2018 and 2017 , the Company incurred approximately $111,000 and $159,000 , respectively, in 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 operating 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 March 31, 2018 and 2017 , the Advisor allocated approximately $312,000 and $365,000 , respectively, in operating expenses to the Company, which are recorded in general and administrative expenses in the accompanying condensed consolidated statements of comprehensive income . On May 15, 2017, the Advisor employed Gael Ragone, who is the daughter of John E. Carter, the chairman of the Company's board of directors, as Vice President of Product Management of Carter Validus Advisors II, LLC. The Company directly reimburses the Advisor any amounts of Ms. Ragone's salary that are allocated to the Company. For the three months ended March 31, 2018 , the Advisor allocated approximately $39,000 , which is included in general and administrative expenses in the Company's 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 March 31, 2018 , 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 March 31, 2018 , 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 March 31, 2018 , 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 March 31, 2018 , the Company has not incurred any subordinated termination fees to the Advisor or its affiliates. The Company pays the Dealer Manager selling commissions, dealer manager fees and distribution and servicing fees in connection with the purchase of shares of certain classes of common stock. All selling commissions are expected to be re-allowed to participating broker-dealers. The dealer manager fee may be partially re-allowed to participating broker-dealers. No selling commissions, dealer manager fees and distribution and servicing fees will be paid in connection with purchases of shares of any class made pursuant to the DRIP. Class A Shares The Company pays the Dealer Manager selling commissions of up to 7.0% of the gross offering proceeds per Class A share. 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 shares. Class I Shares The Company does not pay selling commissions with respect to Class I 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. Class T Shares The Company paid the Dealer Manager selling commissions of up to 3% of the gross offering proceeds per Class T share. In addition, the Company paid the Dealer Manager a dealer manager fee up to 3% of gross offering proceeds from the sale of Class T shares. The Company ceased offering Class T shares in the Offering on March 14, 2018. Beginning on March 15, 2018, the Company offers Class T2 shares, as described below. Class T2 Shares The Company pays the Dealer Manager selling commissions of up to 3.0% of gross offering proceeds per Class T2 share. In addition, the Company pays the Dealer Manager a dealer manager fee of up to 2.5% of gross offering proceeds from the sale of Class T2 shares. For the three months ended March 31, 2018 and 2017 , the Company incurred approximately $1,689,000 and $4,945,000 , respectively, for selling commissions and dealer manager fees in connection with the Offerings to the Dealer Manager. The Company pays the Dealer Manager a distribution and servicing fee with respect to its Class T and T2 shares that are sold in the Company's Offerings. The distribution and servicing fee is paid monthly in arrears. For the three months ended March 31, 2018 , the Company incurred approximately $374,000 in distribution and servicing fees to the Dealer Manager, of which $348,000 related to the sale of Class T shares and $26,000 related to the sale of Class T2 shares. For the three months ended March 31, 2017, the Company incurred approximately $1,649,000 in distribution and servicing fees to the Dealer Manager, all of which related to the sale of Class T shares. Accounts Payable Due to Affiliates The following amounts were due to affiliates as of March 31, 2018 and December 31, 2017 (amounts in thousands): Entity Fee March 31, 2018 December 31, 2017 Carter Validus Advisors II, LLC and its affiliates Asset management fees $ 1,055 $ 1,017 Carter Validus Real Estate Management Services II, LLC Property management fees 497 463 Carter Validus Real Estate Management Services II, LLC Construction management fees 18 39 Carter Validus Advisors II, LLC and its affiliates General and administrative costs 160 182 Carter Validus Advisors II, LLC and its affiliates Offering costs 239 167 SC Distributors, LLC Distribution and servicing fees 12,908 13,376 Carter Validus Advisors II, LLC and its affiliates Acquisition expenses and fees 5 5 $ 14,882 $ 15,249

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Management reviews the performance of individual properties and aggregates individual properties based on operating criteria into two reportable segments—commercial real estate investments in data centers and healthcare, and makes operating decisions based on these two reportable segments. The Company’s commercial real estate investments in data centers and healthcare are based on certain underwriting assumptions and operating criteria, which are different for data centers and healthcare. There were no intersegment sales or transfers during the three months ended March 31, 2018 and 2017 . 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 . 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 months ended March 31, 2018 and 2017 , is as follows (amounts in thousands): Data Centers Healthcare Three Months Ended Revenue: Rental, parking and tenant reimbursement revenue $ 23,721 $ 17,574 $ 41,295 Expenses: Rental and parking expenses (5,937 ) (2,353 ) (8,290 ) Segment net operating income $ 17,784 $ 15,221 33,005 Expenses: General and administrative expenses (943 ) Asset management fees (3,099 ) Depreciation and amortization (13,717 ) Income from operations 15,246 Interest expense, net (7,742 ) Net income attributable to common stockholders $ 7,504 Data Centers Healthcare Three Months Ended Revenue: Rental and tenant reimbursement revenue $ 9,704 $ 14,318 $ 24,022 Expenses: Rental expenses (2,660 ) (2,266 ) (4,926 ) Segment net operating income $ 7,044 $ 12,052 19,096 Expenses: General and administrative expenses (925 ) Asset management fees (2,006 ) Depreciation and amortization (7,610 ) Income from operations 8,555 Interest expense, net (3,764 ) Net income attributable to common stockholders $ 4,791 Assets by each reportable segment as of March 31, 2018 and December 31, 2017 are as follows (amounts in thousands): March 31, 2018 December 31, 2017 Assets by segment: Data centers $ 953,272 $ 909,477 Healthcare 807,818 813,742 All other 70,993 54,725 Total assets $ 1,832,083 $ 1,777,944 Capital additions and acquisitions by reportable segments for the three months ended March 31, 2018 and 2017 are as follows (amounts in thousands): Three Months Ended 2018 2017 Capital additions and acquisitions by segment: Data centers $ 52,213 $ 75,088 Healthcare 5,629 89,939 Total capital additions and acquisitions $ 57,842 $ 165,027

Future Minimum Rent

Future Minimum Rent	3 Months Ended
	Mar. 31, 2018
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. Typically, the leases 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, including optional renewal periods for which exercise is reasonably assured, for the nine months ending December 31, 2018 and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Nine months ending December 31, 2018 $ 95,993 2019 129,861 2020 129,352 2021 131,373 2022 126,697 Thereafter 1,004,305 $ 1,617,581 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 nine months ending December 31, 2018 and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Nine months ending December 31, 2018 $ 99 2019 132 2020 132 2021 132 2022 132 Thereafter 3,142 $ 3,769

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Notes payable—Fixed Rate —The estimated fair value of notes payable — fixed rate measured using observable inputs from similar liabilities (Level 2) was approximately $212,467,000 and $211,011,000 as of March 31, 2018 and December 31, 2017 , respectively, as compared to the outstanding principal of $220,414,000 and $220,436,000 as of March 31, 2018 and December 31, 2017 , respectively. The estimated fair value of notes payable — variable rate fixed through interest rate swap agreements (Level 2) was approximately $240,768,000 and $243,812,000 as of March 31, 2018 and December 31, 2017 , respectively, as compared to the outstanding principal of $247,636,000 and $247,699,000 as of March 31, 2018 and December 31, 2017 , respectively. Secured credit facility —The outstanding principal of the secured credit facility—variable was $150,000,000 and $120,000,000 , which approximated its fair value as of March 31, 2018 and December 31, 2017 , 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 interest rate swap agreements (Level 2) was approximately $97,896,000 and $98,593,000 as of March 31, 2018 and December 31, 2017 , respectively, as compared to the outstanding principal of $100,000,000 as of March 31, 2018 and December 31, 2017 . 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 March 31, 2018 , 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 tables show 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 March 31, 2018 and December 31, 2017 (amounts in thousands): March 31, 2018 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ 8,448 $ — $ 8,448 Total assets at fair value $ — $ 8,448 $ — $ 8,448 December 31, 2017 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ 3,934 $ — $ 3,934 Total assets at fair value $ — $ 3,934 $ — $ 3,934 Liabilities: Derivative liabilities $ — $ 22 $ — $ 22 Total liabilities at fair value $ — $ 22 $ — $ 22

