American Realty Capital Global Trust II 10-Q 16 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 31, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	American Realty Capital Global Trust II, Inc.
Entity Central Index Key	1,609,865
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Shares, Shares Outstanding		11,913,853

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Land	$ 32,812	$ 5,271
Buildings, fixtures and improvements	215,604	23,669
Acquired intangible lease assets	82,703	4,520
Total real estate investments, at cost	331,119	33,460
Less accumulated depreciation and amortization	(4,979)	0
Total real estate investments, net	326,140	33,460
Cash and cash equivalents	96,961	1,286
Restricted cash	14,074	0
Derivatives, at fair value	2,464	250
Deposits for real estate acquisitions	15,655	5,464
Prepaid expenses and other assets	2,837	7,265
Receivable for sale of common stock	881	891
Deferred tax assets	439	0
Goodwill and other intangible assets	6,064	0
Deferred financing costs, net	5,530	749
Total assets	471,045	49,365
LIABILITIES AND STOCKHOLDERS' EQUITY
Short term notes payable	0	6,746
Mortgage notes payable	223,858	17,139
Credit facility	17,039	0
Below-market lease liabilities, net	3,105	0
Derivatives, at fair value	1,543	86
Due to affiliates	1,017	1,268
Accounts payable and accrued expenses	4,641	300
Prepaid rent	2,384	366
Deferred tax liability	6,064	0
Dividends payable	1,632	155
Total liabilities	$ 261,283	$ 26,060
Commitments and contingencies (Note 9)
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding	$ 0	$ 0
Common stock, $0.01 par value, 300,000,000 shares authorized, 11,398,224 and 1,297,355 shares issued; and 11,390,493 and 1,297,355 shares outstanding, as of September 30, 2015, and December 31, 2014, respectively.	114	13
Additional paid-in capital	244,609	26,004
Accumulated other comprehensive income (loss)	(470)	(41)
Accumulated deficit	(34,491)	(2,671)
Total stockholders' equity	209,762	23,305
Total liabilities and stockholders' equity	$ 471,045	$ 49,365

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized	50,000,000	50,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized	300,000,000	300,000,000
Common stock, issued	11,398,224	1,297,355
Common stock, outstanding	11,390,493	1,297,355

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		5 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2015
Revenues:
Rental income	$ 6,372	$ 0	$ 0	$ 10,394
Operating expense reimbursements	532	0	0	1,014
Total revenues	6,904	0	0	11,408
Expenses:
Property operating	528	0	0	1,183
Operating fees to affiliate	107	0	0	233
Acquisition and transaction related	1,035	0	0	21,228
General and administrative	787	156	176	1,558
Depreciation and amortization	2,736	0	0	4,753
Total expenses	5,193	156	176	28,955
Operating income (loss)	1,711	(156)	(176)	(17,547)
Other income (expense):
Interest expense	(2,220)	0	0	(5,133)
Gains (losses) on foreign currency	15	0	0	(730)
Gains on derivative instruments	69	0	0	21
Gains (losses) on hedges and derivatives deemed ineffective	37	0	0	(45)
Other income	5	0	0	21
Total other expense, net	(2,094)	0	0	(5,866)
Net loss before income taxes	(383)	(156)	(176)	(23,413)
Income taxes benefit	332	0	0	353
Net loss	(51)	(156)	(176)	(23,060)
Other comprehensive income (loss):
Cumulative translation adjustment	852	0	0	(1,127)
Designated derivatives, fair value adjustments	(1,607)	0	0	698
Comprehensive loss	$ (806)	$ (156)	$ (176)	$ (23,489)
Basic and diluted weighted average shares outstanding	10,484,259			6,592,291
Basic and diluted net loss per share	$ 0			$ (3.50)

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning Balance (in shares) at Dec. 31, 2014		1,297,355
Beginning Balance at Dec. 31, 2014	$ 23,305	$ 13	$ 26,004	$ (41)	$ (2,671)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		9,968,890
Issuance of common stock	246,613	$ 100	246,513
Common stock offering costs, commissions and dealer manager fees	(30,871)		(30,871)
Common stock repurchases, inclusive of fees (in shares)		(10,607)
Common stock repurchases, inclusive of fees	(246)		(246)
Common stock issued through dividends reinvestment plan (in shares)		133,733
Common stock issued through dividends reinvestment program	3,176	$ 1	3,175
Share-based compensation (in shares)		1,122
Share-based compensation	25		25
Amortization of restricted shares	9		9
Dividends declared	(8,760)				(8,760)
Net loss	(23,060)				(23,060)
Cumulative translation adjustment	(1,127)			(1,127)
Designated derivatives, fair value adjustments	698			698
Ending Balance (in shares) at Sep. 30, 2015		11,390,493
Ending Balance at Sep. 30, 2015	$ 209,762	$ 114	$ 244,609	$ (470)	$ (34,491)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	5 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2015
Cash flows from operating activities:
Net loss	$ (176)	$ (23,060)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	0	2,665
Amortization of intangibles	0	2,088
Amortization of deferred financing costs	0	1,432
Amortization of below-market lease liability	0	(107)
Amortization of above-market lease assets	0	179
Straight line rent	0	(400)
Share-based compensation	0	13
Net realized and unrealized mark-to-market transactions	0	(59)
Changes in operating assets and liabilities, net:
Due to affiliates	0	(251)
Prepaid expenses and other assets	0	(1,930)
Accounts payable and accrued expenses	132	4,308
Prepaid rent	0	2,018
Deferred tax assets	0	(439)
Net cash used in operating activities	(44)	(13,543)
Cash flows from investing activities:
Investment in real estate and other assets	0	(71,754)
Deposits for real estate acquisitions	0	(10,578)
Net cash used in investing activities	0	(82,332)
Cash flows from financing activities:
Borrowings under credit facility	0	4,197
Repayments on credit facility	0	(4,197)
Proceeds from notes payable	0	0
Payments of deferred financing costs	0	(6,260)
Proceeds from issuance of common stock	200	246,623
Payments of offering costs	(1,068)	(30,817)
Dividends paid	0	(4,107)
Payments on common stock repurchases, inclusive of fees	0	(246)
Advances from affiliates, net	912	0
Restricted cash	0	(14,074)
Net cash provided by financing activities	44	191,119
Net change in cash and cash equivalents	0	95,244
Effect of exchange rate on cash	0	431
Cash and cash equivalents, beginning of period		1,286
Cash and cash equivalents, end of period	0	96,961
Supplemental Disclosures:
Cash paid for interest	0	2,461
Cash paid for income taxes	0	395
Non-Cash Investing and Financing Activities:
Offering costs in accounts payables and accrued expenses	780	0
VAT refund receivable used to repay notes payable	0	6,746
Mortgage notes payable assumed or used to acquire investments in real estate	0	(207,804)
Repayment of note payable	0	(6,746)
Borrowings under line of credit to acquire real estate	0	(17,256)
Common stock issued through distribution reinvestment program	$ 0	$ 3,176

Organization

Organization	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization American Realty Capital Global Trust II, Inc. (the “Company”) was incorporated on April 23, 2014 as a Maryland corporation that intends to elect and qualify to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning with its taxable year ending December 31, 2015 . On August 26, 2014 , the Company commenced its initial public offering (the “IPO”) on a “reasonable best efforts” basis of up to 125.0 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, pursuant to a registration statement on Form S-11, as amended (File No. 333-196549 ) (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 26.3 million shares of common stock pursuant to a dividend reinvestment program (the “DRIP”) under which common stockholders may elect to have their dividends reinvested in additional shares of common stock. On October 17, 2014 , the Company received and accepted subscriptions in excess of $2.0 million of common stock, broke escrow and issued shares of its common stock to its initial investors. The Company purchased its first property and commenced active operations on December 29, 2014 . As of September 30, 2015 , the Company had 11,390,493 shares of common stock outstanding, including shares issued under the DRIP. As of September 30, 2015 , total gross proceeds from these issuances were $281.7 million , including proceeds from shares issued under the DRIP. The Company was formed to primarily acquire a diversified portfolio of commercial properties, with an emphasis on sale-leaseback transactions involving single tenant net-leased commercial properties. The Company intends to invest 50% of its capital in real estate in the United States and 50% of its capital in real estate in Europe; however, it may reallocate up to 20% of its total capital for additional investments in Europe or elsewhere internationally. All such properties may be acquired and operated by the Company alone or jointly with Moor Park Capital Global II Advisors Limited (the “Service Provider”) or another party. The Company may also originate or acquire first mortgage loans secured by real estate. As of September 30, 2015 , the Company owned 10 properties consisting of 1.6 million rentable square feet, which were 99.8% leased, with weighted average remaining lease term of 9.1 years. 8.5% of the Company's properties are located in United States and 91.5% are located in Europe. Until the NAV pricing date (as described below), the per share purchase price in the IPO will be up to $25.00 per share (including the maximum allowed to be charged for commissions and fees) and shares issued under the DRIP will be equal to $23.75 per share, which is equal to 95% of the offering price in the IPO. Beginning with the NAV pricing date (as described below), the per share price for shares in the IPO and under the DRIP will vary quarterly and will be equal to the Company’s per share net asset value, or NAV, as determined by American Realty Capital Global II Advisors, LLC (the “Advisor”), plus applicable commissions and fees, in the case of the primary offering, and the per share purchase price in the DRIP will be equal to the NAV per share. The Company reserves the right to reallocate shares covered in the Registration Statement between the IPO and the DRIP. The NAV pricing date means the date the Company first publishes an estimated per share NAV, which will be on or prior to March 16, 2017 , which is 150 days following the second anniversary of the date that the Company broke escrow in the IPO. The Company sold 8,888 shares of common stock to American Realty Capital Global II Special Limited Partner, LLC (the “Special Limited Partner”), an entity controlled by AR Capital Global Holdings, LLC. (the “Sponsor”), on May 28, 2014, at $22.50 per share for $0.2 million . Substantially all of the Company’s business is conducted through American Realty Capital Global II 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”). Additionally, the Special Limited Partner contributed $2,020 to the OP in exchange for 90 OP Units, which represents a nominal percentage of the aggregate OP ownership. A holder of limited partner interests 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, as allowed by the limited partnership agreement of the OP. The remaining rights of the limited partner interests 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 Company has retained the Advisor to manage its affairs on a day-to-day basis. American Realty Capital Global II Properties, LLC (the “Property Manager”) serves as the Company’s property manager. The Advisor entered into a service agreement with the Service Provider pursuant to which the Service Provider has agreed to provide, subject to the Advisor’s oversight, certain real estate related services, including sourcing and structuring of investment opportunities, performance of due diligence, and arranging debt financing and equity investment syndicates in respect to the Company’s properties in Europe. Realty Capital Securities, LLC (the “Dealer Manager”) serves as the dealer manager of the IPO. The Advisor, the Property Manager and the Dealer Manager are under common control with the parent of the Sponsor, and, as a result, are related parties, each of which have 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, Special Limited Partner, Property Manager and Dealer Manager have or will receive fees, dividends and other compensation during the offering, acquisition, operational and liquidation stages.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting The accompanying unaudited 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 nine months ended September 30, 2015 are not necessarily indicative of the results for the entire year or any subsequent interim period. These unaudited 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 April 1, 2015 . There have been no significant changes to the Company's significant accounting policies during the nine months ended September 30, 2015 other than the updates described below and the subsequent notes. Restricted Cash Restricted cash primarily consists of debt service and real estate tax reserves. The Company had restricted cash of $14.1 million as of September 30, 2015 . The Company had no restricted cash as of December 31, 2014 . Recently Issued Accounting Pronouncements (Pending Adoption) In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . 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 finalized a one-year delay of the revised guidance, although entities will be allowed to early adopt the guidance as of the original effective date. The new guidance will be effective in the Company's 2018 fiscal year. The Company is currently evaluating the impact of the revised guidance on the consolidated financial statements and has not yet determined the method by which the Company will adopt the standard. In February 2015, the FASB issued ASU 2015-02 Consolidation (Topic 810) - Amendments to the Consolidation Analysis . The new guidance applies to entities in all industries and provides a new scope exception to registered money market funds and similar unregistered money market funds. It makes targeted amendments to the current consolidation guidance and ends the deferral granted to investment companies from applying the variable interest entity (VIE) guidance. The standard does not add or remove any of the characteristics that determine if an entity is a VIE. However, when decision-making over the entity’s most significant activities has been outsourced, the standard changes how a reporting entity assesses if the equity holders at risk lack decision making rights. Previously, the reporting entity would be required to determine if there is a single equity holder that is able to remove the outsourced decision maker that has a variable interest. The new standard requires that the reporting entity first consider the rights of all of the equity holders at risk. If the equity holders have certain rights that are deemed to give them the power to direct the entity’s most significant activities, then the entity does not have this VIE characteristic. The new standard also introduces a separate analysis specific to limited partnerships and similar entities for assessing if the equity holders at risk lack decision making rights. Limited partnerships and similar entities will be VIEs unless the limited partners hold substantive kick-out rights or participating rights. In order for such rights to be substantive, they must be exercisable by a simple majority vote (or less) of all of the partners (exclusive of the general partner and its related parties). A right to liquidate an entity is viewed as akin to a kick-out right. The guidance for limited partnerships under the voting model has been eliminated in conjunction with the introduction of this separate analysis, including the rebuttable presumption that a general partner unilaterally controls a limited partnership and should therefore consolidate it. A limited partner with a controlling financial interest obtained through substantive kick out rights would consolidate a limited partnership. The standard eliminates certain of the criteria that must be met for an outsourced decision maker or service provider’s fee arrangement to not be a variable interest. Under current guidance, a reporting entity first assesses whether it meets power and economics tests based solely on its own variable interests in the entity to determine if it is the primary beneficiary required to consolidate the VIE. Under the new standard, a reporting entity that meets the power test will also include indirect interests held through related parties on a proportionate basis to determine whether it meets the economics test and is the primary beneficiary on a standalone basis. The standard is effective for annual periods beginning after December 15, 2015. Early adoption is allowed, including in any interim period. The Company will adopt the new guidance in fiscal 2016 and believes the guidance will not have a material impact on its consolidated financial position, results of operations or cash flows. In April 2015, the FASB issued ASU 2015-03 Interest-Imputation of Interest (Subtopic 835-30). The guidance changes 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 Company will adopt the new guidance in fiscal 2016 and believes the guidance will not have a material impact on its consolidated financial position, results of operations or cash flows. In September 2015, the FASB issued ASU 2015-16 Business Combination (Topic 805) . The guidance eliminates the requirement to adjust provisional amounts from a business combination and the related impact on earnings by restating prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of measurement period adjustments on current and prior periods, including the prior period impact on depreciation, amortization and other income statement items and their related tax effects, shall be recognized in the period the adjustment amount is determined. The cumulative adjustment would be reflected within the respective financial statement line items affected. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. The Company will adopt the new guidance in fiscal 2016 and believes the guidance will not have a material impact on its consolidated financial position, results of operations or cash flows.

