Cole Credit Property Trust V 10-K 30 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017	Mar. 26, 2018	Jun. 30, 2017
Document Information [Line Items]
Entity Registrant Name	COLE CREDIT PROPERTY TRUST V, INC.
Entity Central Index Key	1,580,988
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 351
Common Class A
Document Information [Line Items]
Entity common stock, shares outstanding (shares)		14.5
Common Class T
Document Information [Line Items]
Entity common stock, shares outstanding (shares)		1.6

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real estate assets:
Land	$ 142,986	$ 114,241
Buildings and improvements	416,850	336,315
Intangible lease assets	79,268	53,463
Total real estate assets, at cost	639,104	504,019
Less: accumulated depreciation and amortization	(46,196)	(29,929)
Total real estate assets, net	592,908	474,090
Cash and cash equivalents	1,173	19,161
Restricted cash	346	94
Derivative assets, prepaid expenses, property escrow deposits and other assets	1,546	694
Rents and tenant receivables, net	7,021	4,875
Deferred costs, net	183	296
Total assets	603,177	499,210
LIABILITIES AND STOCKHOLDERS’ EQUITY
Credit facility and notes payable, net	308,559	253,918
Accounts payable and accrued expenses	2,969	2,105
Due to affiliates	1,787	1,342
Intangible lease liabilities, net	4,019	3,708
Distributions payable	2,049	1,663
Deferred rental income and other liabilities	1,133	1,872
Total liabilities	320,516	264,608
Commitments and contingencies
Redeemable common stock	10,243	11,250
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	341,472	272,603
Accumulated distributions in excess of earnings	(70,022)	(48,981)
Accumulated other comprehensive income (loss)	813	(396)
Total stockholders’ equity	272,418	223,352
Total liabilities, redeemable common stock and stockholders’ equity	603,177	499,210
Class A common stock, $0.01 par value per share; 245,000,000 shares authorized, 14,241,888 and 12,327,579 shares issued and outstanding as of December 31, 2017 and December 31, 2016, respectively
STOCKHOLDERS’ EQUITY
Common stock	142	123
Class T common stock, $0.01 par value per share; 245,000,000 shares authorized, 1,347,920 and 321,223 shares issued and outstanding as of December 31, 2017 and December 31, 2016, respectively
STOCKHOLDERS’ EQUITY
Common stock	$ 13	$ 3

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
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
Common stock, par value (USD per share)	$ 0.01
Common stock, shares authorized (shares)	490,000,000
Common Class A
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)	14,241,888	12,327,579
Common stock outstanding (shares)	14,241,888	12,327,579
Common Class T
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)	1,347,920	321,223
Common stock outstanding (shares)	1,347,920	321,223

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Rental income	$ 40,078	$ 35,435	$ 32,065
Tenant reimbursement income	5,292	5,003	3,551
Total revenues	45,370	40,438	35,616
Operating expenses:
General and administrative	4,538	4,233	3,557
Property operating	2,402	1,828	1,701
Real estate tax	3,707	3,716	2,516
Advisory fees and expenses	5,442	4,841	3,973
Acquisition-related	738	1,286	3,008
Depreciation and amortization	15,483	13,441	12,540
Total operating expenses	32,310	29,345	27,295
Operating income	13,060	11,093	8,321
Other income (expense):
Interest expense and other, net	(11,551)	(12,278)	(10,396)
Net income (loss)	1,509	(1,185)	(2,075)
Common Class A
Other income (expense):
Net income (loss)	$ 1,606	$ (1,161)	$ (2,075)
Basic and diluted weighted average number of common shares outstanding
Basic and diluted weighted average number of common shares outstanding (shares)	13,605,267	11,009,047	7,958,164
Basic and diluted net loss per common share (dollars per share)	$ 0.12	$ (0.11)	$ (0.26)
Distributions declared per common share (dollars per share)	$ 1.575	$ 1.575	$ 1.575
Common Class T
Other income (expense):
Net income (loss)	$ (97)	$ (24)	$ 0
Basic and diluted weighted average number of common shares outstanding
Basic and diluted weighted average number of common shares outstanding (shares)	834,963	72,998	0
Basic and diluted net loss per common share (dollars per share)	$ (0.12)	$ (0.32)	$ 0
Distributions declared per common share (dollars per share)	$ 1.575	$ 1.011	$ 0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,509	$ (1,185)	$ (2,075)
Other comprehensive income (loss):
Unrealized gain (loss) on interest rate swaps	550	(771)	(1,137)
Amount of loss reclassified from other comprehensive income (loss) into income as interest expense	659	1,508	4
Total other comprehensive income (loss)	1,209	737	(1,133)
Total comprehensive income (loss)	$ 2,718	$ (448)	$ (3,208)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Capital in Excess of Par Value	Accumulated Distributions in Excess of Earnings	Accumulated Other Comprehensive (Loss) Income	Common Class A	Common Class ACommon Stock	Common Class T	Common Class TCommon Stock
Balance (shares) at Dec. 31, 2014						6,985,877		0
Balance at Dec. 31, 2014	$ 138,321	$ 153,993	$ (15,742)	$ 0		$ 70		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (shares)						2,343,023
Issuance of common stock	57,870	57,847				$ 23
Distributions declared	(12,537)		(12,537)
Commissions on stock sales and related dealer manager fees	(4,285)	(4,285)
Other offering costs	$ (1,177)	(1,177)
Redemptions of common stock (shares)	(37,000)					(36,732)
Redemptions of common stock	$ (895)	(895)
Changes in redeemable common stock	(5,806)	(5,806)
Comprehensive (loss) income	(3,208)		(2,075)	(1,133)
Balance (shares) at Dec. 31, 2015						9,292,168		0
Balance at Dec. 31, 2015	168,283	199,677	(30,354)	(1,133)		$ 93		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (shares)						3,229,602		321,223
Issuance of common stock	90,027	89,992				$ 32		$ 3
Distributions declared	(17,442)		(17,442)
Commissions on stock sales and related dealer manager fees	(6,333)	(6,333)
Other offering costs	(1,816)	(1,816)
Distribution and stockholder servicing fees	$ (322)	(322)
Redemptions of common stock (shares)	(194,000)					(194,191)
Redemptions of common stock	$ (4,624)	(4,622)				$ (2)
Changes in redeemable common stock	(3,973)	(3,973)
Comprehensive (loss) income	(448)		(1,185)	737
Balance (shares) at Dec. 31, 2016					12,327,579	12,327,579	321,223	321,223
Balance at Dec. 31, 2016	223,352	272,603	(48,981)	(396)		$ 123		$ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (shares)						2,405,868		1,026,697
Issuance of common stock	87,947	87,913				$ 24		$ 10
Distributions declared	(22,550)		(22,550)
Commissions on stock sales and related dealer manager fees	(5,574)	(5,574)
Other offering costs	(1,766)	(1,766)
Distribution and stockholder servicing fees	$ (1,013)	(1,013)
Redemptions of common stock (shares)	(492,000)					(491,559)
Redemptions of common stock	$ (11,703)	(11,698)				$ (5)
Changes in redeemable common stock	1,007	1,007
Comprehensive (loss) income	2,718		1,509	1,209
Balance (shares) at Dec. 31, 2017					14,241,888	14,241,888	1,347,920	1,347,920
Balance at Dec. 31, 2017	$ 272,418	$ 341,472	$ (70,022)	$ 813		$ 142		$ 13

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net income (loss)	$ 1,509,000	$ (1,185,000)	$ (2,075,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization, net	15,757,000	13,699,000	12,816,000
Straight-line rental income	(1,540,000)	(1,057,000)	(1,224,000)
Bad debt expense	39,000	1,000	0
Amortization of deferred financing costs	1,039,000	1,228,000	813,000
Amortization of fair value adjustments of notes payable assumed	0	(403,000)	(384,000)
Gain on extinguishment of debt	(108,000)	0	0
Ineffectiveness of interest rate swaps	(32,000)	0	0
Changes in assets and liabilities:
Rents and tenant receivables	(645,000)	(834,000)	(779,000)
Prepaid expenses and other assets	(290,000)	77,000	(59,000)
Accounts payable and accrued expenses	794,000	518,000	(697,000)
Deferred rental income and other liabilities	(105,000)	(625,000)	877,000
Due from affiliates	(14,000)	0	110,000
Due to affiliates	(371,000)	(20,000)	451,000
Net cash provided by operating activities	16,033,000	11,399,000	9,849,000
Cash flows from investing activities:
Investment in real estate assets and capital expenditures	(134,194,000)	(27,962,000)	(87,700,000)
Payment of property escrow deposits	(3,600,000)	(515,000)	(50,000)
Refund of property escrow deposits	3,659,000	281,000	0
Net cash used in investing activities	(134,135,000)	(28,196,000)	(87,750,000)
Cash flows from financing activities:
Proceeds from issuance of common stock	77,251,000	81,430,000	51,169,000
Redemptions of common stock	(11,703,000)	(4,624,000)	(895,000)
Offering costs on issuance of common stock	(7,340,000)	(8,169,000)	(5,518,000)
Distribution and stockholder servicing fees paid	(197,000)	(16,000)	0
Proceeds from credit facility and notes payable	134,700,000	98,600,000	67,500,000
Repayment of credit facility and notes payable	(80,450,000)	(112,500,000)	(24,500,000)
Repayment of line of credit with affiliate	0	(20,000,000)	0
Payment of loan deposits	0	(35,000)	0
Refund of loan deposits	0	75,000	0
Distributions to stockholders	(11,468,000)	(8,400,000)	(5,547,000)
Change in escrowed investor proceeds	0	(4,000)	4,000
Deferred financing costs paid	(427,000)	(769,000)	(755,000)
Net cash provided by financing activities	100,366,000	25,588,000	81,458,000
Net (decrease) increase in cash and cash equivalents and restricted cash	(17,736,000)	8,791,000	3,557,000
Cash and cash equivalents and restricted cash, beginning of period	19,255,000	10,464,000	6,907,000
Cash and cash equivalents and restricted cash, end of period	$ 1,519,000	$ 19,255,000	$ 10,464,000

Organization and Business

Organization and Business	12 Months Ended
	Dec. 31, 2017
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 with 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. On November 13, 2017, VEREIT Operating Partnership, L.P. (“VEREIT OP”), a former affiliated entity of the Company’s sponsor, CCO Group (as defined below), entered into a Purchase and Sale Agreement with CCA Acquisition, LLC (“CCA”), a newly-formed affiliate of CIM Group, LLC (“CIM”), pursuant to which CCA agreed to acquire all of the issued and outstanding shares of common stock of Cole Capital Advisors, Inc., the direct or indirect owner of Cole REIT Advisors V, LLC (“CR V Advisors”), Cole Capital Corporation and CREI Advisors, LLC (“CREI Advisors”), the Company’s external advisor, dealer manager and property manager, respectively (the “Transaction”). On February 1, 2018, the Transaction was completed. Immediately following the completion of the Transaction, Cole Capital Advisors, Inc. and the Company’s dealer manager were each converted into Delaware limited liability companies, Cole Capital Advisors, Inc.’s name was changed to CCO Group, LLC, and the Company’s dealer manager’s name was changed to CCO Capital, LLC (“CCO Capital”). As a result of the Transaction, CIM owns and/or controls CCO Group, LLC and its subsidiaries (collectively, “CCO Group”), and CCO Group, LLC owns and controls CR V Advisors, CCO Capital and CREI Advisors, the Company’s external advisor, dealer manager for the Offerings (as defined below) and property manager, respectively. In addition, as part of the Transaction, VEREIT OP and CCO Group, LLC entered into a services agreement (the “Services Agreement”) pursuant to which VEREIT OP will continue to provide certain services to CCO Group and to the Company, Cole Credit Property Trust IV, Inc. (“CCPT IV”), Cole Office & Industrial REIT (CCIT II), Inc. (“CCIT II”), Cole Office & Industrial (CCIT III), Inc. (“CCIT III”) and Cole Real Estate Income Strategy (Daily NAV), Inc. (“Cole Income NAV Strategy”) (CCPT IV, CCIT II, CCIT III, Cole Income NAV Strategy and the Company collectively, the “Cole REITs”), including operational real estate support. VEREIT OP will continue to provide such services through March 31, 2019 (or, if later, the date of the last government filing other than a tax filing made by any of the Cole REITs with respect to its 2018 fiscal year) (the “Initial Services Term”) and will provide consulting and research services through December 31, 2023 as requested by CCO Group, LLC. Despite the indirect change of ownership and control of the Company’s advisor, dealer manager, property manager and sponsor, the Company expects that, during the Initial Services Term of the Services Agreement, the advisory, dealer manager and property management services it receives will continue without any material changes in personnel (except as supplemented by the management oversight of CIM personnel) or material change in service procedures. During the Initial Services Term of the Services Agreement, CCO Group, LLC intends to evaluate and effectuate an appropriate transition of VEREIT OP’s services under the Services Agreement to other CIM affiliates or third parties with the goal of ensuring continuity and minimizing disruption. Pursuant to a Registration Statement on Form S-11 (Registration No. 333-189891) 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 (the “Initial 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 Offering initially 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, 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. On March 18, 2014, the Company satisfied the conditions of the escrow agreement regarding the minimum offering amount under the Initial Offering and issued approximately 110,000 shares of its common stock to VEREIT OP, resulting in gross proceeds of $2.5 million , and commenced principal operations. 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 common stock (the “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 (collectively, the Articles of Amendment and Restatement, the Articles of Amendment and the Articles Supplementary, as amended and supplemented from time to time, are referred to herein as the “Charter”). 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 Charter, that are payable in connection with the Class T Shares. In addition, the 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 as compared to the total number of outstanding shares of such class then outstanding. On March 29, 2016, the Company’s board of directors (the “Board”) adopted an Amended and Restated Distribution Reinvestment Plan (the “Amended and Restated DRIP”) in connection with the reinvestment of distributions paid on Class A Shares and Class T Shares. Pursuant to the Amended and Restated DRIP, distributions on Class A Shares are reinvested in Class A Shares and distributions on Class T Shares are reinvested in 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 Initial Offering in meeting their customer account statement reporting obligations under National Association of Securities Dealers Conduct Rule 2340. As a result, effective April 11, 2016, the Company revised the offering price of Class A Shares in the primary portion of the Initial Offering to be $26.37 per share (representing the $24.00 estimated per share NAV plus applicable selling commissions and dealer manager fees) and revised the offering price of Class A Shares pursuant to the Original DRIP to be $24.00 per share (the estimated per share NAV). The Company’s estimated per share NAV as of February 29, 2016 was not audited or reviewed by its independent registered public accounting firm. In connection with Post-Effective Amendment No. 3 to the Company’s Registration Statement on Form S-11 for the Initial Offering, 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 Initial Offering, in Class T Shares at a price of $25.26 per share in the primary portion of the Initial Offering (representing the $24.00 estimated per share NAV plus selling commissions and dealer manager fees applicable to the Class T Shares), 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 Initial Offering. The Company also began offering Class T Shares pursuant to the Amended and Restated DRIP at a price of $24.00 per share, along with Class A Shares pursuant to the Amended and Restated DRIP at a price of $24.00 per share. On March 24, 2017, the Board established an estimated per share NAV of the Company’s common stock, as of December 31, 2016, of $24.00 per share for both Class A Shares and Class T Shares. Because the estimated per share NAV as of December 31, 2016 is the same as the estimated per share NAV as of February 29, 2016, the Company continued to offer Class A Shares in the primary portion of the Initial Offering for $26.37 per share, Class T Shares in the primary portion of the Initial Offering for $25.26 per share and Class A Shares and Class T Shares in the Amended and Restated DRIP for $24.00 per share. Pursuant to a Registration Statement on Form S-11 (Registration No. 333-215274) under the Securities Act and declared effective by the SEC on August 1, 2017, the Company commenced a follow-on offering on a “best efforts” basis (the “Follow-on Offering,” and collectively with the Initial Offering, the “Offerings”) of up to an aggregate of $1.2 billion in Class A Shares and Class T Shares in the primary portion of the Follow-on Offering (up to $660.0 million in Class A Shares and up to $540.0 million in Class T Shares) and an additional $300.0 million in shares of common stock pursuant to the second amended and restated distribution reinvestment plan (the “Second Amended and Restated DRIP” and collectively with the Original DRIP and the Amended and Restated DRIP, the “DRIP”). The Company reserves the right to reallocate the shares offered among the classes of shares and between the primary offering and the DRIP. As of December 31, 2017 , the Company had issued approximately 16.3 million shares of common stock in the Offerings for gross offering proceeds of $409.6 million ( $375.6 million in Class A Shares and $34.0 million in Class T Shares) before organization and offering costs, selling commissions and dealer manager fees of $39.4 million . In addition, as of December 31, 2017 , the Company had paid distribution and stockholder servicing fees for Class T Shares sold in the primary portion of the Offerings of $213,000 and accrued an estimated liability for future distribution and stockholder servicing fees payable of $1.1 million . On March 29, 2018, the Company announced that the Board established an updated estimated per share NAV of its common stock, as of December 31, 2017, of $22.18 per share for both Class A Shares and Class T Shares. As a result, commencing on March 29, 2018, the Company will offer Class A Shares in its primary portion of the Follow-on Offering for $24.37 per share, Class T Shares in its primary portion of the Follow-on Offering for $23.35 per share and Class A Shares and Class T Shares in its Second Amended and Restated DRIP for 22.18 per share, the updated estimated per share NAV as of December 31, 2017, as determined by the Board. Additionally, $22.18 per share will serve as the most recent estimated per share NAV for purposes of the share redemption program. The Company has used, and intends to continue using substantially all of the net proceeds from the Offerings to acquire and operate a diversified portfolio of commercial real estate assets primarily consisting of net leased properties located throughout the United States. The properties primarily will be single tenant properties leased to national and regional creditworthy tenants. The Company expects that the 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 December 31, 2017 , the Company owned 136 properties, comprising 3.2 million rentable square feet of commercial space located in 33 states. As of December 31, 2017 , the rentable space at these properties was 98.9% leased, including month-to-month agreements, if any.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”), in all material respects, and have been consistently applied in preparing the accompanying consolidated financial statements. Principles of Consolidation and Basis of Presentation The accompanying consolidated 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 consolidated financial statements for prior periods have been reclassified to conform to the current period presentation. The Company has chosen to break out distribution and stockholder servicing fees paid of $16,000 from offering costs on issuance of common stock of $8.17 million , which was previously reported in total as $8.19 million in the Company’s consolidated statements of cash flows for the year ended December 31, 2016 . This reclassification had no effect on previously reported totals or subtotals. In connection with the adoption of Accounting Standards Update (“ASU”) 2016-18, as defined in “Recent Accounting Pronouncements,” transfers to or from restricted cash which have previously been shown in the Company’s investing activities section of the consolidated statements of cash flows are now required to be shown as part of the total change in cash, cash equivalents and restricted cash in the consolidated statements of cash flows. This change resulted in an increase in cash flows from investing activities of $260,000 during the year ended December 31, 2016 and a decrease of $354,000 in cash flows from investing activities during the year ended December 31, 2015 . Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Real Estate Assets Real estate assets are stated at cost, less accumulated depreciation and amortization. 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 Site improvements 15 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 years ended December 31, 2017 , 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 December 31, 2017 or 2016 . 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. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The fair values of above- and below-market lease intangibles are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) an estimate of fair market lease rates for the corresponding in-place leases, which is generally obtained from independent appraisals, measured over a period equal to the remaining non-cancelable term of the lease including, for below-market leases, any bargain renewal periods. The above-market and below-market lease intangibles are capitalized as intangible lease assets or liabilities, respectively. Above-market leases are amortized as a reduction to rental income over the remaining terms of the respective leases. Below-market leases are amortized as an increase to rental income over the remaining terms of the respective leases, including any bargain renewal periods. In considering whether or not the Company expects a tenant to execute a bargain renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition, such as the financial strength of the tenant, remaining lease term, the tenant mix of the leased property, the Company’s relationship with the tenant and the availability of competing tenant space. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above-market or below-market lease intangibles relating to that lease would be recorded as an adjustment to rental income. The fair values of in-place leases include estimates of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rental and other property income, which are avoided by acquiring a property with an in-place lease. Direct costs associated with obtaining a new tenant include leasing commissions, legal and other related expenses and are estimated in part by utilizing information obtained from independent appraisals and management’s consideration of current market costs to execute a similar lease. The intangible values of opportunity costs, which are calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease, are capitalized as intangible lease assets and are amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed. The Company may acquire certain properties subject to contingent consideration arrangements that may obligate the Company to pay additional consideration to the seller based on the outcome of future events. Additionally, the Company may acquire certain properties for which it funds certain contingent consideration amounts into an escrow account pending the outcome of certain future events. The outcome may result in the release of all or a portion of the escrow funds to the Company or the seller or a combination thereof. Prior to the adoption of ASU 2017-01 (as defined below) in April 2017, contingent consideration arrangements, including amounts funded through an escrow account, were recorded upon acquisition of the respective property at their estimated fair value, and any changes to the estimated fair value subsequent to acquisition were reflected in the accompanying consolidated statements of operations in acquisition-related fees and expenses. Upon adoption of ASU 2017-01 in April 2017, contingent consideration arrangements for asset acquisitions are recognized when the contingency is resolved. The determination of the amount of contingent consideration arrangements is based on the probability of several possible outcomes as identified by management. The Company estimates the fair value of assumed mortgage notes payable based upon indications of current market pricing for similar types of debt financing with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and any difference between such estimated fair value and the mortgage note’s outstanding principal balance is amortized or accreted to interest expense over the term of the respective mortgage note payable. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations. In April 2017, the Company elected to early adopt ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”), which clarifies the definition of a business by adding guidance to assist entities in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Beginning in April 2017, all real estate acquisitions qualified as asset acquisitions, and as such, acquisition-related fees and certain acquisition-related expenses related to these asset acquisitions were capitalized and allocated to tangible and intangible assets and liabilities as described above. Prior to the adoption of ASU 2017-01 in April 2017, all of the Company’s real estate acquisitions were accounted for as business combinations, and as such, acquisition-related expenses related to these business combination acquisitions were expensed as incurred. Prior to April 2017, acquisition-related expenses in the Company’s consolidated statements of operations primarily consisted of legal, deed transfer and other costs related to real estate purchase transactions, including costs incurred for deals that were not consummated. The Company expects its future acquisitions to qualify as asset acquisitions, and as such, the Company will allocate 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 a relative fair value basis. Cash and Cash Equivalents, Restricted Cash and Escrows Cash and cash equivalents include cash in bank accounts, as well as investments in highly-liquid money market funds. The Company deposits cash with several high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) up to an insurance limit of $250,000. At times, the Company’s cash and cash equivalents may exceed federally insured levels. Although the Company bears risk on amounts in excess of those insured by the FDIC, it has not experienced and does not anticipate any losses due to the high quality of the institutions where the deposits are held. The Company had $346,000 and $94,000 in restricted cash as of December 31, 2017 and 2016 , respectively. Included in restricted cash were $94,000 held by lenders in lockbox accounts as of December 31, 2017 and 2016 . 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. Restricted cash also included $2,000 held by lenders in escrow accounts in accordance with the associated lender’s loan agreement as of December 31, 2017 , as well as $250,000 in lender cash management accounts as of December 31, 2017 . The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying consolidated balance sheets to the combined amounts shown on the accompanying consolidated statements of cash flows (in thousands): As of December 31, 2017 2016 2015 Cash and cash equivalents $ 1,173 $ 19,161 $ 10,110 Restricted cash 346 94 354 Total cash and cash equivalents and restricted cash shown in the statement of cash flows $ 1,519 $ 19,255 $ 10,464 Deferred Financing Costs Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining commitments for financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are written off when the associated debt is refinanced or repaid before maturity. The presentation of all deferred financing costs, other than those associated with the revolving loan portion of the credit facility, are classified such that the debt issuance costs related to a recognized debt liability are presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability rather than as an asset. Debt issuance costs related to securing a revolving line of credit are presented as an asset and amortized ratably over the term of the line of credit arrangement. As such, the Company’s current and corresponding prior period total deferred costs, net in the accompanying consolidated balance sheets relate only to the revolving loan portion of the credit facility and the historical presentation, amortization and treatment of unamortized costs are still applicable. As of December 31, 2017 and 2016 , the Company had $183,000 and $296,000 , respectively, of deferred financing costs, net of accumulated amortization, related to the revolving loan portion of the credit facility. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined the financing will not close. Distribution and Stockholder Servicing Fees The Company pays CCO Capital a distribution and stockholder servicing fee for Class T Shares sold in the primary portion of the Offerings. 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 estimated per share NAV of the Class T Shares sold in the primary portion of the Initial Offering. Beginning on October 5, 2016, the calculation of the daily amount of the distribution and stockholder servicing fee was changed to equal 1/365th of 1.0% of the estimated per share NAV of the Class T Shares sold in the primary portion of the Offerings. 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 Offerings. The Company will cease paying the distribution and stockholder servicing fee with respect to Class T Shares at the earliest of: (i) the end of the month in which the transfer agent, on the Company’s behalf, determines that 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, or a lower limit agreed upon between the dealer manager and the participating broker-dealer at the time such Class T Shares were sold; (ii) the date on which the aggregate underwriting compensation from all sources equals 10.0% of the gross proceeds from the aggregate sale of Class A Shares and Class T Shares in the primary offering (i.e., excluding proceeds from sales pursuant to the DRIP); (iii) the fourth anniversary of the last day of the month in which the offering in which such Class T Shares were purchased (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 (such as the sale of the Company, the sale of all or substantially all of the Company’s assets, a merger or similar transaction, the listing of the Company’s shares of common stock for trading on a national securities exchange or an alternative strategy that would result in a significant increase in the opportunities for stockholders to dispose of their shares). CCO Capital may, in its discretion, reallow to participating broker-dealers all or a portion of the distribution and stockholder servicing fee. At the time the Company ceases paying the distribution and stockholder servicing fee with respect to an outstanding Class T Share pursuant to the provisions above, such Class T Share will convert into a number of Class A Shares (including any fractional shares) with an equivalent NAV as such share. The distribution and stockholder servicing fee is paid monthly in arrears. An estimated liability for future distribution and stockholder servicing fees payable to CCO Capital is recognized at the time each Class T Share is sold and included in due to affiliates in the consolidated balance sheets with a corresponding decrease to capital in excess of par value. Due to Affiliates CR V Advisors, and certain of its affiliates, received and will continue to receive, fees, reimbursements and compensation in connection with services provided relating to the Offerings and the acquisition, management, financing and leasing of the properties of the Company. Derivative Instruments and Hedging Activities The Company accounts for its derivative instruments at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the effective portion of the derivative instrument that is designated as a hedge is recorded as other comprehensive income (loss). The changes in fair value for derivative instruments that are not designated as hedges or that do not meet the hedge accounting criteria are recorded as a gain or loss to operations. Redeemable Common Stock Under the Company’s share redemption program, the Company’s obligation to redeem shares of its outstanding common stock is limited, among other things, to the net proceeds received by the Company from the sale of shares under the DRIP, net of shares redeemed to date. The Company records amounts that are redeemable under the share redemption program as redeemable common stock outside of permanent equity in its consolidated balance sheets. Changes in the amount of redeemable common stock from period to period are recorded as an adjustment 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 straight-line rent, and current and future operating expense reimbursements from tenants 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 uncertain, the Company will record an increase in the allowance for uncollectible accounts. As of December 31, 2017 and 2016 , the Company had an allowance for uncollectible accounts of $40,000 and $1,000 , respectively. Income Taxes The Company elected to be taxed as a REIT for federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with its taxable year ended December 31, 2014. The Company will generally not be subject to federal corporate income tax to the extent it distributes its taxable income to its stockholders, and so long as it, among other things, distributes at least 90% of its annual taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). REITs are subject to a number of other organizational and operational requirements. Even if the Company maintains its qualification for taxation as a REIT, it or its subsidiaries may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. Earnings (Loss) and Distributions Per Share The Company has two classes of common stock. Accordingly, the Company utilizes the two-class method to determine its 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 the years ended December 31, 2017 , 2016 or 2015 . Distributions per share is calculated based on the authorized daily distribution rate. Offering and Related Costs CR V Advisors funds all of the organization and offering costs on the Company’s behalf (excluding selling commissions and dealer manager fees) and may be reimbursed for such costs up to 2.0% of aggregate gross proceeds from the Offerings. As of December 31, 2017 , CR V Advisors had paid organization and offering costs in excess of the 2.0% in connection with the Offerings. These excess costs were not included in the financial statements of the Company because such costs were not a liability of the Company as they exceeded 2.0% of aggregate gross proceeds from the Offerings. As the Company raises additional proceeds from the Offerings, these excess costs may become payable. When recorded by the Company, organization costs are expensed as incurred, and offering costs, which include items such as legal and accounting fees, marketing, personnel, promotional and printing costs, are recorded as a reduction of capital in excess of par value along with selling commissions, dealer manager fees and distribution and stockholder servicing fees in the period in which they become payable. Reportable Segment The Company’s commercial real estate assets consist of income-producing necessity retail properties that are primarily single-tenant or anchored shopping centers, which are leased to creditworthy tenants under long-term net leases. The commercial properties are geographically diversified throughout the United States and have similar economic characteristics. The Company’s management evaluates operating performance on an overall portfolio level; therefore, the Company’s properties are one reportable segment. Recent Accounting Pronouncements 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. Except as otherwise stated below, 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: In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which supersedes the revenue recognition requirements in Revenue Recognition, Accounting Standards Codification (“ASC”) (Topic 605) and will require an entity to recognize revenue in a way that depicts 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. For public business entities, the guidance should be applied to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. In accordance with the Company’s plan for the adoption of ASU 2014-09, the Company’s implementation team has identified all of the Company’s revenue streams and real estate sales and concluded that upon adoption, there will not be a material impact on the Company’s consolidated financial statements and disclosures. The Company plans to adopt ASU 2014-09 effective January 1, 2018 using the modified retrospective approach. In addition, the Company evaluated controls around the implementation of ASU 2014-09 and has concluded there will be no significant impact on the Company’s control structure. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which will require that a lessee recognize assets and liabilities on the balance sheet for all leases with a lease term of more than 12 months, with the result being the recognition of a right of use asset and a lease liability and the disclosure of key information about the entity’s leasing arrangements. The lessor accounting model under ASU 2016-02 is similar to current guidance; however it limits the capitalization of initial direct leasing costs, such as internally generated costs. ASU 2016-02 retains a distinction between finance leases (i.e., capital leases under current GAAP) and operating leases. The amendments in ASU 2016-02 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. A modified retrospective approach is required for existing leases that have not expired upon adoption and provides for certain practical expedients. The Company is still evaluating the full impact of ASU 2016-02 on its consolidated financial statements; however, the Company plans to adopt ASU 2016-02 as of January 1, 2019 and anticipates that it will elect a practical expedient offered in ASU 2016-02 that allows an entity to not reassess the following upon adoption (elected as a group): (i) whether an expired or existing contract contains a lease arrangement; (ii) lease classification related to expired or existing lease arrangements; or (iii) whether costs incurred on expired or existing leases qualify as initial direct costs. As a result of the adoption, all leases for which we are the lessee, including ground leases (if any), will be recorded on the Company’s consolidated financial statements as either financing leases or operating leases with a related right of use asset and lease liability. In addition, certain executory and non-lease components, such as common area maintenance, may need to be accounted for separately from the lease component of the lease. Lease components will continue to be recognized on a straight-line basis over the lease term and certain non-lease components will be accounted for under the new revenue recognition guidance in ASU 2014-09 as mentioned above. In January 2018, the FASB proposed amending Topic 842 to allow lessors the option to combine lease and non-lease components when certain criteria are met. ASU No. 2016-01, Financial Instruments (Subtopic 825-10) (“ASU 2016-01”) — 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. The Company will adopt ASU 2016-01 during the first quarter of fiscal year 2018 and does not expect it will have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) (“ASU 2016-13”). ASU 2016-13 is intended to improve financial reporting requiring more timely recognition 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 under current GAAP. ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company is currently evaluating the impact this amendment will have on its consolidated financial statements. In August 2016, the FASB issued ASU No. 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 certa