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2018
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 three months ended March 31, 2018 and 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 March 31, 2018 and 2017 , the Company recognized a loss of $39,000 and $8,000 , respectively, due to ineffectiveness of its hedges of interest rate risk, which was 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 $1,343,000 will be reclassified from accumulated other comprehensive income as a decrease 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 March 31, 2018 December 31, 2017 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 $ 347,636 $ 8,448 $ — $ 347,699 $ 3,934 $ (22 ) The notional amount under the agreements is an indication of the extent of the Company’s involvement in the instruments at the time, but does not represent exposure to credit, interest rate or market risks. Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company designated the interest rate swaps as cash flow hedges to hedge the variability of the anticipated cash flows on its variable rate secured credit facility and notes payable. The change in fair value of the effective portion of the derivative instruments that are designated as hedges is recorded in other comprehensive income (loss), or OCI, in the accompanying condensed consolidated statements of comprehensive income . The table below summarizes the amount of income recognized on the interest rate derivatives designated as cash flow hedges for the three months ended March 31, 2018 and 2017 (amounts in thousands): Derivatives in Cash Flow Hedging Relationships Amount of Gain Recognized Location of (Loss) Amount of (Loss) For the Three Months Ended March 31, 2018 Interest rate swaps $ 4,446 Interest expense, net $ (129 ) Total $ 4,446 $ (129 ) For the Three Months Ended March 31, 2017 Interest rate swaps $ 413 Interest expense, net $ (355 ) Total $ 413 $ (355 ) Credit Risk-Related Contingent Features 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 March 31, 2018 , there were no derivatives in a net liability position. Therefore, the fair value, including accrued interest but excluding any adjustment for nonperformance risk related to the agreement, was $0 . As of March 31, 2018 , 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 March 31, 2018 and December 31, 2017 (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 March 31, 2018 $ 8,448 $ — $ 8,448 $ — $ — $ 8,448 December 31, 2017 $ 3,934 $ — $ 3,934 $ — $ — $ 3,934 Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Balance Sheet Gross Gross Amounts Net Amounts of Financial Instruments Cash Collateral Net December 31, 2017 $ 22 $ — $ 22 $ — $ — $ 22 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	3 Months Ended
	Mar. 31, 2018
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 three months ended March 31, 2018 (amounts in thousands): Unrealized Income on Derivative Accumulated Other Balance as of December 31, 2017 $ 3,710 $ 3,710 Other comprehensive income before reclassification 4,446 4,446 Amount of loss reclassified from accumulated other comprehensive income to net income (effective portion) 129 129 Other comprehensive income 4,575 4,575 Balance as of March 31, 2018 $ 8,285 $ 8,285 The following table presents reclassifications out of accumulated other comprehensive income for the three months ended March 31, 2018 and 2017 (amounts in thousands): Details about Accumulated Other Amounts Reclassified from Affected Line Items in the Condensed Consolidated Statements of Comprehensive Income Three Months Ended 2018 2017 Interest rate swap contracts $ 129 $ 355 Interest expense, net

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 , there were, and currently there are, no material pending legal proceedings to which the Company is a party.

Economic Dependency

Economic Dependency	3 Months Ended
	Mar. 31, 2018
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	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions Paid to Stockholders On April 2, 2018, the Company paid aggregate distributions of approximately $4,553,000 to Class A stockholders ( $2,345,000 in cash and $2,208,000 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 March 1, 2018 through March 31, 2018. On May 1, 2018, the Company paid aggregate distributions of approximately $4,420,000 to Class A stockholders ( $2,269,000 in cash and $2,151,000 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 April 1, 2018 through April 30, 2018. On April 2, 2018, the Company paid aggregate distributions of approximately $449,000 to Class I stockholders ( $249,000 in cash and $200,000 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 March 1, 2018 through March 31, 2018. On May 1, 2018, the Company paid aggregate distributions of approximately $459,000 to Class I stockholders ( $253,000 in cash and $206,000 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 April 1, 2018 through April 30, 2018. On April 2, 2018, the Company paid aggregate distributions of approximately $1,758,000 to Class T stockholders ( $744,000 in cash and $1,014,000 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 March 1, 2018 through March 31, 2018. On May 1, 2018, the Company paid aggregate distributions of approximately $1,711,000 to Class T stockholders ( $722,000 in cash and $989,000 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 April 1, 2018 through April 30, 2018. On May 1, 2018, the Company paid aggregate distributions of approximately $15,000 to Class T2 stockholders ( $5,000 in cash and $10,000 in shares of the Company's Class T2 common stock pursuant to the DRIP), which related to distributions declared for each day in the period from April 1, 2018 through April 30, 2018. Amended and Restated Credit Agreement On April 27, 2018, the Operating Partnership and certain of the Company’s subsidiaries entered into the Third Amended and Restated Credit Agreement dated as of April 27, 2018 (the "A&R Credit Agreement") to add seven new lenders and to increase the maximum commitments available under the secured credit facility from $425,000,000 to an aggregate of up to $700,000,000 , consisting of a $450,000,000 revolving line of credit, with a maturity date of April 27, 2022 , subject to the Operating Partnership's right for one , 12 -month extension period, and a $250,000,000 term loan, with a maturity date of April 27, 2023 . Subject to certain conditions, the secured credit facility can be increased to $1,000,000,000 . In connection with the A&R Credit Agreement, the annual interest rate payable under the secured credit facility was decreased to, at the Operating Partnership's option, either (a) the London Interbank Offered Rate, plus an applicable margin ranging from 1.75% to 2.25% , which is determined based on the overall leverage of the Operating Partnership; or (b) a base rate, which means, for any day, a fluctuating rate per annum equal to the prime rate for such day, plus an applicable margin ranging from 0.75% to 1.25% , which is determined based on the overall leverage of the Operating Partnership. Additionally, the requirement to pay a fee on the unused portion of the lenders’ commitments under the secured credit facility, or the Unused Fee, is 0.25% per annum if the average daily amount outstanding under the secured credit facility is less than 50% of the lenders’ commitments, and 0.15% per annum if the average daily amount outstanding under the secured credit facility is greater than 50% of the lenders’ commitments. The Unused Fee is payable quarterly in arrears. Distributions Authorized Class A Shares On May 3, 2018, the board of directors of the Company approved and authorized a daily distribution to the Company’s Class A stockholders of record as of the close of business on each day of the period commencing on June 1, 2018 and ending on August 31, 2018. The distribution will be calculated based on 365 days in the calendar year and will be equal to $0.001788493 per share of Class A common stock, which will be equal to an annualized distribution rate of 6.40% , assuming a purchase price of $10.200 per share of Class A common stock. The distributions declared for each record date in June 2018, July 2018 and August 2018 will be paid in July 2018, August 2018 and September 2018, respectively. The distributions will be payable to stockholders from legally available funds therefor. Class I Shares On May 3, 2018, the board of directors of the Company approved and authorized 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 June 1, 2018 and ending on August 31, 2018. The distribution will be calculated based on 365 days in the calendar year and will be equal to $0.001788493 per share of Class I common stock, which will be equal to an annualized distribution rate of 7.04% , assuming a purchase price of $9.273 per share. The distributions declared for each record date in June 2018, July 2018 and August 2018 will be paid in July 2018, August 2018 and September 2018, respectively. The distributions will be payable to stockholders from legally available funds therefor. Class T Shares On May 3, 2018, the board of directors of the Company approved and authorized 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 June 1, 2018 and ending on August 31, 2018. The distribution will be calculated based on 365 days in the calendar year and will be equal to $0.001519750 per share of Class T common stock, which will be equal to an annualized distribution rate of 5.68% , assuming a purchase price of $9.766 per share. The distributions declared for each record date in June 2018, July 2018 and August 2018 will be paid in July 2018, August 2018 and September 2018, respectively. The distributions will be payable to stockholders from legally available funds therefor. Class T2 Shares On May 3, 2018, the board of directors of the Company approved and authorized a daily distribution to the Company’s Class T2 stockholders of record as of the close of business on each day of the period commencing on June 1, 2018 and ending on August 31, 2018. The distribution will be calculated based on 365 days in the calendar year and will be equal to $0.001522356 per share of Class T2 common stock, which will be equal to an annualized distribution rate of 5.72% , assuming a purchase price of $9.714 per share. The distributions declared for each record date in June 2018, July 2018 and August 2018 will be paid in July 2018, August 2018 and September 2018, respectively. The distributions will be payable to stockholders from legally available funds therefor. Renewal of the Management Agreement On May 3, 2018, the board of directors, including all independent directors of the Company, after review of the Property Manager’s performance during the last year, authorized the Company to execute a mutual consent to renew the management agreement by and among the Company, the Operating Partnership and the Property Manager, dated May 19, 2014, as amended and renewed. The renewal will be for a one -year term and will be effective as of May 19, 2018 . Renewal of the Advisory Agreement On May 3, 2018, the board of directors, including all independent directors of the Company, after review of the Advisor’s performance during the last year, authorized the Company to execute a mutual consent to renew the amended and restated advisory agreement, by and among the Company, the Operating Partnership and the Advisor, dated June 10, 2014, as amended and renewed. The renewal will be for a one -year term and will be effective as of June 10, 2018 . Status of the Offering As of May 4, 2018 , the Company had accepted investors’ subscriptions for and issued approximately 86,019,000 shares of Class A common stock, 9,018,000 shares of Class I common stock, 37,868,000 shares of Class T common stock and 713,000 shares of Class T2 common stock in the Offerings, resulting in receipt of gross proceeds of approximately $851,541,000 , $82,505,000 , $363,904,000 and $6,914,000 , respectively. As of May 4, 2018 , the Company had approximately $938,775,000 in Class A shares, Class I shares and Class T2 shares of common stock remaining in the Offering and approximately $80,094,000 in Class A shares, Class I shares, Class T shares and Class T2 shares of common stock remaining in the DRIP Offering. Acquisitions The following table summarizes the property acquired subsequent to March 31, 2018 and through May 10, 2018: Property Date Acquired Purchase Price (2) Ownership Carrollton Healthcare Facility (1) 04/27/2018 $8,469,388 100% (1) The property is leased to two tenants. (2) The property acquisition was funded using the Company's Offerings.

