Hines Global Income Trust 10-K 24 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2015	Mar. 18, 2016	Jun. 30, 2015
Entity Registrant Name	Hines Global REIT II, Inc.
Entity Central Index Key	1,585,101
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 0
Common Class A
Entity Common Stock, Shares Outstanding		11.9
Common Class T
Entity Common Stock, Shares Outstanding		1.7

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Investment property, net	$ 72,426,072	$ 21,355,421
Cash and cash equivalents	17,224,448	2,726,742
Restricted cash	1,565,083	0
Derivative instruments	6,344	0
Tenant and other receivables	3,890,367	68,160
Intangible lease assets, net	52,152,477	3,945,291
Deferred leasing costs, net	60,787	0
Deferred financing costs, net	17,342	8,925
Other assets	1,713,329	446,275
Total assets	149,056,249	28,550,814
Liabilities:
Accounts payable and accrued expenses	920,657	259,111
Due to affiliates	3,186,210	5,213,634
Intangible lease liabilities, net	2,470,106	0
Other liabilities	1,866,926	0
Distributions payable	479,917	18,371
Note payable to affiliate	0	24,200,000
Note payable, net	59,693,212	0
Total liabilities	$ 68,617,028	$ 29,691,116
Commitments and contingencies (Note 11)
Stockholders’ equity (deficit):
Preferred shares, $0.001 par value per share; 500,000,000 preferred shares authorized, none issued or outstanding as of December 31, 2015 and December 31, 2014
Additional paid-in capital	$ 91,576,720	$ 42,218
Accumulated distributions in excess of earnings	(9,756,797)	(1,182,941)
Accumulated other comprehensive income (loss)	(1,391,764)	0
Total stockholders’ equity (deficit)	80,439,221	(1,140,302)
Noncontrolling interests	0	0
Total equity (deficit)	80,439,221	(1,140,302)
Total liabilities and equity	149,056,249	28,550,814
Common Class A
Stockholders’ equity (deficit):
Common stock, $0.001 par value	10,275	421
Common Class T
Stockholders’ equity (deficit):
Common stock, $0.001 par value	$ 787	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Stockholders’ equity (deficit):
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	500,000,000	500,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Class A
Stockholders’ equity (deficit):
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	600,000,000	1,500,000,000
Common stock, shares issued	10,274,377	420,541
Common stock, shares outstanding	10,274,377	420,541
Common Class T
Stockholders’ equity (deficit):
Common stock, par value (in dollars per share)	$ 0.001	$ 0
Common stock, shares authorized	900,000,000	0
Common stock, shares issued	787,405	0
Common stock, shares outstanding	787,405	0

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)	5 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Rental revenue	$ 0	$ 9,278,221	$ 94,327
Other revenue	0	132,454	0
Total revenues	0	9,410,675	94,327
Expenses:
Property operating expenses	0	1,870,552	21,919
Real property taxes	0	297,598	9,460
Property management fees	0	128,871	1,769
Depreciation and amortization	0	4,206,600	49,288
Acquisition related expenses	0	2,962,784	131,454
Advisory and other related party expenses	0	2,639,645	570,375
Organizational expenses	0	0	63,164
General and administrative expenses	0	1,548,979	554,476
Total expenses	0	13,655,029	1,401,905
Income (loss) before other income (expenses)	0	(4,244,354)	(1,307,578)
Other income (expenses):
Gain (loss) on derivative instruments	0	(40,535)	0
Foreign currency gains (losses)	0	(12,107)	0
Interest expense	0	(1,344,779)	(20,328)
Interest income	0	4,209	243
Net income (loss)	0	(5,637,566)	(1,327,663)
Net (income) loss attributable to noncontrolling interests	0	(12,139)	186,940
Net income (loss) attributable to common stockholders	0	(5,649,705)	(1,140,723)
Comprehensive income (loss):
Net income (loss)	0	(5,637,566)	(1,327,663)
Other comprehensive income (loss):
Foreign currency translation adjustment	0	(1,391,764)	0
Comprehensive income (loss)	0	(7,029,330)	(1,327,663)
Comprehensive (income) loss attributable to noncontrolling interests	0	(12,139)	186,940
Comprehensive income (loss) attributable to common stockholders	0	(7,041,469)	(1,140,723)
Common Class A
Other income (expenses):
Net income (loss) attributable to common stockholders	$ 0	$ (5,643,293)	$ (1,140,723)
Net income (Loss) Per Share; common stock:
Basic and diluted income (loss) per share (usd per share)	$ 0	$ (1.11)	$ (14.67)
Weighted average number of common shares outstanding, shares	1,113	5,082,459	77,779
Common Class T
Other income (expenses):
Net income (loss) attributable to common stockholders	$ 0	$ (6,412)	$ 0
Net income (Loss) Per Share; common stock:
Basic and diluted income (loss) per share (usd per share)	$ 0	$ (0.03)	$ 0
Weighted average number of common shares outstanding, shares	0	225,241	0

Consolidated Statements of Equi

Consolidated Statements of Equity (Deficit) - USD ($)	Total	Common Class A	Common Class T	Hines Global REIT II, Inc. Common SharesCommon Class A	Hines Global REIT II, Inc. Common SharesCommon Class T	Hines Global REIT II, Inc. Additional Paid-in Capital	Accumulated Distributions in Excess of Earnings	Hines Global REIT II, Inc. Accumulated Other Comprehensive Income (Loss)	Total Stockholders' Equity (Deficit)	Noncontrolling Interests
Beginning balance, value at Jul. 31, 2013				$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Beginning balance, shares at Jul. 31, 2013				0	0
Increase (Decrease) in Stockholders' Equity
Issuance of common shares, value				$ 1		9,999			10,000
Issuance of common shares, shares				1,111
Contributions from noncontrolling interest										190,000
Net income (loss)	$ 0
Foreign currency translation adjustment	0
Ending balance, value at Dec. 31, 2013				$ 1	$ 0	9,999	0	0	10,000	190,000
Ending balance, shares at Dec. 31, 2013				1,111	0
Increase (Decrease) in Stockholders' Equity
Issuance of common shares, value				$ 420		3,863,201			3,863,621
Issuance of common shares, shares				419,430
Distributions declared							(42,218)		(42,218)	(3,060)
Selling commissions and dealer manager fees						(88,208)			(88,208)
Issuer costs						(3,742,774)			(3,742,774)
Net income (loss)	(1,327,663)						(1,140,723)		(1,140,723)	(186,940)
Foreign currency translation adjustment	0
Ending balance, value at Dec. 31, 2014	(1,140,302)			$ 421	$ 0	42,218	(1,182,941)	0	(1,140,302)	0
Ending balance, shares at Dec. 31, 2014		420,541	0	420,541	0
Increase (Decrease) in Stockholders' Equity
Issuance of common shares, value				$ 9,855	$ 787	105,478,892			105,489,534
Issuance of common shares, shares				9,855,032	787,405
Distributions declared							(2,924,151)		(2,924,151)	(12,139)
Redemption of common shares, value				$ (1)		(11,943)			(11,944)
Redemption of common shares, shares				(1,196)
Selling commissions and dealer manager fees						(9,749,719)			(9,749,719)
Issuer costs						(4,182,728)			(4,182,728)
Net income (loss)	(5,637,566)						(5,649,705)		(5,649,705)	12,139
Foreign currency translation adjustment	(1,391,764)							(1,391,764)	(1,391,764)
Ending balance, value at Dec. 31, 2015	$ 80,439,221			$ 10,275	$ 787	$ 91,576,720	$ (9,756,797)	$ (1,391,764)	$ 80,439,221	$ 0
Ending balance, shares at Dec. 31, 2015		10,274,377	787,405	10,274,377	787,405

Consolidated Statements of Cash

Consolidated Statements of Cash Flows	5 Months Ended	12 Months Ended
	Dec. 31, 2013USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 0	$ (5,637,566)	$ (1,327,663)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization	0	3,981,615	49,288
Foreign currency (gains) losses	0	12,107	0
(Gain) loss on derivative instruments	0	40,535	0
Changes in assets and liabilities:
Change in other assets	0	(131,312)	(71,052)
Change in tenant and other receivables	0	(928,420)	(5,960)
Change in deferred leasing costs	0	(62,297)	0
Change in accounts payable and accrued expenses	0	639,876	106,685
Change in other liabilities	0	1,403,679	(88,432)
Change in due to affiliates	0	(942,370)	1,095,836
Net cash from operating activities	0	(1,624,153)	(241,298)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investments in acquired properties and lease intangibles	0	(102,689,457)	(25,110,781)
Capital expenditures at operating property	0	(332,557)	0
Deposits on investment property	0	(1,500,000)	0
Change in restricted cash	0	(1,615,499)	0
Net cash from investing activities	0	(106,137,513)	(25,110,781)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	10,000	101,354,077	3,800,833
Contribution from noncontrolling interest	190,000	0	0
Redemption of common shares	0	(11,944)	0
Payment of issuer costs	0	(5,270,165)	(17,250)
Payment of selling commissions and dealer manager fees	0	(9,384,905)	(77,885)
Distributions paid to stockholders and noncontrolling interests	0	(1,226,661)	(26,877)
Proceeds from notes payable	0	61,768,800	0
Proceeds from related party note payable	0	50,300,000	24,200,000
Payments on related party note payable	0	(74,500,000)	0
Change in security deposit liability	0	21,997	0
Deferred financing costs paid	0	(625,875)	0
Payments related to interest rate contracts	0	(47,876)	0
Net cash from financing activities	200,000	122,377,448	27,878,821
Effect of exchange rate changes on cash	0	(118,076)	0
Net change in cash and cash equivalents	200,000	14,497,706	2,526,742
Cash and cash equivalents, beginning of period	0	2,726,742	200,000
Cash and cash equivalents, end of period	200,000	17,224,448	2,726,742
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	0	1,079,677	0
Supplemental Schedule of Non-Cash Financing Activities
Distributions declared and unpaid	0	479,917	18,371
Distributions reinvested	0	1,248,083	0
Offering proceeds due from transfer agent	0	2,949,574	62,200
Non-cash net liabilities acquired	0	470,144	239,219
Offering costs payable to the Advisor	$ 0	$ 2,701,249	$ 4,107,475

