Cole Credit Property Trust V 10-Q 13 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	9-May-14
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'Cole Credit Property Trust V, Inc.	'
Entity Central Index Key	'0001580988	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Amendment Flag	'false	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Non-accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	248

Condensed_Consolidated_Unaudit

Condensed Consolidated Unaudited Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
Investment in real estate assets:	'	'
Land	$312,681	$0
Buildings and improvements, less accumulated depreciation of $1,678 and $0, respectively	2,562,967	0
Acquired intangible lease assets, less accumulated amortization of $1,155 and $0, respectively	421,443	0
Total investment in real estate assets, net	3,297,091	0
Cash and cash equivalents	254,957	200,000
Total assets	3,552,048	200,000
LIABILITIES AND STOCKHOLDER’S EQUITY	'	'
Affiliate line of credit	1,000,000	0
Accounts payable and accrued expenses	28,240	0
Due to affiliates	50,457	0
Distributions payable	6,164	0
Deferred rental income	6,721	0
Total liabilities	1,091,582	0
Commitments and contingencies	'	'
STOCKHOLDER’S EQUITY	'	'
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value, 490,000,000 shares authorized, 117,890 and 8,000 shares issued and outstanding, respectively	1,179	80
Capital in excess of par value	2,648,821	199,920
Accumulated distributions in excess of earnings	-189,534	0
Total stockholder’s equity	2,460,466	200,000
Total liabilities and stockholder’s equity	$3,552,048	$200,000

Condensed_Consolidated_Unaudit1

Condensed Consolidated Unaudited Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]	'	'
Buildings and improvements, accumulated depreciation	$1,678	$0
Acquired intangible lease assets, accumulated amortization	$1,155	$0
Preferred stock, par value	$0.01	$0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	490,000,000	490,000,000
Common stock, shares issued	117,890	8,000
Common stock, shares outstanding	117,890	8,000

Condensed_Consolidated_Unaudit2

Condensed Consolidated Unaudited Statement of Operations (USD $)	3 Months Ended
	Mar. 31, 2014
Revenues:	'
Rental income	$6,096
Expenses:	'
General and administrative expenses	26,165
Advisory fees and expenses	650
Acquisition related expenses	159,361
Depreciation	1,678
Amortization	1,155
Total operating expenses	189,009
Operating loss	-182,913
Other expense:	'
Interest expense	-457
Net loss	($183,370)
Weighted average number of common shares outstanding:	'
Basic and diluted (in shares)	25,094
Net loss per common share:	'
Basic and diluted (in dollars per shares)	($7.31)
Distributions declared per common share	$0.25

Condensed_Consolidated_Unaudit3

Condensed Consolidated Unaudited Statements of Stockholder's Equity (USD $)	Total	Common Stock	Capital in Excess of Par Value	Accumulated Distributions in Excess of Earnings
Balance at Dec. 31, 2013	$200,000	$80	$199,920	$0
Balance, shares at Dec. 31, 2013	8,000	8,000	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'
Issuance of common stock, shares	'	109,890	'	'
Issuance of common stock	2,500,000	1,099	2,498,901	'
Distributions to investors	-6,164	'	'	-6,164
Other offering costs	-50,000	'	-50,000	'
Net loss	-183,370	'	'	-183,370
Balance at Mar. 31, 2014	$2,460,466	$1,179	$2,648,821	($189,534)
Balance, shares at Mar. 31, 2014	117,890	117,890	'	'

Condensed_Consolidated_Unaudit4

Condensed Consolidated Unaudited Statements of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:	'	'
Net loss	($183,370)	$0
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Depreciation	1,678	0
Amortization of intangible lease assets	1,155	0
Changes in liabilities:	'	'
Accounts payable and accrued expenses	28,240	0
Deferred rental income	6,721	0
Due to affiliates	457	0
Net cash used in operating activities	-145,119	0
Cash flows from investing activities:	'	'
Investment in real estate assets	-3,299,924	0
Net cash used in investing activities	-3,299,924	0
Cash flows from financing activities:	'	'
Proceeds from issuance of common stock	2,500,000	1,000
Proceeds from affiliate line of credit	1,000,000	0
Net cash provided by financing activities	3,500,000	1,000
Net increase in cash and cash equivalents	54,957	1,000
Cash and cash equivalents, beginning of period	200,000	0
Cash and cash equivalents, end of period	254,957	1,000
Supplemental Cash Flow Information [Abstract]	'	'
Distributions declared and unpaid	6,164	0
Accrued other offering costs due to affiliates	$50,000	$0