Real Estate Investments

Real Estate Investments	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments The following table reflects the number and related base purchase prices of properties acquired as of December 31, 2014 and during the nine months ended September 30, 2015 : Number of Properties Base Purchase Price (1) (In thousands) As of December 31, 2014 2 $ 33,820 Nine Months Ended September 30, 2015 8 296,814 Portfolio as of September 30, 2015 10 $ 330,634 ________________________________________________ (1) Contract purchase price, excluding acquisition related costs, based on the exchange rate at the time of purchase, where applicable. The following table presents the allocation of assets acquired and liabilities assumed during the nine months ended September 30, 2015 based on contract purchase price, excluding acquisition related costs, based on the relevant exchange rate at the time of purchase. (Dollar amounts in thousands) Nine Months Ended Real estate investments, at cost: Land $ 27,840 Buildings, fixtures and improvements 193,933 Total tangible assets 221,773 Acquired intangibles: In-place leases 52,736 Above market lease assets 324 Below market lease liabilities (3,226 ) Ground lease intangible assets 25,207 Total assets acquired, net 296,814 Mortgage notes payable used to acquire real estate investments (207,804 ) Credit facilities payable used to acquire real estate investments (17,256 ) Cash paid for acquired real estate investments $ (71,754 ) Number of properties purchased 8 The Company purchased its first property and commenced active operations on December 29, 2014 . The following table presents unaudited pro forma information as if the acquisitions during the nine months ended September 30, 2015 had been consummated on April 23, 2014 (date of inception): (In thousands) Three Months Ended Nine Months Ended Pro forma revenues $ 6,926 $ 20,216 Pro forma income (net) loss 603 (5,351 ) Basic and diluted net income (loss) per share $ 0.06 $ (0.81 ) The following table presents future minimum base rent payments on a cash basis due to the Company over the next five calendar years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items. These amounts also exclude recoveries from tenants for certain expenses such as real estate taxes and insurance. (In thousands) Future Minimum Base Rental Payments 2015 (remainder) $ 6,173 2016 19,469 2017 23,434 2018 26,115 2019 26,144 2020 26,161 Thereafter 97,206 $ 224,702 The following table lists the tenants whose annualized rental income on a straight-line basis represented greater than 10% of total annualized rental income for all properties on a straight-line basis as of September 30, 2015 : September 30, 2015 Tenant ING Amsterdam 34.3% Sagemcom 21.8% DB Luxembourg 20.5% The termination, delinquency or non-renewal of leases by any of the above tenants may have a material adverse effect on revenues. The following table lists the countries where the Company has geographic concentrations of properties where annualized rental income on a straight-line basis represented greater than 10% of consolidated annualized rental income on a straight-line basis as of September 30, 2015 . September 30, 2015 Country The Netherlands 34.3% France 32.4% Luxembourg 20.5%

Revolving Credit Facility

Revolving Credit Facility	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Revolving Credit Facility	Revolving Credit Facility On January 28, 2015 , the Company, through its OP, entered into a credit agreement relating to a credit facility (the “Credit Facility”) that provided for aggregate borrowings up to $100.0 million , including swingline loans up to $50.0 million and letters of credit up to $25.0 million , subject in each case to borrowing base availability and certain other conditions. Through an uncommitted “accordion feature,” the OP, subject to certain conditions, including obtaining additional commitments from lenders, may request additional commitments under the Credit Facility to increase the aggregate commitments up to $1.3 billion . Borrowings under the Credit Facility are expected to be used, along with cash on hand, to finance portfolio acquisitions and for general corporate purposes. Availability of borrowings is based on a pool of eligible unencumbered real estate assets. The initial maturity date of the Credit Facility is January 28, 2017 , with three one -year extension options, subject to certain conditions. The Company has the option, based upon its consolidated leverage ratio, to have draws under the Credit Facility priced at either (i) Alternate Base Rate plus an applicable spread ranging from 0.5% to 1.1% , (ii) Adjusted LIBO Rate plus an applicable spread ranging from 1.5% to 2.1% , or (iii) Adjusted EURIBOR Rate plus an applicable spread ranging from 1.5% to 2.1% . Alternate Base Rate is defined in the Credit Facility as the greatest of (a) the prime rate in effect on such day; (b) the federal funds effective rate in effect on such day plus 0.50% ; and (c) Adjusted LIBO Rate for a one month interest period on such day plus 1.0% . Adjusted LIBO Rate refers to the London interbank offered rate, adjusted based on applicable reserve percentages established by the Federal Reserve. Adjusted EURIBOR Rate refers to the Euro interbank offered rate, adjusted based on applicable reserve percentages in effect on such day for fundings in Euros maintained by commercial banks which lend in Euros. If any principal or interest on any loan under the Credit Facility or any other amount payable by the OP under the Credit Facility is not paid when due, such overdue amount will bear interest at, in respect of principal, 2.0% plus the rate otherwise applicable to such principal amount, or, in respect of any other amount, 2.0% plus the rate otherwise applicable to loans under the Credit Facility bearing interest at the Alternate Base Rate. As of September 30, 2015 , the Credit Facility reflected variable-rate borrowings with a carrying value and fair value of $17.0 million , and a weighted average effective interest rate of of 3.5% after considering interest rate swaps in place. The unused borrowing capacity under the Credit Facility as of September 30, 2015 was $83.0 million . The Credit Facility agreement provides for quarterly interest payments for each Alternate Base Rate loan and periodic payments for each Adjusted LIBO Rate loan, based upon the applicable LIBOR loan period, with all principal outstanding being due on the maturity date in January 2017 . The Credit Facility agreement may be prepaid at any time, in whole or in part, without premium or penalty, subject to prior notice to the lender. In the event of a default, the lender has the right to terminate their obligations under the Credit Facility agreement and to accelerate the payment on any unpaid principal amount of all outstanding loans. The Credit Facility requires the Company to meet certain financial covenants, including the maintenance of certain financial ratios (such as specified debt-to-equity and debt service coverage ratios) as well as the maintenance of a minimum net worth. As of September 30, 2015 , the Company was in compliance with the financial covenants under the Credit Facility. A portion of the borrowings in foreign currencies were treated as net investment hedges of the Company's investments during the periods reflected in the statement of operations (See Note 7 — Derivatives and Hedging Activities).