Organization

Organization	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Hines Global REIT II, Inc. (the “Company”), was formed as a Maryland corporation on July 31, 2013 for the purpose of engaging in the business of investing in and owning commercial real estate properties and other real estate investments. The Company intends to conduct substantially all of its operations through Hines Global REIT II Properties, LP (the “Operating Partnership”). Beginning with its taxable year ended December 31, 2015, the Company intends to continue to operate in a manner to qualify as a real estate investment trust (“REIT”) for federal income tax purposes. The business of the Company is managed by Hines Global REIT II Advisors LP (the “Advisor”), an affiliate of Hines Interests Limited Partnership (“Hines”), pursuant to the Advisory Agreement, dated as of August 15, 2014 , between the Company, the Advisor and the Operating Partnership (defined below). An affiliate of the Advisor, Hines Global REIT II Associates Limited Partnership (“HALP II”), owned a 0.2% limited partner interest in the Operating Partnership as of December 31, 2015 . On August 20, 2014 , the Company commenced an offering of up to $2.5 billion of its common stock (the “Offering”). The Offering was amended in August 2015 such that the Company is currently offering its common stock in any combination of Class A and Class T shares, at a price of $10.00 per Class A share of common stock (“Class A Shares”) and $9.4489 per Class T share of common stock (“Class T Shares”). The Company also issues shares pursuant to the Company’s distribution reinvestment plan at a price of $9.50 per Class A Share and $9.00 per Class T Share. The Company engaged Hines Securities, Inc. (“HSI”), an affiliate of the Advisor, to serve as the dealer manager for the Offering and market its shares. On September 26, 2014 , the Company achieved its minimum offering requirements in all states except for Washington and Pennsylvania, which have higher minimum offering requirements. The minimum offering requirements were met on March 23, 2015 for Washington and on December 24, 2015 for Pennsylvania. As of March 18, 2016 , the Company had received gross offering proceeds of $133.8 million from the sale of 13.6 million shares. The Company intends to invest the net proceeds from the Offering in a diversified portfolio of quality commercial real estate properties and other real estate investments throughout the United States and internationally. As of December 31, 2015 , the Company owned direct investments in two properties. These properties consist of 2819 Loker Avenue East, a Class A industrial building located in Carlsbad, California and Bishop’s Square, a Class A office building located in Dublin, Ireland. See Note 13 — Subsequent Events for additional information regarding the acquisition of the Domain Apartments in January 2016.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities and contingencies as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company evaluates its assumptions and estimates on an ongoing basis. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. Additionally, application of the Company’s accounting policies involves exercising judgments regarding assumptions as to future uncertainties. Actual results may differ from these estimates under different assumptions or conditions. Basis of Presentation The consolidated financial statements of the Company include the accounts of Hines Global REIT II, Inc. and the Operating Partnership (over which the Company exercises financial and operating control). All intercompany balances and transactions have been eliminated in consolidation. The Company has retroactively changed, for all periods presented, its classification of distributions in the consolidated balance sheet and statement of equity by reflecting such distributions as charges against “accumulated distributions in excess of earnings.” This presentation change had no impact on the balances in total equity in any of the periods presented. Investment Property and Lease Intangibles Real estate assets acquired by the Company are stated at fair value at the date of acquisition less accumulated depreciation. Depreciation is computed using the straight-line method. The estimated useful lives for computing depreciation are generally 10 years for furniture and fixtures, 15 - 20 years for electrical and mechanical installations and 40 years for buildings. Major replacements that extend the useful life of the assets are capitalized and maintenance and repair costs are expensed as incurred. Acquisitions of properties are accounted for utilizing the acquisition method and, accordingly, are recorded at the estimated fair values of the assets acquired and liabilities assumed. The results of operations of acquired properties are included in the Company’s results of operations from their respective dates of acquisition. Estimates of fair values are based upon estimates of future cash flows and other valuation techniques that the Company believes are similar to those used by market participants and are used to record the purchase of identifiable assets acquired, such as land, buildings and improvements, equipment and identifiable intangible assets related to in-place leases and liabilities assumed, such as amounts related to acquired out-of-market leases, asset retirement obligations, and mortgage notes payable. Values of buildings and improvements are determined on an as-if-vacant basis. Initial valuations are subject to change until such information is finalized, which will occur no later than 12 months after the acquisition date. Acquisition-related costs such as transaction costs and acquisition fees paid to the Advisor are expensed as incurred. The estimated fair value of acquired in-place leases are the costs the Company would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include the fair value of leasing commissions, legal costs and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, the Company evaluates the time period over which such occupancy levels would be achieved. Such evaluation will include an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance and utilities) that would be incurred during the lease-up period. Acquired in-place leases as of the date of acquisition are amortized over the remaining lease terms. Should a tenant terminate its lease, the unamortized portion of the in-place lease value is charged to amortization expense. Acquired out-of-market lease values (including ground leases) are recorded based on the present value (using a discount rate that reflects the risks associated with the lease acquired) of the difference between the contractual amounts paid pursuant to the in-place leases and management’s estimate of fair market value lease rates for the corresponding in-place leases. The capitalized out-of-market lease values are amortized as adjustments to rental revenue (or ground lease expense, as applicable) over the remaining terms of the respective leases, which include periods covered by bargain renewal options. Should a tenant terminate its lease, the unamortized portion of the out-of-market lease value is charged to rental revenue. Management estimates the fair value of assumed mortgage notes payable based upon indications of then-current market pricing for similar types of debt with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and the difference between such estimated fair value and the outstanding principal balance of the note will be amortized over the life of the mortgage note payable. Impairment of Investment Property Real estate assets are reviewed for impairment each reporting period if events or changes in circumstances indicate that the carrying amount of the individual property may not be recoverable. In such an event, a comparison will be made of the current and projected operating cash flows and expected proceeds from the eventual disposition of each property on an undiscounted basis to the carrying amount of such property. If the carrying amount exceeds the undiscounted cash flows, it would be written down to the estimated fair value to reflect impairment in the value of the asset. The determination of whether investment property is impaired requires a significant amount of judgment by management and is based on the best information available to management at the time of the evaluation. No impairment charges were recorded during the years ended December 31, 2015 and 2014 . Cash and Cash Equivalents The Company considers all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents. Concentration of Credit Risk As of December 31, 2015 , the Company had cash and cash equivalents deposited in certain financial institutions in excess of federally insured levels. Management regularly monitors the financial stability of these financial institutions in an effort to manage the Company’s exposure to any significant credit risk in cash and cash equivalents. International Operations The Euro (“EUR”) is the functional currency for the Company’s subsidiary operating in Ireland. This subsidiary has translated its financial statements into U.S. dollars for reporting purposes. Assets and liabilities are translated at the exchange rate in effect as of the balance sheet date while income statement accounts are translated using the average exchange rate for the period and significant nonrecurring transactions using the rate on the transaction date. Gains or losses resulting from translation are included in accumulated other comprehensive income (loss) within stockholders’ equity. Upon disposal of this subsidiary, the Company will remove the accumulated translation adjustment from stockholders’ equity and include it in the gain or loss on disposal in its consolidated statement of operations. This subsidiary may have transactions denominated in currencies other than its functional currency. In these instances, assets and liabilities are remeasured into the functional currency at the exchange rate in effect at the end of the period and income statement accounts are remeasured at the average exchange rate for the period. These gains or losses are included in the Company’s results of operations. This subsidiary also records gains or losses in the income statement when a transaction with a third party, denominated in a currency other than its functional currency, is settled and the functional currency cash flows realized are more or less than expected based upon the exchange rate in effect when the transaction was initiated. Restricted Cash The Company has restricted cash primarily related to certain escrow accounts required by the Bishop’s Square secured facility. Tenant and Other Receivables As of December 31, 2015 and December 31, 2014 , in addition to the straight-line rent receivable discussed below, tenant and other receivables also consisted of a receivable from the Company’s transfer agent related to offering proceeds not yet received of $2.9 million and $62,200 , respectively . Deferred Leasing Costs Direct leasing costs, primarily consisting of third-party leasing commissions, tenant inducements and legal costs are capitalized and amortized over the life of the related lease. Tenant inducement amortization is recorded as an offset to rental revenue and the amortization of other direct leasing costs is recorded in amortization expense. Deferred Financing Costs Deferred financing costs consist of direct costs incurred in obtaining debt financing. These costs are presented as a direct reduction from the related debt liability for permanent mortgages and presented as an asset for revolving credit arrangements. In total, deferred financing costs had a carrying value of $525,250 and $8,925 for the years ended December 31, 2015 and 2014 . These costs are amortized into interest expense on a straight-line basis, which approximates the effective interest method, over the terms of the obligations. For the year ended December 31, 2015 , $88,011 of deferred financing costs were amortized into interest expense in the accompanying consolidated statement of operations. The Company had no amortization of deferred financing costs for the year ended December 31, 2014 and the period from inception through December 31, 2013 . Other Assets Other assets included the following: December 31, 2015 December 31, 2014 Deposits on investment property $ 1,500,000 $ — Deferred issuer costs — 364,701 Prepaid insurance 202,859 — Other 10,470 81,574 (1) Other assets $ 1,713,329 $ 446,275 (1) As of December 31, 2014 , this primarily consisted of excess cash held in an escrow account related to timing differences during the completion of the acquisition of 2819 Loker Avenue East. Revenue Recognition The Company recognizes rental revenue on a straight-line basis over the life of the lease including rent holidays, if any. Straight-line rent receivables were $627,875 and $5,895 as of December 31, 2015 and 2014 , respectively. Straight-line rent receivable consists of the difference between the tenants’ rents calculated on a straight-line basis from the date of acquisition or lease commencement over the remaining terms of the related leases and the tenants’ actual rents due under the lease agreements and is included in tenant and other receivables in the accompanying consolidated balance sheets. Revenues associated with operating expense recoveries are recognized in the period in which the expenses are incurred based upon the tenant lease provisions. Revenues relating to lease termination fees are recognized on a straight-line basis amortized from the time that a tenant’s right to occupy the leased space is modified through the end of the revised lease term. Issuer Costs The Company reimburses the Advisor and its affiliates for any issuer costs related to the Offering that it pays on the Company’s behalf. Such costs consist of, among other costs, expenses of the Company’s organization, actual legal, accounting, bona fide out-of-pocket itemized and detailed due diligence costs, printing, filing fees, transfer agent costs, postage, escrow fees, data processing fees, advertising and sales literature and other offering-related costs. The Company did not have an obligation to reimburse the Advisor for any issuer costs until it achieved its minimum offering requirements on September 26, 2014 . Therefore, the Company did not record issuer costs within its financial statements until that time. Organizational issuer costs, such as expenses associated with the formation of the Company and its board of directors are expensed as incurred, and offering-related issuer costs are recorded as an offset to additional paid-in capital. From inception to December 31, 2015 , issuer costs incurred by the Advisor on the Company’s behalf totaled $8.0 million , of which $45,914 related to organizational issuer costs. Income Taxes The Company intends to make an election to be taxed as a REIT, under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (“the Code”), and expects it will be taxed as such beginning with its taxable year ended December 31, 2015 . In order to qualify as a REIT, an entity must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual ordinary taxable income to stockholders. REITs are generally not subject to federal income tax on taxable income that they distribute to their stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes on its taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service granted the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company believes that it will be organized and operate in such a manner as to qualify for treatment as a REIT and intends to operate in the foreseeable future in such a manner so that the Company will remain qualified as a REIT for federal income tax purposes. The Company did not elect to be taxed as a REIT for the taxable year ended December 31, 2014 . This did not have an impact on the Company’s tax liability or the tax liability of the Company’s stockholders that invested in the Company’s public offering during 2014 since the Company did not have any taxable income for the year ended December 31, 2014 and for the period from July 31, 2013 (date of inception) through December 31, 2013. Distribution and Stockholder Servicing Fee Per the terms of the Company’s Dealer Manager Agreement, the Company will pay a distribution and stockholder servicing fee of 1.0% per annum of the gross offering price per share (or, if the Company is no longer offering primary shares, the then-current estimated net asset value per share, if any has been disclosed) for Class T Shares sold in the Offering. The distribution and stockholder servicing fee will accrue daily and be paid quarterly in arrears. The distribution and stockholder servicing fees are ongoing fees that are not paid at the time of purchase. The Company will cease paying the distribution and stockholder servicing fee with respect to any particular Class T Share and that Class T Share will convert into a number of Class A Shares on the earlier of: (i) a listing of the Class A Shares on a national securities exchange; (ii) a merger or consolidation of the Company with or into another entity, or the sale or other disposition of all or substantially all of the Company’s assets; (iii) the end of the month in which the Dealer Manager determines that total underwriting compensation paid in the Offering including the distribution and stockholder servicing fee paid on all Class T Shares sold in the Offering is equal to 10.0% of the gross proceeds of the Offering from the sale of both Class A Shares and Class T Shares; (iv) the end of the month in which the transfer agent, on behalf of the Company, determines that underwriting compensation paid in the primary offering including the distribution and stockholder servicing fee paid with respect to the Class T Shares held by a stockholder within his or her particular account equals 10.0% of the gross offering price at the time of investment of the Class T Shares held in such account; and (v) on any Class T Share that is redeemed or repurchased. Although the Company cannot predict the length of time over which this fee will be paid due to potential changes in the estimated net asset value of the Company’s Class T Shares, this fee would be paid over approximately 5.25 years from the date of purchase, assuming a constant per share offering price or estimated net asset value, as applicable of $9.4489 per Class T Share. The Company recorded its distribution and stockholder servicing fees as an operating expense in the Company’s consolidated statement of operations, as they were earned by the Dealer Manager. For the year ended December 31, 2015, the Company incurred $7,254 of distribution and stockholder servicing fees. Redemption of Common Stock The Company complies with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480 “Distinguishing Liabilities from Equity” which requires, among other things, that financial instruments that represent a mandatory obligation of the Company to repurchase shares be classified as liabilities and reported at settlement value. When approved, the Company will reclassify such obligations from equity to an accrued liability based upon their respective settlement values. Reclassifications On August 6, 2015, the Company supplemented its Articles of Amendment and Restatement to reclassify 900,000,000 authorized but unissued shares of Class A common stock as Class T common stock. As a result, the Company reclassified 900,000,000 Class A shares authorized on the December 31, 2014 balance sheet into shares of Class T common stock. Per Share Data Net income (loss) per common share is calculated by dividing the net income (loss) attributable to common stockholders for each period for each class of share by the weighted average number of common shares for each class of share outstanding during such period. Net income (loss) per common share for each class of share on a basic and diluted basis is the same because the Company has no potentially dilutive common shares outstanding. Recent Accounting Pronouncements In January 2015, the FASB issued amendments to the Codification to provide guidance on the disclosure of extraordinary items. The amendments eliminate the concept of extraordinary items from GAAP. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and early adoption is permitted. The Company does not believe the adoption of this guidance will have a material impact on its financial statements. In February 2015, the FASB issued amendments to the Codification’s consolidation guidance which improves targeted areas of the consolidation guidance and reduces the number of consolidation models. The amendments in the Accounting Standards Update (“ASU”) are effective for annual and interim periods in fiscal years beginning after December 15, 2015, with early adoption permitted. The Company has not elected to early adopt this standard. The Company has evaluated the impact of the adoption of these amendments on its consolidated financial statements and has determined that the Operating Partnership is considered a variable interest entity (“VIE”). However, the Company meets the disclosure exemption criteria as the Company is the primary beneficiary of the VIE and the Company’s partnership interest is considered a majority voting interest. As such, the Company does not believe this standard will have a material impact on its consolidated financial statements. In April 2015 and August 2015, the FASB issued amendments to change the prior guidance concerning the presentation of debt issuance costs in the financial statements. Under this revised guidance, an entity will present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset, except for costs related to lines of credit which will remain an asset in the financial statements. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and early adoption is permitted. The Company elected to adopt these amendments early, effective for the year ended December 31, 2015 . Upon adoption, the Company recorded $507,908 in deferred financing costs, excluding costs related to the Company’s revolving credit arrangement, as a direct reduction to notes payable on the consolidated balance sheet as of December 31, 2015 . In June 2015, FASB made technical corrections and improvements to provide clarification, correct unintended application of guidance, and make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and early adoption is permitted. The Company does not believe the adoption of this guidance will have a material impact on its financial statements. In September 2015, FASB issued new guidance that eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead, an acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment. This new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and early adoption is permitted. The Company does not expect this new guidance to have a material impact on its financial statements upon adoption. In January 2016, FASB issued new guidance intended to improve the recognition and the measurement of financial instruments. The ASU will require equity investments, excluding those investments accounted for under the equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with the changes in fair value recognized in net income; will simplify the impairment assessment of those investments; will eliminate the disclosure of the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost and change the fair value calculation for those investments; will change the disclosure in other comprehensive income for financial liabilities that are measured at fair value in accordance with the fair value options for financial instruments; and will clarify that a deferred asset related to available-for-sale securities should be included in an entity's evaluation for a valuation allowance. This new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company is currently assessing the impact the adoption of this guidance will have on its financial statements. In February 2016, the FASB issued an ASU intended to improve financial reporting about leasing transactions. The ASU will require companies that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The accounting by companies that own the assets leased by the lessee (the lessor) will remain largely unchanged from current GAAP. The standard is effective for fiscal years beginning after December 15, 2018 and early adoption is permitted. The Company is currently assessing the impact the adoption of this guidance will have on its financial statements.

Investment Property

Investment Property	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
INVESTMENT PROPERTY	INVESTMENT PROPERTY Investment property consisted of the following amounts as of December 31, 2015 and December 31, 2014 : December 31, 2015 December 31, 2014 Buildings and improvements (1) $ 66,683,711 $ 14,170,000 Less: accumulated depreciation (1,457,639 ) (14,579 ) Buildings and improvements, net 65,226,072 14,155,421 Land 7,200,000 7,200,000 Investment property, net $ 72,426,072 $ 21,355,421 (1) Included in buildings and improvements is approximately $175,747 of construction-in-progress related to a planned expansion at Bishop's Square. In December 2014, the Company acquired 2819 Loker Avenue East, an industrial building, located in Carlsbad, California. The net purchase price was $25.4 million , exclusive of transaction costs and working capital reserves. The building was constructed in 1998 and consists of 161,310 square feet of rentable area that is 100% leased to the Acushnet Company, the parent company of Titleist, FootJoy, BV-Vokey Design, Scotty Cameron, Pinnacle, and the Titleist Performance Institute, under a lease that expires in July 2019. See Note 4 — Recent Acquisitions of Real Estate for additional information on 2819 Loker Avenue East. In March 2015 , the Company acquired Bishop’s Square, a Class A office building, located in the central business district of Dublin, Ireland. The net purchase price was €92.0 million (approximately $103.2 million assuming a rate of $1.12 per EUR as of the acquisition date), exclusive of transaction costs and working capital reserves. The building contains approximately 153,569 square feet of net rentable area and is currently 100% leased to five tenants. See Note 4 — Recent Acquisitions of Real Estate for additional information on Bishop’s Square. See Note 13 — Subsequent Events for information on an additional acquisition. As of December 31, 2015 , the cost basis and accumulated amortization related to lease intangibles are as follows: Lease Intangibles In-Place Leases Out-of-Market Lease Assets Out-of-Market Lease Liabilities Cost $ 54,447,775 $ 414,428 $ (2,815,011 ) Less: accumulated amortization (2,664,151 ) (45,575 ) 344,905 Net $ 51,783,624 $ 368,853 $ (2,470,106 ) As of December 31, 2014 , the cost basis and accumulated amortization related to lease intangibles were as follows: Lease Intangibles In-Place Leases Out-of-Market Lease Assets Out-of-Market Lease Liabilities Cost $ 3,980,000 $ — $ — Less: accumulated amortization (34,709 ) — — Net $ 3,945,291 $ — $ — Amortization expense of in-place leases was $2.8 million and $34,709 for the years ended December 31, 2015 and 2014 , respectively. Net amortization of out-of-market leases resulted in an increase to rental revenue of $312,183 for the year ended December 31, 2015 . Anticipated amortization of the Company’s in-place leases for each of the years ending December 31, 2016 through December 31, 2020 are as follows: In-Place Lease Out-of-Market Leases, Net 2016 $ 2,951,907 $ (318,542 ) 2017 2,725,642 (262,445 ) 2018 2,337,655 (165,918 ) 2019 1,978,692 (165,918 ) 2020 1,476,803 (165,918 ) Leases The Company has entered into non-cancelable lease agreements with tenants for space. As of December 31, 2015 , the approximate fixed future minimum rentals for each of the years ending December 31, 2016 through 2020 and thereafter are as follows: Fixed Future Minimum Rentals 2016 $ 8,005,939 2017 8,274,299 2018 7,985,887 2019 7,250,842 2020 6,103,924 Thereafter 37,254,456 Total $ 74,875,347 Of the Company’s total rental revenue for the year ended December 31, 2015 , approximately 44% was earned from the Commissioner of Public Works in Ireland, a state agency of Ireland, whose lease expires in 2028, 26% was earned from Acushnet, a tenant in the manufacturing industry, whose lease expires in 2019, and approximately 15% was earned from International Financial Data Services, an investor record-keeping and transfer agency provider, whose lease expires in 2024.

