Cole Credit Property Trust V 10-Q 13 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	9 Months Ended
	Sep. 30, 2018	Nov. 07, 2018
Document Information [Line Items]
Entity Registrant Name	Cole Credit Property Trust V, Inc.
Entity Central Index Key	1,580,988
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (shares)		14.9
Class T Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (shares)		1.9

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Real estate assets:
Land	$ 151,868	$ 142,986
Buildings and improvements	448,503	416,850
Intangible lease assets	83,537	79,268
Total real estate assets, at cost	683,908	639,104
Less: accumulated depreciation and amortization	(60,449)	(46,196)
Total real estate assets, net	623,459	592,908
Cash and cash equivalents	1,032	1,173
Restricted cash	387	346
Derivative assets, prepaid expenses and other assets	2,160	1,546
Rents and tenant receivables, net	8,263	7,021
Deferred costs, net	994	183
Total assets	636,295	603,177
LIABILITIES AND STOCKHOLDERS’ EQUITY
Credit facility and notes payable, net	332,854	308,559
Accounts payable and accrued expenses	3,861	2,969
Due to affiliates	2,147	1,787
Intangible lease liabilities, net	3,569	4,019
Distributions payable	2,120	2,049
Deferred rental income and other liabilities	1,033	1,133
Total liabilities	345,584	320,516
Commitments and contingencies
Redeemable common stock	10,493	10,243
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	365,004	341,472
Accumulated distributions in excess of earnings	(86,553)	(70,022)
Accumulated other comprehensive income	1,600	813
Total stockholders’ equity	280,218	272,418
Total liabilities, redeemable common stock and stockholders’ equity	636,295	603,177
Class A Common Stock
STOCKHOLDERS’ EQUITY
Common stock	148	142
Class T Common Stock
STOCKHOLDERS’ EQUITY
Common stock	$ 19	$ 13

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
Preferred stock, par value (USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	10,000,000	10,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Class A Common Stock
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	245,000,000	245,000,000
Common stock, shares issued (shares)	14,824,364	14,241,888
Common stock, shares outstanding (shares)	14,824,364	14,241,888
Class T Common Stock
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	245,000,000	245,000,000
Common stock, shares issued (shares)	1,853,106	1,347,920
Common stock, shares outstanding (shares)	1,853,106	1,347,920

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Rental income	$ 12,133	$ 10,303	$ 35,449	$ 29,022
Tenant reimbursement income	1,832	1,446	5,164	3,558
Total revenues	13,965	11,749	40,613	32,580
Operating expenses:
General and administrative	1,176	1,135	3,412	3,362
Property operating	938	491	2,230	1,560
Real estate tax	1,157	1,012	3,492	2,617
Advisory fees and expenses	1,584	1,389	4,603	3,965
Acquisition-related	52	35	187	527
Depreciation and amortization	4,664	4,009	13,944	11,159
Total operating expenses	9,571	8,071	27,868	23,190
Operating income	4,394	3,678	12,745	9,390
Other income (expense):
Interest expense and other, net	(3,502)	(2,960)	(10,440)	(8,324)
Net income (loss)	892	718	2,305	1,066
Class A Common Stock
Other income (expense):
Net income (loss)	$ 882	$ 724	$ 2,321	$ 1,136
Basic and diluted weighted average number of common shares outstanding (shares)	14,760,585	13,989,986	14,561,171	13,284,274
Basic and diluted net income (loss) per common share (USD per shares)	$ 0.06	$ 0.05	$ 0.16	$ 0.09
Distributions declared per common share (USD per share)	$ 0.4	$ 0.4	$ 1.18	$ 1.18
Class T Common Stock
Other income (expense):
Net income (loss)	$ 10	$ (6)	$ (16)	$ (70)
Basic and diluted weighted average number of common shares outstanding (shares)	1,794,938	981,505	1,638,680	703,375
Basic and diluted net income (loss) per common share (USD per shares)	$ 0.01	$ (0.01)	$ (0.01)	$ (0.10)
Distributions declared per common share (USD per share)	$ 0.4	$ 0.4	$ 1.18	$ 1.18

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 892	$ 718	$ 2,305	$ 1,066
Other comprehensive income
Unrealized gain on interest rate swaps	476	52	845	81
Amount of (gain) loss reclassified from other comprehensive income into income as interest expense and other, net	(17)	110	(90)	567
Total other comprehensive income	459	162	755	648
Total comprehensive income	$ 1,351	$ 880	$ 3,060	$ 1,714

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2018 - USD ($) $ in Thousands	Total	Class A Common Stock	Class T Common Stock	Common StockClass A Common Stock	Common StockClass T Common Stock	Capital in Excess of Par Value	Accumulated Distributions in Excess of Earnings	Accumulated Other Comprehensive Income
Balance (shares) at Dec. 31, 2017		14,241,888	1,347,920	14,241,888	1,347,920
Balance at Dec. 31, 2017	$ 272,418			$ 142	$ 13	$ 341,472	$ (70,022)	$ 813
Cumulative effect of accounting changes at Dec. 31, 2017							(32)	32
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (shares)				960,340	506,344
Issuance of common stock	35,234			$ 10	$ 6	35,218
Distributions declared	(18,804)						(18,804)
Commissions on stock sales and related dealer manager fees	(1,748)					(1,748)
Other offering costs	(708)					(708)
Distribution and stockholder servicing fees	(448)					(448)
Redemptions of common stock (shares)				(377,864)	(1,158)
Redemptions of common stock	(8,536)			$ (4)	$ 0	(8,532)
Changes in redeemable common stock	(250)					(250)
Comprehensive income	3,060						2,305	755
Balance (shares) at Sep. 30, 2018		14,824,364	1,853,106	14,824,364	1,853,106
Balance at Sep. 30, 2018	$ 280,218			$ 148	$ 19	$ 365,004	$ (86,553)	$ 1,600

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net income	$ 2,305	$ 1,066
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, net	14,122	11,364
Bad debt expense	14	9
Straight-line rental income	(1,207)	(1,150)
Amortization of deferred financing costs	669	818
Write-off of deferred financing costs	148	0
Gain on extinguishment of debt	0	(108)
Changes in assets and liabilities:
Rents and tenant receivables	(49)	(239)
Prepaid expenses and other assets	(98)	(524)
Accounts payable and accrued expenses	947	2,019
Deferred rental income and other liabilities	(100)	(338)
Due to affiliates	182	(492)
Due from affiliates	14	0
Net cash provided by operating activities	16,947	12,425
Cash flows from investing activities:
Investment in real estate assets and capital expenditures	(45,178)	(103,477)
Payment of property escrow deposits	(325)	(3,025)
Refund of property escrow deposits	550	3,259
Net cash used in investing activities	(44,953)	(103,243)
Cash flows from financing activities:
Proceeds from issuance of common stock	26,448	64,559
Redemptions of common stock	(8,536)	(3,733)
Offering costs on issuance of common stock	(2,456)	(6,193)
Distribution and stockholder servicing fees paid	(270)	(123)
Proceeds from credit facility and notes payable	270,000	102,200
Repayments of credit facility and notes payable	(244,500)	(73,950)
Distributions to investors	(9,947)	(8,341)
Deferred financing costs paid	(2,833)	(412)
Net cash provided by financing activities	27,906	74,007
Net decrease in cash and cash equivalents and restricted cash	(100)	(16,811)
Cash and cash equivalents and restricted cash, beginning of period	1,519	19,255
Cash and cash equivalents and restricted cash, end of period	1,419	2,444
Cash and cash equivalents	1,032	2,097
Restricted cash	387	347
Supplemental disclosures of non-cash investing and financing activities:
Distributions declared and unpaid	2,120	1,947
Change in accrued distribution and stockholder servicing fees	449	779
Accrued capital expenditures	15	177
Common stock issued through distribution reinvestment plan	8,786	7,881
Change in fair value of interest rate swaps	755	648
Supplemental cash flow disclosures:
Interest paid	$ 9,673	$ 7,533

