Cole Credit Property Trust V 10-Q 13 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 10, 2016
Document Information [Line Items]
Entity Registrant Name	Cole Credit Property Trust V, Inc.
Entity Central Index Key	1,580,988
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (shares)		10,800,000
Common Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (shares)		0

Condensed Consolidated Unaudite

Condensed Consolidated Unaudited Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Investment in real estate assets:
Land	$ 114,241	$ 106,800
Buildings and improvements	336,016	317,604
Intangible lease assets	53,486	51,701
Total real estate investments, at cost	503,743	476,105
Less: accumulated depreciation and amortization	(19,235)	(15,737)
Total real estate investments, net	484,508	460,368
Cash and cash equivalents	11,746	10,110
Restricted cash	756	354
Prepaid expenses and other assets	265	339
Due from affiliates	8	0
Rents and tenant receivables	2,928	2,985
Deferred costs, net	811	997
Total assets	501,022	475,153
LIABILITIES AND STOCKHOLDERS’ EQUITY
Credit facility and notes payable, net	295,302	268,463
Line of credit with affiliate	0	20,000
Accounts payable and accrued expenses	2,130	1,587
Escrowed investor proceeds	155	4
Due to affiliates	1,390	1,076
Intangible lease liabilities, net	4,112	4,249
Distributions payable	1,357	1,218
Derivative liabilities, deferred rental income and other liabilities	4,272	2,996
Total liabilities	$ 308,718	$ 299,593
Commitments and contingencies
Redeemable common stock	$ 7,763	$ 7,277
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value; 10,000,000 shares authorized, none issued and outstanding	0	0
Capital in excess of par value	223,054	199,677
Accumulated distributions in excess of earnings	(35,503)	(30,354)
Accumulated other comprehensive loss	(3,114)	(1,133)
Total stockholders’ equity	184,541	168,283
Total liabilities and stockholders’ equity	501,022	475,153
Class A Common Stock
STOCKHOLDERS’ EQUITY
Common stock	104	93
Common Class T
STOCKHOLDERS’ EQUITY
Common stock	$ 0	$ 0

Condensed Consolidated Unaudit3

Condensed Consolidated Unaudited Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Preferred stock, par value (USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	10,000,000	10,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Class A Common Stock
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	245,000,000	490,000,000
Common stock, shares issued (shares)	10,365,849	9,292,168
Common stock, shares outstanding (shares)	10,365,849	9,292,168
Common Class T
Common stock, par value (USD per share)	$ 0.01	$ 0
Common stock, shares authorized (shares)	245,000,000	0
Common stock, shares issued (shares)	0	0
Common stock, shares outstanding (shares)	0	0

Condensed Consolidated Unaudit4

Condensed Consolidated Unaudited Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Rental income	$ 8,652	$ 7,340
Tenant reimbursement income	1,115	730
Total revenues	9,767	8,070
Operating expenses:
General and administrative	1,020	545
Property operating	468	370
Real estate tax	831	505
Advisory fees and expenses	1,119	838
Acquisition-related	1,250	1,726
Depreciation and amortization	3,296	3,014
Total operating expenses	7,984	6,998
Operating income	1,783	1,072
Interest expense and other, net	(3,098)	(2,325)
Net loss	$ (1,315)	$ (1,253)
Weighted average number of common shares outstanding:
Basic and diluted (shares)	9,788,425	7,154,592
Net loss per common share:
Basic and diluted (USD per shares)	$ (0.13)	$ (0.18)
Distributions declared per common share (USD per share)	$ 0.39	$ 0.39

Condensed Consolidated Unaudit5

Condensed Consolidated Unaudited Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net loss	$ (1,315)	$ (1,253)
Other comprehensive loss:
Unrealized loss on interest rate swap	(2,368)	0
Amount of loss reclassified from other comprehensive loss as interest expense	387	0
Total other comprehensive loss	(1,981)	0
Total comprehensive loss	$ (3,296)	$ (1,253)

Condensed Consolidated Unaudit6

Condensed Consolidated Unaudited Statement of Stockholder's Equity - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Total	Capital in Excess of Par Value	Accumulated Distributions in Excess of Earnings	Accumulated Other Comprehensive Loss	Class A Common Stock	Class A Common StockCommon Stock
Balance (shares) at Dec. 31, 2015					9,292,168	9,292,168
Balance at Dec. 31, 2015	$ 168,283	$ 199,677	$ (30,354)	$ (1,133)		$ 93
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (shares)						1,134,475
Issuance of common stock	28,039	28,027				$ 12
Distributions to investors	(3,834)		(3,834)
Commissions on Stock Sales and Related Dealer Manager Fees	(2,147)	(2,147)
Other offering costs	(565)	(565)
Redemptions of common stock (shares)						(60,794)
Redemptions of common stock	(1,453)	(1,452)				$ (1)
Changes in redeemable common stock	(486)	(486)
Comprehensive loss	(3,296)		(1,315)	(1,981)
Balance (shares) at Mar. 31, 2016					10,365,849	10,365,849
Balance at Mar. 31, 2016	$ 184,541	$ 223,054	$ (35,503)	$ (3,114)		$ 104

Condensed Consolidated Unaudit7

Condensed Consolidated Unaudited Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net loss	$ (1,315)	$ (1,253)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	3,361	3,104
Straight-line rental income	(270)	(340)
Amortization of deferred financing costs	288	242
Amortization of fair value adjustments of notes payable assumed	(99)	(93)
Changes in assets and liabilities:
Rents and tenant receivables	327	12
Prepaid expenses and other assets	74	10
Accounts payable and accrued expenses	543	(319)
Derivative liabilities, deferred rental income and other liabilities	(705)	592
Due to affiliates	334	(35)
Due from affiliates	(8)	53
Net cash provided by operating activities	2,530	1,973
Cash flows from investing activities:
Investment in real estate assets	(27,638)	(49,154)
Change in restricted cash	(402)	(175)
Net cash used in investing activities	(28,040)	(49,329)
Cash flows from financing activities:
Proceeds from issuance of common stock	26,100	8,267
Redemptions of common stock	(1,453)	0
Offering costs on issuance of common stock	(2,732)	(792)
Proceeds from credit facility and notes payable	52,100	43,500
Repayment of credit facility and notes payable	(25,000)	0
Repayment of line of credit with affiliate	(20,000)	0
Distributions to investors	(1,756)	(1,203)
Change in escrowed investor proceeds	151	0
Deferred financing costs paid	(264)	(65)
Net cash provided by financing activities	27,146	49,707
Net increase in cash and cash equivalents	1,636	2,351
Cash and cash equivalents, beginning of period	10,110	6,907
Cash and cash equivalents, end of period	11,746	9,258
Supplemental disclosures of non-cash investing and financing activities:
Distributions declared and unpaid	1,357	973
Common stock issued through distribution reinvestment plan	1,939	1,532
Net unrealized loss on interest rate swaps	1,981	0
Supplemental cash flow disclosures:
Interest paid	$ 2,833	$ 2,093

