Cole Credit Property Trust V 10-Q 13 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	9 Months Ended
	Sep. 30, 2015	Nov. 10, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Cole Credit Property Trust V, Inc.
Entity Central Index Key	1,580,988
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		8.8

Condensed Consolidated Unaudite

Condensed Consolidated Unaudited Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Investment in real estate assets:
Land	$ 106,184	$ 87,406
Buildings and improvements, less accumulated depreciation of $7,853 and $1,563, respectively	308,932	257,384
Acquired intangible lease assets, less accumulated amortization of $4,449 and $823, respectively	46,839	41,539
Total investment in real estate assets, net	461,955	386,329
Cash and cash equivalents	16,405	6,907
Prepaid expenses and other assets	336	230
Due from affiliates	41	110
Restricted cash	250	0
Rents and tenant receivables	2,083	982
Deferred financing costs, less accumulated amortization of $1,064 and $258, respectively	2,278	2,353
Total assets	483,348	396,911
LIABILITIES AND STOCKHOLDERS’ EQUITY
Credit facility and notes payable, net	290,860	227,145
Line of credit with affiliate	20,000	20,000
Accounts payable and accrued expenses	2,430	2,284
Escrowed investor proceeds	75	0
Due to affiliates	1,143	1,952
Acquired below-market lease intangibles, less accumulated amortization of $442 and $47, respectively	4,389	3,823
Distributions payable	1,090	929
Derivative liability, deferred rental income and other liabilities	3,123	986
Total liabilities	$ 323,110	$ 257,119
Commitments and contingencies
Redeemable common stock	$ 6,103	$ 1,471
STOCKHOLDERS’ 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, 8,495,344 and 6,985,877 shares issued and outstanding, respectively	85	70
Capital in excess of par value	183,125	153,993
Accumulated distributions in excess of earnings	(27,008)	(15,742)
Accumulated other comprehensive loss	(2,067)	0
Total stockholders’ equity	154,135	138,321
Total liabilities and stockholders’ equity	$ 483,348	$ 396,911

Condensed Consolidated Unaudit3

Condensed Consolidated Unaudited Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Buildings and improvements, accumulated depreciation	$ 7,853	$ 1,563
Acquired intangible lease assets, accumulated amortization	4,449	823
Accumulated amortization, deferred finance costs	1,064	258
Accumulated Amortization on Acquired Below Market Lease Intangibles	$ 442	$ 47
Preferred stock, par value (in dollars per share)	$ 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 (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	490,000,000	490,000,000
Common stock, shares issued	8,495,344	6,985,877
Common stock, shares outstanding (shares)	8,495,344	6,985,877

Condensed Consolidated Unaudit4

Condensed Consolidated Unaudited Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Rental and other property income	$ 8,377	$ 717	$ 23,594	$ 803
Tenant reimbursement income	767	22	2,237	28
Total revenue	9,144	739	25,831	831
Expenses:
General and administrative expenses	1,030	400	2,480	553
Property operating expenses	398	6	1,104	6
Real estate tax expenses	503	21	1,574	28
Advisory fees and expenses	1,002	112	2,840	130
Acquisition-related expenses	511	5,047	2,921	6,036
Depreciation	2,183	268	6,290	309
Amortization	1,038	109	3,017	129
Total operating expenses	6,665	5,963	20,226	7,191
Operating income (loss)	2,479	(5,224)	5,605	(6,360)
Interest expense and other	(2,958)	(84)	(7,847)	(118)
Net loss	$ (479)	$ (5,308)	$ (2,242)	$ (6,478)
Weighted average number of common shares outstanding:
Basic and diluted (in shares)	8,185,900	2,313,971	7,658,950	898,864
Net loss per common share:
Basic and diluted (in dollars per shares)	$ (0.06)	$ (2.29)	$ (0.29)	$ (7.21)
Distributions declared per common share (in dollars per share)	$ 0.4	$ 0.4	$ 1.18	$ 1.18

Condensed Consolidated Unaudit5

Condensed Consolidated Unaudited Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net loss	$ (479)	$ (5,308)	$ (2,242)	$ (6,478)
Other comprehensive loss:
Unrealized loss on interest rate swap	(2,067)	0	(2,067)	0
Total comprehensive loss	$ (2,546)	$ (5,308)	$ (4,309)	$ (6,478)

Condensed Consolidated Unaudit6

Condensed Consolidated Unaudited Statement of Stockholder's Equity - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Accumulated Distributions in Excess of Earnings	Accumulated Other Comprehensive Loss
Balance (shares) at Dec. 31, 2014	6,985,877	6,985,877
Balance at Dec. 31, 2014	$ 138,321	$ 70	$ 153,993	$ (15,742)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (shares)		1,519,871
Issuance of common stock	37,536	$ 15	37,521
Distributions to investors	(9,024)			(9,024)
Commissions on stock sales and related dealer manager fees	(2,752)		(2,752)
Other offering costs	(745)		(745)
Redemptions of common stock (shares)		(10,404)
Redemptions of common stock	(260)		(260)
Changes in redeemable common stock	(4,632)		(4,632)
Comprehensive loss	$ (4,309)			(2,242)	(2,067)
Balance (shares) at Sep. 30, 2015	8,495,344	8,495,344
Balance at Sep. 30, 2015	$ 154,135	$ 85	$ 183,125	$ (27,008)	$ (2,067)

Condensed Consolidated Unaudit7

Condensed Consolidated Unaudited Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net loss	$ (2,242)	$ (6,478)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation	6,290	309
Amortization of intangible lease assets and below-market lease intangibles, net	3,231	140
Straight-line rental income	(950)	(10)
Amortization of deferred financing costs	806	58
Accretion of fair value adjustments of notes payable assumed	(285)	(5)
Changes in assets and liabilities:
Rents and tenant receivables	(151)	(308)
Prepaid expenses and other assets	(56)	(171)
Accounts payable and accrued expenses	146	812
Derivative liability, deferred rental income and other liabilities	70	501
Due to affiliates	538	103
Due from affiliates	69	0
Net cash provided by (used in) operating activities	7,466	(5,049)
Cash flows from investing activities:
Investment in real estate assets	(85,852)	(150,123)
Escrowed funds for acquisition of real estate investment	0	(5,905)
Payment of property escrow deposits	(50)	0
Change in restricted cash	(250)	(177)
Net cash used in investing activities	(86,152)	(156,205)
Cash flows from financing activities:
Proceeds from issuance of common stock	32,644	111,257
Redemptions of common stock	(260)	0
Offering costs on issuance of common stock	(3,573)	(11,747)
Proceeds from credit facility and notes payable	67,500	51,153
Repayment of credit facility and notes payable	(3,500)	(2,653)
Proceeds from line of credit with affiliate	0	30,700
Repayment of line of credit with affiliate	0	(10,700)
Distributions to investors	(3,971)	(313)
Change in escrowed investor proceeds	75	177
Deferred financing costs paid	(731)	(407)
Net cash provided by financing activities	88,184	167,467
Net increase in cash and cash equivalents	9,498	6,213
Cash and cash equivalents, beginning of period	6,907	200
Cash and cash equivalents, end of period	16,405	6,413
Supplemental disclosures of non-cash investing and financing activities:
Fair value of mortgage notes assumed in real estate acquisitions at date of assumption	0	43,744
Distributions declared and unpaid	1,090	470
Common stock issued through distribution reinvestment plan	4,892	281
Unrealized loss on interest rate swap	(2,067)	0
Supplemental cash flow disclosures:
Interest paid	$ 6,952	$ 11

