Cole Credit Property Trust V 10-Q 14 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 07, 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	Sep. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
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)		11,900,000
Class T Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (shares)		191,000

Condensed Consolidated Unaudite

Condensed Consolidated Unaudited Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Investment in real estate assets:
Land	$ 114,241	$ 106,800
Buildings and improvements	336,315	317,604
Intangible lease assets	53,463	51,701
Total real estate investments, at cost	504,019	476,105
Less: accumulated depreciation and amortization	(26,365)	(15,737)
Total real estate investments, net	477,654	460,368
Cash and cash equivalents	2,964	10,110
Restricted cash	478	354
Prepaid expenses, property escrow deposits and other assets	685	339
Rents and tenant receivables, net	4,317	2,985
Deferred costs, net	512	997
Total assets	486,610	475,153
LIABILITIES AND STOCKHOLDERS’ EQUITY
Credit facility and notes payable, net	255,897	268,463
Line of credit with affiliate	0	20,000
Accounts payable and accrued expenses	2,803	1,587
Escrowed investor proceeds	40	4
Due to affiliates	1,205	1,076
Intangible lease liabilities, net	3,842	4,249
Distributions payable	1,509	1,218
Derivative liabilities, deferred rental income and other liabilities	4,940	2,996
Total liabilities	270,236	299,593
Commitments and contingencies
Redeemable common stock	10,166	7,277
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value per share; 10,000,000 shares authorized, none issued and outstanding	0	0
Capital in excess of par value	253,132	199,677
Accumulated distributions in excess of earnings	(44,356)	(30,354)
Accumulated other comprehensive loss	(2,685)	(1,133)
Total stockholders’ equity	206,208	168,283
Total liabilities and stockholders’ equity	486,610	475,153
Class A Common Stock
STOCKHOLDERS’ EQUITY
Common stock	116	93
Class T Common Stock
STOCKHOLDERS’ EQUITY
Common stock	$ 1	$ 0

Condensed Consolidated Unaudit3

Condensed Consolidated Unaudited Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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	245,000,000
Common stock, shares issued (shares)	11,644,543	9,292,168
Common stock, shares outstanding (shares)	11,644,543	9,292,168
Class T Common Stock
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	245,000,000	245,000,000
Common stock, shares issued (shares)	119,541	0
Common stock, shares outstanding (shares)	119,541	0

Condensed Consolidated Unaudit4

Condensed Consolidated Unaudited Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Rental income	$ 8,895	$ 8,377	$ 26,525	$ 23,594
Tenant reimbursement income	1,146	767	3,728	2,237
Total revenues	10,041	9,144	30,253	25,831
Operating expenses:
General and administrative	1,072	1,030	3,213	2,480
Property operating	463	398	1,411	1,104
Real estate tax	874	503	2,845	1,574
Advisory fees and expenses	1,230	1,002	3,607	2,840
Acquisition-related	2	511	1,276	2,921
Depreciation and amortization	3,374	3,221	10,075	9,307
Total operating expenses	7,015	6,665	22,427	20,226
Operating income	3,026	2,479	7,826	5,605
Other income (expense):
Interest expense and other, net	(3,046)	(2,958)	(9,200)	(7,847)
Net loss	(20)	(479)	(1,374)	(2,242)
Class A Common Stock
Other income (expense):
Net loss	$ (16)	$ (479)	$ (1,367)	$ (2,242)
Basic and diluted weighted average number of common shares outstanding (shares)	11,429,243	8,185,900	10,683,832	7,658,950
Basic and diluted net loss per common share (USD per shares)	$ 0	$ (0.06)	$ (0.13)	$ (0.29)
Distributions declared per common share (USD per share)	$ 0.40	$ 0.40	$ 1.18	$ 1.18
Class T Common Stock
Other income (expense):
Net loss	$ (4)	$ 0	$ (7)	$ 0
Basic and diluted weighted average number of common shares outstanding (shares)	72,046	0	26,588	0
Basic and diluted net loss per common share (USD per shares)	$ (0.05)	$ 0	$ (0.27)	$ 0
Distributions declared per common share (USD per share)	$ 0.35	$ 0	$ 1.04	$ 0

Condensed Consolidated Unaudit5

Condensed Consolidated Unaudited Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net loss	$ (20)	$ (479)	$ (1,374)	$ (2,242)
Other comprehensive income (loss):
Unrealized gain (loss) on interest rate swaps	636	(2,067)	(2,707)	(2,067)
Amount of loss reclassified from other comprehensive income (loss) as interest expense	377	0	1,155	0
Total other comprehensive income (loss)	1,013	(2,067)	(1,552)	(2,067)
Total comprehensive income (loss)	$ 993	$ (2,546)	$ (2,926)	$ (4,309)

Condensed Consolidated Unaudit6

Condensed Consolidated Unaudited Statement of Stockholders' Equity - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands	Total	Class A Common Stock	Class T Common Stock	Common StockClass A Common Stock	Common StockClass T Common Stock	Capital in Excess of Par Value	Accumulated Distributions in Excess of Earnings	Accumulated Other Comprehensive Loss
Balance (shares) at Dec. 31, 2015		9,292,168	0	9,292,168	0
Balance at Dec. 31, 2015	$ 168,283			$ 93	$ 0	$ 199,677	$ (30,354)	$ (1,133)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (shares)				2,495,845	119,541
Issuance of common stock	65,982			$ 24	$ 1	65,957
Distributions to investors	(12,628)						(12,628)
Commissions, dealer manager and distribution fees	(4,855)					(4,855)
Other offering costs	(1,331)					(1,331)
Redemptions of common stock (shares)				(143,470)	0
Redemptions of common stock	(3,428)			$ (1)	$ 0	(3,427)
Changes in redeemable common stock	(2,889)					(2,889)
Comprehensive loss	(2,926)						(1,374)	(1,552)
Balance (shares) at Sep. 30, 2016		11,644,543	119,541	11,644,543	119,541
Balance at Sep. 30, 2016	$ 206,208			$ 116	$ 1	$ 253,132	$ (44,356)	$ (2,685)

Condensed Consolidated Unaudit7

Condensed Consolidated Unaudited Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net loss	$ (1,374)	$ (2,242)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization, net	10,221	9,521
Straight-line rental income	(810)	(950)
Amortization of deferred financing costs	887	806
Amortization of fair value adjustments of notes payable assumed	(300)	(285)
Changes in assets and liabilities:
Rents and tenant receivables	(522)	(151)
Prepaid expenses and other assets	(62)	(56)
Accounts payable and accrued expenses	1,216	146
Deferred rental income and other liabilities	392	70
Due to affiliates	32	538
Due from affiliates	0	69
Net cash provided by operating activities	9,680	7,466
Cash flows from investing activities:
Investment in real estate assets and capital expenditures	(27,914)	(85,852)
Payment of property escrow deposit	(284)	(50)
Change in restricted cash	(124)	(250)
Net cash used in investing activities	(28,322)	(86,152)
Cash flows from financing activities:
Proceeds from issuance of common stock	59,666	32,644
Redemptions of common stock	(3,428)	(260)
Offering costs on issuance of common stock	(6,089)	(3,573)
Proceeds from credit facility and notes payable	98,600	67,500
Repayments of credit facility and notes payable	(110,500)	(3,500)
Repayment of line of credit with affiliate	(20,000)	0
Distributions to investors	(6,021)	(3,971)
Change in escrowed investor proceeds	36	75
Deferred financing costs paid	(768)	(731)
Net cash provided by financing activities	11,496	88,184
Net (decrease) increase in cash and cash equivalents	(7,146)	9,498
Cash and cash equivalents, beginning of period	10,110	6,907
Cash and cash equivalents, end of period	2,964	16,405
Supplemental disclosures of non-cash investing and financing activities:
Distributions declared and unpaid	1,509	1,090
Common stock issued through distribution reinvestment plan	6,316	4,892
Change in fair value of interest rate swaps	(1,552)	(2,067)
Related Party Transaction [Line Items]
Due to affiliates	1,205
Supplemental cash flow disclosures:
Interest paid	8,560	6,952
Distribution and stockholder servicing fees
Related Party Transaction [Line Items]
Due to affiliates	$ 117	$ 0

