Necessity Retail REIT (RTL) 10-Q19 May 152015 Q1 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2015	Apr. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	AMERICAN REALTY CAPITAL TRUST V, INC.
Entity Central Index Key	1568162
Current Fiscal Year End Date	-19
Entity Filer Category	Smaller Reporting Company
Document Type	10-Q
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Amendment Flag	FALSE
Entity Common Stock, Shares Outstanding		65,832,464

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
ASSETS
Land	$358,278	$358,278
Buildings, fixtures and improvements	1,540,821	1,540,821
Acquired intangible lease assets	319,028	319,028
Total real estate investments, at cost	2,218,127	2,218,127
Less: accumulated depreciation and amortization	-137,013	-110,875
Total real estate investments, net	2,081,114	2,107,252
Cash and cash equivalents	94,631	74,760
Investment securities, at fair value	10,107	18,991
Prepaid expenses and other assets	16,344	14,104
Deferred costs, net	12,621	13,923
Total assets	2,214,817	2,229,030
LIABILITIES AND STOCKHOLDERS' EQUITY
Mortgage notes payable	469,836	470,079
Mortgage premiums, net	20,241	22,100
Credit facility	423,000	423,000
Below-market lease liabilities, net	19,138	19,473
Accounts payable and accrued expenses	14,892	12,799
Deferred rent and other liabilities	5,897	7,238
Distributions payable	9,234	9,176
Total liabilities	962,238	963,865
Preferred stock, $0.01 par value per share, 50,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value per share, 300,000,000 shares authorized, 65,662,261 and 65,257,954 shares issued and outstanding as of March 31, 2015 and December 31, 2014, respectively	657	653
Additional paid-in capital	1,446,554	1,437,147
Accumulated other comprehensive income	286	463
Accumulated deficit	-194,918	-173,098
Total stockholders' equity	1,252,579	1,265,165
Total liabilities and stockholders' equity	$2,214,817	$2,229,030

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, authorized (in shares)	50,000,000	50,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, authorized (in shares)	300,000,000	300,000,000
Common stock, issued (in shares)	65,662,261	65,257,954
Common stock, outstanding (in shares)	65,662,261	65,257,954

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Rental income	$40,215	$26,726
Operating expense reimbursements	2,651	3,398
Total revenues	42,866	30,124
Operating expenses:
Property operating	3,087	3,527
Acquisition and transaction related	129	14,532
General and administrative	1,947	1,094
Depreciation and amortization	25,387	17,888
Total operating expenses	30,550	37,041
Operating income (loss)	12,316	-6,917
Other (expense) income:
Interest expense	-8,160	-3,444
Income from investment securities	169	955
Gain (Loss) on sale of investment securities	546	-166
Other income	30	3
Total other expense, net	-7,415	-2,652
Net income (loss)	4,901	-9,569
Other comprehensive income (loss):
Change in unrealized income on investment securities	-177	5,231
Comprehensive income (loss)	$4,724	($4,338)
Basic net income (loss) per share (in dollars per share)	$0.07	($0.15)
Diluted net income (loss) per share (in dollars per share)	$0.07	($0.15)

CONSOLIDATED_STATEMENT_OF_CHAN

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (USD $)	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
In Thousands, except Share data, unless otherwise specified	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance, beginning of period at Dec. 31, 2014	$1,265,165	$653	$1,437,147	$463	($173,098)
Balance, beginning of period (in shares) at Dec. 31, 2014		65,257,954
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued through distribution reinvestment plan (in shares)	600,000	630,906
Common stock issued through distribution reinvestment plan	14,826	6	14,820
Common stock repurchases (in shares)	-227,875	-227,875
Common stock repurchases	-5,422	-2	-5,420
Share-based compensation (in shares)		1,276
Share-based compensation, net of forfeitures	7		7
Distributions declared	-26,721				-26,721
Net income (loss)	4,901				4,901
Other comprehensive income	-177			-177
Balance, end of period at Mar. 31, 2015	$1,252,579	$657	$1,446,554	$286	($194,918)
Balance, end of period (in shares) at Mar. 31, 2015		65,662,261

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income (loss)	$4,901	($9,569)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	16,737	13,058
Amortization of in-place lease assets	8,650	4,830
Amortization of deferred financing costs	1,302	754
Amortization of mortgage premiums	-1,859	-484
Amortization of above-market lease assets and accretion of below-market lease liabilities, net	416	150
Share-based compensation	7	5
(Gain) Loss on sale of investment securities	-546	166
Prepaid expenses and other assets	-2,240	8,134
Accounts payable and accrued expenses	1,780	2,595
Deferred rent and other liabilities	-1,341	1,068
Net cash provided by operating activities	27,807	20,707
Cash flows from investing activities:
Investments in real estate and other assets	0	-416,866
Deposits for real estate acquisitions	0	-15,087
Proceeds from the sale of investment securities	9,253	9,571
Net cash provided by (used in) investing activities	9,253	-422,382
Cash flows from financing activities:
Payments of mortgage notes payable	-243	-76
Proceeds from credit facility	0	338,000
Payments of deferred financing costs	0	-8,466
Proceeds from issuances of common stock	0	127
Payments of offering costs and fees related to stock issuances, net	0	-24
Common stock repurchases	-5,109	0
Distributions paid	-11,837	-10,884
Restricted cash	0	-331
Net cash (used in) provided by financing activities	-17,189	318,346
Net change in cash and cash equivalents	19,871	-83,329
Cash and cash equivalents, beginning of period	74,760	101,176
Cash and cash equivalents, end of period	94,631	17,847
Supplemental Disclosures:
Cash paid for interest	8,186	421
Cash paid for income taxes	8	23
Non-Cash Investing and Financing Activities:
Mortgage notes payable assumed or used to acquire investments in real estate	0	422,321
Premiums on assumed mortgage notes payable	0	24,560
Common stock issued through distribution reinvestment plan	$14,826	$14,819

Organization

Organization	3 Months Ended
Organization	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization
	American Realty Capital Trust V, Inc. (the "Company") was incorporated on January 22, 2013 as a Maryland corporation and qualified as a real estate investment trust for U.S. federal income tax purposes ("REIT") beginning with the taxable year ended December 31, 2013. On April 4, 2013, the Company commenced its initial public offering (the "IPO") on a "reasonable best efforts" basis of up to 68.0 million shares of common stock, $0.01 par value per share, at a price of $25.00 per share, subject to certain volume and other discounts, pursuant to a registration statement on Form S-11, as amended (File No. 333-187092) (the "Registration Statement"), filed with the U.S. Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended. The Registration Statement also covered up to 14.7 million shares of common stock at an initial price of $23.75 per share, which was 95.0% of the initial offering price of shares of common stock in the IPO, available pursuant to a distribution reinvestment plan (the "DRIP"), under which the Company's common stockholders could elect to have their distributions reinvested in additional shares of the Company's common stock.
	On April 25, 2013, the Company received and accepted aggregate subscriptions in excess of the minimum of $2.0 million in shares of common stock, broke escrow and issued shares of common stock to its initial investors who were admitted as stockholders. As permitted under the Company's Registration Statement, the Company reallocated the remaining 14.5 million DRIP shares available under the Registration Statement to the primary offering. Concurrent with such reallocation, the Company registered an additional 14.7 million shares at an initial price of $23.75 per share to be issued under the DRIP pursuant to a registration statement on Form S-11, as amended (File No. 333-191255), which became effective on October 5, 2013. The IPO closed in October 2013. As of March 31, 2015, the Company had 65.7 million shares of common stock outstanding, including unvested restricted shares and shares issued pursuant to the DRIP, and had received total gross proceeds from the IPO and the DRIP of $1.6 billion. On November 19, 2014, the Company's board of directors approved an estimated net asset value per share of the Company's common stock ("Estimated Per-Share NAV") of $23.50, calculated by the Advisor in accordance with the Company's valuation guidelines, as of September 30, 2014. Beginning with November 14, 2014 (the "NAV Pricing Date"), the price per share for shares of common stock purchased under the DRIP and the price per share for shares of common stock repurchased by the Company pursuant to the Company's share repurchase plan (the "SRP") will each be equal to the Estimated Per-Share NAV of the Company's common stock. Because the Company’s Annual Report on Form 10-K was filed in close proximity to the statutory deadline for filing this Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, the Company did not publish Estimated Per-Share NAV as of December 31, 2014. The Company intends to publish an Estimated Per-Share NAV as of March 31, 2015 shortly following the filing of this Quarterly Report on Form 10-Q for the quarter ended March 31, 2015. In determining Estimated Per-Share NAV, each property is appraised at least annually and appraisals will be spread out over the course of a year so that, typically, approximately 25% of all properties are appraised each quarter. However, in connection with determining Estimated Per-Share NAV as of March 31, 2015 the Company expects to appraise 100% of its properties.
	The Company has acquired a diversified portfolio of commercial properties comprised primarily of freestanding single-tenant retail properties that are net leased to investment grade and other creditworthy tenants. All properties are operated by the Company or by the Company jointly with another party. The Company may also originate or acquire first mortgage loans secured by real estate. The Company purchased its first property and commenced active operations on April 29, 2013. As of March 31, 2015, the Company owned 463 properties with an aggregate purchase price of $2.2 billion, comprised of 13.1 million rentable square feet that were 100.0% leased with a weighted-average remaining lease term of 9.4 years.
	Substantially all of the Company's business is conducted through American Realty Capital Operating Partnership V, L.P. (the "OP"), a Delaware limited partnership and its wholly-owned subsidiaries. The Company is the sole general partner and holds substantially all the units of limited partner interests in the OP ("OP Units"). American Realty Capital Trust V Special Limited Partner, LLC (the "Special Limited Partner"), an entity controlled by AR Capital, LLC (the "Sponsor"), contributed $2,020 to the OP in exchange for 90 OP Units, which represents a nominal percentage of the aggregate OP ownership. After holding the OP Units for a period of one year, or upon liquidation of the OP or sale of substantially all of the assets of the OP, holders of OP Units have the right to convert OP Units for the cash value of a corresponding number of shares of the Company's common stock or, at the option of the OP, a corresponding number of shares of the Company's common stock, in accordance with the limited partnership agreement of the OP. The remaining rights of the limited partner interests are limited, however, and do not include the ability to replace the general partner or to approve the sale, purchase or refinancing of the OP's assets.
	The Company has no direct employees. The Company has retained American Realty Capital Advisors V, LLC (the "Advisor") to manage the Company's affairs on a day-to-day basis. American Realty Capital Properties V, LLC (the "Property Manager") serves as the Company's property manager. Realty Capital Securities, LLC (the "Dealer Manager") served as the dealer manager of the IPO and continues to provide the Company with various strategic investment banking services. The Advisor and the Property Manager are wholly owned subsidiaries of, and the Dealer Manager is under common control with, the Sponsor, as a result of which, they are related parties of the Company. Each has received and/or may receive, as applicable, compensation, fees and other expense reimbursements for services related to the IPO and for the investment and management of the Company's assets. Such entities have received or may receive, as applicable, fees during the offering, acquisition, operational and liquidation stages.
	During the second quarter of 2014, the Company announced that it engaged J.P. Morgan Securities LLC and RCS Capital, the investment banking division of the Dealer Manager, as financial advisors to assist the Company in evaluating potential strategic alternatives. On April 15, 2015, upon recommendation by the Advisor and approval by the Company’s board of directors, the Company adopted new Investment Objectives and Acquisition and Investment Policies (the “New Strategy”). Under the New Strategy, the Company expects to focus on originating and acquiring first mortgage and other commercial real estate-related debt investments across all major commercial real estate sectors (such investments collectively, “CRE Debt Investments”). The Company will maintain its investments in its existing portfolio of 463 net leased commercial real estate properties (the “Net Lease Portfolio”). The Company will continue to selectively invest in additional net lease properties to consolidate the Net Lease Portfolio, however the Company will not forgo opportunities to invest in other types of real estate investments that meet its overall investment objectives. The Company intends to finance its CRE Debt Investments primarily through mortgage financing secured by its Net Lease Portfolio.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies
	The accompanying consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America ("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 footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results for the entire year or any subsequent interim periods.
	These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of, and for the year ended December 31, 2014, which are included in the Company's Annual Report on Form 10-K filed with the SEC on May 15, 2015. The Consolidated Statements of Operations and Comprehensive Income (Loss) and Cash Flows for the three months ended March 31, 2014, include adjustments, as previously disclosed in the Company’s Form 10-K, to reflect certain adjustments and final purchase price allocations to previously reported information associated with acquisitions completed during 2014. As a result, amortization and accretion of above-market lease assets and below-market lease liabilities decreased total revenue by $0.1 million, depreciation and amortization expense decreased by $1.2 million and net loss decreased $1.1 million for the three months ended March 31, 2014. In addition, real estate investments, net increased $17.7 million, below market lease liabilities, net increased $16.6 million and total stockholders’ equity increased $1.1 million as of March 31, 2014. There have been no significant changes to the Company's significant accounting policies during the three months ended March 31, 2015, other than the updates described below.
	Recently Issued Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board ("FASB") issued revised guidance relating to revenue recognition. Under the revised guidance, an entity is required to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The revised guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is not permitted under GAAP. The revised guidance allows entities to apply the full retrospective or modified retrospective transition method upon adoption. In April 2015, the FASB proposed a one-year delay of the revised guidance, although entities will be allowed to early adopt the guidance as of the original effective date. The Company has not yet selected a transition method and is currently evaluating the impact of the new guidance.
	In February 2015, the FASB amended the accounting for consolidation of certain legal entities. The amendments modify the evaluation of whether certain legal entities are variable interest entities ("VIEs") or voting interest entities, eliminate the presumption that a general partner should consolidate a limited partnership and affect the consolidation analysis of reporting entities that are involved with VIEs (particularly those that have fee arrangements and related party relationships). The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. If the Company decides to early adopt the revised guidance in an interim period, any adjustments will be reflected as of the beginning of the fiscal year that includes the interim period. The Company is currently evaluating the impact of the new guidance.
	In April 2015, the FASB amended the presentation of debt issuance costs on the balance sheet. The amendments require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted for financial statements that have not previously been issued. If the Company decides to early adopt the revised guidance in an interim period, any adjustments will be reflected as of the beginning of the fiscal year that includes the interim period. The Company is currently evaluating the impact of the new guidance.