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2017
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 and notes payable — 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 December 31, 2017 , the estimated fair value of the Company’s debt was $311.4 million , compared to the carrying value of $309.6 million . The estimated fair value of the Company’s debt was $256.4 million as of December 31, 2016 , compared to the carrying value on that date of $255.4 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 December 31, 2017 and 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 receivables, accounts payable and accrued expenses, other liabilities, due to affiliates and distributions payable to approximate their fair values because of the short period of time between their origination and their expected realization 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 December 31, 2017 and 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 assets and liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2017 and 2016 (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant December 31, 2017 (Level 1) (Level 2) (Level 3) Financial assets: Interest rate swaps $ 845 $ — $ 845 $ — Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant December 31, 2016 (Level 1) (Level 2) (Level 3) Financial asset: Interest rate swap $ 238 $ — $ 238 $ — Financial liability: Interest rate swap $ (634 ) $ — $ (634 ) $ —

Real Estate Assets

Real Estate Assets	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
REAL ESTATE ASSETS	REAL ESTATE ASSETS 2017 Property Acquisitions During the year ended December 31, 2017 , the Company acquired 20 commercial properties for an aggregate purchase price of $133.9 million (the “ 2017 Acquisitions”), of which 18 were accounted for as asset acquisitions and two were accounted for as business combinations as they were acquired prior to the Company’s adoption of ASU 2017-01 in April 2017. The Company funded the 2017 Acquisitions with net proceeds from the Offerings and available borrowings. The following table summarizes the consideration transferred for the 2017 Acquisitions (in thousands): 2017 Acquisitions Real estate assets: Purchase price of asset acquisitions $ 119,034 Purchase price of business combinations 14,878 Total purchase price of real estate assets acquired (1) $ 133,912 ______________________ (1) The weighted average amortization period for the 2017 Acquisitions is 13.4 years for acquired in-place leases and other intangibles, 16.6 years for acquired above-market leases and 12.9 years for acquired intangible lease liabilities. Of the 2017 Acquisitions, 18 commercial properties, having an aggregate purchase price of $119.0 million , were accounted for as asset acquisitions (the “ 2017 Asset Acquisitions”). The aggregate purchase price of the 2017 Asset Acquisitions includes $3.5 million of external acquisition-related expenses that were capitalized in accordance with ASU 2017-01. Prior to the adoption of ASU 2017-01, costs related to property acquisitions were expensed as incurred. The following table summarizes the purchase price allocation for the 2017 Asset Acquisitions purchased during the year ended December 31, 2017 (in thousands): 2017 Asset Acquisitions Land $ 26,647 Buildings and improvements 68,922 Acquired in-place leases and other intangibles 22,673 Acquired above-market leases 1,665 Intangible lease liabilities (873 ) Total purchase price $ 119,034 Of the 2017 Acquisitions, two commercial properties, having an aggregate purchase price of $14.9 million , were accounted for as business combinations (the “ 2017 Business Combination Acquisitions”). The Company allocated the purchase price of these properties to the fair value of the assets acquired. The following table summarizes the purchase price allocations for the 2017 Business Combination Acquisitions purchased during the year ended December 31, 2017 (in thousands): 2017 Business Combination Acquisitions Land $ 2,099 Buildings and improvements 11,342 Acquired in-place leases and other intangibles 1,437 Total purchase price $ 14,878 The Company recorded revenue for the year ended December 31, 2017 of $936,000 and net income for the year ended December 31, 2017 of $147,000 related to the 2017 Business Combination Acquisitions. In addition, the Company recorded $407,000 of acquisition-related expenses for the year ended December 31, 2017 , which is included in acquisition-related expenses on the condensed consolidated statements of operations. The following table summarizes selected financial information of the Company as if all of the 2017 Business Combination Acquisitions were completed on January 1, 2016 for each period presented below. The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the years ended December 31, 2017 and 2016 (in thousands): Year Ended Year Ended December 31, 2017 December 31, 2016 Pro forma basis (unaudited): Revenue $ 45,568 $ 41,572 N et income $ 1,644 $ 1,058 The unaudited pro forma information for the year ended December 31, 2017 was adjusted to exclude $407,000 of acquisition-related fees and expenses recorded during the period related to the 2017 Business Combination Acquisitions. Accordingly, these costs were instead recognized in the unaudited pro forma information for the year ended December 31, 2016 . The unaudited pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2016 , nor does it purport to represent the results of future operations. 2016 Property Acquisitions During the year ended December 31, 2016 , the Company acquired four properties for an aggregate purchase price of $27.6 million (the “ 2016 Acquisitions”). The 2016 Acquisitions were accounted for as business combinations. The Company funded the 2016 Acquisitions with net proceeds from the Initial Offering and available borrowings. The Company allocated the purchase price of these properties to the fair value of the assets acquired. The following table summarizes the purchase price allocation for the 2016 Acquisitions (in thousands): 2016 Acquisitions Land $ 7,441 Buildings and improvements 18,411 Acquired in-place leases and other intangibles (1) 1,762 Total purchase price $ 27,614 _________________________________ (1) The weighted average amortization period for acquired in-place leases and other intangibles was 11.7 years for the 2016 Acquisitions. The Company recorded revenue for the year ended December 31, 2016 of $1.7 million and a net loss for the year ended December 31, 2016 of $333,000 related to the 2016 Acquisitions. In addition, the Company recorded $1.2 million of acquisition-related fees and expenses for the year ended December 31, 2016 . 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 years ended December 31, 2016 and 2015 (in thousands): Year Ended Year Ended December 31, 2016 December 31, 2015 Pro forma basis (unaudited): Revenue $ 40,741 $ 37,646 Net loss $ (606 ) $ (3,080 ) The unaudited pro forma information for the year ended December 31, 2016 was adjusted to exclude $1.2 million of acquisition-related fees and expenses recorded during the period related to the 2016 Acquisitions. Accordingly, these costs were instead recognized in the unaudited pro forma information for the year ended December 31, 2015 . The unaudited pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2015 , nor does it purport to represent the results of future operations. 2015 Property Acquisitions During the year ended December 31, 2015 , the Company acquired 33 properties for an aggregate purchase price of $86.4 million (the “ 2015 Acquisitions”). The 2015 Acquisitions were accounted for as business combinations. The Company funded the 2015 Acquisitions with net proceeds from the Initial 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 the 2015 Acquisitions (in thousands): 2015 Acquisitions Land $ 19,395 Buildings and improvements 58,658 Acquired in-place leases and other intangibles (1) 7,974 Acquired above-market leases (2) 1,360 Intangible lease liabilities (3) (961 ) Total purchase price $ 86,426 ______________________ (1) The weighted average amortization period for acquired in-place leases and other intangibles was 12.8 years for the 2015 Acquisitions. (2) The weighted average amortization period for acquired above-market leases was 10.5 years for the 2015 Acquisitions. (3) The weighted average amortization period for acquired intangible lease liabilities was 9.8 years for the 2015 Acquisitions. The Company recorded revenue for the year ended December 31, 2015 of $4.7 million and a net loss for the year ended December 31, 2015 of $1.1 million related to the 2015 Acquisitions. In addition, the Company recorded $3.0 million of acquisition-related fees and expenses for the year ended December 31, 2015 . The following information summarizes selected financial information of the Company as if all of the 2015 Acquisitions were completed on March 18, 2014, the date the Company commenced principal operations. The table below presents the Company’s estimated revenue and net income (loss), on a pro forma basis, for the year ended December 31, 2015 and for the period from March 18, 2014 to December 31, 2014. (in thousands): Year Ended Period from March 18, 2014 to December 31, 2015 December 31, 2014 Pro forma basis (unaudited): Revenue $ 37,719 $ 11,385 Net income (loss) $ 407 $ (10,385 ) The unaudited pro forma information for the year ended December 31, 2015 was adjusted to exclude $3.0 million of acquisition-related fees and expenses recorded during the year ended December 31, 2015 . Accordingly, these costs were instead recognized in the unaudited pro forma information for the year ended December 31, 2014. The unaudited pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of the period, nor does it purport to represent the results of future operations. Property Concentrations As of December 31, 2017 , one of the Company’s tenants, Walgreens, accounted for 14% of the Company’s 2017 annualized rental income. As of December 31, 2017 , no single geographical concentration accounted for greater than 10% of our 2017 annualized rental income. In addition, the Company had tenants in the pharmacy, discount store, sporting goods and grocery industries, which comprised 15% , 13% , 12% and 11% , respectively, of the Company’s 2017 annualized rental income.

Intangible Lease Assets

Intangible Lease Assets	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE LEASE ASSETS	INTANGIBLE LEASE ASSETS Intangible lease assets consisted of the following (in thousands, except weighted average life remaining amounts): As of December 31, 2017 2016 In-place leases and other intangibles, net of accumulated amortization of $13,899 and $8,950, respectively (with a weighted average life remaining of 11.3 years and 11.5 years, respectively) $ 56,443 $ 37,251 Acquired above-market leases, net of accumulated amortization of $2,519 and $1,684, respectively (with a weighted average life remaining of 11.8 years and 11.9 years, respectively) 6,407 5,578 $ 62,850 $ 42,829 Amortization of the above-market leases is recorded as a reduction to rental revenue, and amortization expense for the in-place leases and other intangibles is included in depreciation and amortization in the accompanying consolidated statements of operations. The following table summarizes the amortization expense related to the intangible lease assets for the years ended December 31, 2017 , 2016 and 2015 (in thousands): Year Ended December 31, 2017 2016 2015 In-place lease and other intangible amortization $ 5,001 $ 4,204 4,041 Above-market lease amortization 835 799 811 Estimated amortization expense related to the intangible lease assets as of December 31, 2017 for each of the five succeeding fiscal years is as follows (in thousands): Amortization Year Ending December 31, In-Place Leases and Other Intangibles Above-Market Leases 2018 $ 5,773 $ 745 2019 $ 5,452 $ 604 2020 $ 5,242 $ 550 2021 $ 5,176 $ 532 2022 $ 4,973 $ 517

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	12 Months Ended
	Dec. 31, 2017
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 year ended December 31, 2017 , the Company did not enter into any interest rate swap agreements. As of December 31, 2017 , 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 December 31, 2017 and 2016 (in thousands): Outstanding Notional Amount as of December 31, 2017 Interest Rate (1) Effective Date Maturity Date Fair Value of Assets as of December 31, Balance Sheet Location 2017 2016 Interest Rate Swaps Derivative assets, prepaid expenses and property escrow deposits (2) $ 141,100 3.49% to 4.02% 12/31/2015 to 1/15/2016 4/25/2019 to 2/1/2021 $ 845 $ 238 _____________________________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of December 31, 2017 . (2) As of December 31, 2016 , one of the interest rate swaps with an aggregate outstanding notional amount of $120.0 million was in a liability position with an aggregate fair value balance of $634,000 and is included in deferred rental income and other liabilities in the accompanying consolidated balance sheets. 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 years ended December 31, 2017 , 2016 and 2015 , the amounts reclassified were $659,000 , $1.5 million and $4,000 , respectively. During the next 12 months, the Company estimates that an additional $326,000 will be reclassified from other comprehensive income (loss) as an increase to interest expense. Any ineffective portion of the change in fair value of the derivative instruments is recorded in interest expense. During the year ended December 31, 2017 , $32,000 of the change in the fair value of the interest rate swaps were considered ineffective. There were no portions of the change in the fair value of the interest rate swaps that were considered ineffective during the year ended December 31, 2016 . 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 breaches any of these provisions, it could be required to settle its obligations under these agreements at the aggregate termination value of the derivative instruments, inclusive of interest payments and accrued interest. As of December 31, 2017 , all derivative instruments were in an asset position. Therefore, there was no termination value as of December 31, 2017 . 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 December 31, 2017 .