Organization and Business

Organization and Business	9 Months Ended
	Sep. 30, 2015
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, incorporated on December 12, 2012, that qualified as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning in the taxable year ended December 31, 2014, as the Company 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 interests in Cole Operating Partnership V, LP, a Delaware limited partnership. The Company is externally managed by Cole REIT Advisors V, LLC (“CR V Advisors”), a Delaware limited liability company and 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 VEREIT, Inc. (formerly known as American Realty Capital Properties, Inc.) (“VEREIT”), a self-managed publicly traded REIT organized as a Maryland corporation and listed on the New York Stock Exchange (NYSE: VER). On February 7, 2014, VEREIT 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 VEREIT’s acquisition of Cole, VEREIT 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”), and declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on March 17, 2014, the Company commenced its initial public offering on a “best efforts” basis, offering 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 (together, 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 VEREIT Operating Partnership, L.P. (formerly known as ARC Properties Operating Partnership, L.P.), an affiliate of Cole Capital, resulting in gross proceeds of $2.5 million , and commenced principal operations. Effective as of June 10, 2015, Michael T. Ezzell resigned as a director, the chairman of the board of directors of the Company, the chief executive officer and the president of the Company. In addition, effective as of June 10, 2015, Mr. Ezzell resigned as the chief executive officer and president of CR V Advisors and as president and treasurer of CCC. Mr. Ezzell’s resignation was not a result of any disagreements with the Company on any matter relating to the Company’s operations, policies or practices. Effective as of June 10, 2015, Glenn J. Rufrano was appointed as the chief executive officer, the president and a director of the Company by the Company’s board of directors. Also effective as of June 10, 2015, Mr. Rufrano was appointed as chief executive officer and president of CR V Advisors. Furthermore, effective as of June 10, 2015, the Company’s board of directors appointed Marcus E. Bromley, one of the Company’s independent directors, to serve as the non-executive chairman of the board of directors of the Company. The Company’s board of directors also appointed Robert A. Gary, IV, one of the Company’s independent directors, to serve as chairman of the Company’s audit committee. Mr. Gary replaced Mr. Bromley, who resigned as chairman of the Company’s audit committee in connection with his appointment as chairman of the board of directors of the Company effective June 10, 2015, although Mr. Bromley remains a member of the Company’s audit committee. As of September 30, 2015 , the Company had issued approximately 8.5 million shares of its common stock in the Offering for gross offering proceeds of $211.3 million before organization and offering costs, selling commissions and dealer manager fees of $21.9 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 September 30, 2015 , the Company owned 111 properties, comprising 2.3 million rentable square feet of commercial space located in 28 states. As of September 30, 2015 , the rentable space at these properties was 99.1% leased. On November 11, 2015, the Company’s board of directors approved the extension of the Offering until March 17, 2017, unless the Company’s board of directors terminates the Offering at an earlier date or all shares being offered have been sold, in which case the Offering will be terminated.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
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 financial statements as of and for the year ended December 31, 2014, and related notes thereto set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The condensed consolidated unaudited financial statements should also be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this Quarterly Report on Form 10-Q. 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. Reclassifications Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. The Company has chosen to break out the details of (i) real estate tax expenses in the Company’s condensed consolidated statements of operations and (ii) straight-line rental income in the Company’s condensed consolidated statement of cash flows. As such, the corresponding prior period amounts have also been broken out into separate line items to conform to the current financial statement presentation. The reclassifications for the three and nine months ended September 30, 2014 had no effect on previously reported totals or subtotals. 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 Recoverability 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 will be 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 nine months ended September 30, 2015 or 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 a 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 September 30, 2015 or December 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 buildings). 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 are 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, for below-market leases, any bargain renewal periods. The above-market and below-market lease intangibles are capitalized as intangible lease assets or liabilities, respectively. Above-market leases are amortized as a reduction to rental income over the remaining terms of the respective leases. Below-market leases are 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 evaluates economic factors and certain qualitative factors at the time of acquisition, such as the financial strength of the tenant, the 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 Company estimates 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 are initially 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 is amortized or accreted 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 materially impact the Company’s results of operations. Restricted Cash The Company had $250,000 in restricted cash as of September 30, 2015 . Included in restricted cash were escrowed investor proceeds of $75,000 for which shares of common stock had not been issued as of September 30, 2015 , and $175,000 in lender cash management accounts. As part of certain debt agreements, rent from certain of the Company’s tenants is deposited directly into a lockbox account, from which the monthly debt service payments are disbursed to the lender and the excess funds are disbursed to the Company. Cash and Cash Equivalents As of September 30, 2015 , the Company had cash on deposit, including restricted cash, at two financial institutions, in one of which the Company had deposits in excess of federally insured levels, totaling $16.2 million ; however, the Company has not experienced any losses in such accounts. 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. Property Concentrations As of September 30, 2015 , two of the Company’s tenants accounted for 19% and 11% , respectively, of the Company’s 2015 gross annualized rental revenues. The Company also had certain geographic concentrations in its property holdings. In particular, as of September 30, 2015 , eight of the Company’s properties were located in Texas , 13 were located in California , and nine were located in Indiana , with the properties of each such state accounting for 11% of the Company’s 2015 gross annualized rental revenues, and seven properties were located in Louisiana , which accounted for 10% of the Company’s 2015 gross annualized rental revenues. In addition, the Company had tenants in the drugstore , discount store , gas and convenience , and sporting goods industries, which comprised 20% , 17% , 11% and 10% , respectively, of the Company’s 2015 gross annualized rental revenues. Derivative Instruments and Hedging Activities The Company accounts for its derivative instruments at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the effective portion of any derivative instrument that is designated as a hedge is recorded as other comprehensive income (loss). The changes in fair value for derivative instruments that are not designated as hedges or that do not meet the hedge accounting criteria are recorded as a gain or loss to operations. 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 any 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. The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the Company will record an increase in the allowance for uncollectible accounts or record a direct write-off of the receivable in the condensed consolidated unaudited statements of operations and comprehensive income (loss). As of September 30, 2015 and December 31, 2014 , the Company did not have an allowance for uncollectible accounts. Recent Accounting Pronouncements In May 2014, the U.S. Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes the revenue recognition requirements in Revenue Recognition (Topic 605) and requires an entity to recognize revenue in a way that depicts the transfer of promised goods or services to customers, including real estate sales, in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB provided for a one-year deferral of the effective date for ASU 2014-09, which is now effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is permitted for annual reporting periods beginning after December 15, 2016 and the interim periods within that year. The Company is currently evaluating the impact of the new standard on the Company’s condensed consolidated unaudited financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”), which eliminates the deferral of Financial Accounting Standard 167, modifies the evaluation of whether limited partnerships and similar legal entities are variable or voting interest entities, eliminates the presumption that the general partner should consolidate a limited partnership, modifies the consolidation analysis for reporting entities that are involved with variable interest entities, particularly those that have fee arrangements and related party relationships, and provides a scope exception for reporting entities with interests in legal entities that operate as registered money market funds. These changes will require re-evaluation of the consolidation conclusion for certain entities and will require the Company to revise its analysis regarding the consolidation or deconsolidation of such entities. ASU 2015-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. Companies may elect to apply the amendments in ASU 2015-02 using a modified retrospective approach or by applying the amendments retrospectively. The Company is currently evaluating the impact of the new standard on the Company’s condensed consolidated unaudited financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation and Subsequent Measurement of Debt Issuance Costs (“ASU 2015-03”). The update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than presenting the deferred charge as an asset. The previous requirement to recognize debt issuance costs as deferred charges conflicts with the guidance in FASB Concepts Statement No. 6, “Elements of Financial Statements”, which states that debt issuance costs are similar to debt discounts and effectively reduce the proceeds of borrowing, thereby increasing the effective interest rate. FASB Concepts Statement No. 6 further states that debt issuance costs cannot be an asset because they provide no future economic benefit. After the update is adopted, debt disclosures would include the face amount of the debt liability and the effective interest rate. In August 2015, the FASB sought to clarify questions that arose after ASU 2015-03 was issued by issuing ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”). The update clarifies that debt issuance costs related to securing a revolving line of credit may be presented as an asset and subsequently amortized ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. Both ASU 2015-03 and ASU 2015-15 are effective for fiscal years beginning after December 15, 2015, and are to be applied retrospectively, with early adoption permitted. The Company is currently evaluating the impact of these new standards on the Company’s condensed consolidated unaudited financial statements. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”), which eliminates the requirement that an acquirer in a business combination retrospectively account for measurement-period adjustments. Measurement-period adjustments should be recognized during the period in which the adjustment amount is determined, including any earnings impact that the acquirer would have recorded in prior periods if the accounting was completed at the acquisition date. ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of this new standard on the Company’s condensed consolidated unaudited financial statements.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
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: Credit facility, notes payable and line of credit with affiliate – 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. These financial instruments are considered Level 2 inputs. As of September 30, 2015 , the estimated fair value of the Company’s debt was $313.3 million , compared to a carrying value of $310.9 million . As of December 31, 2014 , the estimated fair value of the Company’s debt was $249.7 million compared to the carrying value of $247.1 million . The fair value of the Company’s debt is estimated using Level 2 inputs. Derivative instruments – The Company’s derivative instruments consist of an interest rate swap. All derivative instruments are carried at fair value and are valued using Level 2 inputs. The fair value of these instruments is determined using interest rate market pricing models. The Company includes the impact of credit valuation adjustments on derivative instruments measured at fair value. Other financial instruments – The Company utilizes the carrying values of its cash and cash equivalents, restricted cash, tenant and other receivables, accounts payable and accrued expenses, other liabilities, amounts due to affiliates and distributions payable in order to approximate their fair values because of their highly liquid nature and the short period of time between their origination and their expected realization. Due to the short-term maturities of these instruments, Level 1 inputs are utilized to estimate the fair value of these financial instruments. 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 September 30, 2015 , there have been no transfers of financial assets or liabilities between fair value hierarchy levels. In accordance with the fair value hierarchy described above, the following table shows the fair value of the Company’s financial liabilities that are required to be measured at fair value on a recurring basis as of September 30, 2015 (in thousands). The Company did not have any executed interest rate swap agreements as of December 31, 2014 . Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant September 30, 2015 (Level 1) (Level 2) (Level 3) Financial liability: Interest rate swap $ (2,067 ) $ — $ (2,067 ) $ —