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
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.
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 . 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 . See Note 6—"Other Assets, Net" . 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 periods presented, which resulted in a decrease of $2,000 in net cash provided by operating activities, an increase of $193,000 in net cash used in investing activities and an increase of $213,000 in net cash provided by financing activities for the three months ended March 31, 2017 on the condensed consolidated statements of cash flows . 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 : Three Months Ended Beginning of period: 2018 2017 Cash and cash equivalents 74,803 50,446 Restricted cash (1) 10,944 6,463 Cash, cash equivalents and restricted cash $ 85,747 $ 56,909 End of period: Cash and cash equivalents 76,734 64,414 Restricted cash (1) 12,885 6,481 Cash, cash equivalents and restricted cash $ 89,619 $ 70,895 (1) Included in Other assets, net in the accompanying condensed consolidated balance sheets.
Concentration of Credit Risk and Significant Leases	Concentration of Credit Risk and Significant Leases As of March 31, 2018 , 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 March 31, 2018 , the Company owned real estate investments in 38 MSAs, two of which accounted for 10.0% or more of contractual rental revenue. Real estate investments located in the Atlanta-Sandy Springs-Roswell, Georgia MSA and the Oklahoma City, Oklahoma MSA accounted for 16.1% and 10.1% , respectively, of contractual rental revenue for the three months ended March 31, 2018 . As of March 31, 2018 , the Company had no exposure to tenant concentration that accounted for 10.0% or more of contractual rental revenue for the three months ended March 31, 2018 .
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 suspend (in whole or in part) the share repurchase program at any time, and may amend, 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 three months ended March 31, 2018 , the Company received valid repurchase requests related to 917,212 Class A shares and Class T shares of common stock ( 842,952 Class A shares and 74,260 Class T shares), all of which were redeemed in full for an aggregate purchase price of approximately $8,420,000 (an average of $9.18 per share). During the three months ended March 31, 2017 , the Company received valid repurchase requests related to 240,902 Class A shares of common stock, all of which were redeemed in full for an aggregate purchase price of approximately $2,185,000 (an average of $9.07 per share).
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 March 31, 2018 and 2017 , diluted earnings per share reflected the effect of 18,000 and 17,000 shares, respectively, of non-vested shares of restricted common stock that were outstanding as of such period.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements On May 28, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , or ASU 2014-09. The pronouncement was issued to clarify the principles for recognizing revenue and to develop a common revenue standard and disclosure requirements. The pronouncement is effective for reporting periods beginning after December 15, 2017. Upon adoption of ASU 2016-02 in 2019, as discussed below, the Company may be required to classify its tenant recoveries into lease and nonlease components, whereby the nonlease components would be subject to ASU 2014-09, pending the resolution of the proposed amendment issued by the FASB in January 2018. The Company adopted the provisions of ASU 2014-09 effective January 1, 2018, using the modified retrospective approach. The Company's rental revenue consists of (i) contractual revenues from leases recognized on a straight-line basis over the term of the respective lease; (ii) parking revenue; and (iii) the reimbursements of the tenants' share of real estate taxes, insurance and other operating expresses. Rental property revenue is accounted in accordance with Accounting Standards Codification (ASC) 840, Leases . The Company evaluated the revenue recognition for its contracts within this scope under existing accounting standards and under ASU 2014-09 and concluded that there was no changes to the condensed consolidated financial statements as a result of adoption. 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 non-financial 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 provides guidance on how entities should recognize sales, including partial sales, of non-financial assets (and in-substance non-financial assets) to non-customers. ASU 2017-05 requires the seller to recognize a full gain or loss in a partial sale of non-financial assets, to the extent control is not retained. Any noncontrolling interest retained by the seller would, accordingly, be measured at fair value. ASU 2017-05 was effective for fiscal years beginning after December 15, 2017, including interim reporting periods within those fiscal years. The Company adopted the ASU 2017-05 effective January 1, 2018. The Company has not disposed any real estate properties, therefore, the adoption of ASU 2017-05 has no impact on the Company's 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. Gains and Losses from the Derecognition of Non-financial Assets . 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 the reimbursement of 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, Revenue from Contracts with Customers , or ASU 2014-09. Recoveries from tenants to be impacted by ASU 2014-09 will not be addressed until the Company's adoption of ASU 2016-02. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. In January 2018, the FASB proposed an amendment to ASU 2016-02 to simplify the guidance by allowing lessors to elect a practical expedient to allow lessors to not separate non-lease components from a lease, which would provide the Company with the option of not bifurcating certain common area maintenance recoveries as a non-lease component. The Company will evaluate the impact of this amendment to the ASU when it is final. 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 August 28, 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities , or ASU 2017-12. The objectives of ASU 2017-12 are to (i) improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities by better aligning the entity’s financial reporting for hedging relationships with those risk management activities and (ii) reduce the complexity of and simplify the application of hedge accounting by preparers. ASU 2017-12 is effective for fiscal years beginning after December 15, 2018, and interim periods therein. Early adoption is permitted. The Company is in process of evaluating the impact that ASU 2017-12 will have on the Company’s condensed consolidated financial statements.

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
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 : Three Months Ended Beginning of period: 2018 2017 Cash and cash equivalents 74,803 50,446 Restricted cash (1) 10,944 6,463 Cash, cash equivalents and restricted cash $ 85,747 $ 56,909 End of period: Cash and cash equivalents 76,734 64,414 Restricted cash (1) 12,885 6,481 Cash, cash equivalents and restricted cash $ 89,619 $ 70,895 (1) Included in Other assets, net in the accompanying condensed consolidated balance sheets.

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Schedule of Consideration Transferred for Properties Acquired	The following table summarizes the consideration transferred for the properties acquired during the three months ended March 31, 2018 : Property Description Date Acquired Ownership Percentage Purchase Price (amounts in thousands) Rancho Cordova Data Center Portfolio 03/14/2018 100% $ 52,087
Schedule of Allocation of Acquisitions	The following table summarizes management's allocation of the real estate portfolio acquisition during the three months ended March 31, 2018 , (amounts in thousands): Total Land $ 3,703 Buildings and improvements 42,450 In-place leases 5,934 Total assets acquired $ 52,087

Acquired Intangible Assets, N28

Acquired Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2018
Finite-Lived Intangible Assets, Net [Abstract]
Schedule of Acquired Intangible Assets, Net	Acquired intangible assets, net consisted of the following as of March 31, 2018 and December 31, 2017 (amounts in thousands, except weighted average life amounts): March 31, 2018 December 31, 2017 In-place leases, net of accumulated amortization of $26,336 and $21,776, respectively (with a weighted average remaining life of 10.7 years and 11.0 years, respectively) $ 149,968 $ 148,594 Above-market leases, net of accumulated amortization of $490 and $358, respectively (with a weighted average remaining life of 2.6 years and 2.8 years, respectively) 1,212 1,344 Ground lease interest, net of accumulated amortization of $30 and $28, respectively (with a weighted average remaining life of 65.6 years and 65.8 years, respectively) 614 616 $ 151,794 $ 150,554

Intangible Lease Liabilities,29

Intangible Lease Liabilities, Net (Tables)	3 Months Ended
	Mar. 31, 2018
Intangible Lease Liabilities, Net [Abstract]
Schedule of Intangible Lease Liabilities, Net	Intangible lease liabilities, net, consisted of the following as of March 31, 2018 and December 31, 2017 (amounts in thousands, except weighted average life amounts): March 31, 2018 December 31, 2017 Below-market leases, net of accumulated amortization of $3,981 and $2,760, respectively (with a weighted average remaining life of 18.6 years and 18.7 years, respectively) $ 60,073 $ 61,294 $ 60,073 $ 61,294