Notes Payable and Credit Facili

Notes Payable and Credit Facility	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
NOTES PAYABLE and CREDIT FACILITY	NOTES PAYABLE AND CREDIT FACILITY As of December 31, 2017 , the Company had $308.6 million of debt outstanding, including net deferred financing costs, with weighted average years to maturity of 1.9 years and a weighted average interest rate of 4.0% . The weighted average years to maturity is computed using the scheduled repayment date as specified in each loan agreement where applicable. The weighted average interest rate is computed using the interest rate in effect until the scheduled repayment date. Should a loan not be repaid by its scheduled repayment date, the applicable interest rate will increase as specified in the respective loan agreement until the extended maturity date. The following table summarizes the debt balances as of December 31, 2017 and 2016 , and the debt activity for the year ended December 31, 2017 (in thousands): During The Year Ended December 31, 2017 Balance as of December 31, 2016 Debt Issuance, Repayments Accretion and (Amortization) Balance as of December 31, 2017 Credit facility $ 120,000 $ 134,700 $ (37,700 ) — $ 217,000 Fixed rate debt 135,350 — (42,750 ) — 92,600 Total debt $ 255,350 $ 134,700 $ (80,450 ) $ — $ 309,600 Net premiums (1) 108 — — (108 ) — Deferred costs (2) (1,540 ) — — 499 (1,041 ) Total debt, net $ 253,918 $ 134,700 $ (80,450 ) $ 391 $ 308,559 ____________________________________ (1) 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. (2) Deferred costs relate to mortgage notes payable and the term portion of the Prior Credit Facility, as defined below. As of December 31, 2017 , the fixed rate debt outstanding of $92.6 million included $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 4.45% per annum. The debt outstanding matures on various dates from February 2021 to December 2024 . The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the fixed rate debt outstanding was $155.5 million as of December 31, 2017 . 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 “Prior Credit Agreement”) with JPMorgan Chase Bank, N.A. (“JPMorgan Chase”) as administrative agent, and the other lenders party thereto. The Prior Credit Agreement reduced the maximum amount of the revolving loans (the “Prior Revolving Loans”) under the original credit agreement from $300.0 million to $180.0 million , and added a term loan (the “Prior Term Loan”, and together with the Prior Revolving Loans, the “Prior Credit Facility”) in the amount of $120.0 million for a total capacity of $300.0 million under the Prior Credit Facility. The Prior Revolving Loans were set to mature on April 25, 2017 ; however, during the year ended December 31, 2017 , the Company elected to extend the maturity date of the Prior Revolving Loans to April 25, 2018. The Prior Term Loan matures on April 25, 2019 . Subsequent to December 31, 2017 , the Company entered into a new credit agreement (the “Credit Agreement”) that allows for borrowings of up to $350.0 million (the “Credit Facility”) and repaid the Prior Credit Agreement. The Credit Facility includes $220.0 million in term loans (the “Term Loans”) and up to $130.0 million in revolving loans (the “Revolving Loans”). See Note 17 — Subsequent Events to our consolidated financial statements in this Annual Report on Form 10-K for additional terms of the Credit Facility. Depending upon the type of loan specified, and overall leverage ratio, the Prior 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 Prior 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 Prior Credit Agreement), plus the greater of: (a) JPMorgan Chase’s Prime Rate (as defined in the Prior Credit Agreement); (b) the Federal Funds Effective Rate (as defined in the Prior Credit Agreement) plus 0.50% ; or (c) one-month LIBOR multiplied by the statutory reserve rate plus 1.0% . As of December 31, 2017 , the Prior Revolving Loans outstanding totaled $97.0 million at a weighted average interest rate of 3.9% , and the Prior Term Loan outstanding totaled $120.0 million , which was subject to an interest rate swap agreement (the “Prior 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 Prior Swapped Term Loan. As of December 31, 2017 , the all-in rate for the Prior Swapped Term Loan was 4.0% . The Company had $217.0 million of debt outstanding under the Prior Credit Facility as of December 31, 2017 at a weighted average interest rate of 4.0% and $83.0 million in unused capacity, subject to borrowing availability. The Prior Credit Agreement contains provisions with respect to covenants, events of default and remedies customary for facilities of this nature. In particular, the Prior Credit Agreement requires the Company to maintain a minimum consolidated net worth not less than $150.0 million plus 75% of the equity interests issued by the Company, a leverage ratio less than or equal to 60% , a fixed charge coverage ratio equal to or greater than 1.50 , an unsecured debt to unencumbered asset value ratio equal to or less than 60% , an unsecured debt service coverage ratio greater than 1.75 , a secured debt ratio equal to or less than 40% and recourse debt not greater than 15% of total asset value. The Company believes it was in compliance with the financial covenants of the Prior Credit Agreement, as well as the financial covenants under the Company’s various fixed and variable rate debt agreements as of December 31, 2017 . The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt as of December 31, 2017 for each of the five succeeding fiscal years and the period thereafter (in thousands): Year Ending December 31, Principal Repayments 2018 $ 97,000 2019 120,000 2020 388 2021 68,009 2022 428 Thereafter 23,775 Total $ 309,600

Intangible Lease Liabilities

Intangible Lease Liabilities	12 Months Ended
	Dec. 31, 2017
Other Liabilities Disclosure [Abstract]
INTANGIBLE LEASE LIABILITIES	INTANGIBLE LEASE LIABILITIES Intangible lease liabilities consisted of the following (in thousands, except weighted average life remaining amounts): As of December 31, 2017 2016 Acquired below-market lease intangibles, net of accumulated amortization of $1,678 and $1,123, respectively, (with a weighted average life remaining of 7.9 years and 8.1 years, respectively) $ 4,019 $ 3,708 Amortization of below-market leases is recorded as an increase to rental revenue in the accompanying consolidated statements of operations. The following table summarizes the amortization of the intangible lease liabilities for the years ended December 31, 2017 , 2016 and 2015 (in thousands): Year Ended December 31, 2017 2016 2015 Below-market lease amortization $ 561 $ 541 $ 535 Estimated amortization of the intangible lease liabilities as of December 31, 2017 for each of the five succeeding fiscal years is as follows (in thousands): Year Ending December 31, Amortization of Below-Market Leases 2018 $ 594 2019 $ 555 2020 $ 479 2021 $ 460 2022 $ 380

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	12 Months Ended
	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW DISCLOSURES	SUPPLEMENTAL CASH FLOW DISCLOSURES Supplemental cash flow disclosures for the years ended December 31, 2017 , 2016 and 2015 are as follows (in thousands): Year Ended December 31, 2017 2016 2015 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Common stock issued through distribution reinvestment plan $ 10,696 $ 8,597 $ 6,701 Distributions declared and unpaid $ 2,049 $ 1,663 $ 1,218 Change in accrued distribution and stockholder servicing fees, dealer manager fees and other offering costs $ 1,013 $ 322 $ 20 Accrued capital expenditures $ 70 $ — $ — Change in fair value of interest rate swaps $ 1,209 $ 737 $ (1,133 ) Supplemental Cash Flow Disclosures: Interest paid $ 10,466 $ 10,973 $ 9,528

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
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 December 31, 2017 , the Company had entered into purchase agreements with unaffiliated third-party sellers to acquire a 100% interest in two retail properties, subject to meeting certain criteria, for an aggregate purchase price of $11.1 million , exclusive of closing costs. As of December 31, 2017 , the Company had $225,000 of property escrow deposits held by escrow agents in connection with these potential property acquisitions. These deposits are included in the accompanying consolidated balance sheets in derivative assets, prepaid expenses, property escrow deposits and other assets and could be forfeited under certain circumstances. As of December 31, 2017 , the escrow deposits had not been forfeited. These potential acquisitions are subject to customary closing conditions, and the Company can give no assurance that these closings will occur. 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	12 Months Ended
	Dec. 31, 2017
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 Offerings and the acquisition, management and disposition of its assets. Selling commissions and dealer manager fees In connection with the Offerings, CCO Capital, 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 Offerings 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 CCO Capital intends to reallow 100% of selling commissions earned to participating broker-dealers. In addition, CCO Capital receives 2.0% of gross offering proceeds from the primary portion of the Offerings for both Class A Shares and Class T Shares as a dealer manager fee in connection with the primary portion of the Offerings. CCO Capital, 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 CCO Capital 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 December 31, 2017 , CR V Advisors had paid organization and offering expenses in excess of 2.0% of aggregate gross offering proceeds in connection with the Offerings. These excess amounts were not included in the consolidated 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 Offerings. As the Company raises additional proceeds from the Offerings, these excess amounts may become payable. Distribution and stockholder servicing fees Through October 4, 2016, the Company paid CCO Capital a distribution and stockholder servicing fee for Class T Shares that was calculated on a daily basis in the amount of 1/365th of 0.8% of the estimated per share NAV of the Class T Shares sold in the primary portion of the Initial Offering. Beginning on October 5, 2016, the distribution and stockholder servicing fee is calculated on a daily basis in an amount equal to 1/365th of 1.0% of the estimated per share NAV of the Class T Shares sold in the primary portion of the Offerings. 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 CCO Capital is recognized at the time each Class T Share is sold and included in due to affiliates in the consolidated 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, or a lower limit agreed upon between the dealer manager and the participating broker-dealer at the time such Class T Shares were sold; (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, excluding shares sold pursuant to the DRIP; (iii) the fourth anniversary of the last day of the month in which the offering in which such Class T Shares were purchased (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. CCO Capital 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. At the time the Company ceases paying the distribution and stockholder servicing fee with respect to an outstanding Class T Share pursuant to the provisions above, such Class T Share will convert into a number of Class A Shares (including any fractional shares) with an equivalent net asset value as such Class T Share. The Company cannot predict when this will occur. No distribution and stockholder servicing fees are paid to CCO Capital 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 at 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; provided, that acquisition expenses are not included in the contract purchase price of the property. 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, unless otherwise approved by a majority of the Board, including a majority of the Company’s independent directors, as commercially competitive, fair and reasonable to the Company. 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 asset value, which, effective January 1, 2017, is based on the estimated market value of such assets used to determine the Company’s estimated per share NAV as of December 31, 2016, as discussed in Note 1 — Organization and Business, and for those assets acquired subsequent to December 31, 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 asset value that is between $0 and $2.0 billion ; (2) an annualized rate of 0.70% paid on the Company’s average asset value that is between $2.0 billion and $4.0 billion ; and (3) an annualized rate of 0.65% paid on the Company’s average asset value that is 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 the salaries and benefits paid to personnel in connection with the services for which CR V Advisors or its affiliates receive acquisition fees, and the Company will not reimburse CR V Advisors for salaries and benefits paid to the Company’s executive officers. 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 property, not to exceed 1.0% of the contract price of the property 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 years ended December 31, 2017 , 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 stockholders and the amount of distributions necessary to generate a 6.0% annual cumulative, non-compounded return to stockholders; (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 stockholders 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 years ended December 31, 2017 , 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): Year Ended December 31, 2017 2016 2015 Selling commissions $ 4,021 $ 4,691 $ 3,261 Dealer manager fees $ 1,553 $ 1,642 $ 1,024 Other organization and offering expenses $ 1,766 $ 1,816 $ 1,177 Distribution and stockholder servicing fees (1) $ 197 $ 16 $ — Acquisition fees and expenses (2) $ 3,077 $ 690 $ 2,167 Advisory fees and expenses (2) $ 5,442 $ 4,841 $ 3,973 Operating expenses (2) $ 2,100 $ 2,035 $ 1,721 ______________________ (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 CCO Capital of $1.1 million , which is included in due to affiliates in the consolidated 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 year ended December 31, 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 these sums. No expense reimbursements were waived during the years ended December 31, 2016 and 2017 . Services Agreement Pursuant to the Services Agreement, VEREIT OP will continue to provide certain services to CCO Group and to the Company, including operational real estate support. VEREIT OP will continue to provide such services through March 31, 2019 (or, if later, the date of the last government filing other than a tax filing made by any of the Cole REITs with respect to its 2018 fiscal year) and will provide consulting and research services through December 31, 2023 as requested by CCO Group, LLC. Despite the indirect change of ownership and control of our advisor, dealer manager, property manager and sponsor, the Company expects that, during the Initial Services Term of the Services Agreement, the advisory, dealer manager and property management services the Company receives will continue without any material changes in personnel (except as supplemented by the management oversight of CIM personnel) or material change in service procedures. During the Initial Services Term of the Services Agreement, CCO Group, LLC intends to evaluate and effectuate an appropriate transition of VEREIT OP’s services under the Services Agreement to other CIM affiliates or third parties with the goal of ensuring continuity and minimizing disruption. Due to/from Affiliates As of December 31, 2017 and 2016 , $1.8 million and $1.3 million , respectively, were recorded for services and expenses incurred, but not yet reimbursed to CR V Advisors, or its affiliates. These amounts were primarily for advisory and operating expenses and distribution and stockholder servicing fees payable to CCO Capital. These amounts were included in due to affiliates in the consolidated balance sheets for such periods. As of December 31, 2017 , $14,000 was due from CR V Advisors or its affiliates related to amounts received by affiliates of the advisor which were due to the Company. No such amounts were due from CR V Advisors or its affiliates as of December 31, 2016 . Transactions The Company incurred $484,000 and $111,000 of interest expense related to the Series C Loan during the years ended December 31, 2015 and 2016 , respectively. In addition, during the year ended December 31, 2016 , the Company repaid the $20.0 million outstanding balance under the Series C Loan, which matured on March 17, 2016. Accordingly, the Company did not incur any interest expense related to the Series C Loan during the year ended December 31, 2017 .

Economic Dependency

Economic Dependency	12 Months Ended
	Dec. 31, 2017
Economic Dependency [Abstract]
ECONOMIC DEPENDENCY	ECONOMIC DEPENDENCY Under various agreements, the Company has engaged and may in the future 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 stockholder 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.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY As of December 31, 2017 and 2016 , the Company was authorized to issue 490.0 million shares of common stock pursuant to the primary offering, consisting of two classes of shares ( 245.0 million Class A Shares and 245.0 million Class T Shares) and 10.0 million shares of preferred stock. All shares of such stock have a par value of $0.01 per share. On or before June 19, 2013, the Company sold 20,000 shares of common stock, at $10.00 per share, to CREInvestments, LLC and its predecessor. The Company’s Board may authorize additional shares of capital stock and designate the terms of such additional shares of capital stock without obtaining stockholder approval. Effective as of February 7, 2014, the Company effected the Reverse Stock Split, resulting in 8,000 shares of the Company’s common stock issued and outstanding. On February 7, 2014, the ownership of such shares was transferred to VEREIT OP. Upon completion of the Transaction on February 1, 2018, the ownership of such shares was transferred by VEREIT OP to CR V Advisors. Pursuant to the Company’s Charter, CR V Advisors is prohibited from selling the 8,000 shares of the common stock that represents the initial investment in the Company for so long as CCO Group remains the Company’s sponsor; provided, however, that CR V Advisors may transfer ownership of all or a portion of these 8,000 shares of the Company’s common stock to other affiliates of the Company’s sponsor. Distribution Reinvestment Plan Pursuant to the DRIP, the Company allows stockholders to elect to have their distributions reinvested in additional shares of the Company’s common stock. Distributions on Class A Shares are reinvested in Class A Shares and distributions on Class T Shares are reinvested in Class T Shares. Until April 8, 2016, the purchase price per share under the DRIP was $23.75 for Class A Shares. Commencing on April 11, 2016, the purchase price per share under the DRIP was $24.00 per share for Class A Shares and $24.00 per share for Class T Shares, the estimated per share NAV as determined by the Board. On March 24, 2017, the Board established an estimated per share NAV of the Company’s common stock, as of December 31, 2016 , of $24.00 per share. Therefore, from April 11, 2016 to March 28, 2018, distributions continued to be reinvested in shares of the Company’s common stock pursuant to the DRIP at a price of $24.00 per share, the estimated per share NAV as of December 31, 2016 , as determined by the Board. On March 29, 2018, the Board established an updated estimated per share NAV of the Company’s common stock, as of December 31, 2017 , of $22.18 per share. Therefore, distributions will be reinvested in shares of the Company’s common stock pursuant to the DRIP at a price of $22.18 per share, the updated estimated per share NAV as of December 31, 2017 , as determined by the Board. The Board may terminate or amend the DRIP at the Company’s discretion at any time upon 10 days’ prior written notice to the stockholders. During the years ended December 31, 2017 , 2016 and 2015 , approximately 446,000 , 359,000 and 282,000 shares, respectively, were purchased under the DRIP for $10.7 million , $8.6 million and $6.7 million respectively, which were recorded as redeemable common stock on the consolidated balance sheets. Share Redemption Program The Company’s share redemption program permits its stockholders to sell their shares back to the Company after they have held them for at least one year, subject to the significant conditions and limitations described below. The share redemption program provides that the Company will redeem shares of its common stock from requesting stockholders, subject to the terms and conditions of the share redemption program. The Company will limit the number of shares redeemed pursuant to the share redemption program as follows: (1) the Company will not redeem in excess of 5% of the weighted average number of shares outstanding during the trailing 12 months prior to the end of the fiscal quarter for which the redemptions are being paid; and (2) funding for the redemption of shares will be limited, among other things, to the net proceeds the Company receives from the sale of shares under the DRIP, net of shares redeemed to date. In an effort to accommodate redemption requests throughout the calendar year, the Company intends to limit quarterly redemptions to approximately 1.25% of the weighted average number of shares outstanding during the trailing 12 -month period ending on the last day of the fiscal quarter, and funding for redemptions for each quarter generally will be limited to the net proceeds the Company receives from the sale of shares in the respective quarter under the DRIP. The redemption price per share (other than for shares purchased pursuant to the DRIP) will depend on the length of time the stockholder has held such shares as follows: after one year from the purchase date, 95% of the most recent estimated per share NAV as determined by the Board; after two years from the purchase date, 97.5% of the most recent estimated per share NAV as determined by the Board; and after three years from the purchase date, 100% of the most recent estimated per share NAV as determined by the Board. The redemption price for shares purchased pursuant to the DRIP will be 100% of the most recent estimated per share NAV. Prior to April 11, 2016, the purchase price paid for each share in the primary portion of the Initial Offering served as the most recent estimated per share value for purposes of the share redemption program. From April 11, 2016 to March 28, 2018, $24.00 per share served as the most recent estimated per share NAV for purposes of the share redemption program. As a result of the Board’s determination of an updated estimated value of the Company’s shares of common stock, the updated estimated per share NAV of $22.18 , as of December 31, 2017, will serve as the most recent estimated per share NAV for purposes of the share redemption program, effective March 29, 2018, until such time as the Board determines a new estimated per share NAV. See the discussion of the updated estimated per share NAV of the Company’s common stock effective March 29, 2018 in Note 17 — Subsequent Events. Upon receipt of a request for redemption, the Company may conduct a Uniform Commercial Code search to ensure that no liens are held against the shares. If the Company cannot purchase all shares presented for redemption in any fiscal quarter, based upon insufficient cash available and/or the limit on the number of shares the Company may redeem during any quarter or year, the Company will give priority to the redemption of deceased stockholders’ shares. The Company next will give priority to requests for full redemption of accounts with a balance of 100 shares or less at the time the Company receives the request, in order to reduce the expense of maintaining small accounts. Thereafter, the Company will honor the remaining quarterly redemption requests on a pro rata basis. Following such quarterly redemption period, the unsatisfied portion of the prior redemption request must be resubmitted, prior to the last day of the new quarter. Unfulfilled requests for redemption will not be carried over automatically to subsequent redemption periods. The Company redeems shares no later than the end of the month following the end of each fiscal quarter. Requests for redemption must be received on or prior to the end of the fiscal quarter in order for the Company to repurchase the shares in the month following the end of that fiscal quarter. The Board may amend, suspend or terminate the share redemption program at any time upon 30 days’ prior written notice to the stockholders. During the years ended December 31, 2017 , 2016 and 2015 , the Company redeemed approximately 492,000 , 194,000 and 37,000 shares, respectively, under the share redemption program for $11.7 million , $4.6 million and $895,000 , respectively. During the year ended December 31, 2017 , redemption requests relating to approximately 118,000 shares went unfulfilled. Distributions Payable and Distribution Policy The Board authorized a daily distribution, based on 365 days in the calendar year, of $0.004315068 per Class A Share for stockholders of record of such class of shares as of the close of business on each day of the period commencing on January 1, 2017 and ending on June 30, 2018. Our board of directors authorized a daily distribution on Class T Shares to our stockholders of record of such class of shares as of the close of business on each day commencing on January 1, 2017 and ending on June 30, 2018, equal to $0.004315068 per Class T Share, less the per share distribution and stockholder servicing fees that are payable with respect to the Class T Shares (as calculated on a daily basis). As of December 31, 2017 , the Company had distributions payable of $2.0 million .

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For federal income tax purposes, distributions to stockholders are characterized as ordinary dividends, capital gain distributions, or nondividend distributions. Nondividend distributions will reduce U.S stockholders’ basis (but not below zero) in their shares. The following table shows the character of the distributions paid on a percentage basis for the years ended December 31, 2017 , 2016 and 2015 : Year Ended December 31, Character of Distributions: 2017 2016 2015 Ordinary dividends 21.0 % 10.5 % 33.6 % Nondividend distributions 79.0 % 89.5 % 66.4 % Total 100.0 % 100.0 % 100.0 % During the years ended December 31, 2017 , 2016 and 2015 , the Company distributed as dividends to its stockholders 100% of its taxable income for federal income tax purposes. Accordingly, no provision for federal income taxes related to such taxable income was recorded on the Company’s financial statements. During the years ended December 31, 2017 , 2016 and 2015 , the Company incurred state and local income and franchise taxes of $150,000 , $60,000 , and $92,000 , respectively, which were recorded in general and administrative expenses in the consolidated statements of operations. The Company had no unrecognized tax benefits as of or during the years ended December 31, 2017 , 2016 and 2015 . Any interest and penalties related to unrecognized tax benefits would be recognized within the provision for income taxes in the accompanying consolidated statements of operations. The Company files income tax returns in the U.S. federal jurisdiction, as well as various state jurisdictions, and is subject to routine examinations by the respective tax authorities. In December 2017, the Tax Cuts and Jobs Act was signed into law, which in addition to reducing corporate and individual tax rates, eliminates or restricts various deductions. The Tax Cuts and Jobs Act makes numerous large and small changes to the tax rules that do not affect the Company’s REIT qualification rules directly.

Operating Leases

Operating Leases	12 Months Ended
	Dec. 31, 2017
Leases [Abstract]
OPERATING LEASES	OPERATING LEASES The Company’s real estate assets are leased to tenants under operating leases for which the terms and expirations vary. As of December 31, 2017 , the leases had a weighted-average remaining term of 10.5 years. Certain leases include provisions to extend the lease agreements, options for early termination after paying a specified penalty, rights of first refusal to purchase the property at competitive market rates, and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. The future minimum rental income from the Company’s real estate assets under non-cancelable operating leases, assuming no exercise of renewal options, as of December 31, 2017 , was as follows (in thousands): Year Ending December 31, Future Minimum Rental Income 2018 $ 44,021 2019 43,646 2020 42,821 2021 42,277 2022 40,602 Thereafter 269,480 Total $ 482,847

Quarterly Results (Unaudited)

Quarterly Results (Unaudited)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY RESULTS (UNAUDITED)	QUARTERLY RESULTS (UNAUDITED) Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2017 and 2016 (in thousands, except for per share amounts). In the opinion of management, the information for the interim periods presented includes all adjustments, which are of a normal and recurring nature, necessary to present a fair presentation of the results for each period. December 31, 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 9,983 $ 10,848 $ 11,749 $ 12,790 Acquisition-related expenses $ 470 $ 22 $ 35 $ 211 Operating income $ 2,502 $ 3,210 $ 3,678 $ 3,670 Net (loss) income $ (102 ) $ 450 $ 718 $ 443 Basic and diluted net (loss) income per share - Class A common stock (1), (2) $ (0.01 ) $ 0.03 $ 0.05 $ 0.03 Distributions declared per common share - Class A common stock (1), (2) $ 0.387 $ 0.393 $ 0.397 $ 0.398 Basic and diluted net loss per share - Class T common stock (1), (2) $ (0.06 ) $ (0.02 ) $ (0.01 ) $ (0.03 ) Distributions declared per common share - Class T common stock (1), (2) $ 0.387 $ 0.393 $ 0.397 $ 0.398 _______________________________________________________ (1) The sum of the quarterly net income (loss) per share amounts does not agree to the full year net loss per share amounts. The Company calculates net income (loss) per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters. (2) Pursuant to a Registration Statement on Form S-11 (Registration No. 333-215274) under the Securities Act and declared effective by the SEC on August 1, 2017, the Company commenced the Follow-on Offering of up to an aggregate of $1.2 billion in Class A Shares and Class T Shares in the primary portion of the offering (up to $660.0 million in Class A Shares and up to $540.0 million in Class T Shares) and an additional $300.0 million in shares of common stock pursuant to the DRIP. December 31, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 9,767 $ 10,445 $ 10,041 $ 10,185 Acquisition-related expenses $ 1,250 $ 24 $ 2 $ 10 Operating income $ 1,783 $ 3,017 $ 3,026 $ 3,267 Net (loss) income $ (1,315 ) $ (39 ) $ (20 ) $ 189 Basic and diluted net (loss) income per share - Class A common stock (1) $ (0.13 ) $ (0.00 ) $ (0.00 ) $ 0.02 Distributions declared per common share - Class A common stock $ 0.391 $ 0.392 $ 0.396 $ 0.396 Basic and diluted net loss per share - Class T common stock (1), (2) $ — $ (0.05 ) $ (0.05 ) $ (0.04 ) Distributions declared per common share - Class T common stock (2) $ — $ 0.219 $ 0.396 $ 0.396 __________________________________________________ (1) The sum of the quarterly net income (loss) per share amounts does not agree to the full year net loss per share amounts. The Company calculates net income (loss) per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters. (2) In connection with Post-Effective Amendment No. 3 to the Company’s Registration Statement on Form S-11 for the Initial Offering, 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 Initial Offering, in Class T Shares, along with up to $1,375,000,000 in Class A Shares.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The following events occurred subsequent to December 31, 2017 : Redemption of Shares of Common Stock Subsequent to December 31, 2017 , the Company redeemed approximately 118,000 shares for $2.8 million at an average per share price of $23.66 pursuant to the Company’s share redemption program. Management, in its discretion, limited the amount of shares redeemed for the three months ended December 31, 2017 to an amount equal to net proceeds the Company received from the sale of shares in the DRIP during the respective period. The remaining redemption requests received during the three months ended December 31, 2017 totaling approximately 118,000 shares went unfulfilled. Credit Facility and Notes Payable Subsequent to December 31, 2017 , the Company entered into the Credit Agreement that allows for borrowings of up to $350.0 million and repaid the Prior Credit Agreement. The Credit Agreement includes $220.0 million in Term Loans and $130.0 million in Revolving Loans. The Term Loan matures on March 27, 2023. The Revolving Loans mature on March 28, 2022; however the Company may elect to extend the maturity date of the Revolving Loans to March 28, 2023 subject to satisfying certain conditions described in the Credit Agreement. Acquisition of Real Estate Assets Subsequent to December 31, 2017 , the Company acquired two real estate properties for an aggregate purchase price of $11.5 million that were accounted for as asset acquisitions. The acquisitions were funded with net proceeds from the Offerings and available borrowings. The Company has not completed its initial purchase price allocation with respect to these properties and therefore cannot provide similar disclosures to those included in Note 4 in these consolidated financial statements for these properties. Sale of Cole Capital As described in Note 1 — Organization and Business, on February 1, 2018, the Transaction was completed. Immediately following the completion of the Transaction, Cole Capital Advisors, Inc. and the Company’s dealer manager were each converted into Delaware limited liability companies, Cole Capital Advisors, Inc.’s name was changed to CCO Group, LLC, and the Company’s dealer manager’s name was changed to CCO Capital, LLC (“CCO Capital”). As a result of the Transaction, CIM owns and/or controls CCO Group, LLC and its subsidiaries, and CCO Group, LLC owns and controls CR V Advisors, CCO Capital and CREI Advisors, the Company’s external advisor, dealer manager for the Offerings and property manager, respectively. In addition, as part of the Transaction, VEREIT OP and CCO Group, LLC entered into the Services Agreement pursuant to which VEREIT OP will continue to provide certain services to CCO Group and to the Cole REITs, including operational real estate support. VEREIT OP will continue to provide such services through March 31, 2019 (or, if later, the date of the last government filing other than a tax filing made by any of the Cole REITs with respect to its 2018 fiscal year) and will provide consulting and research services through December 31, 2023 as requested by CCO Group, LLC. Estimated Per Share NAV On March 29, 2018, the Board established an estimated per share NAV of the Company’s common stock as of December 31, 2017 , of $22.18 per share for both Class A Shares and Class T Shares. Commencing on March 29, 2018, the Company will offer Class A Shares in the primary portion of the Follow-on Offering for $24.37 per share, Class T Shares in the primary portion of the Follow-on Offering for $23.35 per share and Class A Shares and Class T Shares in the DRIP for $22.18 per share. Pursuant to the terms of the Company’s share redemption program, commencing on March 29, 2018, the updated estimated per share NAV of $22.18 for both Class A Shares and Class T Shares, as of December 31, 2017, will serve as the most recent estimated value for purposes of the share redemption program, until such time as the Board determines a new estimated per share NAV.