Real Estate Acquisitions

Real Estate Acquisitions	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
REAL ESTATE ACQUISITIONS	REAL ESTATE ACQUISITIONS 2015 Property Acquisitions During the nine months ended September 30, 2015 , the Company acquired 32 commercial properties for an aggregate purchase price of $84.6 million (the “ 2015 Acquisitions”). The Company purchased the 2015 Acquisitions with net proceeds from the Offering and available borrowings. The purchase price allocation for each of the Company’s acquisitions is preliminary and subject to change as the Company finalizes the allocation, which will be no later than twelve months from the acquisition date. The Company preliminarily allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the preliminary purchase price allocation for acquisitions purchased during the nine months ended September 30, 2015 (in thousands): 2015 Acquisitions Land $ 18,778 Building and improvements 57,838 Acquired in-place leases 7,566 Acquired above-market leases 1,360 Acquired below-market leases (961 ) Total purchase price $ 84,581 During the three and nine months ended September 30, 2015 , the Company recorded revenue of $1.5 million and $2.9 million , respectively, and net income of $168,000 and a net loss of $1.8 million , respectively, which includes acquisition-related expenses of $499,000 and $2.9 million , respectively, related to the 2015 Acquisitions. The following information summarizes selected financial information of the Company as if all of the 2015 Acquisitions were completed on March 18, 2014 , the date the Company commenced principal operations, for each period presented below. The table below presents the Company’s estimated revenue and net income (loss), on a pro forma basis, for the three and nine months ended September 30, 2015 , the three months ended September 30, 2014 and the period from March 18, 2014 to September 30, 2014 , respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 Period from March 18, 2014 to September 30, 2014 2015 2014 Pro forma basis: Revenue $ 9,257 $ 2,375 $ 27,816 $ 4,334 Net (loss) income $ (355 ) $ (5,016 ) $ 1 $ (6,357 ) The pro forma information for the three and nine months ended September 30, 2015 was adjusted to exclude $499,000 and $2.9 million , respectively, of acquisition-related expenses recorded during such periods related to the 2015 Acquisitions. Accordingly, these costs were instead recognized in the pro forma information for the period from March 18, 2014 to September 30, 2014 . 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 the period, nor does it purport to represent the results of future operations. 2014 Property Acquisitions During the nine months ended September 30, 2014 , the Company acquired 47 commercial properties for an aggregate purchase price of $192.9 million (the “2014 Acquisitions”). The Company purchased the 2014 Acquisitions with net proceeds from the Offering and available borrowings. The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation (in thousands): 2014 Acquisitions Land $ 45,875 Building and improvements 121,700 Acquired in-place leases 22,842 Acquired above-market leases 3,738 Acquired below-market leases (288 ) Fair value adjustment of assumed notes payable (994 ) Total purchase price $ 192,873 During the three and nine months ended September 30, 2014 , the Company recorded revenue of $739,000 and $831,000 , respectively, and a net loss of $5.3 million and $6.5 million , respectively, 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 March 18, 2014, the date the Company commenced principal operations, for each period presented below. The table below presents the Company’s estimated revenue and net (loss) income, on a pro forma basis, for the three months ended September 30, 2014 and for the period from March 18, 2014 to September 30, 2014, respectively (in thousands): Three Months Ended Period from March 18, 2014 to September 30, 2014 September 2014 Pro forma basis: Revenue $ 2,587 $ 5,541 Net income (loss) $ 882 $ (3,518 ) The pro forma information for the three months ended September 30, 2014 was adjusted to exclude $5.0 million of acquisition costs recorded during such period related to the 2014 Acquisitions. Accordingly, these costs were instead recognized in the pro forma information for the period from March 18, 2014 to September 30, 2014. 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 the period, nor does it purport to represent the results of future operations.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES In the normal course of business, the Company uses certain types of derivative instruments for the purpose of managing or hedging its interest rate risk. During the nine months ended September 30, 2015 , the Company entered into one interest rate swap agreement. The following table summarizes the terms of the Company’s executed interest rate swap agreement designated as a hedging instrument as of September 30, 2015 (in thousands). The Company did not have any executed interest rate swap agreements as of September 30, 2014 . Outstanding Notional Amount as of Interest Effective Maturity Fair Value of Liabilities as of Balance Sheet Location September 30, 2015 Rate (1) Date Date September 30, 2015 Interest Rate Swap Deferred rental income, derivative liability and other liabilities $ 120,000 4.02 % 12/31/2015 4/25/2019 $ (2,067 ) (1) The interest rate consists of the underlying index swapped to a fixed rate and the applicable interest rate spread as of September 30, 2015 . Additional disclosures related to the fair value of the Company’s derivative instruments are included in Note 3 to these condensed consolidated unaudited financial statements. The notional amount under the interest rate swap agreement is an indication of the extent of the Company’s involvement in each instrument, but does not represent exposure to credit, interest rate or market risks. Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company designated the interest rate swap as a cash flow hedge, to hedge the variability of the anticipated cash flows on its variable rate debt. The change in fair value of the effective portion of the derivative instrument that is designated as a hedge is recorded in other comprehensive income (loss), with a portion of the amount subsequently reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. Any ineffective portion of the change in fair value of the derivative instrument is recorded in interest expense. During the next twelve months, the Company estimates that an additional $1.0 million will be reclassified from other comprehensive income (loss) as an increase to interest expense. The following table summarizes the unrealized loss on the Company’s derivative instrument and hedging activity for the three and nine months ended September 30, 2015 (in thousands). The Company did not own any derivative instruments for the three and nine months ended September 30, 2014 . Amount of Loss Recognized as Other Comprehensive Loss Derivatives in Cash Flow Hedging Relationships Three Months Ended Nine Months Ended Interest Rate Swap (1) $ (2,067 ) $ (2,067 ) (1) There were no portions of the change in the fair value of the interest rate swap that were considered ineffective during the nine months ended September 30, 2015 . The Company has agreements with each of its derivative counterparties that contain provisions whereby, if the Company defaults on certain of its unsecured indebtedness, the Company could also be declared in default on its derivative obligations, resulting in an acceleration of payment. If the Company had breached any of these provisions as of September 30, 2015 , it could have been required to settle its obligations under these agreements at an aggregate termination value, inclusive of interest payments and accrued interest, of $2.1 million . In addition, the Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company believes it mitigates its credit risk by entering into agreements with creditworthy counterparties. The Company records credit risk valuation adjustments on its interest rate swap based on the credit quality of the Company and the respective counterparty. There were no termination events or events of default related to the interest rate swap as of September 30, 2015 .