Organization and Business

Organization and Business	9 Months Ended
	Sep. 30, 2018
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 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 is obligated 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 is obligated 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 is obligated to 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. CCO Group, LLC is evaluating and intends to effectuate during the Initial Services Term of the Services Agreement 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. 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, as well as up to $475.0 million in additional shares pursuant to a distribution reinvestment plan (the “Original DRIP”). In March 2016, the Company reclassified a portion of its unissued Class A common stock (“Class A Shares”) as Class T common stock (“Class T Shares”) and commenced sales of Class T Shares thereafter upon receipt of the required regulatory approvals. 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 first amended and restated distribution and reinvestment plan, the “DRIP”). The Company reserves the right to reallocate the shares offered among the classes of shares and between the primary offering and the Second Amended and Restated DRIP. On March 29, 2018, the Company announced that its board of directors (the “Board”) established an updated estimated per share net asset value (“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 is offering 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. Additionally, as of March 29, 2018, $22.18 per share serves as the estimated per share NAV for purposes of the share redemption program. The Board establishes an updated per share NAV of the Company’s common stock on an annual basis for purposes of assisting broker-dealers that participated in the Offerings in meeting their customer account reporting obligations under National Association of Securities Dealers Conduct Rule 2340, having previously established a per share NAV as of February 29, 2016 and December 31, 2016. As of September 30, 2018 , the Company had issued approximately 17.8 million shares of common stock in the Offerings, including 1.5 million shares issued in DRIP, for gross offering proceeds of $444.8 million ( $398.7 million in Class A Shares and $46.1 million in Class T Shares) before organization and offering costs, selling commissions, and dealer manager fees of $41.8 million . In addition, as of September 30, 2018 , the Company paid distribution and stockholder servicing fees for Class T Shares sold in the primary portion of the Offerings of $483,000 and accrued an estimated liability for future distribution and stockholder servicing fees payable of $1.3 million . 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 September 30, 2018 , the Company owned 140 properties, comprising 3.4 million rentable square feet of commercial space located in 33 states. As of September 30, 2018 , 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	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The summary of significant accounting policies presented below is designed to assist in understanding the Company’s condensed consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”), in all material respects, and have been consistently applied in preparing the accompanying condensed consolidated financial statements. Principles of Consolidation and Basis of Presentation The condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the SEC regarding interim financial reporting, including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements for the interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for such periods. Results for these interim periods are not necessarily indicative of full year results. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2017 , and related notes thereto, set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . The condensed consolidated financial statements should also be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this Quarterly Report on Form 10-Q. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Reclassifications Certain amounts in the Company’s prior period condensed consolidated financial statements have been reclassified to conform to the current period presentation. In connection with the adoption of Accounting Standards Update (“ASU”) No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , transfers to or from restricted cash, which have previously been shown in the Company’s investing activities section of the condensed 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 condensed consolidated statements of cash flows. This change resulted in a decrease in cash flows from investing activities of $253,000 during the nine months ended September 30, 2017 . The Company adopted ASU 2017-12, as defined in “Recent Accounting Pronouncements,” during the first quarter of fiscal year 2018. Accordingly, for the nine months ended September 30, 2018 , the Company recorded a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of accumulated distributions in excess of earnings of $32,000 . Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated 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; changes in anticipated holding periods; or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value will be determined using a discounted cash flow analysis and recent comparable sales transactions. No impairment indicators were identified and no impairment losses were recorded during the nine months ended September 30, 2018 or 2017 . The Company is in the process of determining if anticipated holding periods for certain properties may materially differ from the initial intended holding periods for such properties, which could result in an impairment charge in the future. Assets Held for Sale When a real estate asset is identified by the Company as held for sale, the Company will cease recording depreciation and amortization of the assets related to the property and estimate its 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 is then recorded to reflect the estimated fair value of the property, net of selling costs. There were no assets identified as held for sale as of September 30, 2018 or December 31, 2017 . 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 and other intangibles, 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 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 condensed 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 and identified intangible assets and liabilities on a relative fair value basis. Restricted Cash The Company had $387,000 and $346,000 in restricted cash as of September 30, 2018 and December 31, 2017 , respectively. Included in restricted cash was $94,000 held by lenders in lockbox accounts as of December 31, 2017 . No such amounts were included in restricted cash as of September 30, 2018 . 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 $293,000 and $2,000 held by lenders in escrow accounts in accordance with the associated lender’s loan agreement as of September 30, 2018 and December 31, 2017 , respectively, as well as $94,000 and $250,000 in lender cash management accounts as of September 30, 2018 and December 31, 2017 , respectively. Revenue Recognition Certain properties have leases where the minimum rental payment increases 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. Effective January 1, 2018, the Company adopted 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 requires 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. The Company records revenue for real estate taxes and insurance reimbursed by its tenants on the leased properties, with offsetting expenses in real estate taxes and property operating expenses, respectively, within the condensed consolidated statements of operations as the Company has concluded it is the primary obligor. The Company has identified its revenue streams as rental income from leasing arrangements and tenant reimbursement income, which are outside of the scope of Topic 606. The Company adopted ASU 2014-09 using the modified retrospective approach and determined it did not have a material impact on the Company’s condensed consolidated financial statements. The Company continually reviews receivables related to rent, including any straight-line rent, and current and future operating expense reimbursements from tenants, and determines their 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 September 30, 2018 and December 31, 2017 , the Company had an allowance for uncollectible accounts of $18,000 and $40,000 , respectively. 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 can result in different earnings per share for each of the classes. Under the two-class method, earnings per share of each class of common stock are computed by dividing the sum of the distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of shares for each class of common stock for the respective period. The distributed earnings to Class T Share common stockholders represents distributions declared less the distribution and stockholder servicing fees. Diluted income (loss) per share considers the effect of any potentially dilutive share equivalents, of which the Company had none for each of the three and nine months ended September 30, 2018 and 2017 . Distributions per share are calculated based on the authorized daily distribution rate. 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 new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s condensed consolidated financial statements. In February 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). The amendments in this update require that most lease obligations be recognized as a right of use asset with a corresponding liability on the balance sheet. The guidance also requires additional qualitative and quantitative disclosures to assess the amount, timing and uncertainty of cash flows arising from leases. ASU 2016-02 and subsequent amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The guidance, including optional practical expedients, should be implemented for the earliest period presented using a modified retrospective approach. The Company is currently in the process of finalizing its assessment of its inventory of leases that will be impacted by adoption of the new guidance. The Company does not expect the adoption to have a material impact on the accounting treatment of the Company’s net leases, which are the primary source of the Company’s revenues. 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 are designed to 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. ASU 2017-12 applies to the Company’s interest rate swaps designated as cash flow hedges. ASU 2017-12 requires all changes in the fair value of highly effective cash flow hedges to be recorded in accumulated other comprehensive income. 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. ASU 2017-12 is required to be adopted using a modified retrospective approach with early adoption permitted. The Company early adopted ASU 2017-12 during the first quarter of fiscal year 2018. Accordingly, during the nine months ended September 30, 2018 , the Company recorded a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of accumulated distributions in excess of earnings of $32,000 . In August 2018, the FASB issued ASU No. 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). This ASU amends and removes several disclosure requirements including the valuation processes for Level 3 fair value measurements. ASU 2018-13 also modifies some disclosure requirements and requires additional disclosures for changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and requires the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The provisions of ASU 2018-13 are effective January 1, 2020 using a prospective transition method for amendments effecting changes in unrealized gains and losses, significant unobservable inputs used to develop Level 3 fair value measurements and narrative description on uncertainty of measurements. The remaining provisions of the ASU are to be applied retrospectively, and early adoption is permitted. The Company is evaluating the impact of this ASU's adoption, and does not believe this ASU will have a material impact on its condensed consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2018
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 September 30, 2018 , the estimated fair value of the Company’s debt was $334.7 million , compared to a carrying value of $335.1 million . The estimated fair value of the Company’s debt was $311.4 million as of December 31, 2017 , compared to a carrying value of $309.6 million . Derivative instruments — The Company’s derivative instruments are comprised of interest rate swaps. All derivative instruments are carried at fair value and are valued using Level 2 inputs. The fair value of these instruments is determined using interest rate market pricing models. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the respective counterparties. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. However, as of September 30, 2018 and December 31, 2017 , 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 September 30, 2018 and December 31, 2017 , 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 September 30, 2018 and December 31, 2017 (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant September 30, 2018 (Level 1) (Level 2) (Level 3) Financial assets: Interest rate swaps $ 1,600 $ — $ 1,600 $ — 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 $ —