Schedule III - Real Estate Asse

Schedule III - Real Estate Assets and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate Assets and Accumulated Depreciation	Initial Costs to Company Gross Amount at Total Which Carried Accumulated Buildings & Adjustment At December 31, 2017 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (d) (e) (f) Acquired Constructed Real Estate Held for Investment the Company Has Invested in Under Operating Leases: Aaron’s: Arkadelphia, AR (g) $ 125 $ 748 $ — $ 873 $ 57 12/12/2014 2014 Academy Sports: Cartersville, GA (g) 1,384 7,427 — 8,811 706 6/27/2014 2014 Advance Auto: Fairmont, NC (g) 56 949 — 1,005 92 3/18/2014 2004 Hampton, VA (g) 474 759 — 1,233 43 9/25/2015 2005 Stratford, CT (g) 1,140 1,395 — 2,535 68 2/8/2016 2015 Aspen Dental: Rogers, AR (g) 592 1,090 — 1,682 61 11/9/2015 2014 Bass Pro Shop: Portage, IN (g) 1,400 4,044 87 5,531 360 10/22/2014 2006 Blankenbaker Plaza: Louisville, KY $ 9,894 3,557 11,430 223 15,210 979 10/23/2014 1999 Brynwood Square: Rockford, IL (g) 1,194 10,515 5 11,714 1,152 10/23/2014 1983 Bob Evans: Gallipolis, OH (g) 189 1,726 — 1,915 41 4/28/2017 1987 Hagerstown, MD (g) 644 1,503 — 2,147 33 4/28/2017 1995 Mansfield, OH (g) 719 983 — 1,702 26 4/28/2017 1989 Monroe, MI (g) 477 1,514 — 1,991 34 4/28/2017 2004 Northwood, OH (g) 231 1,738 — 1,969 39 4/28/2017 1998 Peoria, IL (g) 205 790 — 995 16 4/28/2017 2004 Piqua, OH (g) 416 1,359 — 1,775 34 4/28/2017 1989 Buffalo Wild Wings & Shoe Carnival: Salina, KS (g) 689 2,023 — 2,712 185 1/26/2015 2014 Burger King: Yukon, OK (g) 519 587 — 1,106 49 9/30/2014 2000 Burlington Coat Factory: Bangor, ME (g) 1,124 3,890 — 5,014 349 12/22/2014 2001 Camping World: Fort Myers, FL (g) 2,925 4,308 — 7,233 92 4/11/2017 2003 CVS: Riverton, NJ (g) 699 4,657 — 5,356 429 6/30/2014 2007 Derby Marketplace: Derby, KS (g) 1,667 8,675 — 10,342 111 8/22/2017 2015 Dollar General: Athens, WV (g) 400 1,132 — 1,532 94 1/16/2015 2014 Autaugaville, AL (g) 130 827 — 957 64 2/26/2015 2014 Bluefield, WV (g) 250 993 — 1,243 81 6/29/2015 2015 Braham, MN (g) 66 906 — 972 74 10/24/2014 2014 Charleston, WV (g) 383 963 — 1,346 79 2/27/2015 2014 Charleston, WV (g) 361 863 — 1,224 73 6/29/2015 2015 Clarion, IA (g) 128 860 — 988 71 10/24/2014 2014 Initial Costs to Company Gross Amount at Total Which Carried Accumulated Buildings & Adjustment At December 31, 2017 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (d) (e) (f) Acquired Constructed Dollar General (continued): Collinsville, AL (g) $ 139 $ 870 $ — $ 1,009 $ 73 11/20/2014 2014 Dothan, AL (g) 208 722 — 930 57 2/26/2015 2014 Elmwood, IL (g) 154 808 — 962 68 9/3/2014 2012 Glouster, OH (g) 334 986 — 1,320 80 3/24/2015 2015 Huntington, WV (g) 293 1,023 — 1,316 72 5/15/2015 2015 Huntington, WV (g) 278 989 — 1,267 83 9/29/2014 2014 Junction City, OH (g) 68 823 — 891 69 9/25/2014 2014 Lineville, AL (g) 102 1,128 — 1,230 88 2/26/2015 2014 Logansport, IN (g) 69 942 — 1,011 96 3/31/2014 2014 Moundridge, KS (g) 190 668 — 858 70 3/18/2014 2014 Oneonta, AL (g) 93 917 — 1,010 77 11/20/2014 2014 Pipestone, MN (g) 130 891 — 1,021 75 9/19/2014 2014 Ridgeley, WV (g) 73 1,122 — 1,195 92 2/27/2015 2014 Selma, AL (g) 18 851 — 869 66 2/26/2015 2014 Selma, AL (g) 146 903 — 1,049 76 11/4/2014 2014 Semmes, AL (g) 139 837 — 976 65 2/26/2015 2014 Shorter, AL (g) 91 935 — 1,026 79 11/20/2014 2014 Sissonville, WV (g) 344 827 — 1,171 67 3/24/2015 2015 South Charleston, WV (g) 335 991 — 1,326 77 4/6/2015 2014 Talladega, AL (g) 82 789 — 871 62 2/26/2015 2014 Virden, IL (g) 65 1,111 — 1,176 88 11/14/2014 2014 Wakarusa, IN (g) 161 1,038 — 1,199 88 9/3/2014 2012 Willard, MO (g) 258 904 — 1,162 76 11/14/2014 2014 Wolcottville, IN (g) 151 910 — 1,061 77 9/3/2014 2013 Duluth Trading: Noblesville, IN (g) 958 3,856 — 4,814 96 3/29/2017 2017 Fairlane Green II: Allen Park, MI (g) 8,551 6,866 — 15,417 103 8/30/2017 2006 Family Dollar: Bearden, AR (g) 86 678 — 764 50 3/23/2015 2014 Cabot, AR (g) 220 895 — 1,115 66 2/13/2015 2014 Columbus, OH (g) 359 1,032 — 1,391 84 2/20/2015 2014 Hobbs, NM (g) 350 782 — 1,132 62 12/19/2014 2014 Lewiston, ME (g) 295 1,015 — 1,310 91 2/13/2015 2014 Morgan, UT (g) 235 858 — 1,093 83 8/18/2014 2013 New Roads, LA (g) 122 759 — 881 55 3/23/2015 2014 Roswell, NM (g) 379 739 — 1,118 64 9/12/2014 2014 Salina, UT (g) 224 913 — 1,137 87 8/18/2014 2014 San Antonio, TX (g) 345 905 — 1,250 80 12/12/2014 2014 San Antonio, TX (g) 344 1,024 — 1,368 85 2/20/2015 2014 Talladega, AL (g) 186 968 — 1,154 78 12/12/2014 2014 Tennessee Colony, TX (g) 89 829 — 918 70 11/21/2014 2014 Valley, AL (g) 184 928 — 1,112 71 2/13/2015 2014 Walthourville, GA (g) 327 952 — 1,279 73 2/13/2015 2014 Warrenville, SC (g) 98 1,014 — 1,112 78 2/27/2015 2014 Initial Costs to Company Gross Amount at Total Which Carried Accumulated Buildings & Adjustment At December 31, 2017 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (d) (e) (f) Acquired Constructed Fresh Thyme: Lafayette, IN (g) $ 410 $ 6,208 $ — $ 6,618 $ 576 10/17/2014 2014 Ypsilanti Township, MI (g) 1,141 7,486 — 8,627 200 2/21/2017 2016 Houma Crossing: Houma, LA $ 12,264 5,359 17,574 35 22,968 1,691 9/25/2014 2008 Hy-Vee: Omaha, NE (g) 2,225 7,020 — 9,245 145 5/15/2017 1998 Kohl’s: Eagan, MN (g) 3,226 5,579 6 8,811 283 2/18/2016 1994 Kroger: Bay City, MI (g) 1,045 5,224 — 6,269 483 9/24/2014 2012 Lawton Marketplace: Lawton, OK 19,247 3,169 29,070 — 32,239 2,704 11/5/2014 2013 Lowe’s: Hermitage, PA (g) 2,499 10,517 — 13,016 501 3/9/2016 1996 Mattress Firm: Draper, UT (g) 651 1,510 — 2,161 131 12/19/2014 2014 Lake City, FL (g) 656 1,075 — 1,731 87 12/9/2014 2014 Raleigh, NC (g) 431 1,121 — 1,552 98 9/12/2014 2014 Muncie Marketplace: Muncie, IN (g) 2,761 12,461 — 15,222 869 6/15/2015 2014 O’Reilly Auto Parts: Bennettsville, SC (g) 375 910 — 1,285 60 6/9/2015 2014 Flowood, MS (g) 576 921 — 1,497 47 1/29/2016 2015 Iron Mountain, MI (g) 121 1,211 — 1,332 95 11/21/2014 2014 Pick ’N Save: Waterford, WI (g) 684 3,317 — 4,001 25 10/2/2017 1995 Waupaca, WI (g) 2,066 7,294 — 9,360 9 12/22/2017 2001 Raising Cane’s: Murphy, TX (g) 648 1,960 — 2,608 167 9/30/2014 2014 Reno, NV (g) 1,119 2,174 — 3,293 177 12/18/2014 2002 Shoppes of Gary Farms: Bowling Green, KY 11,206 2,039 13,730 24 15,793 1,194 11/24/2014 2013 Shops at Abilene: Abilene, TX 14,989 3,414 21,270 188 24,872 1,932 12/11/2014 2004 Stop & Shop: North Kingstown, RI (g) 668 998 — 1,666 85 8/6/2014 1979 Sprouts: Lawrence, KS (g) 1,957 5,515 — 7,472 22 11/27/2017 2015 Tractor Supply: Blytheville, AR (g) 169 2,413 — 2,582 222 3/11/2015 2014 Carlyle, IL (g) 289 2,566 — 2,855 10 11/3/2017 2017 Logan, WV (g) 608 2,822 — 3,430 32 8/10/2017 2016 Midland, NC (g) 213 2,317 — 2,530 219 6/20/2014 2013 Shelbyville, IL (g) 287 2,556 — 2,843 10 11/3/2017 2017 Initial Costs to Company Gross Amount at Total Which Carried Accumulated Buildings & Adjustment At December 31, 2017 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (d) (e) (f) Acquired Constructed United Oil: Carson, CA (g) $ 3,774 $ 1,892 $ — $ 5,666 $ 156 9/30/2014 2011 Fallbrook, CA (g) 3,037 725 — 3,762 60 9/30/2014 2012 Harbor City, CA (g) 2,391 1,096 — 3,487 91 9/30/2014 2002 Hawthorne, CA (g) 1,744 363 — 2,107 30 9/30/2014 2002 Lakewood, CA (g) 2,457 1,423 — 3,880 118 9/30/2014 1997 Long Beach, CA (g) 2,129 777 — 2,906 65 9/30/2014 2003 Los Angeles, CA (g) 3,499 860 — 4,359 71 9/30/2014 2001 Los Angeles, CA (g) 2,761 1,235 — 3,996 102 9/30/2014 1999 San Clemente, CA (g) 3,447 985 — 4,432 82 9/30/2014 2003 San Diego, CA (g) 2,002 284 — 2,286 23 9/30/2014 2006 San Diego, CA (g) 3,633 783 — 4,416 65 9/30/2014 2009 San Diego, CA (g) 1,767 705 — 2,472 59 9/30/2014 2014 Santa Ana, CA (g) 2,090 598 — 2,688 49 9/30/2014 2008 Village at Chapel Hill: Douglasville, GA (g) 2,481 10,504 36 13,021 974 1/27/2015 2009 Vitamin Shoppe: Taylor, MI (g) 820 399 — 1,219 30 1/29/2015 2015 Walgreens: Baton Rouge, LA (g) 822 4,257 — 5,079 352 9/26/2014 2006 Clinton Township, MI $ 4,275 2,399 2,977 — 5,376 254 11/26/2014 2000 Delavan, WI (g) 245 4,022 — 4,267 333 9/26/2014 2006 Edmond, OK (g) 889 3,206 — 4,095 272 8/8/2014 2007 Greenville, OH (g) 953 3,164 — 4,117 242 12/15/2014 2006 Harrison, AR 4,825 353 5,184 — 5,537 452 11/26/2014 2005 Houma, LA (g) 1,343 3,100 — 4,443 257 9/26/2014 2007 Indianapolis, IN 4,675 1,238 4,734 — 5,972 415 11/26/2014 1999 Kilgore, TX (g) 588 5,074 — 5,662 455 6/27/2014 2007 Kokomo, IN (g) 204 3,408 — 3,612 282 9/26/2014 2006 Lees Summit, MO 4,250 1,008 4,270 — 5,278 372 11/26/2014 1997 Lubbock, TX (g) 845 3,598 — 4,443 298 9/26/2014 2006 Richmond, IN (g) 138 4,923 — 5,061 407 9/26/2014 2006 Salisbury, NC (g) 920 3,246 — 4,166 268 9/26/2014 2006 San Antonio, TX (g) 2,051 6,379 — 8,430 526 9/26/2014 2005 Siloam Springs, AR 3,900 933 4,146 — 5,079 361 11/26/2014 2007 Slidell, LA 3,075 1,557 2,714 — 4,271 235 11/26/2014 1996 Sulphur, LA (g) 1,019 2,875 — 3,894 238 9/26/2014 2006 Whiteville, NC (g) 888 3,453 — 4,341 286 9/26/2014 2007 West Marine: Chicago, IL (g) 5,546 5,748 — 11,294 352 8/28/2015 2015 Western Crossing: Jacksonville, NC (g) 2,507 8,370 — 10,877 94 8/18/2017 2015 Winn-Dixie: Amite, LA (g) 286 2,297 — 2,583 288 9/30/2014 1994 $ 92,600 $ 142,987 $ 416,245 $ 604 $ 559,836 $ 29,777 As of December 31, 2017 , the Company owned 127 retail properties and nine anchored shopping centers. (b) The aggregate cost for federal income tax purposes was $648.6 million . (c) The following is a reconciliation of total real estate carrying value for the years ended December 31 (in thousands): Years Ended December 31, 2017 2016 2015 Balance, beginning of period $ 450,556 $ 424,404 $ 346,353 Additions: Acquisitions 109,010 25,852 78,051 Improvements 270 300 — Total additions 109,280 26,152 78,051 Balance, end of period $ 559,836 $ 450,556 $ 424,404 (d) Gross intangible lease assets of $79.3 million and the associated accumulated amortization of $16.4 million are not reflected in the table above. (e) The following is a reconciliation of accumulated depreciation for the years ended December 31 (in thousands): Years Ended December 31, 2017 2016 2015 Balance, beginning of period $ 19,295 $ 10,058 $ 1,563 Additions: Acquisitions - Depreciation expense for building, acquisitions costs and tenant improvements acquired 10,238 9,208 8,493 Improvements - Depreciation expense for tenant improvements and building equipment 244 29 2 Total additions 10,482 9,237 8,495 Balance, end of period $ 29,777 $ 19,295 $ 10,058 (f) The Company’s assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, buildings are depreciated over 40 years , site improvements are amortized over 15 years , and tenant improvements are amortized over the remaining life of the lease or the useful life, whichever is shorter. (g) Property is included in the Prior Credit Facility’s borrowing base. As of December 31, 2017 , the Company had $217.0 million outstanding under the Prior Credit Facility.

