New York City REIT (NYC) 10-Q 12 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	AMERICAN REALTY CAPITAL NEW YORK CITY REIT, INC.
Entity Central Index Key	1,595,527
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		29,650,217

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Real estate investments, at cost:
Land	$ 133,380	$ 83,316
Buildings, fixtures and improvements	327,949	139,489
Acquired intangible assets	80,926	47,278
Total real estate investments, at cost	542,255	270,083
Less accumulated depreciation and amortization	(8,361)	(1,970)
Total real estate investments, net	533,894	268,113
Cash and cash equivalents	189,299	184,341
Investment securities, at fair value	469	490
Receivables for sale of common stock	141	2,003
Prepaid expenses and other assets (including amounts due from affiliates of $750 at June 30, 2015)	5,156	3,618
Deferred costs, net	6,509	0
Total assets	735,468	458,565
LIABILITIES AND STOCKHOLDERS' EQUITY
Mortgage note payable	96,000	0
Accounts payable, accrued expenses and other liabilities (including amounts due to affiliates of $679 and $1,109 at June 30, 2015 and December 31, 2014, respectively)	8,522	3,025
Below-market lease liabilities, net	28,504	15,367
Deferred revenue	702	225
Distributions payable	3,593	2,542
Total liabilities	137,321	21,159
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at June 30, 2015 and December 31, 2014	0	0
Common stock, $0.01 par value, 300,000,000 shares authorized, 29,210,219 shares issued and outstanding as of June 30, 2015 and 20,569,012 shares issued and outstanding as of December 31, 2014	292	206
Additional paid-in capital	643,007	454,131
Accumulated other comprehensive loss	(52)	(24)
Accumulated deficit	(45,100)	(16,907)
Total stockholders' equity	598,147	437,406
Total liabilities and stockholders' equity	$ 735,468	$ 458,565

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Due to related party	$ 679,000	$ 1,109,000
Due from related party	$ 750,000	$ 0
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	29,210,219	20,569,012
Common stock, shares outstanding	29,210,219	20,569,012

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Rental income	$ 6,972	$ 43	$ 9,600	$ 43
Operating expense reimbursements	482	0	657	0
Total revenues	7,454	43	10,257	43
Operating expenses:
Property operating	2,922	10	4,072	10
Acquisition and transaction related	63	142	6,012	142
General and administrative	580	62	1,662	78
Depreciation and amortization	4,937	43	6,776	43
Total operating expenses	8,502	257	18,522	273
Operating loss	(1,048)	(214)	(8,265)	(230)
Other income (expense):
Interest expense	(1,164)	0	(1,220)	0
Income from investment securities and interest	30	0	64	0
Total other expense	(1,134)	0	(1,156)	0
Net loss	(2,182)	(214)	(9,421)	(230)
Unrealized loss on investment securities	(31)	0	(28)	0
Comprehensive loss	$ (2,213)	$ (214)	$ (9,449)	$ (230)
Basic and diluted weighted average shares outstanding (in shares)	27,332,717	690,143	25,026,174	351,398
Basic and diluted net loss per share (in dollars per share)	$ (0.08)	$ (0.31)	$ (0.38)	$ (0.65)
Dividends declared per common share (in dollars per share)	$ 0.38	$ 0.07	$ 0.75	$ 0.07

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning Balance (in shares) at Dec. 31, 2014		20,569,012
Beginning Balance at Dec. 31, 2014	$ 437,406	$ 206	$ 454,131	$ (24)	$ (16,907)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		8,328,641
Common stock	207,714	$ 83	207,631
Common stock offering costs, commissions and dealer manager fees	(26,146)		(26,146)
Common stock issued through distribution reinvestment plan (in shares)		378,761
Common stock issued through distribution reinvestment plan	8,994	$ 4	8,990
Common stock repurchases (in shares)		(64,862)
Common stock repurchases	(1,602)	$ (1)	(1,601)
Share-based compensation (in shares)		(1,333)
Share-based compensation	2		2
Distributions declared	(18,772)				(18,772)
Other comprehensive loss	(28)			(28)
Net loss	(9,421)				(9,421)
Ending Balance (in shares) at Jun. 30, 2015		29,210,219
Ending Balance at Jun. 30, 2015	$ 598,147	$ 292	$ 643,007	$ (52)	$ (45,100)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		18 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015
Cash flows from operating activities:
Net loss	$ (2,182)	$ (214)	$ (9,421)	$ (230)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,937	43	6,776	43
Amortization of deferred financing costs			597	0
Accretion of below- and amortization of above-market lease liabilities and assets, net			(877)	(13)
Share-based compensation			2	4
Changes in assets and liabilities:
Prepaid expenses, other assets and deferred costs			(4,916)	(271)
Accounts payable, accrued expenses and other liabilities			2,550	22
Deferred revenue			477	0
Net cash used in operating activities			(4,812)	(445)
Cash flows from investing activities:
Investments in real estate			(157,029)	(7,096)
Purchase of investment securities			(7)	0
Acquisition funds released from escrow			2,068	0
Capital expenditures			(3,663)	0
Net cash used in investing activities			(158,631)	(7,096)
Cash flows from financing activities:
Payments of offering costs and fees related to common stock issuances			(27,688)	(4,693)
Payments of financing costs			(4,588)	0
Proceeds from issuance of common stock			209,576	63,140	$ 725,000
Distributions paid			(8,727)	0
Repurchases of common stock			(172)	0
Advances from affiliate, net			0	255
Net cash provided by financing activities			168,401	58,702
Net change in cash and cash equivalents			4,958	51,161
Cash and cash equivalents, beginning of period			184,341	0
Cash and cash equivalents, end of period	189,299	51,161	189,299	51,161	189,299
Supplemental information:
Receivable for offering cost reimbursement	750	0	750	0	750
Mortgage notes payable used to acquire investments in real estate			96,000	0
Accrued repurchase requests			1,430	0
Distributions payable	$ 3,593	$ 0	3,593	0	$ 3,593
Accrued offering costs			606	0
Accrued capital expenditures			1,881	0
Other assets (liabilities) assumed in real estate transactions, net			29	(153)
Common stock issued through distribution reinvestment plan			8,994	0
Reclassification of deferred offering costs to equity			$ 0	$ 35