Real Estate Assets

Real Estate Assets	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
REAL ESTATE ASSETS	REAL ESTATE ASSETS 2018 Property Acquisitions During the nine months ended September 30, 2018 , the Company acquired four commercial properties for an aggregate purchase price of $43.8 million (the “ 2018 Asset Acquisitions”), which includes $1.3 million of external acquisition-related expenses that were capitalized in accordance with ASU 2017-01. Prior to the adoption of ASU 2017-01 in April 2017, costs related to property acquisitions were expensed as incurred. The Company funded the 2018 Asset Acquisitions with net proceeds from the Follow-on Offering and available borrowings. The following table summarizes the purchase price allocation for the 2018 Asset Acquisitions purchased during the nine months ended September 30, 2018 (in thousands): 2018 Asset Acquisitions Land $ 8,882 Buildings and improvements 30,505 Acquired in-place leases and other intangibles (1) 4,437 Total purchase price $ 43,824 ______________________ (1) The weighted average amortization period for acquired in-place leases and other intangibles was 17.4 years for the 2018 Asset Acquisitions. 2017 Property Acquisitions During the nine months ended September 30, 2017 , the Company acquired 15 commercial properties for an aggregate purchase price of $103.4 million (the “ 2017 Acquisitions”), of which 13 were determined to be asset acquisitions and two were accounted for as business combinations as they were acquired prior to the 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 properties purchased during the nine months ended September 30, 2017 (in thousands): 2017 Acquisitions Real estate assets: Purchase price of asset acquisitions $ 88,547 Purchase price of business combinations 14,878 Total purchase price of real estate assets acquired (1) $ 103,425 ______________________ (1) The weighted average amortization period for the 2017 Acquisitions was 13.9 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. During the nine months ended September 30, 2017 , the Company acquired 13 commercial properties for an aggregate purchase price of $88.5 million , which were accounted for as asset acquisitions (the “ 2017 Asset Acquisitions”). The aggregate purchase price includes $2.6 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 nine months ended September 30, 2017 (in thousands): 2017 Asset Acquisitions Land $ 21,037 Buildings and improvements 47,958 Acquired in-place leases and other intangibles 18,758 Acquired above-market leases 1,665 Intangible lease liabilities (871 ) Total purchase price $ 88,547 During the nine months ended September 30, 2017 , the Company acquired two commercial properties for an aggregate purchase price of $14.9 million , which 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 allocation for the 2017 Business Combination Acquisitions purchased during the nine months ended September 30, 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 of $285,000 and $652,000 , respectively, and net income of $170,000 and a net loss of $25,000 , respectively, for the three and nine months ended September 30, 2017 , related to the 2017 Business Combination Acquisitions. In addition, the Company recorded $407,000 of acquisition-related expenses for the nine months ended September 30, 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 (loss), on a pro forma basis, for the three and nine months ended September 30, 2017 and 2016 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Pro forma basis (unaudited): Revenue $ 11,749 $ 10,325 $ 32,779 $ 31,103 Net income (loss) $ 718 $ (102 ) $ 1,567 $ (1,559 ) The unaudited pro forma information for the nine months ended September 30, 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 pro forma information for the nine months ended September 30, 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 the period, nor does it purport to represent the results of future operations.

Intangible Lease Assets

Intangible Lease Assets	9 Months Ended
	Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE LEASE ASSETS	INTANGIBLE LEASE ASSETS Intangible lease assets as of September 30, 2018 and December 31, 2017 consisted of the following (in thousands, except weighted average life): September 30, 2018 December 31, 2017 In-place leases and other intangibles, net of accumulated amortization of $18,259 and $13,899, respectively (with a weighted average life remaining of 11.0 years and 11.3 years, respectively) $ 56,442 $ 56,443 Acquired above-market leases, net of accumulated amortization of $3,056 and $2,519, respectively (with a weighted average life remaining of 11.2 years and 11.8 years, respectively) 5,780 6,407 $ 62,222 $ 62,850 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 condensed consolidated statements of operations. The following table summarizes the amortization expense related to the intangible lease assets for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 In-place lease and other intangible amortization $ 1,469 $ 1,328 $ 4,587 $ 3,558 Above-market lease amortization $ 166 $ 211 $ 628 $ 617 As of September 30, 2018 , the estimated amortization expense relating to the intangible lease assets is as follows (in thousands): Amortization Expense In-Place Leases and Other Intangibles Above-Market Leases Remainder of 2018 $ 1,482 $ 183 2019 $ 5,699 $ 591 2020 $ 5,492 $ 538 2021 $ 5,430 $ 523 2022 $ 5,233 $ 511

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES In the normal course of business, the Company uses certain types of derivative instruments for the purpose of managing or hedging its interest rate risk. During the nine months ended September 30, 2018 , the Company entered into one interest rate swap agreement. As of September 30, 2018 , the Company had three interest rate swap agreements. The following table summarizes the terms of the Company’s executed interest rate swap agreements designated as hedging instruments as of September 30, 2018 and December 31, 2017 (dollar amounts in thousands): Balance Sheet Location Outstanding Notional Amount as of Interest Rate (1) Effective Date Maturity Date Fair Value of Assets as of September 30, 2018 September 30, 2018 December 31, 2017 Interest Rate Swaps Derivative assets, prepaid expenses and other assets $ 241,100 3.22% to 4.45% 12/31/2015 to 5/23/2018 4/25/2019 to 3/28/2022 $ 1,600 $ 845 ______________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of September 30, 2018 . 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 derivative instruments that are designated as hedges is recorded in other comprehensive income, with a portion of the amount subsequently reclassified to interest expense as interest payments are made on the Company’s variable rate debt. For the three and nine months ended September 30, 2018 , the amounts reclassified were a gain of $17,000 and $90,000 , respectively. For the three and nine months ended September 30, 2017 , the amounts reclassified were a loss of $110,000 and $567,000 , respectively. During the next 12 months, the Company estimates that an additional $681,000 will be reclassified from other comprehensive income as a decrease to interest expense. The Company classifies cash flows from interest rate swap agreements as net cash provided by operating activities on the condensed consolidated statements of cash flows, as the Company’s accounting policy is to present cash flows from hedging instruments in the same category in the condensed consolidated statements of cash flows as the category for cash flows from hedged items. The Company has agreements with each of its derivative counterparties that contain provisions whereby, if the Company defaults on certain of its unsecured indebtedness, the Company could also be declared in default on its derivative obligations, resulting in an acceleration of payment. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at an aggregate termination value, inclusive of interest payments and accrued interest. As of September 30, 2018 , all derivatives were in an asset position. Therefore, there was no termination value as of September 30, 2018 . In addition, the Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company believes it mitigates its credit risk by entering into agreements with creditworthy counterparties. The Company records credit risk valuation adjustments on its interest rate swaps based on the credit quality of the Company and the respective counterparty. There were no termination events or events of default related to the interest rate swaps as of September 30, 2018 .