Organization_and_Business

Organization and Business	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
ORGANIZATION AND BUSINESS	'
	ORGANIZATION AND BUSINESS
	Cole Credit Property Trust V, Inc. (the “Company”) is a Maryland corporation that was formed on December 12, 2012, which intends to qualify and elect to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes beginning with the taxable year ending December 31, 2014, as it did not commence principal operations until March 18, 2014. The Company is the sole general partner of and owns, directly or indirectly, 100% of the partnership interest in Cole Operating Partnership V, LP, a Delaware limited partnership (“CCPT V OP”). The Company is externally managed by Cole REIT Advisors V, LLC, a Delaware limited liability company (“CR V Advisors”), an affiliate of the Company’s sponsor, Cole Capital™, which is a trade name used to refer to a group of affiliated entities directly or indirectly controlled by American Realty Capital Properties, Inc. (“ARCP”), a self-managed publicly traded Maryland corporation listed on The NASDAQ Global Select Market. On February 7, 2014, ARCP acquired Cole Real Estate Investments, Inc. (“Cole”), which, prior to its acquisition, indirectly owned and/or controlled the Company’s external advisor, CR V Advisors, the Company’s dealer manager, Cole Capital Corporation (“CCC”), the Company’s property manager, CREI Advisors, LLC (“CREI Advisors”), and the Company’s sponsor, Cole Capital. As a result of ARCP’s acquisition of Cole, ARCP indirectly owns and/or controls CR V Advisors, CCC, CREI Advisors and Cole Capital.
	Pursuant to a Registration Statement on Form S-11 (Registration No. 333-189891) (the “Registration Statement”) under the Securities Act of 1933, as amended (the “Securities Act”), originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on July 11, 2013 and declared effective by the SEC on March 17, 2014, the Company commenced its initial public offering on a “best efforts” basis of up to a maximum of $2.975 billion in shares of common stock. On February 7, 2014, the Company effected a reverse stock split, whereby every two and one-half shares of the Company’s common stock issued and outstanding were combined into one share of the Company’s common stock, resulting in a price change per share (the “Reverse Stock Split”). As a result of the Reverse Stock Split, the Company’s initial public offering offers up to 100.0 million shares of its common stock at a price of $25.00 per share, subject to reduction in certain circumstances, and up to 20.0 million additional shares to be issued pursuant to a distribution reinvestment plan (the “DRIP”) under which the Company’s stockholders may elect to have distributions reinvested in additional shares of common stock at a price of $23.75 per share (the “Offering”).
	On March 18, 2014, the Company satisfied the conditions of the escrow agreement regarding the minimum offering amount under the Offering and issued approximately 110,000 shares of its common stock to ARC Properties Operating Partnership, L.P. (“ARCP OP”), an affiliate of the Company’s sponsor, resulting in gross proceeds of $2.5 million, and commenced principal operations. The Company has special escrow provisions for residents of Pennsylvania and Washington, which had not been satisfied as of March 31, 2014, and therefore, the Company had not accepted subscriptions from residents of Pennsylvania and Washington.
	As of March 31, 2014, the Company had issued approximately 110,000 shares of its common stock in the Offering for gross offering proceeds of $2.5 million. The Company intends to use substantially all of the net proceeds from the Offering to acquire and operate a diversified portfolio of core commercial real estate investments primarily consisting of necessity retail properties located throughout the United States, including U.S. protectorates. The Company expects that the retail properties primarily will be single-tenant properties and multi-tenant “power centers” anchored by large, creditworthy national or regional retailers. The Company expects that the retail properties typically will be subject to long-term triple net or double net leases, whereby the tenant will be obligated to pay for most of the expenses of maintaining the property. As of March 31, 2014, the Company owned three properties, comprising 25,000 rentable square feet of commercial space located in three states. As of March 31, 2014, the rentable space at these properties was 100% leased.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Principles of Consolidation and Basis of Presentation
	The condensed consolidated unaudited financial statements of the Company have been prepared in accordance with the rules and regulations of the SEC regarding interim financial reporting, including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. In the opinion of management, the statements for the interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for such periods. Results for these interim periods are not necessarily indicative of full year results. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated balance sheet and related notes thereto included in the Registration Statement as declared effective by the SEC on March 17, 2014. Consolidated results of operations for the period ended March 31, 2013 have not been presented because the Company had not commenced its principal operations during such period.
	The condensed consolidated unaudited financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
	Investment in and Valuation of Real Estate Assets
	Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition, excluding acquisition related expenses, construction and any tenant improvements, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All repairs and maintenance are expensed as incurred.
	The Company is required to make subjective assessments as to the useful lives of its depreciable assets. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life of the assets. Real estate assets, other than land, are depreciated or amortized on a straight-line basis. The estimated useful lives of the Company’s real estate assets by class are generally as follows:
	Buildings	40 years
	Tenant improvements	Lesser of useful life or lease term
	Intangible lease assets	Lease term
	The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to, bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, rental concessions and other factors, a significant decrease in a property’s revenues due to lease terminations, vacancies, co-tenancy clauses, reduced lease rates or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value is determined using a discounted cash flow analysis and recent comparable sales transactions. No impairment indicators were identified and no impairment losses were recorded during the three months ended March 31, 2014.
	When developing estimates of expected future cash flows, the Company makes certain assumptions regarding future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, terminal capitalization and discount rates, the expected number of months it takes to re-lease the property, required tenant improvements and the number of years the property will be held for investment. The use of alternative assumptions in estimating expected future cash flows could result in a different determination of the property’s expected future cash flows and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the fair value of the real estate assets.
	When a real estate asset is identified by the Company as held for sale, the Company will cease depreciation and amortization of the assets related to the property and estimate the fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount would be recorded to reflect the estimated fair value of the property, net of selling costs. There were no assets identified as held for sale as of March 31, 2014.
	Allocation of Purchase Price of Real Estate Assets
	Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and identified intangible assets and liabilities, consisting of the value of above market and below market leases and the value of in-place leases, based in each case on their respective fair values. Acquisition related expenses are expensed as incurred. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and building). The Company obtains an independent appraisal for each real property acquisition. The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information.
	The fair values of above market and below market lease intangibles will be recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) an estimate of fair market lease rates for the corresponding in-place leases, which is generally obtained from independent appraisals, measured over a period equal to the remaining non-cancelable term of the lease including any bargain renewal periods, with respect to a below market lease. The above market and below market lease intangibles will be capitalized as intangible lease assets or liabilities, respectively. Above market leases will be amortized as a reduction to rental income over the remaining terms of the respective leases. Below market leases will be amortized as an increase to rental income over the remaining terms of the respective leases, including any bargain renewal periods. In considering whether or not the Company expects a tenant to execute a bargain renewal option, the Company will evaluate economic factors and certain qualitative factors at the time of acquisition, such as the financial strength of the tenant, remaining lease term, the tenant mix of the leased property, the Company’s relationship with the tenant and the availability of competing tenant space. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above market or below market lease intangibles relating to that lease would be recorded as an adjustment to rental income.
	The fair values of in-place leases include estimates of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rental and other property income, which are avoided by acquiring a property with an in-place lease. Direct costs associated with obtaining a new tenant include commissions and other direct costs and are estimated in part by utilizing information obtained from independent appraisals and management’s consideration of current market costs to execute a similar lease. The intangible values of opportunity costs, which are calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease, are capitalized as intangible lease assets and are amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed.
	The Company may acquire certain properties subject to contingent consideration arrangements that may obligate the Company to pay additional consideration to the seller based on the outcome of future events. Additionally, the Company may acquire certain properties for which it funds certain contingent consideration amounts into an escrow account pending the outcome of certain future events. The outcome may result in the release of all or a portion of the escrow funds to the Company or the seller or a combination thereof. Contingent consideration arrangements will be based on a predetermined formula and have set time periods regarding the obligation to make future payments, including funds released to the seller from escrow accounts, or the right to receive escrowed funds as set forth in the respective purchase and sale agreement. Contingent consideration arrangements, including amounts funded through an escrow account, will be recorded upon acquisition of the respective property at their estimated fair value, and any changes to the estimated fair value, subsequent to acquisition, will be reflected in the accompanying condensed consolidated unaudited statements of operations. The determination of the amount of contingent consideration arrangements is based on the probability of several possible outcomes as identified by management. The amounts recorded will be carried at fair value, with any changes in fair value included in net income (loss).