Other Assets, Net (Tables)

Other Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2018
Other Assets [Abstract]
Schedule of Other Assets, Net	Other assets, net consisted of the following as of March 31, 2018 and December 31, 2017 (amounts in thousands): March 31, 2018 December 31, 2017 Deferred financing costs, related to the revolver portion of the secured credit facility, net of accumulated amortization of $3,874 and $3,426, respectively $ 1,488 $ 1,850 Real estate escrow deposits 200 100 Restricted cash 12,885 10,944 Tenant receivables 5,572 4,916 Straight-line rent receivable 22,632 19,321 Prepaid and other assets 5,423 6,117 Derivative assets 8,448 3,934 $ 56,648 $ 47,182

Accounts Payable and Other Li31

Accounts Payable and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2018
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Other Liabilities	Accounts payable and other liabilities, as of March 31, 2018 and December 31, 2017 , consisted of the following (amounts in thousands): March 31, 2018 December 31, 2017 Accounts payable and accrued expenses $ 10,836 $ 13,220 Accrued interest expense 2,625 2,410 Accrued property taxes 2,579 1,532 Distributions payable to stockholders 6,760 6,566 Tenant deposits 696 682 Deferred rental income 4,567 3,277 Derivative liabilities — 22 $ 28,063 $ 27,709

Notes Payable and Secured Cre32

Notes Payable and Secured Credit Facility (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of Debt	The Company's debt outstanding as of March 31, 2018 and December 31, 2017 consisted of the following (amounts in thousands): March 31, 2018 December 31, 2017 Notes payable: Fixed rate notes payable $ 220,414 $ 220,436 Variable rate notes payable fixed through interest rate swaps 247,636 247,699 Total notes payable, principal amount outstanding 468,050 468,135 Unamortized deferred financing costs related to notes payable (4,165 ) (4,393 ) Total notes payable, net of deferred financing costs 463,885 463,742 Secured credit facility: Revolving line of credit 150,000 120,000 Term loan 100,000 100,000 Total secured credit facility, principal amount outstanding 250,000 220,000 Unamortized deferred financing costs related to the term loan secured credit facility (526 ) (601 ) Total secured credit facility, net of deferred financing costs 249,474 219,399 Total debt outstanding $ 713,359 $ 683,141
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 nine months ending December 31, 2018 , and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Total Amount Nine months ending December 31, 2018 (1) $ 150,338 2019 101,971 2020 4,635 2021 155,118 2022 164,847 Thereafter 141,141 $ 718,050 (1) Of this amount, $150,000,000 relates to the revolving line of credit under the secured credit facility. As of March 31, 2018, the maturity date on the revolving line of credit was December 22, 2018 , subject to the Company's right to two 12 -month extension periods. On April 27, 2018, the Company extended the maturity date of the revolving line of credit under the secured credit facility to April 27, 2022 , subject to the Company's right to a 12 -month extension period. See Note 17—"Subsequent Events" for additional details.

Related-Party Transactions an33

Related-Party Transactions and Arrangements (Tables)	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Schedule of Accounts Payable Due to Affiliates	The following amounts were due to affiliates as of March 31, 2018 and December 31, 2017 (amounts in thousands): Entity Fee March 31, 2018 December 31, 2017 Carter Validus Advisors II, LLC and its affiliates Asset management fees $ 1,055 $ 1,017 Carter Validus Real Estate Management Services II, LLC Property management fees 497 463 Carter Validus Real Estate Management Services II, LLC Construction management fees 18 39 Carter Validus Advisors II, LLC and its affiliates General and administrative costs 160 182 Carter Validus Advisors II, LLC and its affiliates Offering costs 239 167 SC Distributors, LLC Distribution and servicing fees 12,908 13,376 Carter Validus Advisors II, LLC and its affiliates Acquisition expenses and fees 5 5 $ 14,882 $ 15,249

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Schedule of Information for Reportable Segments	Summary information for the reportable segments during the three months ended March 31, 2018 and 2017 , is as follows (amounts in thousands): Data Centers Healthcare Three Months Ended Revenue: Rental, parking and tenant reimbursement revenue $ 23,721 $ 17,574 $ 41,295 Expenses: Rental and parking expenses (5,937 ) (2,353 ) (8,290 ) Segment net operating income $ 17,784 $ 15,221 33,005 Expenses: General and administrative expenses (943 ) Asset management fees (3,099 ) Depreciation and amortization (13,717 ) Income from operations 15,246 Interest expense, net (7,742 ) Net income attributable to common stockholders $ 7,504 Data Centers Healthcare Three Months Ended Revenue: Rental and tenant reimbursement revenue $ 9,704 $ 14,318 $ 24,022 Expenses: Rental expenses (2,660 ) (2,266 ) (4,926 ) Segment net operating income $ 7,044 $ 12,052 19,096 Expenses: General and administrative expenses (925 ) Asset management fees (2,006 ) Depreciation and amortization (7,610 ) Income from operations 8,555 Interest expense, net (3,764 ) Net income attributable to common stockholders $ 4,791
Schedule of Assets by Reportable Segments	Assets by each reportable segment as of March 31, 2018 and December 31, 2017 are as follows (amounts in thousands): March 31, 2018 December 31, 2017 Assets by segment: Data centers $ 953,272 $ 909,477 Healthcare 807,818 813,742 All other 70,993 54,725 Total assets $ 1,832,083 $ 1,777,944
Schedule of Capital Additions and Acquisitions by Reportable Segments	Capital additions and acquisitions by reportable segments for the three months ended March 31, 2018 and 2017 are as follows (amounts in thousands): Three Months Ended 2018 2017 Capital additions and acquisitions by segment: Data centers $ 52,213 $ 75,088 Healthcare 5,629 89,939 Total capital additions and acquisitions $ 57,842 $ 165,027

Future Minimum Rent (Tables)

Future Minimum Rent (Tables)	3 Months Ended
	Mar. 31, 2018
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, including optional renewal periods for which exercise is reasonably assured, for the nine months ending December 31, 2018 and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Nine months ending December 31, 2018 $ 95,993 2019 129,861 2020 129,352 2021 131,373 2022 126,697 Thereafter 1,004,305 $ 1,617,581
Schedule of Future Minimum Rental Payments Under Non-Cancelable Ground Leases	The future minimum rent obligations under non-cancelable ground leases for the nine months ending December 31, 2018 and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands): Year Amount Nine months ending December 31, 2018 $ 99 2019 132 2020 132 2021 132 2022 132 Thereafter 3,142 $ 3,769

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables show 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 March 31, 2018 and December 31, 2017 (amounts in thousands): March 31, 2018 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ 8,448 $ — $ 8,448 Total assets at fair value $ — $ 8,448 $ — $ 8,448 December 31, 2017 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ 3,934 $ — $ 3,934 Total assets at fair value $ — $ 3,934 $ — $ 3,934 Liabilities: Derivative liabilities $ — $ 22 $ — $ 22 Total liabilities at fair value $ — $ 22 $ — $ 22

Derivative Instruments and He37

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 December 31, 2017 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 $ 347,636 $ 8,448 $ — $ 347,699 $ 3,934 $ (22 )
Schedule of Income Recognized on Derivative Instruments	The table below summarizes the amount of income recognized on the interest rate derivatives designated as cash flow hedges for the three months ended March 31, 2018 and 2017 (amounts in thousands): Derivatives in Cash Flow Hedging Relationships Amount of Gain Recognized Location of (Loss) Amount of (Loss) For the Three Months Ended March 31, 2018 Interest rate swaps $ 4,446 Interest expense, net $ (129 ) Total $ 4,446 $ (129 ) For the Three Months Ended March 31, 2017 Interest rate swaps $ 413 Interest expense, net $ (355 ) Total $ 413 $ (355 )
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 March 31, 2018 and December 31, 2017 (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 March 31, 2018 $ 8,448 $ — $ 8,448 $ — $ — $ 8,448 December 31, 2017 $ 3,934 $ — $ 3,934 $ — $ — $ 3,934
Schedule of Offsetting of Derivative Liabilities	Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Balance Sheet Gross Gross Amounts Net Amounts of Financial Instruments Cash Collateral Net December 31, 2017 $ 22 $ — $ 22 $ — $ — $ 22

Accumulated Other Comprehensi38

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2018
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 three months ended March 31, 2018 (amounts in thousands): Unrealized Income on Derivative Accumulated Other Balance as of December 31, 2017 $ 3,710 $ 3,710 Other comprehensive income before reclassification 4,446 4,446 Amount of loss reclassified from accumulated other comprehensive income to net income (effective portion) 129 129 Other comprehensive income 4,575 4,575 Balance as of March 31, 2018 $ 8,285 $ 8,285
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income	The following table presents reclassifications out of accumulated other comprehensive income for the three months ended March 31, 2018 and 2017 (amounts in thousands): Details about Accumulated Other Amounts Reclassified from Affected Line Items in the Condensed Consolidated Statements of Comprehensive Income Three Months Ended 2018 2017 Interest rate swap contracts $ 129 $ 355 Interest expense, net

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Schedule of Subsequent Acquisitions	The following table summarizes the property acquired subsequent to March 31, 2018 and through May 10, 2018: Property Date Acquired Purchase Price (2) Ownership Carrollton Healthcare Facility (1) 04/27/2018 $8,469,388 100% (1) The property is leased to two tenants. (2) The property acquisition was funded using the Company's Offerings.