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Accounting	The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”), in all material respects, and have been consistently applied in preparing the accompanying consolidated financial statements.
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying consolidated 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 consolidated financial statements for prior periods have been reclassified to conform to the current period presentation. The Company has chosen to break out distribution and stockholder servicing fees paid of $16,000 from offering costs on issuance of common stock of $8.17 million , which was previously reported in total as $8.19 million in the Company’s consolidated statements of cash flows for the year ended December 31, 2016 . This reclassification had no effect on previously reported totals or subtotals. In connection with the adoption of Accounting Standards Update (“ASU”) 2016-18, as defined in “Recent Accounting Pronouncements,” transfers to or from restricted cash which have previously been shown in the Company’s investing activities section of the consolidated statements of cash flows are now required to be shown as part of the total change in cash, cash equivalents and restricted cash in the consolidated statements of cash flows. This change resulted in an increase in cash flows from investing activities of $260,000 during the year ended December 31, 2016 and a decrease of $354,000 in cash flows from investing activities during the year ended December 31, 2015 .
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Real Estate Assets, Recoverability of Real Estate Assets, and Assets Held for Sale	Real Estate Assets Real estate assets are stated at cost, less accumulated depreciation and amortization. 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 Site improvements 15 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 years ended December 31, 2017 , 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. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The fair values of above- and below-market lease intangibles are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) an estimate of fair market lease rates for the corresponding in-place leases, which is generally obtained from independent appraisals, measured over a period equal to the remaining non-cancelable term of the lease including, for below-market leases, any bargain renewal periods. The above-market and below-market lease intangibles are capitalized as intangible lease assets or liabilities, respectively. Above-market leases are amortized as a reduction to rental income over the remaining terms of the respective leases. Below-market leases are amortized as an increase to rental income over the remaining terms of the respective leases, including any bargain renewal periods. In considering whether or not the Company expects a tenant to execute a bargain renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition, such as the financial strength of the tenant, remaining lease term, the tenant mix of the leased property, the Company’s relationship with the tenant and the availability of competing tenant space. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above-market or below-market lease intangibles relating to that lease would be recorded as an adjustment to rental income. The fair values of in-place leases include estimates of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rental and other property income, which are avoided by acquiring a property with an in-place lease. Direct costs associated with obtaining a new tenant include leasing commissions, legal and other related expenses and are estimated in part by utilizing information obtained from independent appraisals and management’s consideration of current market costs to execute a similar lease. The intangible values of opportunity costs, which are calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease, are capitalized as intangible lease assets and are amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed. The Company may acquire certain properties subject to contingent consideration arrangements that may obligate the Company to pay additional consideration to the seller based on the outcome of future events. Additionally, the Company may acquire certain properties for which it funds certain contingent consideration amounts into an escrow account pending the outcome of certain future events. The outcome may result in the release of all or a portion of the escrow funds to the Company or the seller or a combination thereof. Prior to the adoption of ASU 2017-01 (as defined below) in April 2017, contingent consideration arrangements, including amounts funded through an escrow account, were recorded upon acquisition of the respective property at their estimated fair value, and any changes to the estimated fair value subsequent to acquisition were reflected in the accompanying consolidated statements of operations in acquisition-related fees and expenses. Upon adoption of ASU 2017-01 in April 2017, contingent consideration arrangements for asset acquisitions are recognized when the contingency is resolved. The determination of the amount of contingent consideration arrangements is based on the probability of several possible outcomes as identified by management. The Company estimates the fair value of assumed mortgage notes payable based upon indications of current market pricing for similar types of debt financing with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and any difference between such estimated fair value and the mortgage note’s outstanding principal balance is amortized or accreted to interest expense over the term of the respective mortgage note payable. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations. In April 2017, the Company elected to early adopt ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”), which clarifies the definition of a business by adding guidance to assist entities in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Beginning in April 2017, all real estate acquisitions qualified as asset acquisitions, and as such, acquisition-related fees and certain acquisition-related expenses related to these asset acquisitions were capitalized and allocated to tangible and intangible assets and liabilities as described above. Prior to the adoption of ASU 2017-01 in April 2017, all of the Company’s real estate acquisitions were accounted for as business combinations, and as such, acquisition-related expenses related to these business combination acquisitions were expensed as incurred. Prior to April 2017, acquisition-related expenses in the Company’s consolidated statements of operations primarily consisted of legal, deed transfer and other costs related to real estate purchase transactions, including costs incurred for deals that were not consummated. The Company expects its future acquisitions to qualify as asset acquisitions, and as such, the Company will allocate 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 a relative fair value basis.
Cash and Cash Equivalents, Restricted Cash and Escrows	Cash and Cash Equivalents, Restricted Cash and Escrows Cash and cash equivalents include cash in bank accounts, as well as investments in highly-liquid money market funds. The Company deposits cash with several high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) up to an insurance limit of $250,000. At times, the Company’s cash and cash equivalents may exceed federally insured levels. Although the Company bears risk on amounts in excess of those insured by the FDIC, it has not experienced and does not anticipate any losses due to the high quality of the institutions where the deposits are held. The Company had $346,000 and $94,000 in restricted cash as of December 31, 2017 and 2016 , respectively. Included in restricted cash were $94,000 held by lenders in lockbox accounts as of December 31, 2017 and 2016 . 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. Restricted cash also included $2,000 held by lenders in escrow accounts in accordance with the associated lender’s loan agreement as of December 31, 2017
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining commitments for financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are written off when the associated debt is refinanced or repaid before maturity. The presentation of all deferred financing costs, other than those associated with the revolving loan portion of the credit facility, are classified such that the debt issuance costs related to a recognized debt liability are presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability rather than as an asset. Debt issuance costs related to securing a revolving line of credit are presented as an asset and amortized ratably over the term of the line of credit arrangement. As such, the Company’s current and corresponding prior period total deferred costs, net in the accompanying consolidated balance sheets relate only to the revolving loan portion of the credit facility and the historical presentation, amortization and treatment of unamortized costs are still applicable. As of December 31, 2017 and 2016 , the Company had $183,000 and $296,000 , respectively, of deferred financing costs, net of accumulated amortization, related to the revolving loan portion of the credit facility. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined the financing will not close.
Distribution and Stockholder Servicing Fees	Distribution and Stockholder Servicing Fees The Company pays CCO Capital a distribution and stockholder servicing fee for Class T Shares sold in the primary portion of the Offerings. 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 estimated per share NAV of the Class T Shares sold in the primary portion of the Initial Offering. Beginning on October 5, 2016, the calculation of the daily amount of the distribution and stockholder servicing fee was changed to equal 1/365th of 1.0% of the estimated per share NAV of the Class T Shares sold in the primary portion of the Offerings. 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 Offerings. The Company will cease paying the distribution and stockholder servicing fee with respect to Class T Shares at the earliest of: (i) the end of the month in which the transfer agent, on the Company’s behalf, determines that 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, or a lower limit agreed upon between the dealer manager and the participating broker-dealer at the time such Class T Shares were sold; (ii) the date on which the aggregate underwriting compensation from all sources equals 10.0% of the gross proceeds from the aggregate sale of Class A Shares and Class T Shares in the primary offering (i.e., excluding proceeds from sales pursuant to the DRIP); (iii) the fourth anniversary of the last day of the month in which the offering in which such Class T Shares were purchased (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 (such as the sale of the Company, the sale of all or substantially all of the Company’s assets, a merger or similar transaction, the listing of the Company’s shares of common stock for trading on a national securities exchange or an alternative strategy that would result in a significant increase in the opportunities for stockholders to dispose of their shares). CCO Capital may, in its discretion, reallow to participating broker-dealers all or a portion of the distribution and stockholder servicing fee. At the time the Company ceases paying the distribution and stockholder servicing fee with respect to an outstanding Class T Share pursuant to the provisions above, such Class T Share will convert into a number of Class A Shares (including any fractional shares) with an equivalent NAV as such share. The distribution and stockholder servicing fee is paid monthly in arrears. An estimated liability for future distribution and stockholder servicing fees payable to CCO Capital is recognized at the time each Class T Share is sold and included in due to affiliates in the consolidated balance sheets with a corresponding decrease to capital in excess of par value.
Due to Affiliates	Due to Affiliates CR V Advisors, and certain of its affiliates, received and will continue to receive, fees, reimbursements and compensation in connection with services provided relating to the Offerings and the acquisition, management, financing and leasing of the properties of the Company.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company accounts for its derivative instruments at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the effective portion of the derivative instrument that is designated as a hedge is recorded as other comprehensive income (loss). The changes in fair value for derivative instruments that are not designated as hedges or that do not meet the hedge accounting criteria are recorded as a gain or loss to operations.
Redeemable Common Stock	Redeemable Common Stock Under the Company’s share redemption program, the Company’s obligation to redeem shares of its outstanding common stock is limited, among other things, to the net proceeds received by the Company from the sale of shares under the DRIP, net of shares redeemed to date. The Company records amounts that are redeemable under the share redemption program as redeemable common stock outside of permanent equity in its consolidated balance sheets. Changes in the amount of redeemable common stock from period to period are recorded as an adjustment 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 straight-line rent, and current and future operating expense reimbursements from tenants 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 uncertain, the Company will record an increase in the allowance for uncollectible accounts.
Income Taxes	Income Taxes The Company elected to be taxed as a REIT for federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with its taxable year ended December 31, 2014. The Company will generally not be subject to federal corporate income tax to the extent it distributes its taxable income to its stockholders, and so long as it, among other things, distributes at least 90% of its annual taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). REITs are subject to a number of other organizational and operational requirements. Even if the Company maintains its qualification for taxation as a REIT, it or its subsidiaries may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income.
Earnings (Loss) and Distributions Per Share	Earnings (Loss) and Distributions Per Share The Company has two classes of common stock. Accordingly, the Company utilizes the two-class method to determine its 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 the years ended December 31, 2017 , 2016 or 2015 . Distributions per share is calculated based on the authorized daily distribution rate.
Offering and Related Costs	Offering and Related Costs CR V Advisors funds all of the organization and offering costs on the Company’s behalf (excluding selling commissions and dealer manager fees) and may be reimbursed for such costs up to 2.0% of aggregate gross proceeds from the Offerings. As of December 31, 2017 , CR V Advisors had paid organization and offering costs in excess of the 2.0% in connection with the Offerings. These excess costs were not included in the financial statements of the Company because such costs were not a liability of the Company as they exceeded 2.0% of aggregate gross proceeds from the Offerings. As the Company raises additional proceeds from the Offerings, these excess costs may become payable. When recorded by the Company, organization costs are expensed as incurred, and offering costs, which include items such as legal and accounting fees, marketing, personnel, promotional and printing costs, are recorded as a reduction of capital in excess of par value along with selling commissions, dealer manager fees and distribution and stockholder servicing fees in the period in which they become payable.
Reportable Segment	Reportable Segment The Company’s commercial real estate assets consist of income-producing necessity retail properties that are primarily single-tenant or anchored shopping centers, which are leased to creditworthy tenants under long-term net leases. The commercial properties are geographically diversified throughout the United States and have similar economic characteristics. The Company’s management evaluates operating performance on an overall portfolio level; therefore, the Company’s properties are one reportable segment.
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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. Except as otherwise stated below, 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: In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which supersedes the revenue recognition requirements in Revenue Recognition, Accounting Standards Codification (“ASC”) (Topic 605) and will require an entity to recognize revenue in a way that depicts 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. For public business entities, the guidance should be applied to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. In accordance with the Company’s plan for the adoption of ASU 2014-09, the Company’s implementation team has identified all of the Company’s revenue streams and real estate sales and concluded that upon adoption, there will not be a material impact on the Company’s consolidated financial statements and disclosures. The Company plans to adopt ASU 2014-09 effective January 1, 2018 using the modified retrospective approach. In addition, the Company evaluated controls around the implementation of ASU 2014-09 and has concluded there will be no significant impact on the Company’s control structure. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which will require that a lessee recognize assets and liabilities on the balance sheet for all leases with a lease term of more than 12 months, with the result being the recognition of a right of use asset and a lease liability and the disclosure of key information about the entity’s leasing arrangements. The lessor accounting model under ASU 2016-02 is similar to current guidance; however it limits the capitalization of initial direct leasing costs, such as internally generated costs. ASU 2016-02 retains a distinction between finance leases (i.e., capital leases under current GAAP) and operating leases. The amendments in ASU 2016-02 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. A modified retrospective approach is required for existing leases that have not expired upon adoption and provides for certain practical expedients. The Company is still evaluating the full impact of ASU 2016-02 on its consolidated financial statements; however, the Company plans to adopt ASU 2016-02 as of January 1, 2019 and anticipates that it will elect a practical expedient offered in ASU 2016-02 that allows an entity to not reassess the following upon adoption (elected as a group): (i) whether an expired or existing contract contains a lease arrangement; (ii) lease classification related to expired or existing lease arrangements; or (iii) whether costs incurred on expired or existing leases qualify as initial direct costs. As a result of the adoption, all leases for which we are the lessee, including ground leases (if any), will be recorded on the Company’s consolidated financial statements as either financing leases or operating leases with a related right of use asset and lease liability. In addition, certain executory and non-lease components, such as common area maintenance, may need to be accounted for separately from the lease component of the lease. Lease components will continue to be recognized on a straight-line basis over the lease term and certain non-lease components will be accounted for under the new revenue recognition guidance in ASU 2014-09 as mentioned above. In January 2018, the FASB proposed amending Topic 842 to allow lessors the option to combine lease and non-lease components when certain criteria are met. ASU No. 2016-01, Financial Instruments (Subtopic 825-10) (“ASU 2016-01”) — 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. The Company will adopt ASU 2016-01 during the first quarter of fiscal year 2018 and does not expect it will have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) (“ASU 2016-13”). ASU 2016-13 is intended to improve financial reporting requiring more timely recognition 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 under current GAAP. ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company is currently evaluating the impact this amendment will have on its consolidated financial statements. In August 2016, the FASB issued ASU No. 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. ASU 2016-15 is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted, and requires retrospective adoption unless it is impracticable to apply, in which case it is to be applied prospectively as of the earliest date practicable. The Company adopted ASU 2016-15 during the fourth quarter of fiscal year 2017 and has determined that this standard is relevant to its presentation of debt prepayment and debt extinguishment costs and contingent consideration payments made after a business combination. Following the retrospective adoption of this standard, the Company determined these items did not have a material impact on the consolidated statements of cash flows. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”), which provides guidance on the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. In accordance with ASU 2016-18, restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the statements of cash flows. The amendments of ASU 2016-18 are effective for reporting periods beginning after December 15, 2017, with early adoption permitted. The Company adopted ASU 2016-18 during the fourth quarter of 2017 and applied the standard retrospectively for all periods presented. Accordingly, for the years ended December 31, 2017, 2016 and 2015, the Company included restricted cash within cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the statements of cash flows and removed the change in restricted cash from cash flows from investing activities. This change resulted in an increase in cash flows from investing activities of $260,000 during the year ended December 31, 2016 and a decrease of $354,000 in cash flows from investing activities during the year ended December 31, 2015. In February 2017, the FASB issued ASU No. 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”), which clarifies the following: (1) nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty; (2) an entity should allocate consideration to each distinct asset by applying the guidance in Topic 606 on allocating the transaction price to performance obligations; and (3) entities are required to derecognize a distinct nonfinancial asset or distinct in substance nonfinancial asset in a partial sale transaction when it (a) does not have (or ceases to have) a controlling financial interest in the legal entity that holds the asset in accordance with Subtopic 810 and (b) transfers control of the asset in accordance with Topic 606. The adoption of this standard may result in higher gains on the sale of partial real estate interests, including contributions of nonfinancial assets to a joint venture or other noncontrolling investee, due to recognizing the full gain when the derecognition criteria are met and recording the retained noncontrolling interest at its fair value. ASU 2017-05 is effective for annual periods, and interim periods therein, beginning after December 15, 2017. Early adoption is permitted. The standard is applied prospectively to sales of nonfinancial assets on or after the adoption date. The Company plans to adopt ASU 2017-05 effective January 1, 2018 using the modified retrospective approach and does not expect it will have a material impact on the Company’s consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). The targeted amendments in this ASU help simplify certain aspects of hedge accounting and result in a more accurate portrayal of the economics of an entity’s risk management activities in its financial statements. This ASU applies to the Company’s interest rate swaps designated as cash flow hedges. Upon adoption of this ASU, all changes in the fair value of highly effective cash flow hedges will be recorded in accumulated other comprehensive income rather than recognized directly in earnings. Under current GAAP, the ineffective portion of the change in fair value of cash flow hedges is recognized directly in earnings. This eliminates the requirement to separately measure and disclose ineffectiveness for qualifying cash flow hedges. ASU 2017-12 is effective for public entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The ASU is required to be adopted using a modified retrospective approach with early adoption permitted. The Company plans to adopt ASU 2017-12 during the first quarter of fiscal year 2018 and does not expect that it will have a material impact on the Company’s consolidated financial statements.

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Investment in and valuation of real estate	The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Site improvements 15 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term
Schedule of cash and cash equivalents and restricted cash	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying consolidated balance sheets to the combined amounts shown on the accompanying consolidated statements of cash flows (in thousands): As of December 31, 2017 2016 2015 Cash and cash equivalents $ 1,173 $ 19,161 $ 10,110 Restricted cash 346 94 354 Total cash and cash equivalents and restricted cash shown in the statement of cash flows $ 1,519 $ 19,255 $ 10,464

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Liabilities Measured on Recurring Basis	In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2017 and 2016 (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant December 31, 2017 (Level 1) (Level 2) (Level 3) Financial assets: Interest rate swaps $ 845 $ — $ 845 $ — Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant December 31, 2016 (Level 1) (Level 2) (Level 3) Financial asset: Interest rate swap $ 238 $ — $ 238 $ — Financial liability: Interest rate swap $ (634 ) $ — $ (634 ) $ —

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Schedule of Real Estate Assets Acquired	The following table summarizes the consideration transferred for the 2017 Acquisitions (in thousands): 2017 Acquisitions Real estate assets: Purchase price of asset acquisitions $ 119,034 Purchase price of business combinations 14,878 Total purchase price of real estate assets acquired (1) $ 133,912 ______________________ (1) The weighted average amortization period for the 2017 Acquisitions is 13.4 years for acquired in-place leases and other intangibles, 16.6 years for acquired above-market leases and 12.9 years for acquired intangible lease liabilities.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the purchase price allocations for the 2017 Business Combination Acquisitions purchased during the year ended December 31, 2017 (in thousands): 2017 Business Combination Acquisitions Land $ 2,099 Buildings and improvements 11,342 Acquired in-place leases and other intangibles 1,437 Total purchase price $ 14,878 The following table summarizes the purchase price allocation for the 2015 Acquisitions (in thousands): 2015 Acquisitions Land $ 19,395 Buildings and improvements 58,658 Acquired in-place leases and other intangibles (1) 7,974 Acquired above-market leases (2) 1,360 Intangible lease liabilities (3) (961 ) Total purchase price $ 86,426 ______________________ (1) The weighted average amortization period for acquired in-place leases and other intangibles was 12.8 years for the 2015 Acquisitions. (2) The weighted average amortization period for acquired above-market leases was 10.5 years for the 2015 Acquisitions. (3) The weighted average amortization period for acquired intangible lease liabilities was 9.8 years for the 2015 Acquisitions. The following table summarizes the purchase price allocation for the 2016 Acquisitions (in thousands): 2016 Acquisitions Land $ 7,441 Buildings and improvements 18,411 Acquired in-place leases and other intangibles (1) 1,762 Total purchase price $ 27,614 _________________________________ (1) The weighted average amortization period for acquired in-place leases and other intangibles was 11.7 years for the 2016 Acquisitions. The following table summarizes the purchase price allocation for the 2017 Asset Acquisitions purchased during the year ended December 31, 2017 (in thousands): 2017 Asset Acquisitions Land $ 26,647 Buildings and improvements 68,922 Acquired in-place leases and other intangibles 22,673 Acquired above-market leases 1,665 Intangible lease liabilities (873 ) Total purchase price $ 119,034
Business Acquisition, Pro Forma Information	The table below presents the Company’s estimated revenue and net loss, on a pro forma basis, for the years ended December 31, 2016 and 2015 (in thousands): Year Ended Year Ended December 31, 2016 December 31, 2015 Pro forma basis (unaudited): Revenue $ 40,741 $ 37,646 Net loss $ (606 ) $ (3,080 ) The table below presents the Company’s estimated revenue and net income (loss), on a pro forma basis, for the year ended December 31, 2015 and for the period from March 18, 2014 to December 31, 2014. (in thousands): Year Ended Period from March 18, 2014 to December 31, 2015 December 31, 2014 Pro forma basis (unaudited): Revenue $ 37,719 $ 11,385 Net income (loss) $ 407 $ (10,385 ) The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the years ended December 31, 2017 and 2016 (in thousands): Year Ended Year Ended December 31, 2017 December 31, 2016 Pro forma basis (unaudited): Revenue $ 45,568 $ 41,572 N et income $ 1,644 $ 1,058

Intangible Lease Assets (Tables

Intangible Lease Assets (Tables)	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of finite-lived intangible assets	Intangible lease assets consisted of the following (in thousands, except weighted average life remaining amounts): As of December 31, 2017 2016 In-place leases and other intangibles, net of accumulated amortization of $13,899 and $8,950, respectively (with a weighted average life remaining of 11.3 years and 11.5 years, respectively) $ 56,443 $ 37,251 Acquired above-market leases, net of accumulated amortization of $2,519 and $1,684, respectively (with a weighted average life remaining of 11.8 years and 11.9 years, respectively) 6,407 5,578 $ 62,850 $ 42,829
Schedule of finite-lived intangible assets amortization expense	The following table summarizes the amortization expense related to the intangible lease assets for the years ended December 31, 2017 , 2016 and 2015 (in thousands): Year Ended December 31, 2017 2016 2015 In-place lease and other intangible amortization $ 5,001 $ 4,204 4,041 Above-market lease amortization 835 799 811
Schedule of finite-lived intangible assets, future amortization expense	Estimated amortization expense related to the intangible lease assets as of December 31, 2017 for each of the five succeeding fiscal years is as follows (in thousands): Amortization Year Ending December 31, In-Place Leases and Other Intangibles Above-Market Leases 2018 $ 5,773 $ 745 2019 $ 5,452 $ 604 2020 $ 5,242 $ 550 2021 $ 5,176 $ 532 2022 $ 4,973 $ 517

Derivative Instruments and He31

Derivative Instruments and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2017
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 December 31, 2017 and 2016 (in thousands): Outstanding Notional Amount as of December 31, 2017 Interest Rate (1) Effective Date Maturity Date Fair Value of Assets as of December 31, Balance Sheet Location 2017 2016 Interest Rate Swaps Derivative assets, prepaid expenses and property escrow deposits (2) $ 141,100 3.49% to 4.02% 12/31/2015 to 1/15/2016 4/25/2019 to 2/1/2021 $ 845 $ 238 _____________________________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of December 31, 2017 . (2) As of December 31, 2016 , one of the interest rate swaps with an aggregate outstanding notional amount of $120.0 million was in a liability position with an aggregate fair value balance of $634,000 and is included in deferred rental income and other liabilities in the accompanying consolidated balance sheets.

Notes Payable and Credit Faci32

Notes Payable and Credit Facility (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the debt balances as of December 31, 2017 and 2016 , and the debt activity for the year ended December 31, 2017 (in thousands): During The Year Ended December 31, 2017 Balance as of December 31, 2016 Debt Issuance, Repayments Accretion and (Amortization) Balance as of December 31, 2017 Credit facility $ 120,000 $ 134,700 $ (37,700 ) — $ 217,000 Fixed rate debt 135,350 — (42,750 ) — 92,600 Total debt $ 255,350 $ 134,700 $ (80,450 ) $ — $ 309,600 Net premiums (1) 108 — — (108 ) — Deferred costs (2) (1,540 ) — — 499 (1,041 ) Total debt, net $ 253,918 $ 134,700 $ (80,450 ) $ 391 $ 308,559 ____________________________________ (1) 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. (2) Deferred costs relate to mortgage notes payable and the term portion of the Prior Credit Facility, as defined below.
Schedule of Maturities of Long-term Debt	The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt as of December 31, 2017 for each of the five succeeding fiscal years and the period thereafter (in thousands): Year Ending December 31, Principal Repayments 2018 $ 97,000 2019 120,000 2020 388 2021 68,009 2022 428 Thereafter 23,775 Total $ 309,600

Intangible Lease Liabilities (T

Intangible Lease Liabilities (Tables)	12 Months Ended
	Dec. 31, 2017
Other Liabilities Disclosure [Abstract]
Schedule of finite-lived intangible liabilities	Intangible lease liabilities consisted of the following (in thousands, except weighted average life remaining amounts): As of December 31, 2017 2016 Acquired below-market lease intangibles, net of accumulated amortization of $1,678 and $1,123, respectively, (with a weighted average life remaining of 7.9 years and 8.1 years, respectively) $ 4,019 $ 3,708
Schedule of amortization expense of below market lease	The following table summarizes the amortization of the intangible lease liabilities for the years ended December 31, 2017 , 2016 and 2015 (in thousands): Year Ended December 31, 2017 2016 2015 Below-market lease amortization $ 561 $ 541 $ 535
Schedule of finite-lived intangible liabilities, future amortization expense	Estimated amortization of the intangible lease liabilities as of December 31, 2017 for each of the five succeeding fiscal years is as follows (in thousands): Year Ending December 31, Amortization of Below-Market Leases 2018 $ 594 2019 $ 555 2020 $ 479 2021 $ 460 2022 $ 380

Supplemental Cash Flow Disclo34

Supplemental Cash Flow Disclosures (Tables)	12 Months Ended
	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Supplemental cash flow disclosures for the years ended December 31, 2017 , 2016 and 2015 are as follows (in thousands): Year Ended December 31, 2017 2016 2015 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Common stock issued through distribution reinvestment plan $ 10,696 $ 8,597 $ 6,701 Distributions declared and unpaid $ 2,049 $ 1,663 $ 1,218 Change in accrued distribution and stockholder servicing fees, dealer manager fees and other offering costs $ 1,013 $ 322 $ 20 Accrued capital expenditures $ 70 $ — $ — Change in fair value of interest rate swaps $ 1,209 $ 737 $ (1,133 ) Supplemental Cash Flow Disclosures: Interest paid $ 10,466 $ 10,973 $ 9,528

Related-Party Transactions an35

Related-Party Transactions and Arrangements (Tables)	12 Months Ended
	Dec. 31, 2017
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): Year Ended December 31, 2017 2016 2015 Selling commissions $ 4,021 $ 4,691 $ 3,261 Dealer manager fees $ 1,553 $ 1,642 $ 1,024 Other organization and offering expenses $ 1,766 $ 1,816 $ 1,177 Distribution and stockholder servicing fees (1) $ 197 $ 16 $ — Acquisition fees and expenses (2) $ 3,077 $ 690 $ 2,167 Advisory fees and expenses (2) $ 5,442 $ 4,841 $ 3,973 Operating expenses (2) $ 2,100 $ 2,035 $ 1,721 ______________________ (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 CCO Capital of $1.1 million , which is included in due to affiliates in the consolidated 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 year ended December 31, 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 these sums. No expense reimbursements were waived during the years ended December 31, 2016 and 2017 .

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Schedule of Dividends and Distributions	The following table shows the character of the distributions paid on a percentage basis for the years ended December 31, 2017 , 2016 and 2015 : Year Ended December 31, Character of Distributions: 2017 2016 2015 Ordinary dividends 21.0 % 10.5 % 33.6 % Nondividend distributions 79.0 % 89.5 % 66.4 % Total 100.0 % 100.0 % 100.0 %

Operating Leases Operating Leas

Operating Leases Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2017
Leases [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	The future minimum rental income from the Company’s real estate assets under non-cancelable operating leases, assuming no exercise of renewal options, as of December 31, 2017 , was as follows (in thousands): Year Ending December 31, Future Minimum Rental Income 2018 $ 44,021 2019 43,646 2020 42,821 2021 42,277 2022 40,602 Thereafter 269,480 Total $ 482,847

Quarterly Results (Unaudited) (

Quarterly Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2017 and 2016 (in thousands, except for per share amounts). In the opinion of management, the information for the interim periods presented includes all adjustments, which are of a normal and recurring nature, necessary to present a fair presentation of the results for each period. December 31, 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 9,983 $ 10,848 $ 11,749 $ 12,790 Acquisition-related expenses $ 470 $ 22 $ 35 $ 211 Operating income $ 2,502 $ 3,210 $ 3,678 $ 3,670 Net (loss) income $ (102 ) $ 450 $ 718 $ 443 Basic and diluted net (loss) income per share - Class A common stock (1), (2) $ (0.01 ) $ 0.03 $ 0.05 $ 0.03 Distributions declared per common share - Class A common stock (1), (2) $ 0.387 $ 0.393 $ 0.397 $ 0.398 Basic and diluted net loss per share - Class T common stock (1), (2) $ (0.06 ) $ (0.02 ) $ (0.01 ) $ (0.03 ) Distributions declared per common share - Class T common stock (1), (2) $ 0.387 $ 0.393 $ 0.397 $ 0.398 _______________________________________________________ (1) The sum of the quarterly net income (loss) per share amounts does not agree to the full year net loss per share amounts. The Company calculates net income (loss) per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters. (2) Pursuant to a Registration Statement on Form S-11 (Registration No. 333-215274) under the Securities Act and declared effective by the SEC on August 1, 2017, the Company commenced the Follow-on Offering of up to an aggregate of $1.2 billion in Class A Shares and Class T Shares in the primary portion of the offering (up to $660.0 million in Class A Shares and up to $540.0 million in Class T Shares) and an additional $300.0 million in shares of common stock pursuant to the DRIP. December 31, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 9,767 $ 10,445 $ 10,041 $ 10,185 Acquisition-related expenses $ 1,250 $ 24 $ 2 $ 10 Operating income $ 1,783 $ 3,017 $ 3,026 $ 3,267 Net (loss) income $ (1,315 ) $ (39 ) $ (20 ) $ 189 Basic and diluted net (loss) income per share - Class A common stock (1) $ (0.13 ) $ (0.00 ) $ (0.00 ) $ 0.02 Distributions declared per common share - Class A common stock $ 0.391 $ 0.392 $ 0.396 $ 0.396 Basic and diluted net loss per share - Class T common stock (1), (2) $ — $ (0.05 ) $ (0.05 ) $ (0.04 ) Distributions declared per common share - Class T common stock (2) $ — $ 0.219 $ 0.396 $ 0.396 __________________________________________________ (1) The sum of the quarterly net income (loss) per share amounts does not agree to the full year net loss per share amounts. The Company calculates net income (loss) per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters. (2) In connection with Post-Effective Amendment No. 3 to the Company’s Registration Statement on Form S-11 for the Initial Offering, 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 Initial Offering, in Class T Shares, along with up to $1,375,000,000 in Class A Shares.