	The Company will estimate the fair value of assumed mortgage notes payable based upon indications of current market pricing for similar types of debt financing with similar maturities. Assumed mortgage notes payable will initially be recorded at their estimated fair value as of the assumption date, and any difference between such estimated fair value and the mortgage note’s outstanding principal balance will be amortized to interest expense over the term of the respective mortgage note payable.
	The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could impact the Company’s results of operations.
	Cash and Cash Equivalents
	The Company considers all highly liquid instruments with maturities when purchased of three months or less to be cash equivalents. The Company considers investments in highly liquid money market accounts to be cash equivalents.
	Rents and Tenant Receivables
	Rents and tenant receivables will primarily include amounts to be collected in future periods related to the recognition of rental income on a straight-line basis over the lease term and cost recoveries due from tenants. The Company will make estimates of the uncollectability of its accounts receivable related to base rents, expense reimbursements and other revenues. The Company will analyze accounts receivable and historical bad debt levels, customer creditworthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy, if any, will be analyzed and estimates will be made in connection with the expected recovery of pre-petition and post-petition claims. The Company’s reported net income or loss will be directly affected by management’s estimate of the collectability of accounts receivable. The Company will record allowances for those balances that the Company deems to be uncollectible, including any amounts relating to straight-line rent receivables.
	Prepaid Expenses
	Prepaid expenses will include expenses paid as of the balance sheet date that relate to future periods and will be expensed or reclassified to another account during the period to which the costs relate. Any amounts with no future economic benefit will be charged to earnings when identified.
	Concentration of Credit Risk
	As of March 31, 2014, the Company had cash on deposit at one financial institution, in which the Company had deposits in excess of federally insured levels totaling $5,000; however, the Company has not experienced any losses in such account. The Company limits significant cash deposits to accounts held by financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits.
	As of March 31, 2014, the Company had two tenants in the discount store industry, one located in Indiana and one located in Kansas, and one tenant in the automotive industry located in North Carolina. These three tenants accounted for 34%, 28% and 38%, respectively, of the Company’s 2014 gross annualized rental revenues.
	Offering and Related Costs
	CR V Advisors funds all of the organization and offering costs on the Company’s behalf (excluding selling commissions and dealer manager fees) and may be reimbursed for such costs up to 2.0% of gross proceeds from the Offering. As of March 31, 2014, CR V Advisors had paid organization and offering costs in excess of the 2.0% in connection with the Offering. These excess costs were not included in the financial statements of the Company because such costs were not a liability of the Company as they exceeded 2.0% of gross proceeds from the Offering. As the Company raises additional proceeds from the Offering, these excess costs may become payable. When recorded by the Company, organization costs are expensed as incurred and offering costs, which include items such as legal and accounting fees, marketing, personnel, promotional and printing costs, are recorded as a reduction of capital in excess of par value along with selling commissions and dealer manager fees in the period in which they become payable.
	Redeemable Common Stock
	Under the Company’s share redemption program, the Company’s requirement to redeem shares of its outstanding common stock is limited, among other things, to the net proceeds received by the Company from the sale of shares under the DRIP, net of shares redeemed to date. The Company will record amounts that are redeemable under the share redemption program as redeemable common stock outside of permanent equity in its consolidated balance sheets. Changes in the amount of redeemable common stock from period to period will be recorded as an adjustment to capital in excess of par value.
	Interest
	Interest is charged to interest expense as it accrues. No interest costs were capitalized during the three months ended March 31, 2014.
	Distributions Payable and Distribution Policy
	In order to qualify and maintain its status as a REIT, the Company is required to, among other things, make distributions each taxable year equal to at least 90% of its taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). To the extent that funds are available, the Company intends to pay regular distributions to stockholders. Distributions are paid to stockholders of record as of applicable record dates. The Company intends to qualify and elect to be taxed as a REIT for federal income tax purposes commencing with its taxable year ending December 31, 2014; however, the Company has not yet elected, and has not yet qualified, to be taxed as a REIT, as it did not commence principal operations until March 18, 2014.
	The Company’s board of directors authorized a daily distribution, based on 365 days in the calendar year, of $0.0043150685 per share, based on a per share price of $25.00, for stockholders of record as of the close of business on each day of the period commencing on March 19, 2014 and ending on June 30, 2014. As of March 31, 2014, the Company had distributions payable of $6,000.
	Stockholder’s Equity
	As of March 31, 2014 and December 31, 2013, the Company was authorized to issue 490.0 million shares of common stock and 10.0 million shares of preferred stock. All shares of such stock have a par value of $0.01 per share. On February 15, 2013, the Company sold 100 shares of common stock, at $10.00 per share, to a predecessor of CREInvestments, LLC (“CREI”), and on June 19, 2013, the Company sold 19,900 shares of common stock, at $10.00 per share, to CREI, each of which was formerly the indirect owner of CR V Advisors and the Company’s dealer manager. Subsequent to December 31, 2013, the ownership of such shares was transferred to ARCP OP. In addition, the shares issued and outstanding, as well as the dollar amount of common stock and capital in excess of par value, as of December 31, 2013 have been retroactively adjusted to reflect the Reverse Stock Split. Pursuant to the Company’s charter, ARCP OP is prohibited from selling the 8,000 shares of the common stock that represents the initial investment in the Company for so long as Cole Capital remains the Company’s sponsor; provided, however, that ARCP OP may transfer ownership of all or a portion of these 8,000 shares of the Company’s common stock to other affiliates of the Company’s sponsor. The Company’s board of directors may amend the Company’s charter from time to time to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that the Company has authority to issue without obtaining stockholder approval. The par value of investor proceeds raised from the Offering is classified as common stock, with the remainder allocated to capital in excess of par value.
	Reportable Segment
	The Company’s operating segment consists of commercial properties, which may include activities related to investing in real estate such as retail, office and distribution properties and other real estate related assets. The commercial properties are geographically diversified and have similar economic characteristics. The Company evaluates operating performance on an overall portfolio level; therefore, the Company’s properties are one reportable segment.
	Revenue Recognition
	Certain properties have leases where minimum rental payments increase during the term of the lease. The Company records rental income for the full term of each lease on a straight-line basis. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. The Company defers the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Expected reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursement income in the period when such costs are incurred.
	Earnings (Loss) Per Share
	Earnings (loss) per share are calculated based on the weighted average number of common shares outstanding during each period presented. Diluted income (loss) per share considers the effect of any potentially dilutive share equivalents, of which the Company had none during the three months ended March 31, 2014.
	Income Taxes
	The Company intends to elect to be taxed as a REIT for federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ending December 31, 2014, as it did not commence principal operations until March 18, 2014. If the Company qualifies for taxation as a REIT, the Company will generally not be subject to federal corporate income tax to the extent it distributes its taxable income to its stockholders, and so long as it, among other things, distributes at least 90% of its annual taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a REIT, it or its subsidiaries may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income.
	Recent Accounting Pronouncements
	In April 2014, the U.S. Financial Accounting Standards Board issued Accounting Standards Update, 2014-08 Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”), which amends the reporting requirements for discontinued operations by updating the definition of a discontinued operation to be a component of an entity that represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results, resulting in fewer disposals that qualify for discontinued operations reporting; yet, the pronouncement also requires expanded disclosures for discontinued operations. The adoption of ASU 2014-08 did not have a material impact on the Company’s condensed consolidated unaudited financial statements because the Company did not have any discontinued operations.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
FAIR VALUE MEASUREMENTS	'
	FAIR VALUE MEASUREMENTS
	GAAP defines fair value, establishes a framework for measuring fair value, and requires disclosures about fair value measurements. GAAP emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement.
	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows:
	Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
	Level 2 – Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e. interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs).
	Level 3 – Unobservable inputs, which are only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability.
	The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities:
	Cash and cash equivalents – The Company considers the carrying values of these financial assets to approximate fair value because of the short period of time between their origination and their expected realization.
	Affiliate line of credit – The fair value is estimated by discounting the expected cash flows based on estimated borrowing rates available to the Company as of the measurement date. The estimated fair value of the Company’s debt was $1.0 million as of March 31, 2014, which approximated the carrying value on that date. The Company had no debt outstanding as of December 31, 2013. The fair value of the Company’s debt is estimated using Level 2 inputs.
	Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize, or be liable for, on disposition of the financial assets and liabilities. As of March 31, 2014, there have been no transfers of financial assets or liabilities between fair value hierarchy levels.