Recent Acquisitions of Real Est

Recent Acquisitions of Real Estate	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
RECENT ACQUISITIONS OF REAL ESTATE	RECENT ACQUISITIONS OF REAL ESTATE The amounts recognized for major assets acquired as of the acquisition date were determined by allocating the purchase price of each property acquired in 2015 and 2014 as follows: Property Name Acquisition Building and (1) Land (1) In-place (1) Out-of- (1) Total (1) 2015 Bishop’s Square 3/3/2015 $ 53,643,075 $ — (2) $ 51,994,603 $ (2,478,077 ) $ 103,159,601 2014 2819 Loker Avenue East 12/17/2014 $ 14,170,000 $ 7,200,000 $ 3,980,000 $ — $ 25,350,000 (1) For acquisitions denominated in a foreign currency, amounts have been translated at an exchange rate based on the rate in effect on the acquisition date. (2) The land at Bishop’s Square is subject to a 999 -year ground lease with the local municipality in Ireland. Since the Company does not have title to the land, approximately $33.4 million has been recorded to in-place lease intangibles and will be amortized over the remaining term of the ground lease. The weighted average amortization period for the intangible assets and liabilities acquired in connection with the 2015 and 2014 acquisitions, as of the date of the respective acquisition, was as follows (in years): In-Place Leases Above-Market Lease Assets Below-Market Lease Liabilities 2015 Acquisition: Bishop’s Square (1) 10.7 7.5 8.3 2014 Acquisition: 2819 Loker Avenue East 4.6 — — (1) Excludes the effect of the ground lease, which significantly increases the weighted average useful life for these intangibles. The table below includes the amounts of revenue and net income (loss) of the acquisition completed during the year ended December 31, 2015 , which are included in the Company’s consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2015 : For the Year Ended 2015 Acquisitions December 31, 2015 Bishop’s Square Revenue $ 6,998,532 Net income (loss) $ (1,625,667 ) The following unaudited consolidated information is presented to give effect to the acquisition completed during the year ended December 31, 2015 as if the acquisition had occurred on January 1, 2014 . The pro forma net income (loss) was adjusted to exclude acquisition-related fees and expenses of $5.3 million for the year ended December 31, 2015 . For the year ended December 31, 2014 , the pro forma net loss was adjusted to include acquisition fees and expenses of $4.9 million , relating to the 2015 acquisition, as if these fees and expenses had been incurred as of January 1, 2014 . The information below is not necessarily indicative of what the actual results of operations would have been had the Company completed this acquisition on January 1, 2014 , nor does it purport to represent the Company’s future operations: For the Years Ended December 31, Pro Forma 2015 Pro Forma 2014 Revenues $ 10,814,986 $ 8,497,170 Class A Common Stock: Net income (loss) attributable to stockholders $ (938,262 ) $ (4,991,310 ) Basic and diluted income (loss) per share $ (0.18 ) $ (38.72 ) Class T Common Stock: Net income (loss) attributable to stockholders $ (1,066 ) $ — Basic and diluted income (loss) per share $ — $ — The table below includes the amounts of revenue and net income (loss) of the acquisition completed during the year ended December 31, 2014 , which are included in the Company’s consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2014 : For the Year Ended 2014 Acquisitions December 31, 2014 2819 Loker Avenue East Revenue $ 94,327 Net income (loss) $ (79,660 ) The following unaudited consolidated information is presented to give effect to the acquisition completed during the year ended December 31, 2014 as if the acquisition occurred on July 31, 2013 (date of inception). The pro forma net loss was adjusted to exclude acquisition-related expenses of $698,829 for the year ended December 31, 2014 . For the period from inception through December 31, 2013 , the pro forma net loss was adjusted to include acquisition fees and expenses of $698,829 relating to the 2014 acquisition, as if these fees and expenses had been incurred as of July 31, 2013 (date of inception). The information below is not necessarily indicative of what the actual results of operations would have been had we completed these transactions on July 31, 2013 , nor does it purport to represent our future operations: Pro Forma 2014 Pro Forma for the Period from July 31, 2013 (date of inception) through December 31, 2013 Revenues $ 2,295,290 $ 955,847 Net income (loss) attributable to Class A stockholders $ (566,958 ) $ (795,192 ) Basic and diluted income (loss) per Class A common share $ (4.39 ) $ (6.16 )

Debt Financing

Debt Financing	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
DEBT FINANCING	DEBT FINANCING As of December 31, 2015 and 2014 , the Company had approximately $60.2 million and $24.2 million of debt outstanding with a weighted average interest rate of 1.30% and 2.16% , respectively. The following table describes the Company’s debt outstanding at December 31, 2015 and 2014 : Description Origination or Assumption Date Maturity Date Maximum Capacity in Functional Currency Interest Rate Description Interest Rate as of December 31, 2015 Principal Outstanding at December 31, 2015 Principal Outstanding at December 31, 2014 Secured Mortgage Debt Bishop’s Square 3/3/2015 3/2/2022 € 55,200,000 Euribor + 1.30% (1) 1.30% $ 60,201,120 $ — Note Payable $ 60,201,120 $ — Affiliate Note Payable Credit Facility with Hines 12/15/2014 12/15/2016 $ 75,000,000 Variable N/A — 24,200,000 Total Note Payable to Affiliate $ — $ 24,200,000 Total Principal Outstanding $ 60,201,120 $ 24,200,000 Unamortized Deferred Financing Fees (507,908 ) — Total $ 59,693,212 $ 24,200,000 (1) The Company entered into an interest rate cap agreement as an economic hedge against the variability of future interest rates on this borrowing. See Note 6 — Derivative Instruments for additional information regarding the Company’s interest rate cap. Bishop’s Square Facility In connection with the acquisition of Bishop’s Square, a wholly-owned subsidiary of the Company entered into a secured facility agreement (the “Bishop’s Square Facility”) with DekaBank Deutsche Girozentrale totaling €55.2 million (approximately $62.1 million assuming a rate of $1.12 per EUR as of the transaction date). The Bishop’s Square Facility requires quarterly interest payments, which commenced in July 2015, and repayment of principal upon the maturity of the Bishop’s Square Facility on March 2, 2022 . The Bishop's Square Facility has a floating interest rate of EURIBOR plus 1.30% and is subject to an interest rate cap with a strike rate of 2.0% . The Bishop’s Square Facility may be repaid in full prior to maturity, subject to a prepayment premium if it is repaid in the first three years . Hines Credit Facility On December 15, 2014, Hines Global II entered into an uncommitted loan agreement with Hines with a maximum principal amount of $75.0 million (the “Hines Credit Facility”). Interest on each advance is charged monthly at a variable rate, which is (i) Hines’ then-current borrowing rate under its revolving credit facility and (ii) if Hines Global II enters into a revolving credit facility through the Operating Partnership, the rate under such facility. Each advance under the loan agreement must be repaid within six months, subject to one six -month extension at the option of Hines Global II and subject to the satisfaction of certain conditions. Notwithstanding that each advance under the Hines Credit Facility matures six months after it is made, Hines Global II is required to repay each advance under the Hines Credit Facility with proceeds from its public offering as such proceeds are raised, unless Hines Global II, through the Operating Partnership, enters into a revolving credit facility (the “OP Facility”), at which point Hines Global II may use such proceeds from its public offering to repay the OP Facility, if any, prior to repaying any advances under its credit facility with Hines. The Hines Credit Facility also permits voluntary prepayment of principal and accrued interest. The loan agreement will terminate on the earlier of a) the termination of the availability period as determined by Hines at its discretion (which will not impact the maturity date of any outstanding or previously approved advance under the loan agreement); b) December 15, 2016; and c) the date Hines accelerates the repayment of the loan agreement pursuant to any event of default. For the year ended December 31, 2015 , the Company made draws of $50.3 million and payments of approximately $74.5 million under the Hines Credit Facility. Additionally, from January 1, 2016 through March 24, 2016 , the Company made draws and repayments of $3.0 million under the Hines Credit Facility. Financial Covenants The Company’s mortgage and other loan documents for the debt described in the table above contain customary events of default, with corresponding grace periods, including payment defaults, bankruptcy-related defaults, and customary covenants, including limitations on liens and indebtedness and maintenance of certain financial ratios. The Company is not aware of any instances of noncompliance with financial covenants as of December 31, 2015 . Principal Payments on Debt The Company is required to make the following principal payments on its outstanding notes payable for each of the years ending December 31, 2016 through December 31, 2020 and for the period thereafter. Payments Due by Year 2016 2017 2018 2019 2020 Thereafter Principal payments $ — $ — $ — $ — $ — $ 60,201,120

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedges, Assets [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS The Company entered into an interest rate cap agreement with Chatham Financial Corporation in connection with the Bishop’s Square Facility. The interest rate cap agreement was entered into as an economic hedge against the variability of future interest rates on one of its variable interest rate borrowings. The Company’s interest rate cap contract has economically limited the interest rate on the loan to which it relates. The Company has not designated this derivative as a hedge for accounting purposes. See Note 9 — Fair Value Measurements for additional information regarding the fair value of the Company’s interest rate contract. The table below provides additional information regarding the Company’s interest rate contract. Interest Rate Contracts Type Effective Date Expiration Date Notional Amount (1) Interest Rate Received Pay Rate /Strike Rate Interest rate cap March 3, 2015 April 25, 2018 $ 60,201,120 EURIBOR 2.00 % (1) For notional amounts denominated in a foreign currency, amounts have been translated at a rate based on the rate in effect on December 31, 2015 . The Company has not entered into a master netting arrangement with its third-party counterparty and does not offset on its consolidated balance sheets the fair value amount recorded for its derivative instrument. The table below presents the fair value of the Company’s derivative instrument included in “Assets—Derivative Instruments” on the Company’s consolidated balance sheets, as of December 31, 2015 and December 31, 2014 : Derivative Assets December 31, 2015 December 31, 2014 Derivatives not designated as hedging instruments: Interest rate cap $ 6,344 $ — Total derivatives $ 6,344 $ — The table below presents the effects of the changes in fair value of the Company’s derivative instrument in the Company’s consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2015 and 2014 : Gain (Loss) Recorded on Derivative Instruments Year Ended December 31, 2015 December 31, 2014 Derivatives not designated as hedging instruments: Interest rate cap $ (40,535 ) $ — Total gain (loss) on derivatives $ (40,535 ) $ —

Distributions

Distributions	12 Months Ended
	Dec. 31, 2015
Distributions [Abstract]
DISTRIBUTIONS	DISTRIBUTIONS With the authorization of its board of directors, the Company declared distributions to its stockholders and HALP II for the period from October 1, 2014 through March 31, 2016 . These distributions were or will be calculated based on stockholders of record for each day in an amount equal to $0.001575342 per Class A Share, per day. Also, with the authorization of the board of directors, the Company declared distributions with respect to Class T Shares of the Company’s common stock for the period from August 24, 2015 through March 31, 2016 . Distributions for the Company's Class T Shares were or will be calculated based on stockholders of record each day in an amount equal to $0.001575342 per share, per day less the distribution and stockholder servicing fees that are payable with respect to such Class T Shares (as calculated on a daily basis). All distributions were or will be paid in cash or reinvested in shares of the Company’s common stock for those participating in the Company’s distribution reinvestment plan and have been or will be paid or issued, respectively, on the first business day following the completion of the month to which they relate. Distributions reinvested pursuant to the distribution reinvestment plan will be reinvested in shares of the same class as the shares on which the distributions are being made. Some or all of the cash distributions may be paid from sources other than cash flows from operations. In addition to the distributions described above, the Company’s board of directors authorized special stock dividends to holders of Class A Shares as of daily record dates for the period from October 1, 2014 through June 30, 2015 . Stock dividends for the Company’s Class A Shares were calculated based on stockholders of record each day in an amount equal to 0.0000273973 of a Class A Share per share, per day. Shares issued related to the Company’s stock dividends were issued on the first business day of the month following the quarter to which they related. For the years ended December 31, 2015 and 2014 , respectively, the Company issued stock dividends of 12,470 and 737 shares, which equated to $124,700 and $7,367 , respectively, using the $10.00 per Class A Share offering price in effect on the respective dates the shares were issued. The following table outlines the Company’s total cash distributions declared to stockholders and noncontrolling interests (HALP II) for the years ended December 31, 2015 and 2014 , including the breakout between the distributions declared in cash and those reinvested pursuant to the Company’s distribution reinvestment plan. Stockholders Noncontrolling Interests Distributions for the Years Ended Cash Distributions Distributions Reinvested Total Declared Total Declared December 31, 2015 $ 1,432,201 $ 1,491,950 $ 2,924,151 $ 12,139 December 31, 2014 (1) $ 40,377 $ 1,841 $ 42,218 $ 3,060 (1) Amounts pertain to only the fourth quarter of 2014.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The table below outlines fees and expense reimbursements incurred that are payable by the Company to Hines and its affiliates for the years ended December 31, 2015 and 2014 and amounts unpaid as of December 31, 2015 and 2014 : Incurred During the Years Ended December 31, Unpaid as of December 31, Type and Recipient 2015 2014 2015 2014 Selling Commissions- Dealer Manager $ 6,660,620 $ 60,697 $ 276,686 $ — Dealer Manager Fee- Dealer Manager $ 3,089,100 $ 27,511 98,451 10,323 Distribution & Stockholder Servicing Fee- Dealer Manager $ 7,254 $ — 7,246 — Issuer and Organization Costs- the Advisor $ 3,818,027 $ 4,153,388 2,701,249 4,153,388 Acquisition Fee- the Advisor and affiliates of Hines $ 2,327,715 $ 570,375 — 570,375 Asset Management Fee- the Advisor and affiliates of Hines (1) $ 304,676 $ — (119,781 ) — Other (2) - the Advisor $ 1,111,230 $ 365,960 180,488 365,960 Interest Expense- Hines (3) $ 570,442 $ 20,328 — 20,328 Property Management Fee- Hines $ 46,205 $ 1,769 — — Construction Management Fee- Hines $ 510 $ — — — Expense Reimbursement- Hines (with respect to management and operations of the Company's properties) $ 332,628 $ 1,260 41,871 93,260 Due to Affiliates $ 3,186,210 $ 5,213,634 (1) The Advisor waived $583,433 and $16,258 in asset management fees payable to it during the years ended December 31, 2015 and 2014 , respectively. As a result of this waiver, the Company will be reimbursed $119,781 in asset management fees paid to the Advisor previously. See “—Advisory Agreement” below for a discussion of the asset management fee waiver. (2) Includes amounts the Advisor paid on behalf of the Company such as general and administrative expenses, acquisition-related expenses and organizational expenses. These amounts are generally reimbursed to the Advisor during the month following the period in which they are incurred. (3) Includes amounts paid related to the Hines Credit Facility. Dealer Manager Agreement In connection with sales of Class A Shares, HSI receives a commission of up to 7.0% of gross offering proceeds and a dealer manager fee of up to 3.0% of gross offering proceeds, both of which will be recorded as an offset to additional paid-in-capital in the Company’s financial statements. Pursuant to separately negotiated agreements, HSI may reallow all of its commission and a portion of its dealer manager fee to broker-dealers participating in the Offering. No selling commissions or dealer manager fees will be paid for sales under the Company’s distribution reinvestment plan. In connection with sales of Class T Shares, HSI receives a commission of up to 2.0% of gross offering proceeds and a dealer manager fee of up to 2.75% of gross offering proceeds, both of which will be recorded as an offset to additional paid-in-capital in the Company’s financial statements. In addition, HSI will receive annual distribution and stockholder servicing fees of 1.0% of the gross offering price per share (or, if the Company is no longer offering primary shares, the then-current net asset value per share of such class of shares, if any has been disclosed) for the Class T Shares purchased and outstanding. The distribution and stockholder servicing fee is recorded as an operating expense in the Company’s financial statements. See Note 2 — Summary of Significant Accounting Policies – Distribution and Stockholder Servicing Fees for additional information on the distribution and stockholder servicing fee. Pursuant to separately negotiated agreements, HSI may reallow all of its commission, a portion of its dealer manager fee and all or a portion of its distribution and stockholder servicing fees to broker-dealers participating in the Offering. No selling commissions, dealer manager fees or distribution and stockholder servicing fees will be paid for sales of shares pursuant to the Company’s distribution reinvestment plan. Advisory Agreement Pursuant to the Advisory Agreement and the Operating Partnership Agreement, the Company is required to pay the following fees and expense reimbursements: Acquisition Fee – The Advisor receives acquisition fees of 2.25% of (i) the purchase price of real estate investments acquired, including any debt attributable to such investments, or the total principal amounts borrowed under any loans made or acquired directly by the Company, or (ii) when the Company makes an investment or makes or acquires a loan indirectly through another entity, such investment’s pro rata share of the gross asset value of real estate investments held by that entity, including any debt attributable to such investments, or the total principal amount borrowed under any loans made or acquired by that entity. Asset Management Fee – The Advisor also receives asset management fees of 0.0625% per month of the cost of the Company’s real estate investments at the end of each month; provided that, if the Company’s board of directors has determined an estimated net asset value per share, then, with respect to real estate investments included in the board of director’s determination, the asset management fees will be equal to 0.0625% per month of the most recently determined value of such real estate investments at the end of each month. In September 2014, the Advisor agreed to waive the asset management fees otherwise payable to it for the quarter ended December 31, 2014 , to the extent that the Company’s modified funds from operations (“MFFO”) for the quarter ended December 31, 2014 , as disclosed in the Company’s Annual Report on Form 10-K for such year, amounted to less than 100% of the aggregate distributions declared to the Company’s stockholders for the quarter ended December 31, 2014 . As a result of this waiver, the Advisor waived $16,258 of asset management fees payable to it for the quarter ended December 31, 2014 . Furthermore, the Advisor also agreed to waive the asset management fees otherwise payable to it for each quarter in 2015 and each of the quarters ended March 31, 2016 and June 30, 2016, to the extent that the Company’s MFFO for such quarters, as disclosed in the Company’s Quarterly Report on Form 10-Q or Annual Report on Form 10-K, as applicable, amounts to less than 100% of the aggregate distributions declared to the Company’s stockholders for each respective quarter. The Advisor also agreed to waive an additional $62,500 in asset management fees so that the Company’s MFFO for the year ended December 31, 2015 would equal the distributions declared for such year. As a result of these waivers, the Advisor waived $583,433 of the total $888,109 in asset management fees payable to it for the year ended December 31, 2015 and all of the $16,258 of asset management fees payable to it during the year ended December 31, 2014 . As a result of these fee waivers, cash flows from operations that would have been paid to the Advisor for asset management fees may be available to pay distributions to stockholders. These fee waivers are not deferrals and accordingly, any fees that are waived will not be paid to the Advisor in cash at any time in the future. Disposition Fee – If the Advisor, its affiliates or related parties provide a substantial amount of services, as determined in good faith by a majority of the Company’s independent directors, the Company will pay the Advisor, its affiliates or related parties a disposition fee in an amount equal to (a) 1.0% of the market value determined in connection with a listing of the Company’s common stock on a national securities exchange, or 1.0% of the gross consideration received or to be received by the Company or its stockholders upon the occurrence of any other liquidity event involving the Company or the Operating Partnership, pursuant to which the Company’s stockholders receive in exchange for their shares of the Company’s common stock, cash, listed securities, securities redeemable for cash, or a combination thereof, or (b) 1.0% of the gross sales price upon the sale or transfer of one or more real estate investments (including a sale of all of the Company’s real estate investments). Even if the Advisor, its affiliates or related parties receive a disposition fee, the Company may still be obligated to pay fees or commissions to another third party. However, when a real estate or brokerage fee is payable in connection with a particular transaction, the amount of the disposition fee paid to the Advisor or its affiliates or related parties, as applicable, may not exceed an amount equal to the lesser of (i) one-half of a competitive real estate or brokerage commission and (ii) 1.0% of the gross sales price and, when added to the sum of all real estate or brokerage fees and commissions paid to unaffiliated parties, may not exceed the lesser of (x) a competitive real estate or brokerage commission or (y) an amount equal to 6.0% of the gross sales price. Special OP Units – An affiliate of the Advisor holds special partnership interests in the Operating Partnership (“Special OP Units”), which will entitle them to receive distributions in an amount equal to 15.0% of distributions, including from sales of real estate investments, refinancings and other sources, but only after the Company’s stockholders have received, or are deemed to have received, in the aggregate, cumulative distributions equal to their invested capital plus a 6.0% cumulative, non-compounded annual return on such invested capital. Additionally, at the sole discretion of the Advisor, the acquisition fees, asset management fees or disposition fees are payable, in whole or in part, in cash or units of the Operating Partnership (“OP Units”). In the case of the disposition fee, the Advisor may also elect to be paid, if applicable, in securities issued by another entity. For the purposes of the payment of these fees, each OP Unit will be valued at the per share offering price of the Company’s common stock in the Company’s most recent public offering less selling commissions and dealer manager fees payable with respect to such common stock, to account for the fact that no selling commissions or dealer manager fees will be paid in connection with any such issuances. Each OP unit will be convertible into one share of the Company’s common stock. The Company will recognize the expense related to these OP Units as the related service is performed, as each OP Unit will be fully vested upon issuance. The Company reimburses the Advisor for all expenses paid or incurred by the Advisor in connection with the services provided to the Company, subject to the limitation that the Company will not reimburse the Advisor for any amount by which its operating expenses (including the asset management fee) at the end of the four preceding fiscal quarters exceeds the greater of: (A) 2.0% of its average invested assets, or (B) 25.0% of its net income determined without reduction for any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Company’s assets for that period (the “2%/25% Limitation”). Notwithstanding the above, the Company may reimburse the Advisor for expenses in excess of this limitation if a majority of the independent directors determines that such excess expenses are justified based on unusual and non-recurring factors. For the four fiscal quarters ended September 30, 2015, the Company’s total operating expenses exceeded the 2%/25% Limitation. Based upon a review of unusual and non-recurring factors, including but not limited to the Company being in the early stages of raising and deploying capital, the limited number of assets acquired to date and the timing of those acquisitions, a majority of the Company’s independent directors determined that the excess expenses were justified and thus reimbursable to the Advisor. For the four fiscal quarters ended December 31, 2015 , the Company’s total operating expenses did not exceed the 2%/25% Limitation. In addition, as described in Note 2 — Summary of Significant Accounting Policies – Issuer Costs, the Company reimburses the Advisor for any issuer costs paid on its behalf. However, the total reimbursement related to issuer costs, selling commissions, dealer manager fees and the distribution and stockholder servicing fees may not exceed 15.0% of gross proceeds from the Offering. Property Management and Leasing Agreements The Company pays Hines fees for the management and leasing of the Company’s properties. Property management fees will be paid in an amount equal to a market-based percentage of the gross revenues of the properties managed by Hines. In addition, if Hines provides leasing services with respect to a property, the Company will pay Hines leasing fees in an amount equal to the leasing fees charged by unaffiliated persons rendering comparable services in the same geographic area of the applicable property. The Company generally will be required to reimburse Hines for certain operating costs incurred in providing property management and leasing services pursuant to the property management and leasing agreements. Included in this reimbursement of operating costs will be the cost of personnel and overhead expenses related to such personnel located at the property as well as off-site personnel located in Hines’ headquarters and regional offices, to the extent the same relate to or support the performance of Hines’ duties under the agreement. Hines may perform construction management services for the Company for both re-development activities and tenant construction. These fees are considered incremental to the construction effort and will be capitalized to the associated real estate project as incurred. Costs related to tenant construction will be depreciated over the estimated useful life. Costs related to redevelopment activities will be depreciated over the estimated useful life of the associated project. Leasing activities will generally be performed by Hines on the Company’s behalf. Leasing fees will be capitalized and amortized over the life of the related lease.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS As described in Note 6 — Derivative Instruments, the Company entered into an interest rate cap agreement as an economic hedge against the variability of future interest rates on one of its variable interest rate borrowings. The valuation of this derivative instrument is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flow of the derivative. This analysis reflects the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair value of the interest rate cap agreement has been determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. Although the Company has determined the majority of the inputs used to value its interest rate cap agreement fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivative utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparty, Chatham Financial Corporation . In adjusting the fair value of its derivative contract for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees. However, as of December 31, 2015 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative position and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivative. As a result, the Company has determined its derivative valuation is classified in Level 2 of the fair value hierarchy. The following table sets forth the Company’s derivative which was measured at fair value on a recurring basis, by level within the fair value hierarchy as of December 31, 2015 : Basis of Fair Value Measurements Period Fair Value of Assets (Liabilities) Quoted Prices In Active Markets for Identical Items (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2015 Interest rate cap $ 6,344 $ — $ 6,344 $ — Other Items Financial Instruments Fair Value Disclosures Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability, such as interest rates and yield curves observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In instances in which the inputs used to measure fair value may fall into different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety has been determined is based on the lowest level input significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. As of December 31, 2015 and December 31, 2014, the Company estimated that the book value of its notes payable, excluding deferred financing costs, approximates their fair value since their variable interest rates approximate current lending rates for loans with similar maturities and credit quality. Although the Company has determined that the majority of the inputs used to value its notes payable fall within Level 2 of the fair value hierarchy, the credit quality adjustments associated with its fair value of notes payable utilize Level 3 inputs. However, the Company has assessed the significance of the impact of the credit quality adjustments on the overall valuations of its fair market value of notes payable and has determined they are not significant. Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, restricted cash, tenant and other receivables, accounts payable and accrued expenses, other liabilities, due to affiliates and distributions payable. The carrying value of these items reasonably approximates their fair value based on their highly-liquid nature and/or short-term maturities. Due to the short-term nature of these instruments, Level 1 inputs are utilized to estimate the fair value of the cash and cash equivalents and restricted cash and Level 2 inputs are utilized to estimate the fair value of the remaining financial instruments.