Real_Estate_Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2015
Real Estate Investments, Net [Abstract]
Real Estate Investments	Real Estate Investments
	The Company owned 463 properties as of March 31, 2015. The rentable square feet or annualized rental income on a straight-line basis of the four properties summarized below represented 5.0% or more of the Company's total portfolio's rentable square feet or annualized rental income on a straight-line basis as of March 31, 2015.
	Home Depot - Birmingham, AL
	On September 24, 2013, the Company, through an indirect wholly-owned subsidiary of the OP, closed its acquisition of Home Depot, a freestanding, single-tenant distribution facility located in Birmingham, Alabama ("Home Depot Birmingham"). The seller had no preexisting relationship with the Company. The purchase price of Home Depot Birmingham was $41.4 million, exclusive of closing costs. The acquisition of Home Depot Birmingham was funded with proceeds from the Company's IPO. The Company accounted for the purchase of Home Depot Birmingham as a business combination and incurred acquisition related costs of $0.5 million, which are reflected in the acquisition and transaction related line item of the consolidated statements of operations and comprehensive loss.
	Home Depot - Valdosta, GA
	On September 24, 2013, the Company, through an indirect wholly-owned subsidiary of the OP, closed its acquisition of Home Depot, a freestanding, single-tenant distribution facility located in Valdosta, Georgia ("Home Depot Valdosta"). The sellers had no preexisting relationship with the Company. The purchase price of Home Depot Valdosta was $37.6 million, exclusive of closing costs. The acquisition of Home Depot Valdosta was funded with proceeds from the Company's IPO. The Company accounted for the purchase of Home Depot Valdosta as a business combination and incurred acquisition related costs of $0.4 million, which are reflected in the acquisition and transaction related line item of the consolidated statements of operations and comprehensive loss.
	C&S Wholesale Grocers - Birmingham, AL
	On February 21, 2014, the Company, through an indirect wholly-owned subsidiary of the OP, closed its acquisition of C&S Wholesale Grocers, a freestanding, single-tenant distribution facility located in Birmingham, Alabama ("C&S Wholesale Grocers"). The seller had no preexisting relationship with the Company. The purchase price of C&S Wholesale Grocers was $54.4 million, exclusive of closing costs. The acquisition of C&S Wholesale Grocers was funded with proceeds from the Company's IPO and the assumption of existing mortgage debt secured by the property. The Company accounted for the purchase of C&S Wholesale Grocers as a business combination and incurred acquisition related costs of $0.8 million, which are reflected in the acquisition and transaction related line item of the consolidated statements of operations and comprehensive loss.
	Sanofi US - Bridgewater, NJ
	On March 21, 2014, the Company, through an indirect wholly-owned subsidiary of the OP, closed its acquisition of Sanofi US, a freestanding, single-tenant office facility located in Bridgewater, New Jersey ("Sanofi"). The seller had no preexisting relationship with the Company. The purchase price of Sanofi was $251.1 million, exclusive of closing costs. The acquisition of Sanofi was funded with proceeds from the Company's IPO and the assumption of existing mortgage debt secured by the property. The Company accounted for the purchase of Sanofi as a business combination and incurred acquisition related costs of $5.8 million, which are reflected in the acquisition and transaction related line item of the consolidated statements of operations and comprehensive loss.
	There were no real estate assets acquired or liabilities assumed during the three months ended March 31, 2015. The following table presents the allocation of real estate assets acquired and liabilities assumed during the three months ended March 31, 2014:


			Three Months Ended
	(Dollar amounts in thousands)		March 31, 2014
	Real estate investments, at cost:
	Land		$	179,733

	Buildings, fixtures and improvements		560,445

	Total tangible assets		740,178

	Acquired intangibles:
	In-place leases		143,193

	Above-market lease assets		13,403

	Below-market lease liabilities		(16,759		)
	Total assets acquired		880,015

	Mortgage notes payable assumed		(422,321		)
	Premiums on mortgage notes payable assumed		(24,560		)
	Deposits paid in prior periods		(26,170		)
	Cash paid for acquired real estate investments, at cost		$	406,964		(1)

	Number of properties purchased		204

	_____________________________________

	-1	Excludes cash paid for real estate investments financed through accounts payable in prior periods of $9.9 million.
	The following table presents future minimum base rent payments on a cash basis due to the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items:


	(In thousands)		Future Minimum
			Base Rent Payments
	April 1, 2015 to December 31, 2015		$	115,784

	2016		157,021

	2017		159,420

	2018		130,987

	2019		132,708

	Thereafter		836,223

			$	1,532,143

	The following table lists the tenants (including, for this purpose, all affiliates of such tenants) from which the Company derives annualized rental income on a straight-line basis constituting 10.0% or more of the Company’s consolidated annualized rental income on a straight-line basis for all portfolio properties as of the dates indicated:


			March 31,
	Tenant		2015		2014
SunTrust Bank		17.90%		19.30%
Sanofi US		11.60%		12.40%
C&S Wholesale Grocer		10.40%		11.10%
The termination, delinquency or non-renewal of leases by one or more of the above tenants may have a material adverse effect on revenues. No other tenant represented 10.0% or greater of consolidated annualized rental income on a straight-line basis as of March 31, 2015 and 2014.
The following table lists the states where the Company has concentrations of properties where annualized rental income on a straight-line basis represented 10.0% or greater of consolidated annualized rental income on a straight-line basis as of March 31, 2015 and 2014:


		March 31,
State		2015		2014
New Jersey		20.30%		21.20%
Georgia		11.20%		12.00%
The Company did not own properties in any other state that in total represented 10.0% or greater of consolidated annualized rental income on a straight-line basis as of March 31, 2015 and 2014.

Investment_Securities

Investment Securities	3 Months Ended
	Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Investment Securities
	As of March 31, 2015 and December 31, 2014, the Company had investments in debt securities consisting of redeemable preferred stock with an aggregate fair value of $10.1 million and $19.0 million respectively. These investments are considered available-for-sale securities and therefore increases or decreases in the fair value of these investments are recorded in accumulated other comprehensive income as a component of stockholders' equity on the consolidated balance sheets, unless the securities are considered to be permanently impaired, at which time the losses would be reclassified to expense.
	The following table details the unrealized gains and losses on investment securities as of March 31, 2015 and December 31, 2014:


	(In thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	March 31, 2015
	Debt securities	$	9,821	$	293	$	(7	)	$	10,107


	31-Dec-14
	Debt securities	$	18,528	$	463	$	—		$	18,991

	Unrealized losses as of March 31, 2015 were considered temporary and therefore no impairment was recorded during the three months ended March 31, 2015.
	During the three months ended March 31, 2015, the Company sold investments in redeemable preferred stock and senior notes with an aggregate cost basis of $8.7 million for $9.2 million, resulting in a realized gain on sale of investment securities of $0.5 million.
	The Company's preferred stock investments are redeemable at the respective issuer's option after five years from issuance.

Credit_Facility

Credit Facility	3 Months Ended
Credit Facility	Mar. 31, 2015
Debt Disclosure [Abstract]
Credit Facility	Credit Facility
	On September 23, 2013, the Company, through the OP, entered into a credit agreement (the "Credit Agreement") relating to a credit facility (the "Credit Facility") that provides for aggregate revolving loan borrowings of up to $200.0 million (subject to borrowing base availability), with a $25.0 million swingline subfacility and a $20.0 million letter of credit subfacility. Through amendments to the Credit Agreement, the OP increased commitments under the Credit Facility to $750.0 million as of March 31, 2015. As of March 31, 2015 and December 31, 2014, the outstanding balance under the Credit Facility was $423.0 million. The Company's unused borrowing capacity was $238.0 million and $234.6 million as of March 31, 2015 and December 31, 2014, respectively, based on the assets assigned to the Credit Facility. Availability of borrowings is based on a pool of eligible unencumbered real estate assets.
	Borrowings under the Credit Facility bear interest, at the OP's election, at either (i) the base rate (which is defined in the Credit Agreement as the greatest of (a) the prime rate in effect on such day, (b) the federal funds effective rate in effect on such day plus 0.50%, and (c) LIBOR for a one month interest period plus 1.0%) plus an applicable spread ranging from 0.60% to 1.20%, depending on the Company's consolidated leverage ratio, or (ii) LIBOR plus an applicable spread ranging from 1.60% to 2.20%, depending on the Company's consolidated leverage ratio. The Credit Facility requires an unused fee per annum of 0.25% and 0.15%, if the unused balance of the Credit Facility exceeds, or is equal to or less than, 50.0% of the available facility, respectively.
	The Credit Facility provides for monthly interest payments for each base rate loan and periodic interest payments for each LIBOR loan, based upon the applicable interest period with respect to such LIBOR loan, with all principal outstanding being due on the maturity date. The Credit Facility will mature on September 23, 2017, provided that the OP, subject to certain conditions, may elect to extend the maturity date one year to September 23, 2018. The Credit Facility may be prepaid at any time, in whole or in part, without premium or penalty. In the event of a default, the lenders have the right to terminate their obligations under the Credit Facility and to accelerate the payment on any unpaid principal amount of all outstanding loans. Certain of the Company's subsidiaries and certain subsidiaries of the OP guarantee, and the equity of certain subsidiaries of the OP have been pledged as collateral for, the obligations under the Credit Facility.
	The Credit Facility requires the Company to meet certain financial covenants, including the maintenance of certain financial ratios (such as specified debt to equity and debt service coverage ratios) as well as the maintenance of a minimum net worth. As of March 31, 2015, the Company was in compliance with the financial covenants under the Credit Agreement.

Mortgage_Notes_Payable

Mortgage Notes Payable	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Mortgage Notes Payable	Mortgage Notes Payable
	The Company's mortgage notes payable as of March 31, 2015 and December 31, 2014 consist of the following:


					Outstanding Loan Amount as of				Effective Interest Rate as of
	Portfolio		Encumbered Properties		March 31,		December 31,		March 31,			December 31,			Interest Rate	Maturity
					2015		2014		2015			2014
					(In thousands)		(In thousands)
	SAAB Sensis I		1		$	8,439	$	8,519	6.01	%		6.01	%		Fixed	Apr. 2025

	SunTrust Bank II		30		25,000		25,000		5.5	%		5.5	%		Fixed	Jul. 2021

	C&S Wholesale Grocer I		4		82,313		82,313		5.56	%		5.56	%		Fixed	Apr. 2017

	SunTrust Bank III		121		99,677		99,677		5.5	%		5.5	%		Fixed	Jul. 2021

	SunTrust Bank IV		30		25,000		25,000		5.5	%		5.5	%		Fixed	Jul. 2021

	Sanofi US I		1		190,000		190,000		5.83	%		5.83	%		Fixed	Dec. 2015

	Stop & Shop I		4		39,407		39,570		5.63	%		5.63	%		Fixed	Jun. 2021

	Total		191		$	469,836	$	470,079	5.66	%	(1)	5.66	%	(1)

	_____________________________________

	-1	Calculated on a weighted-average basis for all mortgages outstanding as of the dates indicated.
	The following table summarizes the scheduled aggregate principal payments on mortgage notes payable for the five years subsequent to March 31, 2015:


	(In thousands)		Future Principal Payments
	April 1, 2015 to December 31, 2015		$	190,721

	2016		1,014

	2017		83,393

	2018		1,143

	2019		1,211

	Thereafter		192,354

			$	469,836

	The Company's mortgage notes payable agreements require the compliance of certain property-level financial covenants including debt service coverage ratios. As of March 31, 2015, the Company was in compliance with financial covenants under its mortgage notes payable agreements.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments
	The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. The guidance defines three levels of inputs that may be used to measure fair value:
	Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.
	Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability.
	Level 3 — Unobservable inputs that reflect the entity's own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques.
	The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare.
	The Company has investments in redeemable preferred stock that are traded in active markets and therefore, due to the availability of quoted prices in active markets, classified these investments as Level 1 in the fair value hierarchy.
	The following table presents information about the Company's assets and liabilities measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014, aggregated by the level in the fair value hierarchy within which those instruments fall:


	(In thousands)	Quoted Prices				Significant Other				Significant				Total
		in Active				Observable				Unobservable
		Markets				Inputs				Inputs
		Level 1				Level 2				Level 3
	March 31, 2015

	Investment securities	$	10,107			$	—			$	—			$	10,107

	31-Dec-14
	Investment securities	$	18,991			$	—			$	—			$	18,991

	A review of the fair value hierarchy classification is conducted on a quarterly basis. Changes in the type of inputs may result in a reclassification for certain assets and liabilities. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the three months ended March 31, 2015.
	The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate that value. The fair value of short-term financial instruments such as cash and cash equivalents, prepaid expenses and other assets, accounts payable and accrued expenses and distributions payable approximates their carrying value on the consolidated balance sheets due to their short-term nature. The fair values of the Company's remaining financial instruments that are not reported at fair value on the consolidated balance sheets as of March 31, 2015 and December 31, 2014 are reported in the following table:


				Carrying Amount at				Fair Value at				Carrying Amount at				Fair Value at
	(In thousands)	Level		March 31, 2015				March 31, 2015				December 31, 2014				December 31, 2014
	Mortgage notes payable and premiums, net	3		$	490,077			$	503,420			$	492,179			$	505,629

	Credit facility	3		$	423,000			$	423,000			$	423,000			$	423,000

	The fair value of mortgage notes payable is estimated by an independent third party using a discounted cash flow analysis, based on management’s estimates of market interest rates. Advances under the Credit Facility are considered to be reported at fair value, because its interest rate varies with changes in LIBOR.

Common_Stock

Common Stock	3 Months Ended
Common Stock	Mar. 31, 2015
Equity [Abstract]
Common Stock	Common Stock
	As of March 31, 2015 and December 31, 2014, the Company had 65.7 million and 65.3 million shares of common stock outstanding, respectively, including unvested restricted shares and shares issued pursuant to the DRIP.
	On April 9, 2013, the Company's board of directors authorized, and the Company declared a distribution, which is calculated based on stockholders of record each day during the applicable period of $0.00452054795 per day, which is equivalent to $1.65 per annum, per share of common stock. Distributions began to accrue on May 13, 2013, 15 days following the Company's initial property acquisition. Distributions are payable by the fifth day following each month end to stockholders of record at the close of business each day during the prior month. Distribution payments are dependent on the availability of funds. The board of directors may reduce the amount of distributions paid or suspend distribution payments at any time and therefore distributions payments are not assured. See Note 15 — Subsequent Events for changes to the distribution policy.
	Share Repurchase Program
	The Company's board of directors has adopted the SRP that enables stockholders to sell their shares to the Company under limited circumstances. The SRP permits stockholders to sell their shares back to the Company, subject to the significant conditions and limitations described below.
	Only those stockholders who purchased their shares from the Company or received their shares from the Company (directly or indirectly) through one or more non-cash transactions are able to participate in the SRP. The repurchase of shares occurs on the last business day prior to the filing of each quarterly financial filing (and in all events on a date other than a dividend payment date).
	Until November 14, 2014, a stockholder must have beneficially held the shares for at least one year prior to offering them for sale to the Company through the SRP, although if a stockholder sold back all of its shares, the Company's board of directors had the discretion to exempt shares purchased pursuant to the DRIP from this one-year requirement. In addition, upon the death or disability of a stockholder, upon request, the Company could waive the one-year holding requirement.
	Until November 14, 2014, the number of shares repurchased could not exceed 5.0% of the weighted-average number of shares of common stock outstanding at the end of the previous calendar year and the price per share for repurchases of shares of common stock was as follows (in each case, as adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to the Company's common stock):

	•	the lower of $23.13 and 92.5% of the price paid to acquire the shares, for stockholders who had continuously held their shares for at least one year;

	•	the lower of $23.75 and 95.0% of the price paid to acquire the shares for stockholders who had continuously held their shares for at least two years;

	•	the lower of $24.78 and 97.5% of the price paid to acquire the shares for stockholders who had continuously held their shares for at least three years; and

	•	the lower of $25.00 and 100.0% of the price paid to acquire the shares for stockholders who had continuously held their shares for at least four years.
	Effective November 14, 2014, the repurchase price for shares under the SRP is based on the estimated net asset value ("NAV") per share of the Company's common stock ("Estimated Per-Share NAV") as determined by the Company's board of directors. Purchases under the SRP are limited in any calendar quarter to 1.25% of the Company's NAV as of the last day of the previous calendar quarter, or approximately 5.0% of the Company's NAV in any 12 month period. If the Company reaches the 1.25% limit on repurchases during any quarter, the Company will not accept any additional repurchase requests for the remainder of such quarter. The SRP will automatically resume on the first day of the next calendar quarter, unless the board of directors determines to suspend the SRP.
	Effective November 14, 2014, there is no minimum holding period for shares of the Company's common stock and stockholders can submit their shares for repurchase at any time through the SRP. Shares repurchased in connection with the death or disability of a stockholder will be repurchased at a purchase price equal to the greater of the price paid for such shares and the then-current NAV (as adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to the Company's common stock).
	Subject to limited exceptions, stockholders who request the repurchase of shares of the Company's common stock within the first four months from the date of purchase will be subject to a short-term trading fee of 2.0%.
	The Company's board of directors reserves the right, in its sole discretion, at any time and from time to time, to reject any request for repurchase, change the purchase price for repurchases or otherwise amend, suspend or terminate the terms of the SRP.
	When a stockholder requests repurchases and the repurchases are approved, the Company will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares purchased under the SRP will have the status of authorized but unissued shares. The following table summarizes the repurchases of shares under the SRP cumulatively through March 31, 2015:


			Number of Requests			Number of Shares	Weighted-Average Price per Share
	Cumulative repurchases as of December 31, 2014		158			303,907	$	24.01
	Cumulative repurchases as of December 31, 2014		158			303,907	$	24.01
	Three months ended March 31, 2015		86			227,875	23.79
	Three months ended March 31, 2015		86			227,875	23.79
	Cumulative repurchases as of March 31, 2015 (1)		244			531,782	$	23.92
	Cumulative repurchases as of March 31, 2015 (1)		244			531,782	$	23.92
	_____________________

	-1	Includes 83 unfulfilled repurchase requests consisting of 226,466 shares with a weighted-average repurchase price per share of $23.79, which were approved for repurchase as of March 31, 2015 and were completed during the second quarter of 2015. This liability was included in accounts payable and accrued expenses on the Company's consolidated balance sheet as of March 31, 2015.
	See Note 15 — Subsequent Events for changes to the SRP.
	Distribution Reinvestment Plan
	Pursuant to the DRIP, stockholders may elect to reinvest distributions by purchasing shares of common stock in lieu of receiving cash. No dealer manager fees or selling commissions are paid with respect to shares purchased pursuant to the DRIP. Participants purchasing shares pursuant to the DRIP have the same rights and are treated in the same manner as if such shares were issued pursuant to the IPO. The board of directors may designate that certain cash or other distributions be excluded from the DRIP. The Company has the right to amend any aspect of the DRIP or terminate the DRIP with ten days' notice to participants. Shares issued pursuant to the DRIP are recorded within stockholders' equity in the accompanying consolidated balance sheets in the period distributions are declared. Until November 14, 2014, the Company offered shares pursuant to the DRIP at $23.75, which was 95.0% of the initial offering price of shares of common stock in the IPO. Effective November 14, 2014, the Company offers shares pursuant to the DRIP at Estimated Per-Share NAV. During the three months ended March 31, 2015 and the year ended December 31, 2014, the Company issued 0.6 million and 2.6 million shares of common stock with a value of $14.8 million and $61.0 million, respectively, and a par value per share of $0.01, pursuant to the DRIP.
	See Note 15 — Subsequent Events for changes to the DRIP.
	Accumulated Other Comprehensive Income
	The following tables illustrate the changes in accumulated other comprehensive income for the period presented below:


	(In thousands)		Unrealized Gains on Available-for-sale Securities
	Balance, January 1, 2015		$	463
	Balance, January 1, 2015		$	463
	Other comprehensive loss, before reclassifications		(723		)
	Amounts reclassified from accumulated other comprehensive income		546			(1)
			546			(1)
	Balance, March 31, 2015		$	286
	Balance, March 31, 2015		$	286
	_________________________________

	-1	Amounts were reclassified to gain (loss) on sale of investment securities on the consolidated statements of operations and comprehensive income (loss).

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies
	Future Minimum Ground Lease Payments
	The Company entered into ground lease agreements related to certain acquisitions under leasehold interest arrangements. The following table reflects the minimum base cash rental payments due from the Company over the next five years and thereafter:


	(In thousands)	Future Minimum Base Rent Payments
	April 1, 2015 to December 31, 2015	$	666

	2016	895

	2017	900

	2018	882

	2019	882

	Thereafter	5,526

		$	9,751

	Litigation and Regulatory Matters
	In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. There are no material legal or regulatory proceedings pending or known to be contemplated against the Company.
	Environmental Matters
	In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. The Company maintains environmental insurance for its properties that provides coverage for potential environmental liabilities, subject to the policy's coverage conditions and limitations. The Company has not been notified by any governmental authority of any non-compliance, liability or other claim, and is not aware of any other environmental condition that it believes will have a material adverse effect on its financial position or results of operations.

Related_Party_Transactions_and

Related Party Transactions and Arrangements	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Related Party Transactions and Arrangements
	As of March 31, 2015 and December 31, 2014, the Special Limited Partner, an entity controlled by the Sponsor, owned 8,888 shares of the Company's outstanding common stock and 90 OP Units.
	Fees Incurred in Connection with the IPO
	The Dealer Manager was entitled to receive fees and compensation in connection with the sale of the Company's common stock in the IPO. The Dealer Manager received selling commissions of up to 7.0% of gross offering proceeds before reallowance of commissions earned by participating broker-dealers. In addition, the Dealer Manager received up to 3.0% of the gross proceeds from the sale of shares of common stock, before reallowance to participating broker-dealers, as a dealer manager fee. The Dealer Manager was permitted to reallow its dealer manager fee to such participating broker-dealers, based on such factors as the volume of shares sold by respective participating broker-dealers and marketing support incurred as compared to those of other participating broker-dealers. The following table details total selling commissions and dealer manager fees incurred from and due to the Dealer Manager as of and for the periods presented:


			Three Months Ended March 31,						Payable as of
	(In thousands)		2015		2014				March 31, 2015		December 31, 2014
	Total commissions and fees from the Dealer Manager		$	—	$	(3	)	(1)	$	—	$	(13	)

	_________________________________

	-1	During the three months ended March 31, 2014, the Company was reimbursed for selling commissions and dealer manager fees as a result of share purchase cancellations related to common stock sales prior to the close of the IPO.
	The Advisor and its affiliates received fees and expense reimbursements for services relating to the IPO. The Company utilizes transfer agent services provided by an affiliate of the Dealer Manager. All offering costs related to the IPO incurred by the Company or its affiliated entities on behalf of the Company were charged to additional paid-in capital on the accompanying consolidated balance sheets. The following table details offering costs and reimbursements incurred from and due to the Advisor and Dealer Manager as of and for the periods presented:


			Three Months Ended March 31,						Payable as of
	(In thousands)		2015		2014				March 31, 2015		December 31, 2014
	Fees and expense reimbursements from the Advisor and Dealer Manager		$	—	$	(253	)		$	—	$	—

	Fees and Participations Incurred in Connection With the Operations of the Company
	The Advisor receives an acquisition fee of 1.0% of the contract purchase price of each acquired property and 1.0% of the amount advanced for a loan or other investment. The Advisor is also paid for services provided for which it incurs investment-related expenses, or insourced expenses. Such insourced expenses will be fixed initially at, and may not exceed, 0.5% of the contract purchase price and 0.5% of the amount advanced for a loan or other investment. Additionally, the Company pays third party acquisition expenses. Once the proceeds from the IPO have been fully invested, the aggregate amount of acquisition fees and financing coordination fees (as described below) shall not exceed 1.5% of the contract purchase price and the amount advanced for a loan or other investment for all the assets acquired. As of March 31, 2015, aggregate acquisition fees and financing fees did not exceed the 1.5% threshold. In no event will the total of all acquisition fees, acquisition expenses and any financing coordination fees payable with respect to a particular investment or reinvestment exceed 4.5% of the contract purchase price to be measured at the close of the acquisition phase or 4.5% of the amount advanced for a loan or other investment. As of March 31, 2015, the total of all acquisition fees, acquisition expenses and any financing coordination fees did not exceed the 4.5% threshold.
	If the Advisor provides services in connection with the origination or refinancing of any debt that the Company obtains and uses to acquire properties or to make other permitted investments, or that is assumed, directly or indirectly, in connection with the acquisition of properties, the Company will pay the Advisor a financing coordination fee equal to 0.75% of the amount available and/or outstanding under such financing, subject to certain limitations.
	In connection with providing strategic advisory services related to certain portfolio acquisitions, the Company has entered into arrangements in which the investment banking division of the Dealer Manager receives a transaction fee of 0.25% of the Transaction Value for certain portfolio acquisition transactions. Pursuant to such arrangements to date, "Transaction Value" has been defined as (i) the value of the consideration paid or to be paid for all the equity securities or assets in connection with the sale transaction or acquisition transaction (including consideration payable with respect to convertible or exchangeable securities and option, warrants or other exercisable securities and including dividends or distributions and equity security repurchases made in anticipation of or in connection with the sale transaction or acquisition transaction), or the implied value for all the equity securities or assets of the Company or acquisition target, as applicable, if a partial sale or purchase is undertaken, plus (ii) the aggregate value of any debt, capital lease and preferred equity security obligations (whether consolidated, off-balance sheet or otherwise) of the Company or acquisition target, as applicable, outstanding at the closing of the sale transaction or acquisition transaction), plus (iii) the amount of any fees, expenses and promote paid by the buyer(s) on behalf of the Company or the acquisition target, as applicable. Should the Dealer Manager provide strategic advisory services related to additional portfolio acquisition transactions, the Company will enter into new arrangements with the Dealer Manager on such terms as may be agreed upon between the two parties.
	In connection with the asset management services provided by the Advisor, the Company issued to the Advisor an asset management subordinated participation by causing the OP to issue (subject to periodic approval by the board of directors) to the Advisor performance-based restricted, forfeitable partnership units of the OP designated as "Class B Units." The Class B Units are intended to be profit interests and will vest, and no longer be subject to forfeiture, at such time as: (a) the value of the OP's assets plus all distributions made equals or exceeds the total amount of capital contributed by investors plus a 6.0% cumulative, pretax, non-compounded annual return thereon (the "economic hurdle"); (b) any one of the following events occurs concurrently with or subsequently to the achievement of the economic hurdle described above: (i) a listing; (ii) a transaction to which the Company or the OP, shall be a party, as a result of which OP Units or the Company's common stock shall be exchanged for, or converted into, the right, or the holders of such securities shall otherwise be entitled, to receive cash, securities or other property or any combination thereof; or (iii) the termination of the advisory agreement without cause; and (c) the Advisor pursuant to the advisory agreement is providing services to the Company immediately prior to the occurrence of an event of the type described in clause (b) above, unless the failure to provide such services is attributable to the termination without cause of the advisory agreement by an affirmative vote of a majority of the Company's independent directors after the economic hurdle described above has been met. Unvested Class B Units will be forfeited immediately if: (x) the advisory agreement is terminated for any reason other than a termination without cause; or (y) the advisory agreement is terminated without cause by an affirmative vote of a majority of the board of directors before the economic hurdle described above has been met.
	When and if approved by the board of directors, the Class B Units are issued to the Advisor quarterly in arrears pursuant to the terms of the limited partnership agreement of the OP. The number of Class B Units issued in any quarter is equal to the cost of the Company's assets multiplied by 0.1875%, divided by the value of one share of common stock as of the last day of such calendar quarter, which was initially equal to $22.50 (the initial offering price in the IPO minus selling commissions and dealer manager fees) and, as of the NAV Pricing Date, to Estimated Per-Share NAV. See Note 15 — Subsequent Events for changes to this arrangement. As of March 31, 2015, in aggregate, the Company's board of directors had approved the issuance of 703,796 Class B Units to the Advisor in connection with this arrangement. As of March 31, 2015, the Company could not determine the probability of achieving the performance condition, as such, no expense was recognized in connection with this arrangement during the three months ended March 31, 2015 and 2014.
	The Advisor receives distributions on unvested Class B Units equal to the distribution rate received on the Company's common stock. Such distributions on issued Class B Units are included in general and administrative expenses in the consolidated statements of operations and comprehensive income (loss).
	Effective August 1, 2013, the Company entered into an agreement with the Dealer Manager to provide strategic advisory services and investment banking services required in the ordinary course of the Company's business, such as performing financial analysis, evaluating publicly traded comparable companies and assisting in developing a portfolio composition strategy, a capitalization structure to optimize future liquidity options and structuring operations. Strategic advisory fees were fully amortized to general and administrative expenses as of December 31, 2013. No such costs were incurred during the three months ended March 31, 2015. The Dealer Manager and its affiliates also provide transfer agency services, as well as transaction management and other professional services. These fees are also included in general and administrative expenses on the accompanying consolidated statements of operations and comprehensive income (loss) during the period the service was provided.
	The following table details amounts incurred, forgiven and payable to related parties in connection with the operations-related services described above as of and for the periods presented:


			Three Months Ended March 31,											Payable as of
			2015						2014
	(In thousands)		Incurred		Forgiven				Incurred		Forgiven			March 31, 2015		December 31, 2014
	One-time fees and reimbursements:
	Acquisition fees and related cost reimbursements		$	—	$	—			$	8,824	$	—		$	—	$	—

	Financing coordination fees		—		—				4,778		—			—		—

	Ongoing fees:
	Transfer agent and other professional services		631		—				490		—			867		753

	Distributions on Class B Units		286		—				43		—			—		—

	Total related party operation fees and reimbursements		$	917	$	—			$	14,135	$	—		$	867	$	753