Real_Estate_Acquisitions

Real Estate Acquisitions	3 Months Ended
	Mar. 31, 2014
Business Combinations [Abstract]	'
REAL ESTATE ACQUISITIONS	'
	REAL ESTATE ACQUISITIONS
	During the three months ended March 31, 2014, the Company acquired three commercial properties for an aggregate purchase price of $3.3 million (the “2014 Acquisitions”). The Company purchased the 2014 Acquisitions with net proceeds from the Offering and borrowings on a line of credit from an affiliate of CR V Advisors. See Note 5 for further discussion regarding the terms of such line of credit. The Company allocated the purchase price of these properties to the fair value of the assets acquired. The following table summarizes the purchase price allocation.
			March 31, 2014
	Land	$	312,681
	Building and improvements		2,564,645
	Acquired in-place leases		422,598
	Total purchase price	$	3,299,924
	During the three months ended March 31, 2014, the Company recorded revenue of $6,000 and a net loss of $183,000 related to the 2014 Acquisitions.
	The following information summarizes selected financial information of the Company as if all of the 2014 Acquisitions were completed on January 1, 2013 for each period presented below. The table below presents the Company’s estimated revenue and net loss, on a pro forma basis, for the three months ended March 31, 2014 and 2013, respectively.
			Three Months Ended March 31,
			2014			2013
	Pro forma basis:
	Revenue	$	57,309		$	57,309
	Net loss	$	(8,737	)	$	(168,098	)
	The pro forma information for the three months ended March 31, 2014 was adjusted to exclude $159,000 of acquisition costs recorded during such period related to the 2014 Acquisitions. These costs were recognized in the pro forma information for the three months ended March 31, 2013. The pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2013, nor does it purport to represent the results of future operations.