Organization and Business

Organization and Business	3 Months Ended
	Mar. 31, 2016
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 its 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. (“VEREIT”), a widely-held public company whose shares of common stock are listed on the New York Stock Exchange (NYSE: VER). VEREIT indirectly owns and/or controls 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. 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 of up to a maximum of $2.975 billion in shares of a single class 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 initial public offering offered up to a maximum of $2.5 billion in shares of a single class of common stock (now referred to as Class A Shares as defined below) at a price of $25.00 per share until April 8, 2016 and $26.37 per share effective April 11, 2016, as well as up to $475.0 million in additional shares pursuant to a distribution reinvestment plan (the “DRIP”) at a price of $23.75 per share until April 8, 2016 and $24.00 per share effective April 11, 2016 (together with Class T Shares as defined below, the “Offering”). In connection with Post-Effective Amendment No. 3 to the Company’s Registration Statement, which was declared effective by the SEC on April 29, 2016, the Company reallocated a portion ( $1,125,000,000 in shares) of the Class A Shares offered in the Offering to Class T Shares of the Company’s common stock (the “Class T Shares”) and began offering Class T Shares at a price of $25.26 per share in the Offering. The Company reserves the right to reallocate the shares being offered in the Offering among the classes of shares and between the primary offering and the DRIP. 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. (“VEREIT OP”), an affiliate of Cole Capital and the operating partnership of VEREIT, resulting in gross proceeds of $2.5 million , and commenced principal operations. As of March 31, 2016 , the Company had issued approximately 10.5 million shares of common stock in the Offering for gross offering proceeds of $259.7 million before offering costs and selling commissions of $26.6 million . On November 11, 2015, the Company’s board of directors (the “Board”) approved the extension of the Offering until March 17, 2017, unless the Board terminates the Offering at an earlier date or all shares being offered have been sold, in which case the Offering will be terminated. Notwithstanding the extension of the Offering to March 17, 2017, the Board will continue to evaluate the timing for the close of the Offering. Effective as of March 4, 2016, the Company changed the designation of its common stock to Class A common stock (the “Class A Shares”) and then reclassified a portion of its Class A Shares as Class T Shares pursuant to filings of Articles of Amendment to the Company’s Articles of Amendment and Restatement and Articles Supplementary to the Company’s Articles of Amendment and Restatement. The Class A Shares and Class T Shares have similar voting rights, although distributions are expected to differ to pay any distribution and stockholder servicing fees, as defined in the Company’s charter, as amended, that may be associated with the Class T Shares. In addition, the Company’s charter provides that, in the event of a liquidation of the Company’s assets, distributions will be allocated between the share classes pursuant to the portion of the aggregate assets available for distribution to each class. Each holder of shares of a particular class of common stock will be entitled to receive, ratably with each other holder of shares of the same class, that portion of such aggregate assets available for distribution as the number of outstanding shares of such class held by such holder to the total number of outstanding shares of such class then outstanding. All shares of common stock issued and outstanding prior to the filing on March 4, 2016 of the Articles of Amendment to the Company’s Articles of Amendment and Restatement and the Articles Supplementary to the Company’s Articles of Amendment and Restatement were designated as Class A Shares following the filing of the Articles of Amendment and the Articles Supplementary. On March 29, 2016, the Board adopted an Amended and Restated Distribution Reinvestment Plan to allow for the reinvestment of distributions paid on Class T Shares once they become available. The Amended and Restated Distribution Reinvestment Plan became effective as of May 1, 2016. On April 11, 2016, the Company announced that the Board established an estimated per share net asset value (“NAV”) of the Company’s common stock, as of February 29, 2016, of $24.00 per share for purposes of assisting broker-dealers participating in the Offering in meeting their customer account statement reporting obligations under National Association of Securities Dealers Conduct Rule 2340. Commencing on April 11, 2016, the offering price for shares pursuant to the primary offering portion of the Offering reflects the $24.00 estimated per share NAV plus selling commissions and dealer manager fees applicable to the class of shares being purchased. Going forward, the Company intends to publish an updated estimated per share NAV on at least an annual basis. Pursuant to the terms of the DRIP, commencing April 11, 2016, distributions are reinvested in shares of the Company’s common stock at $24.00 per share, the estimated per share NAV as determined by the Board. Pursuant to the terms of the Company’s share redemption program, commencing on April 11, 2016, the estimated per share NAV of $24.00 shall serve as the most recent estimated per share value for purposes of the share redemption program. The Company intends to use substantially all of the net proceeds from the Offering to acquire and operate a diversified portfolio of commercial real estate investments primarily consisting of core commercial real estate investments primarily consisting of necessity retail properties located throughout the United States. The retail properties primarily will be single tenant properties and multi-tenant “power centers” anchored by large, creditworthy national, regional or local retailers. The Company expects that the retail properties typically will be subject to long-term triple-net or double-net leases, which means the tenant will be obligated to pay for most of the expenses of maintaining the property. As of March 31, 2016 , the Company owned 116 properties, comprising 2.5 million rentable square feet of commercial space located in 31 states. As of March 31, 2016 , the rentable space at these properties was 99.5% leased.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying consolidated financial statements. 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 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, 2015 , and related notes thereto set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . 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 condensed consolidated unaudited 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 from property operating expenses in the Company’s condensed consolidated unaudited statements of operations and (ii) straight-line rental income in the Company’s condensed consolidated unaudited statements of cash flows. The Company has also chosen to combine depreciation of $2.0 million and amortization of $972,000 for the three months ended March 31, 2015 into the line item depreciation and amortization in the condensed consolidated unaudited statements of operations. These reclassifications 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. Real Estate Investments Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition, construction and any tenant improvements, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All acquisition-related expenses, repairs and maintenance are expensed as incurred. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life. 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 Recoverability of Real Estate Assets 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 three months ended March 31, 2016 or 2015 . Assets Held for Sale When a real estate asset is identified by the Company as held for sale, the Company will cease depreciation and amortization of the assets related to the property and estimate the fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount would be recorded to reflect the estimated fair value of the property, net of selling costs. There were no assets identified as held for sale as of March 31, 2016 or December 31, 2015 . 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 to identified intangible assets and liabilities, consisting of the value of above- 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 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 Escrows The Company had $756,000 and $354,000 in restricted cash as of March 31, 2016 and December 31, 2015 , respectively. Included in restricted cash were escrowed investor proceeds of $155,000 and $4,000 for which shares of common stock had not been issued as of March 31, 2016 and December 31, 2015 , respectively, and $601,000 and $350,000 in lender cash management accounts as of March 31, 2016 and December 31, 2015 , respectively. 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 Concentrations As of March 31, 2016 , 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 $11.8 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. Revenue Recognition Certain properties have leases where minimum rental payments increase during the term of the lease. The Company records rental income for the full term of each lease on a straight-line basis. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. The Company defers the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Expected reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursement income in the period when such costs are incurred. The Company continually reviews receivables related to rent, including any unbilled straight-line rent, 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 loss. As of March 31, 2016 and December 31, 2015 , the Company did not have an allowance for uncollectible accounts. Recent Accounting Pronouncements Accounting Standards Update (“ASU”) No. 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”) - The amendments in this update eliminate 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. These provisions are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, with early adoption permitted. The Company has evaluated the effect of ASU 2015-16 and noted that there will not be a significant impact to the Company’s consolidated financial statements. From time to time, new accounting pronouncements are issued by various standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company is currently evaluating the effect that certain of these new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s consolidated financial statements: ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) - The requirements were amended to remove inconsistencies in revenue requirements and to provide a more complete framework for addressing revenue issues across a broad range of industries and transaction types. The revised standard’s core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The revised standard also clarifies that an entity should evaluate whether it is the principal or the agent for each specified good or service promised in a contract to a customer. These provisions are effective January 1, 2018, and are to be applied retrospectively, with early adoption permitted for periods beginning after December 15, 2016 and interim periods thereafter. ASU No. 2016-01, Financial Instruments (Subtopic 825-10) - The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). The amendments in this update also require an entity to present separately in other comprehensive income (loss), the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the consolidated balance sheets or the accompanying notes to the financial statements. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. On February 25, 2016, the Financial Accounting Standards Board issued Accounting Standards Codification (“ASC”) 842 (“ASC 842”), Leases , which replaces the existing guidance in ASC 840, Leases . ASC 842 requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use (“ROU”) asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the ROU asset, and for operating leases the lessee would recognize a straight-line total lease expense. The provisions of ASC 842 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2018 and are required to be applied on a modified retrospective approach. Early adoption is permitted. ASU No. 2016-05, Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (“ASU 2016-05”) - The amendments in this update clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not, in and of itself, require de-designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. These provisions are effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
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 under current market conditions. 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. Current and prior period liabilities’ carrying and fair values exclude net deferred financing costs. These financial instruments are valued using Level 2 inputs. As of March 31, 2016 , the estimated fair value of the Company’s debt was $296.0 million , compared to the carrying value of $296.4 million . The estimated fair value of the Company’s debt was $290.8 million as of December 31, 2015 , compared to the carrying value on that date of $289.3 million . Derivative instruments — The Company’s derivative instruments are comprised of interest rate swaps. 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. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. However, as of March 31, 2016 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Other financial instruments — The Company considers the carrying values of its cash and cash equivalents, restricted cash, tenant and other receivables, accounts payable and accrued expenses, other liabilities, due to affiliates and distributions payable to approximate their fair values because of the short period of time between their origination and their expected realization and based on their highly-liquid nature. 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 March 31, 2016 , 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 March 31, 2016 and December 31, 2015 (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant March 31, 2016 (Level 1) (Level 2) (Level 3) Financial liabilities: Interest rate swaps $ (3,114 ) $ — $ (3,114 ) $ — Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant December 31, 2015 (Level 1) (Level 2) (Level 3) Financial liability: Interest rate swap $ (1,133 ) $ — $ (1,133 ) $ —