Organization and Business

Organization and Business	9 Months Ended
	Sep. 30, 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 elected to be taxed, and currently qualifies, as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning in its taxable year ended December 31, 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) in the primary offering 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 “Original DRIP”) at a price of $23.75 per share until April 8, 2016 and $24.00 per share effective April 11, 2016 (together with the 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 began offering up to $1,125,000,000 , of the $2.5 billion in shares that make up the primary portion of the Offering, in Class T shares of the Company’s common stock (the “Class T Shares”) at a price of $25.26 per share in the primary portion of the Offering, along with up to $1,375,000,000 in Class A Shares at a price of $26.37 per share in the primary portion of 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, as defined below. 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 September 30, 2016 , the Company had issued approximately 11.9 million shares of common stock in the Offering for gross offering proceeds of $297.6 million ( $294.6 million in Class A Shares and $3.0 million in Class T Shares) before organization and offering costs, selling commissions, dealer manager fees and distribution and stockholder servicing fees of $30.1 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 (“Articles of Amendment”) and Articles Supplementary (“Articles Supplementary”) to the Company’s Articles of Amendment and Restatement. All shares of common stock issued and outstanding prior to the filing on March 4, 2016 of the Articles of Amendment and the Articles Supplementary were designated as Class A Shares following the filing of the Articles of Amendment and the Articles Supplementary. The Class A Shares and Class T Shares have similar voting rights, although the amount of the distributions are expected to differ due to the distribution and stockholder servicing fees, as defined in the Company’s charter, as amended, that are payable in connection 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 cash 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. On March 29, 2016, the Board adopted an Amended and Restated Distribution Reinvestment Plan (the “Amended and Restated DRIP” and collectively with the Original DRIP, the “DRIP”), to allow for the reinvestment of distributions paid on Class A Shares and Class T Shares. The Amended and Restated DRIP 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. Commencing April 11, 2016, distributions are reinvested pursuant to the DRIP 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 share redemptions. Going forward, the Company intends to publish an updated estimated per share NAV on at least an annual basis. 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 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 September 30, 2016 , the Company owned 116 properties, comprising 2.5 million rentable square feet of commercial space located in 31 states. As of September 30, 2016 , the rentable square feet at these properties was 98.9% leased, including month-to-month agreements, if any.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 condensed consolidated unaudited 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 condensed consolidated unaudited 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 combine depreciation of $2.2 million and $6.3 million and amortization of $1.0 million and $3.0 million for the three and nine months ended September 30, 2015 , respectively, into the line item depreciation and amortization in the condensed consolidated unaudited statements of operations. In addition, the Company has chosen to combine depreciation of $6.3 million and amortization of intangible lease assets and below-market lease intangibles, net of $3.2 million for the nine months ended September 30, 2015, into the line item depreciation and amortization, net in the condensed consolidated unaudited statements of cash flows. 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 condensed consolidated unaudited 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 nine months ended September 30, 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 September 30, 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 $478,000 and $354,000 in restricted cash as of September 30, 2016 and December 31, 2015 , respectively. Included in restricted cash were escrowed investor proceeds of $40,000 and $4,000 for which shares of common stock had not been issued as of September 30, 2016 and December 31, 2015 , respectively. Also included in restricted cash was $438,000 and $350,000 in lender cash management accounts as of September 30, 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. Distribution and Stockholder Servicing Fees The Company pays CCC a distribution and stockholder servicing fee for Class T Shares sold in the primary portion of the Offering. Through October 4, 2016, the daily amount of the distribution and stockholder servicing fee payable was calculated to equal 1/365th of 0.8% of the per share NAV of the Class T Shares sold in the primary portion of the Offering. On October 5, 2016, the Company entered into Amendment No. 1 to its Amended and Restated Dealer Manager Agreement (the “Amended Dealer Manager Agreement”). Pursuant to the Amended Dealer Manager Agreement, the calculation of the daily amount of distribution and stockholder servicing fee was changed to equal 1/365th of 1.0% of the per share NAV of the Class T Shares sold in the primary portion of the Offering. The aggregate distribution and stockholder servicing fee for Class T Shares will not exceed an amount equal to 4.0% of the total gross offering proceeds of Class T Shares sold in the primary portion of the Offering. The distribution and stockholder servicing fee is paid monthly in arrears. An estimated liability for future distribution and stockholder servicing fees payable to CCC is recognized at the time each Class T Share is sold and included in due to affiliates in the condensed consolidated unaudited balance sheets with a corresponding decrease to capital in excess of par value. 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 earned and collectability is reasonably assured. 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. As of September 30, 2016 , the Company had an allowance for uncollectible accounts of $3,000 . As of December 31, 2015 , the Company did not have an allowance for uncollectible accounts. Earnings per Share We have two classes of common stock. Accordingly, we utilize the two-class method to determine our earnings per share, which results in different earnings per share for each of the classes. Under the two-class method, earnings per share of each class of common stock are computed by dividing the sum of the distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of shares for each class of common stock for the respective period. The distributed earnings to Class T Share common stockholders represents distributions declared less the distribution and stockholder servicing fees. Diluted income (loss) per share considers the effect of any potentially dilutive share equivalents, of which the Company had none for each of the three and nine months ended September 30, 2016 or 2015 . Recent Accounting Pronouncements Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers — 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. The Company has identified its revenue streams and is in the process of evaluating the impact on its consolidated financial statements and internal accounting processes; however, as the majority of the Company’s revenue is derived from real estate lease contracts, as discussed in relation to ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”), the Company does not expect that the adoption of ASU 2014-09 or related amendments and modifications issued by the Financial Accounting Standards Board (the “FASB”) will have a material impact on its 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. 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 consolidated financial statements. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. In February 2016, the FASB issued ASU 2016-02, which replaces the existing guidance in Accounting Standards Codification 840, Leases (Topic 842) . ASU 2016-02 requires a dual approach for lessee accounting under which a lessee would account for leases as either 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 ASU 2016-02 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 — The amendments in this update clarify that a change in the counterparty to a derivative instrument that has been designated as a 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. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) (“ASU 2016-13”). ASU 2016-13 requires more timely recording of credit losses on loans and other financial instruments that are not accounted for at fair value through net income, including loans held for investment, held-to-maturity debt securities, trade and other receivables, net investment in leases and other such commitments. ASU 2016-13 requires that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The amendments in ASU 2016-13 require the Company to measure all expected credit losses based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets and eliminates the “incurred loss” methodology in current GAAP. ASU 2016-13 is effective for fiscal years, and interim periods within, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2018. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which is intended to address diversity in practice related to how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments in ASU 2016-15 address eight specific cash flow issues as well as application of the predominance principle (dependence on predominant source or use of receipt or payment) and are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 September 30, 2016 , the estimated fair value of the Company’s debt was $261.9 million , compared to the carrying value of $257.4 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 respective 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 September 30, 2016 , the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of 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 in order to approximate their fair values because of the short period of time between their origination and their expected realization as well as 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, upon disposition of the financial assets and liabilities. As of September 30, 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 tables show the fair value of the Company’s financial liabilities that are required to be measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant September 30, 2016 (Level 1) (Level 2) (Level 3) Financial liabilities: Interest rate swaps $ (2,685 ) $ — $ (2,685 ) $ — 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 Investments