Affiliate_Line_of_Credit_and_C

Affiliate Line of Credit and Credit Facility	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
AFFILIATE LINE OF CREDIT AND CREDIT FACILITY	'
	AFFILIATE LINE OF CREDIT AND CREDIT FACILITY
	During the three months ended March 31, 2014, the Company entered into a $10.0 million revolving line of credit with Series C, LLC (“Series C”), an affiliate of CR V Advisors (the “Series C Loan”). The Series C Loan bears interest at a rate per annum equal to the one-month LIBOR plus 2.20% with accrued interest payable monthly in arrears and principal due upon maturity on March 17, 2015. The Series C Loan had an interest rate of 2.36% as of March 31, 2014. In the event the Series C Loan is not paid off on the maturity date, the loan includes usual and customary default provisions. The Series C Loan was approved by a majority of the Company’s board of directors (including a majority of the independent directors) not otherwise interested in the transaction as being fair, competitive and commercially reasonable and no less favorable to the Company than a comparable loan between unaffiliated parties under the same circumstances. As of March 31, 2014, the Company had $1.0 million outstanding under the Series C Loan.
	Subsequent to March 31, 2014, the Company entered into a secured credit agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A. (“JPMorgan Chase”) as administrative agent, which provides for up to $50.0 million in available borrowings (the “Credit Facility”). See Note 9 for further discussion regarding the terms of the Credit Facility. In connection with the Credit Facility, the Company entered into a subordination agreement (the “Subordination Agreement”) with Series C, as subordinated creditor, and JPMorgan Chase, as administrative agent, to establish that JPMorgan Chase will have the first priority for repayment in the event of default.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
COMMITMENTS AND CONTINGENCIES	'
	COMMITMENTS AND CONTINGENCIES
	Litigation
	In the ordinary course of business, the Company may become subject to litigation or claims. The Company is not aware of any pending legal proceedings of which the outcome is reasonably possible to have a material effect on its results of operations, financial condition or liquidity.
	Environmental Matters
	In connection with the ownership and operation of real estate, the Company potentially may be liable for costs and damages related to environmental matters. The Company carries environmental liability insurance on its properties that provides limited coverage for remediation liability and pollution liability for third-party bodily injury and property damage claims. The Company is not aware of any environmental matters which it believes are reasonably possible to have a material effect on its results of operations, financial condition or liquidity.

RelatedParty_Transactions_and_

Related-Party Transactions and Arrangements	3 Months Ended
	Mar. 31, 2014
Related Party Transactions [Abstract]	'
RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS	'
	RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS
	The Company has incurred, and will continue to incur, commissions, fees and expenses payable to CR V Advisors and certain of its affiliates in connection with the Offering, and the acquisition, management and disposition of its assets.
	Offering
	In connection with the Offering, CCC, the Company’s dealer manager, which is affiliated with CR V Advisors, will receive a selling commission of up to 7.0% of gross offering proceeds before reallowance of commissions earned by participating broker-dealers. CCC intends to reallow 100% of selling commissions earned to participating broker-dealers. In addition, CCC will receive up to 2.0% of gross offering proceeds before reallowance to participating broker-dealers as a dealer manager fee in connection with the Offering. CCC, in its sole discretion, may reallow all or a portion of its dealer manager fee to such participating broker-dealers. No selling commissions or dealer manager fees are paid to CCC or other broker-dealers with respect to shares sold pursuant to the DRIP.
	All other organization and offering expenses associated with the sale of the Company’s common stock (excluding selling commissions and dealer manager fees) are paid by CR V Advisors or its affiliates and are reimbursed by the Company up to 2.0% of aggregate gross offering proceeds. A portion of the other organization and offering expenses are considered to be underwriting compensation. As of March 31, 2014, CR V Advisors had paid organization and offering costs in excess of the 2.0% in connection with the Offering. These excess costs were not included in the financial statements of the Company because such costs were not a liability of the Company as they exceeded 2.0% of gross proceeds from the Offering. As the Company raises additional proceeds from the Offering, these excess costs may become payable.
	The Company incurred, but had not yet paid, expense reimbursements as shown in the table below for services provided by CR V Advisors or its affiliates related to the services described above during the periods indicated.
		Three Months Ended March 31,
		2014		2013
	Offering:
	Other organization and offering expenses	$	50,000	$	—
	During the three months ended March 31, 2014, the Company did not incur any selling commissions or dealer manager fees related to the services described above. As the Company did not commence principal operations until March 18, 2014, the Company did not incur any selling commissions, dealer manager fees or expense reimbursements in connection with the offering stage during the three months ended March 31, 2013.
	Acquisitions and Operations
	CR V Advisors or its affiliates also receive acquisition fees of up to 2.0% of: (1) the contract purchase price of each property or asset the Company acquires; (2) the amount paid in respect of the development, construction or improvement of each asset the Company acquires; (3) the purchase price of any loan the Company acquires; and (4) the principal amount of any loan the Company originates. In addition, the Company will reimburse CR V Advisors for insourced expenses incurred in the process of acquiring a property or the origination or acquisition of a loan, which are fixed on an annual basis to 0.5% of the contract purchase price and 0.5% of the amount advanced for a loan or other investment. Additionally, CR V Advisors or its affiliates are reimbursed for acquisition related expenses incurred in the process of acquiring properties, so long as the total acquisition fees and expenses relating to the transaction do not exceed 6.0% of the contract purchase price.
	The Company pays CR V Advisors a monthly advisory fee based upon the Company’s monthly average invested assets, which is equal to the following amounts: (1) an annualized rate of 0.75% will be paid on the Company’s average invested assets that are between $0 to $2.0 billion; (2) an annualized rate of 0.70% will be paid on the Company’s average invested assets that are between $2.0 billion to $4.0 billion; and (3) an annualized rate of 0.65% will be paid on the Company’s average invested assets that are over $4.0 billion.
	The Company reimburses CR V Advisors, or its affiliates, for the expenses they paid or incurred in connection with the advisory and administrative services provided to the Company, subject to the limitation that the Company will not reimburse for any amount by which its operating expenses (including the advisory fee) at the end of the four preceding fiscal quarters exceeds the greater of (1) 2.0% of average invested assets, or (2) 25.0% of net income other than any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of assets for that period.
	The Company paid fees and expense reimbursements as shown in the table below for services provided by CR V Advisors or its affiliates related to the services described above during the periods indicated.
		Three Months Ended March 31,
		2014		2013
	Acquisition and Operations:
	Acquisition fees and expenses	$	82,498	$	—
	Advisory fees and expenses	$	650	$	—
	During the three months ended March 31, 2014, the Company did not incur any operating expenses in connection with administrative services described above. As the Company did not commence principal operations until March 18, 2014, the Company did not incur any fees or expense reimbursements in connection with the acquisitions and operations stage during the three months ended March 31, 2013.
	Liquidation/Listing
	If CR V Advisors or its affiliates provide a substantial amount of services (as determined by a majority of the Company’s independent directors) in connection with the sale of properties, the Company will pay CR V Advisors or its affiliate a disposition fee in an amount equal to up to one-half of the brokerage commission paid on the sale of the property, not to exceed 1.0% of the contract price of the property sold; provided, however, in no event may the disposition fee paid to CR V Advisors or its affiliates, when added to the real estate commissions paid to unaffiliated third parties, exceed the lesser of the customary competitive real estate commission or an amount equal to 6.0% of the contract sales price. In addition, if CR V Advisors or its affiliates provides a substantial amount of services, as determined by a majority of the Company’s independent directors, in connection with the sale of one or more assets other than properties, the Company may separately compensate CR V Advisors at such rates and in such amounts as the Company’s board of directors, including a majority of the Company’s independent directors, and CR V Advisors agree upon, not to exceed an amount equal to 1.0% of the contract price of the asset sold.
	In addition, the Company will pay a subordinated performance fee under one of the following alternative events: (1) if the Company’s shares are listed on a national securities exchange, CR V Advisors, or its affiliates, will be entitled to a subordinated performance fee equal to 15.0% of the amount, if any, by which (i) the market value of the Company’s outstanding stock plus distributions paid by the Company prior to listing, exceed (ii) the sum of the total amount of capital raised from investors and the amount of distributions necessary to generate a 6.0% annual cumulative, non-compounded return to investors; (2) if the Company is sold or its assets are liquidated, CR V Advisors will be entitled to a subordinated performance fee equal to 15.0% of the net sale proceeds remaining after investors have received a return of their net capital invested and a 6.0% annual cumulative, non-compounded return; or (3) upon termination of the advisory agreement, CR V Advisors may be entitled to a subordinated performance fee similar to the fee to which it would have been entitled had the portfolio been liquidated (based on an independent appraised value of the portfolio) on the date of termination.
	During each of the three months ended March 31, 2014 and 2013, no commissions or fees were incurred for any services provided by CR V Advisors and its affiliates in connection with the liquidation/listing stage.
	Due to Affiliates
	As of March 31, 2014, $50,000 had been incurred primarily for offering related expenses by CR V Advisors or its affiliates, but had not yet been reimbursed by the Company and were included in due to affiliates in the condensed consolidated unaudited balance sheets.
	Transactions
	In connection with the real estate assets acquired during three months ended March 31, 2014, the Company entered into the Series C Loan. Refer to Note 5 to these condensed consolidated unaudited financial statements for the terms of the Series C Loan. As of March 31, 2014, the Company had $1.0 million outstanding under the Series C Loan. The Company incurred less than $1,000 of interest to an affiliate of CR V Advisors related to the Series C Loan during the three months ended March 31, 2014. During the year ended December 31, 2013, the Company did not enter into any loan agreements with affiliates of the CR V Advisors.
	As of March 31, 2014, ARCP OP was the Company’s sole stockholder and owned an aggregate of approximately 118,000 shares of common stock.