Organization

Organization	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization American Realty Capital New York City REIT, Inc. (including, as required by context, New York City Operating Partnership L.P., and its subsidiaries, the “Company”) was incorporated on December 19, 2013 as a Maryland corporation and intends to elect and qualify to be taxed as a real estate investment trust for U.S. federal income tax purposes (“REIT”) beginning with its taxable year ended December 31, 2014. On April 24, 2014, the Company commenced its initial public offering (the "IPO") on a "reasonable best efforts" basis of up to 30.0 million shares of common stock, $0.01 par value per share, at a price of $25.00 per share, subject to certain volume and other discounts, for total gross proceeds of up to $750.0 million , pursuant to a registration statement on Form S-11, as amended (File No. 333-194135 ) (the "Registration Statement") filed with the U.S. Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended (the "Securities Act"). The Registration Statement also covers up to 10.5 million shares available pursuant to a distribution reinvestment plan (the "DRIP") under which the Company's common stockholders may elect to have their distributions reinvested in additional shares of the Company's common stock at a price of $23.75 per share, which is equal to 95% of the offering price in the IPO. On May 29, 2014, the Company received and accepted subscriptions in excess of the minimum offering amount for the IPO of $2.0 million in shares, broke general escrow and issued shares of common stock to initial investors who were admitted as stockholders of the Company. In February 2015, as permitted, the Company reallocated the remaining 10.0 million DRIP shares available under the Registration Statement to the IPO. On May 22, 2015, the Company registered an additional 25.0 million shares to be issued pursuant to the DRIP pursuant to a registration statement on Form S-3 (File No. 333-204433). The Company closed its IPO on May 31, 2015, but continues to accept subscriptions in process as of that date. As of June 30, 2015 , the Company had 29.2 million shares of common stock outstanding, including unvested restricted shares and shares issued pursuant to the DRIP, and had received total gross proceeds from the IPO of $725.0 million , inclusive of $13.5 million from the DRIP. The per share purchase price in the IPO was up to $25.00 per share (including the maximum allowed to be charged for commissions and fees) and shares issued under the DRIP is equal to $23.75 per share, which is equal to 95% of the offering price in the primary offering. Beginning with the net asset value ("NAV") pricing date, the per share price for shares under the DRIP will vary quarterly and will be equal to the NAV per share, as determined by New York City Advisors, LLC (the "Advisor"). The NAV pricing date means the date on which the Company first publishes an estimated per share NAV, which will be on or prior to October 26, 2016, which is 150 days following the second anniversary from the date the Company broke escrow in the IPO. The Company was formed to invest its assets in properties in the five boroughs of New York City, with a focus on Manhattan. The Company may also purchase certain real estate assets that accompany office properties, including retail spaces and amenities, as well as hospitality assets, residential assets and other property types exclusively in New York City. All such properties may be acquired and owned by the Company alone or jointly with another party. As of June 30, 2015 , the Company owned five properties consisting of 841,868 rentable square feet. Substantially all of the Company’s business is conducted through New York City Operating Partnership, L.P. (the “OP”), a Delaware limited partnership. The Company is the sole general partner and holds substantially all of the units of limited partner interests in the OP (“OP units”). The Advisor contributed $2,020 to the OP in exchange for 90 units of limited partner interests in the aggregate OP ownership, which represents a nominal percentage of the aggregate OP ownership. A holder of OP units has the right to convert OP units for the cash value of a corresponding number of shares of the Company's common stock or, at the option of the OP, a corresponding number of shares of the Company's common stock, in accordance with the limited partnership agreement of the OP, provided, however, that such OP units must have been outstanding for at least one year. The remaining rights of the limited partners in the OP are limited, however, and do not include the ability to replace the general partner or to approve the sale, purchase or refinancing of the OP's assets. The Company has no direct employees. The Advisor has been retained by the Company to manage the Company's affairs on a day-to-day basis. The Company has retained New York City Properties, LLC (the “Property Manager”) to serve as the Company’s property manager. Realty Capital Securities, LLC (the “Dealer Manager”) served as the dealer manager of the IPO and continues to provide the Company with various services. The Advisor, Property Manager and Dealer Manager are under common control with AR Capital, LLC ("ARC"), the parent of our sponsor, American Realty Capital III, LLC (the "Sponsor"), as a result of which they are related parties, and each of which has received or will receive compensation, fees and expense reimbursements for services related to the IPO and the investment and management of the Company's assets. The Advisor, New York City Special Limited Partner, LLC (the "Special Limited Partner"), Property Manager and Dealer Manager have also received or will also receive fees, distributions and other compensation during the offering, acquisition, operational and liquidation stages.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The accompanying consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to this Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results for the entire year or any subsequent interim period. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2014 , which are included in the Company's Annual Report on Form 10-K filed with the SEC on March 31, 2015. There have been no significant changes to the Company's significant accounting policies during three or six months ended June 30, 2015 other than the updates described below. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued revised guidance relating to revenue recognition. Under the revised guidance, an entity is required to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The revised guidance allows entities to apply either a full retrospective or modified retrospective transition method upon adoption. In July 2015, the FASB deferred the effective date of the revised guidance by one year to annual reporting periods beginning after December 15, 2017, although entities will be allowed to early adopt the guidance as of the original effective date. The Company has not yet selected a transition method and is currently evaluating the impact of the new guidance. In February 2015, the FASB amended the accounting for consolidation of certain legal entities. The amendments modify the evaluation of whether certain legal entities are variable interest entities ("VIEs") or voting interest entities, eliminate the presumption that a general partner should consolidate a limited partnership and affect the consolidation analysis of reporting entities that are involved with VIEs (particularly those that have fee arrangements and related party relationships). The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. If the Company decides to early adopt the revised guidance in an interim period, any adjustments will be reflected as of the beginning of the fiscal year that includes the interim period. In April 2015, the FASB amended the presentation of debt issuance costs on the balance sheet. The amendments require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted for financial statements that have not previously been issued. If the Company decides to early adopt the revised guidance in an interim period, any adjustments will be reflected as of the beginning of the fiscal year that includes the interim period. The revised guidance is not expected to have a significant impact on the Company's financial position, results of operations or cash flows.

Real Estate Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 2015
Real Estate Investments, Net [Abstract]
Real Estate Investments	Real Estate Investments On March 27, 2015, the Company, through a wholly owned subsidiary of the OP, completed its acquisition of a fee simple interest in an institutional-quality office building located at 123 William Street in Downtown Manhattan ("123 William Street"). The seller of 123 William Street was EEGO 123 William Owner, LLC, which is a wholly owned subsidiary of EEGO-ARC 123 William JV, LLC, a joint venture in which New York REIT, Inc. ("NYRT") held a $35.1 million preferred equity interest. The sponsor of NYRT is also the Sponsor of the Company. The purchase price of 123 William Street was $253.0 million , exclusive of closing costs and net of purchase price adjustments, and was funded with proceeds from the Company's IPO and a loan from Capital One, National Association (See Note 5 — Mortgage Note Payable). The Company accounted for the purchase of 123 William Street as a business combination and incurred acquisition related costs of $6.0 million , which are reflected in the acquisition and transaction related line item of the consolidated statements of operations and comprehensive loss. The following table presents the allocation of the assets acquired during the six months ended June 30, 2015 and 2014 as well as the weighted-average remaining amortization period (in years) as of the acquisition date for intangible assets acquired and liabilities assumed. For the acquisition during the the six months ended June 30, 2015 , land, building, improvements and intangibles have been provisionally assigned pending receipt and review of information being prepared by a third-party specialist. Six Months Ended June 30, 2015 2014 Total Weighted Average Total (Dollar amounts in thousands) Assets Acquired Amortization Period Assets Acquired Real estate investments, at cost: Land $ 50,064 $ 4,723 Building and improvements 182,917 1,757 Total tangible assets 232,981 6,480 Acquired intangibles: In-place leases 33,380 8.3 706 Above-market lease assets 884 7.8 63 Below-market lease liabilities (14,245 ) 10.3 — Total intangible assets, net 20,019 8.9 769 Total assets acquired, net 253,000 7,249 Mortgage notes payable used to acquire real estate investments (96,000 ) — Other assets and liabilities assumed, net 29 (153 ) Cash paid for acquired real estate investment $ 157,029 $ 7,096 Number of properties purchased 1 1 The following table presents unaudited pro forma information as if the acquisition during the six months ended June 30, 2015 had been consummated on January 1, 2014. Additionally, the pro forma net loss was adjusted to reclassify acquisition and transaction related expense of $6.0 million from the six months ended June 30, 2015 to the six months ended June 30, 2014 . Six Months Ended June 30, (In thousands) 2015 2014 Pro forma revenues (1) $ 14,678 $ 9,458 Pro forma net loss (1) $ (4,744 ) $ (8,903 ) Basic and diluted pro forma net loss per share $ (0.19 ) $ (25.34 ) _____________________ (1) For the three and six months ended June 30, 2015 , aggregate revenues derived from the Company's acquisition (for the Company's period of ownership) were $4.8 million and $5.0 million , respectively. For the three and six months ended June 30, 2015 , net loss derived from the Company's acquisition was $1.5 million and $1.4 million , respectively, excluding acquisition fees. The following table presents future minimum base cash rental payments due to the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes, among other items. (In thousands) Future Minimum Base Cash Rent Payments July 1, 2015 - December 31, 2015 $ 11,080 2016 25,242 2017 23,835 2018 23,022 2019 22,496 Thereafter 131,448 $ 237,123 The following table lists the tenant whose annualized rental income on a straight-line basis represented greater than 10% of total annualized rental income for all portfolio properties on a straight-line basis as of June 30, 2015 and 2014 . June 30, Property Tenant 2015 2014 123 William Street Planned Parenthood Federation of America, Inc. 11.1% * 123 William Street The People of the State of New York 10.5% * 421 W. 54th Street - Hit Factory Gibson Guitar Corporation * 100.0% ________________ * Tenant's annualized cash rent was not greater than 10% of total annualized cash rent for all portfolio properties for the period specified. The termination, delinquency or non-renewal of these leases by any of the above tenants may have a material adverse effect on revenues. No other tenant represents more than 10% of annualized cash rent as of June 30, 2015 or 2014 .

Investment Securities

Investment Securities	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Investments Securities	Investment Securities As of June 30, 2015 and December 31, 2014 , the Company had an investment in an equity security with a fair value of $0.5 million . The equity security consists of a mutual fund managed by an affiliate of the Sponsor (see Note 9 — Related Party Transactions and Arrangements). This investment is considered to be an available-for-sale security and therefore increases or decreases in the fair value of this investment are recorded in accumulated other comprehensive loss as a component of equity on the consolidated balance sheets unless the security is considered to be other-than-temporarily impaired, at which time the losses would be reclassified to expense. The following table details the unrealized gains and losses on the investment security by security type as of June 30, 2015 and December 31, 2014 : (In thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2015 Equity security $ 521 $ — $ (52 ) $ 469 December 31, 2014 Equity security $ 514 $ — $ (24 ) $ 490 The Company's investment in this equity security has been in a continuous unrealized loss position for less than twelve months. The Company believes that the decline in fair value is solely a factor of current market conditions and, as such, considers the unrealized losses as of June 30, 2015 to be temporary and therefore no impairment was recorded during the three and six months ended June 30, 2015 . The Company did not own any investment securities as of June 30, 2014 and therefore no impairment was recorded during the three and six months ended June 30, 2014 .