Real Estate Investments	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
REAL ESTATE INVESTMENTS	REAL ESTATE INVESTMENTS 2016 Property Acquisitions During the nine months ended September 30, 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 the Company expects will be prior to the end of the current fiscal year. The Company preliminarily allocated the purchase price of these properties to the fair value of the assets acquired. The following table summarizes the preliminary purchase price allocation for acquisitions purchased during the nine months ended September 30, 2016 (in thousands): 2016 Acquisitions Land $ 7,441 Buildings and improvements 18,411 Acquired in-place leases (1) 1,762 Total purchase price $ 27,614 ______________________ (1) As of September 30, 2016 , the weighted average amortization period for acquired in-place leases is 11.1 years for acquisitions completed during the nine months ended September 30, 2016 . During the three and nine months ended September 30, 2016 , the Company recorded revenue of $512,000 and $1.2 million , respectively, and net income of $288,000 and loss of $624,000 , respectively, related to the 2016 Acquisitions. No acquisition-related expenses were recorded during the three months ended September 30, 2016 , and $1.2 million was recorded during the nine months ended September 30, 2016 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 and nine months ended September 30, 2016 and 2015, respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Pro forma basis: Revenue $ 10,036 $ 9,651 $ 30,556 $ 27,352 Net loss $ (225 ) $ (395 ) $ (500 ) $ (3,243 ) The pro forma information for the nine months ended September 30, 2016 was adjusted to exclude $1.2 million of acquisition-related expenses recorded during the period related to the 2016 Acquisitions. Accordingly, these costs were instead recognized in the pro forma information for the nine months ended September 30, 2015 . No acquisition-related expenses were recorded during the three months ended September 30, 2016 related to the 2016 Acquisitions. The pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of the period, nor does it purport to represent the results of future operations. 2015 Property Acquisitions During the nine months ended September 30, 2015 , the Company acquired 32 commercial properties for an aggregate purchase price of $84.6 million (the “2015 Acquisitions”). The Company purchased the 2015 Acquisitions with net proceeds from the Offering and available borrowings. The 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 nine months ended September 30, 2015 (in thousands): 2015 Acquisitions Land $ 18,778 Buildings and improvements 57,838 Acquired in-place leases 7,566 Acquired above-market leases 1,360 Intangible lease liabilities (961 ) Total purchase price $ 84,581 During the three and nine months ended September 30, 2015 , the Company recorded revenue of $1.5 million and $2.9 million , respectively, and net income of $168,000 and a net loss of $1.8 million , respectively, which includes acquisition-related expenses of $499,000 and $2.9 million , respectively, related to the 2015 Acquisitions. The following 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 and nine months ended September 30, 2015 , the three months ended September 30, 2014 and the period from March 18, 2014 to September 30, 2014 , respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 Period from March 18, 2014 to September 30, 2014 2015 2014 Pro forma basis: Revenue $ 9,257 $ 2,375 $ 27,816 $ 4,334 Net (loss) income $ (335 ) $ (5,016 ) $ 1 $ (6,357 ) The pro forma information for the three and nine months ended September 30, 2015 was adjusted to exclude $499,000 and $2.9 million , respectively, of acquisition-related expenses recorded during such periods related to the 2015 Acquisitions. Accordingly, these costs were instead recognized in the pro forma information for the three months ended September 30, 2014 and the period from March 18, 2014 to September 30, 2014 . The pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of the period, nor does it purport to represent the results of future operations.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2016 , the Company entered into one interest rate swap agreement, and as of September 30, 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 September 30, 2016 and December 31, 2015 (in thousands): Balance Sheet Location Outstanding Notional Amount as of Interest Rate (1) Effective Date Maturity Date Fair Value of Liabilities as of September 30, 2016 September 30, 2016 December 31, 2015 Interest Rate Swaps Derivative liabilities, deferred rental income and other liabilities $ 141,100 3.49% to 4.02% 12/31/2015 to 1/15/2016 4/25/2019 to 2/1/2021 $ (2,685 ) $ (1,133 ) ______________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of September 30, 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 income (loss), with a portion of the amount subsequently reclassified to interest expense as interest payments are made on the Company’s variable rate debt. For the three and nine months ended September 30, 2016 , the amounts reclassified were $377,000 and $1.2 million , respectively. No amounts were reclassified for the three and nine months ended September 30, 2015 . 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 nine months ended September 30, 2016 and 2015 . During the next 12 months, the Company estimates that an additional $1.2 million will be reclassified from other comprehensive income (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 September 30, 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 $2.7 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 September 30, 2016 .