Reportable Segments

Reportable Segments	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
REPORTABLE SEGMENTS	REPORTABLE SEGMENTS As described previously, the Company intends to invest the net proceeds from the Offering in a diversified portfolio of quality commercial real estate properties and other real estate investments throughout the United States and internationally. The Company’s current business consists of owning, operating, acquiring, developing, investing in, and disposing of real estate assets. All of the Company’s consolidated revenues and property operating expenses as of December 31, 2015 are from the Company’s two consolidated real estate properties owned as of that date. As a result, the Company’s operating segments have been reclassified into one of two reportable segments: domestic real estate investments and international real estate investments. The tables below provide additional information related to each of the Company’s segments and a reconciliation to the Company’s net loss, as applicable. “Corporate-Level Accounts” includes amounts incurred by the corporate-level entities which are not allocated to any of the reportable segments. The tables below do not reflect amounts for the period from July 31, 2013 (date of inception) through December 31, 2013 as we did not make our first real estate investment until December 2014 . Years Ended December 31, 2015 2014 Total Revenue Domestic real estate investments $ 2,412,143 $ 94,327 International real estate investments 6,998,532 — Total Revenue $ 9,410,675 $ 94,327 For the years ended December 31, 2015 and 2014 , the Company’s total revenue was attributable to the following countries: Years Ended December 31, 2015 2014 Total Revenue United States 26 % 100 % Ireland 74 % — % For the years ended December 31, 2015 and 2014 , the Company’s property revenues in excess of expenses by segment were as follows: Years Ended December 31, 2015 2014 Property revenues in excess of expenses (1) Domestic real estate investments $ 1,747,104 $ 61,179 International real estate investments 5,366,550 — Property revenues in excess of expenses $ 7,113,654 $ 61,179 (1) Revenues less property operating expenses, real property taxes and property management fees. For the years ended December 31, 2015 and 2014 , the Company’s total assets by segment were as follows: December 31, 2015 December 31, 2014 Total Assets Domestic real estate investments $ 24,294,382 $ 25,388,181 International real estate investments 105,076,935 — Corporate-level accounts 19,684,932 3,162,633 Total Assets $ 149,056,249 $ 28,550,814 For the years ended December 31, 2015 and 2014 , the Company’s total assets were attributable to the following countries: December 31, 2015 December 31, 2014 Total Assets United States 30 % 100 % Ireland 70 % — % For the years ended December 31, 2015 and 2014 the Company’s reconciliation to the Company’s net loss is as follows: Years Ended December 31, 2015 2014 Reconciliation to net income (loss) Total property revenues in excess of expenses $ 7,113,654 $ 61,179 Depreciation and amortization (4,206,600 ) (49,288 ) Acquisition related expenses (2,962,784 ) (131,454 ) Asset management and acquisition fees (2,639,645 ) (570,375 ) Organizational expenses — (63,164 ) General and administrative expenses (1,548,979 ) (554,476 ) Gain (loss) on derivatives (40,535 ) — Foreign currency gains (losses) (12,107 ) — Interest expense (1,344,779 ) (20,328 ) Interest income 4,209 243 Net income (loss) $ (5,637,566 ) $ (1,327,663 )

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company may be subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance. While the resolution of these matters cannot be predicted with certainty, management believes the final outcome of such matters will not have a material adverse effect on the Company’s consolidated financial statements.

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Data [Abstract]
QUARTERLY FINANCIAL DATA (UNAUDITED)	QUARTERLY FINANCIAL DATA (UNAUDITED) The following table presents selected unaudited quarterly financial data for each quarter during the years ended December 31, 2015 and 2014 . Quarters Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Revenues $ 1,245,324 $ 2,695,390 $ 2,698,258 $ 2,771,703 Net income (loss) $ (5,366,567 ) $ (291,110 ) $ 1,295 $ 18,816 Net (income) loss attributable to noncontrolling interests $ (2,993 ) $ (3,026 ) $ (3,060 ) $ (3,060 ) Class A Common Stock: Net income (loss) attributable to stockholders $ (5,369,560 ) $ (294,136 ) $ (1,757 ) $ 22,160 Income (loss) per share, basic and diluted $ (4.82 ) $ (0.07 ) $ — $ — Class T Common Stock: Net income (loss) attributable to stockholders $ — $ — $ (8 ) $ (6,404 ) Income (loss) per share, basic and diluted $ — $ — $ (0.01 ) $ (0.02 ) Quarters Ended March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Revenues $ — $ — $ — $ 94,327 Net income (loss) $ — $ — $ (283,389 ) $ (1,044,274 ) Net (income) loss attributable to noncontrolling interests $ — $ — $ 190,000 $ (3,060 ) Net income (loss) attributable to Class A stockholders $ — $ — $ (93,389 ) $ (1,047,334 ) Income (loss) per Class A common share, basic and diluted $ — $ — $ (7.07 ) $ (3.57 )

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Domain Apartments In January 2016 , the Company acquired the Domain Apartments, a multi-family community located in Las Vegas, Nevada. The net purchase price was $58.1 million , exclusive of transaction costs and working capital reserves. The Domain Apartments community was constructed in January 2014 , and consists of 308 units that were 95% leased as of the date of acquisition. As a result of the acquisition of the Domain Apartments, the Company incurred approximately $1.3 million in acquisition fees payable to our Advisor. The Company has not concluded its accounting for this recent acquisition, but it expects that the purchase price will primarily be allocated to building, land, equipment, furniture and fixtures, and in-place lease assets. In connection with the acquisition of the Domain Apartments, the Company entered into a loan agreement with Wells Fargo Bank, National Association with the principal sum of $34.3 million to fund the acquisition of the Domain Apartments. Interest accrued on the loan is due and payable on the first business day of each month commencing in February 2016 . The loan has a floating interest rate of Libor + 1.60% . Repayment of principal is due upon the maturity of the loan on January 29, 2020 . The Company has the option to extend the term for one additional year subject to the satisfaction of certain conditions. The loan may be prepaid at any time on or after July 29, 2017 , subject to certain conditions, including but not limited to providing 30 days’ advance notice to Wells Fargo.

Schedule III - Real Estate Asse

Schedule III - Real Estate Assets and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate Assets and Accumulated Depreciation	Schedule III — Real Estate Assets and Accumulated Depreciation December 31, 2015 Initial Cost (d) Gross Amount at Which Carried at 12/31/2015 Description (a) Location Encumbrances Land Buildings and Improvements Total Costs Capitalized Subsequent to Acquisition (e) Land Buildings and Improvements Total (b) Accumulated Depreciation (c) Date of Construction Date Acquired 2819 Loker Avenue East Carlsbad, California $ — $ 7,200,000 $ 14,170,000 $ 21,370,000 $ — $ 7,200,000 $ 14,170,000 $ 21,370,000 $ (368,829 ) 1998 December-14 Bishop’s Square Dublin, Ireland 60,201,120 — 53,643,075 53,643,075 (1,129,364 ) — 52,513,711 52,513,711 (1,088,810 ) 2001 March-15 $ 60,201,120 $ 7,200,000 $ 67,813,075 $ 75,013,075 $ (1,129,364 ) $ 7,200,000 $ 66,683,711 $ 73,883,711 $ (1,457,639 ) (a) Assets consist of an industrial building and an office building. (b) The aggregate cost for federal income tax purposes is $77.0 million as of December 31, 2015 . (c) Real estate assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. The estimated useful lives for computing depreciation are generally 10 years for furniture and fixtures, 15 - 20 years for electrical and mechanical installations and 40 years for buildings. (d) Components of initial cost for the property acquired using a foreign currency were converted using the currency exchange rate as of the date of acquisition. (e) Includes the effect of changes in the exchange rate between the date of acquisition and December 31, 2015 for the property that is denominated in a foreign currency. The changes in total real estate assets for the years ended December 31, : 2015 2014 Gross real estate assets Balance, beginning of period $ 21,370,000 $ — Additions during the period: Acquisitions 53,643,075 21,370,000 Other additions 339,407 — Effect of changes in foreign currency exchange rates (1,468,771 ) — Balance, end of period $ 73,883,711 $ 21,370,000 Accumulated Depreciation Balance, beginning of period $ (14,579 ) $ — Depreciation (1,454,599 ) (14,579 ) Effect of changes in foreign currency exchange rates 11,539 — Balance, end of period $ (1,457,639 ) $ (14,579 )