Mortgage Notes Payable

Mortgage Notes Payable	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Mortgage Notes Payable	Mortgage Note Payable The Company's mortgage note payable as of June 30, 2015 is as follows. The Company had no mortgage notes payable as of December 31, 2014 . Outstanding Loan Amount Portfolio Encumbered Properties June 30, Effective Interest Rate Interest Rate Maturity (In thousands) 123 William Street 1 $ 96,000 (1) 2.47 % (2) Variable Mar. 2017 (3) _____________________ (1) The Company may borrow up to $110.0 million subject to compliance with certain provisions as described in the terms of the mortgage agreement. (2) Interest rate is one month LIBOR, which was 0.184% at June 30, 2015 , plus a margin of 2.25% , based on a 360 day year. (3) The Company has a one-time option to extend the maturity date by one year . Real estate investments of $267.6 million , at cost, at June 30, 2015 have been pledged as collateral to the Company's mortgage note payable and are not available to satisfy the Company's other obligations unless first satisfying the mortgage note payable on the property. The Company makes payments of interest on its mortgage note payable on a monthly basis. The following table summarizes the scheduled aggregate principal payments subsequent to June 30, 2015 : (In thousands) Future Minimum Principal Payments July 1, 2015 - December 31, 2015 $ — 2016 — 2017 96,000 2018 — 2019 — Thereafter — Total $ 96,000 The Company's mortgage note payable requires compliance with certain property-level debt covenants. As of June 30, 2015 , the Company was in compliance with the debt covenants under its mortgage note agreement.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the instrument. This alternative approach also reflects the contractual terms of the instrument, as applicable, including the period to maturity, and may use observable market-based inputs, including interest rate curves and implied volatilities, and unobservable inputs, such as expected volatility. The guidance defines three levels of inputs that may be used to measure fair value. Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 — Unobservable inputs that reflect the entity's own assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. The Company has an investment in a real estate income fund that is traded in active markets and therefore, due to the availability of quoted market prices in active markets, classified this investment as Level 1 in the fair value hierarchy. The following table presents information about the Company's asset measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 , aggregated by the level in the fair value hierarchy within which that instrument falls. Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) Level 1 Level 2 Level 3 Total June 30, 2015 Investment Securities $ 469 $ — $ — $ 469 December 31, 2014 Investment Securities $ 490 $ — $ — $ 490 There were no transfers between levels of the fair value hierarchy during the three and six months ended June 30, 2015 . Financial instruments not carried at fair value The Company is required to disclose at least annually the fair value of financial instruments for which it is practicable to estimate the value. The fair value of short-term financial instruments such as cash and cash equivalents, restricted cash, receivables for sale of common stock, prepaid expenses and other assets, due from affiliates, accounts payable and distributions payable approximates their carrying value on the consolidated balance sheet due to their short-term nature. As of June 30, 2015 and December 31, 2014 , the Company did not have any financial instruments not carried at fair value or an amount that approximates fair value. The fair value of the mortgage note payable is deemed to be equivalent to its carrying value because it bears interest at a variable rate that fluctuates with market and there has been no change in the credit risk or credit markets since origination.

Common Stock

Common Stock	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Common Stock	Common Stock The Company had 29.2 million shares of common stock outstanding, including unvested restricted shares, and had received total proceeds of $725.0 million as of June 30, 2015 . The Company had 20.6 million shares of common stock outstanding and had received $509.9 million in gross proceeds as of December 31, 2014 . On May 22, 2014, the Company's board of directors authorized, and the Company declared, a distribution payable to stockholders of record each day during the applicable period equal to $0.0041438356 per day, which is equivalent to $1.5125 per annum, per share of common stock. The distributions began to accrue on June 13, 2014, which date represents the closing of the Company’s initial property acquisition. The distributions are payable by the 5th day following each month end to stockholders of record at the close of business each day during the prior month. Distribution payments are dependent on the availability of funds. The board of directors may reduce the amount of distributions paid or suspend distribution payments at any time and therefore distribution payments are not assured. The Company has a Share Repurchase Program ("SRP") that enables stockholders, subject to certain conditions and limitations, to sell their shares to the Company. Under the SRP, stockholders may request that the Company repurchase all or any portion of their shares of common stock, if such repurchase does not impair the Company's capital or operations. Repurchases of shares of the Company's common stock, when requested, are at the Company's sole discretion and generally will be made quarterly. The Company funds repurchases from proceeds from the sale of common stock pursuant to the DRIP. The following table reflects the cumulative number of shares repurchased as of and during the six months ended June 30, 2015 . Number of Requests Number of Shares Repurchased Average Price per Share Cumulative repurchases as of December 31, 2014 — — $ — Three months ended March 31, 2015 4 4,100 25.00 Three months ended June 30, 2015 (1) 13 60,762 24.67 Cumulative repurchases as of June 30, 2015 17 64,862 $ 24.69 ________________________ (1) Includes 10 unfulfilled repurchase requests consisting of 57,989 shares at an average repurchase price per share of $24.65 , which were approved and completed in July 2015.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation and Regulatory Matters In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. There are no material legal or regulatory proceedings pending or known to be contemplated against the Company. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. As of June 30, 2015 , the Company has not been notified by any governmental authority of any non-compliance, liability or other claim, and is not aware of any other environmental condition that it believes will have a material adverse effect on the results of operations.