Credit Facility and Notes Payab

Credit Facility and Notes Payable	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
CREDIT FACILITY AND NOTES PAYABLE	CREDIT FACILITY AND NOTES PAYABLE As of September 30, 2015 , the Company had $310.9 million of debt outstanding, with weighted average years to maturity of 2.9 years and a weighted average interest rate of 3.19% . The following table summarizes the debt activity for the nine months ended September 30, 2015 and the debt balances as of September 30, 2015 and December 31, 2014 (in thousands): During the Nine Months Ended September 30, 2015 Balance as of December 31, 2014 Debt Issuance Repayments Other (1) Balance as of Credit facility $ 158,500 $ 67,500 $ (3,500 ) $ — $ 222,500 Fixed rate debt 68,645 — — (285 ) 68,360 Line of credit with affiliate 20,000 — — — 20,000 Total $ 247,145 $ 67,500 $ (3,500 ) $ (285 ) $ 310,860 (1) Represents the accretion of the fair value adjustment of an assumed mortgage note payable. As of September 30, 2015 , the fixed rate debt includes mortgage notes assumed with a face amount of $42.8 million and a fair value of $43.6 million at the date of assumption. The fixed rate debt has interest rates ranging from 4.45% to 5.66% per annum. The debt outstanding matures on various dates from April 2017 through December 2024. The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the fixed rate debt outstanding was $89.3 million as of September 30, 2015 . Each of the mortgage notes payable comprising the fixed rate debt is secured by the respective properties on which the debt was placed. On July 22, 2015 , the Company entered into a modified credit agreement (the “Modified Credit Agreement”), with JPMorgan Chase Bank, N.A. (“JPMorgan Chase”) as administrative agent. The Modified Credit Agreement reduced the revolving loans (the "Revolving Loans”) from $300.0 million to $180.0 million , and added a term loan (the “Term Loan”) in the amount of $120.0 million for a total capacity of $300.0 million (collectively, the “Credit Facility”), with the maximum amount outstanding not to exceed the borrowing base, calculated as 65% of the aggregate value allocated to each qualified property comprising eligible collateral (the “Qualified Properties”) during the period from April 25, 2014 through April 25, 2016 and 60% of the aggregate value of the Qualified Properties during the period from April 26, 2016 to April 25, 2017. Based on the underlying collateral pool, which allows for borrowings up to $237.3 million , $14.8 million was available for additional borrowings under the Credit Facility as of September 30, 2015 . Subject to meeting certain conditions described in the credit agreement for the Credit Facility (the “Credit Agreement”) and the payment of certain fees, the amount of the Credit Facility may be increased up to a maximum of $750.0 million . Additionally, subject to meeting certain conditions described in the Credit Agreement, including obtaining Qualified Properties with an aggregate value of $1.0 billion , the Credit Facility may be converted into an unsecured credit facility, at which time certain terms and conditions, including interest rates, will be adjusted as described in the Credit Agreement. The Revolving Loans mature on April 25, 2017 ; however, the Company may elect to extend the maturity dates of certain loans to April 25, 2019 subject to satisfying certain conditions described in the Credit Agreement. The Term Loan matures on April 25, 2019 . The Revolving Loans will bear interest at rates dependent upon the type of loan specified by the Company. 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 2.45% at a Leverage Ratio greater than 60.0% . For base rate committed loans, the interest rate will be a per annum amount equal to the greater of: (a) JPMorgan Chase’s Prime Rate; (b) the Federal Funds Effective Rate (as defined in the Credit Agreement) plus 0.50% ; or (c) 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 1.45% at a Leverage Ratio greater than 60.0% . As of September 30, 2015 , the Revolving Loans had an interest rate of 2.65% . The Company executed a swap agreement on certain cash flows related to variable rate debt, which is currently associated with the $120.0 million Term Loan, which will have the effect of fixing the variable interest rate per annum on December 31, 2015 through the maturity date of the loan at 1.57% plus the applicable spread, which totaled 4.02% as of September 30, 2015 . As of September 30, 2015, the Company had $102.5 million of debt outstanding under Revolving Loans and $120.0 million outstanding under its term loan, both at an interest rate of 2.65% . The Credit Agreement contains customary representations, warranties, borrowing conditions and affirmative, negative and financial covenants, including minimum net worth, debt service coverage and leverage ratio requirements, maximum variable rate, recourse debt requirements and dividend payout requirements. In particular, the Credit Agreement required the Company to maintain a minimum consolidated net worth greater than or equal to the sum of (i) $1.9 million plus (ii) 75% of the issuance of equity from the date of the Modified Credit Agreement, a leverage ratio less than or equal to 65.0% and a fixed charge coverage ratio equal to or greater than 1.50 . Based on the Company’s analysis and review of its results of operations and financial condition, the Company believes it was in compliance with the covenants of the Credit Facility as of September 30, 2015 . As of September 30, 2015 , the Company had $20.0 million outstanding under its $60.0 million subordinate line of credit with Series C, LLC (“Series C”), an affiliate of the Company’s advisor (the “Series C Line of Credit”). The Series C Line of Credit 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, 2016 . The Series C Line of Credit had an interest rate of 2.40% as of September 30, 2015 . In the event the Series C Line of Credit is not paid off on the maturity date, the loan includes usual and customary default provisions. The Series C Line of Credit 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 September 30, 2015 , the Company had $40.0 million available for borrowing under the Series C Line of Credit.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
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 and claims. The Company is not aware of any material pending legal proceedings, other than ordinary routine litigation incidental to the Company’s business, to which the Company is a party or of which the Company’s properties are the subject. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. In addition, the Company may own or acquire certain properties that are subject to environmental remediation. Generally, the seller of the property, the tenant of the property and/or another third party is responsible for environmental remediation costs related to a property subject to environmental remediation. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify the Company against future remediation costs. The Company also carries environmental liability insurance on its properties that provides limited coverage for any remediation liability or pollution liability for third-party bodily injury or property damage claims for which the Company may be liable. The Company is not aware of any environmental matters which it believes are reasonably likely to have a material effect on its results of operations, financial condition or liquidity.

Related-Party Transactions and

Related-Party Transactions and Arrangements	9 Months Ended
	Sep. 30, 2015
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, receives selling commissions of up to 7.0% of gross offering proceeds from the primary portion of the Offering before reallowance of selling commissions earned by participating broker-dealers. CCC intends to reallow 100% of selling commissions earned to participating broker-dealers. In addition, CCC receives up to 2.0% of gross offering proceeds before reallowance to participating broker-dealers as a dealer manager fee in connection with the primary portion of the Offering. CCC, in its sole discretion, may reallow all or a portion of its dealer manager fee to participating broker-dealers. No selling commissions or dealer manager fees are paid to CCC or other participating 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 for 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 may be considered to be underwriting compensation. As of September 30, 2015 , CR V Advisors had paid organization and offering costs in excess of the 2.0% of aggregate gross offering proceeds in connection with the Offering. These excess costs were not included in the condensed consolidated unaudited 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 commissions, fees and expense reimbursements as shown in the table below for services provided by CR V Advisors and its affiliates related to the services described above during the periods indicated (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Offering: Selling commissions $ 900 $ 5,989 $ 2,102 $ 7,337 Selling commissions reallowed by CCC $ 900 $ 5,989 $ 2,102 $ 7,337 Dealer manager fees $ 279 $ 1,764 $ 650 $ 2,180 Dealer manager fees reallowed by CCC $ 122 $ 953 $ 267 $ 1,131 Other offering costs $ 315 $ 1,766 $ 745 $ 2,231 As of September 30, 2015 , all of the amounts shown above had been paid to CR V Advisors and its affiliates. 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 reimburses CR V Advisors or its affiliates 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 and for all such loans and investments on an annualized basis. 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% paid on the Company’s average invested assets that are between $0 and $2.0 billion ; (2) an annualized rate of 0.70% paid on the Company’s average invested assets that are between $2.0 billion and $4.0 billion ; and (3) an annualized rate of 0.65% 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 CR V Advisors or its affiliates for any amount by which their operating expenses (including the advisory fee) at the end of the four preceding fiscal quarters exceed 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 will not reimburse CR V Advisors or its affiliates for personnel costs in connection with the services for which CR V Advisors receives acquisition or disposition fees. The Company incurred 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 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Acquisition and Operations: Acquisition fees and expenses $ 349 $ 4,100 $ 2,121 $ 4,831 Advisory fees and expenses $ 1,002 $ 112 $ 2,840 $ 130 Operating expenses $ 378 $ 116 $ 945 $ 144 As of September 30, 2015 , $973,000 had been incurred, but not yet paid, for services provided by CR V Advisors or its affiliates in connection with the Company’s acquisitions and operations stage and was a liability of the Company. During the nine months ended September 30, 2015 , CR V Advisors permanently waived its right to expense reimbursements totaling $250,000 , and thus the Company is not responsible for this amount. 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 affiliates 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 or its affiliates 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 nine months ended September 30, 2015 and 2014, 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/from Affiliates As of September 30, 2015 , $1.1 million had been incurred by CR V Advisors or its affiliates, primarily for advisory, operating and acquisition-related expenses, but had not yet been reimbursed by the Company and was included in amounts due to affiliates on the condensed consolidated unaudited balance sheets. As of December 31, 2014, $2.0 million had been incurred, but not yet paid, primarily for advisory, operating and acquisition-related expenses by CR V Advisors or its affiliates for properties that the Company purchased during the year ended December 31, 2014. As of September 30, 2015 , $41,000 was due from CR V Advisors or its affiliates. As of December 31, 2014, $110,000 was due from CR V Advisors and its affiliates, primarily related to amounts paid by the Company on dead deals that were reimbursable by the advisor. Transactions During the nine months ended September 30, 2015 , the Company incurred $361,000 of interest expense related to the Series C Line of Credit, of which $40,000 was due to an affiliate of CR V Advisors as of September 30, 2015 . Refer to Note 6 to our condensed consolidated unaudited financial statements in this Quarterly Report on Form 10-Q for further explanation.