Economic_Dependency

Economic Dependency	3 Months Ended
	Mar. 31, 2014
Economic Dependency [Abstract]	'
ECONOMIC DEPENDENCY	'
	ECONOMIC DEPENDENCY
	Under various agreements, the Company has engaged or will engage CR V Advisors and its affiliates 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 issuance, as well as other administrative responsibilities for the Company including accounting services and investor relations. As a result of these relationships, the Company is dependent upon CR V Advisors and its affiliates. In the event that these companies are unable to provide the Company with these services, the Company would be required to find alternative providers of these services.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2014
Subsequent Events [Abstract]	'
SUBSEQUENT EVENTS	'
	SUBSEQUENT EVENTS
	Status of the Offering
	As of May 9, 2014, the Company had received $5.7 million in gross offering proceeds through the issuance of approximately 240,000 shares of its common stock in the Offering (including shares issued pursuant to the DRIP).
	Borrowing Facilities
	Subsequent to March 31, 2014, the Company entered into the Credit Facility, which provides for up to $50.0 million in available borrowings. The Credit Facility will bear interest at rates depending upon the type of loan specified by the Company and the overall leverage ratio, which is not to exceed 70% (or 65% on or subsequent to April 25, 2015 through April 24, 2016, or 60% on or subsequent to April 25, 2016). For a eurodollar rate loan, as defined in the Credit Agreement, the interest rate will be equal to the one-month, two-month, three-month or six-month LIBOR for the interest period, as elected by the Company, multiplied by the Statutory Reserve Rate (as defined in the Credit Agreement), plus the applicable rate (the “Eurodollar Applicable Rate”). The Eurodollar Applicable Rate is based upon the overall leverage ratio, generally defined in the Credit Agreement as the total consolidated outstanding indebtedness of the Company divided by the total consolidated asset value of the Company (the “Leverage Ratio”), and ranges from 1.90% at a Leverage Ratio of 50.0% or less to 2.75% at a Leverage Ratio greater than 65.0%. For base rate committed loans, the interest rate will be a per annum amount equal to the greater of (1) JPMorgan Chase’s Prime Rate; (2) the Federal Funds Effective Rate (as defined in the Credit Agreement) plus 0.50%; or (3) one-month LIBOR multiplied by the Statutory Reserve Rate (as defined in the Credit Agreement) plus 1.0% plus the applicable rate (the “Base Rate Applicable Rate”). The Base Rate Applicable Rate is based upon the Leverage Ratio, and ranges from 0.90% at a Leverage Ratio of 50.0% or less to 1.75% at a Leverage Ratio greater than 65.0%. The Credit Facility matures on April 25, 2017; however, the Company may elect to extend the maturity date to April 25, 2019 subject to satisfying certain conditions described in the Credit Agreement. In connection with entering into the Credit Facility, the Company entered into the Subordination Agreement to establish that JPMorgan Chase will have the first priority for repayment in the event of default.
	As of May 9, 2014, the Company had no amounts outstanding under the Credit Facility or the Series C Loan. Based on the underlying collateral pool, $2.3 million was available under the Credit Facility and $10.0 million was available for borrowing under the Series C Loan as of May 9, 2014.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Basis of presentation	'
	The condensed consolidated unaudited financial statements of the Company have been prepared in accordance with the rules and regulations of the SEC regarding interim financial reporting, including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. In the opinion of management, the statements for the interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for such periods. Results for these interim periods are not necessarily indicative of full year results. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated balance sheet and related notes thereto included in the Registration Statement as declared effective by the SEC on March 17, 2014. Consolidated results of operations for the period ended March 31, 2013 have not been presented because the Company had not commenced its principal operations during such period.
Principles of consolidation	'
	The condensed consolidated unaudited financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of estimates	'
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Investment in and valuation of real estate assets	'
	Investment in and Valuation of Real Estate Assets
	Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition, excluding acquisition related expenses, construction and any tenant improvements, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All repairs and maintenance are expensed as incurred.
	The Company is required to make subjective assessments as to the useful lives of its depreciable assets. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life of the assets. Real estate assets, other than land, are depreciated or amortized on a straight-line basis. The estimated useful lives of the Company’s real estate assets by class are generally as follows:
	Buildings	40 years
	Tenant improvements	Lesser of useful life or lease term
	Intangible lease assets	Lease term
	The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to, bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, rental concessions and other factors, a significant decrease in a property’s revenues due to lease terminations, vacancies, co-tenancy clauses, reduced lease rates or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value is determined using a discounted cash flow analysis and recent comparable sales transactions. No impairment indicators were identified and no impairment losses were recorded during the three months ended March 31, 2014.
	When developing estimates of expected future cash flows, the Company makes certain assumptions regarding future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, terminal capitalization and discount rates, the expected number of months it takes to re-lease the property, required tenant improvements and the number of years the property will be held for investment. The use of alternative assumptions in estimating expected future cash flows could result in a different determination of the property’s expected future cash flows and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the fair value of the real estate assets.
	When a real estate asset is identified by the Company as held for sale, the Company will cease depreciation and amortization of the assets related to the property and estimate the fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount would be recorded to reflect the estimated fair value of the property, net of selling costs. There were no assets identified as held for sale as of March 31, 2014.
Allocation of purchase price of real estate assets	'
	Allocation of Purchase Price of Real Estate Assets
	Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and identified intangible assets and liabilities, consisting of the value of above market and below market leases and the value of in-place leases, based in each case on their respective fair values. Acquisition related expenses are expensed as incurred. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and building). The Company obtains an independent appraisal for each real property acquisition. The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information.
	The fair values of above market and below market lease intangibles will be recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) an estimate of fair market lease rates for the corresponding in-place leases, which is generally obtained from independent appraisals, measured over a period equal to the remaining non-cancelable term of the lease including any bargain renewal periods, with respect to a below market lease. The above market and below market lease intangibles will be capitalized as intangible lease assets or liabilities, respectively. Above market leases will be amortized as a reduction to rental income over the remaining terms of the respective leases. Below market leases will be amortized as an increase to rental income over the remaining terms of the respective leases, including any bargain renewal periods. In considering whether or not the Company expects a tenant to execute a bargain renewal option, the Company will evaluate economic factors and certain qualitative factors at the time of acquisition, such as the financial strength of the tenant, remaining lease term, the tenant mix of the leased property, the Company’s relationship with the tenant and the availability of competing tenant space. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above market or below market lease intangibles relating to that lease would be recorded as an adjustment to rental income.
	The fair values of in-place leases include estimates of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rental and other property income, which are avoided by acquiring a property with an in-place lease. Direct costs associated with obtaining a new tenant include commissions and other direct costs and are estimated in part by utilizing information obtained from independent appraisals and management’s consideration of current market costs to execute a similar lease. The intangible values of opportunity costs, which are calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease, are capitalized as intangible lease assets and are amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed.
	The Company may acquire certain properties subject to contingent consideration arrangements that may obligate the Company to pay additional consideration to the seller based on the outcome of future events. Additionally, the Company may acquire certain properties for which it funds certain contingent consideration amounts into an escrow account pending the outcome of certain future events. The outcome may result in the release of all or a portion of the escrow funds to the Company or the seller or a combination thereof. Contingent consideration arrangements will be based on a predetermined formula and have set time periods regarding the obligation to make future payments, including funds released to the seller from escrow accounts, or the right to receive escrowed funds as set forth in the respective purchase and sale agreement. Contingent consideration arrangements, including amounts funded through an escrow account, will be recorded upon acquisition of the respective property at their estimated fair value, and any changes to the estimated fair value, subsequent to acquisition, will be reflected in the accompanying condensed consolidated unaudited statements of operations. The determination of the amount of contingent consideration arrangements is based on the probability of several possible outcomes as identified by management. The amounts recorded will be carried at fair value, with any changes in fair value included in net income (loss).
	The Company will estimate the fair value of assumed mortgage notes payable based upon indications of current market pricing for similar types of debt financing with similar maturities. Assumed mortgage notes payable will initially be recorded at their estimated fair value as of the assumption date, and any difference between such estimated fair value and the mortgage note’s outstanding principal balance will be amortized to interest expense over the term of the respective mortgage note payable.
	The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could impact the Company’s results of operations.
Cash and cash equivalents	'
	Cash and Cash Equivalents
	The Company considers all highly liquid instruments with maturities when purchased of three months or less to be cash equivalents. The Company considers investments in highly liquid money market accounts to be cash equivalents.
Rents and tenant receivables	'
	Rents and Tenant Receivables
	Rents and tenant receivables will primarily include amounts to be collected in future periods related to the recognition of rental income on a straight-line basis over the lease term and cost recoveries due from tenants. The Company will make estimates of the uncollectability of its accounts receivable related to base rents, expense reimbursements and other revenues. The Company will analyze accounts receivable and historical bad debt levels, customer creditworthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy, if any, will be analyzed and estimates will be made in connection with the expected recovery of pre-petition and post-petition claims. The Company’s reported net income or loss will be directly affected by management’s estimate of the collectability of accounts receivable. The Company will record allowances for those balances that the Company deems to be uncollectible, including any amounts relating to straight-line rent receivables.
Prepaid expenses	'
	Prepaid Expenses
	Prepaid expenses will include expenses paid as of the balance sheet date that relate to future periods and will be expensed or reclassified to another account during the period to which the costs relate. Any amounts with no future economic benefit will be charged to earnings when identified.
Concentration of credit risk	'
	Concentration of Credit Risk
	As of March 31, 2014, the Company had cash on deposit at one financial institution, in which the Company had deposits in excess of federally insured levels totaling $5,000; however, the Company has not experienced any losses in such account. The Company limits significant cash deposits to accounts held by financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits.
	As of March 31, 2014, the Company had two tenants in the discount store industry, one located in Indiana and one located in Kansas, and one tenant in the automotive industry located in North Carolina. These three tenants accounted for 34%, 28% and 38%, respectively, of the Company’s 2014 gross annualized rental revenues.
Offering and related costs	'
	Offering and Related Costs
	CR V Advisors funds all of the organization and offering costs on the Company’s behalf (excluding selling commissions and dealer manager fees) and may be reimbursed for such costs up to 2.0% of gross proceeds from the Offering. As of March 31, 2014, CR V Advisors had paid organization and offering costs in excess of the 2.0% in connection with the Offering. These excess costs were not included in the financial statements of the Company because such costs were not a liability of the Company as they exceeded 2.0% of gross proceeds from the Offering. As the Company raises additional proceeds from the Offering, these excess costs may become payable. When recorded by the Company, organization costs are expensed as incurred and offering costs, which include items such as legal and accounting fees, marketing, personnel, promotional and printing costs, are recorded as a reduction of capital in excess of par value along with selling commissions and dealer manager fees in the period in which they become payable.
Redeemable common stock	'
	Redeemable Common Stock
	Under the Company’s share redemption program, the Company’s requirement to redeem shares of its outstanding common stock is limited, among other things, to the net proceeds received by the Company from the sale of shares under the DRIP, net of shares redeemed to date. The Company will record amounts that are redeemable under the share redemption program as redeemable common stock outside of permanent equity in its consolidated balance sheets. Changes in the amount of redeemable common stock from period to period will be recorded as an adjustment to capital in excess of par value.
Interest	'
	Interest
	Interest is charged to interest expense as it accrues. No interest costs were capitalized during the three months ended March 31, 2014.
Distributions payable and distribution policy	'
	Distributions Payable and Distribution Policy
	In order to qualify and maintain its status as a REIT, the Company is required to, among other things, make distributions each taxable year equal to at least 90% of its taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). To the extent that funds are available, the Company intends to pay regular distributions to stockholders. Distributions are paid to stockholders of record as of applicable record dates. The Company intends to qualify and elect to be taxed as a REIT for federal income tax purposes commencing with its taxable year ending December 31, 2014; however, the Company has not yet elected, and has not yet qualified, to be taxed as a REIT, as it did not commence principal operations until March 18, 2014.
	The Company’s board of directors authorized a daily distribution, based on 365 days in the calendar year, of $0.0043150685 per share, based on a per share price of $25.00, for stockholders of record as of the close of business on each day of the period commencing on March 19, 2014 and ending on June 30, 2014. As of March 31, 2014, the Company had distributions payable of $6,000.
Stockholders' equity	'
	Stockholder’s Equity
	As of March 31, 2014 and December 31, 2013, the Company was authorized to issue 490.0 million shares of common stock and 10.0 million shares of preferred stock. All shares of such stock have a par value of $0.01 per share. On February 15, 2013, the Company sold 100 shares of common stock, at $10.00 per share, to a predecessor of CREInvestments, LLC (“CREI”), and on June 19, 2013, the Company sold 19,900 shares of common stock, at $10.00 per share, to CREI, each of which was formerly the indirect owner of CR V Advisors and the Company’s dealer manager. Subsequent to December 31, 2013, the ownership of such shares was transferred to ARCP OP. In addition, the shares issued and outstanding, as well as the dollar amount of common stock and capital in excess of par value, as of December 31, 2013 have been retroactively adjusted to reflect the Reverse Stock Split. Pursuant to the Company’s charter, ARCP OP is prohibited from selling the 8,000 shares of the common stock that represents the initial investment in the Company for so long as Cole Capital remains the Company’s sponsor; provided, however, that ARCP OP may transfer ownership of all or a portion of these 8,000 shares of the Company’s common stock to other affiliates of the Company’s sponsor. The Company’s board of directors may amend the Company’s charter from time to time to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that the Company has authority to issue without obtaining stockholder approval. The par value of investor proceeds raised from the Offering is classified as common stock, with the remainder allocated to capital in excess of par value.
Reportable segment	'
	Reportable Segment
	The Company’s operating segment consists of commercial properties, which may include activities related to investing in real estate such as retail, office and distribution properties and other real estate related assets. The commercial properties are geographically diversified and have similar economic characteristics. The Company evaluates operating performance on an overall portfolio level; therefore, the Company’s properties are one reportable segment.
Revenue recognition	'
	Revenue Recognition
	Certain properties have leases where minimum rental payments increase during the term of the lease. The Company records rental income for the full term of each lease on a straight-line basis. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. The Company defers the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Expected reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursement income in the period when such costs are incurred.
Earnings (loss) per share	'
	Earnings (Loss) Per Share
	Earnings (loss) per share are calculated based on the weighted average number of common shares outstanding during each period presented. Diluted income (loss) per share considers the effect of any potentially dilutive share equivalents, of which the Company had none during the three months ended March 31, 2014.
Income taxes	'
	Income Taxes
	The Company intends to elect to be taxed as a REIT for federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ending December 31, 2014, as it did not commence principal operations until March 18, 2014. If the Company qualifies for taxation as a REIT, the Company will generally not be subject to federal corporate income tax to the extent it distributes its taxable income to its stockholders, and so long as it, among other things, distributes at least 90% of its annual taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a REIT, it or its subsidiaries may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income.
Recent accounting pronouncements	'
	Recent Accounting Pronouncements
	In April 2014, the U.S. Financial Accounting Standards Board issued Accounting Standards Update, 2014-08 Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”), which amends the reporting requirements for discontinued operations by updating the definition of a discontinued operation to be a component of an entity that represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results, resulting in fewer disposals that qualify for discontinued operations reporting; yet, the pronouncement also requires expanded disclosures for discontinued operations. The adoption of ASU 2014-08 did not have a material impact on the Company’s condensed consolidated unaudited financial statements because the Company did not have any discontinued operations.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Investment in and valuation of real estate and related assets	'
	The estimated useful lives of the Company’s real estate assets by class are generally as follows:
	Buildings	40 years
	Tenant improvements	Lesser of useful life or lease term
	Intangible lease assets	Lease term

