Sila Realty Trust (SILA) 10-Q 12 May 20 2020 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares shares in Thousands	3 Months Ended
	Mar. 31, 2020	May 08, 2020
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	Carter Validus Mission Critical REIT II, Inc.
Entity Central Index Key	0001567925
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Class A shares [Member]
Entity Common Stock, Shares Outstanding		165,675
Class I shares [Member]
Entity Common Stock, Shares Outstanding		12,468
Class T shares [Member]
Entity Common Stock, Shares Outstanding		38,985
Class T2 shares [Member]
Entity Common Stock, Shares Outstanding		3,455

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real estate:
Land	$ 344,275	$ 343,444
Buildings and improvements, less accumulated depreciation of $145,709 and $128,304, respectively	2,410,566	2,422,102
Construction in progress	6,430	2,916
Total real estate, net	2,761,271	2,768,462
Cash and cash equivalents	150,476	69,342
Acquired intangible assets, less accumulated amortization of $72,844 and $64,164, respectively	275,421	285,459
Right-of-use assets - operating leases	29,345	29,537
Other assets, net	89,165	86,734
Total assets	3,305,678	3,239,534
Liabilities:
Notes payable, net of deferred financing costs of $2,270 and $2,500, respectively	454,305	454,845
Credit facility, net of deferred financing costs of $6,957 and $7,385, respectively	996,043	900,615
Accounts payable due to affiliates	9,047	9,759
Accounts payable and other liabilities	64,417	45,354
Acquired intangible liabilities, less accumulated amortization of $13,718 and $12,332, respectively	58,152	59,538
Operating lease liabilities	31,048	31,004
Total liabilities	1,613,012	1,501,115
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, 510,000,000 shares authorized; 232,309,866 and 231,416,123 shares issued, respectively; 221,387,100 and 221,912,714 shares outstanding, respectively	2,214	2,219
Additional paid-in capital	1,977,360	1,981,848
Accumulated distributions in excess of earnings	(261,872)	(240,946)
Accumulated other comprehensive loss	(25,038)	(4,704)
Total stockholders’ equity	1,692,664	1,738,417
Noncontrolling interests	2	2
Total equity	1,692,666	1,738,419
Total liabilities and stockholders’ equity	$ 3,305,678	$ 3,239,534

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Buildings and improvements, accumulated depreciation	$ 145,709	$ 128,304
Acquired intangible assets, accumulated amortization	72,844	64,164
Notes payable, deferred financing costs	2,270	2,500
Credit facility, deferred financing costs	6,957	7,385
Acquired intangible liabilities, accumulated amortization	$ 13,718	$ 12,332
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)	510,000,000	510,000,000
Common stock, shares issued (in shares)	232,309,866	231,416,123
Common stock, shares outstanding (in shares)	221,387,100	221,912,714

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue:
Rental revenue	$ 69,185	$ 46,467
Expenses:
Rental expenses	11,488	9,128
General and administrative expenses	3,688	1,403
Asset management fees	5,956	3,494
Depreciation and amortization	27,065	18,246
Total expenses	48,197	32,271
Income from operations	20,988	14,196
Interest and other expense, net	15,319	9,835
Net income attributable to common stockholders	5,669	4,361
Other comprehensive loss:
Unrealized loss on interest rate swaps, net	(20,334)	(3,611)
Other comprehensive loss	(20,334)	(3,611)
Comprehensive (loss) income attributable to common stockholders	$ (14,665)	$ 750
Weighted average number of common shares outstanding:
Basic (in shares)	221,540,890	136,179,343
Diluted (in shares)	221,570,975	136,204,843
Net income per common share attributable to common stockholders:
Basic (in dollars per share)	$ 0.03	$ 0.03
Diluted (in dollars per share)	0.03	0.03
Distributions declared per common share (in dollars per share)	$ 0.12	$ 0.16

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Distributions in Excess of Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total Stockholders’ Equity [Member]	Noncontrolling Interests [Member]
Balance, (in shares) at Dec. 31, 2018		136,466,242
Balance, beginning at Dec. 31, 2018	$ 1,047,385	$ 1,364	$ 1,192,340	$ (152,421)	$ 6,100	$ 1,047,383	$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under the distribution reinvestment plan (in shares)		1,122,412
Issuance of common stock under the distribution reinvestment plan	10,385	$ 12	10,373			10,385
Vesting of restricted stock	23		23			23
Distribution and servicing fees	52		52			52
Other offering costs	(5)		(5)			(5)
Repurchase of common stock (in shares)		(1,160,279)
Repurchase of common stock	(10,733)	$ (12)	(10,721)			(10,733)
Distributions to common stockholders	(21,196)			(21,196)		(21,196)
Other comprehensive loss	(3,611)				(3,611)	(3,611)
Net income	4,361			4,361		4,361
Balance, (in shares) at Mar. 31, 2019		136,428,375
Balance, ending at Mar. 31, 2019	$ 1,026,661	$ 1,364	1,192,062	(169,359)	2,592	1,026,659	2
Balance, (in shares) at Dec. 31, 2019	221,912,714	221,912,714
Balance, beginning at Dec. 31, 2019	$ 1,738,419	$ 2,219	1,981,848	(240,946)	(4,704)	1,738,417	2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under the distribution reinvestment plan (in shares)		893,743
Issuance of common stock under the distribution reinvestment plan	7,731	$ 9	7,722			7,731
Vesting of restricted stock	27		27			27
Distribution and servicing fees	33		33			33
Other offering costs	(7)		(7)			(7)
Repurchase of common stock (in shares)		(1,419,357)
Repurchase of common stock	(12,277)	$ (14)	(12,263)			(12,277)
Distributions to common stockholders	(26,595)			(26,595)		(26,595)
Other comprehensive loss	(20,334)				(20,334)	(20,334)
Net income	$ 5,669			5,669		5,669
Balance, (in shares) at Mar. 31, 2020	221,387,100	221,387,100
Balance, ending at Mar. 31, 2020	$ 1,692,666	$ 2,214	$ 1,977,360	$ (261,872)	$ (25,038)	$ 1,692,664	$ 2

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income attributable to common stockholders	$ 5,669	$ 4,361
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	27,065	18,246
Amortization of deferred financing costs	946	606
Amortization of above-market leases	969	156
Amortization of below-market leases	(1,386)	(1,232)
Reduction in the carrying amount of right-of-use assets - operating leases, net	234	113
Straight-line rent	(5,500)	(2,674)
Stock-based compensation	27	23
Changes in operating assets and liabilities:
Accounts payable and other liabilities	(290)	(1,160)
Accounts payable due to affiliates	(58)	(205)
Other assets	2,258	1,713
Net cash provided by operating activities	29,934	19,947
Cash flows from investing activities:
Investment in real estate	(5,024)	0
Capital expenditures	(5,441)	(1,073)
Payments of deal costs	(126)	(106)
Real estate deposit	100	0
Net cash used in investing activities	(10,491)	(1,179)
Cash flows from financing activities:
Payments on notes payable	(770)	(305)
Proceeds from credit facility	95,000	10,000
Payments of deferred financing costs	(1)	(67)
Repurchase of common stock	(12,277)	(10,733)
Offering costs on issuance of common stock	(845)	(1,036)
Distributions to common stockholders	(18,890)	(10,813)
Net cash provided by (used in) financing activities	62,217	(12,954)
Net change in cash, cash equivalents and restricted cash	81,660	5,814
Cash, cash equivalents and restricted cash - Beginning of period	80,230	79,527
Cash, cash equivalents and restricted cash - End of period	161,890	85,341
Supplemental cash flow disclosure:
Interest paid, net of interest capitalized of $145 and $23, respectively	14,720	9,462
Supplemental disclosure of non-cash transactions:
Common stock issued through distribution reinvestment plan	7,731	10,385
Accrued capital expenditures	268	1,161
Accrued deal costs	$ 6	$ 802

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (PARENTHETICAL) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Cash Flows [Abstract]
Interest capitalized	$ 145	$ 23