	The Company reimburses the Advisor's costs of providing administrative services, subject to the limitation that the Company will not reimburse the Advisor for any amount by which the Company's operating expenses at the end of the four preceding fiscal quarters exceeds the greater of (a) 2.0% of average invested assets and (b) 25.0% of net income other than any additions to reserves for depreciation, bad debt or other similar non-cash expenses and excluding any gain from the sale of assets for that period, unless the Company's independent directors determine that such excess was justified based on unusual and nonrecurring factors which they deem sufficient, in which case the excess amount may be reimbursed to the Advisor in subsequent periods. The Company may not reimburse the Advisor for personnel costs in connection with services for which the Advisor receives acquisition fees, acquisition expenses or real estate commissions. No reimbursements were incurred from the Advisor for providing administrative services during the three months ended March 31, 2015 and 2014.
	In order to improve operating cash flows and the ability to pay distributions from operating cash flows, the Advisor may elect to waive certain fees. Because the Advisor may waive certain fees, cash flows from operations that would have been paid to the Advisor may be available to pay distributions to stockholders. The fees that are forgiven are not deferrals and, accordingly, will not be paid to the Advisor. In certain instances, to improve the Company's working capital, the Advisor may elect to absorb a portion of the Company's general and administrative costs and/or property operating costs. No such fees were waived or costs were absorbed by the Advisor during the three months ended March 31, 2015 and 2014.
	Fees and Participations Incurred in Connection With Liquidation or Listing
	In May 2014, the Company entered into a transaction management agreement with RCS Advisory Services, LLC, an entity under common control with the Dealer Manager, to provide strategic alternatives transaction management services through the occurrence of a liquidity event and a-la-carte services thereafter. The Company agreed to pay and has paid $3.0 million pursuant to this agreement. The Company did not incur expenses for services provided pursuant to this agreement during the three months ended March 31, 2015 and 2014. The Company incurred all expenses pursuant to this agreement during the second and third quarters of 2014 in acquisition and transaction related expense on the consolidated statements of operations and comprehensive income (loss).
	In May 2014, the Company entered into an information agent and advisory services agreement with the Dealer Manager and American National Stock Transfer, LLC, an entity under common control with the Dealer Manager, to provide in connection with a liquidity event, advisory services, educational services to external and internal wholesalers, communication support as well as proxy, tender offer or redemption and solicitation services. The Company agreed to pay $1.9 million in the aggregate pursuant to this agreement. The Company did not incur expenses for services provided pursuant to this agreement during the three months ended March 31, 2015 and 2014. During the three months ended March 31, 2015, the Company prepaid $0.3 million related to this agreement. As of March 31, 2015, $0.7 million of prepayments related to this agreement are included in prepaid expenses and other assets on the accompanying consolidated balance sheet.
	The investment banking and capital markets division of the Dealer Manager provides the Company with strategic and financial advice and assistance in connection with (i) a possible sale transaction involving the Company (ii) the possible listing of the Company's securities on a national securities exchange, and (iii) a possible acquisition transaction involving the Company. The Dealer Manager will receive a listing advisory fee equal to the greatest of (i) an amount equal to 0.25% of Transaction Value (as defined above), (ii) $1.0 million and (iii) the highest fee payable to any co-bookrunner (or comparable person) in connection with the listing. If one of the above events does not occur, the Dealer Manager will receive a base advisory services fee of $1.0 million on the earlier of (a) the date the Dealer Manager resigns or is terminated for cause and (b) 18 months from the date of any other termination of this agreement by the Company. The Company did not incur expenses for services provided pursuant to this agreement during the three months ended March 31, 2015 and 2014. The Company incurred $1.0 million expenses pursuant to this agreement during the third quarter of 2014, which is included in accounts payable and accrued expenses on the accompanying consolidated balance sheet as of March 31, 2015.
	The Company may pay the Advisor a subordinated performance fee calculated on the basis of the Company's total return to stockholders, payable annually in arrears, such that for any year in which the Company's total return on stockholders' capital exceeds 6.0% per annum, the Advisor will be entitled to 15.0% of the excess total return, provided that the annual subordinated performance fee paid to the Advisor does not exceed 10.0% of the aggregate total return for such year. This fee will be payable only upon the sale of assets, distributions or other event which results in the return on stockholders' capital exceeding 6.0% per annum. No subordinated performance fees were incurred during the three months ended March 31, 2015 and 2014.
	If the Company is not listed on a national securities exchange, the Company intends to pay a subordinated participation in the net sales proceeds of the sale of real estate assets of 15.0% of remaining net sales proceeds after return of capital contributions to investors plus payment to investors of an annual 6.0% cumulative, pre-tax, non-compounded annual return on the capital contributed by investors. There can be no assurance that the Company will provide this 6.0% annual return and the Special Limited Partner will not be entitled to the subordinated participation in net sale proceeds unless the Company's investors have received an annual 6.0% cumulative, pre-tax, non-compounded annual return on their capital contributions. No such participation in net sales proceeds became due and payable during the three months ended March 31, 2015 and 2014.
	If the common stock of the Company is listed on a national securities exchange, the Company expects to pay a subordinated incentive listing distribution from the OP of 15.0% of the amount by which the Company's market value plus distributions exceeds the aggregate capital contributed by investors plus an amount equal to an annual 6.0% cumulative, pre-tax, non-compounded annual return to investors, which amount would be evidenced by a non-interest bearing promissory note. The Company cannot assure that it will provide this 6.0% annual return and the Special Limited Partner will not be entitled to the subordinated incentive listing distribution unless investors have received an annual 6.0% cumulative, pre-tax, non-compounded annual return on their capital contributions. No such distribution was incurred during the three months ended March 31, 2015 and 2014. Neither the Advisor nor any of its affiliates can earn both the subordination participation in the net proceeds and the subordinated incentive listing distribution.
	Upon termination or non-renewal of the advisory agreement with or without cause, the Special Limited Partner will be entitled to receive distributions from the OP equal to 15.0% of the amount by which the sum of the Company's market value plus distributions exceeds the sum of the aggregate capital contributed by investors plus an amount equal to a 6.0% annual cumulative, pre-tax, non-compounded annual return to investors. The Advisor may elect to defer its right to receive a subordinated distribution upon termination until either a listing on a national securities exchange or other liquidity event occurs.
	The Company pays the Advisor a brokerage commission on the sale of property, not to exceed the lesser of 2.0% of the contract sale price of the property and one-half of the total brokerage commission paid, if a third party broker is also involved; provided, however, that in no event may the real estate commissions paid to the Advisor, its affiliates and unaffiliated third parties exceed the lesser of 6.0% of the contract sales price and a reasonable, customary and competitive real estate commission, in each case, payable to the Advisor if the Advisor or its affiliates, as determined by a majority of the independent directors, provided a substantial amount of services in connection with the sale. No such fees were incurred during the three months ended March 31, 2015 and 2014.

Economic_Dependency

Economic Dependency	3 Months Ended
Economic Dependency	Mar. 31, 2015
Economic Dependency [Abstract]
Economic Dependency	Economic Dependency
	Under various agreements, the Company has engaged or will engage the Advisor, its affiliates and entities under common control with the Advisor to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, the sale of shares of the Company's common stock available for issue, transfer agency services, as well as other administrative responsibilities for the Company including accounting services, transaction management services and investor relations.
	As a result of these relationships, the Company is dependent upon the Advisor and its affiliates. In the event that these companies are unable to provide the Company with the respective services, the Company will be required to find alternative providers of these services.

ShareBased_Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation
	Restricted Share Plan
	The Company has an employee and director incentive restricted share plan (the "RSP"), which provides for the automatic grant of 1,333 restricted shares of common stock to each of the independent directors, without any further action by the Company's board of directors or the stockholders, on the date of initial election to the board of directors and on the date of each annual stockholders' meeting. Restricted stock issued to independent directors will vest over a five-year period following the date of grant in increments of 20.0% per annum. The RSP provides the Company with the ability to grant awards of restricted shares to the Company's directors, officers and employees (if the Company ever has employees), employees of the Advisor and its affiliates, employees of entities that provide services to the Company, directors of the Advisor or of entities that provide services to the Company, certain consultants to the Company and the Advisor and its affiliates or to other entities that provide services to the Company. The total number of shares of common stock granted under the RSP shall not exceed 5.0% of the Company's shares of common stock on a fully diluted basis at any time, and in any event will not exceed 3.4 million shares (as such number may be adjusted for stock splits, stock dividends, combinations and similar events).
	Restricted share awards entitle the recipient to receive shares of common stock from the Company under terms that provide for vesting over a specified period of time. Such awards would typically be forfeited with respect to the unvested shares upon the termination of the recipient's employment or other relationship with the Company. Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares may receive cash distributions prior to the time that the restrictions on the restricted shares have lapsed. Any distributions payable in shares of common stock shall be subject to the same restrictions as the underlying restricted shares.
	The following table reflects restricted share award activity for the three months ended March 31, 2015:


		Number of Shares of Common Stock	Weighted-Average Issue Price
	Unvested, December 31, 2014	4,799	$	22.5

	Granted	1,276	23.5

	Unvested, March 31, 2015	6,075	$	22.71

	The fair value of the restricted shares is being expensed on a straight-line basis over the service period of five years. Compensation expense related to restricted stock was approximately $7,000 and $5,000 for the three months ended March 31, 2015 and 2014, respectively.
	As of March 31, 2015, the Company had $0.1 million of unrecognized compensation cost related to unvested restricted share awards granted under the Company's RSP. That cost is expected to be recognized over a weighted-average period of 2.7 years.
	Other Share-Based Compensation
	The Company may issue common stock in lieu of cash to pay fees earned by the Company's directors at each director's election. There are no restrictions on the shares issued since these payments in lieu of cash relate to fees earned for services performed. There were no shares of common stock issued to directors in lieu of cash compensation during the three months ended March 31, 2015 and 2014.

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Income	3 Months Ended
Accumulated Other Comprehensive Income	Mar. 31, 2015
Equity [Abstract]
Accumulated Other Comprehensive Income	Common Stock
	As of March 31, 2015 and December 31, 2014, the Company had 65.7 million and 65.3 million shares of common stock outstanding, respectively, including unvested restricted shares and shares issued pursuant to the DRIP.
	On April 9, 2013, the Company's board of directors authorized, and the Company declared a distribution, which is calculated based on stockholders of record each day during the applicable period of $0.00452054795 per day, which is equivalent to $1.65 per annum, per share of common stock. Distributions began to accrue on May 13, 2013, 15 days following the Company's initial property acquisition. Distributions are payable by the fifth day following each month end to stockholders of record at the close of business each day during the prior month. Distribution payments are dependent on the availability of funds. The board of directors may reduce the amount of distributions paid or suspend distribution payments at any time and therefore distributions payments are not assured. See Note 15 — Subsequent Events for changes to the distribution policy.
	Share Repurchase Program
	The Company's board of directors has adopted the SRP that enables stockholders to sell their shares to the Company under limited circumstances. The SRP permits stockholders to sell their shares back to the Company, subject to the significant conditions and limitations described below.
	Only those stockholders who purchased their shares from the Company or received their shares from the Company (directly or indirectly) through one or more non-cash transactions are able to participate in the SRP. The repurchase of shares occurs on the last business day prior to the filing of each quarterly financial filing (and in all events on a date other than a dividend payment date).
	Until November 14, 2014, a stockholder must have beneficially held the shares for at least one year prior to offering them for sale to the Company through the SRP, although if a stockholder sold back all of its shares, the Company's board of directors had the discretion to exempt shares purchased pursuant to the DRIP from this one-year requirement. In addition, upon the death or disability of a stockholder, upon request, the Company could waive the one-year holding requirement.
	Until November 14, 2014, the number of shares repurchased could not exceed 5.0% of the weighted-average number of shares of common stock outstanding at the end of the previous calendar year and the price per share for repurchases of shares of common stock was as follows (in each case, as adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to the Company's common stock):

	•	the lower of $23.13 and 92.5% of the price paid to acquire the shares, for stockholders who had continuously held their shares for at least one year;

	•	the lower of $23.75 and 95.0% of the price paid to acquire the shares for stockholders who had continuously held their shares for at least two years;

	•	the lower of $24.78 and 97.5% of the price paid to acquire the shares for stockholders who had continuously held their shares for at least three years; and

	•	the lower of $25.00 and 100.0% of the price paid to acquire the shares for stockholders who had continuously held their shares for at least four years.
	Effective November 14, 2014, the repurchase price for shares under the SRP is based on the estimated net asset value ("NAV") per share of the Company's common stock ("Estimated Per-Share NAV") as determined by the Company's board of directors. Purchases under the SRP are limited in any calendar quarter to 1.25% of the Company's NAV as of the last day of the previous calendar quarter, or approximately 5.0% of the Company's NAV in any 12 month period. If the Company reaches the 1.25% limit on repurchases during any quarter, the Company will not accept any additional repurchase requests for the remainder of such quarter. The SRP will automatically resume on the first day of the next calendar quarter, unless the board of directors determines to suspend the SRP.
	Effective November 14, 2014, there is no minimum holding period for shares of the Company's common stock and stockholders can submit their shares for repurchase at any time through the SRP. Shares repurchased in connection with the death or disability of a stockholder will be repurchased at a purchase price equal to the greater of the price paid for such shares and the then-current NAV (as adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to the Company's common stock).
	Subject to limited exceptions, stockholders who request the repurchase of shares of the Company's common stock within the first four months from the date of purchase will be subject to a short-term trading fee of 2.0%.
	The Company's board of directors reserves the right, in its sole discretion, at any time and from time to time, to reject any request for repurchase, change the purchase price for repurchases or otherwise amend, suspend or terminate the terms of the SRP.
	When a stockholder requests repurchases and the repurchases are approved, the Company will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares purchased under the SRP will have the status of authorized but unissued shares. The following table summarizes the repurchases of shares under the SRP cumulatively through March 31, 2015:


			Number of Requests			Number of Shares	Weighted-Average Price per Share
	Cumulative repurchases as of December 31, 2014		158			303,907	$	24.01
	Cumulative repurchases as of December 31, 2014		158			303,907	$	24.01
	Three months ended March 31, 2015		86			227,875	23.79
	Three months ended March 31, 2015		86			227,875	23.79
	Cumulative repurchases as of March 31, 2015 (1)		244			531,782	$	23.92
	Cumulative repurchases as of March 31, 2015 (1)		244			531,782	$	23.92
	_____________________

	-1	Includes 83 unfulfilled repurchase requests consisting of 226,466 shares with a weighted-average repurchase price per share of $23.79, which were approved for repurchase as of March 31, 2015 and were completed during the second quarter of 2015. This liability was included in accounts payable and accrued expenses on the Company's consolidated balance sheet as of March 31, 2015.
	See Note 15 — Subsequent Events for changes to the SRP.
	Distribution Reinvestment Plan
	Pursuant to the DRIP, stockholders may elect to reinvest distributions by purchasing shares of common stock in lieu of receiving cash. No dealer manager fees or selling commissions are paid with respect to shares purchased pursuant to the DRIP. Participants purchasing shares pursuant to the DRIP have the same rights and are treated in the same manner as if such shares were issued pursuant to the IPO. The board of directors may designate that certain cash or other distributions be excluded from the DRIP. The Company has the right to amend any aspect of the DRIP or terminate the DRIP with ten days' notice to participants. Shares issued pursuant to the DRIP are recorded within stockholders' equity in the accompanying consolidated balance sheets in the period distributions are declared. Until November 14, 2014, the Company offered shares pursuant to the DRIP at $23.75, which was 95.0% of the initial offering price of shares of common stock in the IPO. Effective November 14, 2014, the Company offers shares pursuant to the DRIP at Estimated Per-Share NAV. During the three months ended March 31, 2015 and the year ended December 31, 2014, the Company issued 0.6 million and 2.6 million shares of common stock with a value of $14.8 million and $61.0 million, respectively, and a par value per share of $0.01, pursuant to the DRIP.
	See Note 15 — Subsequent Events for changes to the DRIP.
	Accumulated Other Comprehensive Income
	The following tables illustrate the changes in accumulated other comprehensive income for the period presented below:


	(In thousands)		Unrealized Gains on Available-for-sale Securities
	Balance, January 1, 2015		$	463
	Balance, January 1, 2015		$	463
	Other comprehensive loss, before reclassifications		(723		)
	Amounts reclassified from accumulated other comprehensive income		546			(1)
			546			(1)
	Balance, March 31, 2015		$	286
	Balance, March 31, 2015		$	286
	_________________________________

	-1	Amounts were reclassified to gain (loss) on sale of investment securities on the consolidated statements of operations and comprehensive income (loss).