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities and contingencies as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company evaluates its assumptions and estimates on an ongoing basis. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. Additionally, application of the Company’s accounting policies involves exercising judgments regarding assumptions as to future uncertainties. Actual results may differ from these estimates under different assumptions or conditions.
Basis of Presentation	Basis of Presentation The consolidated financial statements of the Company include the accounts of Hines Global REIT II, Inc. and the Operating Partnership (over which the Company exercises financial and operating control). All intercompany balances and transactions have been eliminated in consolidation. The Company has retroactively changed, for all periods presented, its classification of distributions in the consolidated balance sheet and statement of equity by reflecting such distributions as charges against “accumulated distributions in excess of earnings.” This presentation change had no impact on the balances in total equity in any of the periods presented.
Investment Property and Lease Intangibles	Investment Property and Lease Intangibles Real estate assets acquired by the Company are stated at fair value at the date of acquisition less accumulated depreciation. Depreciation is computed using the straight-line method. The estimated useful lives for computing depreciation are generally 10 years for furniture and fixtures, 15 - 20 years for electrical and mechanical installations and 40 years for buildings. Major replacements that extend the useful life of the assets are capitalized and maintenance and repair costs are expensed as incurred. Acquisitions of properties are accounted for utilizing the acquisition method and, accordingly, are recorded at the estimated fair values of the assets acquired and liabilities assumed. The results of operations of acquired properties are included in the Company’s results of operations from their respective dates of acquisition. Estimates of fair values are based upon estimates of future cash flows and other valuation techniques that the Company believes are similar to those used by market participants and are used to record the purchase of identifiable assets acquired, such as land, buildings and improvements, equipment and identifiable intangible assets related to in-place leases and liabilities assumed, such as amounts related to acquired out-of-market leases, asset retirement obligations, and mortgage notes payable. Values of buildings and improvements are determined on an as-if-vacant basis. Initial valuations are subject to change until such information is finalized, which will occur no later than 12 months after the acquisition date. Acquisition-related costs such as transaction costs and acquisition fees paid to the Advisor are expensed as incurred. The estimated fair value of acquired in-place leases are the costs the Company would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include the fair value of leasing commissions, legal costs and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, the Company evaluates the time period over which such occupancy levels would be achieved. Such evaluation will include an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance and utilities) that would be incurred during the lease-up period. Acquired in-place leases as of the date of acquisition are amortized over the remaining lease terms. Should a tenant terminate its lease, the unamortized portion of the in-place lease value is charged to amortization expense. Acquired out-of-market lease values (including ground leases) are recorded based on the present value (using a discount rate that reflects the risks associated with the lease acquired) of the difference between the contractual amounts paid pursuant to the in-place leases and management’s estimate of fair market value lease rates for the corresponding in-place leases. The capitalized out-of-market lease values are amortized as adjustments to rental revenue (or ground lease expense, as applicable) over the remaining terms of the respective leases, which include periods covered by bargain renewal options. Should a tenant terminate its lease, the unamortized portion of the out-of-market lease value is charged to rental revenue. Management estimates the fair value of assumed mortgage notes payable based upon indications of then-current market pricing for similar types of debt with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and the difference between such estimated fair value and the outstanding principal balance of the note will be amortized over the life of the mortgage note payable.
Impairment of Investment Property	Impairment of Investment Property Real estate assets are reviewed for impairment each reporting period if events or changes in circumstances indicate that the carrying amount of the individual property may not be recoverable. In such an event, a comparison will be made of the current and projected operating cash flows and expected proceeds from the eventual disposition of each property on an undiscounted basis to the carrying amount of such property. If the carrying amount exceeds the undiscounted cash flows, it would be written down to the estimated fair value to reflect impairment in the value of the asset. The determination of whether investment property is impaired requires a significant amount of judgment by management and is based on the best information available to management at the time of the evaluation.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents.
Concentration of Credit Risk	Concentration of Credit Risk As of December 31, 2015 , the Company had cash and cash equivalents deposited in certain financial institutions in excess of federally insured levels. Management regularly monitors the financial stability of these financial institutions in an effort to manage the Company’s exposure to any significant credit risk in cash and cash equivalents.
International Operations	International Operations The Euro (“EUR”) is the functional currency for the Company’s subsidiary operating in Ireland. This subsidiary has translated its financial statements into U.S. dollars for reporting purposes. Assets and liabilities are translated at the exchange rate in effect as of the balance sheet date while income statement accounts are translated using the average exchange rate for the period and significant nonrecurring transactions using the rate on the transaction date. Gains or losses resulting from translation are included in accumulated other comprehensive income (loss) within stockholders’ equity. Upon disposal of this subsidiary, the Company will remove the accumulated translation adjustment from stockholders’ equity and include it in the gain or loss on disposal in its consolidated statement of operations. This subsidiary may have transactions denominated in currencies other than its functional currency. In these instances, assets and liabilities are remeasured into the functional currency at the exchange rate in effect at the end of the period and income statement accounts are remeasured at the average exchange rate for the period. These gains or losses are included in the Company’s results of operations. This subsidiary also records gains or losses in the income statement when a transaction with a third party, denominated in a currency other than its functional currency, is settled and the functional currency cash flows realized are more or less than expected based upon the exchange rate in effect when the transaction was initiated.
Restricted Cash	Restricted Cash The Company has restricted cash primarily related to certain escrow accounts required by the Bishop’s Square secured facility.
Deferred Leasing and Financing Costs	Deferred Leasing Costs Direct leasing costs, primarily consisting of third-party leasing commissions, tenant inducements and legal costs are capitalized and amortized over the life of the related lease. Tenant inducement amortization is recorded as an offset to rental revenue and the amortization of other direct leasing costs is recorded in amortization expense. Deferred Financing Costs Deferred financing costs consist of direct costs incurred in obtaining debt financing. These costs are presented as a direct reduction from the related debt liability for permanent mortgages and presented as an asset for revolving credit arrangements. In total, deferred financing costs had a carrying value of $525,250 and $8,925 for the years ended December 31, 2015 and 2014 . These costs are amortized into interest expense on a straight-line basis, which approximates the effective interest method, over the terms of the obligations.
Revenue Recognition	Revenue Recognition The Company recognizes rental revenue on a straight-line basis over the life of the lease including rent holidays, if any. Straight-line rent receivables were $627,875 and $5,895 as of December 31, 2015 and 2014 , respectively. Straight-line rent receivable consists of the difference between the tenants’ rents calculated on a straight-line basis from the date of acquisition or lease commencement over the remaining terms of the related leases and the tenants’ actual rents due under the lease agreements and is included in tenant and other receivables in the accompanying consolidated balance sheets. Revenues associated with operating expense recoveries are recognized in the period in which the expenses are incurred based upon the tenant lease provisions. Revenues relating to lease termination fees are recognized on a straight-line basis amortized from the time that a tenant’s right to occupy the leased space is modified through the end of the revised lease term.
Issuer Costs	Issuer Costs The Company reimburses the Advisor and its affiliates for any issuer costs related to the Offering that it pays on the Company’s behalf. Such costs consist of, among other costs, expenses of the Company’s organization, actual legal, accounting, bona fide out-of-pocket itemized and detailed due diligence costs, printing, filing fees, transfer agent costs, postage, escrow fees, data processing fees, advertising and sales literature and other offering-related costs. The Company did not have an obligation to reimburse the Advisor for any issuer costs until it achieved its minimum offering requirements on September 26, 2014 . Therefore, the Company did not record issuer costs within its financial statements until that time. Organizational issuer costs, such as expenses associated with the formation of the Company and its board of directors are expensed as incurred, and offering-related issuer costs are recorded as an offset to additional paid-in capital.
Income Taxes	Income Taxes The Company intends to make an election to be taxed as a REIT, under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (“the Code”), and expects it will be taxed as such beginning with its taxable year ended December 31, 2015 . In order to qualify as a REIT, an entity must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual ordinary taxable income to stockholders. REITs are generally not subject to federal income tax on taxable income that they distribute to their stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes on its taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service granted the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company believes that it will be organized and operate in such a manner as to qualify for treatment as a REIT and intends to operate in the foreseeable future in such a manner so that the Company will remain qualified as a REIT for federal income tax purposes. The Company did not elect to be taxed as a REIT for the taxable year ended December 31, 2014 . This did not have an impact on the Company’s tax liability or the tax liability of the Company’s stockholders that invested in the Company’s public offering during 2014 since the Company did not have any taxable income for the year ended December 31, 2014 and for the period from July 31, 2013 (date of inception) through December 31, 2013.
Fees and Expense Reimbursements	Distribution and Stockholder Servicing Fee Per the terms of the Company’s Dealer Manager Agreement, the Company will pay a distribution and stockholder servicing fee of 1.0% per annum of the gross offering price per share (or, if the Company is no longer offering primary shares, the then-current estimated net asset value per share, if any has been disclosed) for Class T Shares sold in the Offering. The distribution and stockholder servicing fee will accrue daily and be paid quarterly in arrears. The distribution and stockholder servicing fees are ongoing fees that are not paid at the time of purchase. The Company will cease paying the distribution and stockholder servicing fee with respect to any particular Class T Share and that Class T Share will convert into a number of Class A Shares on the earlier of: (i) a listing of the Class A Shares on a national securities exchange; (ii) a merger or consolidation of the Company with or into another entity, or the sale or other disposition of all or substantially all of the Company’s assets; (iii) the end of the month in which the Dealer Manager determines that total underwriting compensation paid in the Offering including the distribution and stockholder servicing fee paid on all Class T Shares sold in the Offering is equal to 10.0% of the gross proceeds of the Offering from the sale of both Class A Shares and Class T Shares; (iv) the end of the month in which the transfer agent, on behalf of the Company, determines that underwriting compensation paid in the primary offering including the distribution and stockholder servicing fee paid with respect to the Class T Shares held by a stockholder within his or her particular account equals 10.0% of the gross offering price at the time of investment of the Class T Shares held in such account; and (v) on any Class T Share that is redeemed or repurchased. Although the Company cannot predict the length of time over which this fee will be paid due to potential changes in the estimated net asset value of the Company’s Class T Shares, this fee would be paid over approximately 5.25 years from the date of purchase, assuming a constant per share offering price or estimated net asset value, as applicable of $9.4489 per Class T Share. The Company recorded its distribution and stockholder servicing fees as an operating expense in the Company’s consolidated statement of operations, as they were earned by the Dealer Manager. Acquisition Fee – The Advisor receives acquisition fees of 2.25% of (i) the purchase price of real estate investments acquired, including any debt attributable to such investments, or the total principal amounts borrowed under any loans made or acquired directly by the Company, or (ii) when the Company makes an investment or makes or acquires a loan indirectly through another entity, such investment’s pro rata share of the gross asset value of real estate investments held by that entity, including any debt attributable to such investments, or the total principal amount borrowed under any loans made or acquired by that entity. Asset Management Fee – The Advisor also receives asset management fees of 0.0625% per month of the cost of the Company’s real estate investments at the end of each month; provided that, if the Company’s board of directors has determined an estimated net asset value per share, then, with respect to real estate investments included in the board of director’s determination, the asset management fees will be equal to 0.0625% per month of the most recently determined value of such real estate investments at the end of each month. In September 2014, the Advisor agreed to waive the asset management fees otherwise payable to it for the quarter ended December 31, 2014 , to the extent that the Company’s modified funds from operations (“MFFO”) for the quarter ended December 31, 2014 , as disclosed in the Company’s Annual Report on Form 10-K for such year, amounted to less than 100% of the aggregate distributions declared to the Company’s stockholders for the quarter ended December 31, 2014 . As a result of this waiver, the Advisor waived $16,258 of asset management fees payable to it for the quarter ended December 31, 2014 . Furthermore, the Advisor also agreed to waive the asset management fees otherwise payable to it for each quarter in 2015 and each of the quarters ended March 31, 2016 and June 30, 2016, to the extent that the Company’s MFFO for such quarters, as disclosed in the Company’s Quarterly Report on Form 10-Q or Annual Report on Form 10-K, as applicable, amounts to less than 100% of the aggregate distributions declared to the Company’s stockholders for each respective quarter. The Advisor also agreed to waive an additional $62,500 in asset management fees so that the Company’s MFFO for the year ended December 31, 2015 would equal the distributions declared for such year. As a result of these waivers, the Advisor waived $583,433 of the total $888,109 in asset management fees payable to it for the year ended December 31, 2015 and all of the $16,258 of asset management fees payable to it during the year ended December 31, 2014 . As a result of these fee waivers, cash flows from operations that would have been paid to the Advisor for asset management fees may be available to pay distributions to stockholders. These fee waivers are not deferrals and accordingly, any fees that are waived will not be paid to the Advisor in cash at any time in the future. Disposition Fee – If the Advisor, its affiliates or related parties provide a substantial amount of services, as determined in good faith by a majority of the Company’s independent directors, the Company will pay the Advisor, its affiliates or related parties a disposition fee in an amount equal to (a) 1.0% of the market value determined in connection with a listing of the Company’s common stock on a national securities exchange, or 1.0% of the gross consideration received or to be received by the Company or its stockholders upon the occurrence of any other liquidity event involving the Company or the Operating Partnership, pursuant to which the Company’s stockholders receive in exchange for their shares of the Company’s common stock, cash, listed securities, securities redeemable for cash, or a combination thereof, or (b) 1.0% of the gross sales price upon the sale or transfer of one or more real estate investments (including a sale of all of the Company’s real estate investments). Even if the Advisor, its affiliates or related parties receive a disposition fee, the Company may still be obligated to pay fees or commissions to another third party. However, when a real estate or brokerage fee is payable in connection with a particular transaction, the amount of the disposition fee paid to the Advisor or its affiliates or related parties, as applicable, may not exceed an amount equal to the lesser of (i) one-half of a competitive real estate or brokerage commission and (ii) 1.0% of the gross sales price and, when added to the sum of all real estate or brokerage fees and commissions paid to unaffiliated parties, may not exceed the lesser of (x) a competitive real estate or brokerage commission or (y) an amount equal to 6.0% of the gross sales price. Special OP Units – An affiliate of the Advisor holds special partnership interests in the Operating Partnership (“Special OP Units”), which will entitle them to receive distributions in an amount equal to 15.0% of distributions, including from sales of real estate investments, refinancings and other sources, but only after the Company’s stockholders have received, or are deemed to have received, in the aggregate, cumulative distributions equal to their invested capital plus a 6.0% cumulative, non-compounded annual return on such invested capital. Additionally, at the sole discretion of the Advisor, the acquisition fees, asset management fees or disposition fees are payable, in whole or in part, in cash or units of the Operating Partnership (“OP Units”). In the case of the disposition fee, the Advisor may also elect to be paid, if applicable, in securities issued by another entity. For the purposes of the payment of these fees, each OP Unit will be valued at the per share offering price of the Company’s common stock in the Company’s most recent public offering less selling commissions and dealer manager fees payable with respect to such common stock, to account for the fact that no selling commissions or dealer manager fees will be paid in connection with any such issuances. Each OP unit will be convertible into one share of the Company’s common stock. The Company will recognize the expense related to these OP Units as the related service is performed, as each OP Unit will be fully vested upon issuance. The Company reimburses the Advisor for all expenses paid or incurred by the Advisor in connection with the services provided to the Company, subject to the limitation that the Company will not reimburse the Advisor for any amount by which its operating expenses (including the asset management fee) at the end of the four preceding fiscal quarters exceeds the greater of: (A) 2.0% of its average invested assets, or (B) 25.0% of its net income determined without reduction for any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Company’s assets for that period (the “2%/25% Limitation”). Notwithstanding the above, the Company may reimburse the Advisor for expenses in excess of this limitation if a majority of the independent directors determines that such excess expenses are justified based on unusual and non-recurring factors. For the four fiscal quarters ended September 30, 2015, the Company’s total operating expenses exceeded the 2%/25% Limitation. Based upon a review of unusual and non-recurring factors, including but not limited to the Company being in the early stages of raising and deploying capital, the limited number of assets acquired to date and the timing of those acquisitions, a majority of the Company’s independent directors determined that the excess expenses were justified and thus reimbursable to the Advisor. For the four fiscal quarters ended December 31, 2015 , the Company’s total operating expenses did not exceed the 2%/25% Limitation. In addition, as described in Note 2 — Summary of Significant Accounting Policies – Issuer Costs, the Company reimburses the Advisor for any issuer costs paid on its behalf. However, the total reimbursement related to issuer costs, selling commissions, dealer manager fees and the distribution and stockholder servicing fees may not exceed 15.0% of gross proceeds from the Offering.
Redemption of Common Stock	Redemption of Common Stock The Company complies with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480 “Distinguishing Liabilities from Equity” which requires, among other things, that financial instruments that represent a mandatory obligation of the Company to repurchase shares be classified as liabilities and reported at settlement value. When approved, the Company will reclassify such obligations from equity to an accrued liability based upon their respective settlement values.
Reclassification	Reclassifications On August 6, 2015, the Company supplemented its Articles of Amendment and Restatement to reclassify 900,000,000 authorized but unissued shares of Class A common stock as Class T common stock. As a result, the Company reclassified 900,000,000 Class A shares authorized on the December 31, 2014 balance sheet into shares of Class T common stock.
Per Share Data	Per Share Data Net income (loss) per common share is calculated by dividing the net income (loss) attributable to common stockholders for each period for each class of share by the weighted average number of common shares for each class of share outstanding during such period. Net income (loss) per common share for each class of share on a basic and diluted basis is the same because the Company has no potentially dilutive common shares outstanding.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In January 2015, the FASB issued amendments to the Codification to provide guidance on the disclosure of extraordinary items. The amendments eliminate the concept of extraordinary items from GAAP. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and early adoption is permitted. The Company does not believe the adoption of this guidance will have a material impact on its financial statements. In February 2015, the FASB issued amendments to the Codification’s consolidation guidance which improves targeted areas of the consolidation guidance and reduces the number of consolidation models. The amendments in the Accounting Standards Update (“ASU”) are effective for annual and interim periods in fiscal years beginning after December 15, 2015, with early adoption permitted. The Company has not elected to early adopt this standard. The Company has evaluated the impact of the adoption of these amendments on its consolidated financial statements and has determined that the Operating Partnership is considered a variable interest entity (“VIE”). However, the Company meets the disclosure exemption criteria as the Company is the primary beneficiary of the VIE and the Company’s partnership interest is considered a majority voting interest. As such, the Company does not believe this standard will have a material impact on its consolidated financial statements. In April 2015 and August 2015, the FASB issued amendments to change the prior guidance concerning the presentation of debt issuance costs in the financial statements. Under this revised guidance, an entity will present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset, except for costs related to lines of credit which will remain an asset in the financial statements. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and early adoption is permitted. The Company elected to adopt these amendments early, effective for the year ended December 31, 2015 . Upon adoption, the Company recorded $507,908 in deferred financing costs, excluding costs related to the Company’s revolving credit arrangement, as a direct reduction to notes payable on the consolidated balance sheet as of December 31, 2015 . In June 2015, FASB made technical corrections and improvements to provide clarification, correct unintended application of guidance, and make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice. These amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and early adoption is permitted. The Company does not believe the adoption of this guidance will have a material impact on its financial statements. In September 2015, FASB issued new guidance that eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead, an acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment. This new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and early adoption is permitted. The Company does not expect this new guidance to have a material impact on its financial statements upon adoption. In January 2016, FASB issued new guidance intended to improve the recognition and the measurement of financial instruments. The ASU will require equity investments, excluding those investments accounted for under the equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with the changes in fair value recognized in net income; will simplify the impairment assessment of those investments; will eliminate the disclosure of the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost and change the fair value calculation for those investments; will change the disclosure in other comprehensive income for financial liabilities that are measured at fair value in accordance with the fair value options for financial instruments; and will clarify that a deferred asset related to available-for-sale securities should be included in an entity's evaluation for a valuation allowance. This new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company is currently assessing the impact the adoption of this guidance will have on its financial statements. In February 2016, the FASB issued an ASU intended to improve financial reporting about leasing transactions. The ASU will require companies that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The accounting by companies that own the assets leased by the lessee (the lessor) will remain largely unchanged from current GAAP. The standard is effective for fiscal years beginning after December 15, 2018 and early adoption is permitted. The Company is currently assessing the impact the adoption of this guidance will have on its financial statements.
Derivatives Not Designated as Hedges	The Company entered into an interest rate cap agreement with Chatham Financial Corporation in connection with the Bishop’s Square Facility. The interest rate cap agreement was entered into as an economic hedge against the variability of future interest rates on one of its variable interest rate borrowings. The Company’s interest rate cap contract has economically limited the interest rate on the loan to which it relates. The Company has not designated this derivative as a hedge for accounting purposes.
Property Management and Leasing Fees	Property Management and Leasing Agreements The Company pays Hines fees for the management and leasing of the Company’s properties. Property management fees will be paid in an amount equal to a market-based percentage of the gross revenues of the properties managed by Hines. In addition, if Hines provides leasing services with respect to a property, the Company will pay Hines leasing fees in an amount equal to the leasing fees charged by unaffiliated persons rendering comparable services in the same geographic area of the applicable property. The Company generally will be required to reimburse Hines for certain operating costs incurred in providing property management and leasing services pursuant to the property management and leasing agreements. Included in this reimbursement of operating costs will be the cost of personnel and overhead expenses related to such personnel located at the property as well as off-site personnel located in Hines’ headquarters and regional offices, to the extent the same relate to or support the performance of Hines’ duties under the agreement. Hines may perform construction management services for the Company for both re-development activities and tenant construction. These fees are considered incremental to the construction effort and will be capitalized to the associated real estate project as incurred. Costs related to tenant construction will be depreciated over the estimated useful life. Costs related to redevelopment activities will be depreciated over the estimated useful life of the associated project. Leasing activities will generally be performed by Hines on the Company’s behalf. Leasing fees will be capitalized and amortized over the life of the related lease.
Fair Value of Financial Instruments	As described in Note 6 — Derivative Instruments, the Company entered into an interest rate cap agreement as an economic hedge against the variability of future interest rates on one of its variable interest rate borrowings. The valuation of this derivative instrument is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flow of the derivative. This analysis reflects the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair value of the interest rate cap agreement has been determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. Although the Company has determined the majority of the inputs used to value its interest rate cap agreement fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivative utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparty, Chatham Financial Corporation . In adjusting the fair value of its derivative contract for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees. However, as of December 31, 2015 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative position and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivative. As a result, the Company has determined its derivative valuation is classified in Level 2 of the fair value hierarchy.
Reportable Segments	The Company’s current business consists of owning, operating, acquiring, developing, investing in, and disposing of real estate assets. All of the Company’s consolidated revenues and property operating expenses as of December 31, 2015 are from the Company’s two consolidated real estate properties owned as of that date. As a result, the Company’s operating segments have been reclassified into one of two reportable segments: domestic real estate investments and international real estate investments.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Schedule of Other Assets	Other assets included the following: December 31, 2015 December 31, 2014 Deposits on investment property $ 1,500,000 $ — Deferred issuer costs — 364,701 Prepaid insurance 202,859 — Other 10,470 81,574 (1) Other assets $ 1,713,329 $ 446,275 (1) As of December 31, 2014 , this primarily consisted of excess cash held in an escrow account related to timing differences during the completion of the acquisition of 2819 Loker Avenue East.