Organization and Business Opera

Organization and Business Operations	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Operations	Organization and Business Operations Carter Validus Mission Critical REIT II, Inc., or the Company, is a Maryland corporation that was formed on January 11, 2013. The Company elected, and currently qualifies, to be taxed as a real estate investment trust, or a REIT, under the Internal Revenue Code of 1986, as amended, or the Code, 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 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 leases to creditworthy tenants, as well as to make other real estate-related investments in such property types, which may include equity or debt interests in other real estate entities. As of March 31, 2020 , the Company owned 153 real estate properties. The Company raised the equity capital for its real estate investments through two public offerings, or the Offerings, from May 2014 through November 2018, and the Company has offered shares pursuant to its distribution reinvestment plan, or the DRIP, pursuant to two Registration Statements on Form S-3 (each, a “DRIP Offering” and together the "DRIP Offerings") since November 2017. On April 11, 2019, the Company, along with Carter Validus Mission Critical REIT, Inc., or REIT I, the Operating Partnership, Carter/Validus Operating Partnership, LP, the operating partnership of REIT I, or CVOP, and Lightning Merger Sub, LLC, a wholly-owned subsidiary of the Company, or Merger Sub, entered into an Agreement and Plan of Merger, or the Merger Agreement. Pursuant to the terms and conditions of the Merger Agreement, on October 4, 2019 , REIT I merged with and into Merger Sub, or the REIT Merger, with Merger Sub surviving the REIT Merger, or the Surviving Entity, such that following the REIT Merger, the Surviving Entity continues as a wholly-owned subsidiary of the Company. In accordance with the applicable provisions of the Maryland General Corporation Law, the separate existence of REIT I ceased. The combined company after the REIT Merger, or the Combined Company, retained the name “Carter Validus Mission Critical REIT II, Inc.” Except as the context otherwise requires, the “Company” refers 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, 2020
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 United States generally accepted accounting principles, 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, 2020 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The condensed consolidated balance sheet at December 31, 2019, has been derived from the audited consolidated financial statements at that date but does not include all of the information and notes required by GAAP for complete financial statements. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2019, and related notes thereto set forth in the Company’s Annual Report on Form 10-K, filed with the SEC on March 27, 2020. 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 condensed consolidated 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 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 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 cash held in escrow and restricted bank deposits are reported in other assets, net in the accompanying condensed consolidated balance sheets . See Note 7—"Other Assets, Net." 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 (amounts in thousands): Three Months Ended 2020 2019 Beginning of period: Cash and cash equivalents 69,342 68,360 Restricted cash 10,888 11,167 Cash, cash equivalents and restricted cash $ 80,230 $ 79,527 End of period: Cash and cash equivalents 150,476 73,727 Restricted cash 11,414 11,614 Cash, cash equivalents and restricted cash $ 161,890 $ 85,341 Impairment of Long-Lived Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the assets through its undiscounted future cash flows and their eventual disposition. If, based on this analysis, the Company does not believe that it will be able to recover the carrying value of the assets, the Company will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the assets. When developing estimates of expected future cash flows, the Company makes certain assumptions regarding future market rental income amounts subsequent to the expiration of current lease arrangements, property operating expenses, terminal capitalization and discount rates, the expected number of months it takes to re-lease the property, required tenant improvements and the number of years the property will be held for investment. The use of alternative assumptions in the future cash flow analysis could result in a different determination of the property’s future cash flows and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the carrying value of the real estate and related assets. In addition, the Company estimates the fair value of the assets by applying a market approach using comparable sales for certain properties. The use of alternative assumptions in the market approach analysis could result in a different determination of the property’s estimated fair value and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the carrying value of the real estate and related assets. Impairment of Real Estate During the three months ended March 31, 2020 and 2019 , no impairment losses were recorded on real estate assets. Impairment of Acquired Intangible Assets and Acquired Intangible Liabilities During the three months ended March 31, 2020 , the Company recognized impairments of an in-place lease intangible asset in the amount of approximately $1,484,000 and an above-market lease intangible asset in the amount of approximately $344,000 , related to a healthcare tenant of the Company experiencing financial difficulties, by accelerating the amortization of the acquired intangible assets. During the three months ended March 31, 2019 , the Company recognized an impairment of an in-place lease intangible asset in the amount of approximately $2,658,000 , by accelerating the amortization of an acquired intangible asset related to a healthcare tenant of the Company that was experiencing financial difficulties and whose lease terminated on June 25, 2019 . Concentration of Credit Risk and Significant Leases As of March 31, 2020 , the Company had cash on deposit, including restricted cash, in certain financial institutions that had deposits in excess of current federally insured levels. The Company limits its cash investments to financial institutions with high credit standings; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits. To date, the Company has not experienced a loss or lack of access to cash in its accounts. As of March 31, 2020 , the Company owned real estate investments in two micropolitan statistical areas and 67 metropolitan statistical areas, or MSA, two MSA of which accounted for 10.0% or more of rental revenue. Real estate investments located in the Atlanta-Sandy Springs-Roswell, Georgia MSA and the Houston-The Woodlands-Sugar Land, Texas MSA accounted for 12.0% and 10.3% , respectively, of rental revenue for the three months ended March 31, 2020 . As of March 31, 2020 , the Company had one exposure to tenant concentration that accounted for 10.0% or more of rental revenue for the three months ended March 31, 2020 . The leases with tenants under common control of the guarantor Post Acute Medical, LLC accounted for 10.1% of rental revenue for the three months ended March 31, 2020 . Share Repurchase Program The Company’s share repurchase program, or SRP, allows for repurchases of shares of the Company’s common stock when certain criteria are met. The SRP 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 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, provided, however, that the Company will limit the number of shares repurchased during any calendar year to 5.0% of the number of shares of common stock outstanding as of 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 SRP at any time, and may amend, reduce, terminate or otherwise change the SRP upon 30 days' prior notice to the Company’s stockholders for any reason it deems appropriate. The Company's SRP applied to all eligible stockholders on the first quarter repurchase date of 2020, which was January 30, 2020 . Subject to the terms and limitations of the SRP, including, but not limited to, quarterly share limitations, an annual 5.0% share limitation, and DRIP funding limitations, the SRP is available to any stockholder as a potential means of interim liquidity. The Company honors valid repurchase requests approximately 30 days following the end of the applicable quarter. On April 30, 2020 , due to the uncertainty surrounding the coronavirus pandemic and any impact it may have on the Company, the Company's board of directors decided to temporarily suspend share repurchases under the SRP, effective with repurchase requests that would otherwise be processed on the third quarter repurchase date, which is expected to be July 30, 2020. See Note 16—"Subsequent Events" for further discussion. On May 1, 2020, the Company announced it had reached the DRIP funding limitation, and that it would not be able to fully accommodate all repurchase requests for the second quarter repurchase date of 2020. For repurchase requests received by the Company by March 31, 2020, repurchase shares were repurchased on a pro rata basis in accordance with the terms of the SRP. See Note 16—"Subsequent Events" for further discussion and Part II, Item 2. "Unregistered Sales of Equity Securities" for more information on the Company's SRP. During the three months ended March 31, 2020 , the Company repurchased 1,419,357 Class A shares, Class I shares, Class T shares and Class T2 shares of common stock ( 1,078,423 Class A shares, 214,843 Class I shares, 122,865 Class T shares and 3,226 Class T2 shares) for an aggregate purchase price of approximately $12,277,000 (an average of $8.65 per share). During the three months ended March 31, 2019 , the Company repurchased 1,160,279 Class A shares, Class I shares and Class T shares of common stock ( 858,080 Class A shares, 108,765 Class I shares and 193,434 Class T shares) for an aggregate purchase price of approximately $10,733,000 (an average of $9.25 per share). Distribution Policy and Distributions Payable In order to maintain its status as a REIT, the Company is required to make distributions each taxable year equal to at least 90% of its REIT taxable income, computed without regard to the dividends paid deduction and excluding capital gains. To the extent funds are available, the Company intends to continue to pay regular distributions to stockholders. Distributions are paid to stockholders of record as of the applicable record dates. Distributions are payable to stockholders from legally available funds therefor. 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. During the three months ended March 31, 2020 and 2019 , diluted earnings per share reflected the effect of approximately 30,000 and 26,000 of non-vested shares of restricted common stock that were outstanding as of such period, respectively. Reportable Segments Accounting Standards Codification, or ASC, 280, Segment Reporting , establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. As of March 31, 2020 and December 31, 2019 , the Company operated through two reportable business segments­— real estate investments in data centers and healthcare. With the continued expansion of the Company’s portfolio, segregation of the Company’s operations into two reporting segments is useful in assessing the performance of the Company’s business in the same way that management reviews performance and makes operating decisions. See Note 11—"Segment Reporting" for further discussion on the reportable segments of the Company. Derivative Instruments and Hedging Activities As required by ASC 815, Derivatives and Hedging , or ASC 815, the Company records all derivative instruments at fair value as assets and liabilities on its condensed consolidated balance sheets . The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. For derivative instruments not designated as hedging instruments, the income or loss is recognized in the condensed consolidated statements of comprehensive (loss) income during such period. In accordance with the fair value measurement guidance Accounting Standards Update, or ASU, 2011-04, Fair Value Measurement , the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. The Company is exposed to variability in expected future cash flows that are attributable to interest rate changes in the normal course of business. The Company’s primary strategy in entering into derivative contracts is to add stability to future cash flows by managing its exposure to interest rate movements. The Company utilizes derivative instruments, including interest rate swaps, to effectively convert some of its variable rate debt to fixed rate debt. The Company does not enter into derivative instruments for speculative purposes. In accordance with ASC 815, the Company designates interest rate swap contracts as cash flow hedges of floating-rate borrowings. For derivative instruments that are designated and qualify as cash flow hedges, the gains or losses on the derivative instruments are reported as a component of other comprehensive loss in the condensed consolidated statements of comprehensive (loss) income and are reclassified into earnings in the same line item associated with the forecasted transaction in the same period during which the hedged transactions affect earnings. See additional discussion in Note 13—"Derivative Instruments and Hedging Activities." Recently Adopted Accounting Pronouncements Leases—Rent Concessions The global outbreak of a new strain of coronavirus a nd the disease it causes, or COVID-19, has forced the temporary closure or changes to the operating hours of certain healthcare properties of the Company. In response, some tenants are seeking rent concessions, including decreased rent and rent deferrals for COVID-19 affected periods. To provide operational clarity, on April 8, 2020, the Financial Accounting Standards Board, or FASB, issued practical expedients to the lease modification guidance in ASC 842, Leases , in the context of the COVID-19 crisis for leases where the total lease cash flows will remain substantially the same or less than those after the COVID-19 related effects. Entities may choose to forgo the evaluation of the enforceable rights and obligations of the original lease agreements in accordance with ASC 842, Leases . The entity may elect to account for rent concessions either: • as if they are part of the enforceable rights and obligations of the parties under the existing lease contracts; or • as a lease modification. As a lessor, for leases impacted by COVID-19, the Company elected the approach t o treat any rent concessions as if they were part of the enforceable rights and obligations under the existing lease. Subsequent to March 31, 2020, the Company granted rent deferrals to a certain number of tenants impacted by COVID-19 with immaterial impact to the Company's condensed consolidated financial statements and no impact on the collectability of tenant receivables over their respective term of the lease. As a lessee, the Company did not elect the practical expedient and will apply the lease modification guidance in accordance with ASC 842 if changes to ground lease agreements occur. The Company does not have any modifications to its ground lease agreements as of March 31, 2020. Reference Rate Reform In March 2020, the FASB issued ASU, 2020-04, Reference Rate Reform (ASC 848), or ASU 2020-04 . ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time through, December 31, 2022, as reference rate reform activities occur. During the three months ended March 31, 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact the guidance may have on its condensed consolidated financial statements and may apply other elections, as applicable, as additional changes in the market occur.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Acquisitions	Acquisitions 2020 Acquisition During the three months ended March 31, 2020 , the Company purchased one real estate property, or the 2020 Acquisition, which was determined to be an asset acquisition. Upon the completion of the 2020 Acquisition, the Company allocated the purchase price of the real estate property to acquired tangible assets, consisting of land and buildings and improvements and acquired intangible assets, consisting of an in-place lease, based on the relative fair value method of allocating all accumulated costs. The following table summarizes the consideration transferred for the 2020 Acquisition during the three months ended March 31, 2020 : Property Description Date Acquired Ownership Percentage Purchase Price Grimes Healthcare Facility 2/19/2020 100% $ 5,030 The following table summarizes the Company's purchase price allocation of the 2020 Acquisition during the three months ended March 31, 2020 (amounts in thousands): Total Land $ 831 Buildings and improvements 3,690 In-place lease 509 Total assets acquired $ 5,030 Acquisition fees and costs associated with transactions determined to be asset acquisitions are capitalized. The Company capitalized acquisition fees and costs of approximately $205,000 related to the 2020 Acquisition during the three months ended March 31, 2020 , which are included in the Company's allocation of the real estate acquisition presented above. The total amount of all acquisition fees and costs is limited to 6.0% of the contract purchase price of a property, unless the Company’s board of directors determines a higher transaction fee to be commercially competitive, fair and reasonable to the Company. 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. During the three months ended March 31, 2020 , acquisition fees and costs did not exceed 6.0% of the contract purchase price of the 2020 Acquisition during such period.

Acquired Intangible Assets, Net

Acquired Intangible Assets, Net	3 Months Ended
	Mar. 31, 2020
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, 2020 and December 31, 2019 (amounts in thousands, except weighted average remaining life amounts): March 31, 2020 December 31, 2019 In-place leases, net of accumulated amortization of $70,314 and $62,252, respectively (with a weighted average remaining life of 10.1 years and 10.4 years, respectively) $ 257,787 $ 266,856 Above-market leases, net of accumulated amortization of $2,530 and $1,912, respectively (with a weighted average remaining life of 10.1 years and 10.5 years, respectively) 17,634 18,603 $ 275,421 $ 285,459 The aggregate weighted average remaining life of the acquired intangible assets was 10.1 years and 10.4 years as of March 31, 2020 and December 31, 2019 , respectively. Amortization of the acquired intangible assets was $10,547,000 and $7,795,000 for the three months ended March 31, 2020 and 2019 , respectively. Of the $10,547,000 recorded for the three months ended March 31, 2020 , $1,828,000 was attributable to accelerated amortization due to the impairment of one in-place lease intangible asset and one above-market lease intangible asset. Of the $7,795,000 recorded for the three months ended March 31, 2019 , $2,658,000 was attributable to accelerated amortization due to the impairment of an in-place lease intangible asset. Amortization of the in-place leases is included in depreciation and amortization and the above-market leases are recorded as an adjustment to rental revenue in the accompanying condensed consolidated statements of comprehensive (loss) income .

Acquired Intangible Liabilities

Acquired Intangible Liabilities, Net	3 Months Ended
	Mar. 31, 2020
Intangible Lease Liabilities, Net [Abstract]
Acquired Intangible Liabilities, Net	Acquired Intangible Liabilities, Net Acquired intangible liabilities, net, consisted of the following as of March 31, 2020 and December 31, 2019 (amounts in thousands, except weighted average remaining life amounts): March 31, 2020 December 31, 2019 Below-market leases, net of accumulated amortization of $13,718 and $12,332, respectively (with a weighted average remaining life of 15.8 years and 16.1 years, respectively) $ 58,152 $ 59,538 Amortization of the below-market leases was $1,386,000 and $1,232,000 for the three months ended March 31, 2020 and 2019 , respectively. Amortization of below-market leases is recorded as an adjustment to rental revenue in the accompanying condensed consolidated statements of comprehensive (loss) income .