Notes Payable and Credit Facili

Notes Payable and Credit Facility	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
NOTES PAYABLE AND CREDIT FACILITY	NOTES PAYABLE AND CREDIT FACILITY As of September 30, 2016 , the Company had $255.9 million of debt outstanding, including net deferred financing costs, with weighted average years to maturity of 3.3 years and a weighted average interest rate of 4.27% . The following table summarizes the debt balances as of September 30, 2016 and December 31, 2015 , and the debt activity for the nine months ended September 30, 2016 (in thousands): During the Nine Months Ended September 30, 2016 Balance as of December 31, 2015 Debt Issuance, Net (1) Repayments Accretion and (Amortization) Balance as of Credit facility $ 201,500 $ 31,000 $ (110,500 ) $ — $ 122,000 Fixed rate debt 67,750 67,600 — — 135,350 Line of credit with affiliate 20,000 — (20,000 ) — — Total debt 289,250 98,600 (130,500 ) — 257,350 Net premiums (2) 511 — — (300 ) 211 Deferred costs (3) (1,298 ) (679 ) — 313 (1,664 ) Total debt, net $ 288,463 $ 97,921 $ (130,500 ) $ 13 $ 255,897 ______________________ (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 September 30, 2016 , the fixed rate debt outstanding of $135.4 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 rate debt outstanding was $208.7 million as of September 30, 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”, and together with the Revolving Loan, the “Credit Facility”) in the amount of $120.0 million for a total capacity of $300.0 million under 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. 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 September 30, 2016 , the amount outstanding under the Revolving Loans totaled $2.0 million at an interest rate of 2.97% , 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 interest rate 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 September 30, 2016 , the all-in rate for the Swapped Term Loan was 4.02% . The Company had $122.0 million of debt outstanding under the Credit Facility as of September 30, 2016 at a weighted average interest rate of 4.00% and $178.0 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 requires the Company to maintain a fixed charge coverage ratio equal to or greater than 1.50 , as well as a minimum consolidated net worth not less than $150.0 million plus 75% of the equity interests issued by the Company. The Company believes it was in compliance with the covenants of the Modified Credit Agreement as of September 30, 2016 . In addition, the Company previously 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	9 Months Ended
	Sep. 30, 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. Purchase Commitments As of September 30, 2016 , the Company had entered into a purchase agreement with an unaffiliated third-party seller to acquire a 100% interest in one single-tenant retail property, subject to meeting certain criteria, for a purchase price of $9.7 million , exclusive of closing costs. As of September 30, 2016 , the Company had a $284,000 property escrow deposit held by an escrow agent in connection with this future property acquisition. This deposit is included in the accompanying condensed consolidated unaudited balance sheets in prepaid expenses, property escrow deposit and other assets and could be forfeited under certain circumstances. As of September 30, 2016 , the escrow deposit had not been forfeited. 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	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS	RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS The Company has incurred 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. Selling commissions and dealer manager fees 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. The Company has been advised that 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. Other organization and offering expenses All other organization and offering expenses associated with the sale of the Company’s common stock (excluding selling commissions, dealer manager fees and distribution and stockholder servicing 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 September 30, 2016 , CR V Advisors had paid organization and offering expenses in excess of 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. Distribution and stockholder servicing fees Through October 4, 2016, the Company paid CCC a distribution and stockholder servicing fee for Class T Shares that is calculated on a daily basis in the amount of 1/365th of 0.8% of the per share NAV of the Class T Shares sold in the primary portion of the Offering. Pursuant to the Amended Dealer Manager Agreement, beginning on October 5, 2016, the distribution and stockholder servicing fee will be calculated on a daily basis in an amount equal to 1/365th of 1.0% of the per share NAV of the Class T Shares sold in the primary portion of the Offering. The maximum amount of distribution and stockholder servicing fees payable has not changed pursuant to the provisions of the Amended Dealer Manager Agreement. The distribution and stockholder servicing fee is paid monthly in arrears from cash flow from operations or, if the Company’s cash flow from operations is not sufficient to pay the distribution and stockholder servicing fee, from borrowings in anticipation of future cash flow. An estimated liability for future distribution and stockholder servicing fees payable to CCC is recognized at the time each Class T Share is sold and included in due to affiliates in the condensed consolidated unaudited balance sheets with a corresponding decrease to capital in excess of par value. 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 total distribution and stockholder servicing fees paid by a stockholder within his or her individual account would be equal to 4.0% 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 fourth 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. CCC may, in its discretion, reallow to participating broker-dealers all or a portion of the distribution and stockholder servicing fee for services that such participating broker-dealers perform. No distribution and stockholder servicing fees are paid to CCC or other participating broker-dealers with respect to shares sold pursuant to the DRIP. Acquisition fees and expenses 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 of each property and 0.5% of the amount advanced for a loan or other investment, which will be prorated for any partial calendar year. Additionally, CR V Advisors or its affiliates are reimbursed for third-party 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. Advisory fees and expenses Pursuant to the advisory agreement with CR V Advisors, 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, and for those assets acquired subsequent to March 1, 2016, is based on the purchase price. 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 . Operating expenses 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 excluding 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. Disposition fees 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 third parties on the sale of such properties, not to exceed 1.0% of the contract price of the properties sold; provided, however, in no event may the total disposition fees paid to CR V Advisors, its affiliates and 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 assets sold. During the three and nine months ended September 30, 2016 and 2015 , no disposition fees were incurred for any such services provided by CR V Advisors or its affiliates. Subordinated performance fees The Company will pay a subordinated performance fee in connection with 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, exceeds (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, from regular distributions plus special distributions paid from proceeds of such sale, 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 the three and nine months ended September 30, 2016 and 2015, no subordinated performance fees were incurred related to any such events. The Company incurred commissions, fees and expense reimbursements as shown in the table below for services provided by CR V Advisors and its affiliates related to the services described above during the periods indicated (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Selling commissions $ 727 $ 900 $ 3,532 $ 2,102 Dealer manager fees $ 273 $ 279 $ 1,203 $ 650 Other organization and offering expenses $ 319 $ 315 $ 1,331 $ 745 Distribution and stockholder servicing fees $ 3 (1) $ — $ 3 (1) $ — Acquisition fees and expenses (2) $ — $ 349 $ 690 $ 2,121 Advisory fees and expenses (2) $ 1,230 $ 1,002 $ 3,607 $ 2,840 Operating expenses (2) $ 556 $ 378 $ 1,527 $ 945 ______________________ (1) Amounts are calculated for the respective period in accordance with the dealer manager agreement and exclude the estimated liability for future distribution and stockholder servicing fees payable to CCC of $117,000 , which is included in due to affiliates in the condensed consolidated unaudited balance sheets with a corresponding decrease to capital in excess of par value, as described in Note 2 — Summary of Significant Accounting Policies. (2) During the nine months ended September 30, 2015 , CR V Advisors permanently waived its rights to expense reimbursements totaling $250,000 , which are excluded from the table above as the Company is not responsible for this amount. No such amounts were waived during the nine months ended September 30, 2016 . Due to Affiliates As of September 30, 2016 , $1.2 million was recorded for services and expenses incurred, but not yet reimbursed to CR V Advisors, or its affiliates, and the estimated liability for future distribution and stockholder servicing fees payable to CCC. The amount is primarily for advisory and operating expenses and distribution and stockholder servicing fees. As of December 31, 2015 , $1.1 million had been incurred by CR V Advisors, or its affiliates, primarily for advisory, operating and acquisition-related expenses, but had not yet been reimbursed by the Company. These amounts were included in due to affiliates in the condensed consolidated unaudited balance sheets for such periods. Transactions The Company incurred $111,000 and $361,000 of interest expense related to the Series C Loan during the nine months ended September 30, 2016 and 2015 , respectively. During the nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Status of the Offering Through November 7, 2016 , the Company had received gross proceeds of $306.5 million ( $301.7 million in Class A Shares and $4.8 million in Class T Shares) through the issuance of approximately 12.3 million shares of its common stock in the Offering (including shares issued pursuant to the DRIP). Redemption of Shares of Common Stock Subsequent to September 30, 2016 , the Company redeemed approximately 50,000 shares for $1.2 million at an average per share price of $23.58 pursuant to the Company’s share redemption program. Credit Facility Subsequent to September 30, 2016 , the Company repaid $2.0 million of the amounts outstanding under the Credit Facility. As of November 7, 2016 , the Company had $120.0 million outstanding under the Credit Facility and $180.0 million in unused capacity, subject to borrowing availability. Distribution and stockholder servicing fees As described in Note 8 — Related-Party Transactions and Arrangements, on October 5, 2016, the Company entered into the Amended Dealer Manager Agreement. Pursuant to the Amended Dealer Manager Agreement, the calculation of the daily amount of the distribution and stockholder servicing fee was changed to equal 1/365th of 1.0% of the per share NAV of the Class T Shares sold in the primary portion of the Offering. The aggregate distribution and stockholder servicing fee for Class T Shares that is calculated on a daily basis will not exceed an amount equal to 4.0% of the total gross offering proceeds of Class T Shares sold in the primary portion of the Offering.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Basis of Accounting	The summary of significant accounting policies presented below is designed to assist in understanding the Company’s condensed consolidated unaudited 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 condensed consolidated unaudited 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 condensed consolidated unaudited 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 nine months ended September 30, 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 $478,000 and $354,000 in restricted cash as of September 30, 2016 and December 31, 2015 , respectively. Included in restricted cash were escrowed investor proceeds of $40,000 and $4,000 for which shares of common stock had not been issued as of September 30, 2016 and December 31, 2015 , respectively. Also included in restricted cash was $438,000 and $350,000 in lender cash management accounts as of September 30, 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.
Distribution and Stockholder Servicing Fees	Distribution and Stockholder Servicing Fees The Company pays CCC a distribution and stockholder servicing fee for Class T Shares sold in the primary portion of the Offering. Through October 4, 2016, the daily amount of the distribution and stockholder servicing fee payable was calculated to equal 1/365th of 0.8% of the per share NAV of the Class T Shares sold in the primary portion of the Offering. On October 5, 2016, the Company entered into Amendment No. 1 to its Amended and Restated Dealer Manager Agreement (the “Amended Dealer Manager Agreement”). Pursuant to the Amended Dealer Manager Agreement, the calculation of the daily amount of distribution and stockholder servicing fee was changed to equal 1/365th of 1.0% of the per share NAV of the Class T Shares sold in the primary portion of the Offering. The aggregate distribution and stockholder servicing fee for Class T Shares will not exceed an amount equal to 4.0% of the total gross offering proceeds of Class T Shares sold in the primary portion of the Offering. The distribution and stockholder servicing fee is paid monthly in arrears. An estimated liability for future distribution and stockholder servicing fees payable to CCC is recognized at the time each Class T Share is sold and included in due to affiliates in the condensed consolidated unaudited balance sheets with a corresponding decrease to capital in excess of par value.
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 earned and collectability is reasonably assured. 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.
Earnings per Share	Earnings per Share We have two classes of common stock. Accordingly, we utilize the two-class method to determine our earnings per share, which results in different earnings per share for each of the classes. Under the two-class method, earnings per share of each class of common stock are computed by dividing the sum of the distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of shares for each class of common stock for the respective period. The distributed earnings to Class T Share common stockholders represents distributions declared less the distribution and stockholder servicing fees. Diluted income (loss) per share considers the effect of any potentially dilutive share equivalents, of which the Company had none for each of the three and nine months ended September 30, 2016 or 2015 .
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers — 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. The Company has identified its revenue streams and is in the process of evaluating the impact on its consolidated financial statements and internal accounting processes; however, as the majority of the Company’s revenue is derived from real estate lease contracts, as discussed in relation to ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”), the Company does not expect that the adoption of ASU 2014-09 or related amendments and modifications issued by the Financial Accounting Standards Board (the “FASB”) will have a material impact on its 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. 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 consolidated financial statements. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. In February 2016, the FASB issued ASU 2016-02, which replaces the existing guidance in Accounting Standards Codification 840, Leases (Topic 842) . ASU 2016-02 requires a dual approach for lessee accounting under which a lessee would account for leases as either 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 ASU 2016-02 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 — The amendments in this update clarify that a change in the counterparty to a derivative instrument that has been designated as a 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. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) (“ASU 2016-13”). ASU 2016-13 requires more timely recording of credit losses on loans and other financial instruments that are not accounted for at fair value through net income, including loans held for investment, held-to-maturity debt securities, trade and other receivables, net investment in leases and other such commitments. ASU 2016-13 requires that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The amendments in ASU 2016-13 require the Company to measure all expected credit losses based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets and eliminates the “incurred loss” methodology in current GAAP. ASU 2016-13 is effective for fiscal years, and interim periods within, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2018. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which is intended to address diversity in practice related to how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments in ASU 2016-15 address eight specific cash flow issues as well as application of the predominance principle (dependence on predominant source or use of receipt or payment) and are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 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 tables show the fair value of the Company’s financial liabilities that are required to be measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant September 30, 2016 (Level 1) (Level 2) (Level 3) Financial liabilities: Interest rate swaps $ (2,685 ) $ — $ (2,685 ) $ — 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 Investments (Tables