Investment Property (Tables)

Investment Property (Tables)	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Schedule Of Property Subject To Or Available For Operating Lease	Investment property consisted of the following amounts as of December 31, 2015 and December 31, 2014 : December 31, 2015 December 31, 2014 Buildings and improvements (1) $ 66,683,711 $ 14,170,000 Less: accumulated depreciation (1,457,639 ) (14,579 ) Buildings and improvements, net 65,226,072 14,155,421 Land 7,200,000 7,200,000 Investment property, net $ 72,426,072 $ 21,355,421 (1) Included in buildings and improvements is approximately $175,747 of construction-in-progress related to a planned expansion at Bishop's Square.
Schedule Of Acquired Finite-Lived Intangible Assets By Major Class	As of December 31, 2015 , the cost basis and accumulated amortization related to lease intangibles are as follows: Lease Intangibles In-Place Leases Out-of-Market Lease Assets Out-of-Market Lease Liabilities Cost $ 54,447,775 $ 414,428 $ (2,815,011 ) Less: accumulated amortization (2,664,151 ) (45,575 ) 344,905 Net $ 51,783,624 $ 368,853 $ (2,470,106 ) As of December 31, 2014 , the cost basis and accumulated amortization related to lease intangibles were as follows: Lease Intangibles In-Place Leases Out-of-Market Lease Assets Out-of-Market Lease Liabilities Cost $ 3,980,000 $ — $ — Less: accumulated amortization (34,709 ) — — Net $ 3,945,291 $ — $ — The weighted average amortization period for the intangible assets and liabilities acquired in connection with the 2015 and 2014 acquisitions, as of the date of the respective acquisition, was as follows (in years): In-Place Leases Above-Market Lease Assets Below-Market Lease Liabilities 2015 Acquisition: Bishop’s Square (1) 10.7 7.5 8.3 2014 Acquisition: 2819 Loker Avenue East 4.6 — — (1) Excludes the effect of the ground lease, which significantly increases the weighted average useful life for these intangibles.
Schedule Of Finite Lived Intangible Assets Future Amortization Expense	Anticipated amortization of the Company’s in-place leases for each of the years ending December 31, 2016 through December 31, 2020 are as follows: In-Place Lease Out-of-Market Leases, Net 2016 $ 2,951,907 $ (318,542 ) 2017 2,725,642 (262,445 ) 2018 2,337,655 (165,918 ) 2019 1,978,692 (165,918 ) 2020 1,476,803 (165,918 )
Schedule Of Future Minimum Rental Income For Operating Leases	The Company has entered into non-cancelable lease agreements with tenants for space. As of December 31, 2015 , the approximate fixed future minimum rentals for each of the years ending December 31, 2016 through 2020 and thereafter are as follows: Fixed Future Minimum Rentals 2016 $ 8,005,939 2017 8,274,299 2018 7,985,887 2019 7,250,842 2020 6,103,924 Thereafter 37,254,456 Total $ 74,875,347

Recent Acquisitions of Real E24

Recent Acquisitions of Real Estate (Tables)	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed	The amounts recognized for major assets acquired as of the acquisition date were determined by allocating the purchase price of each property acquired in 2015 and 2014 as follows: Property Name Acquisition Building and (1) Land (1) In-place (1) Out-of- (1) Total (1) 2015 Bishop’s Square 3/3/2015 $ 53,643,075 $ — (2) $ 51,994,603 $ (2,478,077 ) $ 103,159,601 2014 2819 Loker Avenue East 12/17/2014 $ 14,170,000 $ 7,200,000 $ 3,980,000 $ — $ 25,350,000 (1) For acquisitions denominated in a foreign currency, amounts have been translated at an exchange rate based on the rate in effect on the acquisition date. (2) The land at Bishop’s Square is subject to a 999 -year ground lease with the local municipality in Ireland. Since the Company does not have title to the land, approximately $33.4 million has been recorded to in-place lease intangibles and will be amortized over the remaining term of the ground lease.
Schedule Of Acquired Finite-Lived Intangible Assets By Major Class	As of December 31, 2015 , the cost basis and accumulated amortization related to lease intangibles are as follows: Lease Intangibles In-Place Leases Out-of-Market Lease Assets Out-of-Market Lease Liabilities Cost $ 54,447,775 $ 414,428 $ (2,815,011 ) Less: accumulated amortization (2,664,151 ) (45,575 ) 344,905 Net $ 51,783,624 $ 368,853 $ (2,470,106 ) As of December 31, 2014 , the cost basis and accumulated amortization related to lease intangibles were as follows: Lease Intangibles In-Place Leases Out-of-Market Lease Assets Out-of-Market Lease Liabilities Cost $ 3,980,000 $ — $ — Less: accumulated amortization (34,709 ) — — Net $ 3,945,291 $ — $ — The weighted average amortization period for the intangible assets and liabilities acquired in connection with the 2015 and 2014 acquisitions, as of the date of the respective acquisition, was as follows (in years): In-Place Leases Above-Market Lease Assets Below-Market Lease Liabilities 2015 Acquisition: Bishop’s Square (1) 10.7 7.5 8.3 2014 Acquisition: 2819 Loker Avenue East 4.6 — — (1) Excludes the effect of the ground lease, which significantly increases the weighted average useful life for these intangibles.
Schedule Of Real Estate Properties Recent Acquisitions Profit Loss	The table below includes the amounts of revenue and net income (loss) of the acquisition completed during the year ended December 31, 2015 , which are included in the Company’s consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2015 : For the Year Ended 2015 Acquisitions December 31, 2015 Bishop’s Square Revenue $ 6,998,532 Net income (loss) $ (1,625,667 ) The table below includes the amounts of revenue and net income (loss) of the acquisition completed during the year ended December 31, 2014 , which are included in the Company’s consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2014 : For the Year Ended 2014 Acquisitions December 31, 2014 2819 Loker Avenue East Revenue $ 94,327 Net income (loss) $ (79,660 )
Business Acquisition Pro Forma Information	The information below is not necessarily indicative of what the actual results of operations would have been had we completed these transactions on July 31, 2013 , nor does it purport to represent our future operations: Pro Forma 2014 Pro Forma for the Period from July 31, 2013 (date of inception) through December 31, 2013 Revenues $ 2,295,290 $ 955,847 Net income (loss) attributable to Class A stockholders $ (566,958 ) $ (795,192 ) Basic and diluted income (loss) per Class A common share $ (4.39 ) $ (6.16 ) The information below is not necessarily indicative of what the actual results of operations would have been had the Company completed this acquisition on January 1, 2014 , nor does it purport to represent the Company’s future operations: For the Years Ended December 31, Pro Forma 2015 Pro Forma 2014 Revenues $ 10,814,986 $ 8,497,170 Class A Common Stock: Net income (loss) attributable to stockholders $ (938,262 ) $ (4,991,310 ) Basic and diluted income (loss) per share $ (0.18 ) $ (38.72 ) Class T Common Stock: Net income (loss) attributable to stockholders $ (1,066 ) $ — Basic and diluted income (loss) per share $ — $ —

Debt Financing (Tables)

Debt Financing (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule Of Debt	The following table describes the Company’s debt outstanding at December 31, 2015 and 2014 : Description Origination or Assumption Date Maturity Date Maximum Capacity in Functional Currency Interest Rate Description Interest Rate as of December 31, 2015 Principal Outstanding at December 31, 2015 Principal Outstanding at December 31, 2014 Secured Mortgage Debt Bishop’s Square 3/3/2015 3/2/2022 € 55,200,000 Euribor + 1.30% (1) 1.30% $ 60,201,120 $ — Note Payable $ 60,201,120 $ — Affiliate Note Payable Credit Facility with Hines 12/15/2014 12/15/2016 $ 75,000,000 Variable N/A — 24,200,000 Total Note Payable to Affiliate $ — $ 24,200,000 Total Principal Outstanding $ 60,201,120 $ 24,200,000 Unamortized Deferred Financing Fees (507,908 ) — Total $ 59,693,212 $ 24,200,000 (1) The Company entered into an interest rate cap agreement as an economic hedge against the variability of future interest rates on this borrowing. See Note 6 — Derivative Instruments for additional information regarding the Company’s interest rate cap.
Schedule Of Maturities Of Long Term Debt	The Company is required to make the following principal payments on its outstanding notes payable for each of the years ending December 31, 2016 through December 31, 2020 and for the period thereafter. Payments Due by Year 2016 2017 2018 2019 2020 Thereafter Principal payments $ — $ — $ — $ — $ — $ 60,201,120

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedges, Assets [Abstract]
Schedule of Interest Rate Derivatives	The table below provides additional information regarding the Company’s interest rate contract. Interest Rate Contracts Type Effective Date Expiration Date Notional Amount (1) Interest Rate Received Pay Rate /Strike Rate Interest rate cap March 3, 2015 April 25, 2018 $ 60,201,120 EURIBOR 2.00 % (1) For notional amounts denominated in a foreign currency, amounts have been translated at a rate based on the rate in effect on December 31, 2015 .
Schedule Of Other Derivative Instruments	The table below presents the fair value of the Company’s derivative instrument included in “Assets—Derivative Instruments” on the Company’s consolidated balance sheets, as of December 31, 2015 and December 31, 2014 : Derivative Assets December 31, 2015 December 31, 2014 Derivatives not designated as hedging instruments: Interest rate cap $ 6,344 $ — Total derivatives $ 6,344 $ —
Schedule of Gain (Loss) on Derivative Instruments	The table below presents the effects of the changes in fair value of the Company’s derivative instrument in the Company’s consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2015 and 2014 : Gain (Loss) Recorded on Derivative Instruments Year Ended December 31, 2015 December 31, 2014 Derivatives not designated as hedging instruments: Interest rate cap $ (40,535 ) $ — Total gain (loss) on derivatives $ (40,535 ) $ —

Distributions (Tables)

Distributions (Tables)	12 Months Ended
	Dec. 31, 2015
Distributions [Abstract]
Schedule of Distributions	The following table outlines the Company’s total cash distributions declared to stockholders and noncontrolling interests (HALP II) for the years ended December 31, 2015 and 2014 , including the breakout between the distributions declared in cash and those reinvested pursuant to the Company’s distribution reinvestment plan. Stockholders Noncontrolling Interests Distributions for the Years Ended Cash Distributions Distributions Reinvested Total Declared Total Declared December 31, 2015 $ 1,432,201 $ 1,491,950 $ 2,924,151 $ 12,139 December 31, 2014 (1) $ 40,377 $ 1,841 $ 42,218 $ 3,060 (1) Amounts pertain to only the fourth quarter of 2014.