Notes Payable and Credit Facili

Notes Payable and Credit Facility	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
NOTES PAYABLE AND CREDIT FACILITY	NOTES PAYABLE AND CREDIT FACILITY As of September 30, 2018 , the Company had $332.9 million of debt outstanding, including net deferred financing costs, with weighted average years to maturity of 4.2 years and a weighted average interest rate of 3.8% . 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 September 30, 2018 and December 31, 2017 , and the debt activity for the nine months ended September 30, 2018 (in thousands): During the Nine Months Ended September 30, 2018 Balance as of December 31, 2017 Debt Issuance, Net (1) Repayments and Modifications Accretion Balance as of Credit facility $ 217,000 $ 270,000 $ (244,500 ) $ — $ 242,500 Fixed rate debt 92,600 — — — 92,600 Total debt 309,600 270,000 (244,500 ) — 335,100 Deferred costs (2) (1,041 ) (1,730 ) 125 400 (2,246 ) Total debt, net $ 308,559 $ 268,270 $ (244,375 ) $ 400 $ 332,854 ______________________ (1) Includes deferred financing costs incurred during the period. (2) Deferred costs relate to mortgage notes payable and the term portion of the Credit Facility, as defined below. As of September 30, 2018 , 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 3.5% to 4.5% per annum. The fixed rate 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 $156.5 million as of September 30, 2018 . Each of the mortgage notes payable comprising the fixed rate debt is secured by the respective properties on which the debt was placed. During the nine months ended September 30, 2018 , the Company entered into a new credit agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A. (“JPMorgan Chase”), as administrative agent, and the other lenders party thereto, and repaid the then-existing credit agreement dated April 25, 2014. The Credit Agreement allows for borrowings of up to $350.0 million (the “Credit Facility”). 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”). The Term Loans mature on March 27, 2023 and 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. Depending upon the type of loan specified and overall leverage ratio, the Credit Facility bears interest at (i) the one-month, two-month, three-month or six-month London Interbank Offered Rate (“LIBOR”) multiplied by the statutory reserve rate (the “Adjusted LIBO Rate”) for the interest period plus an applicable rate ranging from 1.30% to 1.70% ; or (ii) a base rate ranging from 0.30% to 0.70% , plus the greater of: (a) JPMorgan Chase’s Prime Rate (as defined in the Credit Agreement); (b) the NYFRB Rate (as defined in the Credit Agreement) plus 0.50% ; or (c) the Adjusted LIBO Rate for a period of one month plus 1.0% . As of September 30, 2018 , the amounts outstanding under the Revolving Loans totaled $22.5 million at a weighted average interest rate of 3.9% . As of September 30, 2018 , the amounts outstanding under the Term Loans totaled $220.0 million , all of which was subject to interest rate swap agreements (the “Swapped Term Loan”). The interest rate swap agreements had the effect of fixing the Adjusted LIBO Rate per annum of the Swapped Term Loan. As of September 30, 2018 , the all-in rate for the Swapped Term Loan was 3.8% . The Company had $242.5 million of debt outstanding under the Credit Facility as of September 30, 2018 at a weighted average interest rate of 3.8% and $107.5 million in unused capacity, subject to borrowing availability. The Credit Agreement contains provisions with respect to covenants, events of default and remedies customary for facilities of this nature. In particular, the Credit Agreement requires the Company to maintain a minimum consolidated net worth not less than $225.0 million plus 75% of the equity interests issued by the Company, a net 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 Credit Agreement, as well as the financial covenants under the Company’s various fixed and variable rate debt agreements as of September 30, 2018 . Maturities The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt subsequent to September 30, 2018 (in thousands): Principal Repayments Remainder of 2018 $ — 2019 — 2020 388 2021 68,009 2022 22,928 Thereafter 243,775 Total $ 335,100

Intangible Lease Liabilities

Intangible Lease Liabilities	9 Months Ended
	Sep. 30, 2018
Other Liabilities Disclosure [Abstract]
Intangible Lease Liabilities	INTANGIBLE LEASE LIABILITIES Intangible lease liabilities consisted of the following as of September 30, 2018 and December 31, 2017 (in thousands, except weighted average life remaining amounts): September 30, 2018 December 31, 2017 Acquired below-market leases, net of accumulated amortization of $2,081 and $1,678, respectively (with a weighted average life remaining of 7.5 years and 7.9 years, respectively) $ 3,569 $ 4,019 Amortization of below-market leases is recorded as an increase to rental revenue in the accompanying condensed consolidated statements of operations. The following table summarizes the amortization of the intangible lease liabilities for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Below-market lease amortization $ 147 $ 133 $ 450 $ 412 As of September 30, 2018 , the estimated amortization of the intangible lease liabilities is as follows (in thousands): Amortization of Below-Market Leases Remainder of 2018 $ 146 2019 $ 555 2020 $ 479 2021 $ 460 2022 $ 380

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation In the ordinary course of business, the Company may become subject to litigation and claims. The Company is not aware of any material pending legal proceedings, other than ordinary routine litigation incidental to the Company’s business, to which the Company is a party or of which the Company’s properties are the subject. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. In addition, the Company may own or acquire certain properties that are subject to environmental remediation. Generally, the seller of the property, the tenant of the property and/or another third party is responsible for environmental remediation costs related to a property. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify the Company against future remediation costs. The Company also carries environmental liability insurance on its properties that provides limited coverage for any remediation liability and/or pollution liability for third-party bodily injury and/or property damage claims for which the Company may be liable. The Company is not aware of any environmental matters which it believes are reasonably likely to have a material effect on its results of operations, financial condition or liquidity.

Related-Party Transactions and

Related-Party Transactions and Arrangements	9 Months Ended
	Sep. 30, 2018
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. 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 September 30, 2018 , 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 condensed 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 condensed 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, 2018, is based on the estimated market value of such assets used to determine the Company’s estimated per share NAV as of December 31, 2017, as discussed in Note 1 — Organization and Business, and for those assets acquired subsequent to December 31, 2017, 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 three and nine months ended September 30, 2018 and 2017 , 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 three and nine months ended September 30, 2018 and 2017 , no subordinated performance fees were incurred related to any such events. The Company incurred commissions, fees and expense reimbursements as shown in the table below for services provided by CR V Advisors and its affiliates related to the services described above during the periods indicated (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Selling commissions $ 298 $ 813 $ 1,215 $ 3,441 Dealer manager fees $ 158 $ 322 $ 533 $ 1,298 Other organization and offering expenses $ 218 $ 378 $ 708 $ 1,454 Distribution and stockholder servicing fees (1) $ 97 $ 56 $ 270 $ 123 Acquisition fees and expenses $ 52 $ 915 $ 1,250 $ 2,332 Advisory fees and expenses $ 1,584 $ 1,389 $ 4,603 $ 3,965 Operating expenses $ 487 $ 522 $ 1,625 $ 1,594 ______________________ (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 $1.3 million , which is included in due to affiliates in the condensed consolidated balance sheets with a corresponding decrease to capital in excess of par value. Services Agreement Pursuant to the Services Agreement, VEREIT OP, which is affiliated with one of the Company’s directors, is obligated to provide certain services to CCO Group and to the Company, including operational real estate support. The Company is not a party to the Services Agreement. See Note 11 — Economic Dependency for a discussion of the Services Agreement. Due to/from Affiliates As of September 30, 2018 and December 31, 2017 , $2.1 million and $1.8 million , respectively, were recorded for services and expenses incurred, but not yet reimbursed to CR V Advisors, or its affiliates. The amounts are primarily for advisory fees and operating expenses and distribution and stockholder servicing fees payable to CCO Capital. These amounts were included in due to affiliates in the condensed 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 to the Company as of September 30, 2018 .

Economic Dependency

Economic Dependency	9 Months Ended
	Sep. 30, 2018
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. Services Agreement Pursuant to the Services Agreement, VEREIT OP is obligated to provide certain services to CCO Group and to the Company, including operational real estate support. VEREIT OP is obligated 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 is obligated 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 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.

Operating Leases

Operating Leases	9 Months Ended
	Sep. 30, 2018
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 September 30, 2018 , the leases had a weighted-average remaining term of 10.3 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 September 30, 2018 , was as follows (in thousands): Future Minimum Rental Income Remainder of 2018 $ 12,641 2019 48,013 2020 47,325 2021 46,723 2022 45,122 Thereafter 322,650 Total $ 522,474