Organization and Business (Offe

Organization and Business (Offerings) (Details)	Mar. 18, 2014USD ($)shares	Feb. 07, 2014USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)	Dec. 31, 2017USD ($)$ / sharesshares	Mar. 29, 2018$ / shares	Mar. 28, 2018$ / shares	Aug. 01, 2017USD ($)	Apr. 29, 2016USD ($)$ / shares	Apr. 11, 2016$ / shares	Mar. 31, 2016$ / shares	Feb. 29, 2016$ / shares	Mar. 17, 2014USD ($)
Class of Stock [Line Items]
Common stock authorized									$ 1,200,000,000
Reverse stock split, conversion ratio		2.5
Common stock outstanding (shares) | shares		8,000
Proceeds from issuance of common stock			$ 77,251,000	$ 81,430,000	$ 51,169,000
Net asset value per share | $ / shares			$ 22.18	$ 24		$ 22.18							$ 24
Due to affiliates			$ 1,787,000	$ 1,342,000		$ 1,787,000
Issuance of common stock			$ 87,947,000	$ 90,027,000	57,870,000
CCPT IV OP
Class of Stock [Line Items]
General partner partnership interest percentage			100.00%
Initial public offering
Class of Stock [Line Items]
Common stock authorized		$ 2,500,000,000							1,200,000,000	$ 2,500,000,000				$ 2,975,000,000
Share price (USD per share) | $ / shares											$ 26.37
Issuance of common stock (shares) | shares	110,000
Common stock outstanding (shares) | shares			16,300,000			16,300,000
Proceeds from issuance of common stock						$ 409,600,000
Offering costs, selling commissions, and dealer management fees						$ 39,400,000
Issuance of common stock	$ 2,500,000
Distribution reinvestment plan
Class of Stock [Line Items]
Common stock authorized		$ 475,000,000							300,000,000
Share price (USD per share) | $ / shares											24
Net asset value per share | $ / shares			$ 22.18			$ 22.18
Common Class A
Class of Stock [Line Items]
Common stock authorized									660,000,000
Common stock outstanding (shares) | shares			14,241,888	12,327,579		14,241,888
Common Class A | Initial public offering
Class of Stock [Line Items]
Common stock authorized									660,000,000	$ 1,375,000,000
Share price (USD per share) | $ / shares		$ 25		$ 26.37						$ 26.37
Proceeds from issuance of common stock						$ 375,600,000
Common Class A | Distribution reinvestment plan
Class of Stock [Line Items]
Share price (USD per share) | $ / shares				24						$ 24	24	$ 23.75
Net asset value per share | $ / shares				$ 24
Common Class T
Class of Stock [Line Items]
Common stock authorized									540,000,000
Common stock outstanding (shares) | shares			1,347,920	321,223		1,347,920
Common Class T | Initial public offering
Class of Stock [Line Items]
Common stock authorized									$ 540,000,000	$ 1,125,000,000
Share price (USD per share) | $ / shares				$ 25.26						$ 25.26
Proceeds from issuance of common stock						$ 34,000,000
Net asset value per share | $ / shares										24
Offering costs, selling commissions, and dealer management fees			$ 213,000
Common Class T | Distribution reinvestment plan
Class of Stock [Line Items]
Share price (USD per share) | $ / shares				$ 24						$ 24	$ 24
Subsequent Event
Class of Stock [Line Items]
Net asset value per share | $ / shares								$ 24
Subsequent Event | Common Class A
Class of Stock [Line Items]
Share price (USD per share) | $ / shares							$ 24.37
Subsequent Event | Common Class A | Distribution reinvestment plan
Class of Stock [Line Items]
Share price (USD per share) | $ / shares							22.18
Subsequent Event | Common Class T
Class of Stock [Line Items]
Share price (USD per share) | $ / shares							23.35
Subsequent Event | Common Class T | Distribution reinvestment plan
Class of Stock [Line Items]
Share price (USD per share) | $ / shares							$ 22.18
Advisors | Distribution and stockholder servicing fees
Class of Stock [Line Items]
Expenses from transactions with related parties			197,000	$ 16,000	$ 0
Due to affiliates			$ 1,100,000			$ 1,100,000

Organization and Business (Real

Organization and Business (Real Estate Property) (Details) ft² in Millions	Dec. 31, 2017ft²statesproperty
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of owned properties (property) | property	136
Rentable square feet (sq_ft) | ft²	3.2
Number of states in which entity owns properties (state) | states	33
Percentage of rentable space leased (percent)	98.90%

Summary of Significant Accoun41

Summary of Significant Accounting Policies (Reclassifications) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Distribution and stockholder servicing fees paid	$ 197	$ 16	$ 0
Offering costs on issuance of common stock	$ 7,340	8,169	5,518
Scenario, Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Offering costs on issuance of common stock		8,190
Accounting Standards Update 2016-18
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Increase (Decrease) in Restricted Cash		$ 260	$ (354)

Summary of Significant Accoun42

Summary of Significant Accounting Policies (Real Estate Investments) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Impairment of real estate	$ 0	$ 0	$ 0
Real estates held for sale	$ 0	$ 0
Building
Real Estate Properties [Line Items]
Acquired real estate asset, useful life	40 years
Site Improvements
Real Estate Properties [Line Items]
Acquired real estate asset, useful life	15 years

Summary of Significant Accoun43

Summary of Significant Accounting Policies (Cash and Cash Equivalents, Restricted Cash and Escrows) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 1,173	$ 19,161	$ 10,110
Restricted cash	346	94	354
Total cash and cash equivalents and restricted cash shown in the statement of cash flows	1,519	19,255	$ 10,464	$ 6,907
Restricted Lockbox Accounts
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	94	$ 94
Escrowed Investor Proceeds
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	2
Lender Cash Management Accounts
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 250

Summary of Significant Accoun44

Summary of Significant Accounting Policies (Deferred Financing Costs) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Deferred costs, net	$ 1,041	$ 1,540
Secured Revolving Credit Facility | Revolving credit facility | Line of credit
Debt Instrument [Line Items]
Deferred costs, net	$ 183	$ 296

Summary of Significant Accoun45

Summary of Significant Accounting Policies (Distribution and Stockholder Servicing Fees) (Details)	Oct. 04, 2016	Dec. 31, 2016	Oct. 04, 2016	Dec. 31, 2017
Advisors | Distribution and stockholder servicing fees
Related Party Transaction [Line Items]
Related party transaction, daily distribution and servicing fee, termination of payments threshold, percentage of gross proceeds from shares in offering (percent)				10.00%
Common Class T
Related Party Transaction [Line Items]
Net asset value, daily accrual rate	0.00219%	0.00274%
Common Class T | Advisors
Related Party Transaction [Line Items]
Net asset value, daily accrual rate		0.00274%	0.00219%
Common Class T | Advisors | Distribution and stockholder servicing fees
Related Party Transaction [Line Items]
Related party transaction, daily distribution and servicing fee, termination of payments threshold, percentage of gross proceeds from shares in offering (percent)				4.00%

Summary of Significant Accoun46

Summary of Significant Accounting Policies (Revenue recognition and Earnings (Loss) per share (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)class_of_stockshares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015shares
Accounting Policies [Abstract]
Allowance for doubtful accounts | $	$ 40	$ 1
Classes of common stock | class_of_stock	2
Potentially dilutive share equivalents (shares) | shares	0	0	0

Summary of Significant Accoun47

Summary of Significant Accounting Policies (Offering and related costs) (Details)	Dec. 31, 2017
Maximum | Advisors | Other organization and offering expenses
Related Party Transaction [Line Items]
Organization and offering expense	2.00%

Summary of Significant Accoun48

Summary of Significant Accounting Policies (Reportable segments) (Details)	12 Months Ended
	Dec. 31, 2017segment
Accounting Policies [Abstract]
Number of reportable segments (segment)	1

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
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	$ 311.4	$ 256.4
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Lines of credit, fair value disclosure	$ 309.6	$ 255.4

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of Fair Value, Liabilities Measured on Recurring Basis) (Details) - Interest Rate Swap - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	$ 845	$ 238
Interest rate swap		(634)
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
Interest rate swap		0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	845	238
Interest rate swap		(634)
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	$ 0	0
Interest rate swap		$ 0

Real Estate Investments (Narrat

Real Estate Investments (Narrative) (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)property
Business Acquisition [Line Items]
Number of properties acquired | property									20
Purchase price of asset acquisitions	$ 133,900								$ 133,900
Weighted average useful life									7 years 10 months 24 days	8 years 1 month
Acquisition-related expenses	211	$ 35	$ 22	$ 470	$ 10	$ 2	$ 24	$ 1,250	$ 738	$ 1,286	$ 3,008
Acquisitions, 2017
Business Acquisition [Line Items]
Number of businesses acquired (property) | property									2
Weighted average useful life									12 years 10 months 11 days
Revenue of acquiree since acquisition date									$ 936
Income (loss) of acquiree since acquisition date									147
Acquisition-related expenses									407
Purchase price of business combinations	14,878								14,878
Acquisitions, 2016
Business Acquisition [Line Items]
Number of businesses acquired (property) | property										4
Acquired finite-lived intangible assets, weighted average useful life										11 years 8 months 11 days
Revenue of acquiree since acquisition date										$ 1,700
Income (loss) of acquiree since acquisition date										(333)
Acquisition-related expenses										1,200
Purchase price of business combinations										$ 27,600
Acquisitions, 2015
Business Acquisition [Line Items]
Number of businesses acquired (property) | property											33
Revenue of acquiree since acquisition date											$ 4,700
Income (loss) of acquiree since acquisition date											(1,100)
Acquisition-related expenses											3,000
Purchase price of business combinations											$ 86,400
2017 Asset Acquisitions
Business Acquisition [Line Items]
Purchase price of asset acquisitions	119,034								$ 119,034
Number of properties acquired through asset acquisitions | property									18
Capitalized acquisition-related expenses	$ 3,500								$ 3,500
Acquired in-place leases and other intangibles | Acquisitions, 2017
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life									13 years 4 months 11 days
Acquired in-place leases and other intangibles | Acquisitions, 2015
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life											12 years 9 months 18 days
Above Market Leases | Acquisitions, 2017
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life									16 years 7 months 11 days
Above Market Leases | Acquisitions, 2015
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life											10 years 6 months
Intangible lease liabilities | Acquisitions, 2015
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life											9 years 9 months 18 days

Real Estate Investments (Purcha

Real Estate Investments (Purchase Price of Real Estate Investment) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real Estate [Line Items]
Purchase price of asset acquisitions	$ 133,900
Total purchase price of real estate investments acquired	639,104	$ 504,019
2017 Asset Acquisitions
Real Estate [Line Items]
Purchase price of asset acquisitions	119,034
Acquisitions, 2017
Real Estate [Line Items]
Purchase price of business combinations	14,878
Total purchase price of real estate investments acquired	$ 133,912

Real Estate Investments (Schedu

Real Estate Investments (Schedule of Recognized Identified Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Land	$ 142,986	$ 114,241
Acquisitions, 2017
Business Acquisition, Purchase Price Allocation [Abstract]
Land	2,099
Buildings and improvements	11,342
Total purchase price	14,878
Acquisitions, 2017 | Acquired in-place leases and other intangibles
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired in-place leases and other intangibles	1,437
Acquisitions, 2016
Business Acquisition, Purchase Price Allocation [Abstract]
Land		7,441
Buildings and improvements		18,411
Total purchase price		27,614
Acquisitions, 2016 | Acquired in-place leases and other intangibles
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired in-place leases and other intangibles		$ 1,762
Acquisitions, 2015
Business Acquisition, Purchase Price Allocation [Abstract]
Land			$ 19,395
Buildings and improvements			58,658
Total purchase price			86,426
Acquisitions, 2015 | Acquired in-place leases and other intangibles
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired in-place leases and other intangibles			7,974
Acquisitions, 2015 | Acquired above-market leases
Business Acquisition, Purchase Price Allocation [Abstract]
Acquired in-place leases and other intangibles			1,360
Acquisitions, 2015 | Intangible lease liabilities
Business Acquisition, Purchase Price Allocation [Abstract]
Intangible lease liabilities			$ (961)
2017 Asset Acquisitions
Business Acquisition [Line Items]
Land	26,647
Buildings and improvements	68,922
Acquired in-place leases and other intangibles	22,673
Acquired above-market leases	1,665
Intangible lease liabilities	(873)
Business Acquisition, Purchase Price Allocation [Abstract]
Total purchase price	$ 119,034

Real Estate Investments (Busine

Real Estate Investments (Business Acquisition, Pro Forma Information) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Acquisitions, 2017
Pro forma basis (unaudited)
Revenue		$ 45,568	$ 41,572
Net income (loss)		$ 1,644	1,058
Acquisitions, 2016
Pro forma basis (unaudited)
Revenue			40,741	$ 37,646
Net income (loss)			$ (606)	(3,080)
Acquisitions, 2015
Pro forma basis (unaudited)
Revenue	$ 11,385			37,719
Net income (loss)	$ (10,385)			$ 407

Real Estate Assets (Property Co

Real Estate Assets (Property Concentrations) (Details) - Customer Concentration Risk - Sales Revenue, Services, Net	12 Months Ended
	Dec. 31, 2017tenant
Concentration Risk [Line Items]
Number of tenants (tenants)	1
Pharmacy Industry
Concentration Risk [Line Items]
Concentration risk, percentage	15.00%
Discount Store Industry
Concentration Risk [Line Items]
Concentration risk, percentage	13.00%
Sporting Good Industry
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%
Grocery Industry
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%
Walgreens:
Concentration Risk [Line Items]
Concentration risk, percentage	14.00%

Intangible Lease Assets (Detail

Intangible Lease Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Intangible leased assets	$ 62,850	$ 42,829
Accumulated amortization	16,400
Acquired in-place leases and other intangibles
Finite-Lived Intangible Assets [Line Items]
Intangible leased assets	56,443	37,251
Accumulated amortization	$ 13,899	$ 8,950
Useful life	11 years 3 months 18 days	11 years 6 months
Acquired above-market leases
Finite-Lived Intangible Assets [Line Items]
Intangible leased assets	$ 6,407	$ 5,578
Accumulated amortization	$ 2,519	$ 1,684
Useful life	11 years 9 months 18 days	11 years 10 months 18 days

Intangible Lease Assets (Schedu

Intangible Lease Assets (Schedule of finite-lived intangible assets amortization expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Acquired in-place leases and other intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 5,001	$ 4,204	$ 4,041
Acquired above-market leases
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 835	$ 799	$ 811

Intangible Lease Assets (Estima

Intangible Lease Assets (Estimated Amortization of Intangible lease assets) (Details) $ in Thousands	Dec. 31, 2017USD ($)
Acquired in-place leases and other intangibles
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,018	$ 5,773
2,019	5,452
2,020	5,242
2,021	5,176
2,022	4,973
Acquired above-market leases
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,018	745
2,019	604
2,020	550
2,021	532
2,022	$ 517

Derivative Instruments and He59

Derivative Instruments and Hedging Activities (Details)	12 Months Ended
	Dec. 31, 2017USD ($)derivative	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of derivatives held (derivative) | derivative	2
Derivatives, Fair Value [Line Items]
Number of instruments entered into | derivative	0
Amounts reclassified from other comprehensive (loss) income into income as interest expense	$ 659,000	$ 1,508,000	$ 4,000
Estimate of additional amounts to be reclassified during next twelve months	326,000
Ineffectiveness of interest rate swaps	32,000	0	$ 0
Cash Flow Hedging | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Derivative liability, event of default, termination amount	0
Cash Flow Hedging | Interest Rate Swap | Derivative assets, prepaid expenses and property escrow deposits
Derivatives, Fair Value [Line Items]
Notional amount	141,100,000
Fair value of assets	845,000	238,000
Cash Flow Hedging | Interest Rate Swap | Derivative liabilities, deferred rent and other liabilities
Derivatives, Fair Value [Line Items]
Notional amount	$ 120,000,000
Fair value of liabilities		$ (634,000)
Minimum | Cash Flow Hedging | Interest Rate Swap | Derivative assets, prepaid expenses and property escrow deposits
Derivatives, Fair Value [Line Items]
Interest rate (percent)	3.49%
Maximum | Cash Flow Hedging | Interest Rate Swap | Derivative assets, prepaid expenses and property escrow deposits
Derivatives, Fair Value [Line Items]
Interest rate (percent)	4.02%

Notes Payable and Credit Faci60

Notes Payable and Credit Facility (Schedule of debt) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Debt instrument, weighted average years to maturity	1 year 10 months 24 days
Debt, weighted average interest rate (percent)	4.00%
Debt [Roll Forward]
Debt, gross, beginning balance	$ 255,350
Net premiums, beginning balance	108
Deferred costs, beginning balance	(1,540)
Total debt, net, beginning balance	253,918
Debt Issuance	134,700	$ 98,600	$ 67,500
Deferred costs incurred	0
Debt Issuance, Net	134,700
Repayments	(80,450)
Amortization of premium	(108)
Amortization of deferred financing costs	499
Accretion and (Amortization)	391
Debt, gross, ending balance	309,600	255,350
Net premiums, ending balance	0	108
Deferred costs, ending balance	(1,041)	(1,540)
Total debt, net, ending balance	308,559	253,918
Line of credit
Debt [Roll Forward]
Debt, gross, beginning balance	120,000
Debt Issuance	134,700
Repayments	(37,700)
Debt, gross, ending balance	217,000	120,000
Fixed Rate Debt
Debt [Roll Forward]
Debt, gross, beginning balance	135,350
Debt Issuance	0
Repayments	(42,750)
Debt, gross, ending balance	$ 92,600	$ 135,350

Notes Payable and Credit Faci61

Notes Payable and Credit Facility (Fixed rate debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term debt, gross	$ 309,600	$ 255,350
Fixed Rate Debt
Debt Instrument [Line Items]
Long-term debt, gross	92,600	$ 135,350
Value of collateral securing debt outstanding	$ 155,500
Fixed Rate Debt | Minimum
Debt Instrument [Line Items]
Stated interest rate, minimum (percent)	3.49%
Fixed Rate Debt | Maximum
Debt Instrument [Line Items]
Stated interest rate, minimum (percent)	4.45%
Interest Rate Swap | Variable Rate Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 21,100

Notes Payable and Credit Faci62

Notes Payable and Credit Facility (Credit facility) (Details)	12 Months Ended
	Dec. 31, 2017USD ($)	Mar. 30, 2018USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Debt, weighted average interest rate (percent)	4.00%
Long-term debt, gross	$ 309,600,000		$ 255,350,000
Line of credit
Debt Instrument [Line Items]
Long-term debt, gross	217,000,000		120,000,000
JPMorgan Chase Bank, N.A. | Line of credit
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	300,000,000
Long-term debt, gross	217,000,000
Line of credit facility, remaining borrowing capacity	83,000,000
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	75.00%
JPMorgan Chase Bank, N.A. | Line of credit | Federal Funds Effective Rate
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	0.50%
JPMorgan Chase Bank, N.A. | Line of credit | Statutory Reserve Rate
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	1.00%
JPMorgan Chase Bank, N.A. | Revolving credit facility | Line of credit
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	$ 180,000,000		$ 300,000,000
Long-term line of credit	$ 97,000,000
Debt, weighted average interest rate (percent)	3.90%
JPMorgan Chase Bank, N.A. | Term Loan | Line of credit
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	$ 120,000,000
JPMorgan Chase Bank, N.A. | Interest Rate Swap | Term Loan | Line of credit
Debt Instrument [Line Items]
Long-term line of credit	$ 120,000,000
Debt, weighted average interest rate (percent)	4.00%
JPMorgan Chase Bank, N.A. | Minimum | Line of credit
Debt Instrument [Line Items]
Interest rate (percent)	0.90%
Debt instrument, covenant, fixed charge coverage ratio	1.50
Line of credit facility, covenant, unsecured debt service coverage ratio	1.75
JPMorgan Chase Bank, N.A. | Minimum | Line of credit | Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	1.90%
JPMorgan Chase Bank, N.A. | Maximum | Line of credit
Debt Instrument [Line Items]
Interest rate (percent)	1.45%
Line of credit facility, covenant, leverage ratio	60.00%
Debt instrument, covenant, unsecured debt to unencumbered asset value ratio	60.00%
Line of credit facility, covenant, secured debt ratio	40.00%
Line of credit facility, covenant, recourse debt coverage ratio	15.00%
JPMorgan Chase Bank, N.A. | Maximum | Line of credit | Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	2.45%
Subsequent Event | JPMorgan Chase Bank, N.A. | Line of credit
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity		$ 350,000,000
Subsequent Event | JPMorgan Chase Bank, N.A. | Revolving credit facility | Line of credit
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity		130,000,000
Subsequent Event | JPMorgan Chase Bank, N.A. | Term Loan | Line of credit
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity		$ 220,000,000

Notes Payable and Credit Faci63

Notes Payable and Credit Facility (Schedule of Maturities of Long-term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
2,018	$ 97,000
2,019	120,000
2,020	388
2,021	68,009
2,022	428
Thereafter	23,775
Total	$ 309,600	$ 255,350

Intangible Lease Liabilities (S

Intangible Lease Liabilities (Schedule of lease liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Other Liabilities Disclosure [Abstract]
Below market leases net of amortization	$ 4,019	$ 3,708
Below market lease, accumulated amortization	$ 1,678	$ 1,123
Below market lease, weighted average useful life	7 years 10 months 24 days	8 years 1 month

Intangible Lease Liabilities 65

Intangible Lease Liabilities (Schedule of amortization expense of below market lease) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Other Liabilities Disclosure [Abstract]
Amortization of below market lease	$ 561	$ 541	$ 535

Intangible Lease Liabilities 66

Intangible Lease Liabilities (Schedule of future amortization expense) (Details) $ in Thousands	Dec. 31, 2017USD ($)
Below Market Lease, Amortization Income, Maturity Schedule [Abstract]
2,018	$ 594
2,019	555
2,020	479
2,021	460
2,022	$ 380