Net_Income_Loss_Per_Share

Net Income (Loss) Per Share	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Net Income (Loss) Per Share
	The following is a summary of the basic and diluted net loss per share computation for the three months ended March 31, 2015 and 2014:


		Three Months Ended March 31,
	(In thousands, except share and per share amounts)	2015			2014
	Basic net income (loss)	$	4,901		$	(9,569	)

	Adjustments to net income (loss) for common share equivalents	(116		)	—

	Diluted net income (loss)	$	4,785		$	(9,569	)


	Basic weighted-average shares outstanding	65,672,016			62,693,554

	Basic net income (loss) per share	$	0.07		$	(0.15	)

	Diluted weighted-average shares outstanding	65,677,204			62,693,554

	Diluted net income (loss) per share	$	0.07		$	(0.15	)

	Diluted net income (loss) per share assumes the conversion of all common stock equivalents into an equivalent number of common shares, unless the effect is antidilutive. The Company considers unvested restricted stock, OP Units and Class B Units to be common share equivalents, and thus were included in the calculation of diluted net income per share for the three months ended March 31, 2015 to the extent their effect was dilutive. The Company had the following common share equivalents as of March 31, 2014, which were excluded from the calculation of diluted net loss per share for the three months ended March 31, 2014 as their effect would have been antidilutive for the periods presented:


		Three Months Ended March 31,
		2014
	Unvested restricted stock	4,000

	OP Units	90

	Class B Units	171,673

	Total common stock equivalents	175,763

Subsequent_Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events
	The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q, and determined that there have not been any events that have occurred that would require adjustments to, or disclosures in, the consolidated financial statements except for the following disclosures:
	Listing on NYSE and Name Change
	On April 15, 2015, the Company applied to list its common stock on the New York Stock Exchange ("NYSE") under the symbol "AFIN" (the "Listing"). In connection with the Listing, the Company intends to file Articles of Amendment to change the Company's name to "American Finance Trust, Inc."
	Completion of the Listing is subject to final approval by the NYSE. There can be no assurance that the Company’s shares of Common Stock will be listed on the NYSE.
	New Strategy
	On April 15, 2015, the Advisor recommended, and the Company's board of directors approved, the Company’s New Strategy, pursuant to which the Company expects to focus its new investment activity on originating and acquiring CRE Debt Investments. The Company will continue to maintain and selectively invest in additions to the Net Lease Portfolio, however the Company will not forgo opportunities to invest in other types of real estate investments that meet the Company’s overall investment objectives.
	Tender Offer
	The Company announced that in connection with the Listing, the Company also intends to commence an offer to purchase up to $125.0 million of shares of its common stock from its stockholders at a price of $25.50 per share (the "Tender Offer"), net to the tendering stockholders in cash, less any applicable withholding taxes and without interest. The Company believes the Tender Offer will augment the options available to stockholders in connection with the Listing by allowing them to tender all or a portion of their shares in the Tender Offer at a fixed price. If the Tender Offer is oversubscribed, proration of the tendered shares will be determined promptly after the Tender Offer expires. The Company intends to fund the Tender Offer with cash on hand and funds available under the Credit Facility. The Company expects to commence the Tender Offer on the date of the Listing and the Tender Offer will expire on 20th business day thereafter (unless the Company extends the offer). The Tender Offer will be subject to certain conditions.
	Reaffirmation of Current Monthly Distributions and Change to Payment Dates
	The Company announced that it intends to continue payment of monthly distributions at an annualized rate of $1.65 per share. Historically, the Company has calculated its monthly distribution based upon daily record and distribution declaration dates so that its stockholders would be entitled to be paid distributions beginning with the month in which their shares were purchased. Following the Listing, the Company will pay distributions on the 15th day of each month to stockholders of record as of close of business on the 8th day of such month.
	Subordinated Listing Distribution
	In connection with the Listing, the Company, as the general partner of the OP, will cause the OP to issue a note (the “Listing Note”) to the Special Limited Partner to evidence the OP’s obligation to distribute to the Special Limited Partner an aggregate amount (the “Listing Amount”) equal to 15.0% of the difference (to the extent the result is a positive number) between:

	•	the sum of (i) the “market value” (as defined in the Listing Note) of the Company’s Common Stock plus (ii) the sum of all distributions or dividends (from any source) paid by the Company to its stockholders prior to the Listing; and

	•	the sum of (i) the total raised in the Company’s initial public offering (“IPO”) and under the Company’s distribution reinvestment plan (“DRIP”) prior to the Listing (“Gross Proceeds”) plus (ii) the total amount of cash that, if distributed to those stockholders who purchased shares of Common Stock in the IPO and under the DRIP, would have provided those stockholders a 6.0% cumulative, non-compounded, pre-tax annual return (based on a 365-day year) on the Gross Proceeds.
	The “market value” used to calculate the Listing Amount will not be determinable until the end of a measurement period, the period of 30 consecutive trading days, commencing on the 180th day following the Listing, unless another liquidity event, such as a merger, occurs prior to the end of the measurement period. If another liquidity event occurs prior to the end of the measurement period, the Listing Note provides for appropriate adjustment to the calculation of the Listing Amount.
	The Special Limited Partner will have the right to receive distributions of “Net Sales Proceeds,” as defined in the Listing Note, until the Listing Note is paid in full; provided that, the Special Limited Partner has the right, but not the obligation, to convert the entire Special Limited Partner interest into OP Units. OP Units are convertible into shares of the Company’s Common Stock in accordance with the terms governing conversion of OP Units into shares of Common Stock and contained in the Second Amended and Restated Agreement of Limited Partnership of the OP (the “OP Agreement”), which will be entered into at Listing.
	Amendment to Advisory Agreement
	On April 15, 2015, the Company's board of directors approved an amendment (the "Amendment") to the Amended and Restated Advisory Agreement, dated June 5, 2013 (as amended by the Amendment, the "Advisory Agreement") by and among the Company, the OP and the Advisor, which, among other things, provides that, effective as of the date thereof:

	(i)	for any period commencing on or after April 1, 2015, the Company shall pay the Advisor or its assignees as compensation for services rendered in connection with the management of the Company’s assets an Asset Management Fee (as defined in the Advisory Agreement) equal to 0.75% per annum of the Cost of Assets (as defined in the Advisory Agreement);

	(ii)	such Asset Management Fee will be payable monthly in arrears in cash, in shares of common stock, or a combination of both, the form of payment to be determined in the sole discretion of the Advisor; and

	(iii)	the Company shall not cause the OP to issue any Class B Units in respect of periods subsequent to March 31, 2015.
	Amendments to Agreement of Limited Partnership of the OP
	Third Amendment to the Agreement of Limited Partnership of the OP
	On April 29, 2015, the board of directors authorized the execution by the Company, as general partner of its OP, of a Third Amendment (the “Third Amendment”) to the OP Agreement to conform the OP Agreement to the previously announced amendment on April 15, 2015, to that certain Amended and Restated Advisory Agreement, dated June 5, 2013, by and among the Company, the OP and the Advisor. The Third Amendment provides that the OP will not issue any Class B Units in respect of periods subsequent to March 31, 2015.
	Amended and Restated Agreement of Limited Partnership of the OP
	On April 29, 2015, the board of directors authorized the execution, in conjunction with the Listing, of an Amended and Restated Agreement of Limited Partnership of the OP (the “A&R OP Agreement”) by the Company, as general partner of its OP, with the limited partners party thereto to conform more closely with agreements of limited partnership of other operating partnerships controlled by real estate investment trusts whose securities are publicly traded and listed, and to add long term incentive plan units (“LTIP Units”) as a new class of units of limited partnership in the OP to the existing common units (“OP Units”). Pursuant to the A&R OP Agreement, the LTIP Units will be created. The Company may at any time cause the OP to issue LTIP Units to members of the Company’s senior management team. These LTIP Units will be earned and will vest on such terms as are determined by the Company’s Compensation Committee. In general, LTIP Units are a special class of units entitled to receive profit distributions. Upon issuance and prior to being fully earned, holders of LTIP Units are entitled to receive per unit profit distributions equal to ten percent (10.0%) of per unit profit distributions on the outstanding OP Units. After LTIP Units are fully earned, a holder of LTIP Units first will be entitled to receive a catch-up of the other ninety percent (90.0%) of per unit profit distributions not previously distributed, and, subsequently, they will be entitled to receive the same per unit profit distributions as the other outstanding OP Units. However, as profits interests, LTIP Units initially will not have full parity, on a per unit basis, with the OP Units with respect to liquidating distributions, and a holder of LTIP Units would receive nothing if the OP were liquidated immediately after the LTIP Unit is awarded. Upon the occurrence of specified events, LTIP Units can over time achieve full parity with the OP Units and therefore accrete to an economic value for the holder equivalent to the OP Units. In order for LTIP Units to have full parity with the OP Units, the capital accounts of the holders of LTIP Units with respect to such LTIP Units would have to be equalized (on a per unit basis) with the capital accounts of the holders of the OP Units. This capital account equalization per unit would occur through special allocations of net increases in valuation (if any) of the Company’s assets upon the occurrence of certain revaluation events permitted under the Code and Treasury regulations, including: (i) the acquisition of an additional interest in the OP by a new or existing partner in exchange for more than a de minimus capital contribution, (ii) the distribution by the OP of more than a de minimus amount of property as consideration for the repurchase or redemption of an interest in the OP (which may include the redemption or conversion of LTIP Units into OP Units or the Company’s Common Stock), (iii) the liquidation of the OP or (iv) at such other times as the Company reasonably determines to be necessary or desirable to comply with Treasury regulations (including the issuance of new LTIP Units). LTIP Units cannot achieve immediate full parity with OP Units under any circumstances at the time of grant of such LTIP Units. Generally, an LTIP Unit will be convertible into an OP Unit at any time after such LTIP Unit vests and the capital account associated with such LTIP Unit is equalized.
	Second Amended and Restated Advisory Agreement
	On April 29, 2015, the independent directors of the board of directors unanimously approved certain amendments to the Amended and Restated Advisory Agreement, as amended (the “Advisory Agreement”), by and among the Company, the OP and the Advisor (the “Second A&R Advisory Agreement”). The Second A&R Advisory Agreement will take effect only upon approval by the Company’s stockholders of certain changes to the Company’s Articles of Amendment and Restatement (“Stockholder Approval”), and, which, among other things, provides that:

	(i)	the Annual Subordinated Performance Fee (as defined in the Advisory Agreement) shall be changed from an annual fee equal to 15.0% of the total return to stockholders in excess of 6.0% per annum to a quarterly fee, payable in arrears, equal to (x) 15.0% of the applicable quarter’s Core Earnings per share in excess of $0.375 per share plus (y) 10.0% of the applicable quarter’s Core Earnings per share in excess of $0.50 per share;

	(ii)	Core Earnings shall be defined as, for the applicable period, GAAP net income (loss) excluding non-cash equity compensation expense, the variable management fee, acquisition and transaction related fees and expenses, financing related fees and expenses, depreciation and amortization, realized gains and losses on the sale of assets, any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period, regardless of whether such items are included in other comprehensive income or loss, or in net income, one-time events pursuant to changes in GAAP and certain non-cash charges, impairment losses on real estate related investments and other than temporary impairment of securities, amortization of deferred financing costs, amortization of tenant inducements, amortization of straight-line rent, amortization of market lease intangibles, provision for loss loans, and other non-recurring revenue and expenses;

	(iii)	the Acquisition Fee and Financing Coordination Fee (both as defined in the Advisory Agreement) will terminate 180 days after Stockholder Approval (the “Fee Termination Date”), except for Acquisition Fees with respect to properties under contract, letter of intent, or under negotiation as of the Fee Termination Date;

	(iv)	a Base Management Fee equal to $4.5 million per quarter plus 0.375% of the cumulative net proceeds of any equity raised subsequent to the Listing, shall be added;

	(v)	all fees accrued and expenses incurred shall be paid quarterly in arrears; and

	(vi)	the initial term of the Advisory Agreement, commencing upon Stockholder Approval, will be 20 years, and automatically renewable for another 20-year term upon each 20-year anniversary unless terminated by the board of directors for cause.
	Multi-Year Outperformance Plan Agreement
	On April 29, 2015, the board of directors approved the general terms of a Multi-Year Outperformance Agreement (the “OPP”) to be entered into with the Company, the OP and the Advisor, in connection with the Listing.
	Under the OPP, the Advisor will be issued LTIP Units in the OP with a maximum award value equal to 5.0% of the Company’s market capitalization (the “OPP Cap”) on the date of Listing (the “Effective Date”). The LTIP Units will be structured as profits interest in the OP. The Advisor will be eligible to earn a number of LTIP Units with a value up to the OPP Cap based on the Company’s achieving certain levels of total return to its stockholders (“Total Return”) on both an absolute basis and a relative basis measured against a peer group of companies, as set forth below, for a three-year period commencing on the Effective Date (the “Performance Period”). In addition, Advisor may “lock-in” a portion of the OPP Cap based on the attainment of pro-rata performance hurdles, as set forth below, during each 12-month period in the Performance Period (each such period, an “One-Year Period”) and during the initial 24-month period of the Performance Period (the “Two-Year Period”). Each of the relevant performance periods will be evaluated separately based on performance through the end of the relevant performance period.


				Three-Year Period	Each One-Year Period	Two-Year Period
	Absolute Component: 4% of any excess Total Return attained above an absolute total stockholder return hurdle measured from the beginning of such period as follows:			21%	7%	14%
	Relative Component: 4% of any excess Total Return attained above the Total Return for the performance period of the Peer Group*, subject to a ratable sliding scale factor as follows based on achieving cumulative Total Return measured from the beginning of the period:
		•	100% of the Relative Component will be earned if cumulative Total Return achieved is at least:	18%	6%	12%
		•	50% of the Relative Component will be earned if cumulative Total Return achieved is:	—%	—%	—%
		•	0% of the Relative Component will be earned if cumulative Total Return achieved is less than:	—%	—%	—%
		•	a percentage from 50% to 100% of the Relative Component calculated by linear interpolation will be earned if the cumulative Total Return achieved is between:	0% - 18%	0% - 6%	0%- 12%
	______________________

	*	The “Peer Group” is comprised of Arbor Realty Trust, Inc., Ares Commercial Real Estate Corp., Colony Financial, Inc., and Starwood Property Trust, Inc.
	The maximum “lock-in” amount for any given One-Year Period is 25.0% of the OPP Cap. The maximum “lock-in” amount for the Two-Year Period is 60.0% of the OPP Cap. Accordingly, any “lock-in” amount for the Two-Year Period may supersede and negate any awards for the first two One-Year Periods. Any LTIP Units that are unearned at the end of the Performance Period will be forfeited.
	Subject to Advisor’s continued service through each vesting date, one third of any earned LTIP Units will vest on each of the third, fourth and fifth anniversaries of the Effective Date. Any earned and vested LTIP Units may be converted into OP Units of the OP in accordance with the terms and conditions of the partnership agreement of the OP (as described above).
	The OPP provides for early calculation of LTIP Units earned and for the accelerated vesting of any earned LTIP Units in the event Advisor is terminated by the Company or in the event the Company incurs a change in control, in either case prior to the end of the Performance Period. The OPP also provides for accelerated vesting of earned LTIP Units in the event Advisor is terminated or in the event of a change in control of the Company on or following the end of the Performance Period.
Amended and Restated Incentive Restricted Share Plan
On April 29, 2015, the board of directors adopted an Amended and Restated RSP (the “A&R Restricted Share Plan”) that replaces in its entirety the Company’s Employee and Director RSP (the “Old Restricted Share Plan”). The A&R Restricted Share Plan amends the terms of the Old Restricted Share Plan as follows:

•	it increases the number of shares of Company capital stock, par value $0.01 per share (the “Capital Stock”), available for awards thereunder from 5.0% of the Company’s outstanding shares of Capital Stock on a fully diluted basis at any time, not exceed 3.4 million shares of Capital Stock, to 10.0% of the Company’s outstanding shares of Capital Stock on a fully diluted basis at any time;

•	it removes the fixed amount of shares that were automatically granted to the Company’s independent directors; and

•	it adds restricted stock units (including dividend equivalent rights thereon) as a permitted form of award.
Notice of Amendment and Suspension of the DRIP
In connection with the Listing and the Tender Offer, pursuant to the terms of the DRIP, on April 15, 2015, the Company's board of directors approved an amendment to the DRIP (the "DRIP Amendment") that enables the Company to suspend the DRIP. Subsequently, pursuant to the DRIP as amended by the DRIP Amendment, the Company's board of directors approved the suspension of the DRIP, effective immediately following the payment of the Company’s June 2015 monthly distribution. Accordingly, the final issuance of shares of common stock pursuant to the DRIP will occur in connection with the Company’s June 2015 distribution payable no later than July 5, 2015.
Notice of Termination of the SRP
In connection with the Listing and the Tender Offer, pursuant to the requirements of applicable tender offer rules, on April 15, 2015, the board of directors approved the termination of the SRP. The Company has processed all of the requests received under the SRP for the first and second quarters of 2015 and will not process further requests.
Engagement of New Financial Advisor
The Company announced that in connection with the Listing, the Company has also engaged UBS Securities LLC as a financial advisor. As previously disclosed, RCS Capital, the investment banking and capital markets division of the Dealer Manager, is also advising the Company in connection with the Listing.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2015
Accounting Policies [Abstract]
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board ("FASB") issued revised guidance relating to revenue recognition. Under the revised guidance, an entity is required to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The revised guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is not permitted under GAAP. The revised guidance allows entities to apply the full retrospective or modified retrospective transition method upon adoption. In April 2015, the FASB proposed a one-year delay of the revised guidance, although entities will be allowed to early adopt the guidance as of the original effective date. The Company has not yet selected a transition method and is currently evaluating the impact of the new guidance.
	In February 2015, the FASB amended the accounting for consolidation of certain legal entities. The amendments modify the evaluation of whether certain legal entities are variable interest entities ("VIEs") or voting interest entities, eliminate the presumption that a general partner should consolidate a limited partnership and affect the consolidation analysis of reporting entities that are involved with VIEs (particularly those that have fee arrangements and related party relationships). The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. If the Company decides to early adopt the revised guidance in an interim period, any adjustments will be reflected as of the beginning of the fiscal year that includes the interim period. The Company is currently evaluating the impact of the new guidance.
	In April 2015, the FASB amended the presentation of debt issuance costs on the balance sheet. The amendments require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted for financial statements that have not previously been issued. If the Company decides to early adopt the revised guidance in an interim period, any adjustments will be reflected as of the beginning of the fiscal year that includes the interim period. The Company is currently evaluating the impact of the new guidance.