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	Leases Lessor Rental Revenue The Company’s real estate properties 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 properties leased to tenants. Future rent to be received from the Company's investments in real estate assets under the terms of non-cancelable operating leases in effect as of March 31, 2020 , including optional renewal periods, for the nine months ending December 31, 2020, 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, 2020 $ 168,078 2021 231,490 2022 236,229 2023 235,850 2024 231,056 Thereafter 1,616,361 Total (1) $ 2,719,064 (1) The total future rent amount of $2,719,064,000 includes approximately $47,642,000 in rent to be received in connection with two leases executed, as of December 31, 2019, at two development properties with estimated lease start dates of March 1, 2021 . Lessee Rental Expense The Company has 17 ground leases, for which four do not have corresponding operating lease liabilities because the Company did not have future payment obligations at the acquisition of these leases. The ground lease obligations generally require fixed annual rental payments and may also include escalation clauses. The weighted average remaining lease term for the Company's operating leases was 50.4 years and 50.7 years as of March 31, 2020 and December 31, 2019 , respectively. The Company's ground leases do not provide an implicit interest rate. In order to calculate the present value of the remaining ground lease payments, the Company used incremental borrowing rates, or IBRs, adjusted for a number of factors. The determination of an appropriate IBR involves multiple inputs and judgments. The Company determined their IBRs considering the general economic environment, the Company's credit rating and various financing and asset specific adjustments to ensure the IBRs are appropriate for the intended use of the underlying ground lease. As a result, the IBRs ranged between 5.0% and 6.6% . The future rent payments, discounted by the Company's adjusted incremental borrowing rates, under non-cancelable ground leases, as of March 31, 2020 , for the nine months ending December 31, 2020, 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, 2020 $ 1,224 2021 1,634 2022 1,634 2023 1,638 2024 1,687 Thereafter 136,719 Total undiscounted rental payments 144,536 Less imputed interest (113,488 ) Total operating lease liabilities $ 31,048
Leases	Leases Lessor Rental Revenue The Company’s real estate properties 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 properties leased to tenants. Future rent to be received from the Company's investments in real estate assets under the terms of non-cancelable operating leases in effect as of March 31, 2020 , including optional renewal periods, for the nine months ending December 31, 2020, 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, 2020 $ 168,078 2021 231,490 2022 236,229 2023 235,850 2024 231,056 Thereafter 1,616,361 Total (1) $ 2,719,064 (1) The total future rent amount of $2,719,064,000 includes approximately $47,642,000 in rent to be received in connection with two leases executed, as of December 31, 2019, at two development properties with estimated lease start dates of March 1, 2021 . Lessee Rental Expense The Company has 17 ground leases, for which four do not have corresponding operating lease liabilities because the Company did not have future payment obligations at the acquisition of these leases. The ground lease obligations generally require fixed annual rental payments and may also include escalation clauses. The weighted average remaining lease term for the Company's operating leases was 50.4 years and 50.7 years as of March 31, 2020 and December 31, 2019 , respectively. The Company's ground leases do not provide an implicit interest rate. In order to calculate the present value of the remaining ground lease payments, the Company used incremental borrowing rates, or IBRs, adjusted for a number of factors. The determination of an appropriate IBR involves multiple inputs and judgments. The Company determined their IBRs considering the general economic environment, the Company's credit rating and various financing and asset specific adjustments to ensure the IBRs are appropriate for the intended use of the underlying ground lease. As a result, the IBRs ranged between 5.0% and 6.6% . The future rent payments, discounted by the Company's adjusted incremental borrowing rates, under non-cancelable ground leases, as of March 31, 2020 , for the nine months ending December 31, 2020, 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, 2020 $ 1,224 2021 1,634 2022 1,634 2023 1,638 2024 1,687 Thereafter 136,719 Total undiscounted rental payments 144,536 Less imputed interest (113,488 ) Total operating lease liabilities $ 31,048

Other Assets, Net

Other Assets, Net	3 Months Ended
	Mar. 31, 2020
Other Assets [Abstract]
Other Assets, Net	Other Assets, Net Other assets, net, consisted of the following as of March 31, 2020 and December 31, 2019 (amounts in thousands): March 31, 2020 December 31, 2019 Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $5,984 and $5,696, respectively $ 2,337 $ 2,623 Leasing commissions, net of accumulated amortization of $308 and $240, respectively 10,537 10,288 Restricted cash 11,414 10,888 Tenant receivables 5,217 6,116 Note receivable 2,700 2,700 Straight-line rent receivable, net 54,026 48,526 Prepaid and other assets 2,934 4,709 Derivative assets — 884 $ 89,165 $ 86,734

Accounts Payable and Other Liab

Accounts Payable and Other Liabilities	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
Accounts Payable and Other Liabilities	Accounts Payable and Other Liabilities Accounts payable and other liabilities consisted of the following as of March 31, 2020 and December 31, 2019 (amounts in thousands): March 31, 2020 December 31, 2019 Accounts payable and accrued expenses $ 11,869 $ 11,448 Accrued interest expense 5,074 5,185 Accrued property taxes 3,789 3,537 Distributions payable to stockholders 9,067 9,093 Tenant deposits 1,019 1,500 Deferred rental income 8,561 9,003 Derivative liabilities 25,038 5,588 $ 64,417 $ 45,354

Notes Payable and Credit Facili

Notes Payable and Credit Facility	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Notes Payable and Credit Facility	Notes Payable and Credit Facility The Company's debt outstanding as of March 31, 2020 and December 31, 2019 , consisted of the following (amounts in thousands): March 31, 2020 December 31, 2019 Notes payable: Fixed rate notes payable $ 219,281 $ 219,567 Variable rate notes payable fixed through interest rate swaps 237,294 237,778 Total notes payable, principal amount outstanding 456,575 457,345 Unamortized deferred financing costs related to notes payable (2,270 ) (2,500 ) Total notes payable, net of deferred financing costs 454,305 454,845 Credit facility: Variable rate revolving line of credit 203,000 108,000 Variable rate term loan fixed through interest rate swaps 400,000 250,000 Variable rate term loans 400,000 550,000 Total credit facility, principal amount outstanding 1,003,000 908,000 Unamortized deferred financing costs related to the term loan credit facility (6,957 ) (7,385 ) Total credit facility, net of deferred financing costs 996,043 900,615 Total debt outstanding $ 1,450,348 $ 1,355,460 Significant debt activity during the three months ended March 31, 2020 , excluding scheduled principal payments, includes: • During the three months ended March 31, 2020 , the Company drew $95,000,000 on its credit facility, $20,000,000 of which was related to a property acquisition (discussed in Note 3—"Acquisitions" ) and to fund share repurchases, and $75,000,000 was drawn to provide additional liquidity due to the uncertainty in overall economic conditions created by the COVID-19 outbreak. • During the three months ended March 31, 2020 , three interest rate swap agreements, which the Company entered into in December 2019, with an effective date of January 1, 2020, effectively fixed LIBOR related to $150,000,000 of the term loans of the credit facility. The principal payments due on the notes payable and credit facility as of March 31, 2020 , for the nine months ending December 31, 2020 , 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, 2020 $ 3,155 2021 146,025 2022 369,209 2023 282,710 2024 547,360 Thereafter 111,116 $ 1,459,575

Related-Party Transactions and

Related-Party Transactions and Arrangements	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related-Party Transactions and Arrangements	Related-Party Transactions and Arrangements The Company has no direct employees. Substantially all of the Company's business is managed by the Advisor. The employees of the Advisor and other affiliates provide services to the Company related to acquisitions, property management, asset management, accounting, investor relations, and all other administrative services. Distribution and Servicing Fees Through the termination of the Offering on November 27, 2018, the Company paid the Dealer Manager selling commissions and dealer manager fees in connection with the sale of shares of certain classes of common stock. The Company continues to pay the Dealer Manager a distribution and servicing fee with respect to its Class T and Class T2 shares of common stock that were sold in the Initial Offering (primary Offering only) and the Offering. Distribution and servicing fees are recorded in the accompanying condensed consolidated statements of stockholders' equity as a reduction to equity as incurred. Acquisition Fees and Expenses The Company pays to the Advisor 2.0% of the contract purchase price of each property or asset acquired. 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. Since the Company's formation through March 31, 2020 , the Company reimbursed the Advisor expenses of approximately 0.01% of the aggregate purchase price all of properties acquired. Acquisition fees and expenses associated with the acquisition of properties determined to be business combinations are expensed as incurred, including investment transactions that are no longer under consideration. Acquisition fees and expenses associated with transactions determined to be asset acquisitions are capitalized in total real estate, net, in the accompanying condensed consolidated balance sheets . Asset Management Fees The Company pays to the Advisor an asset management fee calculated on a monthly basis in an amount equal to 1/12th of 0.75% of aggregate asset value, which is payable monthly, in arrears. Operating Expense Reimbursement 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 exceed the greater of (a) 2% 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. Operating expenses incurred on the Company’s behalf are recorded in general and administrative expenses in the accompanying condensed consolidated statements of comprehensive (loss) income . Property 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 reimburses the Property Manager and its affiliates for property-level expenses that any of them pay or incur on the Company’s behalf, including certain 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. Property management fees are recorded in rental expenses in the accompanying condensed consolidated statements of comprehensive (loss) income . Leasing Commission Fees The Company pays the Property Manager a separate fee for the initial lease-up, leasing-up of newly constructed properties or re-leasing to existing tenants. Leasing commission fees are capitalized in other assets, net, in the accompanying condensed consolidated balance sheets and amortized over the terms of the related leases. Construction Management Fees For acting as general contractor and/or construction manager to supervise or coordinate projects or to provide major repairs or rehabilitation on the Company's 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. Construction management fees are capitalized in real estate, net, in the accompanying condensed consolidated balance sheets . Disposition Fees The Company pays 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 the lesser of 1.0% of the contract sales price or 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, 2020 , the Company had no t incurred any disposition fees to the Advisor or its affiliates. Special Limited Partner Interest of Advisor The Advisor, as the special limited partner in the Operating Partnership, may be entitled to: (i) certain cash distributions upon the disposition of certain of the Operating Partnership’s assets; or (ii) a one-time payment in the form of cash, shares or promissory note or a combination of the forms of payment in connection with the redemption of the special limited partnership interests upon the occurrence of a listing of the Company’s shares of common stock on a national stock exchange or certain events that result in the termination or non-renewal of the advisory agreement. The special limited partnership interest holder will only become entitled to the compensation after the Company’s stockholders have received, in the aggregate, cumulative distributions equal to their invested capital plus an 8.0% cumulative, non-compounded annual return on such invested capital. No such compensation has been paid to the Advisor to date. The following table details amounts incurred in connection with the Company's related parties transactions as described above for the three months ended March 31, 2020 and 2019 (amounts in thousands): Incurred Three Months Ended Fee Entity 2020 2019 Distribution and servicing fees (1) SC Distributors, LLC $ (33 ) $ (52 ) Acquisition fees and costs Carter Validus Advisors II, LLC and its affiliates 97 — Asset management fees Carter Validus Advisors II, LLC and its affiliates 5,956 3,494 Property management fees Carter Validus Real Estate Management Services II, LLC 1,796 1,209 Operating expense reimbursement Carter Validus Advisors II, LLC and its affiliates 1,278 730 Leasing commission fees Carter Validus Real Estate Management Services II, LLC 239 3 Construction management fees Carter Validus Real Estate Management Services II, LLC 176 129 Total $ 9,509 $ 5,513 (1) Reduction of distribution and servicing fees is a result of repurchases of Class T and Class T2 shares of common stock for the three months ended March 31, 2020 and the result of repurchases of Class T shares of common stock for the three months ended March 31, 2019 . The following table details amounts payable to affiliates in connection with the Company's related parties transactions as described above as of March 31, 2020 and December 31, 2019 (amounts in thousands): Payable March 31, 2020 December 31, 2019 Fee Entity Distribution and servicing fees SC Distributors, LLC $ 5,380 $ 6,210 Asset management fees Carter Validus Advisors II, LLC and its affiliates 1,981 2,100 Property management fees Carter Validus Real Estate Management Services II, LLC 486 433 Operating expense reimbursement Carter Validus Advisors II, LLC and its affiliates 471 518 Leasing commission fees Carter Validus Real Estate Management Services II, LLC 354 299 Construction management fees Carter Validus Real Estate Management Services II, LLC 375 199 Total $ 9,047 $ 9,759