Supplemental Cash Flow Disclo67

Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Supplemental Cash Flow Elements [Abstract]
Common stock issued through distribution reinvestment plan	$ 10,696	$ 8,597	$ 6,701
Distributions declared and unpaid	2,049	1,663	1,218
Change in accrued distribution and stockholder servicing fees, dealer manager fees and other offering costs	1,013	322	20
Accrued capital expenditures	70	0	0
Change in fair value of interest rate swaps	1,209	737	(1,133)
Supplemental Cash Flow Disclosures:
Interest paid	$ 10,466	$ 10,973	$ 9,528

Commitments and Contingencies (

Commitments and Contingencies (Details) - Retail Property Purchase Agreement $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)property
Other Commitments [Line Items]
Interest in retail property to be acquired (percent)	100.00%
Number of purchase commitments | property	2
Purchase price on retail property purchase agreement	$ 11,100
Escrow deposits due to affiliate on acquired real estate assets	$ 225

Related Party Transactions and

Related Party Transactions and Arrangements (Selling commissions and dealer manager fees) (Details) - Dealer manager	Dec. 31, 2017
Selling commissions
Related Party Transaction [Line Items]
Expense reallowed	100.00%
Dealer manager fee
Related Party Transaction [Line Items]
Related party expense from transaction, percent of gross proceeds	2.00%
Common Class A | Selling commissions
Related Party Transaction [Line Items]
Related party expense from transaction, percent of gross proceeds	7.00%
Common Class T | Selling commissions
Related Party Transaction [Line Items]
Related party expense from transaction, percent of gross proceeds	3.00%

Related Party Transactions an70

Related Party Transactions and Arrangements (Other organization and offering expenses) (Details)	Dec. 31, 2017
Advisor | Other organization and offering expenses
Related Party Transaction [Line Items]
Related party expense from transaction, percent of gross proceeds	2.00%

Related Party Transactions an71

Related Party Transactions and Arrangements (Distribution and stockholder servicing fees) (Details)	Oct. 04, 2016	Dec. 31, 2016	Oct. 04, 2016	Dec. 31, 2017
Advisors | Distribution and stockholder servicing fees
Related Party Transaction [Line Items]
Related party transaction, daily distribution and servicing fee, termination of payments threshold, percentage of total gross investment (percent)				4.00%
Related party transaction, daily distribution and servicing fee, termination of payments threshold, percentage of gross proceeds from shares in offering (percent)				10.00%
Common Class T
Related Party Transaction [Line Items]
Net asset value, daily accrual rate	0.00219%	0.00274%
Common Class T | Advisors
Related Party Transaction [Line Items]
Net asset value, daily accrual rate		0.00274%	0.00219%
Common Class T | Advisors | Distribution and stockholder servicing fees
Related Party Transaction [Line Items]
Related party transaction, daily distribution and servicing fee, termination of payments threshold, percentage of gross proceeds from shares in offering (percent)				4.00%

Related Party Transactions an72

Related Party Transactions and Arrangements (Acquisition fees and expenses) (Details) - Maximum - Advisors	Dec. 31, 2017
Acquisition Fees and Expenses
Related Party Transaction [Line Items]
Expenses from transactions with related party, percent of contract price (percent)	6.00%
Acquisition Fee
Related Party Transaction [Line Items]
Expenses from transactions with related party, percent of contract price (percent)	2.00%
Acquisition Related Expenses
Related Party Transaction [Line Items]
Reimbursement fixed annual percentage of the contract purchase price (percent)	0.50%
Related party, reimbursement fixed annual percentage of loan advanced or other investment (percent)	0.50%

Related Party Transactions an73

Related Party Transactions and Arrangements (Advisory fees and expenses) (Details) - Advisors	Dec. 31, 2017USD ($)
Average invested assets between $0 to $2 billion | Advisory Fee
Related Party Transaction [Line Items]
Related party transaction, expense from transactions with related party, percentage of average invested assets (percent)	0.75%
Average invested assets between $2 billion to $4 billion | Advisory Fee
Related Party Transaction [Line Items]
Related party transaction, expense from transactions with related party, percentage of average invested assets (percent)	0.70%
Average invested assets over $4 billion | Advisory Fee
Related Party Transaction [Line Items]
Related party transaction, expense from transactions with related party, percentage of average invested assets (percent)	0.65%
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

Related Party Transactions an74

Related Party Transactions and Arrangements (Operating expenses) (Details) - Maximum - Advisors - Operating expenses	Dec. 31, 2017
Related Party Transaction [Line Items]
Operating expense reimbursement (percent)	2.00%
Operating expense reimbursement percent of net income (percent)	25.00%

Related Party Transactions an75

Related Party Transactions and Arrangements (Disposition fees) (Details) - Advisors - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property sales commission
Related Party Transaction [Line Items]
Expenses from transactions with related parties	$ 0	$ 0	$ 0
Maximum | Disposition fee for sale of real estate
Related Party Transaction [Line Items]
Related party transaction, expense from transactions with related party, percent of brokerage commission	50.00%
Expenses from transactions with related party, percent of contract price (percent)	1.00%
Maximum | Brokerage commissions and disposition fees
Related Party Transaction [Line Items]
Expenses from transactions with related party, percent of contract price (percent)	6.00%
Maximum | Disposition fee for sale of asset
Related Party Transaction [Line Items]
Expenses from transactions with related party, percent of contract price (percent)	1.00%

Related Party Transactions an76

Related Party Transactions and Arrangements (Subordinated performance fees) (Details) - Advisors - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Cumulative noncompounded annual return (percent)	6.00%
Subordinated Performance Fees
Related Party Transaction [Line Items]
Expenses from transactions with related parties	$ 0	$ 0	$ 0
Subordinate fees for listing
Related Party Transaction [Line Items]
Related party transaction, expense from transactions (percent)	15.00%
Subordinate performance fee in event of liquidation
Related Party Transaction [Line Items]
Related party transaction, expense from transactions (percent)	15.00%

Related Party Transactions an77

Related Party Transactions and Arrangements (Schedule of related party transactions) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Due to affiliates	$ 1,787,000	$ 1,342,000
Selling commissions | Advisors
Related Party Transaction [Line Items]
Expenses from transactions with related parties	4,021,000	4,691,000	$ 3,261,000
Dealer manager fee | Advisors
Related Party Transaction [Line Items]
Expenses from transactions with related parties	1,553,000	1,642,000	1,024,000
Other organization and offering expenses | Advisors
Related Party Transaction [Line Items]
Expenses from transactions with related parties	1,766,000	1,816,000	1,177,000
Distribution and stockholder servicing fees | Advisors
Related Party Transaction [Line Items]
Expenses from transactions with related parties	197,000	16,000	0
Due to affiliates	1,100,000
Acquisition Fees and Expenses | Advisors
Related Party Transaction [Line Items]
Expenses from transactions with related parties	3,077,000	690,000	2,167,000
Advisory Fees and Expenses | Advisors
Related Party Transaction [Line Items]
Expenses from transactions with related parties	5,442,000	4,841,000	3,973,000
Operating expenses | Advisors
Related Party Transaction [Line Items]
Expenses from transactions with related parties	2,100,000	2,035,000	1,721,000
Waived fees and expense reimbursements | Advisors
Related Party Transaction [Line Items]
Expenses from transactions with related parties	$ 0	$ 0	$ 250,000

Related Party Transactions an78

Related Party Transactions and Arrangements (Due to Affiliates and Transactions) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017
Related Party Transaction [Line Items]
Due to affiliates	$ 1,342,000		$ 1,787,000
Long-term debt, gross	255,350,000		309,600,000
Advisor
Related Party Transaction [Line Items]
Due from affiliates	0		14,000
Affiliated entity
Related Party Transaction [Line Items]
Related party, interest expense	111,000	$ 484,000
Line of credit
Related Party Transaction [Line Items]
Long-term debt, gross	120,000,000		$ 217,000,000
Line of credit | Affiliated entity
Related Party Transaction [Line Items]
Long-term debt, gross	$ 20,000,000

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) - $ / shares	Jun. 19, 2013	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Feb. 07, 2014
Class of Stock [Line Items]
Common stock, shares authorized (shares)		490,000,000
Preferred stock, shares authorized (shares)		10,000,000	10,000,000
Common stock, par value (USD per share)		$ 0.01
Preferred stock, par value (USD per share)		$ 0.01	$ 0.01
Common stock outstanding (shares)						8,000
Common Class A
Class of Stock [Line Items]
Common stock, shares authorized (shares)		245,000,000	245,000,000
Common stock, par value (USD per share)		$ 0.01	$ 0.01
Common stock outstanding (shares)		14,241,888	12,327,579
Common Class T
Class of Stock [Line Items]
Common stock, shares authorized (shares)		245,000,000	245,000,000
Common stock, par value (USD per share)		$ 0.01	$ 0.01
Common stock outstanding (shares)		1,347,920	321,223
Common Stock
Class of Stock [Line Items]
Issuance of common stock (shares)	20,000
Share price (USD per share)	$ 10
Common Stock | Common Class A
Class of Stock [Line Items]
Issuance of common stock (shares)		2,405,868	3,229,602	2,343,023
Common stock outstanding (shares)		14,241,888	12,327,579	9,292,168	6,985,877
Common Stock | Common Class T
Class of Stock [Line Items]
Issuance of common stock (shares)		1,026,697	321,223
Common stock outstanding (shares)		1,347,920	321,223	0	0

Stockholders' Equity (Distribut

Stockholders' Equity (Distribution Reinvestment Plan) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Apr. 29, 2016	Apr. 11, 2016	Mar. 31, 2016	Feb. 29, 2016
Class of Stock [Line Items]
Net asset value per share	$ 22.18	$ 24					$ 24
Distribution reinvestment plan
Class of Stock [Line Items]
Share price (USD per share)					$ 24
Net asset value per share	$ 22.18
Dividend reinvestment plan, termination notice period	10 days
Shares issued pursuant to a distribution reinvestment plan (shares)	446	359	282
Common stock issued through distribution reinvestment plan	$ 10.7	$ 8.6	$ 6.7
Common Class A | Distribution reinvestment plan
Class of Stock [Line Items]
Share price (USD per share)		$ 24		$ 24	24	$ 23.75
Net asset value per share		24
Common Class T | Distribution reinvestment plan
Class of Stock [Line Items]
Share price (USD per share)		$ 24		$ 24	$ 24

Stockholders' Equity (Share Red

Stockholders' Equity (Share Redemption Program) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 30, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Mar. 28, 2018	Feb. 29, 2016
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, required holding period		1 year
Stock redemption program, number of shares authorized to be repurchased, percentage of weighted average number of shares outstanding		1.25%
Stock redemption program, redemption price per share, percentage of amount paid per share, after one year		95.00%
Stock redemption program, plan redemption price per share, percentage of amount paid per share, after two year		97.50%
Stock redemption program, plan redemption price per share, percentage of amount paid per share, after three year		100.00%
Net asset value per share		$ 22.18	$ 24			$ 24
Stock repurchase program, termination notice period		30 days
Redemptions of common stock (shares)		492,000	194,000	37,000
Redemptions of common stock		$ 11,703	$ 4,624	$ 895
Redemption requests unfulfilled		118,000
Maximum
Equity, Class of Treasury Stock [Line Items]
Stock redemption program, number of shares authorized to be repurchased, percentage of weighted average number of shares outstanding		5.00%
Stock redemption program, redemption priority, shares (shares)		100
Distribution reinvestment plan
Equity, Class of Treasury Stock [Line Items]
Redemption price, percentage of most recent per share NAV (percent)		100.00%
Net asset value per share		$ 22.18
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Net asset value per share					$ 24
Redemptions of common stock (shares)	118,000
Redemptions of common stock	$ 2,800

Stockholders' Equity (Distrib82

Stockholders' Equity (Distributions payable and Distributions policy) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Mar. 29, 2018	Dec. 31, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Dividend, common stock and preferred stock, number of days in the calendar year for the daily distribution	365 days
Distributions payable	$ 2,049		$ 1,663	$ 1,218
Common Class A
Class of Stock [Line Items]
Common stock, dividends, daily amount per share authorized (USD per share)	$ 0.004315068
Common Class A | Subsequent Event
Class of Stock [Line Items]
Share price (USD per share)		$ 24.37
Common Class T
Class of Stock [Line Items]
Common stock, dividends, daily amount per share authorized (USD per share)	$ 0.004315068
Common Class T | Subsequent Event
Class of Stock [Line Items]
Share price (USD per share)		$ 23.35

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Ordinary dividends (percent)	21.00%	10.50%	33.60%
Nontaxable distributions (percent)	79.00%	89.50%	66.40%
Total (percent)	100.00%	100.00%	100.00%
State and local income tax and franchise tax expense (benefit), continuing operations	$ 150,000	$ 60,000	$ 92,000
Unrecognized tax benefits	$ 0	$ 0	$ 0

Operating Leases (Details)

Operating Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Leases [Abstract]
Operating leases of lessor, weighted average remaining lease term	10 years 6 months
2,018	$ 44,021
2,019	43,646
2,020	42,821
2,021	42,277
2,022	40,602
Thereafter	269,480
Total future minimum rental income	$ 482,847

Quarterly Results (Unaudited)85

Quarterly Results (Unaudited) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Aug. 01, 2017	Apr. 29, 2016	Mar. 17, 2014	Feb. 07, 2014
Class of Stock [Line Items]
Common stock authorized												$ 1,200,000,000
Revenues	$ 12,790,000	$ 11,749,000	$ 10,848,000	$ 9,983,000	$ 10,185,000	$ 10,041,000	$ 10,445,000	$ 9,767,000	$ 45,370,000	$ 40,438,000	$ 35,616,000
Acquisition-related expenses	211,000	35,000	22,000	470,000	10,000	2,000	24,000	1,250,000	738,000	1,286,000	3,008,000
Operating income (loss)	3,670,000	3,678,000	3,210,000	2,502,000	3,267,000	3,026,000	3,017,000	1,783,000	13,060,000	11,093,000	8,321,000
Net income (loss)	$ 443,000	$ 718,000	$ 450,000	$ (102,000)	$ 189,000	$ (20,000)	$ (39,000)	$ (1,315,000)	1,509,000	(1,185,000)	(2,075,000)
Common Class A
Class of Stock [Line Items]
Common stock authorized												660,000,000
Net income (loss)									$ 1,606,000	$ (1,161,000)	$ (2,075,000)
Basic and diluted net (loss) income per common share (USD per share)	$ 0.03	$ 0.05	$ 0.03	$ (0.01)	$ 0.02	$ 0	$ 0	$ (0.13)	$ 0.12	$ (0.11)	$ (0.26)
Distributions declared per common share (dollars per share)	0.398	0.397	0.393	0.387	0.396	0.396	0.392	0.391	$ 1.575	$ 1.575	$ 1.575
Common Class T
Class of Stock [Line Items]
Common stock authorized												540,000,000
Net income (loss)									$ (97,000)	$ (24,000)	$ 0
Basic and diluted net (loss) income per common share (USD per share)	(0.03)	(0.01)	(0.02)	(0.06)	(0.04)	(0.05)	(0.05)	0	$ (0.12)	$ (0.32)	$ 0
Distributions declared per common share (dollars per share)	$ 0.398	$ 0.397	$ 0.393	$ 0.387	$ 0.396	$ 0.396	$ 0.219	$ 0	$ 1.575	$ 1.011	$ 0
Initial public offering
Class of Stock [Line Items]
Common stock authorized												1,200,000,000	$ 2,500,000,000	$ 2,975,000,000	$ 2,500,000,000
Initial public offering | Common Class A
Class of Stock [Line Items]
Common stock authorized												660,000,000	1,375,000,000
Initial public offering | Common Class T
Class of Stock [Line Items]
Common stock authorized												540,000,000	$ 1,125,000,000
Distribution reinvestment plan
Class of Stock [Line Items]
Common stock authorized												$ 300,000,000			$ 475,000,000

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, shares in Thousands	3 Months Ended	12 Months Ended
	Mar. 30, 2018USD ($)property$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)shares	Mar. 29, 2018$ / shares	Mar. 28, 2018$ / shares	Apr. 29, 2016$ / shares	Apr. 11, 2016$ / shares	Mar. 31, 2016$ / shares	Feb. 29, 2016$ / shares
Subsequent Event
Redemptions of common stock (shares) | shares		492	194	37
Redemptions of common stock | $		$ 11,703,000	$ 4,624,000	$ 895,000
Redemption requests unfulfilled | shares		118
Net asset value per share		$ 22.18	$ 24							$ 24
Subsequent Event
Subsequent Event
Redemptions of common stock (shares) | shares	118
Redemptions of common stock | $	$ 2,800,000
Stock redeemed average price per share	$ 23.66
Number of businesses acquired (property) | property	2
Aggregate purchase price | $	$ 11,500,000
Net asset value per share						$ 24
Distribution reinvestment plan
Subsequent Event
Net asset value per share		$ 22.18
Share price (USD per share)								$ 24
Common Class A | Subsequent Event
Subsequent Event
Share price (USD per share)					$ 24.37
Common Class A | Distribution reinvestment plan
Subsequent Event
Net asset value per share			24
Share price (USD per share)			24				$ 24	24	$ 23.75
Common Class A | Distribution reinvestment plan | Subsequent Event
Subsequent Event
Share price (USD per share)					22.18
Common Class T | Subsequent Event
Subsequent Event
Share price (USD per share)					23.35
Common Class T | Distribution reinvestment plan
Subsequent Event
Share price (USD per share)			$ 24				$ 24	$ 24
Common Class T | Distribution reinvestment plan | Subsequent Event
Subsequent Event
Share price (USD per share)					$ 22.18
JPMorgan Chase Bank, N.A. | Line of credit
Subsequent Event
Line of credit maximum borrowing capacity | $		$ 300,000,000
JPMorgan Chase Bank, N.A. | Subsequent Event | Line of credit
Subsequent Event
Line of credit maximum borrowing capacity | $	350,000,000
Term Loan | JPMorgan Chase Bank, N.A. | Line of credit
Subsequent Event
Line of credit maximum borrowing capacity | $		120,000,000
Term Loan | JPMorgan Chase Bank, N.A. | Subsequent Event | Line of credit
Subsequent Event
Line of credit maximum borrowing capacity | $	220,000,000
Revolving credit facility | JPMorgan Chase Bank, N.A. | Line of credit
Subsequent Event
Line of credit maximum borrowing capacity | $		$ 180,000,000	$ 300,000,000
Revolving credit facility | JPMorgan Chase Bank, N.A. | Subsequent Event | Line of credit
Subsequent Event
Line of credit maximum borrowing capacity | $	$ 130,000,000