Real Estate Investments (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2016 (in thousands): 2016 Acquisitions Land $ 7,441 Buildings and improvements 18,411 Acquired in-place leases (1) 1,762 Total purchase price $ 27,614 ______________________ (1) As of September 30, 2016 , the weighted average amortization period for acquired in-place leases is 11.1 years for acquisitions completed during the nine months ended September 30, 2016 . The following table summarizes the purchase price allocation for acquisitions purchased during the nine months ended September 30, 2015 (in thousands): 2015 Acquisitions Land $ 18,778 Buildings and improvements 57,838 Acquired in-place leases 7,566 Acquired above-market leases 1,360 Intangible lease liabilities (961 ) Total purchase price $ 84,581
Business Acquisition, Pro Forma Information	The table below presents the Company’s estimated revenue and net income (loss), on a pro forma basis, for the three and nine months ended September 30, 2015 , the three months ended September 30, 2014 and the period from March 18, 2014 to September 30, 2014 , respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 Period from March 18, 2014 to September 30, 2014 2015 2014 Pro forma basis: Revenue $ 9,257 $ 2,375 $ 27,816 $ 4,334 Net (loss) income $ (335 ) $ (5,016 ) $ 1 $ (6,357 ) The table below presents the Company’s estimated revenue and net loss, on a pro forma basis, for the three and nine months ended September 30, 2016 and 2015, respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Pro forma basis: Revenue $ 10,036 $ 9,651 $ 30,556 $ 27,352 Net loss $ (225 ) $ (395 ) $ (500 ) $ (3,243 )

Derivative Instruments and He22

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2016 and December 31, 2015 (in thousands): Balance Sheet Location Outstanding Notional Amount as of Interest Rate (1) Effective Date Maturity Date Fair Value of Liabilities as of September 30, 2016 September 30, 2016 December 31, 2015 Interest Rate Swaps Derivative liabilities, deferred rental income and other liabilities $ 141,100 3.49% to 4.02% 12/31/2015 to 1/15/2016 4/25/2019 to 2/1/2021 $ (2,685 ) $ (1,133 ) ______________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of September 30, 2016 .

Notes Payable and Credit Faci23

Notes Payable and Credit Facility (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the debt balances as of September 30, 2016 and December 31, 2015 , and the debt activity for the nine months ended September 30, 2016 (in thousands): During the Nine Months Ended September 30, 2016 Balance as of December 31, 2015 Debt Issuance, Net (1) Repayments Accretion and (Amortization) Balance as of Credit facility $ 201,500 $ 31,000 $ (110,500 ) $ — $ 122,000 Fixed rate debt 67,750 67,600 — — 135,350 Line of credit with affiliate 20,000 — (20,000 ) — — Total debt 289,250 98,600 (130,500 ) — 257,350 Net premiums (2) 511 — — (300 ) 211 Deferred costs (3) (1,298 ) (679 ) — 313 (1,664 ) Total debt, net $ 288,463 $ 97,921 $ (130,500 ) $ 13 $ 255,897 ______________________ (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)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Selling commissions $ 727 $ 900 $ 3,532 $ 2,102 Dealer manager fees $ 273 $ 279 $ 1,203 $ 650 Other organization and offering expenses $ 319 $ 315 $ 1,331 $ 745 Distribution and stockholder servicing fees $ 3 (1) $ — $ 3 (1) $ — Acquisition fees and expenses (2) $ — $ 349 $ 690 $ 2,121 Advisory fees and expenses (2) $ 1,230 $ 1,002 $ 3,607 $ 2,840 Operating expenses (2) $ 556 $ 378 $ 1,527 $ 945 ______________________ (1) Amounts are calculated for the respective period in accordance with the dealer manager agreement and exclude the estimated liability for future distribution and stockholder servicing fees payable to CCC of $117,000 , which is included in due to affiliates in the condensed consolidated unaudited balance sheets with a corresponding decrease to capital in excess of par value, as described in Note 2 — Summary of Significant Accounting Policies. (2) During the nine months ended September 30, 2015 , CR V Advisors permanently waived its rights to expense reimbursements totaling $250,000 , which are excluded from the table above as the Company is not responsible for this amount. No such amounts were waived during the nine months ended September 30, 2016 .