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2020
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. 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 rental revenue, less rental expenses, w hich excludes depreciation and amortization, general and administrative expenses, asset management fees and interest and other 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, note receivable and deferred financing costs attributable to the revolving line of credit portion of the Company's credit facility not attributable to individual properties. Summary information for the reportable segments during the three months ended March 31, 2020 and 2019 is as follows (amounts in thousands): Data Centers Healthcare Three Months Ended March 31, 2020 Revenue: Rental revenue $ 27,759 $ 41,426 $ 69,185 Expenses: Rental expenses (7,149 ) (4,339 ) (11,488 ) Segment net operating income $ 20,610 $ 37,087 57,697 Expenses: General and administrative expenses (3,688 ) Asset management fees (5,956 ) Depreciation and amortization (27,065 ) Income from operations 20,988 Interest and other expense, net (15,319 ) Net income attributable to common stockholders $ 5,669 Data Centers Healthcare Three Months Ended Revenue: Rental revenue $ 26,677 $ 19,790 $ 46,467 Expenses: Rental expenses (6,965 ) (2,163 ) (9,128 ) Segment net operating income $ 19,712 $ 17,627 37,339 Expenses: General and administrative expenses (1,403 ) Asset management fees (3,494 ) Depreciation and amortization (18,246 ) Income from operations 14,196 Interest and other expense, net (9,835 ) Net income attributable to common stockholders $ 4,361 There were no intersegment sales or transfers during the three months ended March 31, 2020 and 2019 . Assets by each reportable segment as of March 31, 2020 and December 31, 2019 are as follows (amounts in thousands): March 31, 2020 December 31, 2019 Assets by segment: Data centers $ 984,789 $ 989,953 Healthcare 2,177,655 2,184,450 All other 143,234 65,131 Total assets $ 3,305,678 $ 3,239,534 Capital additions and acquisitions, on a cash basis, by reportable segments for the three months ended March 31, 2020 and 2019 are as follows (amounts in thousands): Three Months Ended 2020 2019 Capital additions by segment: Data centers $ 2,018 $ 995 Healthcare 3,423 78 Total 5,441 1,073 Acquisitions by segment: Healthcare 5,024 — Total 5,024 — Total capital additions and acquisitions $ 10,465 $ 1,073

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2020
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 $233,628,000 and $222,816,000 as of March 31, 2020 and December 31, 2019 , respectively, as compared to the outstanding principal of $219,281,000 and $219,567,000 as of March 31, 2020 and December 31, 2019 , respectively. The estimated fair value of notes payable — variable rate fixed through interest rate swap agreements (Level 2) was approximately $243,546,000 and $238,555,000 as of March 31, 2020 and December 31, 2019 , respectively, as compared to the outstanding principal of $237,294,000 and $237,778,000 as of March 31, 2020 and December 31, 2019 , respectively. Credit facility — Variable Rate —The outstanding principal of the credit facility—variable was $603,000,000 and $658,000,000 , which approximated its fair value as of March 31, 2020 and December 31, 2019 , respectively. The fair value of the Company's variable rate credit facility is estimated based on the interest rates currently offered to the Company by financial institutions. Credit facility — Fixed Rate —The estimated fair value of the credit facility—variable rate fixed through interest rate swap agreements (Level 2) was approximately $417,950,000 and $251,907,000 as of March 31, 2020 and December 31, 2019 , respectively, as compared to the outstanding principal of $400,000,000 and $250,000,000 as of March 31, 2020 and December 31, 2019 , respectively. Note receivable —The outstanding principal balance of the note receivable in the amount of $2,700,000 approximated its fair value as of March 31, 2020 and December 31, 2019 . The fair value was measured using significant other observable inputs (Level 2), which requires certain judgments to be made by management. 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 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, 2020 , the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions, and 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 in its entirety is classified in Level 2 of the fair value hierarchy. See Note 13—"Derivative Instruments and Hedging Activities" for further discussion of the Company's derivative instruments. 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, 2020 and December 31, 2019 (amounts in thousands): March 31, 2020 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Liabilities: Derivative liabilities $ — $ 25,038 $ — $ 25,038 Total liabilities at fair value $ — $ 25,038 $ — $ 25,038 December 31, 2019 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ 884 $ — $ 884 Total assets at fair value $ — $ 884 $ — $ 884 Liabilities: Derivative liabilities $ — $ 5,588 $ — $ 5,588 Total liabilities at fair value $ — $ 5,588 $ — $ 5,588

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2020
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. Changes in the fair value of derivatives designated, and that qualify, as cash flow hedges are recorded in accumulated other comprehensive loss in the accompanying condensed consolidated statements of stockholders' equity and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest and other 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 $9,093,000 will be reclassified from accumulated other comprehensive loss as an increase to interest and other expense, net. See Note 12—"Fair Value" for 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, 2020 December 31, 2019 Outstanding Fair Value of Outstanding Fair Value of Asset (Liability) Asset (Liability) Interest rate swaps Other assets, net/ 07/01/2016 to 12/22/2020 to $ 637,294 $ — $ (25,038 ) $ 637,778 $ 884 $ (5,588 ) The notional amount under the agreements is an indication of the extent of the Company’s involvement in each instrument 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 credit facility and notes payable. The change in fair value of the derivative instruments that are designated as hedges are recorded in other comprehensive loss , or OCI, in the accompanying condensed consolidated statements of comprehensive (loss) income . The table below summarizes the amount of loss recognized on the interest rate derivatives designated as cash flow hedges for the three months ended March 31, 2020 and 2019 (amounts in thousands): Derivatives in Cash Flow Amount of Loss Recognized Location of Loss Amount of (Loss) Income Total Amount of Interest and Other Expense, Net Presented in Condensed Consolidated Statements of Comprehensive (Loss) Income Three Months Ended March 31, 2020 Interest rate swaps $ (20,593 ) Interest and other expense, net $ (259 ) $ 15,319 Total $ (20,593 ) $ (259 ) Three Months Ended March 31, 2019 Interest rate swaps $ (2,955 ) Interest and other expense, net $ 656 $ 9,835 Total $ (2,955 ) $ 656 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, 2020 , the fair value of derivatives in a net liability position was $26,161,000 , inclusive of accrued interest but excluding any adjustment for nonperformance risk related to the agreement. As of March 31, 2020 , 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, 2020 and December 31, 2019 (amounts in thousands): Offsetting of Derivative Assets Gross Amounts Not Offset in the Balance Sheet Gross Gross Amounts Net Amounts of Financial Instruments Cash Collateral Net December 31, 2019 $ 884 $ — $ 884 $ (5 ) $ — $ 879 Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Balance Sheet Gross Gross Amounts Net Amounts of Financial Instruments Cash Collateral Net March 31, 2020 $ 25,038 $ — $ 25,038 $ — $ — $ 25,038 December 31, 2019 $ 5,588 $ — $ 5,588 $ (5 ) $ — $ 5,583 The Company reports derivative assets and derivative liabilities in the accompanying condensed consolidated balance sheets as other assets, net , and accounts payable and other liabilities , respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The following table presents a rollforward of amounts recognized in accumulated other comprehensive (loss) income by component for the three months ended March 31, 2020 and 2019 (amounts in thousands): Unrealized Loss on Derivative Balance as of December 31, 2019 $ (4,704 ) Other comprehensive loss before reclassification (20,593 ) Amount of loss reclassified from accumulated other comprehensive loss to net income 259 Other comprehensive loss (20,334 ) Balance as of March 31, 2020 $ (25,038 ) Unrealized Loss on Derivative Balance as of December 31, 2018 $ 6,100 Cumulative effect of accounting change 103 Balance as of January 1, 2019 6,203 Other comprehensive loss before reclassification (2,955 ) Amount of income reclassified from accumulated other comprehensive income to net income (656 ) Other comprehensive loss (3,611 ) Balance as of March 31, 2019 $ 2,592 The following table presents reclassifications out of accumulated other comprehensive (loss) income for the three months ended March 31, 2020 and 2019 (amounts in thousands): Details about Accumulated Other Amounts Reclassified from Affected Line Items in the Condensed Consolidated Statements of Comprehensive (Loss) Income Three Months Ended 2020 2019 Interest rate swap contracts $ 259 $ (656 ) Interest and other expense, net