Related Party Transactions and

Related Party Transactions and Arrangements	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Related Party Transactions and Arrangements As of June 30, 2015 , an entity wholly owned by the Sponsor owned 8,888 shares of the Company’s outstanding common stock. As of June 30, 2015 , the Company had $0.5 million invested in a mutual fund managed by an affiliate of the Sponsor (see Note 4 — Investment Securities). There is no obligation to purchase any additional shares and the shares can be sold at any time. The Company recognized income of approximately $7,000 during the three and six months ended June 30, 2015 . The Company did not own any investment securities as of June 30, 2014 , as such, no income related to investment securities was recognized during the three and six months ended June 30, 2014 . Fees Paid in Connection with the IPO The Dealer Manager is paid fees and compensation in connection with the sale of the Company's common stock in the IPO. The Dealer Manager is paid a selling commission of up to 7.0% of the per share purchase price of offering proceeds before reallowance of commissions earned by participating broker-dealers. In addition, the Dealer Manager is paid up to 3.0% of the gross proceeds from the sale of shares as a dealer manager fee. The Dealer Manager may reallow its dealer manager fee to participating broker-dealers. A participating broker-dealer may elect to receive a fee equal to 7.5% of the gross proceeds from the sale of shares (not including selling commissions and dealer manager fees) by such participating broker-dealer, with 2.5% thereof paid at the time of such sale and 1.0% thereof paid on each anniversary of the closing of such sale up to and including the fifth anniversary of the closing of such sale. If this option is elected, the dealer manager fee will be reduced to 2.5% of gross proceeds (not including selling commissions and dealer manager fees). The following table details total selling commissions and dealer manager fees incurred from and due to the Dealer Manager as of and for the periods presented: Three Months Ended June 30, Six Months Ended June 30, Payable as of (In thousands) 2015 2014 2015 2014 June 30, 2015 December 31, 2014 Total commissions and fees incurred from the Dealer Manager $ 9,721 $ 4,963 $ 20,318 $ 4,963 $ 14 $ 197 The Advisor and its affiliates are paid compensation and receive reimbursement for services relating to the IPO, including transfer agent services and other professional services provided by an affiliate of the Dealer Manager. All offering costs incurred by the Company, the Advisor and its affiliated entities on behalf of the Company are charged to additional paid-in capital on the accompanying consolidated balance sheets as of June 30, 2015 and December 31, 2014 . The following table details offering costs and reimbursements incurred from and due to the Advisor and affiliates of the Dealer Manager as of and for the periods presented: Three Months Ended June 30, Six Months Ended June 30, Payable (Receivable) as of 2015 2014 2015 2014 June 30, 2015 December 31, 2014 Fees and expense reimbursements from the Advisor and affiliates of the Dealer Manager $ 1,877 $ 542 $ 5,046 $ 542 $ (245 ) $ 912 The Company is responsible for paying offering and related costs from the IPO, excluding commissions and dealer manager fees, up to a maximum of 2.0% of gross proceeds received from the IPO, measured at the end of the IPO. Offering costs, excluding commissions and dealer manager fees, in excess of the 2.0% cap as of the end of the IPO are the Advisor’s responsibility. As of June 30, 2015, the Company had a receivable from the Advisor totaling $0.8 million related to excess offering and related costs. As of June 30, 2015, cumulative offering costs, including selling commissions and dealer manager fees, were $81.8 million . Fees and Participations Paid in Connection With the Operations of the Company The Advisor is paid an acquisition fee of 1.5% of the contract purchase price of each acquired property and 1.5% of the amount advanced for a loan or other investment. The Advisor is also reimbursed for expenses actually incurred related to selecting, evaluating and acquiring assets on the Company's behalf, regardless of whether the Company actually acquires the related assets. Specifically, the Company pays the Advisor or its affiliates for any services provided for which they incur investment-related expenses, or insourced expenses. Such insourced expenses are fixed initially at and may not exceed 0.50% of the purchase price of each property and 0.50% of the amount advanced for each loan or other investment, which is paid at the closing of each such investment. The Advisor is also reimbursed for legal expenses incurred in the process of acquiring properties, in an amount not to exceed 0.10% of the contract purchase price. In addition, the Company also pays third parties, or reimburses the Advisor for any investment-related expenses due to third parties. In no event will the total of all acquisition fees, acquisition expenses and any financing coordination fees (as described below) payable with respect to the Company's portfolio of investments exceed 4.5% of the contract purchase price or 4.5% of the amount advanced for all loans or other investments. Once the proceeds from the primary offering have been fully invested, the aggregate amount of acquisition fees and any financing coordination fees may not exceed 4.5% of the contract purchase price and the amount advanced for a loan or other investment, as applicable, for all the assets acquired. If the Advisor provides services in connection with the origination or refinancing of any debt that the Company obtains and uses to acquire properties or to make other permitted investments, or that is assumed, directly or indirectly, in connection with the acquisition of properties, the Company pays the Advisor a financing coordination fee equal to 0.75% of the amount made available or outstanding under such financing, subject to certain limitations. For its asset management services, the Company issues the Advisor an asset management subordinated participation by causing the OP to issue (subject to periodic approval by the board of directors) to the Advisor performance-based, restricted, forfeitable partnership units in the OP designated as “Class B Units” on a quarterly basis in an amount equal to: (i) the product of (y) 0.1875% multiplied by (z) the cost of the Company's assets (until the NAV pricing date, then the lower of the cost of assets and the fair value of the Company's assets); divided by (ii) the value of one share of common stock as of the last day of such calendar quarter, which is equal initially to $22.50 (the primary offering price minus selling commissions and dealer manager fees) and, at such time as the Company calculates NAV, to per share NAV. The Class B Units are intended to be profits interests and will vest, and no longer be subject to forfeiture, at such time as: (a) the value of the OP's assets plus all distributions made by the Company to its stockholders equals or exceeds the total amount of capital contributed by investors plus a 6.0% cumulative, pretax, non-compounded annual return thereon, or the "economic hurdle;" (b) any one of the following events occurs concurrently with or subsequently to the achievement of the economic hurdle described above: (i) a listing of the Company's common stock on a national securities exchange; (ii) a transaction to which the Company or the OP is a party, as a result of which OP units or the Company's common stock are or will be exchanged for or converted into the right, or the holders of such securities will otherwise be entitled, to receive cash, securities or other property or any combination thereof; or (iii) the termination of the advisory agreement without cause by an affirmative vote of a majority of the Company's independent directors after the economic hurdle has been met; and (c) the Advisor pursuant to the advisory agreement is providing services to the Company immediately prior to the occurrence of an event of the type described in clause (b) above, unless the failure to provide such services is attributable to the termination without cause of the advisory agreement by an affirmative vote of the majority of the Company's independent directors after the economic hurdle has been met (the "performance condition"). The value of issued Class B Units will be determined and expensed when the Company deems the achievement of the performance condition to be probable. As of June 30, 2015 , the Company cannot determine the probability of achieving the performance condition. The Advisor receives distributions on its vested and unvested Class B Units at the same rate as distributions received on the Company's common stock. Such distributions on issued Class B Units are expensed in the consolidated statement of operations and comprehensive loss until the performance condition is considered probable to occur. As of June 30, 2015 , the Company's board of directors has approved the issuance of 72,675 Class B Units in connection with the arrangement. Unless the Company contracts with a third party, the Company pays the Property Manager a property management fee equal to: (i) for non-hotel properties, 4.0% of gross revenues from the properties managed, plus market-based leasing commissions; and (ii) for hotel properties, a market-based fee based on a percentage of gross revenues. The Company also reimburses the Property Manager for property-level expenses. The Property Manager may subcontract the performance of its property management and leasing services duties to third parties and pay all or a portion of its property management fee to the third parties with whom it contracts for these services. The Company reimburses the Advisor’s costs of providing administrative services, subject to the limitation that the Company will not reimburse the Advisor for any amount by which the Company’s operating expenses at the end of the four preceding fiscal quarters exceeds the greater of (a) 2.0% of average invested assets and (b) 25.0% of net income other than any additions to reserves for depreciation, bad debt, impairments or other similar non-cash expenses and excluding any gain from the sale of assets for that period, unless the Company's independent directors determine that such excess was justified based on unusual and nonrecurring factors which they deem sufficient, in which case the excess amount may be reimbursed to the Advisor in subsequent periods. Additionally, the Company reimburses the Advisor for personnel costs in connection with other services; however, the Company may not reimburse the Advisor for personnel costs in connection with services for which the Advisor receives acquisition fees or real estate commissions. No reimbursement was incurred from the Advisor for providing administrative services during the three and six months ended June 30, 2015 and 2014 . The Dealer Manager and its affiliates also provide other general professional services. The Advisor pays general and administrative expenses on behalf of the Company, for which the Company subsequently reimburses the Advisor. These fees and reimbursements are included in general and administrative expenses in the accompanying consolidated statement of operations and comprehensive loss. The following table details amounts incurred, forgiven and payable in connection with the Company's operations-related services described above as of and for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Payable as of (In thousands) Incurred Forgiven Incurred Forgiven Incurred Forgiven Incurred Forgiven June 30, 2015 December 31, 2014 Acquisition fees and reimbursements: Acquisition fees and related cost reimbursements $ — $ — $ — $ — $ 5,060 $ — $ — $ — $ — $ — Financing coordination fees — — — — 825 — — — — — Ongoing fees: Property management and leasing fees — 118 — — — 204 — — — — Professional fees and reimbursements 185 — — — 317 — — — 141 — Distributions on Class B Units 27 — — — 31 — — — 19 — Total related party operation fees and reimbursements $ 212 $ 118 $ — $ — $ 6,233 $ 204 $ — $ — $ 160 $ — Fees and Participations Paid in Connection with Liquidation or Listing The Company will pay to the Advisor an annual subordinated performance fee calculated on the basis of the Company’s return to stockholders, payable annually in arrears, such that for any year in which investors receive payment of 6.0% per annum, the Advisor will be entitled to 15.0% of the excess return, provided that the amount paid to the Advisor does not to exceed 10.0% of the aggregate return for such year, and that the amount paid to the Advisor will not be paid unless investors receive a return of capital contributions. This fee will be paid only upon the sale of assets, distributions or other event which results in the return on stockholders’ capital exceeding 6.0% per annum. No subordinated performance fees were incurred during the three and six months ended June 30, 2015 and 2014 . The Company will pay a brokerage commission to the Advisor or its affiliates on the sale of property, not to exceed the lesser of 2.0% of the contract sale price of the property and 50.0% of the total brokerage commission paid if a third party broker is also involved; provided, however, that in no event may the real estate commissions paid to the Advisor, its affiliates and unaffiliated third parties exceed the lesser of 6.0% of the contract sales price and a reasonable, customary and competitive real estate commission, in each case, payable to the Advisor if the Advisor or its affiliates, as determined by a majority of the independent directors, provided a substantial amount of services in connection with the sale. No such fees were incurred during the three and six months ended June 30, 2015 and 2014 . Upon a sale of all or substantially all assets, the Special Limited Partner will receive a subordinated distribution from the OP equal to 15.0% of remaining net sale proceeds after return of capital contributions to investors plus payment to investors of an annual 6.0% cumulative, pre-tax non-compounded return on the capital contributed by investors. The Special Limited Partner will not be entitled to the subordinated participation in net sale proceeds unless the Company’s investors have received a return of their capital plus a 6.0% cumulative non-compounded annual return on their capital contributions. No such participation in net sales proceeds became due and payable during the three and six months ended June 30, 2015 and 2014 . If the Company’s shares of common stock are listed on a national exchange, the Special Limited Partner will receive a subordinated incentive listing distribution from the OP equal to 15.0% of the amount by which the Company’s market value plus distributions exceeds the aggregate capital contributed by investors plus an amount equal to a 6.0% cumulative, pre-tax non-compounded annual return to investors. The Special Limited Partner will not be entitled to the subordinated incentive listing distribution unless investors have received a 6.0% cumulative, pre-tax non-compounded annual return on their capital contributions. No such distributions were incurred during the three and six months ended June 30, 2015 and 2014 . Neither the Special Limited Partner nor any of its affiliates can earn both the subordinated participation in net sales proceeds and the subordinated incentive listing distribution. Upon termination or non-renewal of the advisory agreement with or without cause, the Special Limited Partner will be entitled to receive distributions from the OP equal to 15.0% of the amount by which the sum of the Company’s market value plus distributions exceeds the sum of the aggregate capital contributed by investors plus an amount equal to an annual 6.0% cumulative, pre-tax, non-compounded annual return to investors. The Special Limited Partner may elect to defer its right to receive a subordinated distribution upon termination until either a listing on a national securities exchange or other liquidity event occurs.

Economic Dependency

Economic Dependency	6 Months Ended
	Jun. 30, 2015
Economic Dependency [Abstract]
Economic Dependency	Economic Dependency Under various agreements, the Company has engaged or will engage the Advisor, its affiliates and entities under common control with the Advisor to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, the sale of shares of the Company's common stock available for issue, transfer agency services, as well as other administrative responsibilities for the Company including accounting services, transaction management services and investor relations. As a result of these relationships, the Company is dependent upon the Advisor and its affiliates. In the event that the Advisor and its affiliates are unable to provide the Company with the respective services, the Company will be required to find alternative providers of these services.