Real_Estate_Investments_Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2015
Real Estate Investments, Net [Abstract]
Purchase Price of Acquired Properties	The following table presents the allocation of real estate assets acquired and liabilities assumed during the three months ended March 31, 2014:


			Three Months Ended
	(Dollar amounts in thousands)		March 31, 2014
	Real estate investments, at cost:
	Land		$	179,733

	Buildings, fixtures and improvements		560,445

	Total tangible assets		740,178

	Acquired intangibles:
	In-place leases		143,193

	Above-market lease assets		13,403

	Below-market lease liabilities		(16,759		)
	Total assets acquired		880,015

	Mortgage notes payable assumed		(422,321		)
	Premiums on mortgage notes payable assumed		(24,560		)
	Deposits paid in prior periods		(26,170		)
	Cash paid for acquired real estate investments, at cost		$	406,964		(1)

	Number of properties purchased		204

	_____________________________________

	-1	Excludes cash paid for real estate investments financed through accounts payable in prior periods of $9.9 million.
Schedule of Future Minimum Rental Payments for Operating Leases	The following table presents future minimum base rent payments on a cash basis due to the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items:


	(In thousands)		Future Minimum
			Base Rent Payments
	April 1, 2015 to December 31, 2015		$	115,784

	2016		157,021

	2017		159,420

	2018		130,987

	2019		132,708

	Thereafter		836,223

			$	1,532,143

Schedule of Annualized Rental Income by Major Tenants	The following table lists the tenants (including, for this purpose, all affiliates of such tenants) from which the Company derives annualized rental income on a straight-line basis constituting 10.0% or more of the Company’s consolidated annualized rental income on a straight-line basis for all portfolio properties as of the dates indicated:


			March 31,
	Tenant		2015		2014
	SunTrust Bank		17.90%		19.30%
	Sanofi US		11.60%		12.40%
	C&S Wholesale Grocer		10.40%		11.10%
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas	The following table lists the states where the Company has concentrations of properties where annualized rental income on a straight-line basis represented 10.0% or greater of consolidated annualized rental income on a straight-line basis as of March 31, 2015 and 2014:


			March 31,
	State		2015		2014
	New Jersey		20.30%		21.20%
	Georgia		11.20%		12.00%

Investment_Securities_Tables

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation	The following table details the unrealized gains and losses on investment securities as of March 31, 2015 and December 31, 2014:


	(In thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	March 31, 2015
	Debt securities	$	9,821	$	293	$	(7	)	$	10,107


	31-Dec-14
	Debt securities	$	18,528	$	463	$	—		$	18,991

Mortgage_Notes_Payable_Tables

Mortgage Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The Company's mortgage notes payable as of March 31, 2015 and December 31, 2014 consist of the following:


					Outstanding Loan Amount as of				Effective Interest Rate as of
	Portfolio		Encumbered Properties		March 31,		December 31,		March 31,			December 31,			Interest Rate	Maturity
					2015		2014		2015			2014
					(In thousands)		(In thousands)
	SAAB Sensis I		1		$	8,439	$	8,519	6.01	%		6.01	%		Fixed	Apr. 2025

	SunTrust Bank II		30		25,000		25,000		5.5	%		5.5	%		Fixed	Jul. 2021

	C&S Wholesale Grocer I		4		82,313		82,313		5.56	%		5.56	%		Fixed	Apr. 2017

	SunTrust Bank III		121		99,677		99,677		5.5	%		5.5	%		Fixed	Jul. 2021

	SunTrust Bank IV		30		25,000		25,000		5.5	%		5.5	%		Fixed	Jul. 2021

	Sanofi US I		1		190,000		190,000		5.83	%		5.83	%		Fixed	Dec. 2015

	Stop & Shop I		4		39,407		39,570		5.63	%		5.63	%		Fixed	Jun. 2021

	Total		191		$	469,836	$	470,079	5.66	%	(1)	5.66	%	(1)

	_____________________________________

	-1	Calculated on a weighted-average basis for all mortgages outstanding as of the dates indicated.
Schedule of Maturities of Long-term Debt	The following table summarizes the scheduled aggregate principal payments on mortgage notes payable for the five years subsequent to March 31, 2015:


	(In thousands)		Future Principal Payments
	April 1, 2015 to December 31, 2015		$	190,721

	2016		1,014

	2017		83,393

	2018		1,143

	2019		1,211

	Thereafter		192,354

			$	469,836

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value, Liabilities Measured on Recurring Basis	The following table presents information about the Company's assets and liabilities measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014, aggregated by the level in the fair value hierarchy within which those instruments fall:


	(In thousands)	Quoted Prices				Significant Other				Significant				Total
		in Active				Observable				Unobservable
		Markets				Inputs				Inputs
		Level 1				Level 2				Level 3
	March 31, 2015

	Investment securities	$	10,107			$	—			$	—			$	10,107

	31-Dec-14
	Investment securities	$	18,991			$	—			$	—			$	18,991

Fair Value, by Balance Sheet Grouping	The fair values of the Company's remaining financial instruments that are not reported at fair value on the consolidated balance sheets as of March 31, 2015 and December 31, 2014 are reported in the following table:


				Carrying Amount at				Fair Value at				Carrying Amount at				Fair Value at
	(In thousands)	Level		March 31, 2015				March 31, 2015				December 31, 2014				December 31, 2014
	Mortgage notes payable and premiums, net	3		$	490,077			$	503,420			$	492,179			$	505,629

	Credit facility	3		$	423,000			$	423,000			$	423,000			$	423,000

Common_Stock_Common_Stock_Tabl

Common Stock Common Stock (Tables)	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Schedule of Share Repurchases	The following table summarizes the repurchases of shares under the SRP cumulatively through March 31, 2015:


			Number of Requests	Number of Shares	Weighted-Average Price per Share
	Cumulative repurchases as of December 31, 2014		158	303,907	$	24.01

	Three months ended March 31, 2015		86	227,875	23.79

	Cumulative repurchases as of March 31, 2015 (1)		244	531,782	$	23.92

	_____________________

	-1	Includes 83 unfulfilled repurchase requests consisting of 226,466 shares with a weighted-average repurchase price per share of $23.79, which were approved for repurchase as of March 31, 2015 and were completed during the second quarter of 2015. This liability was included in accounts payable and accrued expenses on the Company's consolidated balance sheet as of March 31, 2015.

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Master Leases	The Company entered into ground lease agreements related to certain acquisitions under leasehold interest arrangements. The following table reflects the minimum base cash rental payments due from the Company over the next five years and thereafter:


	(In thousands)	Future Minimum Base Rent Payments
	April 1, 2015 to December 31, 2015	$	666

	2016	895

	2017	900

	2018	882

	2019	882

	Thereafter	5,526

		$	9,751

Related_Party_Transactions_and1

Related Party Transactions and Arrangements (Tables)	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Schedule of Selling Commissions and Dealer Manager Fees Payable to Affiliate	The following table details total selling commissions and dealer manager fees incurred from and due to the Dealer Manager as of and for the periods presented:


			Three Months Ended March 31,						Payable as of
	(In thousands)		2015		2014				March 31, 2015		December 31, 2014
	Total commissions and fees from the Dealer Manager		$	—	$	(3	)	(1)	$	—	$	(13	)

	_________________________________

	-1	During the three months ended March 31, 2014, the Company was reimbursed for selling commissions and dealer manager fees as a result of share purchase cancellations related to common stock sales prior to the close of the IPO.
Schedule Of Offering Costs Reimbursements to Related Party	The following table details offering costs and reimbursements incurred from and due to the Advisor and Dealer Manager as of and for the periods presented:


			Three Months Ended March 31,						Payable as of
	(In thousands)		2015		2014				March 31, 2015		December 31, 2014
	Fees and expense reimbursements from the Advisor and Dealer Manager		$	—	$	(253	)		$	—	$	—

Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services	The following table details amounts incurred, forgiven and payable to related parties in connection with the operations-related services described above as of and for the periods presented:


			Three Months Ended March 31,											Payable as of
			2015						2014
	(In thousands)		Incurred		Forgiven				Incurred		Forgiven			March 31, 2015		December 31, 2014
	One-time fees and reimbursements:
	Acquisition fees and related cost reimbursements		$	—	$	—			$	8,824	$	—		$	—	$	—

	Financing coordination fees		—		—				4,778		—			—		—

	Ongoing fees:
	Transfer agent and other professional services		631		—				490		—			867		753

	Distributions on Class B Units		286		—				43		—			—		—

	Total related party operation fees and reimbursements		$	917	$	—			$	14,135	$	—		$	867	$	753

ShareBased_Compensation_Tables

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Activity	The following table reflects restricted share award activity for the three months ended March 31, 2015:


		Number of Shares of Common Stock	Weighted-Average Issue Price
	Unvested, December 31, 2014	4,799	$	22.5

	Granted	1,276	23.5

	Unvested, March 31, 2015	6,075	$	22.71

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income	The following tables illustrate the changes in accumulated other comprehensive income for the period presented below:


	(In thousands)		Unrealized Gains on Available-for-sale Securities
	Balance, January 1, 2015		$	463

	Other comprehensive loss, before reclassifications		(723		)
	Amounts reclassified from accumulated other comprehensive income		546			(1)

	Balance, March 31, 2015		$	286

	_________________________________

	-1	Amounts were reclassified to gain (loss) on sale of investment securities on the consolidated statements of operations and comprehensive income (loss).

Net_Income_Loss_Per_Share_Tabl

Net Income (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following is a summary of the basic and diluted net loss per share computation for the three months ended March 31, 2015 and 2014:


		Three Months Ended March 31,
	(In thousands, except share and per share amounts)	2015			2014
	Basic net income (loss)	$	4,901		$	(9,569	)

	Adjustments to net income (loss) for common share equivalents	(116		)	—

	Diluted net income (loss)	$	4,785		$	(9,569	)


	Basic weighted-average shares outstanding	65,672,016			62,693,554

	Basic net income (loss) per share	$	0.07		$	(0.15	)

	Diluted weighted-average shares outstanding	65,677,204			62,693,554

	Diluted net income (loss) per share	$	0.07		$	(0.15	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The Company had the following common share equivalents as of March 31, 2014, which were excluded from the calculation of diluted net loss per share for the three months ended March 31, 2014 as their effect would have been antidilutive for the periods presented:


		Three Months Ended March 31,
		2014
	Unvested restricted stock	4,000

	OP Units	90

	Class B Units	171,673

	Total common stock equivalents	175,763

Subsequent_Events_Tables

Subsequent Events - (Tables)	3 Months Ended
Subsequent Events - (Tables)	Mar. 31, 2015
Subsequent Events [Abstract]
Schedule of Subsequent Events	Under the OPP, the Advisor will be issued LTIP Units in the OP with a maximum award value equal to 5.0% of the Company’s market capitalization (the “OPP Cap”) on the date of Listing (the “Effective Date”). The LTIP Units will be structured as profits interest in the OP. The Advisor will be eligible to earn a number of LTIP Units with a value up to the OPP Cap based on the Company’s achieving certain levels of total return to its stockholders (“Total Return”) on both an absolute basis and a relative basis measured against a peer group of companies, as set forth below, for a three-year period commencing on the Effective Date (the “Performance Period”). In addition, Advisor may “lock-in” a portion of the OPP Cap based on the attainment of pro-rata performance hurdles, as set forth below, during each 12-month period in the Performance Period (each such period, an “One-Year Period”) and during the initial 24-month period of the Performance Period (the “Two-Year Period”). Each of the relevant performance periods will be evaluated separately based on performance through the end of the relevant performance period.


				Three-Year Period	Each One-Year Period	Two-Year Period
	Absolute Component: 4% of any excess Total Return attained above an absolute total stockholder return hurdle measured from the beginning of such period as follows:			21%	7%	14%
	Relative Component: 4% of any excess Total Return attained above the Total Return for the performance period of the Peer Group*, subject to a ratable sliding scale factor as follows based on achieving cumulative Total Return measured from the beginning of the period:
		•	100% of the Relative Component will be earned if cumulative Total Return achieved is at least:	18%	6%	12%
		•	50% of the Relative Component will be earned if cumulative Total Return achieved is:	—%	—%	—%
		•	0% of the Relative Component will be earned if cumulative Total Return achieved is less than:	—%	—%	—%
		•	a percentage from 50% to 100% of the Relative Component calculated by linear interpolation will be earned if the cumulative Total Return achieved is between:	0% - 18%	0% - 6%	0%- 12%
	______________________

	*	The “Peer Group” is comprised of Arbor Realty Trust, Inc., Ares Commercial Real Estate Corp., Colony Financial, Inc., and Starwood Property Trust, Inc.