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the ordinary course of business, the Company may become subject to litigation or claims. As of March 31, 2020 , there were, and currently there are, no material pending legal proceedings to which the Company is a party. While the resolution of a lawsuit or proceeding may have an impact to the Company's financial results for the period in which it is resolved, the Company believes that the final resolution of the lawsuits or proceedings in which it is currently involved, either individually or in the aggregate, will not have a material adverse effect on its financial position, results of operations or liquidity.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions Paid to Stockholders The following table summarizes the Company's distributions paid on April 1, 2020, for the period from March 1, 2020 through March 31, 2020 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution April 1, 2020 Class A $ 5,448 $ 1,602 $ 7,050 April 1, 2020 Class I 321 210 531 April 1, 2020 Class T 656 708 1,364 April 1, 2020 Class T2 55 67 122 $ 6,480 $ 2,587 $ 9,067 The following table summarizes the Company's distributions paid on May 1, 2020, for the period from April 1, 2020 through April 30, 2020 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution May 1, 2020 Class A $ 5,261 $ 1,569 $ 6,830 May 1, 2020 Class I 312 205 517 May 1, 2020 Class T 635 687 1,322 May 1, 2020 Class T2 53 64 117 $ 6,261 $ 2,525 $ 8,786 Distributions Authorized The following tables summarize the daily distributions approved and authorized by the board of directors of the Company subsequent to March 31, 2020 : Authorization Date (1) Common Stock Daily Distribution Rate (1) Annualized Distribution Per Share May 8, 2020 Class A $ 0.001366120 $ 0.50 May 8, 2020 Class I $ 0.001366120 $ 0.50 May 8, 2020 Class T $ 0.001129781 $ 0.41 May 8, 2020 Class T2 $ 0.001129781 $ 0.41 (1) Distributions approved and authorized to stockholders of record as of the close of business on each day of the period commencing on June 1, 2020 and ending on June 30, 2020. The distributions will be calculated based on 366 days in the calendar year. The distributions declared for each record date in June 2020 will be paid in July 2020. The distributions will be payable to stockholders from legally available funds therefor. Partial Suspension of the SRP On April 30, 2020 , due to the uncertainty surrounding the COVID-19 pandemic and any impact it may have on the Company, the Company's board of directors decided to temporarily suspend share repurchases under the Company’s SRP, effective with repurchase requests that would otherwise be processed on the third quarter repurchase date, which is expected to be July 30, 2020. However, the Company will continue to process repurchases due to death in accordance with the terms of its SRP. The Company will announce any updates concerning its SRP in a Current Report on Form 8-K. Any unprocessed requests will automatically roll over to be considered for repurchase when the Company fully reopens its SRP, unless a stockholder withdraws the request for repurchase 15 days prior to the next announced repurchase date. Proration of Shares Repurchased in Second Quarter On May 1, 2020, the Company announced it had reached the DRIP funding limitation for the 2020 second quarter repurchase date. Consequently, all repurchase requests will not be fully processed for such repurchase date. Therefore, properly submitted repurchase requests that the Company received by March 31, 2020, were repurchased in accordance with the SRP as follows (unless they were below the SRP’s account minimum threshold of $2,000 , in which case they were repurchased in full): (i) first, pro rata as to repurchases upon the death or qualifying disability of a stockholder; (ii) next, pro rata as to repurchases to stockholders who demonstrated, in the discretion of the Company's board of directors, another involuntary exigent circumstance, such as bankruptcy; (iii) next, pro rata as to repurchases to stockholders subject to a mandatory distribution requirement under such stockholder’s IRA; and (iv) finally, pro rata as to all other repurchase requests. Repurchases of shares received by the Company during the prorated period within categories (i) and (ii) above were repurchased in full. There were no repurchases of shares received by the Company within category (iii) above. Repurchase of shares received by the Company within category (iv) above were repurchased based on a proration of approximately 8.25% of the shares made in the requests. All outstanding repurchase requests will automatically roll over to be considered for repurchase when the Company fully reopens its SRP, unless a stockholder or his or her estate, heir or beneficiary, as applicable, withdraws a repurchase request in whole or in part at any time up to 15 days prior to the next announced repurchase date. See Part II, Item 2. "Unregistered Sales of Equity Securities" for more information on the Company's SRP. Renewal of the Management Agreement On May 8, 2020, 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, 2020. Renewal of the Advisory Agreement On May 8, 2020, 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 October 4, 2019, as amended and renewed. The renewal will be for a one-year term and will be effective as of May 8, 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
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 condensed consolidated 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 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 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 cash held in escrow and restricted bank deposits are reported in other assets, net in the accompanying condensed consolidated balance sheets . See Note 7—"Other Assets, Net."
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the assets through its undiscounted future cash flows and their eventual disposition. If, based on this analysis, the Company does not believe that it will be able to recover the carrying value of the assets, the Company will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the assets. When developing estimates of expected future cash flows, the Company makes certain assumptions regarding future market rental income amounts subsequent to the expiration of current lease arrangements, property operating expenses, terminal capitalization and discount rates, the expected number of months it takes to re-lease the property, required tenant improvements and the number of years the property will be held for investment. The use of alternative assumptions in the future cash flow analysis could result in a different determination of the property’s future cash flows and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the carrying value of the real estate and related assets. In addition, the Company estimates the fair value of the assets by applying a market approach using comparable sales for certain properties. The use of alternative assumptions in the market approach analysis could result in a different determination of the property’s estimated fair value and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the carrying value of the real estate and related assets.
Concentration of Credit Risk and Significant Leases	Concentration of Credit Risk and Significant Leases As of March 31, 2020 , the Company had cash on deposit, including restricted cash, in certain financial institutions that had deposits in excess of current federally insured levels. The Company limits its cash investments to financial institutions with high credit standings; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits. To date, the Company has not experienced a loss or lack of access to cash in its accounts.
Share Repurchase Program	Share Repurchase Program The Company’s share repurchase program, or SRP, allows for repurchases of shares of the Company’s common stock when certain criteria are met. The SRP 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 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, provided, however, that the Company will limit the number of shares repurchased during any calendar year to 5.0% of the number of shares of common stock outstanding as of 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 SRP at any time, and may amend, reduce, terminate or otherwise change the SRP upon 30 days' prior notice to the Company’s stockholders for any reason it deems appropriate. The Company's SRP applied to all eligible stockholders on the first quarter repurchase date of 2020, which was January 30, 2020 . Subject to the terms and limitations of the SRP, including, but not limited to, quarterly share limitations, an annual 5.0% share limitation, and DRIP funding limitations, the SRP is available to any stockholder as a potential means of interim liquidity. The Company honors valid repurchase requests approximately 30 days following the end of the applicable quarter.
Distribution Policy and Distributions Payable	Distribution Policy and Distributions Payable In order to maintain its status as a REIT, the Company is required to make distributions each taxable year equal to at least 90% of its REIT taxable income, computed without regard to the dividends paid deduction and excluding capital gains. To the extent funds are available, the Company intends to continue to pay regular distributions to stockholders. Distributions are paid to stockholders of record as of the applicable record dates. Distributions are payable to stockholders from legally available funds therefor.
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.
Reportable Segments	Reportable Segments Accounting Standards Codification, or ASC, 280, Segment Reporting , establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. As of March 31, 2020 and December 31, 2019 , the Company operated through two reportable business segments­— real estate investments in data centers and healthcare. With the continued expansion of the Company’s portfolio, segregation of the Company’s operations into two reporting segments is useful in assessing the performance of the Company’s business in the same way that management reviews performance and makes operating decisions. See Note 11—"Segment Reporting" for further discussion on the reportable segments of the Company.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities As required by ASC 815, Derivatives and Hedging , or ASC 815, the Company records all derivative instruments at fair value as assets and liabilities on its condensed consolidated balance sheets . The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. For derivative instruments not designated as hedging instruments, the income or loss is recognized in the condensed consolidated statements of comprehensive (loss) income during such period. In accordance with the fair value measurement guidance Accounting Standards Update, or ASU, 2011-04, Fair Value Measurement , the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. The Company is exposed to variability in expected future cash flows that are attributable to interest rate changes in the normal course of business. The Company’s primary strategy in entering into derivative contracts is to add stability to future cash flows by managing its exposure to interest rate movements. The Company utilizes derivative instruments, including interest rate swaps, to effectively convert some of its variable rate debt to fixed rate debt. The Company does not enter into derivative instruments for speculative purposes. In accordance with ASC 815, the Company designates interest rate swap contracts as cash flow hedges of floating-rate borrowings. For derivative instruments that are designated and qualify as cash flow hedges, the gains or losses on the derivative instruments are reported as a component of other comprehensive loss in the condensed consolidated statements of comprehensive (loss) income and are reclassified into earnings in the same line item associated with the forecasted transaction in the same period during which the hedged transactions affect earnings. See additional discussion in Note 13—"Derivative Instruments and Hedging Activities."
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Leases—Rent Concessions The global outbreak of a new strain of coronavirus a nd the disease it causes, or COVID-19, has forced the temporary closure or changes to the operating hours of certain healthcare properties of the Company. In response, some tenants are seeking rent concessions, including decreased rent and rent deferrals for COVID-19 affected periods. To provide operational clarity, on April 8, 2020, the Financial Accounting Standards Board, or FASB, issued practical expedients to the lease modification guidance in ASC 842, Leases , in the context of the COVID-19 crisis for leases where the total lease cash flows will remain substantially the same or less than those after the COVID-19 related effects. Entities may choose to forgo the evaluation of the enforceable rights and obligations of the original lease agreements in accordance with ASC 842, Leases . The entity may elect to account for rent concessions either: • as if they are part of the enforceable rights and obligations of the parties under the existing lease contracts; or • as a lease modification. As a lessor, for leases impacted by COVID-19, the Company elected the approach t o treat any rent concessions as if they were part of the enforceable rights and obligations under the existing lease. Subsequent to March 31, 2020, the Company granted rent deferrals to a certain number of tenants impacted by COVID-19 with immaterial impact to the Company's condensed consolidated financial statements and no impact on the collectability of tenant receivables over their respective term of the lease. As a lessee, the Company did not elect the practical expedient and will apply the lease modification guidance in accordance with ASC 842 if changes to ground lease agreements occur. The Company does not have any modifications to its ground lease agreements as of March 31, 2020. Reference Rate Reform In March 2020, the FASB issued ASU, 2020-04, Reference Rate Reform (ASC 848), or ASU 2020-04 . ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time through, December 31, 2022, as reference rate reform activities occur. During the three months ended March 31, 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact the guidance may have on its condensed consolidated financial statements and may apply other elections, as applicable, as additional changes in the market occur.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
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 (amounts in thousands): Three Months Ended 2020 2019 Beginning of period: Cash and cash equivalents 69,342 68,360 Restricted cash 10,888 11,167 Cash, cash equivalents and restricted cash $ 80,230 $ 79,527 End of period: Cash and cash equivalents 150,476 73,727 Restricted cash 11,414 11,614 Cash, cash equivalents and restricted cash $ 161,890 $ 85,341

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Schedule of Consideration Transferred for Properties Acquired	The following table summarizes the consideration transferred for the 2020 Acquisition during the three months ended March 31, 2020 : Property Description Date Acquired Ownership Percentage Purchase Price Grimes Healthcare Facility 2/19/2020 100% $ 5,030
Schedule of Allocation of Acquisitions	The following table summarizes the Company's purchase price allocation of the 2020 Acquisition during the three months ended March 31, 2020 (amounts in thousands): Total Land $ 831 Buildings and improvements 3,690 In-place lease 509 Total assets acquired $ 5,030

Acquired Intangible Assets, N_2

Acquired Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2020
Finite-Lived Intangible Assets, Net [Abstract]
Schedule of Acquired Intangible Assets, Net	Acquired intangible assets, net, consisted of the following as of March 31, 2020 and December 31, 2019 (amounts in thousands, except weighted average remaining life amounts): March 31, 2020 December 31, 2019 In-place leases, net of accumulated amortization of $70,314 and $62,252, respectively (with a weighted average remaining life of 10.1 years and 10.4 years, respectively) $ 257,787 $ 266,856 Above-market leases, net of accumulated amortization of $2,530 and $1,912, respectively (with a weighted average remaining life of 10.1 years and 10.5 years, respectively) 17,634 18,603 $ 275,421 $ 285,459

Acquired Intangible Liabiliti_2

Acquired Intangible Liabilities, Net (Tables)	3 Months Ended
	Mar. 31, 2020
Intangible Lease Liabilities, Net [Abstract]
Schedule of Acquired Intangible Liabilities, Net	Acquired intangible liabilities, net, consisted of the following as of March 31, 2020 and December 31, 2019 (amounts in thousands, except weighted average remaining life amounts): March 31, 2020 December 31, 2019 Below-market leases, net of accumulated amortization of $13,718 and $12,332, respectively (with a weighted average remaining life of 15.8 years and 16.1 years, respectively) $ 58,152 $ 59,538

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Schedule of Future Minimum Rent to Lessor from Operating Leases	Future rent to be received from the Company's investments in real estate assets under the terms of non-cancelable operating leases in effect as of March 31, 2020 , including optional renewal periods, for the nine months ending December 31, 2020, 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, 2020 $ 168,078 2021 231,490 2022 236,229 2023 235,850 2024 231,056 Thereafter 1,616,361 Total (1) $ 2,719,064 (1) The total future rent amount of $2,719,064,000 includes approximately $47,642,000 in rent to be received in connection with two leases executed, as of December 31, 2019, at two development properties with estimated lease start dates of March 1, 2021 .
Schedule of Future Minimum Rent from Lessee for Ground Leases	The future rent payments, discounted by the Company's adjusted incremental borrowing rates, under non-cancelable ground leases, as of March 31, 2020 , for the nine months ending December 31, 2020, 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, 2020 $ 1,224 2021 1,634 2022 1,634 2023 1,638 2024 1,687 Thereafter 136,719 Total undiscounted rental payments 144,536 Less imputed interest (113,488 ) Total operating lease liabilities $ 31,048

Other Assets, Net (Tables)

Other Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2020
Other Assets [Abstract]
Schedule of Other Assets, Net	Other assets, net, consisted of the following as of March 31, 2020 and December 31, 2019 (amounts in thousands): March 31, 2020 December 31, 2019 Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $5,984 and $5,696, respectively $ 2,337 $ 2,623 Leasing commissions, net of accumulated amortization of $308 and $240, respectively 10,537 10,288 Restricted cash 11,414 10,888 Tenant receivables 5,217 6,116 Note receivable 2,700 2,700 Straight-line rent receivable, net 54,026 48,526 Prepaid and other assets 2,934 4,709 Derivative assets — 884 $ 89,165 $ 86,734

Accounts Payable and Other Li_2

Accounts Payable and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Other Liabilities	Accounts payable and other liabilities consisted of the following as of March 31, 2020 and December 31, 2019 (amounts in thousands): March 31, 2020 December 31, 2019 Accounts payable and accrued expenses $ 11,869 $ 11,448 Accrued interest expense 5,074 5,185 Accrued property taxes 3,789 3,537 Distributions payable to stockholders 9,067 9,093 Tenant deposits 1,019 1,500 Deferred rental income 8,561 9,003 Derivative liabilities 25,038 5,588 $ 64,417 $ 45,354

Notes Payable and Credit Faci_2

Notes Payable and Credit Facility (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Debt	The Company's debt outstanding as of March 31, 2020 and December 31, 2019 , consisted of the following (amounts in thousands): March 31, 2020 December 31, 2019 Notes payable: Fixed rate notes payable $ 219,281 $ 219,567 Variable rate notes payable fixed through interest rate swaps 237,294 237,778 Total notes payable, principal amount outstanding 456,575 457,345 Unamortized deferred financing costs related to notes payable (2,270 ) (2,500 ) Total notes payable, net of deferred financing costs 454,305 454,845 Credit facility: Variable rate revolving line of credit 203,000 108,000 Variable rate term loan fixed through interest rate swaps 400,000 250,000 Variable rate term loans 400,000 550,000 Total credit facility, principal amount outstanding 1,003,000 908,000 Unamortized deferred financing costs related to the term loan credit facility (6,957 ) (7,385 ) Total credit facility, net of deferred financing costs 996,043 900,615 Total debt outstanding $ 1,450,348 $ 1,355,460
Schedule of Future Principal Payments Due on Debt	The principal payments due on the notes payable and credit facility as of March 31, 2020 , for the nine months ending December 31, 2020 , 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, 2020 $ 3,155 2021 146,025 2022 369,209 2023 282,710 2024 547,360 Thereafter 111,116 $ 1,459,575