Organization and Business Ope40

Organization and Business Operations (Details)	Mar. 31, 2018USD ($)real_estate_investmentpropertyshares	Mar. 31, 2018USD ($)real_estate_investmentproperty	Mar. 31, 2017USD ($)	Nov. 24, 2017USD ($)shares	Mar. 15, 2018$ / shares	Dec. 31, 2017USD ($)shares	Nov. 27, 2017USD ($)	May 29, 2014USD ($)
Organization and Business Operations [Line Items]
Repurchase of common stock		$ 8,420,000
Selling commissions and dealer manager fees		1,689,000
Other offering costs		$ 1,032,000
Number of Company owned real estate investments | real_estate_investment	54	54
Number of Company owned properties | property	72	72
Common Stock [Member]
Organization and Business Operations [Line Items]
Repurchase of common stock		$ 9,000
Class A shares [Member] | Common Stock [Member]
Organization and Business Operations [Line Items]
Repurchase of common stock			$ 2,185,000
Initial 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
Initial Offering [Member] | Class A, I and T shares [Member]
Organization and Business Operations [Line Items]
Common stock offering including DRIP, shares issued | shares				125,095,000
Common stock offering including DRIP, gross proceeds raised				$ 1,223,803,000
DRIP Offering [Member]
Organization and Business Operations [Line Items]
Common stock offering pursuant to DRIP, value						$ 100,000,000
Common stock offering pursuant to DRIP, shares registered | shares						10,893,246
Follow-On Offering [Member]
Organization and Business Operations [Line Items]
Common stock offering, value							$ 1,000,000,000
Follow-On Offering [Member] | Class A shares [Member]
Organization and Business Operations [Line Items]
Common stock offering, price per share (in dollars per share) | $ / shares					$ 10.200
Follow-On Offering [Member] | Class I shares [Member]
Organization and Business Operations [Line Items]
Common stock offering, price per share (in dollars per share) | $ / shares					9.273
Follow-On Offering [Member] | Class T2 shares [Member]
Organization and Business Operations [Line Items]
Common stock offering, price per share (in dollars per share) | $ / shares					$ 9.714
the Offerings [Member]
Organization and Business Operations [Line Items]
Repurchase of common stock	$ 29,004,000
Selling commissions and dealer manager fees	93,587,000
Other offering costs	$ 24,389,000
the Offerings [Member] | Class A, I, T and T2 shares [Member] | Common Stock [Member]
Organization and Business Operations [Line Items]
Common stock offering including DRIP, shares issued | shares	131,171,000
Common stock offering including DRIP, gross proceeds raised	$ 1,281,654,000

Summary of Significant Accoun41

Summary of Significant Accounting Policies (Narrative) (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)metropolitantenant$ / sharesshares	Mar. 31, 2017USD ($)$ / sharesshares
Summary of Significant Accounting Policies [Line Items]
Net cash provided by operating activities	$ 19,293	$ 12,769
Net cash used in investing activities	(57,942)	(168,357)
Net cash provided by financing activities	$ 42,521	$ 169,574
Number of metropolitan statistical areas in which Company owns rental property | metropolitan	38
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	$ 8,420
Diluted earnings per share outstanding adjustment (in shares) | shares	18,000	17,000
Common Stock [Member]
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares) | shares	917,212
Repurchase of common stock	$ 9
Class A and T shares [Member] | Common Stock [Member]
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares) | shares	917,212
Repurchase of common stock	$ 8,420
Repurchase of common stock, average price per share (in dollars per share) | $ / shares	$ 9.18
Class A shares [Member] | Common Stock [Member]
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares) | shares	842,952	240,902
Repurchase of common stock		$ 2,185
Repurchase of common stock, average price per share (in dollars per share) | $ / shares		$ 9.07
Class T shares [Member] | Common Stock [Member]
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares) | shares	74,260
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	2
Rental Revenue [Member] | Geographic Concentration Risk [Member] | Atlanta-Sandy Springs-Roswell, Georgia MSA [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration risk, percentage	16.10%
Rental Revenue [Member] | Geographic Concentration Risk [Member] | Oklahoma City, Oklahoma MSA [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration risk, percentage	10.10%
Rental Revenue [Member] | Customer Concentration Risk [Member]
Summary of Significant Accounting Policies [Line Items]
Number of tenants | tenant	0
ASU 2016-18 [Member]
Summary of Significant Accounting Policies [Line Items]
Net cash provided by operating activities		$ (2)
Net cash used in investing activities		(193)
Net cash provided by financing activities		$ 213

Summary of Significant Accoun42

Summary of Significant Accounting Policies (Reconciliation of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Cash and cash equivalents	$ 76,734	$ 74,803	$ 64,414	$ 50,446
Restricted cash	12,885	10,944	6,481	6,463
Cash, cash equivalents and restricted cash	$ 89,619	$ 85,747	$ 70,895	$ 56,909

Real Estate Investments (Narrat

Real Estate Investments (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)real_estate_investment	Mar. 31, 2017
Real Estate Properties [Line Items]
Number of real estate properties purchased | real_estate_investment	2
Acquisition fees and expenses capitalized | $	$ 1,127
Maximum [Member]
Real Estate Properties [Line Items]
Acquisition fee and expense reimbursement, as percentage of purchase price of properties	6.00%	6.00%

Real Estate Investments (Schedu

Real Estate Investments (Schedule of Consideration Transferred for Properties Acquired) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Asset Acquisitions [Line Items]
Purchase Price	$ 52,087	$ 156,875
Rancho Cordova Data Center Portfolio [Member]
Asset Acquisitions [Line Items]
Date Acquired	Mar. 14, 2018
Ownership Percentage	100.00%
Purchase Price	$ 52,087

Real Estate Investments (Sche45

Real Estate Investments (Schedule of Allocation of Acquisitions) (Details) $ in Thousands	Mar. 31, 2018USD ($)
Real Estate [Abstract]
Land	$ 3,703
Buildings and improvements	42,450
In-place leases	5,934
Total assets acquired	$ 52,087

Acquired Intangible Assets, N46

Acquired Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Acquired Finite-Lived Intangible Assets [Line Items]
Depreciation and amortization	$ 13,717	$ 7,610
In-place leases, Above-market leases and Ground lease interest
Acquired Finite-Lived Intangible Assets [Line Items]
Depreciation and amortization	$ 4,694	$ 2,358

Acquired Intangible Assets, N47

Acquired Intangible Assets, Net (Schedule of Acquired Intangible Assets, Net) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, net of accumulated amortization	$ 151,794	$ 150,554
Acquired intangible asset, accumulated amortization	$ 26,856	$ 22,162
Acquired intangible asset, weighted average remaining life	10 years 10 months 24 days	11 years 2 months 12 days
In-place leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, net of accumulated amortization	$ 149,968	$ 148,594
Acquired intangible asset, accumulated amortization	$ 26,336	$ 21,776
Acquired intangible asset, weighted average remaining life	10 years 8 months 12 days	11 years
Above-market leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, net of accumulated amortization	$ 1,212	$ 1,344
Acquired intangible asset, accumulated amortization	$ 490	$ 358
Acquired intangible asset, weighted average remaining life	2 years 7 months 6 days	2 years 9 months 18 days
Ground lease interest [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, net of accumulated amortization	$ 614	$ 616
Acquired intangible asset, accumulated amortization	$ 30	$ 28
Acquired intangible asset, weighted average remaining life	65 years 7 months 6 days	65 years 9 months 18 days

Intangible Lease Liabilities,48

Intangible Lease Liabilities, Net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Intangible Lease Liabilities, Net [Abstract]
Amortization of below-market leases	$ 1,221	$ 134