Organization_Details

Organization (Details) (USD $)	0 Months Ended	3 Months Ended		26 Months Ended
	Apr. 25, 2013	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Dec. 31, 2014	Apr. 04, 2013	Nov. 14, 2014
		property
		sqft
Operations [Line Items]
Common stock, par value (in dollars per share)		$0.01		$0.01	$0.01	$0.01
Subscriptions required to break escrow	$2,000,000
Common stock, outstanding (in shares)		65,662,261		65,662,261	65,257,954
Proceeds from issuances of common stock		0	127,000
Estimated net asset value per share calculation, percent of properties appraised annually		25.00%
Estimated net asset value per share calculation, percent of properties appraised quarterly		100.00%
Number of real estate properties		463		463
Aggregate purchase price		2,200,000,000		2,200,000,000
Area of real estate property		13,100,000		13,100,000
Occupancy rate		100.00%		100.00%
Weighted average remaining lease term		9 years 4 months 8 days
Special Limited Partner \| American Realty Capital Trust V Special Limited Partner, LLC
Operations [Line Items]
Contributed capital		2,020		2,020
OP units outstanding (in shares)		90		90	90
Common Stock
Operations [Line Items]
Shares available in IPO (in shares)						68,000,000
Share Price (in dollars per share)		$23.50		$23.50		$25
Shares available for issuance under a distribution reinvestment plan (in shares)	14,700,000					14,700,000
Share price for Drip (In dollars per share)	$23.75					$23.75	$23.75
Shares Reallocated from DRIP to primary IPO	14,500,000
Proceeds from issuances of common stock				$1,600,000,000
Common Stock \| Minimum
Operations [Line Items]
Drip Share price (in dollars per share)						95.00%	95.00%

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014
Accounting Policies [Abstract]
Amortization and accretion of above market lease assets and below market lease liabilities revision for purchase price allocation adjustment, net	$0.10
Depreciation, amortization and accretion, revision for purchase price allocation adjustment, net	1.2
Net loss decrease from revision for purchase price allocation adjustment	1.1
Investment in real estate investments, increase from revision for purchase price allocation adjustment	17.7
Below market lease, revision for purchase price allocation adjustment	16.6
Stockholders' equity attributable to parent, revision for purchase price allocation adjustment	$1.10

Real_Estate_Investments_Narrat

Real Estate Investments - Narrative (Details) (USD $)	3 Months Ended			0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014		Sep. 24, 2013	Feb. 21, 2014	Mar. 21, 2014
	property	Mar. 31, 2014		Sep. 24, 2013	Feb. 21, 2014	Mar. 21, 2014
Business Acquisition [Line Items]
Number of real estate properties	463
Number of properties representing more than 5% of portfolio	4
Cash paid for acquired real estate investments, at cost		$406,964,000	[1]
Acquisition and transaction related	129,000	14,532,000
Home Depot - Birmingham, Alabama
Business Acquisition [Line Items]
Cash paid for acquired real estate investments, at cost				41,400,000
Acquisition and transaction related				500,000
Home Depot, Valdosta, GA
Business Acquisition [Line Items]
Cash paid for acquired real estate investments, at cost				37,600,000
Acquisition and transaction related				400,000
C&S Wholesale Grocers, Birmingham, AL
Business Acquisition [Line Items]
Cash paid for acquired real estate investments, at cost					54,400,000
Acquisition and transaction related					800,000
Sanofi US Bridgewater, NJ
Business Acquisition [Line Items]
Cash paid for acquired real estate investments, at cost						251,100,000
Acquisition and transaction related						$5,800,000

[1]	Excludes cash paid for real estate investments financed through accounts payable in prior periods of $9.9 million.

Real_Estate_Investments_Assets

Real Estate Investments - Assets Acquired (Details) (USD $)	3 Months Ended		26 Months Ended
	Mar. 31, 2014		Mar. 31, 2015
	property		Mar. 31, 2015
Business Acquisition [Line Items]
Land	$179,733,000
Buildings, fixtures and improvements	560,445,000
Total tangible assets	740,178,000
Below-market lease liabilities			16,759,000
Total assets acquired	880,015,000
Mortgage notes payable assumed	-422,321,000
Premiums on mortgage notes payable assumed	-24,560,000
Deposits paid in prior periods	-26,170,000
Cash paid for acquired real estate investments, at cost	406,964,000	[1]
Number of properties purchased	204
Consideration transferred financed through accounts payable	9,900,000
In-place leases
Business Acquisition [Line Items]
Acquired leases	143,193,000
Above Market Leases
Business Acquisition [Line Items]
Acquired leases			$13,403,000

[1]	Excludes cash paid for real estate investments financed through accounts payable in prior periods of $9.9 million.

Real_Estate_Investments_Minimu

Real Estate Investments - Minimum Lease Payments (Details) (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified	Mar. 31, 2015
Real Estate Investments, Net [Abstract]
April 1, 2015 to December 31, 2015	$115,784
2016	157,021
2017	159,420
2018	130,987
2019	132,708
Thereafter	836,223
Total	$1,532,143

Real_Estate_Investments_Concen

Real Estate Investments - Concentrations (Details)	3 Months Ended
Real Estate Investments - Concentrations (Details)	Mar. 31, 2015	Mar. 31, 2014
New Jersey
Concentration Risk [Line Items]
Concentration risk	20.30%	21.20%
Georgia
Concentration Risk [Line Items]
Concentration risk	11.20%	12.00%
SunTrust Bank
Concentration Risk [Line Items]
Concentration risk	17.90%	19.30%
Sanofi US
Concentration Risk [Line Items]
Concentration risk	11.60%	12.40%
C&S Wholesale Grocer
Concentration Risk [Line Items]
Concentration risk	10.40%	11.10%

Investment_Securities_Details

Investment Securities (Details) (USD $)	3 Months Ended
Investment Securities (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Cost	9,821,000	$18,528,000
Gross Unrealized Gains	293,000	463,000
Gross Unrealized Losses	-7,000	0
Fair Value	10,107,000	18,991,000
Preferred Stock
Schedule of Available-for-sale Securities [Line Items]
Period from issuance when investments become redeemable	5 years
Preferred Stock and Senior Notes
Schedule of Available-for-sale Securities [Line Items]
Cost sold during period	8,700,000
Proceeds from sale of short-term investments	9,200,000
Realized gain on securities sold	500,000

Credit_Facility_Details

Credit Facility (Details) (USD $)	0 Months Ended
Credit Facility (Details) (USD $)	Sep. 23, 2013	Mar. 31, 2015	Dec. 31, 2014	Sep. 23, 2013
Debt Instrument [Line Items]
Credit facility		$423,000,000	$423,000,000
JPMorgan Chase Bank, N.A. \| Credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	200,000,000	750,000,000		200,000,000
Unused borrowing capacity fee		238,000,000	234,600,000
Unused borrowing minimum percentage	50.00%
JPMorgan Chase Bank, N.A. \| Swing Line \| Credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	25,000,000			25,000,000
JPMorgan Chase Bank, N.A. \| Letter of Credit \| Credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$20,000,000			$20,000,000
JPMorgan Chase Bank, N.A. \| Minimum \| Credit facility
Debt Instrument [Line Items]
Unused capacity commitment fee percentage	0.25%
JPMorgan Chase Bank, N.A. \| Maximum \| Credit facility
Debt Instrument [Line Items]
Unused capacity commitment fee percentage	0.15%
Line of Credit Facility, Interest Rate, Option One \| JPMorgan Chase Bank, N.A. \| Credit facility \| Federal Funds Effective Rate
Debt Instrument [Line Items]
Interest rate	0.50%			0.50%
Line of Credit Facility, Interest Rate, Option One \| JPMorgan Chase Bank, N.A. \| Credit facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest rate	1.00%			1.00%
Interest rate period	1 month
Line of Credit Facility, Interest Rate, Option One \| JPMorgan Chase Bank, N.A. \| Minimum \| Credit facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable interest rate	0.60%
Line of Credit Facility, Interest Rate, Option One \| JPMorgan Chase Bank, N.A. \| Maximum \| Credit facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable interest rate	1.20%
Line of Credit Facility, Interest Rate, Option Two \| JPMorgan Chase Bank, N.A. \| Minimum \| Credit facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable interest rate	1.60%
Line of Credit Facility, Interest Rate, Option Two \| JPMorgan Chase Bank, N.A. \| Maximum \| Credit facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable interest rate	2.20%

Mortgage_Notes_Payable_Details

Mortgage Notes Payable (Details) (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Debt Instrument [Line Items]
Mortgage notes payable	$469,836		$470,079
Mortgage notes payable and premiums, net
Debt Instrument [Line Items]
Encumbered Properties	191
Mortgage notes payable	469,836		470,079
Effective Interest Rate	5.66%	[1]	5.66%	[1]
SAAB Sensis I \| Mortgage notes payable and premiums, net
Debt Instrument [Line Items]
Encumbered Properties	1
Mortgage notes payable	8,439		8,519
Effective Interest Rate	6.01%		6.01%
SunTrust Bank II \| Mortgage notes payable and premiums, net
Debt Instrument [Line Items]
Encumbered Properties	30
Mortgage notes payable	25,000		25,000
Effective Interest Rate	5.50%		5.50%
C&S Wholesale Grocer I \| Mortgage notes payable and premiums, net
Debt Instrument [Line Items]
Encumbered Properties	4
Mortgage notes payable	82,313		82,313
Effective Interest Rate	5.56%		5.56%
SunTrust Bank III \| Mortgage notes payable and premiums, net
Debt Instrument [Line Items]
Encumbered Properties	121
Mortgage notes payable	99,677		99,677
Effective Interest Rate	5.50%		5.50%
SunTrust Bank IV \| Mortgage notes payable and premiums, net
Debt Instrument [Line Items]
Encumbered Properties	30
Mortgage notes payable	25,000		25,000
Effective Interest Rate	5.50%		5.50%
Sanofi US I \| Mortgage notes payable and premiums, net
Debt Instrument [Line Items]
Encumbered Properties	1
Mortgage notes payable	190,000		190,000
Effective Interest Rate	5.83%		5.83%
Stop & Shop I \| Mortgage notes payable and premiums, net
Debt Instrument [Line Items]
Encumbered Properties	4
Mortgage notes payable	$39,407		$39,570
Effective Interest Rate	5.63%		5.63%

[1]	Calculated on a weighted-average basis for all mortgages outstanding as of the dates indicated.

Mortgage_Notes_Payable_Future_

Mortgage Notes Payable - Future Minimum Payments (Details) (Mortgage notes payable and premiums, net, USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified	Mar. 31, 2015
Mortgage notes payable and premiums, net
Debt Instrument [Line Items]
April 1, 2015 to December 31, 2015	$190,721
2016	1,014
2017	83,393
2018	1,143
2019	1,211
Thereafter	192,354
Long-term Debt	$469,836

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments (Schedule of Fair Value, Liabilities Measured on Recurring Basis) (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities, at fair value	$10,107	$18,991
Available-for-sale Securities \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities, at fair value	10,107	18,991
Available-for-sale Securities \| Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities, at fair value	10,107	18,991
Available-for-sale Securities \| Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities, at fair value	0	0
Available-for-sale Securities \| Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities, at fair value	$0	$0

Fair_Value_of_Financial_Instru3

Fair Value of Financial Instruments (Fair Value of Financial Instruments) (Details) (Fair Value, Inputs, Level 3, USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Mortgage notes payable and premiums, net \| Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$490,077	$492,179
Mortgage notes payable and premiums, net \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	503,420	505,629
Credit facility \| Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	423,000	423,000
Credit facility \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$423,000	$423,000

Common_Stock_Details

Common Stock (Details) (USD $)	0 Months Ended	3 Months Ended		12 Months Ended
In Thousands, except Share data, unless otherwise specified	Apr. 09, 2013	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Nov. 14, 2014	Apr. 04, 2013	Apr. 25, 2013
Class of Stock [Line Items]
Common stock, outstanding (in shares)		65,662,261		65,257,954
Dividends declared per day (in dollars per share)	$0.00
Dividends declared (in dollars per share)	$1.65
Annual authorized amount as a percentage of net asset value					5.00%
Quarterly authorized amount as a percentage of net asset value					1.25%
Short-term trading fee, percentage of aggregate net asset value of shares repurchased					2.00%
Period of right to amend or terminate DRIP		10 days
Common stock issued through distribution reinvestment plan (in shares)		600,000		2,600,000
Common stock issued through distribution reinvestment plan		$14,826	$14,819	$61,000
Common stock, par value (in dollars per share)		$0.01		$0.01		$0.01
Common Stock
Class of Stock [Line Items]
Share price for Drip (In dollars per share)					23.75	$23.75	$23.75
Distribution Reinvestment Plan
Class of Stock [Line Items]
Common stock, par value (in dollars per share)		$0.01
Maximum \| One Year
Class of Stock [Line Items]
Share repurchase price, percentage of value (in dollars per share)					23.13
Share repurchase price, percentage of value					92.50%
Maximum \| Two Years
Class of Stock [Line Items]
Share repurchase price, percentage of value (in dollars per share)					23.75
Share repurchase price, percentage of value					95.00%
Maximum \| Three Years
Class of Stock [Line Items]
Share repurchase price, percentage of value (in dollars per share)					24.78
Share repurchase price, percentage of value					97.50%
Maximum \| Four Years
Class of Stock [Line Items]
Share repurchase price, percentage of value (in dollars per share)					25
Share repurchase price, percentage of value					100.00%
Minimum \| Common Stock
Class of Stock [Line Items]
Drip Share price (in dollars per share)					95.00%	95.00%

Common_Stock_Stock_Redemption_

Common Stock (Stock Redemption) (Details) (USD $)	3 Months Ended	23 Months Ended	26 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2015
	request	request	request
Equity, Class of Treasury Stock [Line Items]
Number of Requests	86	158	244	[1]
Number of Shares (in shares)	227,875	303,907	531,782	[1]
Weighted Average Price per Share (in dollars per share)	$23.79	$24.01	$23.92	[1]
Unfunded
Equity, Class of Treasury Stock [Line Items]
Number of Requests	83
Weighted Average Price per Share (in dollars per share)	$23.79
Remaining number of shares authorized (in shares)	226,466		226,466

[1]	Includes 83 unfulfilled repurchase requests consisting ofB 226,466B shares with a weighted-average repurchase price per share ofB $23.79, which were approved for repurchase as of MarchB 31, 2015 and were completed during the second quarter of 2015. This liability was included in accounts payable and accrued expenses on the Company's consolidated balance sheet as of MarchB 31, 2015.

Commitments_and_Contingencies_1

Commitments and Contingencies (Details) (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
April 1, 2015 to December 31, 2015	$666
2016	895
2017	900
2018	882
2019	882
Thereafter	5,526
Total	$9,751

Related_Party_Transactions_and2

Related Party Transactions and Arrangements (Details) (American Realty Capital Trust V Special Limited Partner, LLC, Special Limited Partner)	Mar. 31, 2015	Dec. 31, 2014
American Realty Capital Trust V Special Limited Partner, LLC \| Special Limited Partner
Related Party Transaction [Line Items]
Common stock held by related party (in shares)	8,888	8,888
OP units outstanding (in shares)	90	90

Related_Party_Transactions_and3

Related Party Transactions and Arrangements Fees Incurred in Connection with the IPO (Details) (Maximum, Gross Proceeds, Common Stock, Realty Capital Securities, LLC, Dealer Manager)	Mar. 31, 2015
Related Party Transaction [Line Items]
Sales commissions as a percentage of benchmark	7.00%
Option One
Related Party Transaction [Line Items]
Gross proceeds from the sale of common stock, before allowances	3.00%

Related_Party_Transactions_and4

Related Party Transactions and Arrangements Fees Incurred in Connection with the IPO, Selling Commissions and Dealer Fees (Details) (Realty Capital Securities, LLC, Sales Commissions and Dealer Manager Fees, Dealer Manager, USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014		Dec. 31, 2014
Realty Capital Securities, LLC \| Sales Commissions and Dealer Manager Fees \| Dealer Manager
Related Party Transaction [Line Items]
Total commissions and fees from the Dealer Manager	$0	($3)	[1]
Due to Affiliate	$0			($13)

[1]	During the three months ended MarchB 31, 2014, the Company was reimbursed for selling commissions and dealer manager fees as a result of share purchase cancellations related to common stock sales prior to the close of the IPO.