Economic Dependency

Economic Dependency	9 Months Ended
	Sep. 30, 2015
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	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Status of the Offering As of November 10, 2015 , the Company had received $219.1 million in gross offering proceeds through the issuance of approximately 8.8 million shares of its common stock in the Offering (including shares issued pursuant to the DRIP). Redemption of Shares of Common Stock Subsequent to September 30, 2015 , the Company redeemed approximately 25,200 shares for $608,000 at an average per share price of $24.10 . Investment in Real Estate Assets Subsequent to September 30, 2015 , the Company acquired a 100% interest in one real estate property for an aggregate purchase price of $1.8 million . The acquisition was funded with proceeds from the Offering. The Company has not completed its initial purchase price allocation with respect to this property and therefore cannot provide the disclosure for this property in Note 4 to these condensed consolidated unaudited financial statements. Extension of the Offering The Company previously disclosed that the Offering would close on March 17, 2016, unless extended by the Company’s board of directors. On November 11, 2015, the Company’s board of directors approved the extension of the Offering until March 17, 2017, unless the board of directors terminates the Offering at an earlier date or all shares being offered have been sold, in which case the Offering will be terminated. If all of the shares the Company is offering have not been sold by March 17, 2017, the board of directors may further extend the Offering as permitted under applicable law.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	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 financial statements as of and for the year ended December 31, 2014, and related notes thereto set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The condensed consolidated unaudited financial statements should also be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this Quarterly Report on Form 10-Q. 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.
Reclassifications	Reclassifications Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. The Company has chosen to break out the details of (i) real estate tax expenses in the Company’s condensed consolidated statements of operations and (ii) straight-line rental income in the Company’s condensed consolidated statement of cash flows. As such, the corresponding prior period amounts have also been broken out into separate line items to conform to the current financial statement presentation. The reclassifications for the three and nine months ended September 30, 2014 had no effect on previously reported totals or subtotals.
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 Recoverability of Real Estate Assets	Investment in and Recoverability 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 will be 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 nine months ended September 30, 2015 or 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 a 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.
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 buildings). 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 are 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, for below-market leases, any bargain renewal periods. The above-market and below-market lease intangibles are capitalized as intangible lease assets or liabilities, respectively. Above-market leases are amortized as a reduction to rental income over the remaining terms of the respective leases. Below-market leases are 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 evaluates economic factors and certain qualitative factors at the time of acquisition, such as the financial strength of the tenant, the 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 Company estimates 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 are initially 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 is amortized or accreted 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 materially impact the Company’s results of operations.
Restricted Cash and Cash and Cash Equivalents	Restricted Cash The Company had $250,000 in restricted cash as of September 30, 2015 . Included in restricted cash were escrowed investor proceeds of $75,000 for which shares of common stock had not been issued as of September 30, 2015 , and $175,000 in lender cash management accounts. As part of certain debt agreements, rent from certain of the Company’s tenants is deposited directly into a lockbox account, from which the monthly debt service payments are disbursed to the lender and the excess funds are disbursed to the Company. Cash and Cash Equivalents As of September 30, 2015 , the Company had cash on deposit, including restricted cash, at two financial institutions, in one of which the Company had deposits in excess of federally insured levels, totaling $16.2 million ; however, the Company has not experienced any losses in such accounts. 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.
Property Concentrations	Property Concentrations As of September 30, 2015 , two of the Company’s tenants accounted for 19% and 11% , respectively, of the Company’s 2015 gross annualized rental revenues. The Company also had certain geographic concentrations in its property holdings. In particular, as of September 30, 2015 , eight of the Company’s properties were located in Texas , 13 were located in California , and nine were located in Indiana , with the properties of each such state accounting for 11% of the Company’s 2015 gross annualized rental revenues, and seven properties were located in Louisiana , which accounted for 10% of the Company’s 2015 gross annualized rental revenues. In addition, the Company had tenants in the drugstore , discount store , gas and convenience , and sporting goods industries, which comprised 20% , 17% , 11% and 10% , respectively, of the Company’s 2015 gross annualized rental revenues.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company accounts for its derivative instruments at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the effective portion of any derivative instrument that is designated as a hedge is recorded as other comprehensive income (loss). The changes in fair value for derivative instruments that are not designated as hedges or that do not meet the hedge accounting criteria are recorded as a gain or loss to operations.
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 any 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.
Allowance for Uncollectible Accounts	The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the Company will record an increase in the allowance for uncollectible accounts or record a direct write-off of the receivable in the condensed consolidated unaudited statements of operations and comprehensive income (loss).
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the U.S. Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes the revenue recognition requirements in Revenue Recognition (Topic 605) and requires an entity to recognize revenue in a way that depicts the transfer of promised goods or services to customers, including real estate sales, in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB provided for a one-year deferral of the effective date for ASU 2014-09, which is now effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is permitted for annual reporting periods beginning after December 15, 2016 and the interim periods within that year. The Company is currently evaluating the impact of the new standard on the Company’s condensed consolidated unaudited financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”), which eliminates the deferral of Financial Accounting Standard 167, modifies the evaluation of whether limited partnerships and similar legal entities are variable or voting interest entities, eliminates the presumption that the general partner should consolidate a limited partnership, modifies the consolidation analysis for reporting entities that are involved with variable interest entities, particularly those that have fee arrangements and related party relationships, and provides a scope exception for reporting entities with interests in legal entities that operate as registered money market funds. These changes will require re-evaluation of the consolidation conclusion for certain entities and will require the Company to revise its analysis regarding the consolidation or deconsolidation of such entities. ASU 2015-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. Companies may elect to apply the amendments in ASU 2015-02 using a modified retrospective approach or by applying the amendments retrospectively. The Company is currently evaluating the impact of the new standard on the Company’s condensed consolidated unaudited financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation and Subsequent Measurement of Debt Issuance Costs (“ASU 2015-03”). The update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than presenting the deferred charge as an asset. The previous requirement to recognize debt issuance costs as deferred charges conflicts with the guidance in FASB Concepts Statement No. 6, “Elements of Financial Statements”, which states that debt issuance costs are similar to debt discounts and effectively reduce the proceeds of borrowing, thereby increasing the effective interest rate. FASB Concepts Statement No. 6 further states that debt issuance costs cannot be an asset because they provide no future economic benefit. After the update is adopted, debt disclosures would include the face amount of the debt liability and the effective interest rate. In August 2015, the FASB sought to clarify questions that arose after ASU 2015-03 was issued by issuing ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”). The update clarifies that debt issuance costs related to securing a revolving line of credit may be presented as an asset and subsequently amortized ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. Both ASU 2015-03 and ASU 2015-15 are effective for fiscal years beginning after December 15, 2015, and are to be applied retrospectively, with early adoption permitted. The Company is currently evaluating the impact of these new standards on the Company’s condensed consolidated unaudited financial statements. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”), which eliminates the requirement that an acquirer in a business combination retrospectively account for measurement-period adjustments. Measurement-period adjustments should be recognized during the period in which the adjustment amount is determined, including any earnings impact that the acquirer would have recorded in prior periods if the accounting was completed at the acquisition date. ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of this new standard on the Company’s condensed consolidated unaudited financial statements.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2015
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