Intangible Lease Liabilities,49

Intangible Lease Liabilities, Net (Schedule of Intangible Lease Liabilities, Net) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Intangible Lease Liabilities, Net [Abstract]
Below-market leases, net of accumulated amortization of $3,981 and $2,760, respectively (with a weighted average remaining life of 18.6 years and 18.7 years, respectively)	$ 60,073	$ 61,294
Below-market leases, accumulated amortization	$ 3,981	$ 2,760
Below market leases, weighted average remaining life	18 years 7 months 6 days	18 years 8 months 12 days

Other Assets, Net (Schedule of

Other Assets, Net (Schedule of Other Assets, Net) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Other Assets [Abstract]
Deferred financing costs, related to the revolver portion of the secured credit facility, net of accumulated amortization of $3,874 and $3,426, respectively	$ 1,488	$ 1,850
Real estate escrow deposits	200	100
Restricted cash	12,885	10,944	$ 6,481	$ 6,463
Tenant receivables	5,572	4,916
Straight-line rent receivable	22,632	19,321
Prepaid and other assets	5,423	6,117
Derivative assets	8,448	3,934
Total other assets, net	56,648	47,182
Deferred financing costs, related to the revolver portion of the secured credit facility, accumulated amortization	$ 3,874	$ 3,426

Accounts Payable and Other Li51

Accounts Payable and Other Liabilities (Schedule of Accounts Payable and Other Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Payables and Accruals [Abstract]
Accounts payable and accrued expenses	$ 10,836	$ 13,220
Accrued interest expense	2,625	2,410
Accrued property taxes	2,579	1,532
Distributions payable to stockholders	6,760	6,566
Tenant deposits	696	682
Deferred rental income	4,567	3,277
Derivative liabilities	0	22
Total accounts payable and other liabilities	$ 28,063	$ 27,709

Notes Payable and Secured Cre52

Notes Payable and Secured Credit Facility (Narrative) (Details)	3 Months Ended
	Mar. 31, 2018USD ($)property	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Debt Disclosure [Abstract]
Proceeds from credit facility	$ 30,000,000	$ 120,000,000
Credit facility, increase in borrowing base availability	$ 28,028,000
Credit facility, number of properties added to aggregate pool availability | property	2
Credit facility, aggregate pool availability	$ 427,371,000
Credit facility, maximum commitments available	425,000,000
Credit facility, outstanding principal balance	250,000,000		$ 220,000,000
Credit facility, amount remaining to be drawn	$ 175,000,000

Notes Payable and Secured Cre53

Notes Payable and Secured Credit Facility (Schedule of Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Notes payable, principal amount outstanding	$ 468,050	$ 468,135
Unamortized deferred financing costs related to notes payable	(4,165)	(4,393)
Notes payable, net of deferred financing costs	463,885	463,742
Secured credit facility, principal amount outstanding	250,000	220,000
Unamortized deferred financing costs related to the term loan secured credit facility	(526)	(601)
Secured credit facility, net of deferred financing costs	249,474	219,399
Total debt outstanding	713,359	683,141
Revolving Line of Credit [Member]
Debt Instrument [Line Items]
Secured credit facility, principal amount outstanding	150,000	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	220,414	220,436
Variable Rate, Subject To Interest Rate Swap [Member]
Debt Instrument [Line Items]
Notes payable, principal amount outstanding	247,636	247,699
Secured credit facility, principal amount outstanding	$ 100,000	$ 100,000

Notes Payable and Secured Cre54

Notes Payable and Secured Credit Facility (Schedule of Future Principal Payments Due on Notes Payable and Secured Credit Facility) (Details) $ in Thousands	Apr. 27, 2018extension	Mar. 31, 2018USD ($)extension
Debt Instrument [Line Items]
Nine months ending December 31, 2018		$ 150,338
2,019		101,971
2,020		4,635
2,021		155,118
2,022		164,847
Thereafter		141,141
Total		718,050
Revolving Line of Credit [Member]
Debt Instrument [Line Items]
Nine months ending December 31, 2018		$ 150,000
Credit facility, maturity date		Dec. 22, 2018
Credit facility, number of maturity extension periods | extension		2
Credit facility, extension period		12 months
Revolving Line of Credit [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Credit facility, maturity date	Apr. 27, 2022
Credit facility, number of maturity extension periods | extension	1
Credit facility, extension period	12 months

Related-Party Transactions an55

Related-Party Transactions and Arrangements (Narrative) (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2018	Mar. 14, 2018	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Accounts payable due to affiliates	$ 14,882,000	$ 14,882,000		$ 14,882,000		$ 15,249,000
Asset management fees				$ 3,099,000	$ 2,006,000
Cumulative, pretax, non-compounded annual return rate to investors				6.00%
Carter Validus Advisors II, LLC And/Or Its Affiliates [Member]
Related Party Transaction [Line Items]
Offering costs incurred by Advisor on Company's behalf	18,316,000	18,316,000		$ 18,316,000
Acquisition fees incurred				$ 1,019,000	3,083,000
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 participation in net sale proceeds	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]
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	239,000	239,000		$ 239,000		$ 167,000
Affiliate of Dealer Manager [Member]
Related Party Transaction [Line Items]
Offering costs incurred by Advisor on Company's behalf	$ 495,000	$ 495,000		$ 495,000
Carter Validus Real Estate Management Services II, LLC [Member]
Related Party Transaction [Line Items]
Property management and leasing fees, as percentage of gross revenues from properties managed				3.00%
Oversight fee, as percentage of gross revenues from properties managed				1.00%
Property management fees incurred				$ 1,037,000	671,000
Leasing commissions incurred				$ 0	23,000
Construction management fee, as percentage of project costs				5.00%
Construction management fees				$ 111,000	159,000
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				$ 3,099,000	2,006,000
Operating expenses allocated to the Company by the advisor				$ 312,000	365,000
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%
Vice President of Product Management of Carter Validus Advisors II, LLC [Member]
Related Party Transaction [Line Items]
Operating expenses allocated to the Company by the advisor				$ 39,000
SC Distributors, LLC [Member]
Related Party Transaction [Line Items]
Selling commissions and dealer manager fees				1,689,000	4,945,000
Distribution and servicing fees incurred				$ 374,000
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%
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%
Dealer manager fee funded by advisor, as percentage of gross offering proceeds				1.00%
SC Distributors, LLC [Member] | Class T2 shares [Member]
Related Party Transaction [Line Items]
Distribution and servicing fees incurred				$ 26,000
SC Distributors, LLC [Member] | Class T2 shares [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Selling commission, as percentage of gross offering proceeds		3.00%
Dealer manager fee, as percentage of gross offering proceeds		2.50%
SC Distributors, LLC [Member] | Class T shares [Member]
Related Party Transaction [Line Items]
Distribution and servicing fees incurred				$ 348,000	$ 1,649,000
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%
Dealer manager fee, as percentage of gross offering proceeds			3.00%
Initial Public Offering and Follow-On Offering [Member] | 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%
Initial Offering [Member] | Carter Validus Advisors II, LLC And/Or Its Affiliates [Member]
Related Party Transaction [Line Items]
Other organization and offering costs reimbursement, as percentage of gross offering proceeds				2.00%
Follow-On Offering [Member] | 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				2.00%

Related-Party Transactions an56

Related-Party Transactions and Arrangements (Schedule of Accounts Payable Due to Affiliates) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Accounts payable due to affiliates	$ 14,882	$ 15,249
Carter Validus Advisors II, LLC And/Or Its Affiliates [Member] | Asset Management Fees [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	1,055	1,017
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	160	182
Carter Validus Advisors II, LLC And/Or Its Affiliates [Member] | Offering Costs [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	239	167
Carter Validus Advisors II, LLC And/Or Its Affiliates [Member] | Acquisition Expenses and Fees [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	5	5
Carter Validus Real Estate Management Services II, LLC [Member] | Property Management Fees [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	497	463
Carter Validus Real Estate Management Services II, LLC [Member] | Construction Management Fees [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	18	39
SC Distributors, LLC [Member] | Distribution and Servicing Fees [Member]
Related Party Transaction [Line Items]
Accounts payable due to affiliates	$ 12,908	$ 13,376

Segment Reporting (Narrative) (

Segment Reporting (Narrative) (Details)	3 Months Ended
	Mar. 31, 2018USD ($)segment	Mar. 31, 2017USD ($)
Segment Reporting Information [Line Items]
Number of reportable business segments | segment	2
Revenues	$ 41,295,000	$ 24,022,000
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
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information [Line Items]
Rental, parking and tenant reimbursement revenue	$ 41,295	$ 24,022
Rental and parking expenses	(8,290)	(4,926)
Income from operations	15,246	8,555
General and administrative expenses	(943)	(925)
Asset management fees	(3,099)	(2,006)
Depreciation and amortization	(13,717)	(7,610)
Interest expense, net	(7,742)	(3,764)
Net income attributable to common stockholders	7,504	4,791
Operating Segments [Member]
Segment Reporting Information [Line Items]
Rental, parking and tenant reimbursement revenue	41,295	24,022
Rental and parking expenses	(8,290)	(4,926)
Income from operations	33,005	19,096
Operating Segments [Member] | Data Centers [Member]
Segment Reporting Information [Line Items]
Rental, parking and tenant reimbursement revenue	23,721	9,704
Rental and parking expenses	(5,937)	(2,660)
Income from operations	17,784	7,044
Operating Segments [Member] | Healthcare [Member]
Segment Reporting Information [Line Items]
Rental, parking and tenant reimbursement revenue	17,574	14,318
Rental and parking expenses	(2,353)	(2,266)
Income from operations	$ 15,221	$ 12,052