Related-Party Transactions an_2

Related-Party Transactions and Arrangements (Tables)	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table details amounts incurred in connection with the Company's related parties transactions as described above for the three months ended March 31, 2020 and 2019 (amounts in thousands): Incurred Three Months Ended Fee Entity 2020 2019 Distribution and servicing fees (1) SC Distributors, LLC $ (33 ) $ (52 ) Acquisition fees and costs Carter Validus Advisors II, LLC and its affiliates 97 — Asset management fees Carter Validus Advisors II, LLC and its affiliates 5,956 3,494 Property management fees Carter Validus Real Estate Management Services II, LLC 1,796 1,209 Operating expense reimbursement Carter Validus Advisors II, LLC and its affiliates 1,278 730 Leasing commission fees Carter Validus Real Estate Management Services II, LLC 239 3 Construction management fees Carter Validus Real Estate Management Services II, LLC 176 129 Total $ 9,509 $ 5,513 (1) Reduction of distribution and servicing fees is a result of repurchases of Class T and Class T2 shares of common stock for the three months ended March 31, 2020 and the result of repurchases of Class T shares of common stock for the three months ended March 31, 2019 . The following table details amounts payable to affiliates in connection with the Company's related parties transactions as described above as of March 31, 2020 and December 31, 2019 (amounts in thousands): Payable March 31, 2020 December 31, 2019 Fee Entity Distribution and servicing fees SC Distributors, LLC $ 5,380 $ 6,210 Asset management fees Carter Validus Advisors II, LLC and its affiliates 1,981 2,100 Property management fees Carter Validus Real Estate Management Services II, LLC 486 433 Operating expense reimbursement Carter Validus Advisors II, LLC and its affiliates 471 518 Leasing commission fees Carter Validus Real Estate Management Services II, LLC 354 299 Construction management fees Carter Validus Real Estate Management Services II, LLC 375 199 Total $ 9,047 $ 9,759

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of Information for Reportable Segments	Summary information for the reportable segments during the three months ended March 31, 2020 and 2019 is as follows (amounts in thousands): Data Centers Healthcare Three Months Ended March 31, 2020 Revenue: Rental revenue $ 27,759 $ 41,426 $ 69,185 Expenses: Rental expenses (7,149 ) (4,339 ) (11,488 ) Segment net operating income $ 20,610 $ 37,087 57,697 Expenses: General and administrative expenses (3,688 ) Asset management fees (5,956 ) Depreciation and amortization (27,065 ) Income from operations 20,988 Interest and other expense, net (15,319 ) Net income attributable to common stockholders $ 5,669 Data Centers Healthcare Three Months Ended Revenue: Rental revenue $ 26,677 $ 19,790 $ 46,467 Expenses: Rental expenses (6,965 ) (2,163 ) (9,128 ) Segment net operating income $ 19,712 $ 17,627 37,339 Expenses: General and administrative expenses (1,403 ) Asset management fees (3,494 ) Depreciation and amortization (18,246 ) Income from operations 14,196 Interest and other expense, net (9,835 ) Net income attributable to common stockholders $ 4,361
Schedule of Assets by Reportable Segments	Assets by each reportable segment as of March 31, 2020 and December 31, 2019 are as follows (amounts in thousands): March 31, 2020 December 31, 2019 Assets by segment: Data centers $ 984,789 $ 989,953 Healthcare 2,177,655 2,184,450 All other 143,234 65,131 Total assets $ 3,305,678 $ 3,239,534
Schedule of Capital Additions and Acquisitions by Reportable Segments	Capital additions and acquisitions, on a cash basis, by reportable segments for the three months ended March 31, 2020 and 2019 are as follows (amounts in thousands): Three Months Ended 2020 2019 Capital additions by segment: Data centers $ 2,018 $ 995 Healthcare 3,423 78 Total 5,441 1,073 Acquisitions by segment: Healthcare 5,024 — Total 5,024 — Total capital additions and acquisitions $ 10,465 $ 1,073

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 and December 31, 2019 (amounts in thousands): March 31, 2020 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Liabilities: Derivative liabilities $ — $ 25,038 $ — $ 25,038 Total liabilities at fair value $ — $ 25,038 $ — $ 25,038 December 31, 2019 Fair Value Hierarchy Quoted Prices in Active Significant Other Significant Total Fair Assets: Derivative assets $ — $ 884 $ — $ 884 Total assets at fair value $ — $ 884 $ — $ 884 Liabilities: Derivative liabilities $ — $ 5,588 $ — $ 5,588 Total liabilities at fair value $ — $ 5,588 $ — $ 5,588

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 December 31, 2019 Outstanding Fair Value of Outstanding Fair Value of Asset (Liability) Asset (Liability) Interest rate swaps Other assets, net/ 07/01/2016 to 12/22/2020 to $ 637,294 $ — $ (25,038 ) $ 637,778 $ 884 $ (5,588 )
Schedule of Income and Losses Recognized on Derivative Instruments	The table below summarizes the amount of loss recognized on the interest rate derivatives designated as cash flow hedges for the three months ended March 31, 2020 and 2019 (amounts in thousands): Derivatives in Cash Flow Amount of Loss Recognized Location of Loss Amount of (Loss) Income Total Amount of Interest and Other Expense, Net Presented in Condensed Consolidated Statements of Comprehensive (Loss) Income Three Months Ended March 31, 2020 Interest rate swaps $ (20,593 ) Interest and other expense, net $ (259 ) $ 15,319 Total $ (20,593 ) $ (259 ) Three Months Ended March 31, 2019 Interest rate swaps $ (2,955 ) Interest and other expense, net $ 656 $ 9,835 Total $ (2,955 ) $ 656
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, 2020 and December 31, 2019 (amounts in thousands): Offsetting of Derivative Assets Gross Amounts Not Offset in the Balance Sheet Gross Gross Amounts Net Amounts of Financial Instruments Cash Collateral Net December 31, 2019 $ 884 $ — $ 884 $ (5 ) $ — $ 879
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 March 31, 2020 $ 25,038 $ — $ 25,038 $ — $ — $ 25,038 December 31, 2019 $ 5,588 $ — $ 5,588 $ (5 ) $ — $ 5,583

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Amounts Recognized in Accumulated Other Comprehensive (Loss) Income	The following table presents a rollforward of amounts recognized in accumulated other comprehensive (loss) income by component for the three months ended March 31, 2020 and 2019 (amounts in thousands): Unrealized Loss on Derivative Balance as of December 31, 2019 $ (4,704 ) Other comprehensive loss before reclassification (20,593 ) Amount of loss reclassified from accumulated other comprehensive loss to net income 259 Other comprehensive loss (20,334 ) Balance as of March 31, 2020 $ (25,038 ) Unrealized Loss on Derivative Balance as of December 31, 2018 $ 6,100 Cumulative effect of accounting change 103 Balance as of January 1, 2019 6,203 Other comprehensive loss before reclassification (2,955 ) Amount of income reclassified from accumulated other comprehensive income to net income (656 ) Other comprehensive loss (3,611 ) Balance as of March 31, 2019 $ 2,592
Schedule of Reclassifications Out of Accumulated Other Comprehensive (Loss) Income	The following table presents reclassifications out of accumulated other comprehensive (loss) income for the three months ended March 31, 2020 and 2019 (amounts in thousands): Details about Accumulated Other Amounts Reclassified from Affected Line Items in the Condensed Consolidated Statements of Comprehensive (Loss) Income Three Months Ended 2020 2019 Interest rate swap contracts $ 259 $ (656 ) Interest and other expense, net

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Schedule of Subsequent Events	Distributions Paid to Stockholders The following table summarizes the Company's distributions paid on April 1, 2020, for the period from March 1, 2020 through March 31, 2020 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution April 1, 2020 Class A $ 5,448 $ 1,602 $ 7,050 April 1, 2020 Class I 321 210 531 April 1, 2020 Class T 656 708 1,364 April 1, 2020 Class T2 55 67 122 $ 6,480 $ 2,587 $ 9,067 The following table summarizes the Company's distributions paid on May 1, 2020, for the period from April 1, 2020 through April 30, 2020 (amounts in thousands): Payment Date Common Stock Cash DRIP Total Distribution May 1, 2020 Class A $ 5,261 $ 1,569 $ 6,830 May 1, 2020 Class I 312 205 517 May 1, 2020 Class T 635 687 1,322 May 1, 2020 Class T2 53 64 117 $ 6,261 $ 2,525 $ 8,786 Distributions Authorized The following tables summarize the daily distributions approved and authorized by the board of directors of the Company subsequent to March 31, 2020 : Authorization Date (1) Common Stock Daily Distribution Rate (1) Annualized Distribution Per Share May 8, 2020 Class A $ 0.001366120 $ 0.50 May 8, 2020 Class I $ 0.001366120 $ 0.50 May 8, 2020 Class T $ 0.001129781 $ 0.41 May 8, 2020 Class T2 $ 0.001129781 $ 0.41 (1) Distributions approved and authorized to stockholders of record as of the close of business on each day of the period commencing on June 1, 2020 and ending on June 30, 2020. The distributions will be calculated based on 366 days in the calendar year. The distributions declared for each record date in June 2020 will be paid in July 2020. The distributions will be payable to stockholders from legally available funds therefor.

Organization and Business Ope_2

Organization and Business Operations (Details)	Mar. 31, 2020registration_statementproperty	Nov. 30, 2018initial_public_offering
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of real estate properties owned | property	153
Number of public offerings | initial_public_offering		2
Number of registration statements on Form S-3 | registration_statement	2

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)metropolitanmicropolitansegmenttenant$ / sharesshares	Mar. 31, 2019USD ($)$ / sharesshares
Summary of Significant Accounting Policies [Line Items]
Impairment losses on real estate | $	$ 0	$ 0
Number of micropolitan statistical areas with owned real estate investments | micropolitan	2
Number of metropolitan statistical areas with owned real estate investments | metropolitan	67
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 | $	$ 12,277	$ 10,733
Diluted earnings per share outstanding adjustment (in shares)	30,000	26,000
Number of reportable business segments | segment	2
Common Stock [Member]
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares)	1,419,357	1,160,279
Repurchase of common stock | $	$ 14	$ 12
Class A, I, T and T2 shares [Member] | Common Stock [Member]
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares)	1,419,357
Repurchase of common stock | $	$ 12,277
Repurchase of common stock, average price per share (in dollars per share) | $ / shares	$ 8.65
Class A shares [Member] | Common Stock [Member]
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares)	1,078,423	858,080
Class I shares [Member] | Common Stock [Member]
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares)	214,843	108,765
Class T shares [Member] | Common Stock [Member]
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares)	122,865	193,434
Class T2 shares [Member] | Common Stock [Member]
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares)	3,226
Class A, I and T shares [Member] | Common Stock [Member]
Summary of Significant Accounting Policies [Line Items]
Repurchase of common stock (in shares)		1,160,279
Repurchase of common stock | $		$ 10,733
Repurchase of common stock, average price per share (in dollars per share) | $ / shares		$ 9.25
Rental Revenue [Member] | Geographic Concentration Risk [Member]
Summary of Significant Accounting Policies [Line Items]
Number of metropolitan statistical areas with owned real estate investments | 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	12.00%
Rental Revenue [Member] | Geographic Concentration Risk [Member] | Houston-The Woodlands-Sugar Land, Texas MSA [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration risk, percentage	10.30%
Rental Revenue [Member] | Customer Concentration Risk [Member]
Summary of Significant Accounting Policies [Line Items]
Number of tenants | tenant	1
In-place leases [Member]
Summary of Significant Accounting Policies [Line Items]
Impairment of acquired intangible assets | $	$ 1,484	$ 2,658
Above-market leases [Member]
Summary of Significant Accounting Policies [Line Items]
Impairment of acquired intangible assets | $	$ 344
Post Acute Medical LLC [Member] | Rental Revenue [Member] | Customer Concentration Risk [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration risk, percentage	10.10%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Reconciliation of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 150,476	$ 69,342	$ 73,727	$ 68,360
Restricted cash	11,414	10,888	11,614	11,167
Cash, cash equivalents and restricted cash	$ 161,890	$ 80,230	$ 85,341	$ 79,527

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)property
Real Estate [Line Items]
Number of real estate properties acquired | property	1
Capitalized acquisition fees and costs | $	$ 205
Maximum [Member]
Real Estate [Line Items]
Acquisition fees and costs (% of contract purchase price)	6.00%

Acquisitions (Schedule of Consi

Acquisitions (Schedule of Consideration Transferred for Properties Acquired) (Details) - Grimes Healthcare Facility [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Business Acquisition [Line Items]
Date Acquired	Feb. 19, 2020
Ownership Percentage	100.00%
Purchase Price	$ 5,030