Mortgage Notes Payable

Mortgage Notes Payable	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Mortgage Notes Payable	Mortgage Notes Payable The Company's mortgage notes payable as of September 30, 2015 and December 31, 2014 consisted of the following: Country Portfolio Encumbered Properties Outstanding Loan Amount (1) Effective Interest Rate Interest Rate Maturity September 30, 2015 December 31, 2014 (In thousands) Primary Mortgage Loans: France: Auchan 1 $ 9,333 $ 10,089 1.7% (2) Fixed Dec. 2019 Pole Emploi 1 6,521 7,050 1.7% (2) Fixed Dec. 2019 Sagemcom (4) 1 40,366 — 1.7% (2) Fixed Dec. 2019 Worldline 1 5,622 — 1.9% (2) Fixed Jul. 2020 Luxembourg: DB Luxembourg (6) 1 40,478 — 1.1% (2) Fixed May 2020 The Netherlands: ING Amsterdam (7) 1 49,474 — 1.7% (2) Fixed Jun. 2020 Total 6 151,794 17,139 1.5% Secondary Mortgage Loans: France: Sagemcom (4) 22,488 — 7.6% (3) Variable Aug. 2016 Luxembourg: DB Luxembourg (6) 24,839 — 9.1% Fixed May 2017 The Netherlands: ING Amsterdam (7) 24,737 — 6.1% (5) Variable Dec. 2015 Total 72,064 — 7.6% Grand Total 6 $ 223,858 $ 17,139 3.5% _________________________ (1) Based on exchange rates as of September 30, 2015 and December 31, 2014 , as applicable. (2) Fixed as a result of entering into an interest rate swap agreement. (3) The effective interest rate relates to a second mortgage loan with an interest rate of 7.5% plus 3-month EURIBOR as of September 30, 2015 . (4) The Sagemcom property is encumbered by a mortgage and a second mortgage loan, each pursuant to the same loan agreement. (5) The effective interest rate relates to a second mortgage loan with an interest of 6.0% plus 3-month EURIBOR as of September 30, 2015 . (6) The DB Luxembourg property is encumbered by a mortgage and a second mortgage loan, each pursuant to the same loan agreement. (7) The ING Amsterdam property is encumbered by a mortgage and a second mortgage loan, each pursuant to the same loan agreement. The carrying value of unencumbered assets as of September 30, 2015 was $28.1 million . The following table summarizes the scheduled aggregate principal payments on the mortgage notes payable subsequent to September 30, 2015 : (In thousands) Future Principal Payments 2015 (remainder) $ 24,737 2016 22,488 2017 24,839 2018 — 2019 56,220 2020 95,574 Thereafter — Total $ 223,858 The Company's mortgage notes payable agreements require compliance with certain property-level financial covenants including debt service coverage ratios. As of September 30, 2015 and December 31, 2014 , the Company was in compliance with financial covenants under its mortgage notes payable agreements.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 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 investment. This alternative approach also reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. 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 about the 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. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. However, as of September 30, 2015 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company's derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The valuation of derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company's potential nonperformance risk and the performance risk of the counterparties. Financial instruments measured at fair value on a recurring basis The following table presents information about the Company's assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 , aggregated by the level in the fair value hierarchy within which those instruments fall. (In thousands) Level 1 Level 2 Level 3 Total September 30, 2015 Foreign currency swaps, net (EUR) $ — $ 2,174 $ — $ 2,174 Interest rate swaps, net (GBP & EUR) $ — $ (1,524 ) $ — $ (1,524 ) Foreign currency forwards, net (GBP & EUR) $ — $ 271 $ — $ 271 December 31, 2014 Foreign currency swaps, net (EUR) $ — $ 250 $ — $ 250 Interest rate swaps, net (EUR) $ — $ (86 ) $ — $ (86 ) A review of the fair value hierarchy classification is conducted on a quarterly basis. Changes in the type of inputs may result in a reclassification for certain assets. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the nine months ended September 30, 2015 . Financial instruments not measured at fair value on a recurring basis The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate that value. The fair value of short-term financial instruments such as cash and cash equivalents, due to/from affiliates, accounts payable and dividends payable approximates their carrying value on the consolidated balance sheets due to their short-term nature. The fair values of the Company's remaining financial instruments that are not reported at fair value on the consolidated balance sheets as of September 30, 2015 and December 31, 2014 are reported below. Carrying Fair Value Carrying Amount Fair Value (In thousands) Level September 30, September 30, December 31, December 31, Mortgage notes payable 3 $ 223,858 $ 223,467 $ 17,139 $ 16,983 Credit facility 3 $ 17,039 $ 17,039 $ — $ — The fair value of the mortgage notes payable is estimated using a discounted cash flow analysis, based on the Advisor's experience with similar types of borrowing arrangements. Advances under the Credit Facility with variable interest rates and advances under the revolving portion of the Credit Facility are considered to be reported at fair value.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative and Hedging Activities	Derivatives and Hedging Activities Risk Management Objective The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. Certain foreign investments expose the Company to fluctuations of foreign interest rates and exchange rates. These fluctuations may impact the value of the Company’s cash receipts and payments in terms of the Company’s functional currency. The Company enters into derivative financial instruments to protect the value or fix the amount of certain obligations in terms of its functional currency, the U.S. dollar ("USD"). The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company does not intend to utilize derivatives for speculative or other purposes other than interest rate and currency risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the balance sheets as of September 30, 2015 and December 31, 2014 : September 30, December 31, 2014 (In thousands) Balance Sheet Location Derivatives designated as hedging instruments: Cross currency swaps (EUR-USD) Derivative assets, at fair value $ 2,194 $ 250 Forwards (EUR-USD) Derivative assets, at fair value 249 — Cross currency swaps (EUR-USD) Derivative liabilities, at fair value (20 ) — Interest rate swaps (GBP) Derivative liabilities, at fair value (172 ) — Interest rate swaps (EUR) Derivative liabilities, at fair value (1,352 ) (86 ) Total $ 899 $ 164 Derivatives not designated as hedging instruments: Forwards (GBP-USD) Derivative assets, at fair value $ 22 $ — The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company's derivatives as of September 30, 2015 and December 31, 2014 . The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying consolidated balance sheets. Gross Amounts Not Offset on the Balance Sheet Derivatives (In thousands) Gross Amounts of Recognized Assets Gross Amounts of Recognized (Liabilities) Gross Amounts Offset on the Balance Sheet Net Amounts of Assets (Liabilities) presented on the Balance Sheet Financial Instruments Cash Collateral Received (Posted) Net Amount September 30, 2015 $ 2,464 $ (1,543 ) $ — $ 921 $ — $ — $ 921 December 31, 2014 $ 250 $ (86 ) $ — $ 164 $ — $ — $ 164 Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During 2015 , such derivatives were used to hedge the variable cash flows associated with variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three and nine months ended September 30, 2015 , the Company recorded losses of $0.1 million and $43,000 of ineffectiveness in earnings, respectively. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments made on the Company's variable-rate debt. During the next 12 months, the Company estimates that an additional $0.8 million will be reclassified from other comprehensive income (loss) as an increase to interest expense. The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2015 : (In thousands) Three Months Ended Nine Months Ended Amount of gain recognized in accumulated other comprehensive income from derivatives (effective portion) $ (1,389 ) $ 972 Amount of gain (loss) reclassified from accumulated other comprehensive income into income as interest expense (effective portion) $ (186 ) $ (283 ) Amount of gain (loss) recognized in income on derivative instruments (ineffective portion and amount excluded from effectiveness testing) $ (61 ) $ (43 ) As of September 30, 2015 and December 31, 2014 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: September 30, 2015 December 31, 2014 Derivatives Number of Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate swaps (EUR) 6 $ 151,794 2 $ 17,139 Interest rate swaps (GBP) 1 17,039 — — Total 7 $ 168,833 2 $ 17,139 Net Investment Hedges The Company is exposed to fluctuations in foreign exchange rates on property investments in foreign countries which pay rental income, property related expenses and hold debt instruments in currencies other than its functional currency, the USD. The Company uses foreign currency derivatives including cross currency swaps to hedge its exposure to changes in foreign exchange rates on certain of its foreign investments. Cross currency swaps involve fixing the applicable currency exchange rate for delivery of a specified amount of foreign currency on specified dates. In addition, foreign currency advances of £11.2 million ( $17.0 million equivalent based upon the exchange rate as of the date of the advance) were drawn under the Company's Credit Facility to fund individual real estate investments in the respective local currency which were designated as net investment hedges and creates a natural hedge against the equity invested, removing the need for final currency swaps. For derivatives designated as net investment hedges, the effective portion of changes in the fair value of the derivatives are reported in accumulated other comprehensive income (loss) (outside of earnings) as part of the cumulative translation adjustment. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts are reclassified out of accumulated other comprehensive income into earnings when the hedged net investment is either sold or substantially liquidated. As of September 30, 2015 and December 31, 2014 , the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations: September 30, 2015 December 31, 2014 Derivatives Number of Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Cross currency swaps (EUR-USD) 4 $ 56,021 1 $ 16,321 Forwards (EUR-USD) 1 10,100 — — Total 5 $ 66,121 1 $ 16,321 Non-Designated Hedges The Company is exposed to fluctuations in the exchange rates of its functional currency, the USD, against the Pound Sterling ("GBP") and the Euro ("EUR"). The Company uses foreign currency derivatives including currency forward and cross currency swap agreements to manage its exposure to fluctuations in GBP-USD and EUR-USD exchange rates. While these derivatives are hedging the fluctuations in foreign currencies, they do not meet the strict hedge accounting requirements to be classified as hedging instruments. Changes in the fair value of derivatives not designated as hedges under qualifying hedging relationships are recorded directly in earnings. The Company recorded marked-to-market gains of $0.1 million and $21,000 on the non-designated derivatives for the three and nine months ended September 30, 2015 , respectively. The Company also recorded gains of $37,000 and losses of $45,000 from over hedging ineffectiveness on the designated net investment hedges for three and nine months ended September 30, 2015 , respectively. As of September 30, 2015 and December 31, 2014 , the Company had the following outstanding derivatives that were not designated as hedges under qualifying hedging relationships. September 30, 2015 December 31, 2014 Derivatives Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Forwards (GBP-USD) 10 $ 1,160 — $ — Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain provisions whereby if the Company either defaults or is capable of being declared to be in default on any of its indebtedness, then the Company could also be declared to be in default on its derivative obligation. As of September 30, 2015 , the fair value of derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $1.7 million . As of September 30, 2015 , the Company has not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value.

Common Stock

Common Stock	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Common Stock	Common Stock The Company is offering and selling to the public in its IPO up to 125.0 million shares of common stock, $0.01 par value per share, at a price of $25.00 per share (including the maximum allowed to be charged for commissions and fees), on a “reasonable best efforts” basis, pursuant to the Registration Statement. The Company is also offering up to 26.3 million shares of common stock under it's DRIP, initially at $23.75 per share, which is 95% of the primary offering price. Beginning with the NAV pricing date, the per share purchase price in the IPO will vary quarterly and will be equal to the NAV per share, as determined by the Advisor, plus applicable commissions and fees and the per share purchase price in the DRIP will be equal to the NAV per share. The Company reserves the right to reallocate the shares of common stock it is offering between the primary offering and the DRIP. On October 17, 2014 , the Company received and accepted subscriptions in excess of $2.0 million of common stock, broke escrow and issued shares of its common stock to its initial investors. As of September 30, 2015 , the Company had 11,390,493 shares of common stock outstanding, including shares issued under the DRIP. Total gross proceeds from these issuances were $281.7 million , including proceeds from shares issued under the DRIP. On October 22, 2014 , the board of directors authorized, and the Company declared, dividends payable to stockholders of record each day during the applicable period equal to $0.0048630137 per day. Dividends began to accrue on November 1, 2014 and will be payable by the 5th day following each month end to stockholders of record at the close of business each day during the prior month. Dividend payments are dependent on the availability of funds. The board of directors may reduce the amount of dividends paid or suspend dividend payments at any time and therefore dividend payments are not assured. The first dividend payment was made on December 1, 2014 .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments & Contingencies Litigation and Regulatory Matters In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. As of September 30, 2015 , there were 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 September 30, 2015 , the Company had 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