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The following events occurred subsequent to September 30, 2018 : Redemption of Shares of Common Stock Subsequent to September 30, 2018 , the Company redeemed approximately 135,000 shares for $3.0 million at an average per share price of $22.05 pursuant to the Company’s share redemption program. Management, in its discretion, limited the amount of shares redeemed for the three months ended September 30, 2018 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 September 30, 2018 totaling approximately 295,000 shares went unfulfilled. Acquisition of Real Estate Assets Subsequent to September 30, 2018 , the Company acquired one commercial property for an aggregate purchase price of $15.1 million , which was accounted for as an asset acquisition. The acquisition was funded with net proceeds from the Follow-On Offering and available borrowings. The Company has not completed its initial purchase price allocation with respect to this property and therefore cannot provide similar disclosures to those included in Note 4 — Real Estate Assets in these condensed consolidated financial statements for this property .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Basis of Accounting	The summary of significant accounting policies presented below is designed to assist in understanding the Company’s condensed consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”), in all material respects, and have been consistently applied in preparing the accompanying condensed consolidated financial statements
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the SEC regarding interim financial reporting, including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements for the interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for such periods. Results for these interim periods are not necessarily indicative of full year results. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2017 , and related notes thereto, set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . The condensed consolidated financial statements should also be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this Quarterly Report on Form 10-Q. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Reclassifications	Reclassifications Certain amounts in the Company’s prior period condensed consolidated financial statements have been reclassified to conform to the current period presentation. In connection with the adoption of Accounting Standards Update (“ASU”) No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , transfers to or from restricted cash, which have previously been shown in the Company’s investing activities section of the condensed 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 condensed consolidated statements of cash flows. This change resulted in a decrease in cash flows from investing activities of $253,000 during the nine months ended September 30, 2017 . The Company adopted ASU 2017-12, as defined in “Recent Accounting Pronouncements,” during the first quarter of fiscal year 2018. Accordingly, for the nine months ended September 30, 2018 , the Company recorded a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of accumulated distributions in excess of earnings of $32,000 .
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated 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; changes in anticipated holding periods; or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value will be determined using a discounted cash flow analysis and recent comparable sales transactions. No impairment indicators were identified and no impairment losses were recorded during the nine months ended September 30, 2018 or 2017 . The Company is in the process of determining if anticipated holding periods for certain properties may materially differ from the initial intended holding periods for such properties, which could result in an impairment charge in the future. Assets Held for Sale When a real estate asset is identified by the Company as held for sale, the Company will cease recording depreciation and amortization of the assets related to the property and estimate its 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 is then 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 and other intangibles, 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 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 condensed 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 and identified intangible assets and liabilities on a relative fair value basis.
Restricted Cash	Restricted Cash The Company had $387,000 and $346,000 in restricted cash as of September 30, 2018 and December 31, 2017 , respectively. Included in restricted cash was $94,000 held by lenders in lockbox accounts as of December 31, 2017 . No such amounts were included in restricted cash as of September 30, 2018 . 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.
Revenue Recognition	Revenue Recognition Certain properties have leases where the minimum rental payment increases 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. Effective January 1, 2018, the Company adopted 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 requires 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. The Company records revenue for real estate taxes and insurance reimbursed by its tenants on the leased properties, with offsetting expenses in real estate taxes and property operating expenses, respectively, within the condensed consolidated statements of operations as the Company has concluded it is the primary obligor. The Company has identified its revenue streams as rental income from leasing arrangements and tenant reimbursement income, which are outside of the scope of Topic 606. The Company adopted ASU 2014-09 using the modified retrospective approach and determined it did not have a material impact on the Company’s condensed consolidated financial statements. The Company continually reviews receivables related to rent, including any straight-line rent, and current and future operating expense reimbursements from tenants, and determines their 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.
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 can result in different earnings per share for each of the classes. Under the two-class method, earnings per share of each class of common stock are computed by dividing the sum of the distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of shares for each class of common stock for the respective period. The distributed earnings to Class T Share common stockholders represents distributions declared less the distribution and stockholder servicing fees. Diluted income (loss) per share considers the effect of any potentially dilutive share equivalents, of which the Company had none for each of the three and nine months ended September 30, 2018 and 2017 . Distributions per share are calculated based on the authorized daily distribution rate.
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 new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s condensed consolidated financial statements. In February 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). The amendments in this update require that most lease obligations be recognized as a right of use asset with a corresponding liability on the balance sheet. The guidance also requires additional qualitative and quantitative disclosures to assess the amount, timing and uncertainty of cash flows arising from leases. ASU 2016-02 and subsequent amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The guidance, including optional practical expedients, should be implemented for the earliest period presented using a modified retrospective approach. The Company is currently in the process of finalizing its assessment of its inventory of leases that will be impacted by adoption of the new guidance. The Company does not expect the adoption to have a material impact on the accounting treatment of the Company’s net leases, which are the primary source of the Company’s revenues. 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 are designed to 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. ASU 2017-12 applies to the Company’s interest rate swaps designated as cash flow hedges. ASU 2017-12 requires all changes in the fair value of highly effective cash flow hedges to be recorded in accumulated other comprehensive income. 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. ASU 2017-12 is required to be adopted using a modified retrospective approach with early adoption permitted. The Company early adopted ASU 2017-12 during the first quarter of fiscal year 2018. Accordingly, during the nine months ended September 30, 2018 , the Company recorded a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of accumulated distributions in excess of earnings of $32,000 . In August 2018, the FASB issued ASU No. 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). This ASU amends and removes several disclosure requirements including the valuation processes for Level 3 fair value measurements. ASU 2018-13 also modifies some disclosure requirements and requires additional disclosures for changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and requires the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The provisions of ASU 2018-13 are effective January 1, 2020 using a prospective transition method for amendments effecting changes in unrealized gains and losses, significant unobservable inputs used to develop Level 3 fair value measurements and narrative description on uncertainty of measurements. The remaining provisions of the ASU are to be applied retrospectively, and early adoption is permitted. The Company is evaluating the impact of this ASU's adoption, and does not believe this ASU will have a material impact on its condensed consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Investment in and Valuation of Real Estate and Related Assets	The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Site improvements 15 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017 (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant September 30, 2018 (Level 1) (Level 2) (Level 3) Financial assets: Interest rate swaps $ 1,600 $ — $ 1,600 $ — 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 $ —

Real Estate Assets (Tables)

Real Estate Assets (Tables)	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the consideration transferred for the properties purchased during the nine months ended September 30, 2017 (in thousands): 2017 Acquisitions Real estate assets: Purchase price of asset acquisitions $ 88,547 Purchase price of business combinations 14,878 Total purchase price of real estate assets acquired (1) $ 103,425 ______________________ (1) The weighted average amortization period for the 2017 Acquisitions was 13.9 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. The following table summarizes the purchase price allocation for the 2017 Business Combination Acquisitions purchased during the nine months ended September 30, 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 2018 Asset Acquisitions purchased during the nine months ended September 30, 2018 (in thousands): 2018 Asset Acquisitions Land $ 8,882 Buildings and improvements 30,505 Acquired in-place leases and other intangibles (1) 4,437 Total purchase price $ 43,824 ______________________ (1) The weighted average amortization period for acquired in-place leases and other intangibles was 17.4 years for the 2018 Asset Acquisitions. The following table summarizes the purchase price allocation for the 2017 Asset Acquisitions purchased during the nine months ended September 30, 2017 (in thousands): 2017 Asset Acquisitions Land $ 21,037 Buildings and improvements 47,958 Acquired in-place leases and other intangibles 18,758 Acquired above-market leases 1,665 Intangible lease liabilities (871 ) Total purchase price $ 88,547
Business Acquisition, Pro Forma Information	The table below presents the Company’s estimated revenue and net income (loss), on a pro forma basis, for the three and nine months ended September 30, 2017 and 2016 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Pro forma basis (unaudited): Revenue $ 11,749 $ 10,325 $ 32,779 $ 31,103 Net income (loss) $ 718 $ (102 ) $ 1,567 $ (1,559 )

Intangible Lease Assets (Tables

Intangible Lease Assets (Tables)	9 Months Ended
	Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of finite-lived intangible assets	Intangible lease assets as of September 30, 2018 and December 31, 2017 consisted of the following (in thousands, except weighted average life): September 30, 2018 December 31, 2017 In-place leases and other intangibles, net of accumulated amortization of $18,259 and $13,899, respectively (with a weighted average life remaining of 11.0 years and 11.3 years, respectively) $ 56,442 $ 56,443 Acquired above-market leases, net of accumulated amortization of $3,056 and $2,519, respectively (with a weighted average life remaining of 11.2 years and 11.8 years, respectively) 5,780 6,407 $ 62,222 $ 62,850
Schedule of finite-lived intangible assets amortization expense	The following table summarizes the amortization expense related to the intangible lease assets for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 In-place lease and other intangible amortization $ 1,469 $ 1,328 $ 4,587 $ 3,558 Above-market lease amortization $ 166 $ 211 $ 628 $ 617
Schedule of finite-lived intangible assets, future amortization expense	As of September 30, 2018 , the estimated amortization expense relating to the intangible lease assets is as follows (in thousands): Amortization Expense In-Place Leases and Other Intangibles Above-Market Leases Remainder of 2018 $ 1,482 $ 183 2019 $ 5,699 $ 591 2020 $ 5,492 $ 538 2021 $ 5,430 $ 523 2022 $ 5,233 $ 511

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table summarizes the terms of the Company’s executed interest rate swap agreements designated as hedging instruments as of September 30, 2018 and December 31, 2017 (dollar amounts in thousands): Balance Sheet Location Outstanding Notional Amount as of Interest Rate (1) Effective Date Maturity Date Fair Value of Assets as of September 30, 2018 September 30, 2018 December 31, 2017 Interest Rate Swaps Derivative assets, prepaid expenses and other assets $ 241,100 3.22% to 4.45% 12/31/2015 to 5/23/2018 4/25/2019 to 3/28/2022 $ 1,600 $ 845 ______________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of September 30, 2018 .