Schedule III - Real Estate As87

Schedule III - Real Estate Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands		Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 92,600
Initial Costs to Company
Land		142,987
Buildings and Improvements		416,245
Total Adjustment to Basis		604
Gross Amount at Which Carried At December 31, 2017		559,836	[1],[2]	$ 450,556	$ 424,404	$ 346,353
Accumulated Depreciation		29,777	[3],[4]	$ 19,295	$ 10,058	$ 1,563
Arkadelphia, AR | Aaron’s:
Initial Costs to Company
Land		125
Buildings and Improvements		748
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	873
Accumulated Depreciation	[3],[4]	57
Cartersville, GA | Academy Sports:
Initial Costs to Company
Land		1,384
Buildings and Improvements		7,427
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	8,811
Accumulated Depreciation	[3],[4]	706
Fairmont, NC | Advance Auto:
Initial Costs to Company
Land		56
Buildings and Improvements		949
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,005
Accumulated Depreciation	[3],[4]	92
Hampton, VA | Advance Auto:
Initial Costs to Company
Land		474
Buildings and Improvements		759
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,233
Accumulated Depreciation	[3],[4]	43
Stratford, CT | Advance Auto:
Initial Costs to Company
Land		1,140
Buildings and Improvements		1,395
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	2,535
Accumulated Depreciation	[3],[4]	68
Rogers, AR | Aspen Dental
Initial Costs to Company
Land		592
Buildings and Improvements		1,090
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,682
Accumulated Depreciation	[3],[4]	61
Portage, IN | Bass Pro Shops:
Initial Costs to Company
Land		1,400
Buildings and Improvements		4,044
Total Adjustment to Basis		87
Gross Amount at Which Carried At December 31, 2017	[1],[2]	5,531
Accumulated Depreciation	[3],[4]	360
Louisville, KY | Blankenbaker Plaza:
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		9,894
Initial Costs to Company
Land		3,557
Buildings and Improvements		11,430
Total Adjustment to Basis		223
Gross Amount at Which Carried At December 31, 2017	[1],[2]	15,210
Accumulated Depreciation	[3],[4]	979
Rockford, IL | Brynwood Square:
Initial Costs to Company
Land		1,194
Buildings and Improvements		10,515
Total Adjustment to Basis		5
Gross Amount at Which Carried At December 31, 2017	[1],[2]	11,714
Accumulated Depreciation	[3],[4]	1,152
Gallipolis, OH | Bob Evans
Initial Costs to Company
Land		189
Buildings and Improvements		1,726
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,915
Accumulated Depreciation	[3],[4]	41
Hagerstown, MD | Bob Evans
Initial Costs to Company
Land		644
Buildings and Improvements		1,503
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	2,147
Accumulated Depreciation	[3],[4]	33
Mansfield, OH | Bob Evans
Initial Costs to Company
Land		719
Buildings and Improvements		983
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,702
Accumulated Depreciation	[3],[4]	26
Monroe, MI | Bob Evans
Initial Costs to Company
Land		477
Buildings and Improvements		1,514
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,991
Accumulated Depreciation	[3],[4]	34
Northwood, OH | Bob Evans
Initial Costs to Company
Land		231
Buildings and Improvements		1,738
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,969
Accumulated Depreciation	[3],[4]	39
Peoria, IL | Bob Evans
Initial Costs to Company
Land		205
Buildings and Improvements		790
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	995
Accumulated Depreciation	[3],[4]	16
Piqua, OH | Bob Evans
Initial Costs to Company
Land		416
Buildings and Improvements		1,359
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,775
Accumulated Depreciation	[3],[4]	34
Salina, KS | Buffalo Wild Wings & Shoe Carnival
Initial Costs to Company
Land		689
Buildings and Improvements		2,023
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	2,712
Accumulated Depreciation	[3],[4]	185
Yukon, OK | Burger King:
Initial Costs to Company
Land		519
Buildings and Improvements		587
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,106
Accumulated Depreciation	[3],[4]	49
Bangor, ME | Burlington Coat Factory:
Initial Costs to Company
Land		1,124
Buildings and Improvements		3,890
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	5,014
Accumulated Depreciation	[3],[4]	349
Fort Myers, FL | Camping World
Initial Costs to Company
Land		2,925
Buildings and Improvements		4,308
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	7,233
Accumulated Depreciation	[3],[4]	92
Riverton, NJ | CVS:
Initial Costs to Company
Land		699
Buildings and Improvements		4,657
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	5,356
Accumulated Depreciation	[3],[4]	429
Derby, KS
Initial Costs to Company
Land		1,667
Buildings and Improvements		8,675
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	10,342
Accumulated Depreciation	[3],[4]	111
Athens, WV | Dollar General:
Initial Costs to Company
Land		400
Buildings and Improvements		1,132
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,532
Accumulated Depreciation	[3],[4]	94
Autaugaville, AL | Dollar General:
Initial Costs to Company
Land		130
Buildings and Improvements		827
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	957
Accumulated Depreciation	[3],[4]	64
Bluefield, WV | Dollar General:
Initial Costs to Company
Land		250
Buildings and Improvements		993
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,243
Accumulated Depreciation	[3],[4]	81
Braham, MN | Dollar General:
Initial Costs to Company
Land		66
Buildings and Improvements		906
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	972
Accumulated Depreciation	[3],[4]	74
Charleston, WV | Dollar General:
Initial Costs to Company
Land		383
Buildings and Improvements		963
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,346
Accumulated Depreciation	[3],[4]	79
Charleston, WV | Dollar General:
Initial Costs to Company
Land		361
Buildings and Improvements		863
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,224
Accumulated Depreciation	[3],[4]	73
Clarion, IA | Dollar General:
Initial Costs to Company
Land		128
Buildings and Improvements		860
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	988
Accumulated Depreciation	[3],[4]	71
Collinsville, AL | Dollar General:
Initial Costs to Company
Land		139
Buildings and Improvements		870
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,009
Accumulated Depreciation	[3],[4]	73
Dothan, AL | Dollar General:
Initial Costs to Company
Land		208
Buildings and Improvements		722
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	930
Accumulated Depreciation	[3],[4]	57
Elmwood, IL | Dollar General:
Initial Costs to Company
Land		154
Buildings and Improvements		808
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	962
Accumulated Depreciation	[3],[4]	68
Glouster, OH | Dollar General:
Initial Costs to Company
Land		334
Buildings and Improvements		986
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,320
Accumulated Depreciation	[3],[4]	80
Huntington, WV | Dollar General:
Initial Costs to Company
Land		293
Buildings and Improvements		1,023
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,316
Accumulated Depreciation	[3],[4]	72
Huntington, WV | Dollar General:
Initial Costs to Company
Land		278
Buildings and Improvements		989
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,267
Accumulated Depreciation	[3],[4]	83
Junction City, OH | Dollar General:
Initial Costs to Company
Land		68
Buildings and Improvements		823
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	891
Accumulated Depreciation	[3],[4]	69
Lineville, AL | Dollar General:
Initial Costs to Company
Land		102
Buildings and Improvements		1,128
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,230
Accumulated Depreciation	[3],[4]	88
Logansport, IN | Dollar General:
Initial Costs to Company
Land		69
Buildings and Improvements		942
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,011
Accumulated Depreciation	[3],[4]	96
Moundridge, KS | Dollar General:
Initial Costs to Company
Land		190
Buildings and Improvements		668
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	858
Accumulated Depreciation	[3],[4]	70
Oneonta, AL | Dollar General:
Initial Costs to Company
Land		93
Buildings and Improvements		917
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,010
Accumulated Depreciation	[3],[4]	77
Pipestone, MN | Dollar General:
Initial Costs to Company
Land		130
Buildings and Improvements		891
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,021
Accumulated Depreciation	[3],[4]	75
Ridgeley, WV | Dollar General:
Initial Costs to Company
Land		73
Buildings and Improvements		1,122
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,195
Accumulated Depreciation	[3],[4]	92
Selma, AL | Dollar General:
Initial Costs to Company
Land		18
Buildings and Improvements		851
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	869
Accumulated Depreciation	[3],[4]	66
Selma, AL | Dollar General:
Initial Costs to Company
Land		146
Buildings and Improvements		903
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,049
Accumulated Depreciation	[3],[4]	76
Semmes, AL | Dollar General:
Initial Costs to Company
Land		139
Buildings and Improvements		837
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	976
Accumulated Depreciation	[3],[4]	65
Shorter, AL | Dollar General:
Initial Costs to Company
Land		91
Buildings and Improvements		935
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,026
Accumulated Depreciation	[3],[4]	79
Sissonville, WV | Dollar General:
Initial Costs to Company
Land		344
Buildings and Improvements		827
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,171
Accumulated Depreciation	[3],[4]	67
South Charleston, WV | Dollar General:
Initial Costs to Company
Land		335
Buildings and Improvements		991
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,326
Accumulated Depreciation	[3],[4]	77
Talladega, AL | Dollar General:
Initial Costs to Company
Land		82
Buildings and Improvements		789
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	871
Accumulated Depreciation	[3],[4]	62
Talladega, AL | Family Dollar:
Initial Costs to Company
Land		186
Buildings and Improvements		968
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,154
Accumulated Depreciation	[3],[4]	78
Virden, IL | Dollar General:
Initial Costs to Company
Land		65
Buildings and Improvements		1,111
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,176
Accumulated Depreciation	[3],[4]	88
Wakarusa, IN | Dollar General:
Initial Costs to Company
Land		161
Buildings and Improvements		1,038
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,199
Accumulated Depreciation	[3],[4]	88
Willard, MO | Dollar General:
Initial Costs to Company
Land		258
Buildings and Improvements		904
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,162
Accumulated Depreciation	[3],[4]	76
Wolcottville, IN | Dollar General:
Initial Costs to Company
Land		151
Buildings and Improvements		910
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,061
Accumulated Depreciation	[3],[4]	77
Noblesville, IN | Duluth Trading
Initial Costs to Company
Land		958
Buildings and Improvements		3,856
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	4,814
Accumulated Depreciation	[3],[4]	96
Allen Park, MI | Fairlane Green II
Initial Costs to Company
Land		8,551
Buildings and Improvements		6,866
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	15,417
Accumulated Depreciation	[3],[4]	103
Bearden, AR | Family Dollar:
Initial Costs to Company
Land		86
Buildings and Improvements		678
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	764
Accumulated Depreciation	[3],[4]	50
Cabot, AR | Family Dollar:
Initial Costs to Company
Land		220
Buildings and Improvements		895
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,115
Accumulated Depreciation	[3],[4]	66
Columbus, OH | Family Dollar:
Initial Costs to Company
Land		359
Buildings and Improvements		1,032
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,391
Accumulated Depreciation	[3],[4]	84
Hobbs, NM | Family Dollar:
Initial Costs to Company
Land		350
Buildings and Improvements		782
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,132
Accumulated Depreciation	[3],[4]	62
Lewiston, ME | Family Dollar:
Initial Costs to Company
Land		295
Buildings and Improvements		1,015
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,310
Accumulated Depreciation	[3],[4]	91
Morgan, UT | Family Dollar:
Initial Costs to Company
Land		235
Buildings and Improvements		858
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,093
Accumulated Depreciation	[3],[4]	83
New Roads, LA | Family Dollar:
Initial Costs to Company
Land		122
Buildings and Improvements		759
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	881
Accumulated Depreciation	[3],[4]	55
Roswell, NM | Family Dollar:
Initial Costs to Company
Land		379
Buildings and Improvements		739
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,118
Accumulated Depreciation	[3],[4]	64
Salina, UT | Family Dollar:
Initial Costs to Company
Land		224
Buildings and Improvements		913
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,137
Accumulated Depreciation	[3],[4]	87
San Antonio (Braun), TX | Family Dollar:
Initial Costs to Company
Land		345
Buildings and Improvements		905
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,250
Accumulated Depreciation	[3],[4]	80
San Antonio (Braun), TX | Walgreens:
Initial Costs to Company
Land		2,051
Buildings and Improvements		6,379
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	8,430
Accumulated Depreciation	[3],[4]	526
San Antonio (Eisenhauer), TX | Family Dollar:
Initial Costs to Company
Land		344
Buildings and Improvements		1,024
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,368
Accumulated Depreciation	[3],[4]	85
Tennessee Colony, TX | Family Dollar:
Initial Costs to Company
Land		89
Buildings and Improvements		829
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	918
Accumulated Depreciation	[3],[4]	70
Valley, AL | Family Dollar:
Initial Costs to Company
Land		184
Buildings and Improvements		928
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,112
Accumulated Depreciation	[3],[4]	71
Walthourville, GA | Family Dollar:
Initial Costs to Company
Land		327
Buildings and Improvements		952
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,279
Accumulated Depreciation	[3],[4]	73
Warrenville, SC | Family Dollar:
Initial Costs to Company
Land		98
Buildings and Improvements		1,014
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,112
Accumulated Depreciation	[3],[4]	78
Lafayette, IN | Fresh Thyme Farmers Market
Initial Costs to Company
Land		410
Buildings and Improvements		6,208
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	6,618
Accumulated Depreciation	[3],[4]	576
Ypsilanti Township, MI | Fresh Thyme Farmers Market
Initial Costs to Company
Land		1,141
Buildings and Improvements		7,486
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017		8,627
Accumulated Depreciation		200
Houma, LA | Houma Crossing:
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		12,264
Initial Costs to Company
Land		5,359
Buildings and Improvements		17,574
Total Adjustment to Basis		35
Gross Amount at Which Carried At December 31, 2017	[1],[2]	22,968
Accumulated Depreciation	[3],[4]	1,691
Houma, LA | Walgreens:
Initial Costs to Company
Land		1,343
Buildings and Improvements		3,100
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	4,443
Accumulated Depreciation	[3],[4]	257
Omaha, NE | Hy-Vee
Initial Costs to Company
Land		2,225
Buildings and Improvements		7,020
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	9,245
Accumulated Depreciation	[3],[4]	145
Eagan, MN | Kohl's
Initial Costs to Company
Land		3,226
Buildings and Improvements		5,579
Total Adjustment to Basis		6
Gross Amount at Which Carried At December 31, 2017	[1],[2]	8,811
Accumulated Depreciation	[3],[4]	283
Bay City, MI | Kroger:
Initial Costs to Company
Land		1,045
Buildings and Improvements		5,224
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	6,269
Accumulated Depreciation	[3],[4]	483
Lawton, OK | Lawton Marketplace:
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		19,247
Initial Costs to Company
Land		3,169
Buildings and Improvements		29,070
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	32,239
Accumulated Depreciation	[3],[4]	2,704
Hermitage, PA | Lowe's
Initial Costs to Company
Land		2,499
Buildings and Improvements		10,517
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	13,016
Accumulated Depreciation	[3],[4]	501
Draper, UT | Mattress Firm:
Initial Costs to Company
Land		651
Buildings and Improvements		1,510
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	2,161
Accumulated Depreciation	[3],[4]	131
Lake City, FL | Mattress Firm:
Initial Costs to Company
Land		656
Buildings and Improvements		1,075
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,731
Accumulated Depreciation	[3],[4]	87
Raleigh, NC | Mattress Firm:
Initial Costs to Company
Land		431
Buildings and Improvements		1,121
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,552
Accumulated Depreciation	[3],[4]	98
Muncie, IN | Muncie Marketplace
Initial Costs to Company
Land		2,761
Buildings and Improvements		12,461
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	15,222
Accumulated Depreciation	[3],[4]	869
Bennettsville, SC | O’Reilly Auto Parts:
Initial Costs to Company
Land		375
Buildings and Improvements		910
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,285
Accumulated Depreciation	[3],[4]	60
Flowood, MS | O’Reilly Auto Parts:
Initial Costs to Company
Land		576
Buildings and Improvements		921
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,497
Accumulated Depreciation	[3],[4]	47
Iron Mountain, MI | O’Reilly Auto Parts:
Initial Costs to Company
Land		121
Buildings and Improvements		1,211
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,332
Accumulated Depreciation	[3],[4]	95
Waterford, WI | Pick 'N Save
Initial Costs to Company
Land		684
Buildings and Improvements		3,317
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	4,001
Accumulated Depreciation	[3],[4]	25
Waupaca, WI | Pick 'N Save
Initial Costs to Company
Land		2,066
Buildings and Improvements		7,294
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	9,360
Accumulated Depreciation	[3],[4]	9
Murphy, TX | Raising Cane’s:
Initial Costs to Company
Land		648
Buildings and Improvements		1,960
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	2,608
Accumulated Depreciation	[3],[4]	167
Reno, NV | Raising Cane’s:
Initial Costs to Company
Land		1,119
Buildings and Improvements		2,174
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	3,293
Accumulated Depreciation	[3],[4]	177
Bowling Green, KY | Shoppes of Gary Farms:
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		11,206
Initial Costs to Company
Land		2,039
Buildings and Improvements		13,730
Total Adjustment to Basis		24
Gross Amount at Which Carried At December 31, 2017	[1],[2]	15,793
Accumulated Depreciation	[3],[4]	1,194
Abilene, TX | Shops at Abilene:
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		14,989
Initial Costs to Company
Land		3,414
Buildings and Improvements		21,270
Total Adjustment to Basis		188
Gross Amount at Which Carried At December 31, 2017	[1],[2]	24,872
Accumulated Depreciation	[3],[4]	1,932
Kingstown, RI | Stop & Shop:
Initial Costs to Company
Land		668
Buildings and Improvements		998
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,666
Accumulated Depreciation	[3],[4]	85
Lawrence, KS | Sprouts
Initial Costs to Company
Land		1,957
Buildings and Improvements		5,515
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	7,472
Accumulated Depreciation	[3],[4]	22
Blytheville, AR | Tractor Supply:
Initial Costs to Company
Land		169
Buildings and Improvements		2,413
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	2,582
Accumulated Depreciation	[3],[4]	222
Carlyle, IL | Tractor Supply:
Initial Costs to Company
Land		289
Buildings and Improvements		2,566
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	2,855
Accumulated Depreciation	[3],[4]	10
Logan, WV | Tractor Supply:
Initial Costs to Company
Land		608
Buildings and Improvements		2,822
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	3,430
Accumulated Depreciation	[3],[4]	32
Midland, NC | Tractor Supply:
Initial Costs to Company
Land		213
Buildings and Improvements		2,317
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	2,530
Accumulated Depreciation	[3],[4]	219
Shelbyville, IL | Tractor Supply:
Initial Costs to Company
Land		287
Buildings and Improvements		2,556
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	2,843
Accumulated Depreciation	[3],[4]	10
Carson, CA | United Oil:
Initial Costs to Company
Land		3,774
Buildings and Improvements		1,892
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	5,666
Accumulated Depreciation	[3],[4]	156
Fallbrook, CA | United Oil:
Initial Costs to Company
Land		3,037
Buildings and Improvements		725
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	3,762
Accumulated Depreciation	[3],[4]	60
Harbor City, CA | United Oil:
Initial Costs to Company
Land		2,391
Buildings and Improvements		1,096
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	3,487
Accumulated Depreciation	[3],[4]	91
Hawthorne, CA | United Oil:
Initial Costs to Company
Land		1,744
Buildings and Improvements		363
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	2,107
Accumulated Depreciation	[3],[4]	30
Lakewood, CA | United Oil:
Initial Costs to Company
Land		2,457
Buildings and Improvements		1,423
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	3,880
Accumulated Depreciation	[3],[4]	118
Long Beach, CA | United Oil:
Initial Costs to Company
Land		2,129
Buildings and Improvements		777
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	2,906
Accumulated Depreciation	[3],[4]	65
Los Angeles, CA | United Oil:
Initial Costs to Company
Land		3,499
Buildings and Improvements		860
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	4,359
Accumulated Depreciation	[3],[4]	71
Los Angeles, CA | United Oil:
Initial Costs to Company
Land		2,761
Buildings and Improvements		1,235
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	3,996
Accumulated Depreciation	[3],[4]	102
San Clemente, CA | United Oil:
Initial Costs to Company
Land		3,447
Buildings and Improvements		985
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	4,432
Accumulated Depreciation	[3],[4]	82
San Diego, CA | United Oil:
Initial Costs to Company
Land		2,002
Buildings and Improvements		284
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	2,286
Accumulated Depreciation	[3],[4]	23
San Diego, CA | United Oil:
Initial Costs to Company
Land		3,633
Buildings and Improvements		783
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	4,416
Accumulated Depreciation	[3],[4]	65
San Diego, CA | United Oil:
Initial Costs to Company
Land		1,767
Buildings and Improvements		705
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	2,472
Accumulated Depreciation	[3],[4]	59
Santa Ana, CA | United Oil:
Initial Costs to Company
Land		2,090
Buildings and Improvements		598
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	2,688
Accumulated Depreciation	[3],[4]	49
Douglasville, GA | Village at Chapel HIll
Initial Costs to Company
Land		2,481
Buildings and Improvements		10,504
Total Adjustment to Basis		36
Gross Amount at Which Carried At December 31, 2017	[1],[2]	13,021
Accumulated Depreciation	[3],[4]	974
Taylor, MI | The Vitamin Shoppe
Initial Costs to Company
Land		820
Buildings and Improvements		399
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	1,219
Accumulated Depreciation	[3],[4]	30
Baton Rouge, LA | Walgreens:
Initial Costs to Company
Land		822
Buildings and Improvements		4,257
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	5,079
Accumulated Depreciation	[3],[4]	352
Clinton Township, MI | Walgreens:
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		4,275
Initial Costs to Company
Land		2,399
Buildings and Improvements		2,977
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	5,376
Accumulated Depreciation	[3],[4]	254
Delavan, WI | Walgreens:
Initial Costs to Company
Land		245
Buildings and Improvements		4,022
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	4,267
Accumulated Depreciation	[3],[4]	333
Edmond, OK | Walgreens:
Initial Costs to Company
Land		889
Buildings and Improvements		3,206
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	4,095
Accumulated Depreciation	[3],[4]	272
Greenville, OH | Walgreens:
Initial Costs to Company
Land		953
Buildings and Improvements		3,164
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	4,117
Accumulated Depreciation	[3],[4]	242
Harrison, AR | Walgreens:
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		4,825
Initial Costs to Company
Land		353
Buildings and Improvements		5,184
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	5,537
Accumulated Depreciation	[3],[4]	452
Indianapolis, IN | Walgreens:
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		4,675
Initial Costs to Company
Land		1,238
Buildings and Improvements		4,734
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	5,972
Accumulated Depreciation	[3],[4]	415
Kilgore, TX | Walgreens:
Initial Costs to Company
Land		588
Buildings and Improvements		5,074
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	5,662
Accumulated Depreciation	[3],[4]	455
Kokomo, IN | Walgreens:
Initial Costs to Company
Land		204
Buildings and Improvements		3,408
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	3,612
Accumulated Depreciation	[3],[4]	282
Lees Summit, MO | Walgreens:
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		4,250
Initial Costs to Company
Land		1,008
Buildings and Improvements		4,270
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	5,278
Accumulated Depreciation	[3],[4]	372
Lubbock, TX | Walgreens:
Initial Costs to Company
Land		845
Buildings and Improvements		3,598
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	4,443
Accumulated Depreciation	[3],[4]	298
Richmond, IN | Walgreens:
Initial Costs to Company
Land		138
Buildings and Improvements		4,923
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	5,061
Accumulated Depreciation	[3],[4]	407
Salisbury, NC | Walgreens:
Initial Costs to Company
Land		920
Buildings and Improvements		3,246
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	4,166
Accumulated Depreciation	[3],[4]	268
Siloam Springs, AR | Walgreens:
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		3,900
Initial Costs to Company
Land		933
Buildings and Improvements		4,146
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	5,079
Accumulated Depreciation	[3],[4]	361
Slidell, LA | Walgreens:
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		3,075
Initial Costs to Company
Land		1,557
Buildings and Improvements		2,714
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	4,271
Accumulated Depreciation	[3],[4]	235
Sulphur, LA | Walgreens:
Initial Costs to Company
Land		1,019
Buildings and Improvements		2,875
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	3,894
Accumulated Depreciation	[3],[4]	238
Whiteville, NC | Walgreens:
Initial Costs to Company
Land		888
Buildings and Improvements		3,453
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	4,341
Accumulated Depreciation	[3],[4]	286
Chicago, IL | West Marine
Initial Costs to Company
Land		5,546
Buildings and Improvements		5,748
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	11,294
Accumulated Depreciation	[3],[4]	352
Jacksonville, NC | Western Crossing
Initial Costs to Company
Land		2,507
Buildings and Improvements		8,370
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	10,877
Accumulated Depreciation	[3],[4]	94
Amite, LA | Winn-Dixie:
Initial Costs to Company
Land		286
Buildings and Improvements		2,297
Total Adjustment to Basis		0
Gross Amount at Which Carried At December 31, 2017	[1],[2]	2,583
Accumulated Depreciation	[3],[4]	$ 288
[1]	The aggregate cost for federal income tax purposes was $648.6 million.
[2]	The following is a reconciliation of total real estate carrying value for the years ended December 31 (in thousands): Years Ended December 31, 2017 2016 2015Balance, beginning of period $450,556 $424,404 $346,353Additions: Acquisitions 109,010 25,852 78,051Improvements 270 300 —Total additions 109,280 26,152 78,051Balance, end of period $559,836 $450,556 $424,404
[3]	The Company’s assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, buildings are depreciated over 40 years, site improvements are amortized over 15 years, and tenant improvements are amortized over the remaining life of the lease or the useful life, whichever is shorter.
[4]	The following is a reconciliation of accumulated depreciation for the years ended December 31 (in thousands): Years Ended December 31, 2017 2016 2015Balance, beginning of period $19,295 $10,058 $1,563Additions: Acquisitions - Depreciation expense for building, acquisitions costs and tenant improvements acquired 10,238 9,208 8,493Improvements - Depreciation expense for tenant improvements and building equipment 244 29 2Total additions 10,482 9,237 8,495Balance, end of period $29,777 $19,295 $10,058

Schedule III - Real Estate As88

Schedule III - Real Estate Assets and Accumulated Depreciation (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of single-tenant freestanding retail properties, owned | property	127
Number of multi-tenant retail properties, owned | property	9
Property, plant and equipment, land and real estate assets, net tax basis	$ 648,600
Intangible lease assets	79,268	$ 53,463
Accumulated amortization	$ 16,400
Building
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquired real estate asset, useful life	40 years
Site Improvements
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquired real estate asset, useful life	15 years
Line of credit | Revolving credit facility | JPMorgan Chase, Revolving credit facility
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Credit facility and notes payable	$ 217,000

Schedule III - Real Estate As89

Schedule III - Real Estate Assets and Accumulated Depreciation (Reconciliation of Carrying Amount of Real Estate Investments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance, beginning of period	$ 450,556		$ 424,404	$ 346,353
Acquisitions	109,010		25,852	78,051
Improvements	270		300	0
Real estate, total additions	109,280		26,152	78,051
Balance, end of period	$ 559,836	[1],[2]	$ 450,556	$ 424,404
[1]	The aggregate cost for federal income tax purposes was $648.6 million.
[2]	The following is a reconciliation of total real estate carrying value for the years ended December 31 (in thousands): Years Ended December 31, 2017 2016 2015Balance, beginning of period $450,556 $424,404 $346,353Additions: Acquisitions 109,010 25,852 78,051Improvements 270 300 —Total additions 109,280 26,152 78,051Balance, end of period $559,836 $450,556 $424,404

Schedule III - Real Estate As90

Schedule III - Real Estate Assets and Accumulated Depreciation (Reconciliation of Real Estate Accumulated Depreciation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance, beginning of period	$ 19,295		$ 10,058	$ 1,563
Acquisitions - Depreciation Expense for Building, Acquisitions Costs & Tenant Improvements Acquired	10,238		9,208	8,493
Improvements - Depreciation Expense for Tenant Improvements and Building Equipment	244		29	2
Accumulated depreciation total additions	10,482		9,237	8,495
Balance, end of period	$ 29,777	[1],[2]	$ 19,295	$ 10,058
[1]	The Company’s assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, buildings are depreciated over 40 years, site improvements are amortized over 15 years, and tenant improvements are amortized over the remaining life of the lease or the useful life, whichever is shorter.
[2]	The following is a reconciliation of accumulated depreciation for the years ended December 31 (in thousands): Years Ended December 31, 2017 2016 2015Balance, beginning of period $19,295 $10,058 $1,563Additions: Acquisitions - Depreciation expense for building, acquisitions costs and tenant improvements acquired 10,238 9,208 8,493Improvements - Depreciation expense for tenant improvements and building equipment 244 29 2Total additions 10,482 9,237 8,495Balance, end of period $29,777 $19,295 $10,058