Real Estate Acquisitions

Real Estate Acquisitions	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
REAL ESTATE ACQUISITIONS	REAL ESTATE ACQUISITIONS 2016 Property Acquisitions During the three months ended March 31, 2016 , the Company acquired four commercial properties for an aggregate purchase price of $27.6 million (the “ 2016 Acquisitions”). The Company purchased the 2016 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 12 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 three months ended March 31, 2016 (in thousands): March 31, 2016 Land $ 7,441 Buildings and improvements 18,411 Acquired in-place leases (1) 1,762 Total purchase price $ 27,614 (1) The weighted average amortization period for acquired in-place leases is 11.6 years for acquisitions completed during the three months ended March 31, 2016 . During the three months ended March 31, 2016 , the Company recorded revenue of $194,000 and net loss of $1.1 million , which includes acquisition-related expenses of $1.2 million , related to the 2016 Acquisitions. The following table summarizes selected financial information of the Company as if all of the 2016 Acquisitions were completed on January 1, 2015 for each period presented below. The table below presents the Company’s estimated revenue and net loss, on a pro forma basis, for the three months ended March 31, 2016 and 2015, respectively (in thousands): Three Months Ended March 31, 2016 2015 Pro forma basis (unaudited): Revenue $ 10,060 $ 8,558 Net loss $ (93 ) $ (2,423 ) The unaudited pro forma information for the three months ended March 31, 2016 was adjusted to exclude $1.2 million of acquisition-related expenses recorded during such periods related to the 2016 Acquisitions. Accordingly, these costs were instead recognized in the unaudited pro forma information for the three months ended March 31, 2015 . The unaudited 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. 2015 Property Acquisitions During the three months ended March 31, 2015 , the Company acquired 24 commercial properties for an aggregate purchase price of $48.0 million (the “2015 Acquisitions”). The Company purchased the 2015 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 for acquisitions purchased during the three months ended March 31, 2015 (in thousands): March 31, 2015 Land $ 8,383 Buildings and improvements 34,101 Acquired in-place leases 4,422 Acquired above-market leases 1,112 Intangible lease liabilities (50 ) Total purchase price $ 47,968 During the three months ended March 31, 2015 , the Company recorded revenue of $435,000 and a net loss of $1.7 million , which includes acquisition-related expenses of $1.7 million , related to the 2015 Acquisitions. The following table 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 months ended March 31, 2015 and for the period from March 18, 2014 to March 31, 2014, respectively (in thousands): Three Months Ended Period from March 18, 2014 to March 31, 2015 March 31, 2014 Pro forma basis (unaudited): Revenue $ 8,478 $ 144 Net income (loss) $ 536 $ (1,893 ) The unaudited pro forma information for the three months ended March 31, 2015 was adjusted to exclude $1.7 million of acquisition costs recorded during such period related to the 2015 Acquisitions. Accordingly, these costs were instead recognized in the unaudited pro forma information for the period from March 18, 2014 to March 31, 2014. The unaudited 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. Property Concentrations As of March 31, 2016 , two of the Company’s tenants accounted for 18% and 11% , respectively, of the Company’s 2016 gross annualized rental revenues. The Company also had certain geographic concentrations in its property holdings. In particular, as of March 31, 2016 , eight of the Company’s properties were located in Texas and 13 were located in California , each of which accounted for 11% of the Company’s 2016 gross annualized rental revenues, and nine properties were located in Indiana and seven were located in Louisiana , each of which accounted for 10% of the Company’s 2016 gross annualized rental revenues. In addition, the Company had tenants in the drugstore , discount store , gas and convenience , and sporting goods industries, which accounted for 19% , 16% , 11% and 10% , respectively, of the Company’s 2016 gross annualized rental revenues.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2016
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 three months ended March 31, 2016 , the Company entered into one interest rate swap agreement, and as of March 31, 2016 , the Company had two interest rate swap agreements. The following table summarizes the terms of the Company’s executed interest rate swap agreements designated as hedging instruments as of March 31, 2016 and December 31, 2015 (in thousands): Outstanding Notional Amount as of Interest Effective Maturity Fair Value of Liabilities as of Balance Sheet Location March 31, 2016 Rate (1) Date Date March 31, 2016 December 31, 2015 Interest Rate Swaps Deferred rental income, derivative liabilities and other liabilities $ 141,100 3.49% to 4.02% 12/31/2015 to 1/15/2016 4/25/2019 to 2/1/2021 $ (3,114 ) $ (1,133 ) (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of March 31, 2016 . Additional disclosures related to the fair value of the Company’s derivative instruments are included in Note 3 — Fair Value Measurements. The notional amount under the interest rate swap agreements 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 swaps as cash flow hedges in order 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 instruments that are designated as hedges is recorded in other comprehensive loss, with a portion of the amount subsequently reclassified to interest expense as interest payments are made on the Company’s variable rate debt. For the three months ended March 31, 2016, the amount reclassified was $387,000 . Any ineffective portion of the change in fair value of the derivative instruments is recorded in interest expense. There were no portions of the change in the fair value of the interest rate swaps that were considered ineffective during the three months ended March 31, 2016. During the next 12 months, the Company estimates that an additional $1.4 million will be reclassified from other comprehensive loss as an increase to interest expense. 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 March 31, 2016 , 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 $3.2 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 swaps 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 swaps as of March 31, 2016 .