Real_Estate_Acquisitions_Table

Real Estate Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2014
Business Combinations [Abstract]	'
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	'
	The Company allocated the purchase price of these properties to the fair value of the assets acquired. The following table summarizes the purchase price allocation.
			March 31, 2014
	Land	$	312,681
	Building and improvements		2,564,645
	Acquired in-place leases		422,598
	Total purchase price	$	3,299,924
Business acquisition, pro forma information	'
	The table below presents the Company’s estimated revenue and net loss, on a pro forma basis, for the three months ended March 31, 2014 and 2013, respectively.
			Three Months Ended March 31,
			2014			2013
	Pro forma basis:
	Revenue	$	57,309		$	57,309
	Net loss	$	(8,737	)	$	(168,098	)

RelatedParty_Transactions_and_1

Related-Party Transactions and Arrangements - (Tables)	3 Months Ended
	Mar. 31, 2014
Related Party Transactions [Abstract]	'
Schedule of related party transactions	'
	The Company paid fees and expense reimbursements as shown in the table below for services provided by CR V Advisors or its affiliates related to the services described above during the periods indicated.
		Three Months Ended March 31,
		2014		2013
	Acquisition and Operations:
	Acquisition fees and expenses	$	82,498	$	—
	Advisory fees and expenses	$	650	$	—
	The Company incurred, but had not yet paid, expense reimbursements as shown in the table below for services provided by CR V Advisors or its affiliates related to the services described above during the periods indicated.
		Three Months Ended March 31,
		2014		2013
	Offering:
	Other organization and offering expenses	$	50,000	$	—

Organization_and_Business_Deta

Organization and Business (Details) (USD $)	3 Months Ended		0 Months Ended	3 Months Ended	0 Months Ended				3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Feb. 07, 2014	Mar. 31, 2014	Mar. 18, 2014	Mar. 31, 2014	Mar. 18, 2014	Mar. 18, 2014	Mar. 31, 2014
	sqft		Common Stock	Common Stock	Initial public offering	Initial public offering	Initial public offering	Initial public offering	Cole Operating Partnership V, LP
	Property						Distribution reinvestment plan	Maximum
	states
Organization and business [Line Items]	'	'	'	'	'	'	'	'	'
General partner partnership interest percentage	'	'	'	'	'	'	'	'	100.00%
Common stock, shares authorized, value	'	'	'	'	$2,975,000,000	'	'	'	'
Reverse stock split, conversion ratio	'	'	0.4	'	'	'	'	'	'
Common stock, shares authorized (in shares)	490,000,000	490,000,000	'	'	'	'	20,000,000	100,000,000	'
Share price (in dollars per share)	'	'	'	'	'	$25	$23.75	'	'
Issuance of common stock, shares (in shares)	'	'	'	109,890	110,000	110,000	'	'	'
Issuance of common stock	$2,500,000	'	'	$1,099	$2,500,000	$2,500,000	'	'	'
Number of owned properties (in number of properties)	3	'	'	'	'	'	'	'	'
Rentable square feet (in square feet)	25,000	'	'	'	'	'	'	'	'
Number of states in which entity owns properties (in number of states)	3	'	'	'	'	'	'	'	'
Percentage of rentable space leased	100.00%	'	'	'	'	'	'	'	'

Summary_of_Significant_Account3

Summary of Significant Accounting Policies - Narrative (Details) (USD $)	3 Months Ended			3 Months Ended	0 Months Ended		3 Months Ended		3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Mar. 31, 2014	Jun. 19, 2013	Feb. 15, 2013	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014
				Common Stock	Common Stock	Common Stock	Common Stock	Other organization and offering expenses	Building
					CREInvestments, LLC	CREInvestments, LLC	American Realty Capital Properties OP	Maximum
								Advisors
Valuation of real estate and related assets [Line Items]	'	'	'	'	'	'	'	'	'
Acquired real estate asset, useful life	'	'	'	'	'	'	'	'	'40 years
Organization and offering expense	'	'	'	'	'	'	'	2.00%	'
Dividend, common stock and preferred stock, number of days in the calendar year for the daily distribution	'365 days	'	'	'	'	'	'	'	'
Common stock, dividends, daily amount per share authorized	$0.00	'	'	'	'	'	'	'	'
Share price (in dollars per share)	'	'	'	'	'	$10	'	'	'
Distributions payable	$6,164	$0	$0	'	'	'	'	'	'
Common stock, shares authorized	490,000,000	490,000,000	'	'	'	'	'	'	'
Preferred stock, shares authorized	10,000,000	10,000,000	'	'	'	'	'	'	'
Common stock, par value	$0.01	$0.01	'	'	'	'	'	'	'
Preferred stock, par value	$0.01	$0.01	'	'	'	'	'	'	'
Issuance of common stock, shares	'	'	'	109,890	19,900	100	8,000	'	'

Summary_of_Significant_Account4

Summary of Significant Accounting Policies - Concentration of credit risk (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
	Tenants
	financial_institutions
Concentration Risk [Line Items]	'
Cash on deposit, number of financial institutions which had deposits in excess of current federally insured limits	1
Concentration risk, credit risk, financial instrument, maximum exposure	$5
Number of tenants	3
Discount store industry	'
Concentration Risk [Line Items]	'
Number of tenants	2
Discount store industry | Indiana	'
Concentration Risk [Line Items]	'
Number of tenants	1
Discount store industry | Indiana | Gross annualized rental revenue | Customer concentration risk	'
Concentration Risk [Line Items]	'
Concentration risk, percentage	34.00%
Discount store industry | Kansas	'
Concentration Risk [Line Items]	'
Number of tenants	1
Discount store industry | Kansas | Gross annualized rental revenue | Customer concentration risk	'
Concentration Risk [Line Items]	'
Concentration risk, percentage	28.00%
Automotive industry | North Carolina	'
Concentration Risk [Line Items]	'
Number of tenants	1
Automotive industry | North Carolina | Gross annualized rental revenue | Customer concentration risk	'
Concentration Risk [Line Items]	'
Concentration risk, percentage	38.00%