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity-Based Compensation	Equity-Based Compensation Restricted Share Plan The Company has an employee and director incentive restricted share plan (the “RSP”), which provides for the automatic grant of 1,333 restricted shares of common stock to each of the independent directors, without any further approval by the Company’s board of directors or the stockholders, on the date of initial election to the board of directors and after each annual stockholder’s meeting, with such shares vesting annually beginning with the one year anniversary of initial election to the board of directors and the date of the next annual meeting, respectively. Restricted stock issued to independent directors vests over a five-year period following the date of grant in increments of 20.0% per annum. The RSP provides the Company with the ability to grant awards of restricted shares to the Company’s directors, officers and employees (if the Company ever has employees), employees of the Advisor and its affiliates, employees of entities that provide services to the Company, directors of the Advisor or of entities that provide services to the Company, certain consultants to the Company and the Advisor and its affiliates or to entities that provide services to the Company. The total number of common shares granted under the RSP shall not exceed 5.0% of the Company’s outstanding shares of common stock on a fully diluted basis at any time and in any event will not exceed 1.5 million shares (as such number may be adjusted for stock splits, stock dividends, combinations and similar events). Restricted share awards entitle the recipient to receive shares of common stock from the Company under terms that provide for vesting over a specified period of time or upon attainment of pre-established performance objectives. Such awards would typically be forfeited with respect to the unvested shares upon the termination of the recipient’s employment or other relationship with the Company. Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares may receive cash distributions prior to the time that the restrictions on the restricted shares have lapsed. Any distributions payable in shares of common stock shall be subject to the same restrictions as the underlying restricted shares. The following table displays restricted share award activity during the six months ended June 30, 2015 : Number of Restricted Shares Weighted-Average Issue Price Unvested, December 31, 2014 3,999 $ 22.50 Granted — — Vested (533 ) 22.50 Forfeited (1,333 ) 22.50 Unvested, June 30, 2015 2,133 $ 22.50 The fair value of the shares on the grant date is expensed on a straight-line basis over the service period of five years . Compensation expense related to restricted stock was approximately $3,000 and $2,000 , respectively, for the three and six months ended June 30, 2015 due to the resignation of a board member during the three months ended March 31, 2015 and the reversal of the corresponding accumulated compensation expense associated with the forfeiture of that director's restricted shares. Compensation expense related to restricted stock was approximately $4,000 for the three and six months ended June 30, 2014 . As of June 30, 2015 , the Company had approximately $46,000 of unrecognized compensation costs related to unvested restricted share awards granted under the Company's RSP, which is expected to vest over a period of 3.8 years. Other Equity-Based Compensation The Company may issue common stock in lieu of cash to pay fees earned by the Company's directors at the respective director's election. There are no restrictions on the shares issued. There were no shares of common stock issued in lieu of cash during the three and six months ended June 30, 2015 or 2014 .

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Net Loss Per Share	Net Loss Per Share The following is a summary of the basic and diluted net loss per share computation for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net loss (in thousands) $ (2,182 ) $ (214 ) $ (9,421 ) $ (230 ) Basic and diluted weighted average shares outstanding 27,332,717 690,143 25,026,174 351,398 Basic and diluted net loss per share $ (0.08 ) $ (0.31 ) $ (0.38 ) $ (0.65 ) The Company had the following potentially dilutive securities as of June 30, 2015 and 2014 , which were excluded from the calculation of diluted net loss per share attributable to stockholders as the effect would have been antidilutive: Six Months Ended June 30, 2015 2014 Unvested restricted stock 2,133 3,999 OP Units 90 — Class B units 72,675 — Total potentially dilutive securities 74,898 3,999

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that there have not been any events that have occurred that would require adjustments to disclosures in the consolidated financial statements, except for the following events: Sales of Common Stock As of July 31, 2015 , the Company had 29.7 million shares of common stock outstanding, including unvested restricted shares and shares issued pursuant to the DRIP, and had received total gross proceeds from the IPO and the DRIP of $736.0 million . Total capital raised to date, including shares issued under the DRIP and unvested restricted shares, is as follows: Source of Capital (in thousands) Inception to June 30, 2015 July 1, 2015 to July 31, 2015 Total Common stock $ 725,068 $ 10,828 $ 735,896 Sponsor Transactions On August 6, 2015, ARC, the parent of the Sponsor, entered into a Transaction Agreement (the “Transaction Agreement”) with AMH Holdings (Cayman), L.P., a Cayman Islands exempted limited partnership (“AMH”), and an affiliate of Apollo Global Management, LLC (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”), and a newly formed entity, AR Global Investments, LLC, a Delaware limited liability company (“AR Global”). The Transaction Agreement provides that ARC will transfer to AR Global substantially all of the assets of its ongoing asset management business (including equity interests in its subsidiaries). AMH will contribute money and other assets to AR Global. Following the consummation of the transaction contemplated by the Transaction Agreement, AMH will hold a 60% interest in AR Global and ARC will hold a 40% interest in AR Global. The business and affairs of AR Global will be overseen by a board of managers comprised of ten members, six of which will be appointed by AMH and four of which will be appointed by ARC. The Advisor and Property Manager are currently owned indirectly by ARC and following the transaction will be owned indirectly by AR Global. Also on August 6, 2015, RCS Capital Corporation (“RCS Capital”), the parent of the Dealer Manager and a company under common control with ARC, announced that it has entered into an agreement with an affiliate of Apollo to sell RCS Capital’s Wholesale Distribution division, including the Dealer Manager, and certain related entities (collectively, the "Transactions"). Upon completion of the transaction, the Dealer Manager will continue to operate as a stand-alone entity within AR Global. The current management team of the Dealer Manager, which is led by William E. Dwyer III, will continue to operate the day-to-day functions of the business. The Transactions are subject to customary closing conditions and are expected to close in 2015. Upon consummation of the Transactions, the Advisor, Property Manager and Sponsor are expected to continue to serve in their respective capacities to the Company. The Company’s independent directors unanimously endorsed the Transactions.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued revised guidance relating to revenue recognition. Under the revised guidance, an entity is required to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The revised guidance allows entities to apply either a full retrospective or modified retrospective transition method upon adoption. In July 2015, the FASB deferred the effective date of the revised guidance by one year to annual reporting periods beginning after December 15, 2017, although entities will be allowed to early adopt the guidance as of the original effective date. The Company has not yet selected a transition method and is currently evaluating the impact of the new guidance. In February 2015, the FASB amended the accounting for consolidation of certain legal entities. The amendments modify the evaluation of whether certain legal entities are variable interest entities ("VIEs") or voting interest entities, eliminate the presumption that a general partner should consolidate a limited partnership and affect the consolidation analysis of reporting entities that are involved with VIEs (particularly those that have fee arrangements and related party relationships). The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. If the Company decides to early adopt the revised guidance in an interim period, any adjustments will be reflected as of the beginning of the fiscal year that includes the interim period. In April 2015, the FASB amended the presentation of debt issuance costs on the balance sheet. The amendments require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted for financial statements that have not previously been issued. If the Company decides to early adopt the revised guidance in an interim period, any adjustments will be reflected as of the beginning of the fiscal year that includes the interim period. The revised guidance is not expected to have a significant impact on the Company's financial position, results of operations or cash flows.

Real Estate Investments (Tables

Real Estate Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Real Estate Investments, Net [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table presents the allocation of the assets acquired during the six months ended June 30, 2015 and 2014 as well as the weighted-average remaining amortization period (in years) as of the acquisition date for intangible assets acquired and liabilities assumed. For the acquisition during the the six months ended June 30, 2015 , land, building, improvements and intangibles have been provisionally assigned pending receipt and review of information being prepared by a third-party specialist. Six Months Ended June 30, 2015 2014 Total Weighted Average Total (Dollar amounts in thousands) Assets Acquired Amortization Period Assets Acquired Real estate investments, at cost: Land $ 50,064 $ 4,723 Building and improvements 182,917 1,757 Total tangible assets 232,981 6,480 Acquired intangibles: In-place leases 33,380 8.3 706 Above-market lease assets 884 7.8 63 Below-market lease liabilities (14,245 ) 10.3 — Total intangible assets, net 20,019 8.9 769 Total assets acquired, net 253,000 7,249 Mortgage notes payable used to acquire real estate investments (96,000 ) — Other assets and liabilities assumed, net 29 (153 ) Cash paid for acquired real estate investment $ 157,029 $ 7,096 Number of properties purchased 1 1
Business Acquisition, Pro Forma Information	The following table presents unaudited pro forma information as if the acquisition during the six months ended June 30, 2015 had been consummated on January 1, 2014. Additionally, the pro forma net loss was adjusted to reclassify acquisition and transaction related expense of $6.0 million from the six months ended June 30, 2015 to the six months ended June 30, 2014 . Six Months Ended June 30, (In thousands) 2015 2014 Pro forma revenues (1) $ 14,678 $ 9,458 Pro forma net loss (1) $ (4,744 ) $ (8,903 ) Basic and diluted pro forma net loss per share $ (0.19 ) $ (25.34 ) _____________________ (1) For the three and six months ended June 30, 2015 , aggregate revenues derived from the Company's acquisition (for the Company's period of ownership) were $4.8 million and $5.0 million , respectively. For the three and six months ended June 30, 2015 , net loss derived from the Company's acquisition was $1.5 million and $1.4 million , respectively, excluding acquisition fees.
Schedule of Future Minimum Rental Payments for Operating Leases	The following table presents future minimum base cash rental payments due to the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes, among other items. (In thousands) Future Minimum Base Cash Rent Payments July 1, 2015 - December 31, 2015 $ 11,080 2016 25,242 2017 23,835 2018 23,022 2019 22,496 Thereafter 131,448 $ 237,123
Schedule of Annualized Rental Income by Major Tenants	The following table lists the tenant whose annualized rental income on a straight-line basis represented greater than 10% of total annualized rental income for all portfolio properties on a straight-line basis as of June 30, 2015 and 2014 . June 30, Property Tenant 2015 2014 123 William Street Planned Parenthood Federation of America, Inc. 11.1% * 123 William Street The People of the State of New York 10.5% * 421 W. 54th Street - Hit Factory Gibson Guitar Corporation * 100.0% ________________ * Tenant's annualized cash rent was not greater than 10% of total annualized cash rent for all portfolio properties for the period specified.