Notes Payable and Credit Facili

Notes Payable and Credit Facility	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
NOTES PAYABLE AND CREDIT FACILITY	NOTES PAYABLE AND CREDIT FACILITY As of March 31, 2016 , the Company had $295.3 million of debt outstanding, including net deferred financing costs, with weighted average years to maturity of 2.8 years and a weighted average interest rate of 3.92% . The following table summarizes the debt balances as of March 31, 2016 and December 31, 2015 , and the debt activity for the three months ended March 31, 2016 (in thousands): During the Three Months Ended March 31, 2016 Balance as of December 31, 2015 Debt Issuance, net (1) Repayments and Assumptions Accretion and (Amortization) Balance as of Credit facility $ 201,500 $ 31,000 $ (25,000 ) $ — $ 207,500 Fixed rate debt 67,750 21,100 — — 88,850 Line of credit with affiliate 20,000 — (20,000 ) — — Total debt 289,250 52,100 (45,000 ) — 296,350 Net premiums (2) 511 — — (99 ) 412 Deferred costs (3) (1,298 ) (264 ) — 102 (1,460 ) Total debt, net $ 288,463 $ 51,836 $ (45,000 ) $ 3 $ 295,302 (1) Includes deferred financing costs incurred during the period. (2) Net premiums on mortgage notes payable were recorded upon the assumption of the respective debt instruments. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective debt instruments using the effective-interest method. (3) Deferred costs relate to mortgage notes payable and the term portion of the credit facility. As of March 31, 2016 , the fixed rate debt outstanding of $88.9 million included mortgage notes assumed with a face amount of $42.8 million and a fair value of $43.7 million at the date of assumption and $21.1 million of variable rate debt that is fixed through interest rate swap agreements, which has the effect of fixing the variable interest rate per annum through the maturity date of the variable rate debt. The fixed rate debt has interest rates ranging from 3.49% to 5.66% per annum. The debt outstanding matures on various dates from April 2017 to December 2024. The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the fixed debt outstanding was $124.0 million as of March 31, 2016 . Each of the mortgage notes payable comprising the fixed rate debt is secured by the respective properties on which the debt was placed. The Company has 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”) under the original credit agreement 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”). The Revolving Loans mature on April 25, 2017; however, the Company may elect to extend the maturity date of certain loans to April 25, 2019 subject to satisfying certain conditions described in the Modified Credit Agreement. The Term Loan matures on April 25, 2019. Subject to meeting certain conditions described in the Modified 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 . Depending upon the type of loan specified and overall leverage ratio, the Credit Facility bears interest at (i) the one-month, two-month, three-month or six-month London Interbank Offered Rate (“LIBOR”) multiplied by the statutory reserve rate (the “Eurodollar Rate”) plus an interest rate spread ranging from 1.90% to 2.45% , depending on the Company’s leverage ratio (as defined in the Modified Credit Agreement); or (ii) a base rate ranging from 0.90% to 1.45% , depending on the Company’s leverage ratio (as defined in the Modified Credit Agreement), plus the greatest of: (a) JPMorgan Chase’s Prime Rate (as defined in the Modified Credit Agreement); (b) the Federal Funds Effective Rate (as defined in the Modified Credit Agreement) plus 0.50% ; or (c) one-month LIBOR plus 1.0% multiplied by the statutory reserve rate. As of March 31, 2016 , the amount outstanding under the Revolving Loans totaled $87.5 million at an interest rate of 2.88% , and the amount outstanding under the Term Loan totaled $120.0 million , which was subject to an interest rate swap agreement (the “Swapped Term Loan”). The swap agreement had the effect of fixing the Eurodollar Rate per annum beginning on December 31, 2015 through the maturity date of the Term Loan. As of March 31, 2016 , the all-in rate for the Swapped Term Loan was 4.02% . The Company had $207.5 million of debt outstanding under the Credit Facility as of March 31, 2016 at a weighted average interest rate of 3.54% and $92.5 million in unused capacity, subject to borrowing availability. The Modified 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 Modified 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 . The Company believes it was in compliance with the covenants of the Modified Credit Agreement as of March 31, 2016 . In addition, the Company had $20.0 million outstanding on its $60.0 million subordinate line of credit with an affiliate of the Company’s advisor (the “Series C Loan”), which was repaid in full on its maturity date of March 17, 2016. The Series C Loan was approved by a majority of the Company’s board of directors (including a majority of the independent directors) not otherwise interested in the transaction as being fair, competitive and commercially reasonable and no less favorable to the Company than a comparable loan between unaffiliated parties under the same circumstances.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
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. 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 and/or pollution liability for third-party bodily injury and/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	3 Months Ended
	Mar. 31, 2016
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% and 3.0% of gross offering proceeds from the primary portion of the Offering for Class A Shares and Class T Shares, respectively, and 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 from the primary portion of the Offering for both Class A Shares and Class T Shares 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 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 March 31, 2016 , CR V Advisors had paid organization and offering expenses in excess of the 2.0% of aggregate gross offering proceeds in connection with the Offering. These excess amounts were not included in the condensed consolidated unaudited financial statements of the Company because such amounts 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 amounts 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 March 31, 2016 2015 Offering: Selling commissions $ 1,621 $ 533 Selling commissions reallowed by CCC $ 1,621 $ 533 Dealer manager fees $ 526 $ 167 Dealer manager fees reallowed by CCC $ 205 $ 61 Other offering costs $ 565 $ 196 As of March 31, 2016 , all of the amounts shown above had been paid to CR V Advisors and its affiliates. Acquisitions and Operations The Company pays CR V Advisors or its affiliates 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 effective March 1, 2016 is based on the estimated market value of the Company’s real estate assets used to determine the Company’s per share NAV as discussed in Note 1 — Organization and Business. The monthly advisory fee 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 to $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 the 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 or its affiliates receive acquisition or disposition fees. The Company pays CR V Advisors a distribution and stockholder servicing fee for Class T Shares that accrues daily in the amount of 1/365th of 0.8% of the per share NAV of Class T Shares in the Offering. The distribution and stockholder servicing fee is paid monthly in arrears. The Company will cease paying the distribution and stockholder servicing fee with respect to Class T Shares at the earliest of (i) the end of the month in which the transfer agent, on behalf of the Company, determines that total selling commissions and distribution and stockholder servicing fees paid by a stockholder within his or her individual account would be equal to 7.0% of the stockholder’s total gross investment amount at the time of the purchase of the primary Class T Shares held in such account; (ii) the date on which the aggregate underwriting compensation from all sources equals 10.0% of the gross proceeds from the sale of the Company’s shares in the Offering, excluding shares sold pursuant to the DRIP; (iii) the fifth anniversary of the last day of the month in which the Offering (excluding the offering of shares pursuant to the DRIP) terminates; (iv) the date such Class T Share is no longer outstanding; and (v) the date the Company effects a liquidity event. The Company recorded 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 March 31, 2016 2015 Acquisition and Operations: Acquisition fees and expenses $ 690 $ 1,208 Advisory fees and expenses $ 1,119 $ 837 Operating expenses $ 524 $ 163 As of March 31, 2016 , $1.4 million 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 three months ended March 31, 2015, CR V Advisors permanently waived its rights to expense reimbursements totaling approximately $256,000 , and thus the Company is not responsible for this amount. No such amounts were waived during the three months ended March 31, 2016. 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 one or more properties (or the Company’s entire portfolio), the Company will pay CR V Advisors or its affiliates a disposition fee in an amount equal to up to one-half of the real estate or brokerage commission paid by the Company to a third party on the sale of the property, not to exceed 1.0% of the contract price of each 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 Board, including a majority of the Company’s independent directors, and CR V Advisors agree upon, not to exceed an amount equal to 1.0% of the contract price of the asset sold. In addition, the Company will pay a subordinated performance fee under one of the following alternative events: (1) if the Company’s shares are listed on a national securities exchange, CR V Advisors, or its affiliates, will be entitled to a subordinated performance fee equal to 15.0% of the amount, if any, by which (i) the market value of the Company’s outstanding stock plus distributions paid by the Company prior to listing, exceed (ii) the sum of the total amount of capital raised from investors and the amount of distributions necessary to generate a 6.0% annual cumulative, non-compounded return to investors; (2) if the Company is sold or its assets are liquidated, CR V Advisors will be entitled to a subordinated performance fee equal to 15.0% of the net sale proceeds remaining after investors have received a return of their net capital invested and a 6.0% annual cumulative, non-compounded return; or (3) upon termination of the advisory agreement, CR V Advisors may be entitled to a subordinated performance fee similar to the fee to which it would have been entitled had the portfolio been liquidated (based on an independent appraised value of the portfolio) on the date of termination. During each of the three months ended March 31, 2016 and 2015, no commissions or fees were incurred for any such services provided by CR V Advisors or its affiliates related to the liquidation/listing stage. Due to/from Affiliates As of March 31, 2016 and December 31, 2015, approximately $1.4 million and $1.1 million , respectively, 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. These amounts were included in due to affiliates in the condensed consolidated unaudited balance sheets of such periods. As of March 31, 2016 , $8,000 was due from CR V Advisors or its affiliates related to amounts received by affiliates of the advisor, which are due to the Company. As of December 31, 2015, there were no amounts due from CR V Advisors and its affiliates. Transactions During the three months ended March 31, 2016 , the Company repaid the $20.0 million outstanding balance under the Series C Loan, which matured on March 17, 2016. Refer to Note 6 — Notes Payable and Credit Facility to our condensed consolidated unaudited financial statements in this Quarterly Report on Form 10-Q for further explanation.