Segment Reporting (Schedule o59

Segment Reporting (Schedule of Assets by Reportable Segments) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets by segment [Line Items]
Total assets	$ 1,832,083	$ 1,777,944
Operating Segments [Member] | Data Centers [Member]
Assets by segment [Line Items]
Total assets	953,272	909,477
Operating Segments [Member] | Healthcare [Member]
Assets by segment [Line Items]
Total assets	807,818	813,742
All Other [Member]
Assets by segment [Line Items]
Total assets	$ 70,993	$ 54,725

Segment Reporting (Schedule o60

Segment Reporting (Schedule of Capital Additions and Acquisitions by Reportable Segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Capital additions and acquisitions by segment [Line Items]
Total capital additions and acquisitions	$ 57,842	$ 165,027
Operating Segments [Member] | Data Centers [Member]
Capital additions and acquisitions by segment [Line Items]
Total capital additions and acquisitions	52,213	75,088
Operating Segments [Member] | Healthcare [Member]
Capital additions and acquisitions by segment [Line Items]
Total capital additions and acquisitions	$ 5,629	$ 89,939

Future Minimum Rent (Schedule o

Future Minimum Rent (Schedule of Future Minimum Rental Income from Non-Cancelable Operating Leases) (Details) $ in Thousands	Mar. 31, 2018USD ($)
Leases [Abstract]
Nine months ending December 31, 2018	$ 95,993
2,019	129,861
2,020	129,352
2,021	131,373
2,022	126,697
Thereafter	1,004,305
Total	$ 1,617,581

Future Minimum Rent (Schedule62

Future Minimum Rent (Schedule of Future Minimum Rental Payments Under Non-Cancelable Ground Leases) (Details) $ in Thousands	Mar. 31, 2018USD ($)
Leases [Abstract]
Nine months ending December 31, 2018	$ 99
2,019	132
2,020	132
2,021	132
2,022	132
Thereafter	3,142
Total	$ 3,769

Fair Value (Narrative) (Details

Fair Value (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value [Line Items]
Notes payable, principal amount outstanding	$ 468,050	$ 468,135
Secured credit facility, principal amount outstanding	250,000	220,000
Fixed Rate [Member]
Fair Value [Line Items]
Notes payable, principal amount outstanding	220,414	220,436
Variable Rate, Subject To Interest Rate Swap [Member]
Fair Value [Line Items]
Notes payable, principal amount outstanding	247,636	247,699
Secured credit facility, principal amount outstanding	100,000	100,000
Variable Rate [Member]
Fair Value [Line Items]
Secured credit facility, principal amount outstanding	150,000	120,000
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	212,467	211,011
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	240,768	243,812
Secured credit facility, fair value disclosure	$ 97,896	$ 98,593

Fair Value (Schedule of Fair Va

Fair Value (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets:
Derivative assets	$ 8,448	$ 3,934
Liabilities:
Derivative liabilities	0	22
Recurring basis [Member]
Assets:
Derivative assets	8,448	3,934
Total assets at fair value	8,448	3,934
Liabilities:
Derivative liabilities		22
Total liabilities at fair value		22
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring basis [Member]
Assets:
Derivative assets	0	0
Total assets at fair value	0	0
Liabilities:
Derivative liabilities		0
Total liabilities at fair value		0
Significant Other Observable Inputs (Level 2) [Member] | Recurring basis [Member]
Assets:
Derivative assets	8,448	3,934
Total assets at fair value	8,448	3,934
Liabilities:
Derivative liabilities		22
Total liabilities at fair value		22
Significant Unobservable Inputs (Level 3) [Member] | Recurring basis [Member]
Assets:
Derivative assets	0	0
Total assets at fair value	$ 0	0
Liabilities:
Derivative liabilities		0
Total liabilities at fair value		$ 0

Derivative Instruments and He65

Derivative Instruments and Hedging Activities (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Ineffectiveness of interest rate swaps	$ 39	$ 8
Additional amount expected to be reclassified from AOCI into earnings during next twelve months	1,343
Fair value of derivatives in a net liability position	$ 0

Derivative Instruments and He66

Derivative Instruments and Hedging Activities (Schedule of the Notional Amount and Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Fair Value of Asset	$ 8,448	$ 3,934
Fair Value of (Liability)		(22)
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Outstanding Notional Amount	$ 347,636	347,699
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Minimum [Member]
Derivatives, Fair Value [Line Items]
Effective Date	Jul. 1, 2016
Maturity Date	Dec. 22, 2020
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Maximum [Member]
Derivatives, Fair Value [Line Items]
Effective Date	Nov. 16, 2017
Maturity Date	Nov. 16, 2022
Other Assets [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Fair Value of Asset	$ 8,448	3,934
Accounts Payable and Other Liabilities [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Fair Value of (Liability)	$ 0	$ (22)

Derivative Instruments and He67

Derivative Instruments and Hedging Activities (Schedule of Income Recognized on Derivative Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain Recognized in OCI on Derivative (Effective Portion)	$ 4,446	$ 413
Amount of (Loss) Reclassified From Accumulated Other Comprehensive Income to Net Income (Effective Portion)	(129)	(355)
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain Recognized in OCI on Derivative (Effective Portion)	4,446	413
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)	$ (129)	$ (355)

Derivative Instruments and He68

Derivative Instruments and Hedging Activities (Schedule of Offsetting of Derivative Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 8,448	$ 3,934
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Assets Presented in the Balance Sheet	8,448	3,934
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	$ 8,448	$ 3,934

Derivative Instruments and He69

Derivative Instruments and Hedging Activities (Schedule of Offsetting of Derivative Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Liabilities		$ 22
Gross Amounts Offset in the Balance Sheet		0
Net Amounts of Liabilities Presented in the Balance Sheet	$ 0	22
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments Collateral		0
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral		0
Net Amount		$ 22

Accumulated Other Comprehensi70

Accumulated Other Comprehensive Income (Schedule of Amounts Recognized in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 990,549
Other comprehensive income attributable to common stockholders	4,575	$ 768
Ending Balance	1,015,704
Unrealized Income on Derivative Instruments [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	3,710
Other comprehensive income before reclassification	4,446
Amount of loss reclassified from accumulated other comprehensive income to net income (effective portion)	129
Other comprehensive income attributable to common stockholders	4,575
Ending Balance	8,285
Accumulated Other Comprehensive Income [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	3,710
Other comprehensive income before reclassification	4,446
Amount of loss reclassified from accumulated other comprehensive income to net income (effective portion)	129
Other comprehensive income attributable to common stockholders	4,575
Ending Balance	$ 8,285

Accumulated Other Comprehensi71

Accumulated Other Comprehensive Income (Schedule of Reclassifications Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net	$ 7,742	$ 3,764
Interest Rate Swap [Member] | Unrealized Income on Derivative Instruments [Member] | Amounts Reclassified from Accumulated Other Comprehensive Income to Net Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net	$ 129	$ 355

Commitments and Contingencies (

Commitments and Contingencies (Details)	Mar. 31, 2018case
Commitments and Contingencies Disclosure [Abstract]
Number of pending legal proceedings to which the Company is a party	0