Investment Securities (Tables)

Investment Securities (Tables)	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Unrealized Gain (Loss) on Investments	The following table details the unrealized gains and losses on the investment security by security type as of June 30, 2015 and December 31, 2014 : (In thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2015 Equity security $ 521 $ — $ (52 ) $ 469 December 31, 2014 Equity security $ 514 $ — $ (24 ) $ 490

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The Company's mortgage note payable as of June 30, 2015 is as follows. The Company had no mortgage notes payable as of December 31, 2014 . Outstanding Loan Amount Portfolio Encumbered Properties June 30, Effective Interest Rate Interest Rate Maturity (In thousands) 123 William Street 1 $ 96,000 (1) 2.47 % (2) Variable Mar. 2017 (3) _____________________ (1) The Company may borrow up to $110.0 million subject to compliance with certain provisions as described in the terms of the mortgage agreement. (2) Interest rate is one month LIBOR, which was 0.184% at June 30, 2015 , plus a margin of 2.25% , based on a 360 day year. (3) The Company has a one-time option to extend the maturity date by one year .
Schedule of Maturities of Long-term Debt	The following table summarizes the scheduled aggregate principal payments subsequent to June 30, 2015 : (In thousands) Future Minimum Principal Payments July 1, 2015 - December 31, 2015 $ — 2016 — 2017 96,000 2018 — 2019 — Thereafter — Total $ 96,000

Fair Value of Financial Instr24

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value, Liabilities Measured on Recurring Basis	The following table presents information about the Company's asset measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 , aggregated by the level in the fair value hierarchy within which that instrument falls. Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) Level 1 Level 2 Level 3 Total June 30, 2015 Investment Securities $ 469 $ — $ — $ 469 December 31, 2014 Investment Securities $ 490 $ — $ — $ 490

Common Stock (Tables)

Common Stock (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Class of Treasury Stock	The following table reflects the cumulative number of shares repurchased as of and during the six months ended June 30, 2015 . Number of Requests Number of Shares Repurchased Average Price per Share Cumulative repurchases as of December 31, 2014 — — $ — Three months ended March 31, 2015 4 4,100 25.00 Three months ended June 30, 2015 (1) 13 60,762 24.67 Cumulative repurchases as of June 30, 2015 17 64,862 $ 24.69 ________________________ (1) Includes 10 unfulfilled repurchase requests consisting of 57,989 shares at an average repurchase price per share of $24.65 , which were approved and completed in July 2015.

Related Party Transactions an26

Related Party Transactions and Arrangements (Tables)	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Schedule of Selling Commissions and Dealer Manager Fees Payable to Affiliate	The following table details total selling commissions and dealer manager fees incurred from and due to the Dealer Manager as of and for the periods presented: Three Months Ended June 30, Six Months Ended June 30, Payable as of (In thousands) 2015 2014 2015 2014 June 30, 2015 December 31, 2014 Total commissions and fees incurred from the Dealer Manager $ 9,721 $ 4,963 $ 20,318 $ 4,963 $ 14 $ 197
Schedule Of Offering Costs Reimbursements to Related Party	The following table details offering costs and reimbursements incurred from and due to the Advisor and affiliates of the Dealer Manager as of and for the periods presented: Three Months Ended June 30, Six Months Ended June 30, Payable (Receivable) as of 2015 2014 2015 2014 June 30, 2015 December 31, 2014 Fees and expense reimbursements from the Advisor and affiliates of the Dealer Manager $ 1,877 $ 542 $ 5,046 $ 542 $ (245 ) $ 912
Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services	The following table details amounts incurred, forgiven and payable in connection with the Company's operations-related services described above as of and for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Payable as of (In thousands) Incurred Forgiven Incurred Forgiven Incurred Forgiven Incurred Forgiven June 30, 2015 December 31, 2014 Acquisition fees and reimbursements: Acquisition fees and related cost reimbursements $ — $ — $ — $ — $ 5,060 $ — $ — $ — $ — $ — Financing coordination fees — — — — 825 — — — — — Ongoing fees: Property management and leasing fees — 118 — — — 204 — — — — Professional fees and reimbursements 185 — — — 317 — — — 141 — Distributions on Class B Units 27 — — — 31 — — — 19 — Total related party operation fees and reimbursements $ 212 $ 118 $ — $ — $ 6,233 $ 204 $ — $ — $ 160 $ —

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	The following table displays restricted share award activity during the six months ended June 30, 2015 : Number of Restricted Shares Weighted-Average Issue Price Unvested, December 31, 2014 3,999 $ 22.50 Granted — — Vested (533 ) 22.50 Forfeited (1,333 ) 22.50 Unvested, June 30, 2015 2,133 $ 22.50

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following is a summary of the basic and diluted net loss per share computation for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net loss (in thousands) $ (2,182 ) $ (214 ) $ (9,421 ) $ (230 ) Basic and diluted weighted average shares outstanding 27,332,717 690,143 25,026,174 351,398 Basic and diluted net loss per share $ (0.08 ) $ (0.31 ) $ (0.38 ) $ (0.65 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The Company had the following potentially dilutive securities as of June 30, 2015 and 2014 , which were excluded from the calculation of diluted net loss per share attributable to stockholders as the effect would have been antidilutive: Six Months Ended June 30, 2015 2014 Unvested restricted stock 2,133 3,999 OP Units 90 — Class B units 72,675 — Total potentially dilutive securities 74,898 3,999

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Schedule of Subsequent Events	Total capital raised to date, including shares issued under the DRIP and unvested restricted shares, is as follows: Source of Capital (in thousands) Inception to June 30, 2015 July 1, 2015 to July 31, 2015 Total Common stock $ 725,068 $ 10,828 $ 735,896

Organization (Details)

Organization (Details)	May. 29, 2014USD ($)	Apr. 24, 2014USD ($)$ / sharesshares	Feb. 28, 2015shares	Jun. 30, 2015USD ($)ft²property$ / sharesshares	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)$ / sharesshares	Jun. 30, 2015USD ($)ft²property$ / sharesshares	May. 22, 2015shares
Operations [Line Items]
Stock available for issuance in IPO (in shares)		30,000,000		300,000,000		300,000,000	300,000,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.01		$ 0.01		$ 0.01	$ 0.01
Maximum offering amount | $		$ 750,000,000
Proceeds from issuance of common stock | $				$ 209,576,000	$ 63,140,000	$ 509,900,000	$ 725,000,000
Shares required to break escrow | $	$ 2,000,000
Common stock, shares outstanding (in shares)				29,210,219		20,569,012	29,210,219
Proceeds from issuance of common stock, DRIP | $							$ 13,500,000
Number of real estate properties | property				5			5
Net rentable area | ft²				841,868			841,868
Limited partner units (in shares)				90			90
Special Limited Partner
Operations [Line Items]
Common stock, shares outstanding (in shares)				8,888			8,888
Special Limited Partner | American Realty Capital III Special Limited Partnership, LLC
Operations [Line Items]
Contributed capital | $				$ 2,020			$ 2,020
Common Stock
Operations [Line Items]
Share Price (in dollars per share) | $ / shares		$ 25
Shares available for issuance under a distribution reinvestment plan (in shares)		10,500,000						25,000,000
Shares reallocated from DRIP (in shares)			10,000,000
Minimum | Common Stock
Operations [Line Items]
DRIP share price (in dollars per share) | $ / shares		$ 23.75
DRIP Share Price as a percentage of estimated value of common stock		95.00%