Organization and Business (Shar

Organization and Business (Shares Offering) (Details)	Mar. 18, 2014USD ($)shares	Feb. 07, 2014USD ($)$ / shares	Sep. 30, 2016USD ($)shares	Sep. 30, 2016USD ($)shares	Apr. 29, 2016USD ($)$ / shares	Apr. 11, 2016$ / shares	Mar. 17, 2014USD ($)
Class of Stock [Line Items]
Issuance of common stock			$ 65,982,000
Common Stock
Class of Stock [Line Items]
Reverse stock split, ratio		0.4
Class A Common Stock | Common Stock
Class of Stock [Line Items]
Issuance of common stock, shares (shares) | shares			2,495,845
Issuance of common stock			$ 24,000
Class T Common Stock | Common Stock
Class of Stock [Line Items]
Issuance of common stock, shares (shares) | shares			119,541
Issuance of common stock			$ 1,000
IPO
Class of Stock [Line Items]
Common stock, shares authorized							$ 2,975,000,000
Issuance of common stock, shares (shares) | shares	110,000			11,900,000
Issuance of common stock	$ 2,500,000			$ 297,600,000
Organization and offering costs, selling commissions and dealer manager fees				30,100,000
IPO | Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized		$ 2,500,000,000			$ 1,375,000,000
Share price (USD per share) | $ / shares		$ 25				$ 26.37
Issuance of common stock				294,600,000
IPO | Class T Common Stock
Class of Stock [Line Items]
Common stock, shares authorized					$ 1,125,000,000
Share price (USD per share) | $ / shares					$ 25.26
Issuance of common stock				$ 3,000,000
Distribution reinvestment plan | Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized		$ 475,000,000
Share price (USD per share) | $ / shares		$ 23.75
Net asset value per share (USD per share) | $ / shares						$ 24
Cole Operating Partnership V, LP
Class of Stock [Line Items]
General partner partnership interest (percent)			100.00%

Organization and Business (Real

Organization and Business (Real Estate) (Details) ft² in Millions	Sep. 30, 2016ft²stateproperty
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of owned properties (property) | property	116
Rentable square feet (sqft) | ft²	2.5
Number of states in which entity owns properties (state) | state	31
Percentage of rentable space leased (percent)	98.90%

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Reclassifications) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Accounting Policies [Abstract]
Depreciation	$ 2.2	$ 6.3
Amortization	$ 1	3
Amortization of intangibles		$ 3.2

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Real Estate) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Real Estate
Impairment of real estate	$ 0	$ 0
Real estate held-for-sale	$ 0		$ 0
Building
Real Estate
Useful life	40 years

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Restricted Cash and Escrows) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Restricted Cash and Cash Equivalents
Restricted cash	$ 478	$ 354
Escrowed Investor Proceeds
Restricted Cash and Cash Equivalents
Restricted cash	40	4
Lender Cash Management Accounts
Restricted Cash and Cash Equivalents
Restricted cash	$ 438	$ 350

Summary of Significant Accoun30

Summary of Significant Accounting Policies (Other) (Details)	Oct. 05, 2016	Sep. 30, 2016USD ($)class_of_stockshares	Sep. 30, 2015shares	Sep. 30, 2016USD ($)class_of_stockshares	Sep. 30, 2015shares	Dec. 31, 2015USD ($)
Revenue Recognition
Allowance for doubtful accounts | $		$ 3,000		$ 3,000		$ 0
Earnings Per Share
Number of classes of common stock | class_of_stock		2		2
Potentially dilutive share equivalents | shares		0	0	0	0
Class T Common Stock
Class of Stock [Line Items]
Distribution and stockholder servicing fee, percentage of net asset value, daily accrual rate				0.21918%
Advisors | Class T Common Stock
Class of Stock [Line Items]
Distribution and stockholder servicing fee, percentage of net asset value, daily accrual rate				0.21918%
Distribution and stockholder servicing fees | Advisors
Class of Stock [Line Items]
Related party transaction, daily distribution and servicing fee, termination of payments threshold, percentage of gross proceeds from shares in offering		10.00%		10.00%
Subsequent Event | Class T Common Stock
Class of Stock [Line Items]
Distribution and stockholder servicing fee, percentage of net asset value, daily accrual rate	0.273%
Subsequent Event | Distribution and stockholder servicing fees | Advisors | Class T Common Stock
Class of Stock [Line Items]
Related party transaction, daily distribution and servicing fee, termination of payments threshold, percentage of gross proceeds from shares in offering	4.00%

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - Fair value, measurements, recurring - Affiliated line of credit, Series C, LLC loan - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Estimate of fair value | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Lines of credit, fair value disclosure	$ 261.9	$ 290.8
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Lines of credit, fair value disclosure	$ 257.4	$ 289.3

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	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	$ (2,685)	$ (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	(2,685)	(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 Investments (Narrat

Real Estate Investments (Narrative) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)property
Business Acquisition [Line Items]
Acquisition-related costs	$ 2,000	$ 511,000	$ 1,276,000	$ 2,921,000
Acquisitions, 2016
Business Acquisition [Line Items]
Number of businesses acquired (property) | property			4
Total purchase price			$ 27,600,000
Revenue of acquiree since acquisition date	512,000		1,200,000
Income (Loss) of acquiree since acquisition date	288,000		(624,000)
Acquisition-related costs	$ 0		$ 1,200,000
Acquisitions, 2015
Business Acquisition [Line Items]
Number of businesses acquired (property) | property				32
Total purchase price				$ 84,600,000
Revenue of acquiree since acquisition date		1,500,000		2,900,000
Income (Loss) of acquiree since acquisition date		168,000		(1,800,000)
Acquisition-related costs		$ 499,000		$ 2,900,000

Real Estate Investments (Schedu

Real Estate Investments (Schedule of Recognized Identified Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Acquisitions, 2016
Business Acquisition, Purchase Price Allocation [Abstract]
Land	$ 7,441
Buildings and improvements	18,411
Total purchase price	$ 27,614
Acquired finite-lived intangible assets, weighted average useful life	11 years 1 month 6 days
Acquisitions, 2016 | Acquired in-place leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired finite-lived intangible asset - leases, amount	$ 1,762
Acquisitions, 2015
Business Acquisition, Purchase Price Allocation [Abstract]
Land		$ 18,778
Buildings and improvements		57,838
Intangible lease liabilities		(961)
Total purchase price		84,581
Acquisitions, 2015 | Acquired in-place leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired finite-lived intangible asset - leases, amount		7,566
Acquisitions, 2015 | Acquired above-market leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired finite-lived intangible asset - leases, amount		$ 1,360

Real Estate Investments (Busine

Real Estate Investments (Business Acquisition, Pro Forma Information) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2016	Sep. 30, 2015
Acquisitions, 2016
Pro forma basis (unaudited)
Revenue	$ 10,036	$ 9,651			$ 30,556	$ 27,352
Net (loss) income	$ (225)	(395)			$ (500)	(3,243)
Acquisitions, 2015
Pro forma basis (unaudited)
Revenue		9,257	$ 2,375	$ 4,334		27,816
Net (loss) income		$ (335)	$ (5,016)	$ (6,357)		$ 1

Derivative Instruments and He36

Derivative Instruments and Hedging Activities (Narrative) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)derivative	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)derivative	Sep. 30, 2015USD ($)
Derivatives, Fair Value [Line Items]
Amount of loss reclassified from other comprehensive income (loss) as interest expense	$ 377,000	$ 0	$ 1,155,000	$ 0
Interest Rate Swap
Derivatives, Fair Value [Line Items]
Derivative, number of instruments entered into (derivative) | derivative			1
Derivative, number of instruments held (derivative) | derivative	2		2
Interest Rate Swap | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Portion of change in value of swaps considered ineffective	$ 0	$ 0	$ 0	$ 0
Derivative liability, event of default, termination amount	2,700,000		2,700,000
Interest Rate Swap | Cash Flow Hedging | Interest Expense
Derivatives, Fair Value [Line Items]
Interest rate cash flow hedge gain (loss) to be reclassified during next twelve months	$ 1,200,000		$ 1,200,000