Acquisitions (Schedule of Alloc

Acquisitions (Schedule of Allocation of Acquisitions) (Details) $ in Thousands	Mar. 31, 2020USD ($)
Real Estate [Abstract]
Land	$ 831
Buildings and improvements	3,690
In-place lease	509
Total assets acquired	$ 5,030

Acquired Intangible Assets, N_3

Acquired Intangible Assets, Net (Narrative) (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020USD ($)lease	Mar. 31, 2019USD ($)	Dec. 31, 2019
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, weighted average remaining life	10 years 1 month 6 days		10 years 4 months 24 days
Amortization of acquired intangible assets	$ 10,547	$ 7,795
In-place and above-market leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment of acquired intangible assets	$ 1,828
In-place leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, weighted average remaining life	10 years 1 month 6 days		10 years 4 months 24 days
Impairment of acquired intangible assets	$ 1,484	$ 2,658
Number of impaired acquired intangible assets | lease	1
Above-market leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, weighted average remaining life	10 years 1 month 6 days		10 years 6 months
Impairment of acquired intangible assets	$ 344
Number of impaired acquired intangible assets | lease	1

Acquired Intangible Assets, N_4

Acquired Intangible Assets, Net (Schedule of Acquired Intangible Assets, Net) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, net of accumulated amortization	$ 275,421	$ 285,459
Acquired intangible asset, accumulated amortization	$ 72,844	$ 64,164
Acquired intangible asset, weighted average remaining life	10 years 1 month 6 days	10 years 4 months 24 days
In-place leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, net of accumulated amortization	$ 257,787	$ 266,856
Acquired intangible asset, accumulated amortization	$ 70,314	$ 62,252
Acquired intangible asset, weighted average remaining life	10 years 1 month 6 days	10 years 4 months 24 days
Above-market leases [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible asset, net of accumulated amortization	$ 17,634	$ 18,603
Acquired intangible asset, accumulated amortization	$ 2,530	$ 1,912
Acquired intangible asset, weighted average remaining life	10 years 1 month 6 days	10 years 6 months

Acquired Intangible Liabiliti_3

Acquired Intangible Liabilities, Net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Intangible Lease Liabilities, Net [Abstract]
Amortization of below-market leases	$ 1,386	$ 1,232

Acquired Intangible Liabiliti_4

Acquired Intangible Liabilities, Net (Schedule of Acquired Intangible Liabilities, Net) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Intangible Lease Liabilities, Net [Abstract]
Below-market leases, net of accumulated amortization of $13,718 and $12,332, respectively (with a weighted average remaining life of 15.8 years and 16.1 years, respectively)	$ 58,152	$ 59,538
Below-market leases, accumulated amortization	$ 13,718	$ 12,332
Below market leases, weighted average remaining life	15 years 9 months 18 days	16 years 1 month 6 days

Leases (Narrative) (Details)

Leases (Narrative) (Details) - lease	Mar. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Number of operating ground leases	17
Number of operating ground leases without corresponding operating lease liabilities	4
Operating lease, weighted average remaining lease term	50 years 4 months 24 days	50 years 8 months 9 days
Minimum [Member]
Lessee, Lease, Description [Line Items]
Operating lease, weighted average incremental borrowing rate, percent	5.00%
Maximum [Member]
Lessee, Lease, Description [Line Items]
Operating lease, weighted average incremental borrowing rate, percent	6.60%

Leases (Schedule of Future Mini

Leases (Schedule of Future Minimum Rent to Lessor from Operating Leases) (Details) $ in Thousands	Mar. 31, 2020USD ($)leaseproperty
Leases [Abstract]
Nine months ending December 31, 2020	$ 168,078
2021	231,490
2022	236,229
2023	235,850
2024	231,056
Thereafter	1,616,361
Total	2,719,064
Value of underlying operating lease asset, leases not yet commenced	$ 47,642
Number of executed leases, operating leases not yet commenced | lease	2
Number of development properties, operating leases not yet commenced | property	2

Leases (Schedule of Future Mi_2

Leases (Schedule of Future Minimum Rent from Lessee for Ground Leases) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Nine months ending December 31, 2020	$ 1,224
2021	1,634
2022	1,634
2023	1,638
2024	1,687
Thereafter	136,719
Total undiscounted rental payments	144,536
Less imputed interest	(113,488)
Total operating lease liabilities	$ 31,048	$ 31,004

Other Assets, Net (Schedule of

Other Assets, Net (Schedule of Other Assets, Net) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Other Assets [Abstract]
Deferred financing costs, related to the revolver portion of the credit facility, net of accumulated amortization of $5,984 and $5,696, respectively	$ 2,337	$ 2,623
Leasing commissions, net of accumulated amortization of $308 and $240, respectively	10,537	10,288
Restricted cash	11,414	10,888	$ 11,614	$ 11,167
Tenant receivables	5,217	6,116
Note receivable	2,700	2,700
Straight-line rent receivable, net	54,026	48,526
Prepaid and other assets	2,934	4,709
Derivative assets	0	884
Total other assets, net	89,165	86,734
Deferred financing costs, related to the revolver portion of the secured credit facility, accumulated amortization	5,984	5,696
Leasing commissions, accumulated amortization	$ 308	$ 240

Accounts Payable and Other Li_3

Accounts Payable and Other Liabilities (Schedule of Accounts Payable and Other Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accounts payable and accrued expenses	$ 11,869	$ 11,448
Accrued interest expense	5,074	5,185
Accrued property taxes	3,789	3,537
Distributions payable to stockholders	9,067	9,093
Tenant deposits	1,019	1,500
Deferred rental income	8,561	9,003
Derivative liabilities	25,038	5,588
Total accounts payable and other liabilities	$ 64,417	$ 45,354

Notes Payable and Credit Faci_3

Notes Payable and Credit Facility (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)instrument	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Proceeds from credit facility	$ 95,000	$ 10,000
Credit facility, principal amount outstanding	1,003,000		$ 908,000
Property acquisition and share repurchases [Member]
Debt Instrument [Line Items]
Proceeds from credit facility	20,000
Economic uncertainty [Member]
Debt Instrument [Line Items]
Proceeds from credit facility	75,000
Variable Rate, Subject To Interest Rate Swap [Member]
Debt Instrument [Line Items]
Credit facility, principal amount outstanding	$ 400,000		$ 250,000
Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Number of interest rate swap agreements | instrument	3
Variable Rate Debt [Member] | Interest Rate Swaps [Member] | Variable Rate, Subject To Interest Rate Swap [Member]
Debt Instrument [Line Items]
Credit facility, principal amount outstanding	$ 150,000

Notes Payable and Credit Faci_4

Notes Payable and Credit Facility (Schedule of Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Notes payable, principal amount outstanding	$ 456,575	$ 457,345
Unamortized deferred financing costs related to notes payable	(2,270)	(2,500)
Total notes payable, net of deferred financing costs	454,305	454,845
Credit facility, principal amount outstanding	1,003,000	908,000
Unamortized deferred financing costs related to the term loan credit facility	(6,957)	(7,385)
Total credit facility, net of deferred financing costs	996,043	900,615
Total debt outstanding	1,450,348	1,355,460
Fixed Rate [Member]
Debt Instrument [Line Items]
Notes payable, principal amount outstanding	219,281	219,567
Variable Rate, Subject To Interest Rate Swap [Member]
Debt Instrument [Line Items]
Notes payable, principal amount outstanding	237,294	237,778
Credit facility, principal amount outstanding	400,000	250,000
Variable Rate [Member]
Debt Instrument [Line Items]
Credit facility, principal amount outstanding	603,000	658,000
Revolving Line of Credit [Member] | Variable Rate [Member]
Debt Instrument [Line Items]
Credit facility, principal amount outstanding	203,000	108,000
Term Loan [Member] | Variable Rate, Subject To Interest Rate Swap [Member]
Debt Instrument [Line Items]
Credit facility, principal amount outstanding	400,000	250,000
Term Loan [Member] | Variable Rate [Member]
Debt Instrument [Line Items]
Credit facility, principal amount outstanding	$ 400,000	$ 550,000

Notes Payable and Credit Faci_5

Notes Payable and Credit Facility (Schedule of Future Principal Payments Due on Debt) (Details) $ in Thousands	Mar. 31, 2020USD ($)
Debt Disclosure [Abstract]
Nine months ending December 31, 2020	$ 3,155
2021	146,025
2022	369,209
2023	282,710
2024	547,360
Thereafter	111,116
Total	$ 1,459,575

Related-Party Transactions an_3

Related-Party Transactions and Arrangements (Narrative) (Details)	Mar. 31, 2020USD ($)employee	Mar. 31, 2020USD ($)employee	Mar. 31, 2019USD ($)
Related Party Transaction [Line Items]
Number of employees | employee	0	0
Expenses incurred from transactions with related party		$ 9,509,000	$ 5,513,000
Special limited partnership interest, shareholder annual return		8.00%
Disposition Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred from transactions with related party	$ 0
Maximum [Member]
Related Party Transaction [Line Items]
Disposition fee (% of contract sales price)		6.00%
Carter Validus Advisors II, LLC And/Or Its Affiliates [Member]
Related Party Transaction [Line Items]
Acquisition fee (% of contract purchase price of each property or asset acquired)		2.00%
Acquisition expenses reimbursed (% of purchase price of each property or real estate-related investment)	0.01%
Carter Validus Advisors II, LLC And/Or Its Affiliates [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Disposition fee (% of contract sales price)		1.00%
Disposition fee (% of third party brokerage commission)		50.00%
Carter Validus Advisors II, LLC [Member]
Related Party Transaction [Line Items]
Monthly asset management fee (% of aggregate asset value)		0.0625%
Carter Validus Advisors II, LLC [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Operating expense reimbursement (% of average invested assets)		2.00%
Operating expense reimbursement ( % of net income)		25.00%
Carter Validus Real Estate Management Services II, LLC [Member]
Related Party Transaction [Line Items]
Property management fee (% of gross revenues from properties managed)		3.00%
Oversight fee (% of gross revenues from properties managed)		1.00%
Construction management fee (% of project costs)		5.00%

Related-Party Transactions an_4

Related-Party Transactions and Arrangements (Schedule of Related Party Transactions) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Incurred	$ 9,509	$ 5,513
Payable	9,047		$ 9,759
SC Distributors, LLC [Member] | Distribution and Servicing Fees [Member]
Related Party Transaction [Line Items]
Incurred	(33)	(52)
Payable	5,380		6,210
Carter Validus Advisors II, LLC And/Or Its Affiliates [Member] | Acquisition Fees and Costs [Member]
Related Party Transaction [Line Items]
Incurred	97	0
Carter Validus Advisors II, LLC And/Or Its Affiliates [Member] | Asset Management Fees [Member]
Related Party Transaction [Line Items]
Incurred	5,956	3,494
Payable	1,981		2,100
Carter Validus Advisors II, LLC And/Or Its Affiliates [Member] | Operating Expense Reimbursement [Member]
Related Party Transaction [Line Items]
Incurred	1,278	730
Payable	471		518
Carter Validus Real Estate Management Services II, LLC [Member] | Property Management Fees [Member]
Related Party Transaction [Line Items]
Incurred	1,796	1,209
Payable	486		433
Carter Validus Real Estate Management Services II, LLC [Member] | Leasing Commission Fees [Member]
Related Party Transaction [Line Items]
Incurred	239	3
Payable	354		299
Carter Validus Real Estate Management Services II, LLC [Member] | Construction Management Fees [Member]
Related Party Transaction [Line Items]
Incurred	176	$ 129
Payable	$ 375		$ 199

Segment Reporting (Narrative) (

Segment Reporting (Narrative) (Details)	3 Months Ended
	Mar. 31, 2020USD ($)segment	Mar. 31, 2019USD ($)
Segment Reporting Information [Line Items]
Number of reportable business segments | segment	2
Rental revenue	$ 69,185,000	$ 46,467,000
Intersegment Elimination [Member]
Segment Reporting Information [Line Items]
Rental revenue	$ 0	$ 0