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As of September 30, 2015 , an entity controlled by the Sponsor owned 8,888 shares of the Company’s outstanding common stock. The Advisor and its affiliates may incur and pay costs and fees on behalf of the Company. As of September 30, 2015 and December 31, 2014 , the Company had $1.0 million and $1.3 million of payables to affiliated entities for advances received to fund the payment of offering costs, respectively. 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. The Dealer Manager receives 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 receives 3.0% of the per share purchase price from the sale of the Company's shares, before reallowance to such participating broker-dealers, as a dealer-manager fee. The Dealer Manager may re-allow 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% paid on each anniversary date of the closing of the sale to the fifth anniversary date of the closing of the sale. If this option is elected, the Dealer Manager's fee will be reduced to 2.5% (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: (In thousands) Three Months Ended Nine Months Ended Payable as of September 30, 2015 Payable as of December 31, 2014 Total commissions and fees from Dealer Manager $ 4,909 $ 22,039 $ 73 $ 89 The Advisor and its affiliates receive compensation and reimbursement for services relating to the IPO, including transfer agent services provided by an affiliate of the Dealer Manager. All offering costs incurred by the Company or its affiliated entities on behalf of the Company are charged to additional paid-in capital on the accompanying consolidated balance sheet. As of September 30, 2015 , the Company has not incurred any offering cost reimbursements from the Advisor or the Dealer Manager. The Company is responsible for offering and related costs from the IPO, excluding commissions and dealer manager fees, up to a maximum of 2.0% of gross proceeds from the IPO of common stock, measured at the end of the IPO. IPO costs in excess of the 2.0% cap as of the end of the IPO are the Advisor’s responsibility. As of September 30, 2015 , offering and related costs exceeded 2.0% of gross proceeds received from the offering by $6.1 million . The following table details offering costs and reimbursements incurred from and due to the Advisor and Dealer Manager as of and for the periods presented: (In thousands) Three Months Ended Nine Months Ended Payable as of September 30, 2015 Payable as of December 31, 2014 Fees and expense reimbursements from the Advisor and Dealer Manager $ 2,021 $ 7,579 $ 730 $ 1,268 After the escrow break, the Advisor elected to cap cumulative offering costs incurred by the Company, net of unpaid amounts, to 15.0% of gross common stock proceeds during the offering period. As of September 30, 2015 , cumulative offering costs were $37.0 million . As of September 30, 2015 , cumulative offering costs, net of unpaid amounts did no t exceed the 15.0% threshold. Fees Paid in Connection With the Operations of the Company The Advisor is paid an acquisition fee of 1.5% of (A) the contract purchase price of each property acquired (including the Company's pro rata share of any indebtedness assumed or incurred in respect of that investment and exclusive of acquisition fees and financing coordination fees) and (B) the amount advanced for a loan or other investment (exclusive of acquisition fees and financing coordination fees). Solely with respect to the Company’s European investment activities, the Advisor will assign to the Service Provider its pro rata portion of the acquisition fees in respect of such properties, and the Advisor will receive the remaining portion. The Company may also reimburse the Advisor or the Servicer Provider for expenses actually incurred related to selecting, evaluating and acquiring assets, regardless of whether the Company actually acquires the related assets. In addition, the Company will also pay third parties, or reimburse the Advisor or its affiliates 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 a particular investment exceed 4.5% of (A) the contract purchase price of the property (including the Company's pro rata share of any indebtedness assumed or incurred in respect of that investment) and (B) the amount advanced for each loan or other investment. 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 will pay the Advisor a financing coordination fee equal to 0.75% of the amount available or outstanding under such financing, subject to certain limitations. The OP will issue (subject to periodic approval by the board of directors) restricted Class B units in the OP (“Class B units”) to the Advisor for asset management services on a quarterly basis in an amount equal to: (i) the excess of (A) 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) less (B) any amounts payable as an oversight fee for such calendar quarter; 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 any one of the following events occurs: (i) a listing of the Company's common stock on a national securities exchange; (ii) a transaction to which the Company or the Company's operating partnership 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; provided that the Advisor pursuant to the advisory agreement is providing services to us immediately prior to the occurrence of an event of the type described in this clause, unless the failure to provide such services is attributable to the termination without cause of the advisory agreement by an affirmative vote of a majority of the Company's independent directors after the economic hurdle described above has been met. Such Class B units will be forfeited immediately if the advisory agreement is terminated other than by an affirmative vote of a majority of the Company's independent directors without cause. 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 September 30, 2015, the Company cannot determine the probability of achieving the performance condition. The Advisor will receive distributions on each unvested Class B unit in an amount equal to the distributions rate received on the Company's common stock. Such distributions on issued Class B units will be expensed in the consolidated statements of operations and comprehensive loss until the performance condition is considered probable to occur. During the three and nine months ended September 30, 2015 , the Company's board of directors approved the issuance of 28,174 and 41,421 shares of Class B units, respectively. If the Property Manager, or an affiliate, provide property management and leasing services for properties owned by the Company, the Company will pay fees equal to: (i) with respect to stand-alone, single-tenant net leased properties which are not part of a shopping center, 2.0% of gross revenues from the properties managed and (ii) with respect to all other types of properties, 4.0% of gross revenues from the properties managed. For services related to overseeing property management and leasing services provided by any person or entity that is not an affiliate of the Property Manager, the Company will pay the Property Manager an oversight fee equal to 1.0% of gross revenues of the property managed. Solely with respect to the Company's investment activities in Europe, the Service Provider or other entity providing property management services with respect to such investments will be paid: (i) with respect to single-tenant net leased properties which are not part of a shopping center, 1.75% of the gross revenues from such properties and (ii) with respect to all other types of properties, 3.5% of the gross revenues from such properties. The Property Manager receives 0.25% of the gross revenues from European single-tenant net leased properties which are not part of a shopping center and 0.5% of the gross revenues from all other types of properties, reflecting a split of the oversight fee with the Service Provider or an affiliated entity providing European property management services. Such fees are deducted from fees payable to the Advisor, pursuant to the service provider agreement. The following table details amounts incurred, forgiven and payable to related parties in connection with the operations-related services described above as of and for the periods presented: Three Months Ended Nine Months Ended Payable as of (In thousands) Incurred Forgiven Incurred Forgiven September 30, 2015 December 31, 2014 One-time fees and reimbursements: Acquisition fees and related cost reimbursements (1) $ 176 $ — $ 6,093 $ — $ 170 $ — Financing coordination fees (2) 41 — 2,308 — — — Ongoing fees: Property management and leasing fees (3) 182 81 272 100 26 — Distributions on Class B units (4) 14 — 20 — 18 — Total related party fees and reimbursements $ 413 $ 81 $ 8,693 $ 100 $ 214 $ — ___________________________________________________________________________ (1) These affiliated fees are recorded within acquisition and transaction related costs on the consolidated statements of operations and comprehensive loss. (2) These affiliated costs are recorded as deferred financing costs and amortized over the term of the respective financing arrangement. (3) The Advisor waived 100% of fees from U.S. assets and its allocated portion of 50% of fees from European assets. (4) Balance included in general and administrative expenses in the consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2015 . The Company will reimburse 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 reserves and excluding any gain from the sale of assets for that period. Additionally, the Company will reimburse the Advisor for personnel costs in connection with other services during the operational stage; 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 services during the three and nine months ended September 30, 2015 . In order to improve operating cash flows and the ability to pay dividends from operating cash flows, the Advisor may waive certain fees including asset management and property management fees. Because the Advisor may waive certain fees, cash flow from operations that would have been paid to the Advisor may be available to pay dividends to stockholders. The fees that may be forgiven are not deferrals and accordingly, will not be paid to the Advisor. In certain instances, to improve the Company's working capital, the Advisor may elect to absorb a portion of the Company's general and administrative costs or property operating expenses. These absorbed costs are presented net in the accompanying consolidated statements of operations and comprehensive loss. During the three and nine months ended September 30, 2015 , there were no property operating and general administrative expenses absorbed by our Advisor. Fees Paid in Connection with the Liquidation or Listing of the Company’s Real Estate Assets The Company will pay 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. This fee will be payable only upon the sale of assets, dividends 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 nine months ended September 30, 2015 . The Company will pay a brokerage commission on the sale of property, not to exceed the lesser of 2.0% of the contract sale price of the property and one-half 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 commissions were incurred during the three and nine months ended September 30, 2015 . The Special Limited Partner will be entitled to receive a subordinated participation in the net sales proceeds of the sale of real estate assets equal to 15.0% of remaining net sale proceeds after return of capital contributions to investors plus payment to investors of a 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 return equal to a 6.0% cumulative non-compounded return on their capital contributions. No such participation in net sale proceeds became due and payable during the three and nine months ended September 30, 2015 . 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 dividends 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 return of their capital plus a return equal to 6.0% cumulative, pre-tax non-compounded return on their capital contributions. No such distributions were incurred during the three and nine months ended September 30, 2015 . 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 return to investors. The Advisor 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	9 Months Ended
	Sep. 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, and the Service Provider 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 and investor relations. As a result of these relationships, the Company is dependent upon the Advisor and its affiliates and the Service Provider. In the event that these companies are unable to provide the Company with the respective services, the Company will be required to find alternative providers of these services.

Share Based Compensation

Share Based Compensation	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share Based Compensation	Share 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 action by the Company’s board of directors or the stockholders, on the date of initial election to the board of directors and on the date of each annual stockholder’s meeting. Restricted stock issued to independent directors will vest over a five -year period following the first anniversary of 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 6.3 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 dividends prior to the time that the restrictions on the restricted shares have lapsed. Any dividends payable in shares of common stock shall be subject to the same restrictions as the underlying restricted shares. The fair value of the shares will be expensed over the vesting period of five years. The following table reflects restricted share award activity for the nine months ended September 30, 2015 . Number of Restricted Shares Weighted-Average Issue Price Unvested, December 31, 2014 2,666 $ 22.50 Granted 6,665 22.50 Vested (267 ) 22.50 Forfeitures (1,333 ) 22.50 Unvested, September 30, 2015 7,731 $ 22.50 Compensation expense related to restricted stock was approximately $13,000 during the nine months ended September 30, 2015 and is recorded as general and administrative expense in the accompanying statements of operations. As of September 30, 2015 , the Company had $0.2 million of unrecognized compensation cost related to unvested restricted share awards granted under the Company’s RSP. That cost is expected to be recognized over a weighted average period of 5 years. Other Share-Based Compensation The Company has issued common stock in lieu of cash to pay fees earned by the Company's directors at each director's election. There are no restrictions on the shares issued since these payments in lieu of cash relate to fees earned for services performed. There were 856 shares of common stock issued in lieu of cash during the nine months ended September 30, 2015 which resulted in additional shared based compensation of $19,000 .

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share The following is a summary of the basic and diluted net income (loss) per share computation for the periods presented: Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Net loss (in thousands) $ (51 ) $ (23,060 ) Basic and diluted weighted average shares outstanding 10,484,259 6,592,291 Basic and diluted net loss per share $ — $ (3.50 ) The Company had the following common share equivalents as of September 30, 2015 , which were excluded from the calculation of diluted loss per share attributable to stockholders as the effect would have been antidilutive: Nine Months Ended September 30, 2015 Unvested restricted stock 7,731 OP Units 90 Class B units 41,421 Total common share equivalents 49,242