Related_Party_Transactions_and5

Related Party Transactions and Arrangements Fees Incurred in Connection with the IPO, Offering Costs and Reimbursements (Details) (Fees and Expense Reimbursement, Stock Offering, American Realty Capital Advisors V, LLC (Advisor) and Realty Capital Securities, LLC (Dealer Manager), Advisor and Dealer Manager, USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Fees and Expense Reimbursement, Stock Offering \| American Realty Capital Advisors V, LLC (Advisor) and Realty Capital Securities, LLC (Dealer Manager) \| Advisor and Dealer Manager
Related Party Transaction [Line Items]
Total commissions and fees from the Dealer Manager	$0	($253)
Due to Affiliate	$0		$0

Related_Party_Transactions_and6

Related Party Transactions and Arrangements Fees and Participations Paid in Connection With the Operations of the Company (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
American Realty Capital Advisors V, LLC \| Contract Purchase Price \| Advisor
Related Party Transaction [Line Items]
Acquisition fees earned by related party percentage	1.00%
Financing advance fees earned by related party percentage	1.00%
Expected third party acquisition costs reimbursable	0.50%
Quarterly asset management fee earned	0.19%
Antidilutive shares (in shares)	703,796
American Realty Capital Advisors V, LLC \| Advance on Loan or Other Investment \| Advisor
Related Party Transaction [Line Items]
Expected third party acquisition costs reimbursable	0.50%
American Realty Capital Advisors V, LLC \| Amount Available or Outstanding Under Financing Arrangement \| Advisor
Related Party Transaction [Line Items]
Financing coordination fees earned	0.75%
Realty Capital Securities, LLC \| Transaction Value \| Dealer Manager
Related Party Transaction [Line Items]
Listing advisory fee earned	0.25%
Maximum \| American Realty Capital Advisors V, LLC \| Contract Purchase Price \| Advisor
Related Party Transaction [Line Items]
Acquisition fees and acquisition related expenses	4.50%
Maximum \| American Realty Capital Advisors V, LLC \| Advance on Loan or Other Investment \| Advisor
Related Party Transaction [Line Items]
Financing advance fees earned by related party percentage	4.50%
Maximum \| American Realty Capital Advisors V, LLC \| Contract Purchase Price, All Assets Acquired \| Advisor
Related Party Transaction [Line Items]
Acquisition fees and acquisition related expenses	1.50%
Annual Targeted Investor Return \| American Realty Capital Advisors V, LLC \| Pre-tax Non-compounded Return on Capital Contribution \| Advisor
Related Party Transaction [Line Items]
Cumulative capital investment return	6.00%
Sales Commissions and Dealer Manager Fees
Related Party Transaction [Line Items]
Share Price (in dollars per share)	22.5
Greater Of \| Maximum \| American Realty Capital Advisors V, LLC \| Average Invested Assets \| Advisor
Related Party Transaction [Line Items]
Operating expenses as a percentage of benchmark	2.00%
Greater Of \| Maximum \| American Realty Capital Advisors V, LLC \| Net Income, Excluding Additions to Non-cash Reserves and Gains on Sales of Assets \| Advisor
Related Party Transaction [Line Items]
Operating expenses as a percentage of benchmark	25.00%

Related_Party_Transactions_and7

Related Party Transactions and Arrangements Fees and Participations Paid in Connection With the Operations of the Company, Incurred, Forgiven and Payable (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2015	Dec. 31, 2014
Incurred
Related Party Transaction [Line Items]
Total commissions and fees from the Dealer Manager	$14,135
Forgiven
Related Party Transaction [Line Items]
Total commissions and fees from the Dealer Manager	0
Nonrecurring Fees \| Incurred \| Acquisition fees and related cost reimbursements
Related Party Transaction [Line Items]
Total commissions and fees from the Dealer Manager	8,824	0
Nonrecurring Fees \| Incurred \| Financing coordination fees
Related Party Transaction [Line Items]
Total commissions and fees from the Dealer Manager	4,778	0
Nonrecurring Fees \| Forgiven \| Acquisition fees and related cost reimbursements
Related Party Transaction [Line Items]
Total commissions and fees from the Dealer Manager	0	0
Nonrecurring Fees \| Forgiven \| Financing coordination fees
Related Party Transaction [Line Items]
Total commissions and fees from the Dealer Manager	0	0
Nonrecurring Fees \| Payable \| Acquisition fees and related cost reimbursements
Related Party Transaction [Line Items]
Due to Affiliate		0	0
Nonrecurring Fees \| Payable \| Financing coordination fees
Related Party Transaction [Line Items]
Due to Affiliate		0	0
Recurring Fees \| Incurred
Related Party Transaction [Line Items]
Total commissions and fees from the Dealer Manager		917
Recurring Fees \| Incurred \| Transfer agent and other professional fees
Related Party Transaction [Line Items]
Total commissions and fees from the Dealer Manager	490	631
Recurring Fees \| Incurred \| Distributions on Class B Units
Related Party Transaction [Line Items]
Total commissions and fees from the Dealer Manager	43	286
Recurring Fees \| Forgiven
Related Party Transaction [Line Items]
Total commissions and fees from the Dealer Manager		0
Recurring Fees \| Forgiven \| Transfer agent and other professional fees
Related Party Transaction [Line Items]
Total commissions and fees from the Dealer Manager	0	0
Recurring Fees \| Forgiven \| Distributions on Class B Units
Related Party Transaction [Line Items]
Total commissions and fees from the Dealer Manager	0	0
Recurring Fees \| Payable
Related Party Transaction [Line Items]
Due to Affiliate		867	753
Recurring Fees \| Payable \| Transfer agent and other professional fees
Related Party Transaction [Line Items]
Due to Affiliate		867	753
Recurring Fees \| Payable \| Distributions on Class B Units
Related Party Transaction [Line Items]
Due to Affiliate		$0	$0

Related_Party_Transactions_and8

Related Party Transactions and Arrangements Fees and Participations Paid in Connection with the Liquidation or Listing of the Company's Real Estate Assets (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Prepaid expenses and other assets	$16,344,000		$14,104,000
Acquisition and transaction related	129,000	14,532,000
RCS Advisory Services, LLC \| Advisory Transaction Services
Related Party Transaction [Line Items]
Transaction agreement amount	3,000,000
Realty Capital Securities, LLC and American National Stock Transfer, LLC \| Advisory Transaction Services
Related Party Transaction [Line Items]
Transaction agreement amount	1,900,000
Total commissions and fees from the Dealer Manager	300,000
RCS Capital \| Advisory Transaction Services
Related Party Transaction [Line Items]
Acquisition and transaction related	1,000,000	0
Pre-tax Non-compounded Return on Capital Contribution \| American Realty Capital Advisors V, LLC \| Advisor
Related Party Transaction [Line Items]
Subordinated performance fee earned	15.00%
Pre-tax Non-compounded Return on Capital Contribution \| American Realty Capital Trust V Special Limited Partner, LLC \| Special Limited Partner
Related Party Transaction [Line Items]
Subordinated participation fees as a percentage of benchmark	15.00%
Excess of Adjusted Market Value of Real Estate Assets Plus Distributions Over Aggregate Contributed Investor Capital \| American Realty Capital Trust V Special Limited Partner, LLC \| Special Limited Partner
Related Party Transaction [Line Items]
Subordinated participation fees as a percentage of benchmark	15.00%
Annual Targeted Investor Return \| Pre-tax Non-compounded Return on Capital Contribution \| American Realty Capital Advisors V, LLC \| Advisor
Related Party Transaction [Line Items]
Cumulative capital investment return	6.00%
Maximum \| Pre-tax Non-compounded Return on Capital Contribution \| American Realty Capital Advisors V, LLC \| Advisor
Related Party Transaction [Line Items]
Subordinated performance fee earned	10.00%
Maximum \| Brokerage Commission Fees \| Contract Sales Price \| American Realty Capital Advisors V, LLC \| Advisor
Related Party Transaction [Line Items]
Real estate commissions as a percentage of benchmark	2.00%
Maximum \| Real Estate Commissions \| Contract Sales Price \| American Realty Capital Advisors V, LLC \| Advisor
Related Party Transaction [Line Items]
Real estate commissions as a percentage of benchmark	6.00%
Option One \| RCS Capital \| Advisory Transaction Services
Related Party Transaction [Line Items]
As a percentage of transaction value	0.25%
Option Two \| RCS Capital \| Advisory Transaction Services
Related Party Transaction [Line Items]
Transaction agreement amount	1,000,000
Option Three \| RCS Capital \| Advisory Transaction Services
Related Party Transaction [Line Items]
Transaction agreement amount	1,000,000
Prepaid Expenses and Other Current Assets [Member] \| Realty Capital Securities, LLC and American National Stock Transfer, LLC \| Advisory Transaction Services
Related Party Transaction [Line Items]
Prepaid expenses and other assets	$700,000

ShareBased_Compensation_Detail

Share-Based Compensation (Details) (USD $)	3 Months Ended
Share-Based Compensation (Details) (USD $)	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Granted (in shares)	1,276
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Granted (in dollars per share)	$23.50
Restricted Share Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted automatically upon election to board of directors (in shares)	1,333
Vesting period	5 years
Periodic vesting percentage	20.00%
Maximum authorized amount as a percentage of shares authorized	5.00%
Number of shares authorized (in shares)	3,400,000
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning Balance (in shares)	4,799
Ending Balance (in shares)	6,075
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance (in dollars per share)	$22.50
Ending Balance (in dollars per share)	$22.71
Share based compensation expense	$7,000	$5,000
Unrecognized compensation costs	$100,000
Weighted average period for recognition	2 years 8 months 27 days

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Income (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$463
Other comprehensive loss, before reclassifications	-723
Amounts reclassified from accumulated other comprehensive income	546	[1]
Ending balance	$286

[1]	Amounts were reclassified to gain (loss) on sale of investment securities on the consolidated statements of operations and comprehensive income (loss).

Net_Income_Loss_Per_Share_Deta

Net Income (Loss) Per Share (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss)	$4,901	($9,569)
Adjustments to net income (loss) for common share equivalents	-116	0
Diluted net income (loss)	$4,785	($9,569)
Basic weighted-average shares outstanding (in shares)	65,672,016	62,693,554
Basic net income (loss) per share (in dollars per share)	$0.07	($0.15)
Diluted weighted-average shares outstanding (in shares)	65,677,204	62,693,554
Diluted net income (loss) per share (in dollars per share)	$0.07	($0.15)
Antidilutive shares (in shares)		175,763
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)		4,000
OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)		90
Class B Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)		171,673

Subsequent_Events_Narrative_De

Subsequent Events - Narrative (Details) (USD $)	3 Months Ended	23 Months Ended	26 Months Ended		0 Months Ended
Subsequent Events - Narrative (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2015		Apr. 15, 2015	Apr. 29, 2015	Apr. 04, 2013
Subsequent Event [Line Items]
Weighted Average Price per Share (in dollars per share)	$23.79	$24.01	$23.92	[1]
Common stock, par value (in dollars per share)	$0.01	$0.01	$0.01				$0.01
Subsequent Event
Subsequent Event [Line Items]
Annual authorized dividend per share (in dollars per share)					$1.65
Tender Offer \| Subsequent Event
Subsequent Event [Line Items]
Shares authorized for repurchase					$125,000,000
Weighted Average Price per Share (in dollars per share)					$25.50
Pre-tax Non-compounded Return on Capital Contribution \| American Realty Capital Advisors V, LLC \| Advisor
Subsequent Event [Line Items]
Subordinated performance fee earned	15.00%		15.00%
Annual Targeted Investor Return \| Pre-tax Non-compounded Return on Capital Contribution \| American Realty Capital Advisors V, LLC \| Advisor
Subsequent Event [Line Items]
Cumulative capital investment return	6.00%		6.00%
LTIP Units [Member] \| Special Limited Partner \| Subsequent Event
Subsequent Event [Line Items]
Right to receive unit distribution percentage						10.00%
Right to receive unit distribution catch-up percentage						90.00%
Restricted Stock \| Restricted Share Plan
Subsequent Event [Line Items]
Maximum authorized amount as a percentage of shares authorized	5.00%
Number of shares authorized (in shares)	3,400,000		3,400,000
Restricted Stock \| Restricted Share Plan \| Subsequent Event
Subsequent Event [Line Items]
Maximum authorized amount as a percentage of shares authorized						10.00%
Number of shares authorized (in shares)						3,400,000
Distribution Reinvestment Plan
Subsequent Event [Line Items]
Common stock, par value (in dollars per share)	$0.01		$0.01
Distribution Reinvestment Plan \| Subsequent Event
Subsequent Event [Line Items]
Common stock, par value (in dollars per share)						0.01
Cash Distribution \| Special Limited Partner \| Subsequent Event
Subsequent Event [Line Items]
OPbs obligation to distribute to Special Limited Partner, percentage					15.00%
Minimum cumulative, non-compounded pre-tax annual return					6.00%
Annual Asset Management Fee as Percentage of Assets \| American Realty Capital Advisors V, LLC \| Advisor \| Subsequent Event
Subsequent Event [Line Items]
Annual asset management fee percentage					0.75%
Annual Subordinated Performance Fee \| Advisor \| Subsequent Event
Subsequent Event [Line Items]
Percent of earnings per share in excess of benchmark one						15.00%
Earnings per share used in calculation, benchmark one (in dollars per share)						0.375
Percent of earnings per share in excess of benchmark two						10.00%
Earnings per share used in calculation, benchmark two (in dollars per share)						0.5
Base Management Fee \| Advisor \| Subsequent Event
Subsequent Event [Line Items]
Quarterly fee payments						4,500,000
Quarterly fee payments, percent of net proceeds from equity financing						0.38%
Advisory Agreement \| Advisor \| Subsequent Event
Subsequent Event [Line Items]
Transaction term						20 years

[1]	Includes 83 unfulfilled repurchase requests consisting ofB 226,466B shares with a weighted-average repurchase price per share ofB $23.79, which were approved for repurchase as of MarchB 31, 2015 and were completed during the second quarter of 2015. This liability was included in accounts payable and accrued expenses on the Company's consolidated balance sheet as of MarchB 31, 2015.

Subsequent_Events_MultiYear_Ou

Subsequent Events - Multi-Year Outperformance Plan Agreement (Details) (New Multi-Year Outperformance Plan, Performance Shares)	0 Months Ended
	Apr. 29, 2015	Dec. 31, 2014
Relative Component \| Excess Return, Above Peer Group
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized, percentage of benchmark		4.00%
Relative Component \| Cumulative Return, Above Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded as a percentage of maximum		100.00%
Relative Component \| Cumulative Return, Above Threshold \| Minimum \| Performance Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold		0.00%
Relative Component \| Cumulative Return, Above Threshold \| Minimum \| Annual Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold		0.00%
Relative Component \| Cumulative Return, Above Threshold \| Minimum \| Interim Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold		0.00%
Relative Component \| Cumulative Return, Above Threshold \| Maximum \| Performance Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold		18.00%
Relative Component \| Cumulative Return, Above Threshold \| Maximum \| Annual Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold		6.00%
Relative Component \| Cumulative Return, Above Threshold \| Maximum \| Interim Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Return percentage threshold		12.00%
Relative Component \| Cumulative Return, Equal to Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded as a percentage of maximum		50.00%
Relative Component \| Cumulative Return, Below Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded as a percentage of maximum		0.00%
Absolute Component \| Excess Return, Above Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized, percentage of benchmark		4.00%
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Company's market capitalization percentage	5.00%
One year lock up period	25.00%
Two year lock up period	60.00%
Subsequent Event \| Performance Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute Component: 4% of any excess Total Return attained above an absolute hurdle measured from the beginning of such period:	21.00%
100% will be earned if cumulative Total Return achieved is at least:	18.00%
50% will be earned if cumulative Total Return achieved is:	0.00%
0% will be earned if cumulative Total Return achieved is less than:	0.00%
Subsequent Event \| Annual Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute Component: 4% of any excess Total Return attained above an absolute hurdle measured from the beginning of such period:	7.00%
100% will be earned if cumulative Total Return achieved is at least:	6.00%
50% will be earned if cumulative Total Return achieved is:	0.00%
0% will be earned if cumulative Total Return achieved is less than:	0.00%
Subsequent Event \| Interim Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute Component: 4% of any excess Total Return attained above an absolute hurdle measured from the beginning of such period:	14.00%
100% will be earned if cumulative Total Return achieved is at least:	12.00%
50% will be earned if cumulative Total Return achieved is:	0.00%
0% will be earned if cumulative Total Return achieved is less than:	0.00%