Derivative Instruments and He37

Derivative Instruments and Hedging Activities (Schedule of Derivative Instruments) (Details) - Interest Rate Swap - Derivative liabilities, deferred rental income and other liabilities - Cash Flow Hedging - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Outstanding Notional Amount	$ 141,100
Fair Value of Liabilities	$ (2,685)	$ (1,133)
Minimum
Derivatives, Fair Value [Line Items]
Interest rate (percent)	3.49%
Maximum
Derivatives, Fair Value [Line Items]
Interest rate (percent)	4.02%

Notes Payable and Credit Faci38

Notes Payable and Credit Facility (Schedule of Debt) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Debt Instrument [Line Items]
Debt instrument, weighted average years to maturity	3 years 3 months 18 days
Weighted average interest rate	4.27%
Short-Term and Long-Term Debt [Roll Forward]
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	98,600	$ 67,500
Deferred costs incurred	(679)
Debt Issuance, net	97,921
Repayments	(130,500)
Accretion and (Amortization) of Net Premiums	(300)
Accretion and (Amortization) of Deferred Costs	313
Accretion and (Amortization)	13
Long-term debt, gross ending balance	257,350
Net premiums, ending balance	211
Deferred costs, ending balance	(1,664)
Debt, net ending balance	255,897
Line of credit
Short-Term and Long-Term Debt [Roll Forward]
Long-term debt, gross beginning balance	201,500
Debt Issuance, net	31,000
Repayments	(110,500)
Long-term debt, gross ending balance	122,000
Fixed Rate Debt
Short-Term and Long-Term Debt [Roll Forward]
Long-term debt, gross beginning balance	67,750
Debt Issuance, net	67,600
Repayments	0
Long-term debt, gross ending balance	135,350
Affiliate | Line of credit
Short-Term and Long-Term Debt [Roll Forward]
Long-term debt, gross beginning balance	20,000
Debt Issuance, net	0
Repayments	(20,000)
Long-term debt, gross ending balance	$ 0

Notes Payable and Credit Faci39

Notes Payable and Credit Facility (Fixed Rate Debt Narrative) (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term debt, gross	$ 257,350,000	$ 289,250,000
Fixed rate debt
Debt Instrument [Line Items]
Long-term debt, gross	135,400,000
Debt instrument, collateral amount	208,700,000
Mortgages
Debt Instrument [Line Items]
Debt instrument, face amount	42,800,000
Debt instrument, fair value disclosure	$ 43,700,000
Minimum | Fixed rate debt
Debt Instrument [Line Items]
Debt instrument interest rate (percent)	3.49%
Maximum | Fixed rate debt
Debt Instrument [Line Items]
Debt instrument interest rate (percent)	5.66%
Interest Rate Swap | Variable Rate Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 21,100,000

Notes Payable and Credit Faci40

Notes Payable and Credit Facility (Modified Credit Agreement) (Details)	9 Months Ended
	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)	Jul. 22, 2015USD ($)	Jul. 21, 2015USD ($)
Debt Instrument [Line Items]
Long-term line of credit	$ 255,897,000	$ 268,463,000
Long-term debt, gross	$ 257,350,000	289,250,000
Weighted average interest rate	4.27%
Line of credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 122,000,000	$ 201,500,000
Line of credit | Federal Funds Effective Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Minimum | Line of credit
Debt Instrument [Line Items]
Debt instrument interest rate (percent)	0.90%
Minimum | Line of credit | Statutory Reserve Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.90%
Minimum | Line of credit | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Maximum | Line of credit
Debt Instrument [Line Items]
Debt instrument interest rate (percent)	1.45%
Maximum | Line of credit | Statutory Reserve Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.45%
JPMorgan Chase Bank, N.A | Line of credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 300,000,000
Long-term debt, gross			122,000,000
Weighted average interest rate	4.00%
Line of credit facility, remaining borrowing capacity	$ 178,000,000
Line of credit facility, covenant, minimum consolidated net worth	$ 150,000,000
Line of credit facility, covenant, minimum consolidated net worth, percentage of equity issuance (percent)	75.00%
JPMorgan Chase Bank, N.A | Revolving credit facility | Line of credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			180,000,000	$ 300,000,000
Long-term line of credit	$ 2,000,000
Line of credit facility, interest rate at period end	2.97%
JPMorgan Chase Bank, N.A | Term Loan | Line of credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 120,000,000
Long-term line of credit	$ 120,000,000
JPMorgan Chase Bank, N.A | Interest Rate Swap | Term Loan | Line of credit
Debt Instrument [Line Items]
All in rate for the swapped term loan	4.02%
JPMorgan Chase Bank, N.A | Minimum | Line of credit
Debt Instrument [Line Items]
Debt instrument, covenant, fixed charge coverage ratio	1.50

Notes Payable and Credit Faci41

Notes Payable and Credit Facility (Subordinate Line of Credit-Affiliate) (Details) - USD ($)	Sep. 30, 2016	Mar. 16, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term debt, gross	$ 257,350,000		$ 289,250,000
Line of credit
Debt Instrument [Line Items]
Long-term debt, gross	122,000,000		$ 201,500,000
Line of credit | Affiliated line of credit, Series C, LLC loan | Revolving credit facility
Debt Instrument [Line Items]
Long-term debt, gross		$ 20,000,000
Line of credit facility, maximum borrowing capacity	$ 60,000,000

Commitments and Contingencies (

Commitments and Contingencies (Details) - Retail Property Purchase Agreement [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)property
Long-term Purchase Commitment [Line Items]
Voting interest to be acquired (percent)	100.00%
Number of properties to be acquired | property	1
Purchase agreement contracted price	$ 9,700
Escrow deposit made	$ 284

Related-Party Transactions an43

Related-Party Transactions and Arrangements (Selling commissions and dealer manager fees) (Details) - Dealer manager	Sep. 30, 2016
Selling commissions
Related Party Transaction [Line Items]
Expenses reallowed (percentage)	100.00%
Class A Common Stock | Dealer manager fee
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees	2.00%
Class T Common Stock | Dealer manager fee
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees	2.00%
Maximum | Class A Common Stock | Selling commissions
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees	7.00%
Maximum | Class T Common Stock | Selling commissions
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees	3.00%

Related-Party Transactions an44

Related-Party Transactions and Arrangements (Other organization and offering expenses) (Details) - Other organization and offering expenses - Advisors	Sep. 30, 2016
Related Party Transaction [Line Items]
Organization and offering expense (percent)	2.00%
Maximum
Related Party Transaction [Line Items]
Organization and offering expense (percent)	2.00%

Related-Party Transactions an45

Related-Party Transactions and Arrangements (Distribution and stockholder servicing fees) (Details)	9 Months Ended
	Sep. 30, 2016
Distribution and stockholder servicing fees | Advisors
Related Party Transaction [Line Items]
Related party transaction, daily distribution and servicing fee, termination of payments threshold, percentage of Total Gross Investment	4.00%
Related party transaction, daily distribution and servicing fee, termination of payments threshold, percentage of gross proceeds from shares in offering	10.00%
Class T Common Stock
Related Party Transaction [Line Items]
Distribution and stockholder servicing fee, percentage of net asset value, daily accrual rate	0.21918%
Class T Common Stock | Advisors
Related Party Transaction [Line Items]
Distribution and stockholder servicing fee, percentage of net asset value, daily accrual rate	0.21918%