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The table below outlines fees and expense reimbursements incurred that are payable by the Company to Hines and its affiliates for the years ended December 31, 2015 and 2014 and amounts unpaid as of December 31, 2015 and 2014 : Incurred During the Years Ended December 31, Unpaid as of December 31, Type and Recipient 2015 2014 2015 2014 Selling Commissions- Dealer Manager $ 6,660,620 $ 60,697 $ 276,686 $ — Dealer Manager Fee- Dealer Manager $ 3,089,100 $ 27,511 98,451 10,323 Distribution & Stockholder Servicing Fee- Dealer Manager $ 7,254 $ — 7,246 — Issuer and Organization Costs- the Advisor $ 3,818,027 $ 4,153,388 2,701,249 4,153,388 Acquisition Fee- the Advisor and affiliates of Hines $ 2,327,715 $ 570,375 — 570,375 Asset Management Fee- the Advisor and affiliates of Hines (1) $ 304,676 $ — (119,781 ) — Other (2) - the Advisor $ 1,111,230 $ 365,960 180,488 365,960 Interest Expense- Hines (3) $ 570,442 $ 20,328 — 20,328 Property Management Fee- Hines $ 46,205 $ 1,769 — — Construction Management Fee- Hines $ 510 $ — — — Expense Reimbursement- Hines (with respect to management and operations of the Company's properties) $ 332,628 $ 1,260 41,871 93,260 Due to Affiliates $ 3,186,210 $ 5,213,634 (1) The Advisor waived $583,433 and $16,258 in asset management fees payable to it during the years ended December 31, 2015 and 2014 , respectively. As a result of this waiver, the Company will be reimbursed $119,781 in asset management fees paid to the Advisor previously. See “—Advisory Agreement” below for a discussion of the asset management fee waiver. (2) Includes amounts the Advisor paid on behalf of the Company such as general and administrative expenses, acquisition-related expenses and organizational expenses. These amounts are generally reimbursed to the Advisor during the month following the period in which they are incurred. (3) Includes amounts paid related to the Hines Credit Facility.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table sets forth the Company’s derivative which was measured at fair value on a recurring basis, by level within the fair value hierarchy as of December 31, 2015 : Basis of Fair Value Measurements Period Fair Value of Assets (Liabilities) Quoted Prices In Active Markets for Identical Items (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2015 Interest rate cap $ 6,344 $ — $ 6,344 $ —

Reportable Segments (Tables)

Reportable Segments (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The tables below provide additional information related to each of the Company’s segments and a reconciliation to the Company’s net loss, as applicable. “Corporate-Level Accounts” includes amounts incurred by the corporate-level entities which are not allocated to any of the reportable segments. The tables below do not reflect amounts for the period from July 31, 2013 (date of inception) through December 31, 2013 as we did not make our first real estate investment until December 2014 . Years Ended December 31, 2015 2014 Total Revenue Domestic real estate investments $ 2,412,143 $ 94,327 International real estate investments 6,998,532 — Total Revenue $ 9,410,675 $ 94,327 For the years ended December 31, 2015 and 2014 , the Company’s property revenues in excess of expenses by segment were as follows: Years Ended December 31, 2015 2014 Property revenues in excess of expenses (1) Domestic real estate investments $ 1,747,104 $ 61,179 International real estate investments 5,366,550 — Property revenues in excess of expenses $ 7,113,654 $ 61,179 (1) Revenues less property operating expenses, real property taxes and property management fees. For the years ended December 31, 2015 and 2014 , the Company’s total assets by segment were as follows: December 31, 2015 December 31, 2014 Total Assets Domestic real estate investments $ 24,294,382 $ 25,388,181 International real estate investments 105,076,935 — Corporate-level accounts 19,684,932 3,162,633 Total Assets $ 149,056,249 $ 28,550,814
Schedules Of Revenue And Assets, by Geographical Areas	For the years ended December 31, 2015 and 2014 , the Company’s total revenue was attributable to the following countries: Years Ended December 31, 2015 2014 Total Revenue United States 26 % 100 % Ireland 74 % — % For the years ended December 31, 2015 and 2014 , the Company’s total assets were attributable to the following countries: December 31, 2015 December 31, 2014 Total Assets United States 30 % 100 % Ireland 70 % — %
Reconciliation Of Net Income (Loss) From Segments To Consolidated	For the years ended December 31, 2015 and 2014 the Company’s reconciliation to the Company’s net loss is as follows: Years Ended December 31, 2015 2014 Reconciliation to net income (loss) Total property revenues in excess of expenses $ 7,113,654 $ 61,179 Depreciation and amortization (4,206,600 ) (49,288 ) Acquisition related expenses (2,962,784 ) (131,454 ) Asset management and acquisition fees (2,639,645 ) (570,375 ) Organizational expenses — (63,164 ) General and administrative expenses (1,548,979 ) (554,476 ) Gain (loss) on derivatives (40,535 ) — Foreign currency gains (losses) (12,107 ) — Interest expense (1,344,779 ) (20,328 ) Interest income 4,209 243 Net income (loss) $ (5,637,566 ) $ (1,327,663 )

Quarterly Financial Data (Una31

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Data [Abstract]
Schedule of Quarterly Financial Data (Unaudited)	The following table presents selected unaudited quarterly financial data for each quarter during the years ended December 31, 2015 and 2014 . Quarters Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Revenues $ 1,245,324 $ 2,695,390 $ 2,698,258 $ 2,771,703 Net income (loss) $ (5,366,567 ) $ (291,110 ) $ 1,295 $ 18,816 Net (income) loss attributable to noncontrolling interests $ (2,993 ) $ (3,026 ) $ (3,060 ) $ (3,060 ) Class A Common Stock: Net income (loss) attributable to stockholders $ (5,369,560 ) $ (294,136 ) $ (1,757 ) $ 22,160 Income (loss) per share, basic and diluted $ (4.82 ) $ (0.07 ) $ — $ — Class T Common Stock: Net income (loss) attributable to stockholders $ — $ — $ (8 ) $ (6,404 ) Income (loss) per share, basic and diluted $ — $ — $ (0.01 ) $ (0.02 ) Quarters Ended March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Revenues $ — $ — $ — $ 94,327 Net income (loss) $ — $ — $ (283,389 ) $ (1,044,274 ) Net (income) loss attributable to noncontrolling interests $ — $ — $ 190,000 $ (3,060 ) Net income (loss) attributable to Class A stockholders $ — $ — $ (93,389 ) $ (1,047,334 ) Income (loss) per Class A common share, basic and diluted $ — $ — $ (7.07 ) $ (3.57 )

Organization (Public Offering)

Organization (Public Offering) (Details) $ / shares in Units, shares in Millions	5 Months Ended	12 Months Ended		19 Months Ended
	Dec. 31, 2013USD ($)	Dec. 31, 2015USD ($)Property$ / shares	Dec. 31, 2014USD ($)$ / shares	Mar. 18, 2016USD ($)shares	Aug. 31, 2015$ / shares	Aug. 20, 2014USD ($)
Public Offering
Maximum proceeds authorized for public offering | $						$ 2,500,000,000
Proceeds from issuance of common stock | $	$ 10,000	$ 101,354,077	$ 3,800,833
Number of real estate properties | Property		2
Subsequent Event
Public Offering
Proceeds from issuance of common stock | $				$ 133,800,000
Common stock sold | shares				13.6
Common Class A
Public Offering
Share price		$ 10	$ 10		$ 10
Common Class A | Distribution Reinvestment Plan
Public Offering
Share price					9.50
Common Class T
Public Offering
Share price		$ 9.4489			9.4489
Common Class T | Distribution Reinvestment Plan
Public Offering
Share price					$ 9
Hines Global REIT II Associates Limited Partnership ('HALP II')
Public Offering
Ownership percentage, noncontrolling interest		0.20%

Summary of Significant Accoun33

Summary of Significant Accounting Policies (Useful Lives of Real Estate) (Details)	12 Months Ended
	Dec. 31, 2015
Furniture and Fixtures
Property, Plant and Equipment
Estimated useful life	10 years
Electrical and Mechanical Installations | Minimum
Property, Plant and Equipment
Estimated useful life	15 years
Electrical and Mechanical Installations | Maximum
Property, Plant and Equipment
Estimated useful life	20 years
Building
Property, Plant and Equipment
Estimated useful life	40 years

Summary of Significant Accoun34

Summary of Significant Accounting Policies (Other Assets) (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Other Assets
Deposits on investment property	$ 1,500,000	$ 0
Deferred issuer costs	0	364,701
Prepaid insurance	202,859	0
Other	10,470	81,574
Other assets	$ 1,713,329	$ 446,275

Summary of Significant Accoun35

Summary of Significant Accounting Policies (Additional Narratives) (Details)	5 Months Ended	12 Months Ended		15 Months Ended
	Dec. 31, 2013USD ($)	Dec. 31, 2015USD ($)Property	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)Property
Summary of Significant Accounting Policies
Impairment charges		$ 0	$ 0
Offering proceeds due from transfer agent	$ 0	2,949,574	62,200	$ 2,949,574
Deferred financing costs, net		525,250	8,925	525,250
Amortization of deferred financing costs	$ 0	88,011	0
Straight-line rent receivable		$ 627,875	5,895	$ 627,875
Number of real estate properties | Property		2		2
New Accounting Pronouncements or Change in Accounting Principle
Deferred financing costs, reduction to notes payable, net			0
The Advisor
Related Party Transaction
Organizational and offering-related issuer costs				$ 8,000,000
Organizational issuer costs				45,914
Dealer Manager | Distribution and Servicing Fees
Summary of Significant Accounting Policies
Related party transaction, fees and expense reimbursements incurred		$ 7,254	$ 0
Notes Payable | Adjustments for New Accounting Pronouncement [Member]
New Accounting Pronouncements or Change in Accounting Principle
Deferred financing costs, reduction to notes payable, net		$ (507,908)		$ (507,908)

Summary of Significant Accoun36

Summary of Significant Accounting Policies (T Share) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Aug. 31, 2015	Aug. 06, 2015	Dec. 31, 2014
Common Class T
Summary of Significant Accounting Policies
Distribution and stockholder servicing fee, percent	1.00%
Distribution and stockholder servicing fee payment period	5 years 3 months
Share price	$ 9.4489	$ 9.4489
Increase (decrease) in shares authorized			900,000,000
Common Class T | Maximum
Summary of Significant Accounting Policies
Distribution and stockholder servicing fee payment threshold, percent of total gross proceeds	10.00%
Distribution and stockholder servicing fee payment threshold, percent of gross price on an individual account	10.00%
Common Class A
Summary of Significant Accounting Policies
Share price	$ 10	$ 10		$ 10
Increase (decrease) in shares authorized			(900,000,000)

Investment Property (Details)

Investment Property (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Real Estate Investment Property, Net
Investment property, net	$ 72,426,072	$ 21,355,421
Buildings and improvements
Real Estate Investment Property, Net
Investment property, gross	66,683,711	14,170,000
Less: accumulated depreciation	(1,457,639)	(14,579)
Investment property, net	65,226,072	14,155,421
Land
Real Estate Investment Property, Net
Investment property, gross	7,200,000	$ 7,200,000
Construction in Progress [Member] | Bishop's Square
Real Estate Investment Property, Net
Investment property, gross	$ 175,747

Investment Property (Narratives

Investment Property (Narratives) (Details) € in Millions, $ in Millions	Dec. 31, 2015ft²tenant	Mar. 31, 2015USD ($)$ / €	Mar. 31, 2015EUR (€)$ / €	Dec. 31, 2014USD ($)ft²
2819 Loker Avenue East
Property, Plant and Equipment
Real estate acquisition, net purchase price | $				$ 25.4
Area of real estate property (sqft)				161,310
Real estate acquisition, percentage leased (percent)				100.00%
Bishop's Square
Property, Plant and Equipment
Real estate acquisition, net purchase price		$ 103.2	€ 92
Foreign currency exchange rate | $ / €		1.12	1.12
Area of real estate property (sqft)	153,569
Real estate acquisition, percentage leased (percent)	100.00%
Number of tenants | tenant	5

Investment Property (Intangible

Investment Property (Intangible Assets) (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets, Net
Net	$ 52,152,477	$ 3,945,291
Out-of-Market Lease Liabilities
Out-of-Market Lease Liabilities, Cost	(2,815,011)	0
Out-of-Market Lease Liabilities, Less: accumulated amortization	344,905	0
Out-of-Market Lease Liabilities, Net	(2,470,106)	0
In-Place Leases
Finite-Lived Intangible Assets, Net
Cost	54,447,775	3,980,000
Less: accumulated amortization	(2,664,151)	(34,709)
Net	51,783,624	3,945,291
Out-of-Market Lease Assets
Finite-Lived Intangible Assets, Net
Cost	414,428	0
Less: accumulated amortization	(45,575)	0
Net	$ 368,853	$ 0

Investment Property (Intangib40

Investment Property (Intangible Assets Amortization) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
In-Place Leases
In-Place Lease
2,016	$ 2,951,907
2,017	2,725,642
2,018	2,337,655
2,019	1,978,692
2,020	1,476,803
Amortization
Amortization of in-place leases	2,800,000	$ 34,709
Out Of Market Leases Net
Out-of-Market Leases, Net
2,016	(318,542)
2,017	(262,445)
2,018	(165,918)
2,019	(165,918)
2,020	(165,918)
Amortization
Amortization of above and below market leases	$ (312,183)

Investment Property (Future Min

Investment Property (Future Minimum Rent) (Details)	Dec. 31, 2015USD ($)
Operating Leases Future Minimum Payments Receivable
2,016	$ 8,005,939
2,017	8,274,299
2,018	7,985,887
2,019	7,250,842
2,020	6,103,924
Thereafter	37,254,456
Total	$ 74,875,347

Investment Property (Tenant Con

Investment Property (Tenant Concentration) (Details) - Rental Revenue	12 Months Ended
	Dec. 31, 2015
Commissioner of Public Works, Ireland
Concentration Risk
Concentration risk (percent)	44.00%
Acushnet
Concentration Risk
Concentration risk (percent)	26.00%
International Financial Data Services
Concentration Risk
Concentration risk (percent)	15.00%

Recent Acquisitions of Real E43

Recent Acquisitions of Real Estate (Business Combinations) (Details) - USD ($)	Mar. 03, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 17, 2014
Net Assets Acquired
Out-of-Market Lease Intangible, Net		$ (2,470,106)	$ 0
Bishop's Square
Net Assets Acquired
Building and Improvements	$ 53,643,075
Land	0
In-place Lease Intangibles	51,994,603
Out-of-Market Lease Intangible, Net	(2,478,077)
Total	103,159,601
Bishop's Square | Ground Lease
Net Assets Acquired
In-place Lease Intangibles	$ 33,400,000
Ground lease, term	999 years
2819 Loker Avenue East
Net Assets Acquired
Building and Improvements				$ 14,170,000
Land				7,200,000
In-place Lease Intangibles				3,980,000
Out-of-Market Lease Intangible, Net				0
Total				$ 25,350,000

Recent Acquisitions of Real E44

Recent Acquisitions of Real Estate (Intangible Assets) (Details)	Mar. 03, 2015	Dec. 17, 2014
Bishop's Square | In-Place Leases
Acquired Finite-Lived Intangible Asset
Weighted average amortization period, in-place and above-market lease assets	10 years 8 months 12 days
Bishop's Square | Out-of-Market Lease Assets
Acquired Finite-Lived Intangible Asset
Weighted average amortization period, in-place and above-market lease assets	7 years 6 months
Bishop's Square | Below Market Lease Liabilities
Acquired Finite-Lived Intangible Asset
Weighted average amortization period, Below-market lease liabilities	8 years 3 months 18 days
2819 Loker Avenue East | In-Place Leases
Acquired Finite-Lived Intangible Asset
Weighted average amortization period, in-place and above-market lease assets		4 years 7 months 6 days

Recent Acquisitions of Real E45

Recent Acquisitions of Real Estate (Revenue and net Income) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Bishop's Square | Current Year Acquisitions
Business Acquisition, Pro Forma Information
Revenue of acquiree	$ 6,998,532
Net income (loss) of acquiree	$ (1,625,667)
2819 Loker Avenue East | Prior Year Acquisitions
Business Acquisition, Pro Forma Information
Revenue of acquiree		$ 94,327
Net income (loss) of acquiree		$ (79,660)

Recent Acquisitions of Real E46

Recent Acquisitions of Real Estate (Pro Forma Information) (Details) - USD ($)	5 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Current Year Acquisitions
Business Acquisition
Acquisition related expenses and fees excluded from pro forma net loss		$ 5,300,000
Acquisition related expenses and fees included in pro forma net loss			$ 4,900,000
Business Acquisition, Pro Forma Information
Revenues		10,814,986	8,497,170
Current Year Acquisitions | Common Class A
Business Acquisition, Pro Forma Information
Net income (loss) attributable to common stockholders		$ (938,262)	$ (4,991,310)
Basic and diluted income (loss) per common share		$ (0.18)	$ (38.72)
Current Year Acquisitions | Common Class T
Business Acquisition, Pro Forma Information
Net income (loss) attributable to common stockholders		$ (1,066)	$ 0
Basic and diluted income (loss) per common share		$ 0	$ 0
Prior Year Acquisitions
Business Acquisition
Acquisition related expenses and fees excluded from pro forma net loss			$ 698,829
Acquisition related expenses and fees included in pro forma net loss	$ 698,829
Business Acquisition, Pro Forma Information
Revenues	955,847		2,295,290
Prior Year Acquisitions | Common Class A
Business Acquisition, Pro Forma Information
Net income (loss) attributable to common stockholders	$ (795,192)		$ (566,958)
Basic and diluted income (loss) per common share	$ (6.16)		$ (4.39)

Debt Financing (Debt Disclosure

Debt Financing (Debt Disclosure Table) (Details)	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2015EUR (€)	Mar. 03, 2015USD ($)	Mar. 03, 2015EUR (€)	Dec. 31, 2014USD ($)	Dec. 15, 2014USD ($)
Debt Instrument
Note payable	$ 60,201,120				$ 0
Note payable to affiliate	0				24,200,000
Notes payable including related party, gross	60,201,120				24,200,000
Unamortized deferred financing fees					0
Notes payable including related party, net	59,693,212				24,200,000
Secured Debt | Bishop's Square
Debt Instrument
Secured credit facility, maximum commitment		€ 55,200,000	$ 62,100,000	€ 55,200,000
Note payable	$ 60,201,120				0
Secured Debt | Bishop's Square | Euribor
Debt Instrument
Interest rate description	Euribor + 1.30% (1)
Interest rate at period end	1.30%	1.30%
Hines Credit Facility | Hines
Debt Instrument
Secured credit facility, maximum commitment	$ 75,000,000					$ 75,000,000
Interest rate description	Variable
Note payable to affiliate	$ 0				$ 24,200,000