Real Estate Investments (Narrat

Real Estate Investments (Narrative) (Details) - USD ($) $ in Thousands	Mar. 27, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Business Acquisition [Line Items]
Acquisition and transaction related		$ 63	$ 142	$ 6,012	$ 142
Scenario, Adjustment
Business Acquisition [Line Items]
Acquisition and transaction related				$ 6,000
123 William Street Downtown Manhattan
Business Acquisition [Line Items]
Consideration transferred	$ 253,000
Acquisition and transaction related	6,000
NYRT | 123 William Street Downtown Manhattan
Business Acquisition [Line Items]
Preferred equity interest	$ 35,100

Real Estate Investments (Alloca

Real Estate Investments (Allocation of Assets) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)property	Jun. 30, 2014USD ($)property
Real estate investments, at cost:
Land	$ 50,064	$ 4,723
Building and improvements	182,917	1,757
Total tangible assets	232,981	6,480
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract]
Below-market lease liabilities	(14,245)	0
Total intangible assets	20,019	769
Total assets acquired, net	253,000	7,249
Mortgage notes payable used to acquire real estate investments	(96,000)	0
Other assets and liabilities assumed, net	29	(153)
Cash paid for acquired real estate investment	$ 157,029	$ 7,096
Number of properties purchased | property	1	1
Weighted Average Amortization Period	8 years 10 months 24 days
In-place leases
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract]
Acquired intangibles:	$ 33,380	$ 706
Weighted Average Amortization Period	8 years 3 months 25 days
Above-market lease assets
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract]
Acquired intangibles:	$ 884	$ 63
Weighted Average Amortization Period	7 years 9 months 25 days
Below-market lease liabilities
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract]
Weighted Average Amortization Period	10 years 3 months 22 days

Real Estate Investments (Profor

Real Estate Investments (Proforma) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Pro forma revenues	[1]			$ 14,678	$ 9,458
Pro forma net income	[1]			$ (4,744)	$ (8,903)
Basic and diluted pro forma net loss per share (in dollars per share)				$ (0.19)	$ (25,340)
Revenues		$ 7,454	$ 43	$ 10,257	$ 43
Net loss		(2,182)	$ (214)	(9,421)	$ (230)
2015 Acquisitions [Member]
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenues		4,800		5,000
Net loss		$ (1,500)		$ (1,400)
[1]	For the three and six months ended June 30, 2015, aggregate revenues derived from the Company's acquisition (for the Company's period of ownership) were $4.8 million and $5.0 million, respectively. For the three and six months ended June 30, 2015, net loss derived from the Company's acquisition was $1.5 million and $1.4 million, respectively, excluding acquisition fees.

Real Estate Investments (Minimu

Real Estate Investments (Minimum Rental Payments) (Details) $ in Thousands	Jun. 30, 2015USD ($)
Real Estate Investments, Net [Abstract]
July 1, 2015 - December 31, 2015	$ 11,080
2,016	25,242
2,017	23,835
2,018	23,022
2,019	22,496
Thereafter	131,448
Total	$ 237,123

Real Estate Investments (Concen

Real Estate Investments (Concentration) (Details) - Customer Concentration Risk - Sales Revenue, Net	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Planned Parenthood Federation of America, Inc [Member]
Real estate investments
Concentration risk	11.10%
The People of the State of New York [Member]
Real estate investments
Concentration risk	10.50%
Gibson Guitar Corp. [Member]
Real estate investments
Concentration risk		100.00%

Investment Securities (Details)

Investment Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Cost	$ 521	$ 514
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(52)	(24)
Fair Value	$ 469	$ 490

Mortgage Notes Payable (Mortgag

Mortgage Notes Payable (Mortgage Notes) (Details)		6 Months Ended
		Jun. 30, 2015USD ($)property	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Mortgage note payable		$ 96,000,000	$ 0
Real estate investments relating to notes payable		267,600,000
Mortgages
Debt Instrument [Line Items]
Mortgage note payable		$ 96,000,000
123 William Street | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property		1
Mortgage note payable	[1]	$ 96,000,000
Effective Interest Rate	[2]	2.47%
Maximum borrowing capacity		$ 110,000,000
Extended maturity term		1 year
123 William Street | Mortgages | LIBOR
Debt Instrument [Line Items]
Interest rate at end of period		0.184%
Interest rate		2.25%
[1]	The Company may borrow up to $110.0 million subject to compliance with certain provisions as described in the terms of the mortgage agreement.
[2]	Interest rate is one month LIBOR, which was 0.184% at June 30, 2015, plus a margin of 2.25%, based on a 360 day year.

Mortgage Notes Payable (Mortg38

Mortgage Notes Payable (Mortgage Principal Payments) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total	$ 96,000	$ 0
Mortgages
Debt Instrument [Line Items]
July 1, 2015 - December 31, 2015	0
2,016	0
2,017	96,000
2,018	0
2,019	0
Thereafter	0
Total	$ 96,000

Fair Value of Financial Instr39

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 469	$ 490
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	469	490
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	469	490
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 0	$ 0

Common Stock (Details)

Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	May. 22, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Jun. 30, 2015
Equity [Abstract]
Common stock, shares outstanding (in shares)		29,210,219		29,210,219		20,569,012	29,210,219
Proceeds from issuance of common stock				$ 209,576	$ 63,140	$ 509,900	$ 725,000
Dividends declared per day (in dollars per share)	$ 0.0041438356
Dividends declared per share (in dollars per share)	$ 1.5125000013	$ 0.38	$ 0.07	$ 0.75	$ 0.07

Common Stock (Antidilutive Secu

Common Stock (Antidilutive Securities) (Details)	1 Months Ended	3 Months Ended			12 Months Ended	18 Months Ended
	Jul. 31, 2015request$ / sharesshares	Jun. 30, 2015request$ / sharesshares	[1]	Mar. 31, 2015request$ / sharesshares	Dec. 31, 2014request$ / sharesshares	Jun. 30, 2015request$ / sharesshares
Equity, Class of Treasury Stock [Line Items]
Number of Requests | request		13		4	0	17
Number of Shares Repurchased (in shares)		60,762.02		4,099.98	0	64,862
Average Price per Share (in dollars per share) | $ / shares		$ 24.67		$ 25	$ 0	$ 24.69
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Number of Requests | request	10
Number of Shares Repurchased (in shares)	57,989.45
Average Price per Share (in dollars per share) | $ / shares	$ 24.65
[1]	Includes 10 unfulfilled repurchase requests consisting of 57,989 shares at an average repurchase price per share of $24.65, which were approved and completed in July 2015.

Related Party Transactions an42

Related Party Transactions and Arrangements (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)	29,210,219		29,210,219		20,569,012
Investment securities, at fair value	$ 469,000		$ 469,000		$ 490,000
Special Limited Partner
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)	8,888		8,888
Affiliated Entity
Related Party Transaction [Line Items]
Investment income	$ 7,000	$ 0	$ 7,000	$ 0

Related Party Transactions an43

Related Party Transactions and Arrangements (Fees Paid in Connection with the Offering) (Details) - Jun. 30, 2015 - USD ($) $ in Millions	Total
Related Party Transaction [Line Items]
Cumulative offering costs	$ (81.8)
Maximum
Related Party Transaction [Line Items]
Liability for offering and related costs from IPO	2.00%
Realty Capital Securities, LLC | Gross Proceeds, Common Stock | Maximum | Dealer Manager
Related Party Transaction [Line Items]
Sales commissions as a percentage of benchmark	7.00%
Option One | Gross Proceeds, Common Stock | Maximum | Participating Broker-Dealer
Related Party Transaction [Line Items]
Brokerage fee as a percentage of benchmark	7.50%
Brokerage fees as a percentage of benchmark, initial grant	2.50%
Brokerage fees as a percentage of benchmark, periodic payment	1.00%
Option One | Realty Capital Securities, LLC | Gross Proceeds, Common Stock | Maximum | Dealer Manager
Related Party Transaction [Line Items]
Gross proceeds from the sale of common stock, before allowances, percentage of benchmark	3.00%
Option Two | Realty Capital Securities, LLC | Gross Proceeds, Common Stock | Dealer Manager
Related Party Transaction [Line Items]
Sales commissions as a percentage of benchmark	2.50%
Excess Offering and Related Costs | Advisor
Related Party Transaction [Line Items]
Receivable	$ 0.8

Related Party Transactions an44

Related Party Transactions and Arrangements (Fees Paid in Connection with the IPO - Selling Commissions and Dealer Fees) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Due to affiliates	$ 160		$ 160		$ 0
Sales Commissions and Dealer Manager Fees | Realty Capital Securities, LLC | Dealer Manager
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	9,721	$ 4,963	20,318	$ 4,963
Due to affiliates	$ 14		$ 14		$ 197

Related Party Transactions an45

Related Party Transactions and Arrangements (Fees Paid in Connection with the IPO, Offering Costs and Reimbursements) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Due to affiliates	$ 160		$ 160		$ 0
Fees and Expense Reimbursement, Stock Offering | Realty Capital Securities, LLC | Advisor and Dealer Manager
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	1,877	$ 542	5,046	$ 542
Due to affiliates	$ (245)		$ (245)		$ 912