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Summary of Financial Liabilities Measured at Fair Value on a Recurring Basis	In accordance with the fair value hierarchy described above, the following table shows the fair value of the Company’s financial liabilities that are required to be measured at fair value on a recurring basis as of September 30, 2015 (in thousands). The Company did not have any executed interest rate swap agreements as of December 31, 2014 . Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant September 30, 2015 (Level 1) (Level 2) (Level 3) Financial liability: Interest rate swap $ (2,067 ) $ — $ (2,067 ) $ —

Real Estate Acquisitions (Table

Real Estate Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the purchase price allocation (in thousands): 2014 Acquisitions Land $ 45,875 Building and improvements 121,700 Acquired in-place leases 22,842 Acquired above-market leases 3,738 Acquired below-market leases (288 ) Fair value adjustment of assumed notes payable (994 ) Total purchase price $ 192,873 The following table summarizes the preliminary purchase price allocation for acquisitions purchased during the nine months ended September 30, 2015 (in thousands): 2015 Acquisitions Land $ 18,778 Building and improvements 57,838 Acquired in-place leases 7,566 Acquired above-market leases 1,360 Acquired below-market leases (961 ) Total purchase price $ 84,581
Business Acquisition, Pro Forma Information	The table below presents the Company’s estimated revenue and net income (loss), on a pro forma basis, for the three and nine months ended September 30, 2015 , the three months ended September 30, 2014 and the period from March 18, 2014 to September 30, 2014 , respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 Period from March 18, 2014 to September 30, 2014 2015 2014 Pro forma basis: Revenue $ 9,257 $ 2,375 $ 27,816 $ 4,334 Net (loss) income $ (355 ) $ (5,016 ) $ 1 $ (6,357 ) The table below presents the Company’s estimated revenue and net (loss) income, on a pro forma basis, for the three months ended September 30, 2014 and for the period from March 18, 2014 to September 30, 2014, respectively (in thousands): Three Months Ended Period from March 18, 2014 to September 30, 2014 September 2014 Pro forma basis: Revenue $ 2,587 $ 5,541 Net income (loss) $ 882 $ (3,518 )

Derivative Instruments and He22

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table summarizes the terms of the Company’s executed interest rate swap agreement designated as a hedging instrument as of September 30, 2015 (in thousands). The Company did not have any executed interest rate swap agreements as of September 30, 2014 . Outstanding Notional Amount as of Interest Effective Maturity Fair Value of Liabilities as of Balance Sheet Location September 30, 2015 Rate (1) Date Date September 30, 2015 Interest Rate Swap Deferred rental income, derivative liability and other liabilities $ 120,000 4.02 % 12/31/2015 4/25/2019 $ (2,067 ) (1) The interest rate consists of the underlying index swapped to a fixed rate and the applicable interest rate spread as of September 30, 2015 .
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The following table summarizes the unrealized loss on the Company’s derivative instrument and hedging activity for the three and nine months ended September 30, 2015 (in thousands). The Company did not own any derivative instruments for the three and nine months ended September 30, 2014 . Amount of Loss Recognized as Other Comprehensive Loss Derivatives in Cash Flow Hedging Relationships Three Months Ended Nine Months Ended Interest Rate Swap (1) $ (2,067 ) $ (2,067 ) (1) There were no portions of the change in the fair value of the interest rate swap that were considered ineffective during the nine months ended September 30, 2015 .

Credit Facility and Notes Pay23

Credit Facility and Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the debt activity for the nine months ended September 30, 2015 and the debt balances as of September 30, 2015 and December 31, 2014 (in thousands): During the Nine Months Ended September 30, 2015 Balance as of December 31, 2014 Debt Issuance Repayments Other (1) Balance as of Credit facility $ 158,500 $ 67,500 $ (3,500 ) $ — $ 222,500 Fixed rate debt 68,645 — — (285 ) 68,360 Line of credit with affiliate 20,000 — — — 20,000 Total $ 247,145 $ 67,500 $ (3,500 ) $ (285 ) $ 310,860 (1) Represents the accretion of the fair value adjustment of an assumed mortgage note payable.

Related-Party Transactions an24

Related-Party Transactions and Arrangements - (Tables)	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The Company incurred commissions, fees and expense reimbursements as shown in the table below for services provided by CR V Advisors and its affiliates related to the services described above during the periods indicated (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Offering: Selling commissions $ 900 $ 5,989 $ 2,102 $ 7,337 Selling commissions reallowed by CCC $ 900 $ 5,989 $ 2,102 $ 7,337 Dealer manager fees $ 279 $ 1,764 $ 650 $ 2,180 Dealer manager fees reallowed by CCC $ 122 $ 953 $ 267 $ 1,131 Other offering costs $ 315 $ 1,766 $ 745 $ 2,231 The Company incurred 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 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Acquisition and Operations: Acquisition fees and expenses $ 349 $ 4,100 $ 2,121 $ 4,831 Advisory fees and expenses $ 1,002 $ 112 $ 2,840 $ 130 Operating expenses $ 378 $ 116 $ 945 $ 144

Organization and Business (Deta

Organization and Business (Details) $ / shares in Units, ft² in Millions	Mar. 18, 2014USD ($)shares	Feb. 07, 2014$ / sharesshares	Sep. 30, 2015USD ($)ft²propertystatesshares	Sep. 30, 2015USD ($)ft²propertystatesshares	Dec. 31, 2014shares	Mar. 17, 2014USD ($)
Organization and business [Line Items]
Common stock, shares authorized (shares) | shares			490,000,000	490,000,000	490,000,000
Issuance of common stock			$ 37,536,000
Number of owned properties (property) | property			111	111
Rentable square feet (sqft) | ft²			2.3	2.3
Number of states in which entity owns properties (state) | states			28	28
Percentage of rentable space leased			99.10%	99.10%
Common Stock
Organization and business [Line Items]
Reverse stock split, ratio		0.4
Issuance of common stock, shares (shares) | shares			1,519,871
Issuance of common stock			$ 15,000
Initial public offering
Organization and business [Line Items]
Common stock, shares authorized, value						$ 2,975,000,000
Share price (USD per share) | $ / shares		$ 25
Issuance of common stock, shares (shares) | shares	110,000			8,500,000
Issuance of common stock	$ 2,500,000			$ 211,300,000
Organization and offering costs, selling commissions and dealer manager fees				$ 21,900,000
Initial public offering | Distribution reinvestment plan
Organization and business [Line Items]
Common stock, shares authorized (shares) | shares		20,000,000
Share price (USD per share) | $ / shares		$ 23.75
Initial public offering | Maximum
Organization and business [Line Items]
Common stock, shares authorized (shares) | shares		100,000,000
Cole Operating Partnership V, LP
Organization and business [Line Items]
General partner partnership interest percentage			100.00%

Summary of Significant Accoun26

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Valuation of real estate and related assets [Line Items]
Impairment losses	$ 0	$ 0
Restricted cash	250,000		$ 0
Escrowed Investor Proceeds
Valuation of real estate and related assets [Line Items]
Restricted cash	75,000
Lender Cash Management Accounts
Valuation of real estate and related assets [Line Items]
Restricted cash	$ 175,000
Building
Valuation of real estate and related assets [Line Items]
Useful life	40 years

Summary of Significant Accoun27

Summary of Significant Accounting Policies - Concentration of credit risk (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)financial_institutionpropertytenant
Concentration Risk [Line Items]
Cash on deposit, number of financial institutions (financial institution) | financial_institution	2
Cash on deposit, number of financial institutions which had deposits in excess of current federally insured limits (financial institutions) | financial_institution	1
Concentration risk, credit risk, financial instrument, maximum exposure | $	$ 16.2
Number of owned properties (property)	111
Gross annualized rental revenue | Customer concentration risk
Concentration Risk [Line Items]
Number of tenants (tenant) | tenant	2
Gross annualized rental revenue | Customer concentration risk | Tenant One
Concentration Risk [Line Items]
Concentration risk, percentage	19.00%
Gross annualized rental revenue | Customer concentration risk | Tenant Two
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%
Gross annualized rental revenue | Geographic concentration risk | Texas
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%
Number of owned properties (property)	8
Gross annualized rental revenue | Geographic concentration risk | California
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%
Number of owned properties (property)	13
Gross annualized rental revenue | Geographic concentration risk | Indiana
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%
Number of owned properties (property)	9
Gross annualized rental revenue | Geographic concentration risk | Louisiana
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%
Number of owned properties (property)	7
Gross annualized rental revenue | Credit Concentration Risk | Drugstore industry
Concentration Risk [Line Items]
Concentration risk, percentage	20.00%
Gross annualized rental revenue | Credit Concentration Risk | Discount store industry
Concentration Risk [Line Items]
Concentration risk, percentage	17.00%
Gross annualized rental revenue | Credit Concentration Risk | Gas and convenience store industry
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%
Gross annualized rental revenue | Credit Concentration Risk | Sporting Good Industry
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair value, measurements, recurring - Affiliated line of credit, Series C, LLC loan - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Estimate of fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Lines of credit, fair value disclosure	$ 313.3	$ 249.7
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Lines of credit, fair value disclosure	$ 310.9	$ 247.1