Notes Payable and Credit Faci_2

Notes Payable and Credit Facility (Tables)	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the debt balances as of September 30, 2018 and December 31, 2017 , and the debt activity for the nine months ended September 30, 2018 (in thousands): During the Nine Months Ended September 30, 2018 Balance as of December 31, 2017 Debt Issuance, Net (1) Repayments and Modifications Accretion Balance as of Credit facility $ 217,000 $ 270,000 $ (244,500 ) $ — $ 242,500 Fixed rate debt 92,600 — — — 92,600 Total debt 309,600 270,000 (244,500 ) — 335,100 Deferred costs (2) (1,041 ) (1,730 ) 125 400 (2,246 ) Total debt, net $ 308,559 $ 268,270 $ (244,375 ) $ 400 $ 332,854 ______________________ (1) Includes deferred financing costs incurred during the period. (2) Deferred costs relate to mortgage notes payable and the term portion of the 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 subsequent to September 30, 2018 (in thousands): Principal Repayments Remainder of 2018 $ — 2019 — 2020 388 2021 68,009 2022 22,928 Thereafter 243,775 Total $ 335,100

Intangible Lease Liabilities (T

Intangible Lease Liabilities (Tables)	9 Months Ended
	Sep. 30, 2018
Other Liabilities Disclosure [Abstract]
Schedule of finite-lived intangible liabilities	Intangible lease liabilities consisted of the following as of September 30, 2018 and December 31, 2017 (in thousands, except weighted average life remaining amounts): September 30, 2018 December 31, 2017 Acquired below-market leases, net of accumulated amortization of $2,081 and $1,678, respectively (with a weighted average life remaining of 7.5 years and 7.9 years, respectively) $ 3,569 $ 4,019
Schedule of amortization expense of below market lease	The following table summarizes the amortization of the intangible lease liabilities for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Below-market lease amortization $ 147 $ 133 $ 450 $ 412
Schedule of finite-lived intangible liabilities, future amortization expense	As of September 30, 2018 , the estimated amortization of the intangible lease liabilities is as follows (in thousands): Amortization of Below-Market Leases Remainder of 2018 $ 146 2019 $ 555 2020 $ 479 2021 $ 460 2022 $ 380

Related-Party Transactions an_2

Related-Party Transactions and Arrangements (Tables)	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The Company incurred commissions, fees and expense reimbursements as shown in the table below for services provided by CR V Advisors and its affiliates related to the services described above during the periods indicated (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Selling commissions $ 298 $ 813 $ 1,215 $ 3,441 Dealer manager fees $ 158 $ 322 $ 533 $ 1,298 Other organization and offering expenses $ 218 $ 378 $ 708 $ 1,454 Distribution and stockholder servicing fees (1) $ 97 $ 56 $ 270 $ 123 Acquisition fees and expenses $ 52 $ 915 $ 1,250 $ 2,332 Advisory fees and expenses $ 1,584 $ 1,389 $ 4,603 $ 3,965 Operating expenses $ 487 $ 522 $ 1,625 $ 1,594 ______________________ (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 $1.3 million , which is included in due to affiliates in the condensed consolidated balance sheets with a corresponding decrease to capital in excess of par value.

Operating Leases (Tables)

Operating Leases (Tables)	9 Months Ended
	Sep. 30, 2018
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 September 30, 2018 , was as follows (in thousands): Future Minimum Rental Income Remainder of 2018 $ 12,641 2019 48,013 2020 47,325 2021 46,723 2022 45,122 Thereafter 322,650 Total $ 522,474

Organization and Business (Shar

Organization and Business (Shares Offering) (Details) - USD ($)	3 Months Ended		9 Months Ended		54 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Mar. 29, 2018	Dec. 31, 2017	Aug. 01, 2017	Mar. 24, 2017	Mar. 17, 2014	Feb. 07, 2014
Class of Stock [Line Items]
Issuance of common stock			$ 35,234,000
Net asset value per share (USD per share)						$ 22.18	$ 22.18
Due to affiliates	$ 2,147,000		2,147,000		$ 2,147,000		$ 1,787,000
Distribution and stockholder servicing fees | Advisors
Class of Stock [Line Items]
Related party transaction, expenses from transactions with related party	97,000	$ 56,000	270,000	$ 123,000
Due to affiliates	$ 1,300,000		$ 1,300,000		1,300,000
Class A Common Stock
Class of Stock [Line Items]
Share price (USD per share)						24.37
Class A Common Stock | Common Stock
Class of Stock [Line Items]
Issuance of common stock, shares (shares)			960,340
Issuance of common stock			$ 10,000
Class T Common Stock
Class of Stock [Line Items]
Share price (USD per share)						23.35
Class T Common Stock | Distribution and stockholder servicing fees | Advisors
Class of Stock [Line Items]
Related party transaction, expenses from transactions with related party			$ 483,000
Class T Common Stock | Common Stock
Class of Stock [Line Items]
Issuance of common stock, shares (shares)			506,344
Issuance of common stock			$ 6,000
IPO
Class of Stock [Line Items]
Common stock, shares authorized								$ 1,200,000,000		$ 2,975,000,000
Issuance of common stock					$ 444,800,000
Shares, Issued	17,800,000		17,800,000		17,800,000
Organization and offering costs, selling commissions and dealer manager fees					$ 41,800,000
IPO | Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized								660,000,000			$ 2,500,000,000
Issuance of common stock					398,700,000
IPO | Class T Common Stock
Class of Stock [Line Items]
Common stock, shares authorized								540,000,000
Issuance of common stock					$ 46,100,000
Distribution reinvestment plan
Class of Stock [Line Items]
Common stock, shares authorized								$ 300,000,000
Shares, Issued	1,500,000		1,500,000		1,500,000
Distribution reinvestment plan | Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized											$ 475,000,000
Share price (USD per share)						$ 22.18
Distribution reinvestment plan | Class T Common Stock
Class of Stock [Line Items]
Share price (USD per share)									$ 22.18
Cole Operating Partnership V, LP
Class of Stock [Line Items]
General partner partnership interest (percent)			100.00%

Organization and Business (Real

Organization and Business (Real Estate) (Details) ft² in Millions	Sep. 30, 2018ft²stateproperty
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of owned properties (property) | property	140
Rentable square feet (sqft) | ft²	3.4
Number of states in which entity owns properties (state) | state	33
Percentage of rentable space leased (percent)	98.90%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Reclassifications) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in net cash used in investing activities	$ 44,953	$ 103,243
ASU 2016-18
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in net cash used in investing activities		$ 253
ASU 2017-12
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adjustment to opening balance of accumulated distributions in excess of earnings	$ (32)

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Real Estate) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Real Estate
Impairment of real estate	$ 0	$ 0
Real estate held-for-sale	$ 0		$ 0
Building
Real Estate
Useful life	40 years
Site Improvements
Real Estate
Useful life	15 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Restricted Cash) (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017
Restricted Cash and Cash Equivalents
Restricted cash	$ 387,000	$ 346,000	$ 347,000
Restricted Lockbox Accounts
Restricted Cash and Cash Equivalents
Restricted cash	0	94,000
Escrow Deposits
Restricted Cash and Cash Equivalents
Restricted cash	293,000	2,000
Lender Cash Management Accounts
Restricted Cash and Cash Equivalents
Restricted cash	$ 94,000	$ 250,000

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Other) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)class_of_stockshares	Sep. 30, 2017shares	Sep. 30, 2018USD ($)class_of_stockshares	Sep. 30, 2017shares	Dec. 31, 2017USD ($)
Revenue Recognition
Allowance for doubtful accounts | $	$ 18		$ 18		$ 40
Earnings Per Share
Number of classes of common stock | class_of_stock	2		2
Potentially dilutive share equivalents (shares) | shares	0	0	0	0

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - Fair value, measurements, recurring - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Estimate of fair value | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt outstanding	$ 334.7	$ 311.4
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt outstanding	$ 335.1	$ 309.6

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Measured on a Recurring Basis (Details) - Fair value, measurements, recurring - Interest Rate Swap - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial asset: Interest rate swap	$ 1,600	$ 845
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial asset: Interest rate swap	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial asset: Interest rate swap	1,600	845
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial asset: Interest rate swap	$ 0	$ 0

Real Estate Assets (Narrative)