Economic Dependency

Economic Dependency	3 Months Ended
	Mar. 31, 2016
Economic Dependency [Abstract]
ECONOMIC DEPENDENCY	ECONOMIC DEPENDENCY Under various agreements, the Company has engaged or will engage CR V Advisors or 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 or its affiliates. In the event that these companies are unable to provide the Company with these services, the Company would be required to find alternative providers of these services.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Status of the Offering As of May 10, 2016 , the Company had received $271.8 million in gross offering proceeds through the issuance of approximately 10.9 million shares of its common stock in the Offering (including shares issued pursuant to the DRIP). The Company’s Class T Shares were registered for sale in the Offering pursuant to Post-Effective Amendment No. 3 to the Company’s Registration Statement, which was declared effective by the SEC on April 29, 2016. Redemption of Shares of Common Stock Subsequent to March 31, 2016 , the Company redeemed approximately 40,000 shares for $965,000 at an average per share price of $24.11 . Credit Facility Subsequent to March 31, 2016 , the Company repaid $8.0 million of the amounts outstanding under the Credit Facility. As of May 10, 2016 , the Company had $199.5 million outstanding under the Credit Facility and $100.5 million in unused capacity, subject to borrowing availability. Estimated Per Share NAV On April 11, 2016, the Company announced that the Board established an estimated per share NAV of the Company’s common stock, as of February 29, 2016, of $24.00 per share. Commencing on April 11, 2016, the offering price pursuant to the primary offering portion of the Offering is $26.37 per Class A Share and $25.26 per Class T Share. Pursuant to the terms of the DRIP, commencing on April 11, 2016, distributions paid on Class A Shares and Class T Shares are reinvested in Class A Shares and Class T Shares, respectively, at $24.00 per share. Pursuant to the terms of the Company’s share redemption program, commencing on April 11, 2016, the estimated per share NAV of $24.00 shall serve as the most recent estimated per share value for purposes of the share redemption program.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Accounting	The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying consolidated financial statements.
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 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, 2015 , and related notes thereto set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . 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 condensed consolidated unaudited financial statements have been reclassified to conform to the current period presentation.
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.
Real Estate Investments, Recoverability of Real Estate Assets and Assets Held for Sale	Real Estate Investments Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition, construction and any tenant improvements, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All acquisition-related expenses, repairs and maintenance are expensed as incurred. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life. 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 Recoverability of Real Estate Assets 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 three months ended March 31, 2016 or 2015 . Assets Held for Sale 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 to identified intangible assets and liabilities, consisting of the value of above- 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 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 Escrows	Restricted Cash and Escrows The Company had $756,000 and $354,000 in restricted cash as of March 31, 2016 and December 31, 2015 , respectively. Included in restricted cash were escrowed investor proceeds of $155,000 and $4,000 for which shares of common stock had not been issued as of March 31, 2016 and December 31, 2015 , respectively, and $601,000 and $350,000 in lender cash management accounts as of March 31, 2016 and December 31, 2015 , respectively. 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 Concentration	Cash Concentrations As of March 31, 2016 , 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 $11.8 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.
Revenue Recognition	Revenue Recognition Certain properties have leases where minimum rental payments increase during the term of the lease. The Company records rental income for the full term of each lease on a straight-line basis. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. The Company defers the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Expected reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursement income in the period when such costs are incurred. The Company continually reviews receivables related to rent, including any unbilled straight-line rent, 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 loss.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Standards Update (“ASU”) No. 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”) - The amendments in this update eliminate 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. These provisions are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, with early adoption permitted. The Company has evaluated the effect of ASU 2015-16 and noted that there will not be a significant impact to the Company’s consolidated financial statements. From time to time, new accounting pronouncements are issued by various standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company is currently evaluating the effect that certain of these new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s consolidated financial statements: ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) - The requirements were amended to remove inconsistencies in revenue requirements and to provide a more complete framework for addressing revenue issues across a broad range of industries and transaction types. The revised standard’s core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The revised standard also clarifies that an entity should evaluate whether it is the principal or the agent for each specified good or service promised in a contract to a customer. These provisions are effective January 1, 2018, and are to be applied retrospectively, with early adoption permitted for periods beginning after December 15, 2016 and interim periods thereafter. ASU No. 2016-01, Financial Instruments (Subtopic 825-10) - The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). The amendments in this update also require an entity to present separately in other comprehensive income (loss), the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the consolidated balance sheets or the accompanying notes to the financial statements. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. On February 25, 2016, the Financial Accounting Standards Board issued Accounting Standards Codification (“ASC”) 842 (“ASC 842”), Leases , which replaces the existing guidance in ASC 840, Leases . ASC 842 requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use (“ROU”) asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the ROU asset, and for operating leases the lessee would recognize a straight-line total lease expense. The provisions of ASC 842 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2018 and are required to be applied on a modified retrospective approach. Early adoption is permitted. ASU No. 2016-05, Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (“ASU 2016-05”) - The amendments in this update clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not, in and of itself, require de-designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. These provisions are effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
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)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant March 31, 2016 (Level 1) (Level 2) (Level 3) Financial liabilities: Interest rate swaps $ (3,114 ) $ — $ (3,114 ) $ — Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant December 31, 2015 (Level 1) (Level 2) (Level 3) Financial liability: Interest rate swap $ (1,133 ) $ — $ (1,133 ) $ —

Real Estate Acquisitions (Table

Real Estate Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary purchase price allocation for acquisitions purchased during the three months ended March 31, 2016 (in thousands): March 31, 2016 Land $ 7,441 Buildings and improvements 18,411 Acquired in-place leases (1) 1,762 Total purchase price $ 27,614 (1) The weighted average amortization period for acquired in-place leases is 11.6 years for acquisitions completed during the three months ended March 31, 2016 . The following table summarizes the purchase price allocation for acquisitions purchased during the three months ended March 31, 2015 (in thousands): March 31, 2015 Land $ 8,383 Buildings and improvements 34,101 Acquired in-place leases 4,422 Acquired above-market leases 1,112 Intangible lease liabilities (50 ) Total purchase price $ 47,968
Business Acquisition, Pro Forma Information	The table below presents the Company’s estimated revenue and net loss, on a pro forma basis, for the three months ended March 31, 2016 and 2015, respectively (in thousands): Three Months Ended March 31, 2016 2015 Pro forma basis (unaudited): Revenue $ 10,060 $ 8,558 Net loss $ (93 ) $ (2,423 ) The table below presents the Company’s estimated revenue and net income (loss), on a pro forma basis, for the three months ended March 31, 2015 and for the period from March 18, 2014 to March 31, 2014, respectively (in thousands): Three Months Ended Period from March 18, 2014 to March 31, 2015 March 31, 2014 Pro forma basis (unaudited): Revenue $ 8,478 $ 144 Net income (loss) $ 536 $ (1,893 )

Derivative Instruments and He22

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2016
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 agreements designated as hedging instruments as of March 31, 2016 and December 31, 2015 (in thousands): Outstanding Notional Amount as of Interest Effective Maturity Fair Value of Liabilities as of Balance Sheet Location March 31, 2016 Rate (1) Date Date March 31, 2016 December 31, 2015 Interest Rate Swaps Deferred rental income, derivative liabilities and other liabilities $ 141,100 3.49% to 4.02% 12/31/2015 to 1/15/2016 4/25/2019 to 2/1/2021 $ (3,114 ) $ (1,133 ) (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of March 31, 2016 .