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the filing of this 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 transactions: Sales of Common Stock As of October 31, 2015 , the Company had 11.9 million shares of common stock outstanding, including shares issued under the DRIP. Total gross proceeds, net of repurchases, from these issuances were $294.7 million , including proceeds from shares issued under the DRIP. As of October 31, 2015 , the aggregate value of all share issuances was $297.6 million based on a per share value of $25.00 (or $23.75 per share for shares issued under the DRIP). Total capital raised to date, including shares issued under the DRIP, is as follows: Source of Capital (in thousands) Inception to September 30, 2015 October 1, 2015 to October 31, 2015 Total Common stock $ 281,730 $ 12,933 $ 294,663 Acquisitions The following table presents certain information about the properties that the Company acquired subsequent to September 30, 2015 : Number of Properties Rentable Square Feet Base Purchase Price (1) (In thousands) Total Portfolio, September 30, 2015 10 1,618,741 $ 330,634 Acquisitions 2 671,419 163,799 Total Portfolio, November 16, 2015 12 2,290,160 $ 494,433 ________________________ (1) Contract purchase price, excluding acquisition related costs, based on the exchange rate at the time of purchase. Sponsor Transactions On November 9, 2015 , AR Capital, LLC ("ARC") advised the Company that ARC and Apollo Global Management, LLC (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) have mutually agreed to terminate an agreement, dated as of August 6, 2015 , pursuant to which Apollo would have purchased a controlling interest in a newly formed company that would have owned a majority of the ongoing asset management business of ARC, including the Advisor and the Property Manager. The termination has no effect on the Company's current management team. Also on November 9, 2015 , RCS Capital Corporation (“RCS Capital”), the parent of the Dealer Manager and a company under common control with ARC, and Apollo announced that they have mutually agreed to amend an agreement (the “RCS Agreement”), dated as of August 6, 2015 , pursuant to which RCS Capital will sell its wholesale distribution business, including the Dealer Manager, to an affiliate of Apollo. This transaction is subject to customary closing conditions and regulatory approvals and is expected to close early in the first quarter of 2016 . American National Stock Transfer, LLC and RCS Advisory Services, LLC will remain as subsidiaries of RCS Capital. Massachusetts Complaint On November 12, 2015, the Enforcement Section of the Massachusetts Securities Division filed an administrative complaint against the Dealer Manager, an entity under common control with the Advisor and Sponsor . Neither the Company nor the Company's advisor is a named party in the administrative complaint. The Dealer Manager serves as the dealer manager of the IPO and, together with its affiliates, provides certain services to the Advisor. The administrative complaint alleges fraudulent behavior in connection with proxy services provided by the Dealer Manager to another program sponsored by the Sponsor. The Dealer Manager has previously solicited proxies on behalf of the Company, although the Advisor has determined at this time that the Dealer Manager will no longer provide such services to the Company. The administrative complaint alleges that employees of the Dealer Manager fabricated numerous shareholder proxy votes across multiple entities sponsored by the parent of the Sponsor but does not specifically refer to any actions taken in connection with any of the Company’s proxy solicitations. Offering Suspension On November 15, 2015, the Company’s board of directors, on the advice of the Advisor, authorized the suspension of the IPO effective December 31, 2015. There can be no assurance as to when, or if, the Company will resume the IPO. Mezzanine Loan On November 13, 2015 , the Company, through a subsidiary entity, entered into a mezzanine loan agreement that provides for aggregate borrowings up to €128.0 million subject to certain conditions. Borrowings under the mezzanine loan are expected to be used, along with cash on hand, to refinance certain existing properties and finance portfolio acquisitions. The mezzanine loan bears interest at 8.25% per annum, payable quarterly, and has maturity date of August 11, 2017 .

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying unaudited 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 nine months ended September 30, 2015 are not necessarily indicative of the results for the entire year or any subsequent interim period.
Recently Issued Accounting Pronouncements (Pending Adoption)	Recently Issued Accounting Pronouncements (Pending Adoption) In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . 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 finalized a one-year delay of the revised guidance, although entities will be allowed to early adopt the guidance as of the original effective date. The new guidance will be effective in the Company's 2018 fiscal year. The Company is currently evaluating the impact of the revised guidance on the consolidated financial statements and has not yet determined the method by which the Company will adopt the standard. In February 2015, the FASB issued ASU 2015-02 Consolidation (Topic 810) - Amendments to the Consolidation Analysis . The new guidance applies to entities in all industries and provides a new scope exception to registered money market funds and similar unregistered money market funds. It makes targeted amendments to the current consolidation guidance and ends the deferral granted to investment companies from applying the variable interest entity (VIE) guidance. The standard does not add or remove any of the characteristics that determine if an entity is a VIE. However, when decision-making over the entity’s most significant activities has been outsourced, the standard changes how a reporting entity assesses if the equity holders at risk lack decision making rights. Previously, the reporting entity would be required to determine if there is a single equity holder that is able to remove the outsourced decision maker that has a variable interest. The new standard requires that the reporting entity first consider the rights of all of the equity holders at risk. If the equity holders have certain rights that are deemed to give them the power to direct the entity’s most significant activities, then the entity does not have this VIE characteristic. The new standard also introduces a separate analysis specific to limited partnerships and similar entities for assessing if the equity holders at risk lack decision making rights. Limited partnerships and similar entities will be VIEs unless the limited partners hold substantive kick-out rights or participating rights. In order for such rights to be substantive, they must be exercisable by a simple majority vote (or less) of all of the partners (exclusive of the general partner and its related parties). A right to liquidate an entity is viewed as akin to a kick-out right. The guidance for limited partnerships under the voting model has been eliminated in conjunction with the introduction of this separate analysis, including the rebuttable presumption that a general partner unilaterally controls a limited partnership and should therefore consolidate it. A limited partner with a controlling financial interest obtained through substantive kick out rights would consolidate a limited partnership. The standard eliminates certain of the criteria that must be met for an outsourced decision maker or service provider’s fee arrangement to not be a variable interest. Under current guidance, a reporting entity first assesses whether it meets power and economics tests based solely on its own variable interests in the entity to determine if it is the primary beneficiary required to consolidate the VIE. Under the new standard, a reporting entity that meets the power test will also include indirect interests held through related parties on a proportionate basis to determine whether it meets the economics test and is the primary beneficiary on a standalone basis. The standard is effective for annual periods beginning after December 15, 2015. Early adoption is allowed, including in any interim period. The Company will adopt the new guidance in fiscal 2016 and believes the guidance will not have a material impact on its consolidated financial position, results of operations or cash flows. In April 2015, the FASB issued ASU 2015-03 Interest-Imputation of Interest (Subtopic 835-30). The guidance changes 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 Company will adopt the new guidance in fiscal 2016 and believes the guidance will not have a material impact on its consolidated financial position, results of operations or cash flows. In September 2015, the FASB issued ASU 2015-16 Business Combination (Topic 805) . The guidance eliminates the requirement to adjust provisional amounts from a business combination and the related impact on earnings by restating prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of measurement period adjustments on current and prior periods, including the prior period impact on depreciation, amortization and other income statement items and their related tax effects, shall be recognized in the period the adjustment amount is determined. The cumulative adjustment would be reflected within the respective financial statement line items affected. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. The Company will adopt the new guidance in fiscal 2016 and believes the guidance will not have a material impact on its consolidated financial position, results of operations or cash flows.

Real Estate Investments (Tables

Real Estate Investments (Tables)	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Schedule of Real Estate Properties	The following table reflects the number and related base purchase prices of properties acquired as of December 31, 2014 and during the nine months ended September 30, 2015 : Number of Properties Base Purchase Price (1) (In thousands) As of December 31, 2014 2 $ 33,820 Nine Months Ended September 30, 2015 8 296,814 Portfolio as of September 30, 2015 10 $ 330,634 ________________________________________________ (1) Contract purchase price, excluding acquisition related costs, based on the exchange rate at the time of purchase, where applicable. The following table presents certain information about the properties that the Company acquired subsequent to September 30, 2015 : Number of Properties Rentable Square Feet Base Purchase Price (1) (In thousands) Total Portfolio, September 30, 2015 10 1,618,741 $ 330,634 Acquisitions 2 671,419 163,799 Total Portfolio, November 16, 2015 12 2,290,160 $ 494,433 ________________________ (1) Contract purchase price, excluding acquisition related costs, based on the exchange rate at the time of purchase.
Schedule of Business Acquisitions, by Acquisition	The following table presents the allocation of assets acquired and liabilities assumed during the nine months ended September 30, 2015 based on contract purchase price, excluding acquisition related costs, based on the relevant exchange rate at the time of purchase. (Dollar amounts in thousands) Nine Months Ended Real estate investments, at cost: Land $ 27,840 Buildings, fixtures and improvements 193,933 Total tangible assets 221,773 Acquired intangibles: In-place leases 52,736 Above market lease assets 324 Below market lease liabilities (3,226 ) Ground lease intangible assets 25,207 Total assets acquired, net 296,814 Mortgage notes payable used to acquire real estate investments (207,804 ) Credit facilities payable used to acquire real estate investments (17,256 ) Cash paid for acquired real estate investments $ (71,754 ) Number of properties purchased 8
Business Acquisition, Pro Forma Information	The following table presents unaudited pro forma information as if the acquisitions during the nine months ended September 30, 2015 had been consummated on April 23, 2014 (date of inception): (In thousands) Three Months Ended Nine Months Ended Pro forma revenues $ 6,926 $ 20,216 Pro forma income (net) loss 603 (5,351 ) Basic and diluted net income (loss) per share $ 0.06 $ (0.81 )
Schedule of Future Minimum Rental Payments for Operating Leases	The following table presents future minimum base rent payments on a cash basis due to the Company over the next five calendar years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items. These amounts also exclude recoveries from tenants for certain expenses such as real estate taxes and insurance. (In thousands) Future Minimum Base Rental Payments 2015 (remainder) $ 6,173 2016 19,469 2017 23,434 2018 26,115 2019 26,144 2020 26,161 Thereafter 97,206 $ 224,702
Schedule of Annualized Rental Income by Major Tenants	The following table lists the tenants whose annualized rental income on a straight-line basis represented greater than 10% of total annualized rental income for all properties on a straight-line basis as of September 30, 2015 : September 30, 2015 Tenant ING Amsterdam 34.3% Sagemcom 21.8% DB Luxembourg 20.5%
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas	The following table lists the countries where the Company has geographic concentrations of properties where annualized rental income on a straight-line basis represented greater than 10% of consolidated annualized rental income on a straight-line basis as of September 30, 2015 . September 30, 2015 Country The Netherlands 34.3% France 32.4% Luxembourg 20.5%

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The Company's mortgage notes payable as of September 30, 2015 and December 31, 2014 consisted of the following: Country Portfolio Encumbered Properties Outstanding Loan Amount (1) Effective Interest Rate Interest Rate Maturity September 30, 2015 December 31, 2014 (In thousands) Primary Mortgage Loans: France: Auchan 1 $ 9,333 $ 10,089 1.7% (2) Fixed Dec. 2019 Pole Emploi 1 6,521 7,050 1.7% (2) Fixed Dec. 2019 Sagemcom (4) 1 40,366 — 1.7% (2) Fixed Dec. 2019 Worldline 1 5,622 — 1.9% (2) Fixed Jul. 2020 Luxembourg: DB Luxembourg (6) 1 40,478 — 1.1% (2) Fixed May 2020 The Netherlands: ING Amsterdam (7) 1 49,474 — 1.7% (2) Fixed Jun. 2020 Total 6 151,794 17,139 1.5% Secondary Mortgage Loans: France: Sagemcom (4) 22,488 — 7.6% (3) Variable Aug. 2016 Luxembourg: DB Luxembourg (6) 24,839 — 9.1% Fixed May 2017 The Netherlands: ING Amsterdam (7) 24,737 — 6.1% (5) Variable Dec. 2015 Total 72,064 — 7.6% Grand Total 6 $ 223,858 $ 17,139 3.5% _________________________ (1) Based on exchange rates as of September 30, 2015 and December 31, 2014 , as applicable. (2) Fixed as a result of entering into an interest rate swap agreement. (3) The effective interest rate relates to a second mortgage loan with an interest rate of 7.5% plus 3-month EURIBOR as of September 30, 2015 . (4) The Sagemcom property is encumbered by a mortgage and a second mortgage loan, each pursuant to the same loan agreement. (5) The effective interest rate relates to a second mortgage loan with an interest of 6.0% plus 3-month EURIBOR as of September 30, 2015 . (6) The DB Luxembourg property is encumbered by a mortgage and a second mortgage loan, each pursuant to the same loan agreement. (7) The ING Amsterdam property is encumbered by a mortgage and a second mortgage loan, each pursuant to the same loan agreement.
Schedule of Maturities of Long-term Debt	The following table summarizes the scheduled aggregate principal payments on the mortgage notes payable subsequent to September 30, 2015 : (In thousands) Future Principal Payments 2015 (remainder) $ 24,737 2016 22,488 2017 24,839 2018 — 2019 56,220 2020 95,574 Thereafter — Total $ 223,858