Real Estate Assets (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)property	Sep. 30, 2017USD ($)property	Dec. 31, 2017
Business Acquisition [Line Items]
Number of properties acquired | property				15
Purchase price of asset acquisitions		$ 103,400		$ 103,400
Below market lease, weighted average useful life			7 years 6 months		7 years 10 months 24 days
Acquisition-related costs	$ 52	35	$ 187	$ 527
Acquisitions, 2017
Business Acquisition [Line Items]
Number of properties acquired | property				2
Purchase price of business combinations		14,878		$ 14,878
Revenue of acquiree since acquisition date		285		652
Income (loss) of acquiree since acquisition date		170		(25)
Acquisition-related costs				407
2018 Asset Acquisition | Acquisitions, 2018
Business Acquisition [Line Items]
Number of properties acquired | property			4
Purchase price of asset acquisitions	43,824		$ 43,824
Capitalized acquisition-related expenses	$ 1,300		$ 1,300
2017 Asset Acquisitions
Business Acquisition [Line Items]
Purchase price of asset acquisitions		$ 88,547		$ 88,547
Number of properties acquired through asset acquisition | property				13
Below market lease, weighted average useful life				12 years 10 months 20 days
Acquisition-related costs				$ 2,600
Acquired in-place leases and other intangibles | 2018 Asset Acquisition | Acquisitions, 2018
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life			17 years 4 months 24 days
Acquired in-place leases and other intangibles | 2017 Asset Acquisitions
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life				13 years 10 months 10 days
Acquired above-market leases | 2017 Asset Acquisitions
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life				16 years 6 months 20 days

Real Estate Assets (Purchase Pr

Real Estate Assets (Purchase Price of Real Estate Investment) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017
Real Estate [Line Items]
Purchase price of asset acquisitions			$ 103,400
Total real estate assets, at cost	$ 683,908	$ 639,104	103,425
2017 Asset Acquisitions
Real Estate [Line Items]
Purchase price of asset acquisitions			88,547
Acquisitions, 2017
Real Estate [Line Items]
Purchase price of business combinations			$ 14,878

Real Estate Assets (Schedule of

Real Estate Assets (Schedule of Recognized Identified Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017
Business Acquisition [Line Items]
Land	$ 151,868	$ 142,986
Total purchase price			$ 103,400
Acquisitions, 2017
Business Acquisition, Purchase Price Allocation [Abstract]
Land			2,099
Buildings and improvements			11,342
Total purchase price of real estate assets acquired			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
2017 Asset Acquisitions
Business Acquisition [Line Items]
Land			21,037
Buildings and improvements			47,958
Acquired in-place leases and other intangibles			18,758
Acquired above-market leases			1,665
Intangible lease liabilities			(871)
Total purchase price			$ 88,547
2018 Asset Acquisition | Acquisitions, 2018
Business Acquisition [Line Items]
Land	8,882
Buildings and improvements	30,505
Acquired in-place leases and other intangibles	4,437
Total purchase price	$ 43,824

Real Estate Assets (Business Ac

Real Estate Assets (Business Acquisition, Pro Forma Information) (Details) - Acquisitions, 2017 - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Pro forma basis (unaudited)
Revenue	$ 11,749	$ 10,325	$ 32,779	$ 31,103
Net income (loss)	$ 718	$ (102)	$ 1,567	$ (1,559)

Intangible Lease Assets (Detail

Intangible Lease Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Intangible leased assets	$ 62,222	$ 62,850
Acquired in-place leases and other intangibles
Finite-Lived Intangible Assets [Line Items]
Intangible leased assets	56,442	56,443
Accumulated amortization	$ 18,259	$ 13,899
Useful life	11 years	11 years 3 months 18 days
Acquired above-market leases
Finite-Lived Intangible Assets [Line Items]
Intangible leased assets	$ 5,780	$ 6,407
Accumulated amortization	$ 3,056	$ 2,519
Useful life	11 years 2 months	11 years 9 months 18 days

Intangible Lease Assets (Schedu

Intangible Lease Assets (Schedule of finite-lived intangible assets amortization expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Acquired in-place leases and other intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 1,469	$ 1,328	$ 4,587	$ 3,558
Acquired above-market leases
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 166	$ 211	$ 628	$ 617

Intangible Lease Assets (Estima

Intangible Lease Assets (Estimated Amortization of Intangible lease assets) (Details) $ in Thousands	Sep. 30, 2018USD ($)
Acquired in-place leases and other intangibles
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2018	$ 1,482
2,019	5,699
2,020	5,492
2,021	5,430
2,022	5,233
Acquired above-market leases
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2018	183
2,019	591
2,020	538
2,021	523
2,022	$ 511

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)derivative	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)derivative	Sep. 30, 2017USD ($)
Derivatives, Fair Value [Line Items]
Amount of gain (loss) reclassified from other comprehensive income into income as interest expense | $	$ 17	$ (110)	$ 90	$ (567)
Interest Rate Swap
Derivatives, Fair Value [Line Items]
Derivative, number of instruments entered into (derivative) | derivative			1
Derivative, number of instruments held (derivative) | derivative	3		3
Interest Rate Swap | Cash Flow Hedging | Interest Expense
Derivatives, Fair Value [Line Items]
Interest rate cash flow hedge gain (loss) to be reclassified during next twelve months | $	$ 681		$ 681

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities (Schedule of Derivative Instruments) (Details) - Cash Flow Hedging - Interest Rate Swap - Derivative assets, prepaid expenses and other assets - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Outstanding Notional Amount	$ 241,100
Fair Value of Assets	$ 1,600	$ 845
Minimum
Derivatives, Fair Value [Line Items]
Interest rate (percent)	3.22%
Maximum
Derivatives, Fair Value [Line Items]
Interest rate (percent)	4.45%

Notes Payable and Credit Faci_3

Notes Payable and Credit Facility (Schedule of Debt) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Debt Instrument [Line Items]
Debt instrument, weighted average years to maturity	4 years 2 months 12 days
Weighted average interest rate	3.80%
Short-Term and Long-Term Debt [Roll Forward]
Long-term debt, gross beginning balance	$ 309,600
Deferred costs, beginning balance	(1,041)
Debt, net beginning balance	308,559
Debt Issuance, net	270,000	$ 102,200
Deferred costs incurred	(1,730)
Debt Issuance, net	268,270
Repayments and Modifications of Debt, Amount	(244,500)
Repayments and Modifications of Debt, Deferred Costs, Amount	125
Repayments and Modifications of Debt, Net	(244,375)
Accretion of Deferred Costs	400
Accretion	400
Long-term debt, gross ending balance	335,100
Deferred costs, ending balance	(2,246)
Debt, net ending balance	332,854
Line of credit
Short-Term and Long-Term Debt [Roll Forward]
Long-term debt, gross beginning balance	217,000
Debt Issuance, net	270,000
Repayments and Modifications of Debt, Amount	(244,500)
Long-term debt, gross ending balance	242,500
Fixed Rate Debt
Short-Term and Long-Term Debt [Roll Forward]
Long-term debt, gross beginning balance	92,600
Debt Issuance, net	0
Repayments and Modifications of Debt, Amount	0
Long-term debt, gross ending balance	$ 92,600

Notes Payable and Credit Faci_4

Notes Payable and Credit Facility (Fixed Rate Debt Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Long-term debt, gross	$ 335,100	$ 309,600
Fixed rate debt
Debt Instrument [Line Items]
Long-term debt, gross	92,600
Debt instrument, collateral amount	$ 156,500
Minimum | Fixed rate debt
Debt Instrument [Line Items]
Debt instrument interest rate (percent)	3.50%
Maximum | Fixed rate debt
Debt Instrument [Line Items]
Debt instrument interest rate (percent)	4.45%
Interest Rate Swap | Variable Rate Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 21,100