Notes Payable and Credit Faci23

Notes Payable and Credit Facility (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the debt balances as of March 31, 2016 and December 31, 2015 , and the debt activity for the three months ended March 31, 2016 (in thousands): During the Three Months Ended March 31, 2016 Balance as of December 31, 2015 Debt Issuance, net (1) Repayments and Assumptions Accretion and (Amortization) Balance as of Credit facility $ 201,500 $ 31,000 $ (25,000 ) $ — $ 207,500 Fixed rate debt 67,750 21,100 — — 88,850 Line of credit with affiliate 20,000 — (20,000 ) — — Total debt 289,250 52,100 (45,000 ) — 296,350 Net premiums (2) 511 — — (99 ) 412 Deferred costs (3) (1,298 ) (264 ) — 102 (1,460 ) Total debt, net $ 288,463 $ 51,836 $ (45,000 ) $ 3 $ 295,302 (1) Includes deferred financing costs incurred during the period. (2) Net premiums on mortgage notes payable were recorded upon the assumption of the respective debt instruments. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective debt instruments using the effective-interest method. (3) Deferred costs relate to mortgage notes payable and the term portion of the credit facility.

Related-Party Transactions an24

Related-Party Transactions and Arrangements - (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 Offering: Selling commissions $ 1,621 $ 533 Selling commissions reallowed by CCC $ 1,621 $ 533 Dealer manager fees $ 526 $ 167 Dealer manager fees reallowed by CCC $ 205 $ 61 Other offering costs $ 565 $ 196 The Company recorded 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 March 31, 2016 2015 Acquisition and Operations: Acquisition fees and expenses $ 690 $ 1,208 Advisory fees and expenses $ 1,119 $ 837 Operating expenses $ 524 $ 163

Organization and Business (Deta

Organization and Business (Details)	May. 10, 2016USD ($)shares	Mar. 18, 2014USD ($)shares	Feb. 07, 2014	Mar. 31, 2016USD ($)ft²statespropertyshares	Mar. 31, 2016USD ($)ft²statespropertyshares	Apr. 29, 2016USD ($)$ / shares	Apr. 11, 2016$ / shares	Feb. 29, 2016$ / shares	Dec. 31, 2015shares	Mar. 17, 2014USD ($)$ / sharesshares
Organization and business [Line Items]
Issuance of common stock, shares (shares) | shares					10,500,000
Issuance of common stock | $				$ 28,039,000
Number of owned properties (property) | property				116	116
Rentable square feet (sqft) | ft²				2,529,000	2,529,000
Number of states in which entity owns properties (state) | states				31	31
Percentage of rentable space leased				99.50%	99.50%
Subsequent Event
Organization and business [Line Items]
Issuance of common stock, shares (shares) | shares	10,900,000
Issuance of common stock | $	$ 271,800,000
Common Stock
Organization and business [Line Items]
Reverse stock split, ratio			0.4
Distribution reinvestment plan
Organization and business [Line Items]
Share price (USD per share) | $ / shares								$ 24
IPO
Organization and business [Line Items]
Common stock, shares authorized (shares) | $										$ 2,975,000,000
Issuance of common stock, shares (shares) | shares		110,000
Issuance of common stock | $		$ 2,500,000			$ 259,700,000
Organization and offering costs, selling commissions and dealer manager fees | $					$ 26,600,000
IPO | Distribution reinvestment plan
Organization and business [Line Items]
Common stock, shares authorized (shares) | shares										475,000,000
Cole Operating Partnership V, LP
Organization and business [Line Items]
General partner partnership interest percentage				100.00%
Class A Common Stock
Organization and business [Line Items]
Common stock, shares authorized (shares) | shares				245,000,000	245,000,000				490,000,000
Class A Common Stock | Subsequent Event
Organization and business [Line Items]
Common stock, shares authorized (shares) | $						$ (1,125,000,000)
Share price (USD per share) | $ / shares							$ 26.37
Class A Common Stock | Common Stock
Organization and business [Line Items]
Issuance of common stock, shares (shares) | shares				1,134,475
Issuance of common stock | $				$ 12,000
Class A Common Stock | Distribution reinvestment plan
Organization and business [Line Items]
Share price (USD per share) | $ / shares										$ 23.75
Class A Common Stock | Distribution reinvestment plan | Subsequent Event
Organization and business [Line Items]
Net asset value per share (USD per share) | $ / shares							24
Class A Common Stock | IPO
Organization and business [Line Items]
Share price (USD per share) | $ / shares										$ 25
Class A Common Stock | IPO | Maximum
Organization and business [Line Items]
Common stock, shares authorized (shares) | shares										2,500,000,000
Common Class T
Organization and business [Line Items]
Common stock, shares authorized (shares) | shares				245,000,000	245,000,000				0
Common Class T | Subsequent Event
Organization and business [Line Items]
Common stock, shares authorized (shares) | $						$ 1,125,000,000
Share price (USD per share) | $ / shares						$ 25.26	$ 25.26

Summary of Significant Accoun26

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended
	Mar. 31, 2016USD ($)financial_institutions	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Valuation of real estate and related assets [Line Items]
Depreciation		$ 2,000,000
Amortization		972,000
Impairment of real estate	$ 0	$ 0
Real estate held-for-sale	0		$ 0
Restricted cash	$ 756,000		354,000
Number of financial institutions (financial_institution) | financial_institutions	2
Number of financial institutions which have deposits in excess of current federally insured limits (financial_institution) | financial_institutions	1
Concentration risk, credit risk, financial instrument, maximum exposure	$ 11,800,000
Allowance for doubtful accounts	0		0
Escrowed Investor Proceeds
Valuation of real estate and related assets [Line Items]
Restricted cash	155,000		4,000
Lender Cash Management Accounts
Valuation of real estate and related assets [Line Items]
Restricted cash	$ 601,000		$ 350,000
Building
Valuation of real estate and related assets [Line Items]
Useful life	40 years

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value assets and liabilities, transfers	$ 0
Estimate of fair value | Fair value, measurements, recurring | Significant Other Observable Inputs (Level 2) | Affiliated line of credit, Series C, LLC loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Lines of credit, fair value disclosure	296,000,000	$ 290,800,000
Carrying value | Fair value, measurements, recurring | Affiliated line of credit, Series C, LLC loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Lines of credit, fair value disclosure	$ 296,400,000	$ 289,300,000

Fair Value Measurements - Finan

Fair Value Measurements - Financial Liabilities Measured on a Recurring Basis (Details) - Fair value, measurements, recurring - Interest Rate Swap - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	$ (3,114)	$ (1,133)
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 swaps	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	(3,114)	(1,133)
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	$ 0	$ 0