Fair Value Measurements - Finan

Fair Value Measurements - Financial Liabilities Measured on a Recurring Basis (Details) - Fair value, measurements, recurring - Interest Rate Swap $ in Thousands	Sep. 30, 2015USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap	$ (2,067)
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap	(2,067)
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap	$ 0

Real Estate Acquisitions (Detai

Real Estate Acquisitions (Details) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)property	Sep. 30, 2014USD ($)property
Business Acquisition, Purchase Price Allocation [Abstract]
Acquisition-related expenses	$ 511	$ 5,047		$ 2,921	$ 6,036
2015 acquisitions
Business Acquisition [Line Items]
Number of businesses acquired (property) | property				32
Total purchase price				$ 84,600
Business Acquisition, Purchase Price Allocation [Abstract]
Land	18,778			18,778
Building and improvements	57,838			57,838
Total purchase price	84,581			84,581
Revenue of acquiree since acquisition date	1,500			2,900
Income (loss) of acquiree since acquisition date	168			(1,800)
Acquisition-related expenses	499			2,900
Pro forma basis (unaudited)
Revenue	9,257	2,375	$ 4,334	27,816
Net (loss) income	(355)	(5,016)	(6,357)	1
2015 acquisitions | Acquired-in-place leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired finite-lived intangible asset - leases, amount	7,566			7,566
2015 acquisitions | Acquired above market leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired finite-lived intangible asset - leases, amount	1,360			1,360
2015 acquisitions | Acquired below market leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired below-market leases	(961)			$ (961)
2015 acquisitions | Acquisition-related Costs
Pro forma basis (unaudited)
Net (loss) income	$ 2,900
2014 acquisitions
Business Acquisition [Line Items]
Number of businesses acquired (property) | property					47
Total purchase price					$ 192,900
Business Acquisition, Purchase Price Allocation [Abstract]
Land		45,875	45,875		45,875
Building and improvements		121,700	121,700		121,700
Fair value adjustment of assumed notes payable		(994)	(994)		(994)
Total purchase price		192,873	192,873		192,873
Revenue of acquiree since acquisition date		739			831
Income (loss) of acquiree since acquisition date		(5,300)			(6,500)
Acquisition-related expenses		5,000
Pro forma basis (unaudited)
Revenue		2,587	5,541
Net (loss) income		882	(3,518)
2014 acquisitions | Acquired-in-place leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired finite-lived intangible asset - leases, amount		22,842	22,842		22,842
2014 acquisitions | Acquired above market leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired finite-lived intangible asset - leases, amount		3,738	3,738		3,738
2014 acquisitions | Acquired below market leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired below-market leases		$ (288)	$ (288)		$ (288)

Derivative Instruments and He31

Derivative Instruments and Hedging Activities (Details) - Cash Flow Hedging - Interest Rate Swap $ in Thousands		3 Months Ended	9 Months Ended
		Sep. 30, 2015USD ($)derivative	Sep. 30, 2015USD ($)derivative	Sep. 30, 2014derivative
Derivatives, Fair Value [Line Items]
Amount of Loss Recognized as Other Comprehensive Loss	[1]	$ (2,067)	$ (2,067)
Derivative liability, event of default, termination amount		(2,100)	(2,100)
Interest Expense
Derivatives, Fair Value [Line Items]
Interest rate cash flow hedge gain (loss) to be reclassified during next twelve months		$ 1,000	$ 1,000
Deferred rental income and other liabilities
Derivatives, Fair Value [Line Items]
Derivative, number of instruments held (derivative) | derivative		1	1	0
Outstanding Notional Amount		$ 120,000	$ 120,000
Interest rate	[2]	4.02%	4.02%
Fair Value of Liabilities		$ (2,067)	$ (2,067)
[1]	There were no portions of the change in the fair value of the interest rate swap that were considered ineffective during the nine months ended September 30, 2015.
[2]	The interest rate consists of the underlying index swapped to a fixed rate and the applicable interest rate spread as of September 30, 2015.

Credit Facility and Notes Pay32

Credit Facility and Notes Payable (Details) - USD ($)		9 Months Ended
		Sep. 30, 2015	Aug. 11, 2015	Jul. 22, 2015	Jul. 21, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Debt instrument, weighted average years to maturity		2 years 10 months 17 days
Debt, weighted average interest rate		3.19%
Debt [Roll Forward]
Debt, beginning balance		$ 247,145,000
Debt Issuance and Assumptions		67,500,000
Repayments		(3,500,000)
Other	[1]	(285,000)
Debt, ending balance		310,860,000
Line of credit with affiliate		$ 20,000,000				$ 20,000,000
Fixed rate debt
Debt [Roll Forward]
Interest rate, minimum		4.45%
Interest rate, maximum		5.66%
Value of collateral securing debt outstanding		$ 89,300,000
Line of credit | JPMorgan Chase, Credit Facility
Debt [Roll Forward]
Line of credit facility, maximum borrowing capacity				$ 300,000,000
Line of credit | Revolving credit facility | Secured revolving credit facility
Debt [Roll Forward]
Debt, beginning balance		158,500,000
Debt Issuance and Assumptions		67,500,000
Repayments		(3,500,000)
Other	[1]	0
Debt, ending balance		222,500,000
Line of credit facility, covenant, minimum consolidated net worth		$ 1,900,000
Line of credit facility, covenant, minimum consolidated net worth, percentage of equity issuance		75.00%
Line of credit | Revolving credit facility | Secured revolving credit facility | Minimum
Debt [Roll Forward]
Debt instrument, covenant, fixed charge coverage ratio		1.50
Line of credit | Revolving credit facility | Secured revolving credit facility | Maximum
Debt [Roll Forward]
Line of credit facility, covenant, leverage ratio		65.00%
Line of credit | Revolving credit facility | Secured revolving credit facility | Federal funds effective rate
Debt [Roll Forward]
Debt instrument, basis spread on variable rate		0.50%
Line of credit | Revolving credit facility | Secured revolving credit facility | Statutory reserve rate
Debt [Roll Forward]
Debt instrument, basis spread on variable rate		1.00%
Line of credit | Revolving credit facility | JPMorgan Chase, Credit Facility
Debt [Roll Forward]
Line of credit facility, maximum borrowing capacity				$ 180,000,000	$ 300,000,000
Line of credit facility, current borrowing capacity, percentage of collateral pool unencumbered assets				65.00%
Borrowing base, underlying collateral pool		$ 237,300,000
Line of credit facility, remaining borrowing capacity		14,800,000
Line of credit facility, potential borrowing capacity		750,000,000
Line of credit facility, qualified properties obtained to convert Into unsecured credit facility		$ 1,000,000,000
Line of credit facility, interest rate at period end		2.65%
Line of credit outstanding		$ 102,500,000
Line of credit | Revolving credit facility | Amended Credit Facility
Debt [Roll Forward]
Line of credit facility, current borrowing capacity, percentage of collateral pool unencumbered assets				60.00%
Line of credit | Revolving credit facility | Secured revolving credit facility, eurodollar rate | Leverage ratio less than 50%
Debt [Roll Forward]
Line of credit fixed interest rate		1.90%
Leverage ratio		50.00%
Line of credit | Revolving credit facility | Secured revolving credit facility, eurodollar rate | Leverage ratio greater than 60%
Debt [Roll Forward]
Line of credit fixed interest rate		2.45%
Leverage ratio		60.00%
Line of credit | Revolving credit facility | Secured revolving credit facility, base rate
Debt [Roll Forward]
Line of credit facility, interest rate at period end		2.65%
Line of credit | Revolving credit facility | Secured revolving credit facility, base rate | Leverage ratio less than 50%
Debt [Roll Forward]
Line of credit fixed interest rate		0.90%
Leverage ratio		50.00%
Line of credit | Revolving credit facility | Secured revolving credit facility, base rate | Leverage ratio greater than 60%
Debt [Roll Forward]
Line of credit fixed interest rate		1.45%
Leverage ratio		60.00%
Line of credit | Revolving credit facility | Subordinate revolving line of credit
Debt [Roll Forward]
Debt, beginning balance		$ 20,000,000
Debt Issuance and Assumptions		0
Repayments		0
Other	[1]	0
Debt, ending balance		20,000,000
Line of credit | Revolving credit facility | Subordinate revolving line of credit | Series C LLC
Debt [Roll Forward]
Line of credit facility, remaining borrowing capacity		$ 40,000,000
Line of credit facility, interest rate at period end		2.40%
Line of credit with affiliate		$ 20,000,000
Line of credit, current borrowing capacity		$ 60,000,000
Line of credit | Revolving credit facility | Subordinate revolving line of credit | LIBOR | Series C LLC
Debt [Roll Forward]
Debt instrument, basis spread on variable rate		2.20%
Line of credit | Term Loan | Interest Rate Swap | Cash Flow Hedging
Debt [Roll Forward]
Amount of hedged item			$ 120,000,000	$ 120,000,000
Notes Payable, Other Payables | Fixed rate debt
Debt [Roll Forward]
Debt, beginning balance		$ 68,645,000
Debt Issuance and Assumptions		0
Repayments		0
Other	[1]	(285,000)
Debt, ending balance		68,360,000
Mortgages
Debt [Roll Forward]
Debt face amount		42,800,000
Fair value of debt		$ 43,600,000
Loans Payable | Term Loan | JPMorgan Chase, Credit Facility
Line of Credit Facility [Line Items]
Debt, weighted average interest rate		4.02%
Debt [Roll Forward]
Line of credit facility, interest rate at period end		2.65%
Line of credit outstanding		$ 120,000,000
Loans Payable | Term Loan | JPMorgan Chase, Credit Facility | LIBOR
Debt [Roll Forward]
Interest rate			1.57%
[1]	Represents the accretion of the fair value adjustment of an assumed mortgage note payable.