Related-Party Transactions an46

Related-Party Transactions and Arrangements (Acquisition fees and expenses) (Details) - Acquisition fees and expenses - Advisors	Sep. 30, 2016
Related Party Transaction [Line Items]
Acquisition and advisory fee (percent)	2.00%
Acquisition fees and expenses reimbursement percent	6.00%
Related party, reimbursement fixed annual percentage of the contract purchase price	0.50%

Related-Party Transactions an47

Related-Party Transactions and Arrangements (Advisory fees and expenses) (Details)	Sep. 30, 2016USD ($)
Minimum | Average invested assets between $0 to $2 billion
Related Party Transaction [Line Items]
Average invested assets	$ 0
Minimum | Average invested assets between $2 billion to $4 billion
Related Party Transaction [Line Items]
Average invested assets	2,000,000,000
Minimum | Average invested assets over $4 billion
Related Party Transaction [Line Items]
Average invested assets	4,000,000,000
Maximum | Average invested assets between $0 to $2 billion
Related Party Transaction [Line Items]
Average invested assets	2,000,000,000
Maximum | Average invested assets between $2 billion to $4 billion
Related Party Transaction [Line Items]
Average invested assets	$ 4,000,000,000
Advisory fees and expenses | Average invested assets between $0 to $2 billion | Advisors
Related Party Transaction [Line Items]
Asset management or advisory fees percent	0.75%
Advisory fees and expenses | Average invested assets between $2 billion to $4 billion | Advisors
Related Party Transaction [Line Items]
Asset management or advisory fees percent	0.70%
Advisory fees and expenses | Average invested assets over $4 billion | Advisors
Related Party Transaction [Line Items]
Asset management or advisory fees percent	0.65%

Related-Party Transactions an48

Related-Party Transactions and Arrangements (Operating expenses) (Details) - Minimum - Advisors	Sep. 30, 2016
Related Party Transaction [Line Items]
Operating expense reimbursement percent of average invested assets	2.00%
Operating expense reimbursement percent of net income	25.00%

Related-Party Transactions an49

Related-Party Transactions and Arrangements (Disposition fees) (Details) - Advisors - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Property sales commission
Related Party Transaction [Line Items]
Commissions performance and other fees percent	1.00%		1.00%
Related party transaction, expenses from transactions with related party	$ 0	$ 0	$ 0	$ 0
Property portfolio | Maximum
Related Party Transaction [Line Items]
Commissions performance and other fees percent	6.00%		6.00%
Brokerage Commission Fee | Maximum
Related Party Transaction [Line Items]
Commissions performance and other fees percent	50.00%		50.00%

Related-Party Transactions an50

Related-Party Transactions and Arrangements (Subordinated performance fees) (Details) - Advisors	Sep. 30, 2016
Related Party Transaction [Line Items]
Cumulative noncompounded annual return	6.00%
Subordinate Performance Fees On Event of Sale of Company
Related Party Transaction [Line Items]
Commissions performance and other fees percent	15.00%
Subordinate Performance Fees For Listing
Related Party Transaction [Line Items]
Commissions performance and other fees percent	15.00%

Related-Party Transactions an51

Related-Party Transactions and Arrangements (Schedule of Related Party Transactions) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Due to affiliates	$ 1,205,000		$ 1,205,000		$ 1,076,000
Selling commissions | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	727,000	$ 900,000	3,532,000	$ 2,102,000
Dealer manager fee | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	273,000	279,000	1,203,000	650,000
Other Offering Costs | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	319,000	315,000	1,331,000	745,000
Distribution and stockholder servicing fees
Related Party Transaction [Line Items]
Due to affiliates	117,000	0	117,000	0
Distribution and stockholder servicing fees | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	3,000	0	3,000	0
Due to affiliates	117,000		117,000
Acquisition fees and expenses | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	349,000	690,000	2,121,000
Advisory fees and expenses | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	1,230,000	1,002,000	3,607,000	2,840,000
Operating expenses | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 556,000	$ 378,000	1,527,000	945,000
Acquisitions and operations costs | Advisors
Related Party Transaction [Line Items]
Waived expenses from transactions with related party			$ 0	$ 250,000

Related-Party Transactions an52

Related-Party Transactions and Arrangements (Due to/from Affiliates and Transactions) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Due to affiliates	$ 1,205		$ 1,076
Repayment of line of credit with affiliate	(20,000)	$ 0
Revolving credit facility | Line of credit | Series C LLC
Related Party Transaction [Line Items]
Interest expense	111	$ 361
Repayment of line of credit with affiliate	$ (20,000)

Subsequent Events (Status of th

Subsequent Events (Status of the Offering) (Details) - USD ($) $ in Thousands, shares in Millions	1 Months Ended	9 Months Ended
	Nov. 07, 2016	Sep. 30, 2016
Subsequent Event [Line Items]
Issuance of common stock		$ 65,982
Subsequent Event
Subsequent Event [Line Items]
Issuance of common stock	$ 306,500
Issuance of common stock (shares)	12.3
Class A Common Stock | Subsequent Event
Subsequent Event [Line Items]
Issuance of common stock	$ 301,700
Class T Common Stock | Subsequent Event
Subsequent Event [Line Items]
Issuance of common stock	$ 4,800

Subsequent Events (Redemption o

Subsequent Events (Redemption of Shares of Common Stock) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	9 Months Ended
	Nov. 07, 2016	Sep. 30, 2016
Subsequent Event [Line Items]
Redemptions of common stock		$ 3,428
Subsequent Event
Subsequent Event [Line Items]
Redemptions of common stock (shares)	50,000
Redemptions of common stock	$ 1,200
Stock redeemed or called during period, average price per share (USD per share)	$ 23.58

Subsequent Events (Credit Facil

Subsequent Events (Credit Facility) (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Nov. 07, 2016	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Subsequent Event [Line Items]
Repayment of line of credit		$ 110,500	$ 3,500
Long-term line of credit		$ 255,897		$ 268,463
Subsequent Event | Line of credit
Subsequent Event [Line Items]
Repayment of line of credit	$ 2,000
Long-term line of credit	120,000
Line of credit facility, remaining borrowing capacity	$ 180,000

Subsequent Events (Distribution

Subsequent Events (Distribution and stockholder servicing fees) (Details)	Oct. 05, 2016	Sep. 30, 2016
Class T Common Stock
Subsequent Event [Line Items]
Distribution and stockholder servicing fee, percentage of net asset value, daily accrual rate		0.21918%
Class T Common Stock | Subsequent Event
Subsequent Event [Line Items]
Distribution and stockholder servicing fee, percentage of net asset value, daily accrual rate	0.273%
Advisors | Class T Common Stock
Subsequent Event [Line Items]
Distribution and stockholder servicing fee, percentage of net asset value, daily accrual rate		0.21918%
Distribution and stockholder servicing fees | Advisors
Subsequent Event [Line Items]
Related party transaction, daily distribution and servicing fee, termination of payments threshold, percentage of gross proceeds from shares in offering		10.00%
Distribution and stockholder servicing fees | Advisors | Class T Common Stock | Subsequent Event
Subsequent Event [Line Items]
Related party transaction, daily distribution and servicing fee, termination of payments threshold, percentage of gross proceeds from shares in offering	4.00%