Real Estate Acquisitions (Detai

Real Estate Acquisitions (Details) $ in Thousands	Mar. 31, 2014USD ($)	Mar. 31, 2016USD ($)tenantproperty	Mar. 31, 2015USD ($)property
Business Acquisition, Purchase Price Allocation [Abstract]
Acquisition-related		$ 1,250	$ 1,726
Pro forma basis (unaudited)
Number of owned properties (property) | property		116
Sales Revenue, Services, Net | Customer Concentration Risk
Pro forma basis (unaudited)
Number of tenants (tenant) | tenant		2
Sales Revenue, Services, Net | Credit Concentration Risk | Drugstore industry
Pro forma basis (unaudited)
Concentration risk, percentage		19.00%
Sales Revenue, Services, Net | Credit Concentration Risk | Discount Store Industry
Pro forma basis (unaudited)
Concentration risk, percentage		16.00%
Sales Revenue, Services, Net | Credit Concentration Risk | Gas And Convenience Store Industry
Pro forma basis (unaudited)
Concentration risk, percentage		11.00%
Sales Revenue, Services, Net | Credit Concentration Risk | Sporting Good Industry
Pro forma basis (unaudited)
Concentration risk, percentage		10.00%
TEXAS | Sales Revenue, Services, Net | Geographic Concentration Risk
Pro forma basis (unaudited)
Concentration risk, percentage		11.00%
Number of owned properties (property) | property		8
CALIFORNIA | Sales Revenue, Services, Net | Geographic Concentration Risk
Pro forma basis (unaudited)
Concentration risk, percentage		11.00%
Number of owned properties (property) | property		13
INDIANA | Sales Revenue, Services, Net | Geographic Concentration Risk
Pro forma basis (unaudited)
Concentration risk, percentage		10.00%
Number of owned properties (property) | property		9
LOUISIANA | Sales Revenue, Services, Net | Geographic Concentration Risk
Pro forma basis (unaudited)
Concentration risk, percentage		10.00%
Number of owned properties (property) | property		7
Tenant One | Sales Revenue, Services, Net | Customer Concentration Risk
Pro forma basis (unaudited)
Concentration risk, percentage		18.00%
Tenant Two | Sales Revenue, Services, Net | Customer Concentration Risk
Pro forma basis (unaudited)
Concentration risk, percentage		11.00%
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Number of businesses acquired (property) | property		4	24
Total purchase price		$ 27,600	$ 48,000
Business Acquisition, Purchase Price Allocation [Abstract]
Land		7,441	8,383
Buildings and improvements		18,411	34,101
Intangible lease liabilities			(50)
Total purchase price		$ 27,614	47,968
Acquired finite-lived intangible assets, weighted average useful life		11 years 7 months 6 days
Revenue of acquiree since acquisition date		$ 194	435
Loss of acquiree since acquisition date		1,100	1,700
Acquisition-related		1,200	1,700
Pro forma basis (unaudited)
Revenue		10,060	8,558
Net income (loss)		(93)	(2,423)
Series of Individually Immaterial Business Acquisitions | Acquired in-place leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired finite-lived intangible asset - leases, amount		$ 1,762	4,422
Series of Individually Immaterial Business Acquisitions | Acquired above-market leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired finite-lived intangible asset - leases, amount			1,112
Acquisitions, 2015
Pro forma basis (unaudited)
Revenue	$ 144		8,478
Net income (loss)	$ (1,893)		$ 536

Derivative Instruments and He30

Derivative Instruments and Hedging Activities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)derivative	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Derivatives, Fair Value [Line Items]
Derivative, number of instruments entered into (derivative) | derivative	1
Derivative, number of instruments held (derivative) | derivative	2
Amount of loss reclassified from other comprehensive loss as interest expense	$ 387	$ 0
Cash Flow Hedging | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Derivative liability, event of default, termination amount	3,200
Cash Flow Hedging | Interest Rate Swap | Interest Expense
Derivatives, Fair Value [Line Items]
Interest rate cash flow hedge gain (loss) to be reclassified during next twelve months	1,400
Cash Flow Hedging | Interest Rate Swap | Deferred rental income, derivative liabilities and other liabilities
Derivatives, Fair Value [Line Items]
Outstanding Notional Amount	141,100
Fair Value of Liabilities	$ (3,114)		$ (1,133)
Minimum | Cash Flow Hedging | Interest Rate Swap | Deferred rental income, derivative liabilities and other liabilities
Derivatives, Fair Value [Line Items]
Interest rate	3.49%
Maximum | Cash Flow Hedging | Interest Rate Swap | Deferred rental income, derivative liabilities and other liabilities
Derivatives, Fair Value [Line Items]
Interest rate	4.02%

Notes Payable and Credit Faci31

Notes Payable and Credit Facility (Details)	3 Months Ended
	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Jul. 22, 2015USD ($)	Jul. 21, 2015USD ($)
Debt Instrument [Line Items]
Long-term debt	$ 295,302,000	$ 288,463,000
Debt instrument, weighted average years to maturity	2 years 9 months 15 days
Weighted average interest rate	3.92%
Long-term debt, gross	$ 296,350,000	289,250,000
Mortgages
Debt Instrument [Line Items]
Debt instrument, face amount	42,800,000
Debt instrument, fair value disclosure	43,700,000
Derivative, amount of hedged item	$ 21,100,000
Line of credit | Term Loan | Interest Rate Swap | Cash Flow Hedging
Debt Instrument [Line Items]
Derivative, amount of hedged item			$ 120,000,000
Fixed rate debt
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage rate range, minimum	3.485%
Debt instrument, interest rate, stated percentage rate range, maximum	5.66%
Debt instrument, collateral amount	$ 124,000,000
Fixed rate debt | Notes Payable, Other Payables
Debt Instrument [Line Items]
Long-term debt, gross	88,850,000	67,750,000
JPMorgan Chase, Credit Facility | Line of credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			300,000,000
JPMorgan Chase, Credit Facility | Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 300,000,000
Line of credit facility, potential borrowing capacity	750,000,000
Long-term line of credit	$ 87,500,000
JPMorgan Chase, Credit Facility | Loans Payable | Term Loan
Debt Instrument [Line Items]
Weighted average interest rate	4.02%
Long-term line of credit	$ 120,000,000
Secured revolving credit facility | Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Weighted average interest rate	3.54%
Long-term debt, gross	$ 207,500,000	201,500,000
Line of credit facility, maximum borrowing capacity			$ 180,000,000
Line of credit facility, remaining borrowing capacity	$ 92,500,000
Line of credit facility, covenant, minimum consolidated net worth, percentage of equity issuance	75.00%
Secured revolving credit facility | Line of credit | Revolving credit facility | Federal Funds Effective Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Secured revolving credit facility | Line of credit | Revolving credit facility | Statutory Reserve Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Secured revolving credit facility | Line of credit | Revolving credit facility | Minimum
Debt Instrument [Line Items]
Debt instrument, covenant, fixed charge coverage ratio	1.50
Secured revolving credit facility | Line of credit | Revolving credit facility | Maximum
Debt Instrument [Line Items]
Line of credit facility, covenant, leverage ratio	65.00%
JPMorgan Chase, Revolving Credit Facility | Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, covenant, minimum consolidated net worth	$ 1,900,000
Secured Revolving Credit Facility, Eurodollar Rate | Line of credit | Revolving credit facility | Minimum | Leverage Ratio Less than or Equal to Sixty Five Percent
Debt Instrument [Line Items]
Interest rate, stated percentage	1.90%
Secured Revolving Credit Facility, Eurodollar Rate | Line of credit | Revolving credit facility | Maximum | Leverage Ratio Less than or Equal to Sixty Five Percent
Debt Instrument [Line Items]
Interest rate, stated percentage	2.45%
Secured Revolving Credit Facility, Base Rate | Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, interest rate at period end	2.88%
Secured Revolving Credit Facility, Base Rate | Line of credit | Revolving credit facility | Minimum
Debt Instrument [Line Items]
Interest rate, stated percentage	0.90%
Secured Revolving Credit Facility, Base Rate | Line of credit | Revolving credit facility | Maximum
Debt Instrument [Line Items]
Interest rate, stated percentage	1.45%
Subordinate revolving line of credit | Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 20,000,000
Subordinate revolving line of credit | Line of credit | Revolving credit facility | Series C LLC
Debt Instrument [Line Items]
Long-term line of credit	20,000,000
Line of credit facility, current borrowing capacity	$ 60,000,000