Fair Value of Financial Instr24

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value, Liabilities Measured on Recurring Basis	The following table presents information about the Company's assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 , aggregated by the level in the fair value hierarchy within which those instruments fall. (In thousands) Level 1 Level 2 Level 3 Total September 30, 2015 Foreign currency swaps, net (EUR) $ — $ 2,174 $ — $ 2,174 Interest rate swaps, net (GBP & EUR) $ — $ (1,524 ) $ — $ (1,524 ) Foreign currency forwards, net (GBP & EUR) $ — $ 271 $ — $ 271 December 31, 2014 Foreign currency swaps, net (EUR) $ — $ 250 $ — $ 250 Interest rate swaps, net (EUR) $ — $ (86 ) $ — $ (86 )
Fair Value, by Balance Sheet Grouping	The fair values of the Company's remaining financial instruments that are not reported at fair value on the consolidated balance sheets as of September 30, 2015 and December 31, 2014 are reported below. Carrying Fair Value Carrying Amount Fair Value (In thousands) Level September 30, September 30, December 31, December 31, Mortgage notes payable 3 $ 223,858 $ 223,467 $ 17,139 $ 16,983 Credit facility 3 $ 17,039 $ 17,039 $ — $ —

Derivatives and Hedging Activ25

Derivatives and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the balance sheets as of September 30, 2015 and December 31, 2014 : September 30, December 31, 2014 (In thousands) Balance Sheet Location Derivatives designated as hedging instruments: Cross currency swaps (EUR-USD) Derivative assets, at fair value $ 2,194 $ 250 Forwards (EUR-USD) Derivative assets, at fair value 249 — Cross currency swaps (EUR-USD) Derivative liabilities, at fair value (20 ) — Interest rate swaps (GBP) Derivative liabilities, at fair value (172 ) — Interest rate swaps (EUR) Derivative liabilities, at fair value (1,352 ) (86 ) Total $ 899 $ 164 Derivatives not designated as hedging instruments: Forwards (GBP-USD) Derivative assets, at fair value $ 22 $ —
Offsetting Assets	The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying consolidated balance sheets. Gross Amounts Not Offset on the Balance Sheet Derivatives (In thousands) Gross Amounts of Recognized Assets Gross Amounts of Recognized (Liabilities) Gross Amounts Offset on the Balance Sheet Net Amounts of Assets (Liabilities) presented on the Balance Sheet Financial Instruments Cash Collateral Received (Posted) Net Amount September 30, 2015 $ 2,464 $ (1,543 ) $ — $ 921 $ — $ — $ 921 December 31, 2014 $ 250 $ (86 ) $ — $ 164 $ — $ — $ 164
Derivative Instruments, Gain (Loss)	The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2015 : (In thousands) Three Months Ended Nine Months Ended Amount of gain recognized in accumulated other comprehensive income from derivatives (effective portion) $ (1,389 ) $ 972 Amount of gain (loss) reclassified from accumulated other comprehensive income into income as interest expense (effective portion) $ (186 ) $ (283 ) Amount of gain (loss) recognized in income on derivative instruments (ineffective portion and amount excluded from effectiveness testing) $ (61 ) $ (43 )
Schedule of Interest Rate Derivatives	As of September 30, 2015 and December 31, 2014 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: September 30, 2015 December 31, 2014 Derivatives Number of Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate swaps (EUR) 6 $ 151,794 2 $ 17,139 Interest rate swaps (GBP) 1 17,039 — — Total 7 $ 168,833 2 $ 17,139 As of September 30, 2015 and December 31, 2014 , the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations: September 30, 2015 December 31, 2014 Derivatives Number of Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Cross currency swaps (EUR-USD) 4 $ 56,021 1 $ 16,321 Forwards (EUR-USD) 1 10,100 — — Total 5 $ 66,121 1 $ 16,321
Schedule of Notional Amounts of Outstanding Derivative Positions	As of September 30, 2015 and December 31, 2014 , the Company had the following outstanding derivatives that were not designated as hedges under qualifying hedging relationships. September 30, 2015 December 31, 2014 Derivatives Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Forwards (GBP-USD) 10 $ 1,160 — $ —

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 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: (In thousands) Three Months Ended Nine Months Ended Payable as of September 30, 2015 Payable as of December 31, 2014 Total commissions and fees from Dealer Manager $ 4,909 $ 22,039 $ 73 $ 89
Schedule of Offering Costs Reimbursements to Related Party	The following table details offering costs and reimbursements incurred from and due to the Advisor and Dealer Manager as of and for the periods presented: (In thousands) Three Months Ended Nine Months Ended Payable as of September 30, 2015 Payable as of December 31, 2014 Fees and expense reimbursements from the Advisor and Dealer Manager $ 2,021 $ 7,579 $ 730 $ 1,268
Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services	The following table details amounts incurred, forgiven and payable to related parties in connection with the operations-related services described above as of and for the periods presented: Three Months Ended Nine Months Ended Payable as of (In thousands) Incurred Forgiven Incurred Forgiven September 30, 2015 December 31, 2014 One-time fees and reimbursements: Acquisition fees and related cost reimbursements (1) $ 176 $ — $ 6,093 $ — $ 170 $ — Financing coordination fees (2) 41 — 2,308 — — — Ongoing fees: Property management and leasing fees (3) 182 81 272 100 26 — Distributions on Class B units (4) 14 — 20 — 18 — Total related party fees and reimbursements $ 413 $ 81 $ 8,693 $ 100 $ 214 $ — ___________________________________________________________________________ (1) These affiliated fees are recorded within acquisition and transaction related costs on the consolidated statements of operations and comprehensive loss. (2) These affiliated costs are recorded as deferred financing costs and amortized over the term of the respective financing arrangement. (3) The Advisor waived 100% of fees from U.S. assets and its allocated portion of 50% of fees from European assets. (4) Balance included in general and administrative expenses in the consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2015 .

Share Based Compensation (Table

Share Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Activity	The following table reflects restricted share award activity for the nine months ended September 30, 2015 . Number of Restricted Shares Weighted-Average Issue Price Unvested, December 31, 2014 2,666 $ 22.50 Granted 6,665 22.50 Vested (267 ) 22.50 Forfeitures (1,333 ) 22.50 Unvested, September 30, 2015 7,731 $ 22.50

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following is a summary of the basic and diluted net income (loss) per share computation for the periods presented: Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Net loss (in thousands) $ (51 ) $ (23,060 ) Basic and diluted weighted average shares outstanding 10,484,259 6,592,291 Basic and diluted net loss per share $ — $ (3.50 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The Company had the following common share equivalents as of September 30, 2015 , which were excluded from the calculation of diluted loss per share attributable to stockholders as the effect would have been antidilutive: Nine Months Ended September 30, 2015 Unvested restricted stock 7,731 OP Units 90 Class B units 41,421 Total common share equivalents 49,242

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Schedule of Subsequent Events	Total capital raised to date, including shares issued under the DRIP, is as follows: Source of Capital (in thousands) Inception to September 30, 2015 October 1, 2015 to October 31, 2015 Total Common stock $ 281,730 $ 12,933 $ 294,663
Schedule of Real Estate Properties	The following table reflects the number and related base purchase prices of properties acquired as of December 31, 2014 and during the nine months ended September 30, 2015 : Number of Properties Base Purchase Price (1) (In thousands) As of December 31, 2014 2 $ 33,820 Nine Months Ended September 30, 2015 8 296,814 Portfolio as of September 30, 2015 10 $ 330,634 ________________________________________________ (1) Contract purchase price, excluding acquisition related costs, based on the exchange rate at the time of purchase, where applicable. The following table presents certain information about the properties that the Company acquired subsequent to September 30, 2015 : Number of Properties Rentable Square Feet Base Purchase Price (1) (In thousands) Total Portfolio, September 30, 2015 10 1,618,741 $ 330,634 Acquisitions 2 671,419 163,799 Total Portfolio, November 16, 2015 12 2,290,160 $ 494,433 ________________________ (1) Contract purchase price, excluding acquisition related costs, based on the exchange rate at the time of purchase.

Organization - Narrative (Detai

Organization - Narrative (Details)	Oct. 17, 2014USD ($)	Sep. 30, 2015USD ($)ft²property$ / sharesshares	Sep. 30, 2015USD ($)ft²property$ / sharesshares	Dec. 31, 2014property$ / sharesshares	Aug. 26, 2014USD ($)$ / sharesshares	May. 28, 2014USD ($)$ / sharesshares	Apr. 23, 2014$ / shares
Operations [Line Items]
Stock available for issuance IPO					$ 125,000,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01	$ 0.01	$ 0.01
Share price (in dollars per share) | $ / shares		$ 22.50	$ 22.50
Proceeds required to break escrow minimum	$ 2,000,000
Common stock, outstanding | shares		11,390,493	11,390,493	1,297,355
Proceeds from issuance of common stock and DRIP			$ 281,730,000
Allocation of property concentration percentage allowed		20.00%	20.00%
Number of real estate properties | property		10	10	2
Rented square feet | ft²		1,618,741	1,618,741
Real Estate Property, Occupancy Rate		99.80%	99.80%
Weighted average remaining lease term		9 years 1 month 16 days
Units of limited partner interest in OP (in shares) | shares		90	90
United States
Operations [Line Items]
Property concentration percentage		8.50%	8.50%
Europe
Operations [Line Items]
Property concentration percentage		91.50%	91.50%
Special Limited Partner
Operations [Line Items]
Common stock outstanding						$ 200,000
Limited partners' contributed capital		$ 2,020	$ 2,020
Common Stock
Operations [Line Items]
Shares available for issuance under a distribution reinvestment plan (in shares) | shares					26,300,000
Common Stock | Special Limited Partner
Operations [Line Items]
Share price (in dollars per share) | $ / shares						$ 22.50
Common stock, outstanding | shares						8,888
Common Stock | Maximum
Operations [Line Items]
Share price (in dollars per share) | $ / shares					$ 25
DRIP Share Price (in dollars per share) | $ / shares							$ 23.75
Estimated value of common stock							95.00%
United States
Operations [Line Items]
Property concentration percentage		50.00%	50.00%
Europe
Operations [Line Items]
Property concentration percentage		50.00%	50.00%

Summary of Significant Accoun31

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Restricted Cash and Cash Equivalents	$ 14.1	$ 0

Real Estate Investments - Sched

Real Estate Investments - Schedule of Real Estate Properties (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)property
Property Acquisition [Roll Forward]
Beginning balance, Number of Properties | property	2
Number of Properties acquired | property	8
Ending balance, Number of Properties | property	10
Beginning Balance, Base Purchase Price	$ 33,820
Aggregate Base Purchase Price	296,814
Ending Balance, Base Purchase Price	$ 330,634

Real Estate Investments - Sch33

Real Estate Investments - Schedule of Business Acquisitions, by Acquisition (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)property
Acquired Finite-Lived Intangible Assets [Line Items]
Land	$ 27,840
Buildings, fixtures and improvements	193,933
Total tangible assets	221,773
Total assets acquired, net	296,814
Mortgage notes payable used to acquire real estate investments	(207,804)
Cash paid for acquired real estate investments	$ (71,754)
Number of properties purchased | property	8
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired in the period	$ 52,736
Above market lease assets
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired in the period	324
Below market lease liabilities
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired in the period	(3,226)
Ground lease intangible assets
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired in the period	25,207
Credit facility
Acquired Finite-Lived Intangible Assets [Line Items]
Credit facilities payable used to acquire real estate investments	$ (17,256)