Related-Party Transactions an33

Related-Party Transactions and Arrangements (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Due to affiliates	$ 1,143,000		$ 1,143,000		$ 1,952,000
Dealer manager commission | Maximum | Selling commissions
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees	7.00%		7.00%
Dealer manager commission reallowed | Selling commissions reallowed by cole capital
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees	100.00%		100.00%
Dealer manager | Dealer manager fee
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees	2.00%		2.00%
Advisors
Related Party Transaction [Line Items]
Cumulative noncompounded annual return	6.00%		6.00%
Advisors | Listing commission
Related Party Transaction [Line Items]
Commissions performance and other fees percent	15.00%		15.00%
Advisors | Waived Fees and Expense Reimbursements
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party			$ 250,000
Advisors | Average invested assets between $0 to $2 billion
Related Party Transaction [Line Items]
Asset management or advisory fees percent	0.75%		0.75%
Advisors | Average invested assets between $2 billion to $4 billion
Related Party Transaction [Line Items]
Asset management or advisory fees percent	0.70%		0.70%
Advisors | Average invested assets over $4 billion
Related Party Transaction [Line Items]
Asset management or advisory fees percent	0.65%		0.65%
Advisors | Selling commissions
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 900,000	$ 5,989,000	$ 2,102,000	$ 7,337,000
Advisors | Selling commissions reallowed by cole capital
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	900,000	5,989,000	2,102,000	7,337,000
Advisors | Dealer manager fee
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	279,000	1,764,000	650,000	2,180,000
Advisors | Other organization and offering expenses
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	315,000	1,766,000	745,000	2,231,000
Advisors | Dealer manager fee reallowed by cole capital
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	122,000	953,000	267,000	1,131,000
Advisors | Acquisition fees and expenses
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	349,000	4,100,000	2,121,000	4,831,000
Advisors | Advisory fees and expenses
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	1,002,000	112,000	2,840,000	130,000
Advisors | Operating expenses
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	378,000	$ 116,000	945,000	$ 144,000
Advisors | Acquisitions and operations costs
Related Party Transaction [Line Items]
Due to affiliates	$ 973,000		$ 973,000
Advisors | Property sales commission | Contract sale price of each property
Related Party Transaction [Line Items]
Commissions performance and other fees percent	1.00%		1.00%
Advisors | Performance fee
Related Party Transaction [Line Items]
Commissions performance and other fees percent	15.00%		15.00%
Advisors | Maximum | Average invested assets between $0 to $2 billion
Related Party Transaction [Line Items]
Average invested assets	$ 2,000,000,000		$ 2,000,000,000
Advisors | Maximum | Average invested assets between $2 billion to $4 billion
Related Party Transaction [Line Items]
Average invested assets	$ 4,000,000,000		$ 4,000,000,000
Advisors | Maximum | Brokerage Commission Fee [Member]
Related Party Transaction [Line Items]
Commissions performance and other fees percent	50.00%		50.00%
Advisors | Maximum | Other organization and offering expenses
Related Party Transaction [Line Items]
Organization and offering expense	2.00%		2.00%
Advisors | Maximum | Acquisition fees and expenses
Related Party Transaction [Line Items]
Acquisition and advisory fee	6.00%		6.00%
Advisors | Maximum | Acquisition fees and expenses | Contract purchase price of each asset
Related Party Transaction [Line Items]
Acquisition and advisory fee	2.00%		2.00%
Related party, reimbursement fixed annual percentage of the contract purchase price	0.50%		0.50%
Advisors | Maximum | Acquisition fees and expenses | Amount advanced for loans or other investments
Related Party Transaction [Line Items]
Related party, reimbursement fixed annual percentage of the contract purchase price	0.50%		0.50%
Advisors | Maximum | Property portfolio
Related Party Transaction [Line Items]
Commissions performance and other fees percent	6.00%		6.00%
Advisors | Minimum
Related Party Transaction [Line Items]
Operating expense reimbursement percent of average invested assets	2.00%		2.00%
Operating expense reimbursement percent of net income	25.00%		25.00%
Advisors | Minimum | Average invested assets between $0 to $2 billion
Related Party Transaction [Line Items]
Average invested assets	$ 0		$ 0
Advisors | Minimum | Average invested assets between $2 billion to $4 billion
Related Party Transaction [Line Items]
Average invested assets	2,000,000,000		2,000,000,000
Advisors | Minimum | Average invested assets over $4 billion
Related Party Transaction [Line Items]
Average invested assets	4,000,000,000		4,000,000,000
Advisor and Affiliates
Related Party Transaction [Line Items]
Due to affiliates	1,100,000		1,100,000		2,000,000
Advisor and Affiliates | Amounts Received by Affiliates of Advisor Due to Company
Related Party Transaction [Line Items]
Due to affiliates	41,000		41,000
Advisor and Affiliates | Dead Deals Reimbursable by Advisor
Related Party Transaction [Line Items]
Due to affiliates					$ 110,000
Series C LLC
Related Party Transaction [Line Items]
Interest expense			361,000
Interest payable	$ 40,000		$ 40,000

Subsequent Events - (Details)

Subsequent Events - (Details)	Nov. 10, 2015USD ($)shares	Nov. 10, 2015USD ($)property$ / sharesshares	Sep. 30, 2015USD ($)property
Subsequent Event [Line Items]
Issuance of common stock			$ 37,536,000
Redemptions of common stock			$ 260,000
2015 acquisitions
Subsequent Event [Line Items]
Number of businesses acquired (property) | property			32
Subsequent Event
Subsequent Event [Line Items]
Issuance of common stock	$ 219,100,000
Issuance of common stock, shares (shares) | shares	8,800,000
Redemptions of common stock (shares) | shares		25,200
Redemptions of common stock		$ 608,000
Stock redeemed or called during period, average price per share (USD per share) | $ / shares		$ 24.10
Subsequent Event | 2015 acquisitions
Subsequent Event [Line Items]
Business acquisition, percentage of voting interests acquired	100.00%	100.00%
Number of businesses acquired (property) | property		1
Payments to acquire businesses		$ 1,800,000