Notes Payable and Credit Faci32

Notes Payable and Credit Facility - Summary of Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Debt Instrument [Line Items]
Long-term debt, gross beginning balance	$ 289,250
Net premiums, begging balance	511
Deferred costs, beginning balance	(1,298)
Debt, net beginning balance	288,463
Debt Issuance, net	52,100	$ 43,500
Deferred costs incurred	(264)
Debt Issuance, net	51,836
Repayments and Assumptions	(45,000)
Accretion and (Amortization) of Net Premiums	(99)
Accretion and (Amortization) of Deferred Costs	102
Accretion and (Amortization)	3
Long-term debt, gross ending balance	296,350
Net premiums, ending balance	412
Deferred costs, ending balance	(1,460)
Debt, net ending balance	295,302
Notes Payable, Other Payables | Fixed rate debt
Debt Instrument [Line Items]
Long-term debt, gross beginning balance	67,750
Debt Issuance, net	21,100
Repayments and Assumptions	0
Long-term debt, gross ending balance	88,850
Revolving credit facility | Line of credit | Secured revolving credit facility
Debt Instrument [Line Items]
Long-term debt, gross beginning balance	201,500
Debt Issuance, net	31,000
Repayments and Assumptions	(25,000)
Long-term debt, gross ending balance	207,500
Revolving credit facility | Line of credit | Subordinate revolving line of credit
Debt Instrument [Line Items]
Long-term debt, gross beginning balance	20,000
Debt Issuance, net	0
Repayments and Assumptions	(20,000)
Long-term debt, gross ending balance	$ 0

Related-Party Transactions an33

Related-Party Transactions and Arrangements (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Due to affiliates	$ 1,390,000		$ 1,076,000
Due from affiliates	8,000		0
Line of credit with affiliate	$ 0		20,000,000
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%
Dealer manager | Dealer manager fee
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees	2.00%
Advisors
Related Party Transaction [Line Items]
Cumulative noncompounded annual return	6.00%
Advisors | Listing commission
Related Party Transaction [Line Items]
Commissions performance and other fees percent	15.00%
Advisors | Average invested assets between $0 to $2 billion
Related Party Transaction [Line Items]
Asset management or advisory fees percent	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%
Advisors | Average invested assets over $4 billion
Related Party Transaction [Line Items]
Asset management or advisory fees percent	0.65%
Advisors | Selling commissions
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 1,621,000	$ 533,000
Advisors | Selling commissions reallowed by cole capital
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	1,621,000	533,000
Advisors | Dealer manager fee
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	526,000	167,000
Advisors | Dealer manager fee reallowed by cole capital
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	205,000	61,000
Advisors | Other Offering Costs
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	565,000	196,000
Advisors | Acquisition fees and expenses
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	690,000	1,208,000
Advisors | Advisory fees and expenses
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	1,119,000	837,000
Advisors | Operating expenses
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	524,000	$ 163,000
Advisors | Acquisitions and operations costs
Related Party Transaction [Line Items]
Due to affiliates	1,400,000
Waived expenses from transactions with related party	$ 256,000
Advisors | Property sales commission | Contract sale price of each property
Related Party Transaction [Line Items]
Commissions performance and other fees percent	1.00%
Advisors | Performance fee
Related Party Transaction [Line Items]
Commissions performance and other fees percent	15.00%
Advisors | Maximum | Average invested assets between $0 to $2 billion
Related Party Transaction [Line Items]
Average invested assets	$ 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
Advisors | Maximum | Brokerage Commission Fee
Related Party Transaction [Line Items]
Commissions performance and other fees percent	50.00%
Advisors | Maximum | Other organization and offering expenses
Related Party Transaction [Line Items]
Organization and offering expense	2.00%
Advisors | Maximum | Acquisition fees and expenses
Related Party Transaction [Line Items]
Acquisition and advisory fee	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%
Related party, reimbursement fixed annual percentage of the contract purchase price	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%
Advisors | Maximum | Property portfolio
Related Party Transaction [Line Items]
Commissions performance and other fees percent	6.00%
Advisors | Minimum
Related Party Transaction [Line Items]
Operating expense reimbursement percent of average invested assets	2.00%
Operating expense reimbursement percent of net income	25.00%
Advisors | Minimum | Average invested assets between $0 to $2 billion
Related Party Transaction [Line Items]
Average invested assets	$ 0
Advisors | Minimum | Average invested assets between $2 billion to $4 billion
Related Party Transaction [Line Items]
Average invested assets	2,000,000,000
Advisors | Minimum | Average invested assets over $4 billion
Related Party Transaction [Line Items]
Average invested assets	4,000,000,000
Advisor and Affiliates | Amounts Received by Affiliates of Advisor Due to Company
Related Party Transaction [Line Items]
Due from affiliates	8,000		$ 0
Series C LLC | Revolving credit facility | Line of credit | Subordinate revolving line of credit
Related Party Transaction [Line Items]
Line of credit with affiliate	$ 20,000,000
Class A Common Stock | Dealer manager commission | Maximum | Selling commissions
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees	7.00%
Common Class T | Dealer manager commission | Maximum | Selling commissions
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees	3.00%
Common Class T | Advisors
Related Party Transaction [Line Items]
Distribution and stockholder servicing fee, percentage of net asset value, daily accrual rate	0.02%
Related party transaction, daily distribution and servicing fee, termination of payments threshold, percentage of Total Gross Investment	7.00%
Related party transaction, daily distribution and servicing fee, termination of payments threshold, percentage of gross proceeds from shares in offering	10.00%

Subsequent Events - (Details)

Subsequent Events - (Details) - USD ($)	May. 10, 2016	May. 10, 2016	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Apr. 29, 2016	Apr. 11, 2016	Feb. 29, 2016	Mar. 17, 2014
Subsequent Event [Line Items]
Issuance of common stock			$ 28,039,000
Issuance of common stock, shares (shares)					10,500,000
Redemptions of common stock			1,453,000
Repayment of line of credit			25,000,000	$ 0
Distribution reinvestment plan
Subsequent Event [Line Items]
Share price (USD per share)								$ 24
Subsequent Event
Subsequent Event [Line Items]
Issuance of common stock	$ 271,800,000
Issuance of common stock, shares (shares)	10,900,000
Redemptions of common stock (shares)		40,000
Redemptions of common stock		$ 965,000
Stock redeemed or called during period, average price per share (USD per share)		$ 24.11
Class A Common Stock | Distribution reinvestment plan
Subsequent Event [Line Items]
Share price (USD per share)									$ 23.75
Class A Common Stock | Subsequent Event
Subsequent Event [Line Items]
Share price (USD per share)							$ 26.37
Common Class T | Subsequent Event
Subsequent Event [Line Items]
Share price (USD per share)						$ 25.26	$ 25.26
Secured revolving credit facility | Revolving credit facility | Line of credit
Subsequent Event [Line Items]
Line of credit facility, remaining borrowing capacity			$ 92,500,000		$ 92,500,000
Secured revolving credit facility | Revolving credit facility | Line of credit | Subsequent Event
Subsequent Event [Line Items]
Repayment of line of credit		$ 8,000,000
Long-term line of credit	$ 199,500,000	199,500,000
Line of credit facility, remaining borrowing capacity	$ 100,500,000	$ 100,500,000