Real Estate Investments - Busin

Real Estate Investments - Business Acquisition, Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Real Estate [Abstract]
Pro forma revenues	$ 6,926	$ 20,216
Pro forma income (net) loss	$ 603	$ (5,351)
Basic and diluted net income (loss) per share	$ 0.06	$ (0.81)

Real Estate Investments - Sch35

Real Estate Investments - Schedule of Future Minimum Rental Payments for Operating Leases (Details) $ in Thousands	Sep. 30, 2015USD ($)
Real Estate [Abstract]
2015 (remainder)	$ 6,173
2,016	19,469
2,017	23,434
2,018	26,115
2,019	26,144
2,020	26,161
Thereafter	97,206
Total	$ 224,702

Real Estate Investments - Sch36

Real Estate Investments - Schedule of Annualized Rental Income by Major Tenants (Details)	9 Months Ended
	Sep. 30, 2015
ING Amsterdam
Revenue, Major Customer [Line Items]
Concentration risk percentage	34.30%
Sagemcom
Revenue, Major Customer [Line Items]
Concentration risk percentage	21.80%
DB Luxembourg
Revenue, Major Customer [Line Items]
Concentration risk percentage	20.50%

Real Estate Investments - Sch37

Real Estate Investments - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details)	9 Months Ended
	Sep. 30, 2015
The Netherlands
Revenues from External Customers and Long-Lived Assets [Line Items]
Entity-wide revenue, major state percentage	34.30%
France
Revenues from External Customers and Long-Lived Assets [Line Items]
Entity-wide revenue, major state percentage	32.40%
Luxembourg
Revenues from External Customers and Long-Lived Assets [Line Items]
Entity-wide revenue, major state percentage	20.50%

Revolving Credit Facility (Deta

Revolving Credit Facility (Details) £ in Millions	Jan. 28, 2015USD ($)extension_option	Sep. 30, 2015USD ($)	Sep. 30, 2015GBP (£)	Dec. 31, 2014USD ($)
Line of Credit Facility [Line Items]
Credit facility		$ 17,039,000		$ 0
Barclays Bank PLC | Swingline Loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 50,000,000
Barclays Bank PLC | Letter of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	25,000,000
Barclays Bank PLC | Credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	100,000,000
Additional borrowing capacity	$ 1,300,000,000
Number of one-year extensions | extension_option	3
Credit facility		$ 17,000,000	£ 11.2
Weighted average interest rate (percent)		3.55%	3.55%
Unused borrowing capacity		$ 83,000,000
Alternate Base Rate | Barclays Bank PLC | Credit facility
Line of Credit Facility [Line Items]
Late payment penalty fee percent	2.00%
Alternate Base Rate | Minimum | Barclays Bank PLC | Credit facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Alternate Base Rate | Maximum | Barclays Bank PLC | Credit facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.10%
Adjusted LIBOR | Barclays Bank PLC | Credit facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Adjusted LIBOR | Minimum | Barclays Bank PLC | Credit facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.50%
Adjusted LIBOR | Maximum | Barclays Bank PLC | Credit facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.10%
Adjusted EURIBOR | Minimum | Barclays Bank PLC | Credit facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.50%
Adjusted EURIBOR | Maximum | Barclays Bank PLC | Credit facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.10%
Federal Funds Effective Rate | Maximum | Barclays Bank PLC | Credit facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%

Mortgage Notes Payable - Schedu

Mortgage Notes Payable - Schedule of Long-term Debt Instruments (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)property	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Mortgage notes payable	$ 223,858	$ 17,139
Carrying value of unencumbered assets	$ 28,100
Mortgage notes payable
Debt Instrument [Line Items]
Encumbered Properties | property	6
Mortgage notes payable	$ 223,858	17,139
Effective Interest Rate	3.50%
Primary Mortgage Loans | Mortgage notes payable
Debt Instrument [Line Items]
Encumbered Properties | property	6
Mortgage notes payable	$ 151,794	17,139
Effective Interest Rate	1.50%
Secondary Mortgage Loans | Fixed | Mortgage notes payable
Debt Instrument [Line Items]
Mortgage notes payable	$ 72,064	0
Effective Interest Rate	7.60%
Auchan | Primary Mortgage Loans | Mortgage notes payable
Debt Instrument [Line Items]
Encumbered Properties | property	1
Auchan | Primary Mortgage Loans | Fixed | Mortgage notes payable
Debt Instrument [Line Items]
Mortgage notes payable	$ 9,333	10,089
Effective Interest Rate	1.70%
Pole Emploi | Primary Mortgage Loans | Mortgage notes payable
Debt Instrument [Line Items]
Encumbered Properties | property	1
Pole Emploi | Primary Mortgage Loans | Fixed | Mortgage notes payable
Debt Instrument [Line Items]
Mortgage notes payable	$ 6,521	7,050
Effective Interest Rate	1.70%
Sagemcom | Primary Mortgage Loans | Mortgage notes payable
Debt Instrument [Line Items]
Encumbered Properties | property	1
Sagemcom | Primary Mortgage Loans | Fixed | Mortgage notes payable
Debt Instrument [Line Items]
Mortgage notes payable	$ 40,366	0
Effective Interest Rate	1.70%
Sagemcom | Secondary Mortgage Loans | Mortgage notes payable | 3 Month Euribor
Debt Instrument [Line Items]
Basis spread on variable rate	7.50%
Sagemcom | Secondary Mortgage Loans | Variable | Mortgage notes payable
Debt Instrument [Line Items]
Mortgage notes payable	$ 22,488	0
Effective Interest Rate	7.60%
Worldline | Primary Mortgage Loans | Mortgage notes payable
Debt Instrument [Line Items]
Encumbered Properties | property	1
Worldline | Primary Mortgage Loans | Fixed | Mortgage notes payable
Debt Instrument [Line Items]
Mortgage notes payable	$ 5,622	0
Effective Interest Rate	1.90%
DB Luxembourg | Primary Mortgage Loans | Mortgage notes payable
Debt Instrument [Line Items]
Encumbered Properties | property	1
DB Luxembourg | Primary Mortgage Loans | Fixed | Mortgage notes payable
Debt Instrument [Line Items]
Mortgage notes payable	$ 40,478	0
Effective Interest Rate	1.10%
DB Luxembourg | Secondary Mortgage Loans | Fixed | Mortgage notes payable
Debt Instrument [Line Items]
Mortgage notes payable	$ 24,839	0
Effective Interest Rate	9.10%
ING Amsterdam | Primary Mortgage Loans | Mortgage notes payable
Debt Instrument [Line Items]
Encumbered Properties | property	1
ING Amsterdam | Primary Mortgage Loans | Fixed | Mortgage notes payable
Debt Instrument [Line Items]
Mortgage notes payable	$ 49,474	0
Effective Interest Rate	1.70%
ING Amsterdam | Secondary Mortgage Loans | Mortgage notes payable | 3 Month Euribor
Debt Instrument [Line Items]
Basis spread on variable rate	6.00%
ING Amsterdam | Secondary Mortgage Loans | Fixed | Mortgage notes payable
Debt Instrument [Line Items]
Mortgage notes payable	$ 24,737	$ 0
Effective Interest Rate	6.10%

Mortgage Notes Payable - Sche40

Mortgage Notes Payable - Schedule of Maturities of Long-term Debt (Details) - Mortgage notes payable $ in Thousands	Sep. 30, 2015USD ($)
Debt Instrument [Line Items]
2015 (remainder)	$ 24,737
2,016	22,488
2,017	24,839
2,018	0
2,019	56,220
2,020	95,574
Thereafter	0
Mortgage notes payable	$ 223,858

Fair Value of Financial Instr41

Fair Value of Financial Instruments - Fair Value, Liabilities Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Foreign currency swaps, net (EUR)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 2,174	$ 250
Foreign currency swaps, net (EUR) | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Foreign currency swaps, net (EUR) | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	2,174	250
Foreign currency swaps, net (EUR) | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Interest rate swaps, net (GBP & EUR)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(1,524)	(86)
Interest rate swaps, net (GBP & EUR) | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Interest rate swaps, net (GBP & EUR) | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(1,524)	(86)
Interest rate swaps, net (GBP & EUR) | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	$ 0
Foreign currency forwards, net (GBP & EUR)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	271
Foreign currency forwards, net (GBP & EUR) | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0
Foreign currency forwards, net (GBP & EUR) | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	271
Foreign currency forwards, net (GBP & EUR) | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 0

Fair Value of Financial Instr42

Fair Value of Financial Instruments - Fair Value, by Balance Sheet Grouping (Details) - Level 3 - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Mortgage notes payable | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument	$ 223,858	$ 17,139
Mortgage notes payable | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument	223,467	16,983
Credit facility | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument	17,039	0
Credit facility | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument	$ 17,039	$ 0

Derivatives and Hedging Activ43

Derivatives and Hedging Activities - Schedule of Derivatives by Balance Sheet Classification (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative asset	$ 921	$ 164
Derivative liability	(1,543)	(86)
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total	899	164
Designated as Hedging Instrument | Foreign currency swaps, net (EUR)
Derivatives, Fair Value [Line Items]
Derivative asset	2,194	250
Derivative liability	(20)	0
Designated as Hedging Instrument | Foreign currency forwards, net (GBP & EUR)
Derivatives, Fair Value [Line Items]
Derivative asset	249	0
Not Designated as Hedging Instrument | Foreign currency forwards, net (GBP & EUR)
Derivatives, Fair Value [Line Items]
Derivative asset	22	0
Euro Member Countries, Euro | Designated as Hedging Instrument | Interest rate swaps, net (GBP & EUR)
Derivatives, Fair Value [Line Items]
Derivative liability	(1,352)	(86)
United Kingdom, Pounds | Designated as Hedging Instrument | Interest rate swaps, net (GBP & EUR)
Derivatives, Fair Value [Line Items]
Derivative liability	$ (172)	$ 0

Derivatives and Hedging Activ44

Derivatives and Hedging Activities - Offsetting Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 2,464	$ 250
Gross Amounts of Recognized (Liabilities)	(1,543)	(86)
Gross Amounts Offset on the Balance Sheet	0	0
Net Amounts of Assets (Liabilities) presented on the Balance Sheet	921	164
Financial Instruments	0	0
Cash Collateral Received (Posted)	0	0
Net Amount	$ 921	$ 164

Derivatives and Hedging Activ45

Derivatives and Hedging Activities - Derivative Instruments, Gain (Loss) (Details) - Interest rate swaps, net (GBP & EUR) - Cash Flow Hedging - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain recognized in accumulated other comprehensive income from derivatives (effective portion)	$ (1,389)	$ 972
Amount of gain (loss) reclassified from accumulated other comprehensive income into income as interest expense (effective portion)	(186)	(283)
Amount of gain (loss) recognized in income on derivative instruments (ineffective portion and amount excluded from effectiveness testing)	$ (61)	$ (43)