Debt Financing (Narratives) (De

Debt Financing (Narratives) (Details)	Mar. 03, 2015USD ($)$ / €	Dec. 15, 2014USD ($)extension	Mar. 24, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2015EUR (€)	Mar. 03, 2015EUR (€)$ / €	Dec. 31, 2014USD ($)
Debt Instrument
Notes payable including related party, gross				$ 60,201,120			$ 24,200,000
Debt, weighted average interest rate				1.30%	1.30%		2.16%
Secured Debt | Bishop's Square
Debt Instrument
Secured credit facility, maximum commitment	$ 62,100,000				€ 55,200,000	€ 55,200,000
Foreign currency exchange rate | $ / €	1.12					1.12
Prepayment penalty, years	3 years
Secured Debt | Bishop's Square | Euribor
Debt Instrument
Basis spread on variable rate				1.30%
Derivative, cap interest rate (percent)				2.00%	2.00%
Hines Credit Facility | Hines
Debt Instrument
Secured credit facility, maximum commitment		$ 75,000,000		$ 75,000,000
Notes payable, advance, term to maturity		6 months
Notes payable, advance, number of extension options | extension		1
Notes payable, advance, extension term		6 months
Credit facility, additional borrowings				50,300,000
Credit facility, repayments				$ 74,500,000
Hines Credit Facility | Hines | Subsequent Event
Debt Instrument
Credit facility, additional borrowings			$ 3,000,000
Credit facility, repayments			$ 3,000,000

Debt Financing (Maturity Schedu

Debt Financing (Maturity Schedule) (Details)	Dec. 31, 2015USD ($)
Maturities Of Long Term Debt
2,016	$ 0
2,017	0
2,018	0
2,019	0
2,020	0
Thereafter	$ 60,201,120

Derivative Instruments (Details

Derivative Instruments (Details) - Euribor - Not Designated as Hedging Instrument - Interest rate cap	12 Months Ended
	Dec. 31, 2015USD ($)
Derivative Contract Details
Notional Amount	$ 60,201,120
Interest Rate Received	EURIBOR
Pay Rate / Strike Rate (percent)	2.00%

Derivative Instruments (Fair Va

Derivative Instruments (Fair Value on Balance Sheet) (Details) - Not Designated as Hedging Instrument - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Derivative Asset, Fair Value
Derivative Assets, fair value	$ 6,344	$ 0
Interest rate cap
Derivative Asset, Fair Value
Derivative Assets, fair value	$ 6,344	$ 0

Derivative Instruments (Stateme

Derivative Instruments (Statement of Operations Gain Loss) (Details) - Not Designated as Hedging Instrument - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Derivative, Gain (Loss) on Derivative, Net
Gain (Loss) Recorded on Derivative Instruments	$ (40,535)	$ 0
Interest rate cap
Derivative, Gain (Loss) on Derivative, Net
Gain (Loss) Recorded on Derivative Instruments	$ (40,535)	$ 0

Distributions (Cash Distributio

Distributions (Cash Distributions) (Details)	12 Months Ended
	Dec. 31, 2015USD ($)shares / d$ / shares	Dec. 31, 2014USD ($)
Distributions
Cash Distributions	$ 1,432,201	$ 40,377
Distributions Reinvested	1,491,950	1,841
Total Declared	2,924,151	42,218
Total Declared, Noncontrolling Interests	$ 12,139	$ 3,060
Distributions Declared for October 2014 through March 2016 | Common Class A
Distributions
Distributions declared, per day | $ / shares	$ 0.001575342
Gross Distributions Declared for August 2015 through March 2016 | Common Class T
Distributions
Distributions declared, per day | $ / shares	$ 0.001575342
Distributions Declared for October 2014 through June 2015 | Common Class A
Distributions
Special stock dividends | shares / d	0.0000273973

Distributions Distributions (St

Distributions Distributions (Stock Dividends) (Details) - Common Class A - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Aug. 31, 2015
Dividends, Stock
Stock dividends declared to stockholders, shares	12,470	737
Stock dividends declared to stockholders, amount	$ 124,700	$ 7,367
Share Price	$ 10	$ 10	$ 10

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Related Party Transactions
Due to (from) related party	$ 3,186,210	$ 5,213,634
Dealer Manager | Selling Commissions
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	6,660,620	60,697
Due to (from) related party	276,686	0
Dealer Manager | Dealer Manager Fee
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	3,089,100	27,511
Due to (from) related party	98,451	10,323
Dealer Manager | Distribution and Servicing Fees
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	7,254	0
Due to (from) related party	7,246	0
The Advisor | Issuer Costs
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	3,818,027	4,153,388
Due to (from) related party	2,701,249	4,153,388
The Advisor | Acquisition Fee
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	2,327,715	570,375
Due to (from) related party	0	570,375
The Advisor | Asset Management Fee
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	304,676	0
Due to (from) related party	(119,781)	0
The Advisor | Other Fees
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	1,111,230	365,960
Due to (from) related party	180,488	365,960
Hines | Interest Expense
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	570,442	20,328
Due to (from) related party	0	20,328
Hines | Property Management Fees
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	46,205	1,769
Due to (from) related party	0	0
Hines | Construction Management Fees
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	510	0
Due to (from) related party	0	0
Hines | Expense Reimbursements
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	332,628	1,260
Due to (from) related party	$ 41,871	$ 93,260

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015USD ($)quarter	Dec. 31, 2014USD ($)
Related Party Transactions
Due to (from) related party		$ 3,186,210	$ 5,213,634
Common Class T
Related Party Transactions
Distribution and Stockholder Servicing fees (percent)		1.00%
The Advisor
Related Party Transactions
Number of Consecutive Quarters for Reimbursement of Excess Operating Expenses | quarter		4
Maximum compensation to be reimbursed, percentage of gross offering proceeds		15.00%
The Advisor | Acquisition Fee
Related Party Transactions
Due to (from) related party		$ 0	570,375
The Advisor | Acquisition Fee | Net purchase price
Related Party Transactions
Related party fee (percent)		2.25%
The Advisor | Asset Management Fee
Related Party Transactions
Related party transaction, fees and expense reimbursements, waived		$ 583,433	16,258
Due to (from) related party		$ (119,781)	0
MFFO that must equal or exceed distributions declared for the asset management fee to be waived, percentage (less than)		100.00%
Additional related party transaction, fees and expense reimbursements, waived		$ 62,500
Related party transaction fee		$ 888,109
The Advisor | Asset Management Fee | Subsequent Event
Related Party Transactions
MFFO that must equal or exceed distributions declared for the asset management fee to be waived, percentage (less than)	100.00%
The Advisor | Asset Management Fee | Cost of real estate investments per month
Related Party Transactions
Related party fee (percent)		0.0625%
The Advisor | Disposition Fee | Market value as determined by Company's common stock
Related Party Transactions
Disposition fee (percent)		1.00%
The Advisor | Disposition Fee | Gross consideration received upon a liquidity event
Related Party Transactions
Disposition fee (percent)		1.00%
The Advisor | Disposition Fee | Gross sales price on real estate investment | Minimum
Related Party Transactions
Disposition fee (percent)		1.00%
The Advisor | Disposition Fee | Gross sales price on real estate investment including all brokerage fees and commissions | Maximum
Related Party Transactions
Disposition fee (percent)		6.00%
The Advisor | Operating Expense
Related Party Transactions
Minimum percentage of average invested assets		2.00%
Minimum percentage of net income		25.00%
Dealer Manager | Common Class T
Related Party Transactions
Distribution and Stockholder Servicing fees (percent)		1.00%
Dealer Manager | Selling Commissions
Related Party Transactions
Due to (from) related party		$ 276,686	0
Dealer Manager | Selling Commissions | Common Class A
Related Party Transactions
Related party fee (percent)		7.00%
Dealer Manager | Selling Commissions | Common Class T
Related Party Transactions
Related party fee (percent)		2.00%
Dealer Manager | Dealer Manager Fee
Related Party Transactions
Due to (from) related party		$ 98,451	$ 10,323
Dealer Manager | Dealer Manager Fee | Common Class A
Related Party Transactions
Related party fee (percent)		3.00%
Dealer Manager | Dealer Manager Fee | Common Class T
Related Party Transactions
Related party fee (percent)		2.75%
An Affiliate of the Advisor | Special OP Units
Related Party Transactions
Related party distributions as a result of Special OP Units (percent)		15.00%
Cumulative non-compounded annual pre-tax return shareholders must receive before distributions are paid on OP Units (percent)		6.00%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative instruments	$ 6,344	$ 0
Fair Value, Measurements, Recurring | Interest rate cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative instruments	6,344
Fair Value, Measurements, Recurring | Interest rate cap | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative instruments	0
Fair Value, Measurements, Recurring | Interest rate cap | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative instruments	6,344
Fair Value, Measurements, Recurring | Interest rate cap | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative instruments	$ 0

Reportable Segments (Narratives

Reportable Segments (Narratives) (Details)	12 Months Ended
	Dec. 31, 2015segmentProperty
Segment Reporting, Disclosure of Entity's Reportable Segments
Number of real estate properties | Property	2
Number of reportable segments | segment	2

Reportable Segments (Revenue) (

Reportable Segments (Revenue) (Details) - USD ($)	3 Months Ended								5 Months Ended	12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information
Total revenue	$ 2,771,703	$ 2,698,258	$ 2,695,390	$ 1,245,324	$ 94,327	$ 0	$ 0	$ 0	$ 0	$ 9,410,675	$ 94,327
Domestic Real Estate Investments
Segment Reporting Information
Total revenue										2,412,143	94,327
International Real Estate Investments
Segment Reporting Information
Total revenue										$ 6,998,532	$ 0

Reportable Segments (Geographic

Reportable Segments (Geographical) (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Total Revenue | United States
Segment Reporting Information
Concentration risk (percent)	26.00%	100.00%
Total Revenue | Ireland
Segment Reporting Information
Concentration risk (percent)	74.00%	0.00%
Assets | United States
Segment Reporting Information
Concentration risk (percent)	30.00%	100.00%
Assets | Ireland
Segment Reporting Information
Concentration risk (percent)	70.00%	0.00%

Reportable Segments (Revenues i

Reportable Segments (Revenues in Excess of Expenses) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information
Total property revenues in excess of expenses	$ 7,113,654	$ 61,179
Domestic Real Estate Investments
Segment Reporting Information
Total property revenues in excess of expenses	1,747,104	61,179
International Real Estate Investments
Segment Reporting Information
Total property revenues in excess of expenses	$ 5,366,550	$ 0

Reportable Segments (Assets) (D

Reportable Segments (Assets) (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Total Assets
Total Assets	$ 149,056,249	$ 28,550,814
Domestic Real Estate Investments
Total Assets
Total Assets	24,294,382	25,388,181
International Real Estate Investments
Total Assets
Total Assets	105,076,935	0
Corporate-level accounts
Total Assets
Total Assets	$ 19,684,932	$ 3,162,633

Reportable Segments (Reconcilia

Reportable Segments (Reconciliation to Consolidated) (Details) - USD ($)	3 Months Ended								5 Months Ended	12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
Total property revenues in excess of expenses										$ 7,113,654	$ 61,179
Depreciation and amortization									$ 0	(4,206,600)	(49,288)
Acquisition related expenses									0	(2,962,784)	(131,454)
Asset management and acquisition fees										(2,639,645)	(570,375)
Organizational expenses									0	0	(63,164)
General and administrative expenses									0	(1,548,979)	(554,476)
Gain (loss) on derivatives									0	(40,535)	0
Foreign currency gains (losses)									0	(12,107)	0
Interest expense									0	(1,344,779)	(20,328)
Interest income									0	4,209	243
Net income (loss)	$ 18,816	$ 1,295	$ (291,110)	$ (5,366,567)	$ (1,044,274)	$ (283,389)	$ 0	$ 0	$ 0	$ (5,637,566)	$ (1,327,663)

Quarterly Financial Data (Una64

Quarterly Financial Data (Unaudited) (Details) - USD ($)	3 Months Ended								5 Months Ended	12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Selected Quarterly Financial Information
Revenues	$ 2,771,703	$ 2,698,258	$ 2,695,390	$ 1,245,324	$ 94,327	$ 0	$ 0	$ 0	$ 0	$ 9,410,675	$ 94,327
Net income (loss)	18,816	1,295	(291,110)	(5,366,567)	(1,044,274)	(283,389)	0	0	0	(5,637,566)	(1,327,663)
Net (income) loss attributable to noncontrolling interests	(3,060)	(3,060)	(3,026)	(2,993)	(3,060)	190,000	0	0	0	(12,139)	186,940
Net income (loss) attributable to common stockholders									0	(5,649,705)	(1,140,723)
Common Class A
Selected Quarterly Financial Information
Net income (loss) attributable to common stockholders	$ 22,160	$ (1,757)	$ (294,136)	$ (5,369,560)	$ (1,047,334)	$ (93,389)	$ 0	$ 0	$ 0	$ (5,643,293)	$ (1,140,723)
Income (loss) per share, basic and diluted	$ 0	$ 0	$ (0.07)	$ (4.82)	$ (3.57)	$ (7.07)	$ 0	$ 0	$ 0	$ (1.11)	$ (14.67)
Common Class T
Selected Quarterly Financial Information
Net income (loss) attributable to common stockholders	$ (6,404)	$ (8)	$ 0	$ 0					$ 0	$ (6,412)	$ 0
Income (loss) per share, basic and diluted	$ (0.02)	$ (0.01)	$ 0	$ 0					$ 0	$ (0.03)	$ 0

Subsequent Events (Details)

Subsequent Events (Details)	Jan. 29, 2016USD ($)apartment	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Subsequent Event
Note payable, net		$ 59,693,212	$ 0
The Advisor | Acquisition Fee
Subsequent Event
Related party transaction, fees and expense reimbursements incurred		$ 2,327,715	$ 570,375
Domain Apartments | Subsequent Event
Subsequent Event
Real estate acquisition, net purchase price	$ 58,100,000
Number of units | apartment	308
Real estate acquisition, percentage leased (percent)	95.00%
Note payable, net	$ 34,300,000
Interest rate description	Libor + 1.60%
Notes payable, advance, extension term	1 year
Prepayment penalty, years	1 year 6 months
Prepayment notice	30 days
Domain Apartments | Subsequent Event | LIBOR
Subsequent Event
Basis spread on variable rate	1.60%
Domain Apartments | The Advisor | Acquisition Fee | Subsequent Event
Subsequent Event
Related party transaction, fees and expense reimbursements incurred	$ 1,300,000

Schedule III - Real Estate As66

Schedule III - Real Estate Assets and Accumulated Depreciation (Property Table) (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate and Accumulated Depreciation
Encumbrances	$ 60,201,120
Land, Initial Cost	7,200,000
Buildings and Improvements, Initial Cost	67,813,075
Total, Initial Cost	75,013,075
Costs Capitalized Subsequent to Acquisition	(1,129,364)
Land, Gross Amount	7,200,000
Buildings and Improvements, Gross Amount	66,683,711
Total, Gross Amount	73,883,711	$ 21,370,000	$ 0
Accumulated Depreciation	(1,457,639)	$ (14,579)	$ 0
2819 Loker Avenue East
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	7,200,000
Buildings and Improvements, Initial Cost	14,170,000
Total, Initial Cost	21,370,000
Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amount	7,200,000
Buildings and Improvements, Gross Amount	14,170,000
Total, Gross Amount	21,370,000
Accumulated Depreciation	(368,829)
Bishop’s Square
Real Estate and Accumulated Depreciation
Encumbrances	60,201,120
Land, Initial Cost	0
Buildings and Improvements, Initial Cost	53,643,075
Total, Initial Cost	53,643,075
Costs Capitalized Subsequent to Acquisition	(1,129,364)
Land, Gross Amount	0
Buildings and Improvements, Gross Amount	52,513,711
Total, Gross Amount	52,513,711
Accumulated Depreciation	$ (1,088,810)

Schedule III - Real Estate As67

Schedule III - Real Estate Assets and Accumulated Depreciation (Narratives) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Real Estate and Accumulated Depreciation
Aggregate cost for federal income tax	$ 77
Furniture and Fixtures
Real Estate and Accumulated Depreciation
Estimated useful life	10 years
Building
Real Estate and Accumulated Depreciation
Estimated useful life	40 years
Minimum | Electrical and Mechanical Installations
Real Estate and Accumulated Depreciation
Estimated useful life	15 years
Maximum | Electrical and Mechanical Installations
Real Estate and Accumulated Depreciation
Estimated useful life	20 years

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation (Rollforward) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Carrying Amount of Real Estate Investments
Balance, beginning of period	$ 21,370,000	$ 0
Acquisitions	53,643,075	21,370,000
Other additions	339,407	0
Effect of changes in foreign currency exchange rates	(1,468,771)	0
Balance, end of period	73,883,711	21,370,000
Reconciliation of Real Estate Accumulated Depreciation
Balance, beginning of period	(14,579)	0
Depreciation	(1,454,599)	(14,579)
Effect of changes in foreign currency exchange rates	11,539	0
Balance, end of period	$ (1,457,639)	$ (14,579)