Notes Payable and Credit Faci_5

Notes Payable and Credit Facility (Modified Credit Agreement) (Details)	9 Months Ended
	Sep. 30, 2018USD ($)	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Long-term line of credit	$ 332,854,000	$ 308,559,000
Long-term debt, gross	$ 335,100,000	309,600,000
Weighted average interest rate	3.80%
Line of credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 242,500,000	$ 217,000,000
Line of credit | Minimum | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Line of credit | JPMorgan Chase Bank, N.A
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 350,000,000
Weighted average interest rate	3.80%
Line of credit facility, remaining borrowing capacity	$ 107,500,000
Line of credit facility, covenant, minimum consolidated net worth	$ 225,000,000
Line of credit facility, covenant, minimum consolidated net worth, percentage of equity issuance (percent)	75.00%
Debt instrument, covenant, fixed charge coverage ratio, minimum	1.50
Line of credit | JPMorgan Chase Bank, N.A | Federal Funds Effective Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Line of credit | JPMorgan Chase Bank, N.A | Minimum
Debt Instrument [Line Items]
Debt instrument interest rate (percent)	0.30%
Line of credit facility, covenant, unsecured debt service coverage ratio	1.75
Line of credit | JPMorgan Chase Bank, N.A | Minimum | Statutory Reserve Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.30%
Line of credit | JPMorgan Chase Bank, N.A | Maximum
Debt Instrument [Line Items]
Debt instrument interest rate (percent)	0.70%
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%
Line of credit | JPMorgan Chase Bank, N.A | Maximum | Statutory Reserve Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.70%
Line of credit | Revolving credit facility | JPMorgan Chase Bank, N.A
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 130,000,000
Long-term line of credit	$ 22,500,000
Weighted average interest rate	3.90%
Line of credit | Term Loan | JPMorgan Chase Bank, N.A
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 220,000,000
Long-term line of credit	$ 220,000,000
Line of credit | Term Loan | JPMorgan Chase Bank, N.A | Interest Rate Swap
Debt Instrument [Line Items]
All in rate for the swapped term loan	3.80%
Long-term debt, gross	$ 242,500,000

Notes Payable and Credit Faci_6

Notes Payable and Credit Facility (Schedule of Maturities of Long-term Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Remainder of 2018	$ 0
2,019	0
2,020	388
2,021	68,009
2,022	22,928
Thereafter	243,775
Total	$ 335,100	$ 309,600

Intangible Lease Liabilities (S

Intangible Lease Liabilities (Schedule of lease liabilities) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Other Liabilities Disclosure [Abstract]
Below market leases net of amortization	$ 3,569	$ 4,019
Below market lease, accumulated amortization	$ 2,081	$ 1,678
Below market lease, weighted average useful life	7 years 6 months	7 years 10 months 24 days

Intangible Lease Liabilities _2

Intangible Lease Liabilities (Schedule of amortization expense of below market lease) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Other Liabilities Disclosure [Abstract]
Amortization of below market lease	$ 147	$ 133	$ 450	$ 412

Intangible Lease Liabilities _3

Intangible Lease Liabilities (Schedule of future amortization expense) (Details) $ in Thousands	Sep. 30, 2018USD ($)
Below Market Lease, Amortization Income, Maturity Schedule [Abstract]
Remainder of 2018	$ 146
2,019	555
2,020	479
2,021	460
2,022	$ 380

Related-Party Transactions an_3

Related-Party Transactions and Arrangements (Selling commissions and dealer manager fees) (Details) - Dealer manager	Sep. 30, 2018
Selling commissions
Related Party Transaction [Line Items]
Expenses reallowed (percentage)	100.00%
Selling commissions | Class A Common Stock | Maximum
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees	7.00%
Selling commissions | Class T Common Stock | Maximum
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees	3.00%
Dealer manager fee | Class A Common Stock
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees	2.00%
Dealer manager fee | Class T Common Stock
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees	2.00%

Related-Party Transactions an_4

Related-Party Transactions and Arrangements (Other organization and offering expenses) (Details) - Advisors - Other organization and offering expenses	Sep. 30, 2018
Related Party Transaction [Line Items]
Organization and offering expense (percent)	2.00%
Maximum
Related Party Transaction [Line Items]
Organization and offering expense (percent)	2.00%

Related-Party Transactions an_5

Related-Party Transactions and Arrangements (Distribution and stockholder servicing fees) (Details) - Advisors	Oct. 05, 2016	Oct. 04, 2016	Sep. 30, 2018
Class T Common Stock
Related Party Transaction [Line Items]
Distribution and stockholder servicing fee, percentage of net asset value, daily accrual rate	0.00274%	0.00219%
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			4.00%
Related party transaction, daily distribution and servicing fee, termination of payments threshold, percentage of gross proceeds from shares in offering			10.00%

Related-Party Transactions an_6

Related-Party Transactions and Arrangements (Acquisition fees and expenses) (Details) - Advisors - Acquisition fees and expenses	Sep. 30, 2018
Related Party Transaction [Line Items]
Acquisition and advisory fee (percent)	2.00%
Related party, reimbursement fixed annual percentage of the contract purchase price	0.50%
Acquisition fees and expenses reimbursement percent	6.00%

Related-Party Transactions an_7

Related-Party Transactions and Arrangements (Advisory fees and expenses) (Details)	Sep. 30, 2018USD ($)
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
Advisors | Advisory fees and expenses | Average invested assets between $0 to $2 billion
Related Party Transaction [Line Items]
Asset management or advisory fees percent	0.75%
Advisors | Advisory fees and expenses | Average invested assets between $2 billion to $4 billion
Related Party Transaction [Line Items]
Asset management or advisory fees percent	0.70%
Advisors | Advisory fees and expenses | Average invested assets over $4 billion
Related Party Transaction [Line Items]
Asset management or advisory fees percent	0.65%

Related-Party Transactions an_8

Related-Party Transactions and Arrangements (Operating expenses) (Details) - Advisors - Minimum	Sep. 30, 2018
Related Party Transaction [Line Items]
Operating expense reimbursement percent of average invested assets	2.00%
Operating expense reimbursement percent of net income	25.00%

Related-Party Transactions an_9

Related-Party Transactions and Arrangements (Disposition fees) (Details) - Advisors - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Brokerage commission fee | Maximum
Related Party Transaction [Line Items]
Commissions performance and other fees percent	50.00%		50.00%
Property sales commission
Related Party Transaction [Line Items]
Commissions performance and other fees percent	1.00%		1.00%
Related party transaction, expenses from transactions with related party	$ 0	$ 0	$ 0	$ 0
Property portfolio | Maximum
Related Party Transaction [Line Items]
Commissions performance and other fees percent	6.00%		6.00%

Related-Party Transactions a_10

Related-Party Transactions and Arrangements (Subordinated performance fees) (Details) - Advisors	Sep. 30, 2018
Related Party Transaction [Line Items]
Cumulative noncompounded annual return	6.00%
Subordinate Performance Fees On Event of Sale of Company
Related Party Transaction [Line Items]
Commissions performance and other fees percent	15.00%
Subordinate Performance Fees For Listing
Related Party Transaction [Line Items]
Commissions performance and other fees percent	15.00%

Related-Party Transactions a_11

Related-Party Transactions and Arrangements (Schedule of Related Party Transactions) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Due to affiliates	$ 2,147		$ 2,147		$ 1,787
Selling commissions | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	298	$ 813	1,215	$ 3,441
Dealer manager fee | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	158	322	533	1,298
Other organization and offering expenses | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	218	378	708	1,454
Distribution and stockholder servicing fees | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	97	56	270	123
Due to affiliates	1,300		1,300
Acquisition fees and expenses | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	52	915	1,250	2,332
Advisory fees and expenses | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	1,584	1,389	4,603	3,965
Operating expenses | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 487	$ 522	$ 1,625	$ 1,594

Related-Party Transactions a_12

Related-Party Transactions and Arrangements (Due to/from Affiliates) (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Related Party Transactions [Abstract]
Due to affiliates	$ 2,147,000	$ 1,787,000
Due from affiliates	$ 0	$ 14,000

Operating Leases (Details)

Operating Leases (Details) $ in Thousands	Sep. 30, 2018USD ($)
Leases [Abstract]
Operating lease, weighted average remaining lease term	10 years 3 months
Operating Leases, Future Minimum Payments Receivable [Abstract]
Remainder of 2018	$ 12,641
2,019	48,013
2,020	47,325
2,021	46,723
2,022	45,122
Thereafter	322,650
Total	$ 522,474

Subsequent Events Narrative (De

Subsequent Events Narrative (Details) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	9 Months Ended
	Nov. 13, 2018USD ($)property$ / sharesshares	Sep. 30, 2018USD ($)	Sep. 30, 2017property
Subsequent Event [Line Items]
Redemptions of common stock		$ 8,536
Number of properties acquired | property			15
Subsequent Event
Subsequent Event [Line Items]
Redemptions of common stock (shares) | shares	135
Redemptions of common stock	$ 3,000
Stock redeemed or called during period, average price per share (USD per share) | $ / shares	$ 22.05
Share redemption program requests or redemptions unfulfilled (in shares) | shares	295
Number of properties acquired | property	1
Aggregate purchase price of acquired real estate assets	$ 15,100