Segment Reporting (Schedule of

Segment Reporting (Schedule of Information for Reportable Segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Rental revenue	$ 69,185	$ 46,467
Rental expenses	(11,488)	(9,128)
Income from operations	20,988	14,196
General and administrative expenses	(3,688)	(1,403)
Asset management fees	(5,956)	(3,494)
Depreciation and amortization	(27,065)	(18,246)
Interest and other expense, net	(15,319)	(9,835)
Net income attributable to common stockholders	5,669	4,361
Operating Segments [Member]
Segment Reporting Information [Line Items]
Rental revenue	69,185	46,467
Rental expenses	(11,488)	(9,128)
Income from operations	57,697	37,339
Operating Segments [Member] | Data Centers [Member]
Segment Reporting Information [Line Items]
Rental revenue	27,759	26,677
Rental expenses	(7,149)	(6,965)
Income from operations	20,610	19,712
Operating Segments [Member] | Healthcare [Member]
Segment Reporting Information [Line Items]
Rental revenue	41,426	19,790
Rental expenses	(4,339)	(2,163)
Income from operations	$ 37,087	$ 17,627

Segment Reporting (Schedule o_2

Segment Reporting (Schedule of Assets by Reportable Segments) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets by segment [Line Items]
Total assets	$ 3,305,678	$ 3,239,534
Operating Segments [Member] | Data Centers [Member]
Assets by segment [Line Items]
Total assets	984,789	989,953
Operating Segments [Member] | Healthcare [Member]
Assets by segment [Line Items]
Total assets	2,177,655	2,184,450
All Other [Member]
Assets by segment [Line Items]
Total assets	$ 143,234	$ 65,131

Segment Reporting (Schedule o_3

Segment Reporting (Schedule of Capital Additions and Acquisitions by Reportable Segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Capital additions and acquisitions by segment [Line Items]
Capital additions by segment:	$ 5,441	$ 1,073
Acquisitions by segment:	5,024	0
Total capital additions and acquisitions	10,465	1,073
Operating Segments [Member] | Data Centers [Member]
Capital additions and acquisitions by segment [Line Items]
Capital additions by segment:	2,018	995
Operating Segments [Member] | Healthcare [Member]
Capital additions and acquisitions by segment [Line Items]
Capital additions by segment:	3,423	78
Acquisitions by segment:	$ 5,024	$ 0

Fair Value (Narrative) (Details

Fair Value (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value [Line Items]
Notes payable, principal amount outstanding	$ 456,575	$ 457,345
Credit facility, principal amount outstanding	1,003,000	908,000
Note receivable, outstanding principal balance	2,700	2,700
Fixed Rate [Member]
Fair Value [Line Items]
Notes payable, principal amount outstanding	219,281	219,567
Variable Rate, Fixed Through Interest Rate Swaps [Member]
Fair Value [Line Items]
Notes payable, principal amount outstanding	237,294	237,778
Credit facility, principal amount outstanding	400,000	250,000
Variable Rate Debt [Member]
Fair Value [Line Items]
Credit facility, principal amount outstanding	603,000	658,000
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	233,628	222,816
Estimate of Fair Value Measurement [Member] | Significant Other Observable Inputs (Level 2) [Member] | Variable Rate, Fixed Through Interest Rate Swaps [Member]
Fair Value [Line Items]
Notes payable, fair value disclosure	243,546	238,555
Credit facility, fair value disclosure	$ 417,950	$ 251,907

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, 2020	Dec. 31, 2019
Assets:
Derivative assets	$ 0	$ 884
Liabilities:
Derivative liabilities	25,038	5,588
Recurring basis [Member]
Assets:
Derivative assets		884
Total assets at fair value		884
Liabilities:
Derivative liabilities	25,038	5,588
Total liabilities at fair value	25,038	5,588
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring basis [Member]
Assets:
Derivative assets		0
Total assets at fair value		0
Liabilities:
Derivative liabilities	0	0
Total liabilities at fair value	0	0
Significant Other Observable Inputs (Level 2) [Member] | Recurring basis [Member]
Assets:
Derivative assets		884
Total assets at fair value		884
Liabilities:
Derivative liabilities	25,038	5,588
Total liabilities at fair value	25,038	5,588
Significant Unobservable Inputs (Level 3) [Member] | Recurring basis [Member]
Assets:
Derivative assets		0
Total assets at fair value		0
Liabilities:
Derivative liabilities	0	0
Total liabilities at fair value	$ 0	$ 0

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities (Narrative) (Details) $ in Thousands	Mar. 31, 2020USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Additional loss expected to be reclassified from AOCI into earnings during next twelve months	$ 9,093
Derivatives in a net liability position	$ 26,161

Derivative Instruments and He_4

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, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Fair Value of Asset		$ 884
Fair Value of (Liability)	$ (25,038)	(5,588)
Credit facility, principal amount outstanding	1,003,000	908,000
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Outstanding Notional Amount	$ 637,294	637,778
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Minimum [Member]
Derivatives, Fair Value [Line Items]
Effective Dates	Jul. 1, 2016
Maturity Dates	Dec. 22, 2020
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Maximum [Member]
Derivatives, Fair Value [Line Items]
Effective Dates	Jan. 1, 2020
Maturity Dates	Dec. 31, 2024
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Other Assets, Net [Member]
Derivatives, Fair Value [Line Items]
Fair Value of Asset	$ 0	884
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Accounts Payable and Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Fair Value of (Liability)	$ (25,038)	$ (5,588)

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities (Schedule of Income and Losses Recognized on Derivative Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in OCI on Derivatives	$ (20,593)	$ (2,955)
Amount of (Loss) Income Reclassified From Accumulated Other Comprehensive Loss to Net Income	(259)	656
Interest and other expense, net	15,319	9,835
Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in OCI on Derivatives	(20,593)	(2,955)
Interest Rate Swaps [Member] | Interest and Other Expense, Net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Income Reclassified From Accumulated Other Comprehensive Loss to Net Income	$ (259)	$ 656

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities (Schedule of Offsetting of Derivative Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets		$ 884
Gross Amounts Offset in the Balance Sheet		0
Net Amounts of Assets Presented in the Balance Sheet	$ 0	884
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments Collateral		(5)
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral		0
Net Amount		$ 879

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities (Schedule of Offsetting of Derivative Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Liabilities	$ 25,038	$ 5,588
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Liabilities Presented in the Balance Sheet	25,038	5,588
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments Collateral	0	(5)
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral	0	0
Net Amount	$ 25,038	$ 5,583

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Schedule of Amounts Recognized in Accumulated Other Comprehensive (Loss) Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Jan. 01, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning	$ 1,738,419	$ 1,047,385
Cumulative effect of accounting change			$ 0
Other comprehensive loss	(20,334)	(3,611)
Balance, ending	1,692,666	1,026,661
Unrealized Loss on Derivative Instruments [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning	(4,704)	6,100
Cumulative effect of accounting change			103
Balance as of January 1, 2019			$ 6,203
Other comprehensive loss before reclassification	(20,593)	(2,955)
Amount of (income) loss reclassified from accumulated other comprehensive (loss) income to net income	259	(656)
Other comprehensive loss	(20,334)	(3,611)
Balance, ending	$ (25,038)	$ 2,592

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss (Schedule of Reclassifications Out of Accumulated Other Comprehensive (Loss) Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest and other expense, net	$ 15,319	$ 9,835
Interest Rate Swaps [Member] | Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income to Net Income [Member] | Reclassification out of Accumulated Other Comprehensive (Loss) Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest and other expense, net	$ 259	$ (656)

Commitments and Contingencies (

Commitments and Contingencies (Details)	Mar. 31, 2020case
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) - Subsequent Event [Member] - USD ($)	May 08, 2020	May 01, 2020
Subsequent Event [Line Items]
Management agreement, renewal term	1 year
Advisory agreement, renewal term	1 year
DRIP [Member]
Subsequent Event [Line Items]
Stock repurchase program, minimum threshold		$ 2,000
Stock repurchase program, proration rate		8.25%

Subsequent Events (Schedule of

Subsequent Events (Schedule of Subsequent Events - Distributions Paid to Stockholders) (Details) - USD ($) $ in Thousands	May 01, 2020	Apr. 01, 2020	Mar. 31, 2020	Mar. 31, 2019
Subsequent Event [Line Items]
Cash Distribution			$ 18,890	$ 10,813
Common stock issued through distribution reinvestment plan			$ 7,731	$ 10,385
Subsequent Event [Member] | Stockholders of record date, March 2020 [Member]
Subsequent Event [Line Items]
Cash Distribution		$ 6,480
Common stock issued through distribution reinvestment plan		2,587
Total Distribution		9,067
Subsequent Event [Member] | Stockholders of record date, March 2020 [Member] | Class A shares [Member]
Subsequent Event [Line Items]
Cash Distribution		5,448
Common stock issued through distribution reinvestment plan		1,602
Total Distribution		7,050
Subsequent Event [Member] | Stockholders of record date, March 2020 [Member] | Class I shares [Member]
Subsequent Event [Line Items]
Cash Distribution		321
Common stock issued through distribution reinvestment plan		210
Total Distribution		531
Subsequent Event [Member] | Stockholders of record date, March 2020 [Member] | Class T shares [Member]
Subsequent Event [Line Items]
Cash Distribution		656
Common stock issued through distribution reinvestment plan		708
Total Distribution		1,364
Subsequent Event [Member] | Stockholders of record date, March 2020 [Member] | Class T2 shares [Member]
Subsequent Event [Line Items]
Cash Distribution		55
Common stock issued through distribution reinvestment plan		67
Total Distribution		$ 122
Subsequent Event [Member] | Stockholders of record date, April 2020 [Member]
Subsequent Event [Line Items]
Cash Distribution	$ 6,261
Common stock issued through distribution reinvestment plan	2,525
Total Distribution	8,786
Subsequent Event [Member] | Stockholders of record date, April 2020 [Member] | Class A shares [Member]
Subsequent Event [Line Items]
Cash Distribution	5,261
Common stock issued through distribution reinvestment plan	1,569
Total Distribution	6,830
Subsequent Event [Member] | Stockholders of record date, April 2020 [Member] | Class I shares [Member]
Subsequent Event [Line Items]
Cash Distribution	312
Common stock issued through distribution reinvestment plan	205
Total Distribution	517
Subsequent Event [Member] | Stockholders of record date, April 2020 [Member] | Class T shares [Member]
Subsequent Event [Line Items]
Cash Distribution	635
Common stock issued through distribution reinvestment plan	687
Total Distribution	1,322
Subsequent Event [Member] | Stockholders of record date, April 2020 [Member] | Class T2 shares [Member]
Subsequent Event [Line Items]
Cash Distribution	53
Common stock issued through distribution reinvestment plan	64
Total Distribution	$ 117

Subsequent Events (Schedule o_2

Subsequent Events (Schedule of Subsequent Events - Distributions Authorized) (Details) - $ / shares	May 08, 2020	Mar. 31, 2020	Mar. 31, 2019
Subsequent Event [Line Items]
Daily Distribution Rate (in dollars per share)		$ 0.12	$ 0.16
Subsequent Event [Member] | Class A shares [Member] | Stockholders of record date, June 2020 [Member]
Subsequent Event [Line Items]
Daily Distribution Rate (in dollars per share)	$ 0.001366120
Annualized Distribution Per Share (in dollars per share)	0.50
Subsequent Event [Member] | Class I shares [Member] | Stockholders of record date, June 2020 [Member]
Subsequent Event [Line Items]
Daily Distribution Rate (in dollars per share)	0.001366120
Annualized Distribution Per Share (in dollars per share)	0.50
Subsequent Event [Member] | Class T shares [Member] | Stockholders of record date, June 2020 [Member]
Subsequent Event [Line Items]
Daily Distribution Rate (in dollars per share)	0.001129781
Annualized Distribution Per Share (in dollars per share)	0.41
Subsequent Event [Member] | Class T2 shares [Member] | Stockholders of record date, June 2020 [Member]
Subsequent Event [Line Items]
Daily Distribution Rate (in dollars per share)	0.001129781
Annualized Distribution Per Share (in dollars per share)	$ 0.41
Subsequent Event [Member] | Class A, I, T and T2 shares [Member] | Stockholders of record date, June 2020 [Member]
Subsequent Event [Line Items]
Number of days, distribution calculation	366 days

Uncategorized Items - cik000156

Label	Element	Value
Accumulated Distributions in Excess of Net Income [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (103,000)
Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 103,000