Related Party Transactions an46

Related Party Transactions and Arrangements (Fees and Participations Paid in Connection With the Operations of the Company) (Details) - Jun. 30, 2015 - $ / shares	Total
Sales Commissions and Dealer Manager Fees
Related Party Transaction [Line Items]
Share Price (in dollars per share)	$ 22.50
Advisor | New York City Reit Advisors, LLC | Contract Purchase Price
Related Party Transaction [Line Items]
Acquisition fees as a percentage of benchmark	1.50%
Expected acquisition fees	0.50%
Financing advance fees as a percentage of benchmark, expected third party costs	0.10%
Quarterly asset management fee earned by related party	0.1875%
Unearned class B units (in shares)	72,675
Advisor | New York City Reit Advisors, LLC | Contract Purchase Price | Maximum
Related Party Transaction [Line Items]
Acquisition fees as a percentage of benchmark	4.50%
Advisor | New York City Reit Advisors, LLC | Advance on Loan or Other Investment
Related Party Transaction [Line Items]
Financing advance fees as a percentage of benchmark	1.50%
Advisor | New York City Reit Advisors, LLC | Advance on Loan or Other Investment | Maximum
Related Party Transaction [Line Items]
Financing advance fees as a percentage of benchmark	4.50%
Advisor | New York City Reit Advisors, LLC | Amount Available or Outstanding Under Financing Arrangement
Related Party Transaction [Line Items]
Financing coordination fees earned by related party	0.75%
Advisor | New York City Reit Advisors, LLC | Pre-tax Non-compounded Return on Capital Contribution
Related Party Transaction [Line Items]
Cumulative capital investment return to investors as a percentage of benchmark	6.00%
Advisor | New York City Reit Advisors, LLC | Pre-tax Non-compounded Return on Capital Contribution | Annual Targeted Investor Return
Related Party Transaction [Line Items]
Cumulative capital investment return to investors as a percentage of benchmark	6.00%
Advisor | New York City Reit Advisors, LLC | Gross Revenue, Stand-alone Single-tenant Net Leased Properties
Related Party Transaction [Line Items]
Property management fees earned by related party	4.00%
Advisor | New York City Reit Advisors, LLC | Average Invested Assets | Maximum | Greater Of
Related Party Transaction [Line Items]
Operating expenses as a percentage of benchmark	2.00%
Advisor | New York City Reit Advisors, LLC | Net Income, Excluding Additions to Non-cash Reserves and Gains on Sales of Assets | Maximum | Greater Of
Related Party Transaction [Line Items]
Operating expenses as a percentage of benchmark	25.00%

Related Party Transactions an47

Related Party Transactions and Arrangements (Fees and Participations Paid in Connection With the Operations of the Company, Incurred Forgiven, and Payable) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Due to affiliates	$ 160		$ 160		$ 0
Incurred
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	212	$ 0	6,233	$ 0
Forgiven
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	118	0	204	0
Acquisition fees and reimbursements: | Acquisition fees and related cost reimbursements
Related Party Transaction [Line Items]
Due to affiliates	0		0		0
Acquisition fees and reimbursements: | Financing coordination fees
Related Party Transaction [Line Items]
Due to affiliates	0		0		0
Acquisition fees and reimbursements: | Incurred | Acquisition fees and related cost reimbursements
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	0	0	5,060	0
Acquisition fees and reimbursements: | Incurred | Financing coordination fees
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	0	0	825	0
Acquisition fees and reimbursements: | Forgiven | Acquisition fees and related cost reimbursements
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	0	0	0	0
Acquisition fees and reimbursements: | Forgiven | Financing coordination fees
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	0	0	0	0
Ongoing fees: | Property management and leasing fees
Related Party Transaction [Line Items]
Due to affiliates	0		0		0
Ongoing fees: | Professional fees and reimbursements
Related Party Transaction [Line Items]
Due to affiliates	141		141		0
Ongoing fees: | Distributions on Class B Units
Related Party Transaction [Line Items]
Due to affiliates	19		19		$ 0
Ongoing fees: | Incurred | Property management and leasing fees
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	0	0	0	0
Ongoing fees: | Incurred | Professional fees and reimbursements
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	185	0	317	0
Ongoing fees: | Incurred | Distributions on Class B Units
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	27	0	31	0
Ongoing fees: | Forgiven | Property management and leasing fees
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	118	0	204	0
Ongoing fees: | Forgiven | Professional fees and reimbursements
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	0	0	0	0
Ongoing fees: | Forgiven | Distributions on Class B Units
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	$ 0	$ 0	$ 0	$ 0

Related Party Transactions an48

Related Party Transactions and Arrangements (Fees and Participations Paid in Connection with the Liquidation or Listing) (Details) - Advisor - New York City Reit Advisors, LLC	Jun. 30, 2015
Pre-tax Non-compounded Return on Capital Contribution
Related Party Transaction [Line Items]
Cumulative capital investment return to investors as a percentage of benchmark	6.00%
Subordinated performance fee as a percentage of benchmark	15.00%
Pre-tax Non-compounded Return on Capital Contribution | Annual Targeted Investor Return
Related Party Transaction [Line Items]
Cumulative capital investment return to investors as a percentage of benchmark	6.00%
Pre-tax Non-compounded Return on Capital Contribution | Maximum
Related Party Transaction [Line Items]
Subordinated performance fee as a percentage of benchmark	10.00%
Excess of Adjusted Market Value of Real Estate Assets Plus Distributions Over Aggregate Contributed Investor Capital
Related Party Transaction [Line Items]
Subordinated participation fees as a percentage of benchmark	15.00%
Distribution upon nonrenewal of advisory agreement, percentage of benchmark	15.00%
Contract Sales Price | Brokerage Commission Fees
Related Party Transaction [Line Items]
Real estate commissions as a percentage of benchmark	2.00%
Contract Sales Price | Maximum | Brokerage Commission Fees
Related Party Transaction [Line Items]
Real estate commissions as a percentage of benchmark	50.00%
Contract Sales Price | Maximum | Real Estate Commissions
Related Party Transaction [Line Items]
Real estate commissions as a percentage of benchmark	6.00%
Net Sale Proceeds, after Return of Capital Contributions and Annual Targeted Investor Return
Related Party Transaction [Line Items]
Subordinated performance fee as a percentage of benchmark	15.00%

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation			$ 2	$ 4
Restricted Share Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted automatically upon election to board of directors (in shares)	1,333		1,333
Periodic vesting percentage			20.00%
Maximum authorized amount as a percentage of shares authorized			5.00%
Number of shares authorized (in shares)	1,500,000		1,500,000
Restricted share vesting period			5 years
Share-based compensation	$ 3	$ 4	$ 2	$ 4
Nonvested awards, compensation cost not yet recognized	$ 46		$ 46
Nonvested awards, compensation cost not yet recognized, period for recognition			3 years 9 months 18 days

Equity-Based Compensation (Acti

Equity-Based Compensation (Activity) (Details) - 6 months ended Jun. 30, 2015 - Restricted Share Plan - Restricted Stock - $ / shares	Total
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance, Unvested (in shares)	3,999
Granted (in shares)	0
Vested (in shares)	(533)
Forfeitures (in shares)	(1,333)
Ending Balance, Unvested (in shares)	2,133
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance, Unvested, Weighted-Average Issue Price (in dollars per share)	$ 22.50
Granted, Weighted-Average Issue Price (in dollars per share)	0
Vested, Weighted-Average Issue Price (in dollars per share)	22.50
Forfeitures, Weighted-Average Issued (in dollars per share)	22.50
Ending Balance, Unvested, Weighted-Average Issue Price (in dollars per share)	$ 22.50

Net Loss Per Share (Details)

Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Equity [Abstract]
Net loss	$ (2,182)	$ (214)	$ (9,421)	$ (230)
Basic and diluted weighted average shares outstanding (in shares)	27,332,717	690,143	25,026,174	351,398
Basic and diluted net loss per share (in dollars per share)	$ (0.08)	$ (0.31)	$ (0.38)	$ (0.65)

Net Loss Per Share (Shares Excl

Net Loss Per Share (Shares Excluded From Calculation) (Details) - shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	74,898	3,999
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	2,133	3,999
OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	90	0
Class B Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	72,675	0

Subsequent Events (Sale of Comm

Subsequent Events (Sale of Common Stock) (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended		12 Months Ended	18 Months Ended	19 Months Ended
	Jul. 31, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Jun. 30, 2015	Jul. 31, 2015	Aug. 06, 2015
Subsequent Event [Line Items]
Common stock, shares outstanding (in shares)		29,210,219		20,569,012	29,210,219
Proceeds from issuance of common stock		$ 209,576	$ 63,140	$ 509,900	$ 725,000
Common stock		$ 207,714			$ 725,068
Subsequent Event
Subsequent Event [Line Items]
Common stock, shares outstanding (in shares)	29,700,000					29,700,000
Proceeds from issuance of common stock						$ 736,000
Common stock	$ 10,828					$ 735,896
Ownership interest in ARC Global							40.00%
AMH Holdings | Subsequent Event
Subsequent Event [Line Items]
Ownership interest in ARC Global							60.00%