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) $ / shares in Units, shares in Thousands	May 04, 2018USD ($)shares	May 03, 2018$ / shares	May 01, 2018USD ($)	Apr. 27, 2018USD ($)extensionlender	Apr. 02, 2018USD ($)	Mar. 31, 2018USD ($)shares	Mar. 31, 2018USD ($)extension$ / shares	Mar. 31, 2017USD ($)$ / shares	Apr. 26, 2018USD ($)	Mar. 15, 2018$ / shares
Subsequent Event [Line Items]
Distributions paid in cash							$ 9,333,000	$ 5,977,000
Common stock issued through distribution reinvestment plan							$ 9,920,000	$ 7,001,000
Distributions declared per common share | $ / shares							$ 0.15	$ 0.16
Credit facility, maximum commitments available						$ 427,371,000	$ 427,371,000
Common Stock [Member]
Subsequent Event [Line Items]
Common stock issued through distribution reinvestment plan							$ 11,000
Revolving Line of Credit [Member]
Subsequent Event [Line Items]
Credit facility, maturity date							Dec. 22, 2018
Credit facility, number of maturity extension periods | extension							2
Credit facility, extension period							12 months
Class A shares [Member] | Follow-On Offering [Member]
Subsequent Event [Line Items]
Common stock offering, price per share (in dollars per share) | $ / shares										$ 10.200
Class I shares [Member] | Follow-On Offering [Member]
Subsequent Event [Line Items]
Common stock offering, price per share (in dollars per share) | $ / shares										9.273
Class T2 shares [Member] | Follow-On Offering [Member]
Subsequent Event [Line Items]
Common stock offering, price per share (in dollars per share) | $ / shares										$ 9.714
Class A, I, T and T2 shares [Member] | Common Stock [Member] | the Offerings [Member]
Subsequent Event [Line Items]
Common stock offering including DRIP, shares issued | shares						131,171
Common stock offering including DRIP, gross proceeds raised						$ 1,281,654,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Credit facility, number of lenders added | lender				7
Credit facility, maximum commitments available				$ 700,000,000					$ 425,000,000
Credit facility, maximum commitments available after available increase				$ 1,000,000,000
Credit facility, threshold percentage for unused portion of lenders' commitments				50.00%
Subsequent Event [Member] | Carter Validus Real Estate Management Services II, LLC [Member] | Management Agreement [Member]
Subsequent Event [Line Items]
Term of agreement from effective date		1 year
Effective date of agreement		May 19, 2018
Subsequent Event [Member] | Carter Validus Advisors II, LLC [Member] | Advisory Agreement [Member]
Subsequent Event [Line Items]
Term of agreement from effective date		1 year
Effective date of agreement		Jun. 10, 2018
Subsequent Event [Member] | Minimum [Member]
Subsequent Event [Line Items]
Credit facility, unused portion, commitment fee percentage				0.15%
Subsequent Event [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Subsequent Event [Line Items]
Credit facility, basis spread on variable rate				1.75%
Subsequent Event [Member] | Minimum [Member] | Base Rate [Member]
Subsequent Event [Line Items]
Credit facility, basis spread on variable rate				0.75%
Subsequent Event [Member] | Maximum [Member]
Subsequent Event [Line Items]
Credit facility, unused portion, commitment fee percentage				0.25%
Subsequent Event [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Subsequent Event [Line Items]
Credit facility, basis spread on variable rate				2.25%
Subsequent Event [Member] | Maximum [Member] | Base Rate [Member]
Subsequent Event [Line Items]
Credit facility, basis spread on variable rate				1.25%
Subsequent Event [Member] | Revolving Line of Credit [Member]
Subsequent Event [Line Items]
Credit facility, maximum commitments available				$ 450,000,000
Credit facility, maturity date				Apr. 27, 2022
Credit facility, number of maturity extension periods | extension				1
Credit facility, extension period				12 months
Subsequent Event [Member] | Term Loan [Member]
Subsequent Event [Line Items]
Credit facility, maximum commitments available				$ 250,000,000
Credit facility, maturity date				Apr. 27, 2023
Subsequent Event [Member] | Class A shares [Member] | Common Stock [Member] | the Offerings [Member]
Subsequent Event [Line Items]
Common stock offering including DRIP, shares issued | shares	86,019
Common stock offering including DRIP, gross proceeds raised	$ 851,541,000
Subsequent Event [Member] | Class I shares [Member] | Common Stock [Member] | the Offerings [Member]
Subsequent Event [Line Items]
Common stock offering including DRIP, shares issued | shares	9,018
Common stock offering including DRIP, gross proceeds raised	$ 82,505,000
Subsequent Event [Member] | Class T shares [Member] | Common Stock [Member] | the Offerings [Member]
Subsequent Event [Line Items]
Common stock offering including DRIP, shares issued | shares	37,868
Common stock offering including DRIP, gross proceeds raised	$ 363,904,000
Subsequent Event [Member] | Class T2 shares [Member] | Common Stock [Member] | the Offerings [Member]
Subsequent Event [Line Items]
Common stock offering including DRIP, shares issued | shares	713
Common stock offering including DRIP, gross proceeds raised	$ 6,914,000
Subsequent Event [Member] | Common Class A, I and T2 Shares [Member] | Common Stock [Member] | Follow-On Offering [Member]
Subsequent Event [Line Items]
Common stock offering, value remaining	938,775,000
Subsequent Event [Member] | Class A, I, T and T2 shares [Member] | Common Stock [Member] | DRIP Offering [Member]
Subsequent Event [Line Items]
Common stock offering, value remaining	$ 80,094,000
Subsequent Event [Member] | March 1, 2018 To March 31, 2018 [Member] | Class A shares [Member]
Subsequent Event [Line Items]
Aggregate distributions paid					$ 4,553,000
Distributions paid in cash					2,345,000
Common stock issued through distribution reinvestment plan					2,208,000
Subsequent Event [Member] | March 1, 2018 To March 31, 2018 [Member] | Class I shares [Member]
Subsequent Event [Line Items]
Aggregate distributions paid					449,000
Distributions paid in cash					249,000
Common stock issued through distribution reinvestment plan					200,000
Subsequent Event [Member] | March 1, 2018 To March 31, 2018 [Member] | Class T shares [Member]
Subsequent Event [Line Items]
Aggregate distributions paid					1,758,000
Distributions paid in cash					744,000
Common stock issued through distribution reinvestment plan					$ 1,014,000
Subsequent Event [Member] | April 1, 2018 To April 30, 2018 [Member] | Class A shares [Member]
Subsequent Event [Line Items]
Aggregate distributions paid			$ 4,420,000
Distributions paid in cash			2,269,000
Common stock issued through distribution reinvestment plan			2,151,000
Subsequent Event [Member] | April 1, 2018 To April 30, 2018 [Member] | Class I shares [Member]
Subsequent Event [Line Items]
Aggregate distributions paid			459,000
Distributions paid in cash			253,000
Common stock issued through distribution reinvestment plan			206,000
Subsequent Event [Member] | April 1, 2018 To April 30, 2018 [Member] | Class T shares [Member]
Subsequent Event [Line Items]
Aggregate distributions paid			1,711,000
Distributions paid in cash			722,000
Common stock issued through distribution reinvestment plan			989,000
Subsequent Event [Member] | April 1, 2018 To April 30, 2018 [Member] | Class T2 shares [Member]
Subsequent Event [Line Items]
Aggregate distributions paid			15,000
Distributions paid in cash			5,000
Common stock issued through distribution reinvestment plan			$ 10,000
Subsequent Event [Member] | June 1, 2018 To August 31, 2018 [Member] | Class A shares [Member]
Subsequent Event [Line Items]
Number of days, distribution calculation		365 days
Distributions declared per common share | $ / shares		$ 0.001788493
Annualized distribution rate		6.40%
Common stock offering, price per share (in dollars per share) | $ / shares		$ 10.200
Subsequent Event [Member] | June 1, 2018 To August 31, 2018 [Member] | Class I shares [Member]
Subsequent Event [Line Items]
Number of days, distribution calculation		365 days
Distributions declared per common share | $ / shares		$ 0.001788493
Annualized distribution rate		7.04%
Common stock offering, price per share (in dollars per share) | $ / shares		$ 9.273
Subsequent Event [Member] | June 1, 2018 To August 31, 2018 [Member] | Class T shares [Member]
Subsequent Event [Line Items]
Number of days, distribution calculation		365 days
Distributions declared per common share | $ / shares		$ 0.001519750
Annualized distribution rate		5.68%
Common stock offering, price per share (in dollars per share) | $ / shares		$ 9.766
Subsequent Event [Member] | June 1, 2018 To August 31, 2018 [Member] | Class T2 shares [Member]
Subsequent Event [Line Items]
Number of days, distribution calculation		365 days
Distributions declared per common share | $ / shares		$ 0.001522356
Annualized distribution rate		5.72%
Common stock offering, price per share (in dollars per share) | $ / shares		$ 9.714

Subsequent Events (Schedule of

Subsequent Events (Schedule of Subsequent Acquisitions) (Details)	Apr. 27, 2018USD ($)tenant	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)
Subsequent Event [Line Items]
Total purchase price of assets acquired		$ 52,087,000	$ 156,875,000
Subsequent Event [Member] | Carrollton Healthcare Facility [Member]
Subsequent Event [Line Items]
Date Acquired	Apr. 27, 2018
Total purchase price of assets acquired	$ 8,469,388
Ownership Percentage	100.00%
Number of tenants | tenant	2