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (Fair value, measurements, recurring, Affiliated line of credit, Series C, LLC loan, USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Estimate of fair value	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Lines of credit, fair value disclosure	$1	$0
Carrying value	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Lines of credit, fair value disclosure	$1	$0

Real_Estate_Acquisitions_Detai

Real Estate Acquisitions (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
	Property
Pro forma basis (unaudited)	'	'
Acquisition costs	$159,361	'
2014 acquisitions	'	'
Business Acquisition [Line Items]	'	'
Number of businesses acquired (in properties)	3	'
Total purchase price	3,300,000	'
Business Acquisition, Purchase Price Allocation [Abstract]	'	'
Land	312,681	'
Buildings and improvements	2,564,645	'
Total purchase price	3,299,924	'
Revenue of acquiree since acquisition date	6,000	'
Loss of acquiree since acquisition date	183,000	'
Pro forma basis (unaudited)	'	'
Revenue	57,309	57,309
Net income	-8,737	-168,098
Acquisition costs	159,000	'
2014 acquisitions | Acquired-in-place leases	'	'
Business Acquisition, Purchase Price Allocation [Abstract]	'	'
Acquired finite-lived intangible asset - leases, amount	$422,598	'

Affiliate_Line_of_Credit_and_C1

Affiliate Line of Credit and Credit Facility - (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	9-May-14	Mar. 31, 2014	9-May-14
			Line of credit	Line of credit	Line of credit	Line of credit
			Affiliated line of credit, Series C, LLC loan	Affiliated line of credit, Series C, LLC loan	Affiliated line of credit, Series C, LLC loan	Credit facility loan
			Revolving credit facility	Revolving credit facility	Revolving credit facility	Revolving credit facility
				Subsequent event	LIBOR	Subsequent event
Line of Credit Facility [Line Items]	'	'	'	'	'	'
Line of credit, current borrowing capacity	'	'	$10,000,000	$10,000,000	'	$2,300,000
Debt instrument, basis spread on variable rate	'	'	'	'	2.20%	'
Line of credit facility, interest rate at period end	'	'	2.36%	'	'	'
Affiliate line of credit	1,000,000	0	1,000,000	'	'	'
Line of credit facility, borrowing capacity	'	'	'	'	'	$50,000,000

RelatedParty_Transactions_and_2

Related-Party Transactions and Arrangements (Details) (USD $)

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Common Stock

Common Stock

Affiliated line of credit, Series C, LLC loan

Advisors

Advisors

Advisors

Advisors

Advisors

Advisors

Advisors

Advisors

Advisors

Advisors

Advisors

Series c, llc

American Realty Capital Properties OP

Selling commissions

Selling commissions reallowed by cole capital

Dealer manager fee

Other organization and offering expenses

Other organization and offering expenses

Other organization and offering expenses

Acquisition fees and expenses

Acquisition fees and expenses

Acquisition fees and expenses

Acquisition fees and expenses

Advisory fees and expenses

Advisory fees and expenses

Property sales commission

Property portfolio

Performance fee

Line of credit

Listing commission

Average invested assets between $0 to $2 billion

Average invested assets between $2 billion to $4 billion

Average invested assets over $4 billion

Maximum

Maximum

Minimum

Minimum

Minimum

Minimum

Maximum

Common Stock

Dealer manager commission

Dealer manager commission reallowed

Dealer manager

Advisors

Advisors

Advisors

Advisors

Advisors

Advisors

Advisors

Advisors

Advisors

Advisors

Advisors

Advisors

Revolving credit facility

Average invested assets between $0 to $2 billion

Average invested assets between $2 billion to $4 billion

Average invested assets between $0 to $2 billion

Average invested assets between $2 billion to $4 billion

Average invested assets over $4 billion

Affiliated line of credit, Series C, LLC loan

Maximum

Maximum

Maximum

Maximum

Contract sale price of each property

Maximum

Line of credit

Contract purchase price of each asset

Revolving credit facility

Related Party Transaction [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest Payable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$1,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Commissions percentage on stock sales and related dealer manager fees

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7.00%

100.00%

2.00%

'

'

'

'

'

'

'

'

'

'

'

'

Organization and offering expense

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.00%

'

'

'

'

'

'

'

'

'

Related party transaction, expenses from transactions with related party

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50,000

0

'

82,498

0

'

'

650

0

'

'

'

Acquisition and advisory fee

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6.00%

2.00%

'

'

'

'

'

Related Party, Reimbursement Fixed Annual Percentage of the Contract Purchase Price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.50%

'

'

'

'

'

Asset management or advisory fees percent

'

'

'

'

'

'

'

0.75%

0.70%

0.65%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Average invested assets

'

'

'

'

'

'

'

'

'

'

2,000,000,000

4,000,000,000

'

0

2,000,000,000

4,000,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Operating expense reimbursement percent of average invested assets

'

'

'

'

'

'

'

'

'

'

'

'

2.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Operating expense reimbursement percent of net income

'

'

'

'

'

'

'

'

'

'

'

'

25.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Commissions performance and other fees percent

'

'

'

'

'

'

15.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.00%

6.00%

15.00%

Cumulative noncompounded annual return

'

'

'

'

'

6.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Due to affiliates

50,457

0

'

'

'

50,457

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Affiliate line of credit

$1,000,000

$0

'

'

$1,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock, shares outstanding

117,890

8,000

117,890

8,000

'

'

'

'

'

'

'

'

'

'

'

'

'

118,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Subsequent_Events_Details

Subsequent Events - (Details) (USD $)

3 Months Ended

3 Months Ended

2 Months Ended

1 Months Ended

1 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

9-May-14

9-May-14

9-May-14

9-May-14

9-May-14

9-May-14

9-May-14

9-May-14

9-May-14

9-May-14

9-May-14

9-May-14

Credit facility

Credit facility

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Line of credit

Line of credit

Credit facility

Credit facility

Credit facility

Credit facility

Credit facility

Credit facility

Credit facility

Credit facility

Before April 25, 2015

On or subsequent to April 25, 2015 through April 24, 2016

After April 24, 2016

Affiliated line of credit, Series C, LLC loan

Affiliated line of credit, Series C, LLC loan

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Credit facility

Credit facility

Credit facility

LIBOR

Credit facility loan

Eurodollar rate loan

Eurodollar rate loan

Base rate committed loans

Base rate committed loans

Base rate committed loans

Base rate committed loans

Affiliated line of credit, Series C, LLC loan

Line of credit

Line of credit

Line of credit

LIBOR

LIBOR

Leverage ratio less than or equal to 50%

Leverage ratio greater than 65%

LIBOR

Prime rate

JPMorgan Chase, Revolving Credit Facility [Member]

JPMorgan Chase, Revolving Credit Facility [Member]

JPMorgan Chase, Revolving Credit Facility [Member]

Leverage ratio less than or equal to 50%

Leverage ratio greater than 65%

Subsequent Event

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock

$2,500,000

'

'

'

$5,700,000

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock, shares (in shares)

'

'

'

'

240,000

'

'

'

'

'

'

'

'

'

'

'

Line of credit facility, borrowing capacity

'

'

'

'

'

50,000,000

'

'

'

'

'

'

'

'

'

'

Line of credit facility, covenant, leverage ratio

'

'

'

'

'

'

'

'

'

'

'

'

'

70.00%

65.00%

60.00%

Debt instrument, basis spread on variable rate

'

'

'

2.20%

'

'

1.90%

2.75%

'

'

1.00%

0.50%

'

'

'

'

Line of credit fixed interest rate

'

'

'

'

'

'

'

'

0.90%

1.75%

'

'

'

'

'

'

Line of credit facility, amount outstanding

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

Affiliate line of credit

1,000,000

0

1,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of credit, current borrowing capacity

'

'

$10,000,000

'

'

$2,300,000

'

'

'

'

'

'

$10,000,000

'

'

'