Derivatives and Hedging Activ46

Derivatives and Hedging Activities - Schedule of Derivatives (Details) $ in Thousands	Sep. 30, 2015USD ($)derivative	Dec. 31, 2014USD ($)derivative
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps, net (GBP & EUR)
Derivative [Line Items]
Number of Instruments | derivative	7	2
Notional Amount	$ 168,833	$ 17,139
Designated as Hedging Instrument | Net Investment Hedging
Derivative [Line Items]
Number of Instruments | derivative	5	1
Notional Amount	$ 66,121	$ 16,321
Designated as Hedging Instrument | Net Investment Hedging | Foreign currency swaps, net (EUR)
Derivative [Line Items]
Number of Instruments | derivative	4	1
Notional Amount	$ 56,021	$ 16,321
Designated as Hedging Instrument | Net Investment Hedging | Foreign currency forwards, net (GBP & EUR)
Derivative [Line Items]
Number of Instruments | derivative	1	0
Notional Amount	$ 10,100	$ 0
Not Designated as Hedging Instrument | Foreign currency forwards, net (GBP & EUR)
Derivative [Line Items]
Number of Instruments | derivative	10	0
Notional Amount	$ 1,160	$ 0
Euro Member Countries, Euro | Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps, net (GBP & EUR)
Derivative [Line Items]
Number of Instruments | derivative	6	2
Notional Amount	$ 151,794	$ 17,139
United Kingdom, Pounds | Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps, net (GBP & EUR)
Derivative [Line Items]
Number of Instruments | derivative	1	0
Notional Amount	$ 17,039	$ 0

Derivatives and Hedging Activ47

Derivatives and Hedging Activities - Narrative (Details) $ in Thousands, £ in Millions	3 Months Ended		5 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2015GBP (£)	Dec. 31, 2014USD ($)
Derivative [Line Items]
Losses of derivative ineffectiveness	$ (100)			$ (43)
Credit facility	17,039			17,039		$ 0
Gains (losses) on hedges and derivatives deemed ineffective	37	$ 0	$ 0	(45)
Fair value of derivatives including accrued interest, net of liability and excluding nonperformance risk adjustment	1,700			1,700
Not Designated as Hedging Instrument
Derivative [Line Items]
Marked-to-market gains	100			21
Cash Flow Hedging | Interest rate swaps, net (GBP & EUR) | Interest Expense | Designated as Hedging Instrument
Derivative [Line Items]
Estimated net amount to be transferred from accumulated OCI				800
Barclays Bank PLC | Credit facility
Derivative [Line Items]
Credit facility	$ 17,000			$ 17,000	£ 11.2

Common Stock - Narrative (Detai

Common Stock - Narrative (Details) - USD ($)	Oct. 22, 2014	Oct. 17, 2014	Sep. 30, 2015	Dec. 31, 2014	Aug. 26, 2014	Apr. 23, 2014
Class of Stock [Line Items]
Stock available for issuance IPO					$ 125,000,000
Common stock, par value (in dollars per share)			$ 0.01	$ 0.01	$ 0.01
Proceeds required to break escrow minimum		$ 2,000,000
Common stock, outstanding			11,390,493	1,297,355
Proceeds from issuance of common stock and DRIP			$ 281,730,000
Dividends declared per day (in dollars per share)	$ 0.0048630137
Common Stock
Class of Stock [Line Items]
Share price IPO (in dollars per share)					$ 25
Shares available for issuance under a distribution reinvestment plan (in shares)					26,300,000
Common Stock | Maximum
Class of Stock [Line Items]
DRIP Share Price (in dollars per share)						$ 23.75
Common Stock | Two Years | Maximum
Class of Stock [Line Items]
DRIP Share Price (in dollars per share)					$ 23.75
Repurchase price as percentage of value of capital paid					95.00%

Related Party Transactions - Sc

Related Party Transactions - Schedule of Selling Commissions and Dealer Manager Fees Payable to Affiliate (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Due to affiliates	$ 1,017	$ 1,017	$ 1,268
Realty Capital Securities, LLC | Sales Commissions and Dealer Manager Fees | Dealer Manager
Related Party Transaction [Line Items]
Expenses from transactions with related party	4,909	22,039
Due to affiliates	$ 73	$ 73	$ 89

Related Party Transactions - 50

Related Party Transactions - Schedule of Offering Costs Reimbursements to Related Party (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Due to affiliates	$ 1,017	$ 1,017	$ 1,268
American Realty Capital Global Advisors, LLC and Realty Capital Securities, LLC | Fees and Expense Reimbursement, Stock Offering | Advisor and Dealer Manager
Related Party Transaction [Line Items]
Expenses from transactions with related party	2,021	7,579
Due to affiliates	$ 730	$ 730	$ 1,268

Related Party Transactions - 51

Related Party Transactions - Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Due to affiliates	$ 1,017	$ 1,017	$ 1,268
United States | Advisor
Related Party Transaction [Line Items]
Percent of fees from net assets forgiven	100.00%	100.00%
Europe | Advisor
Related Party Transaction [Line Items]
Percent of fees from net assets forgiven	50.00%	50.00%
Acquisition fees and related cost reimbursements (1)
Related Party Transaction [Line Items]
Due to affiliates	$ 1,000	$ 1,000	1,300
Incurred | Total related party fees and reimbursements
Related Party Transaction [Line Items]
Expenses from transactions with related party	413	8,693
Incurred | Nonrecurring Fees | Acquisition fees and related cost reimbursements (1)
Related Party Transaction [Line Items]
Expenses from transactions with related party	176	6,093
Incurred | Nonrecurring Fees | Financing coordination fees (2)
Related Party Transaction [Line Items]
Expenses from transactions with related party	41	2,308
Incurred | Recurring Fees | Property management and leasing fees (3)
Related Party Transaction [Line Items]
Expenses from transactions with related party	182	272
Incurred | Recurring Fees | Distributions on Class B units (4)
Related Party Transaction [Line Items]
Expenses from transactions with related party	14	20
Forgiven | Total related party fees and reimbursements
Related Party Transaction [Line Items]
Expenses from transactions with related party	81	100
Forgiven | Nonrecurring Fees | Acquisition fees and related cost reimbursements (1)
Related Party Transaction [Line Items]
Expenses from transactions with related party	0	0
Forgiven | Nonrecurring Fees | Financing coordination fees (2)
Related Party Transaction [Line Items]
Expenses from transactions with related party	0	0
Forgiven | Recurring Fees | Property management and leasing fees (3)
Related Party Transaction [Line Items]
Expenses from transactions with related party	81	100
Forgiven | Recurring Fees | Distributions on Class B units (4)
Related Party Transaction [Line Items]
Expenses from transactions with related party	0	0
Payable | Total related party fees and reimbursements
Related Party Transaction [Line Items]
Due to affiliates	214	214	0
Payable | Nonrecurring Fees | Acquisition fees and related cost reimbursements (1)
Related Party Transaction [Line Items]
Due to affiliates	170	170	0
Payable | Nonrecurring Fees | Financing coordination fees (2)
Related Party Transaction [Line Items]
Due to affiliates	0	0	0
Payable | Recurring Fees | Property management and leasing fees (3)
Related Party Transaction [Line Items]
Due to affiliates	26	26	0
Payable | Recurring Fees | Distributions on Class B units (4)
Related Party Transaction [Line Items]
Due to affiliates	$ 18	$ 18	$ 0

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Due to affiliates	$ 1,017,000	$ 1,017,000	$ 1,268,000
Cumulative offering costs, gross		$ 37,000,000
Share price (in dollars per share)	$ 22.50	$ 22.50
Amount of antidilutive securities excluded from computation of earnings per share		49,242
Maximum
Related Party Transaction [Line Items]
Liability for initial public offering costs	2.00%	2.00%
Aggregate Offering Costs, as a Percentage of Gross Common Stock Proceeds	15.00%	15.00%
Class B units
Related Party Transaction [Line Items]
Amount of antidilutive securities excluded from computation of earnings per share		41,421
Acquisition fees and related cost reimbursements (1)
Related Party Transaction [Line Items]
Due to affiliates	$ 1,000,000	$ 1,000,000	$ 1,300,000
Special Limited Partner
Related Party Transaction [Line Items]
Operating partnership units held by related party (in shares)	8,888	8,888
Dealer Manager
Related Party Transaction [Line Items]
Aggregate costs borne by related party	$ 6,100,000	$ 6,100,000
Dealer Manager | Gross Proceeds, Retail Shares | Realty Capital Securities, LLC | Maximum
Related Party Transaction [Line Items]
Sales commissions earned by related party	7.00%	7.00%
Dealer Manager | Option One | Gross Proceeds, Retail Shares | Realty Capital Securities, LLC | Maximum
Related Party Transaction [Line Items]
Gross proceeds from the sales of common stock	3.00%	3.00%
Dealer Manager | Option Two | Gross Proceeds, Retail Shares | Realty Capital Securities, LLC
Related Party Transaction [Line Items]
Sales commissions earned by related party	2.50%	2.50%
Advisor and Dealer Manager
Related Party Transaction [Line Items]
Aggregate costs borne by related party	$ 0	$ 0
Participating Broker-Dealer | Option One | Gross Proceeds, Retail Shares | Maximum
Related Party Transaction [Line Items]
Brokerage fees earned by related party	7.50%	7.50%
Brokerage fees earned by related party, initial grant	2.50%	2.50%
Brokerage fees earned by related party, periodic payment	1.00%	1.00%
Advisor | Contract Purchase Price | American Realty Capital Healthcare II Advisors, LLC
Related Party Transaction [Line Items]
Acquisition fees earned by related party	1.50%	1.50%
Quarterly asset management fee earned by related party	0.1875%	0.1875%
Advisor | Contract Purchase Price | American Realty Capital Healthcare II Advisors, LLC | Maximum
Related Party Transaction [Line Items]
Acquisition fees earned by related party	4.50%	4.50%
Advisor | Amount Available or Outstanding Under Financing Arrangement | American Realty Capital Healthcare II Advisors, LLC
Related Party Transaction [Line Items]
Financing coordination fees earned by related party	0.75%	0.75%
Advisor | Gross Revenue, Stand-alone Single-tenant Net Leased Properties | American Realty Capital Healthcare II Advisors, LLC
Related Party Transaction [Line Items]
Property management fees earned	2.00%	2.00%
Advisor | Gross Revenue, Stand-alone Single-tenant Net Leased Properties | Europe | American Realty Capital Healthcare II Advisors, LLC
Related Party Transaction [Line Items]
Property management fees earned	1.75%	1.75%
Advisor | Gross Revenue, Excluding Stand-alone Single-tenant Net Leased Properties | American Realty Capital Healthcare II Advisors, LLC
Related Party Transaction [Line Items]
Property management fees earned	4.00%	4.00%
Advisor | Gross Revenue, Excluding Stand-alone Single-tenant Net Leased Properties | Europe | American Realty Capital Healthcare II Advisors, LLC
Related Party Transaction [Line Items]
Property management fees earned	3.50%	3.50%
Advisor | Gross Revenue, Managed Properties | American Realty Capital Healthcare II Advisors, LLC | Maximum
Related Party Transaction [Line Items]
Oversight fees earned by related party	1.00%	1.00%
Advisor | Pre-tax Non-compounded Return on Capital Contribution | American Realty Capital Healthcare II Advisors, LLC
Related Party Transaction [Line Items]
Cumulative capital investment return	6.00%	6.00%
Subordinated performance fee earned	15.00%	15.00%
Advisor | Pre-tax Non-compounded Return on Capital Contribution | American Realty Capital Healthcare II Advisors, LLC | Maximum
Related Party Transaction [Line Items]
Subordinated performance fee earned	10.00%	10.00%
Advisor | Contract Sales Price | American Realty Capital Healthcare Advisors, LLC | Maximum
Related Party Transaction [Line Items]
Real estate commission earned by related	2.00%	2.00%
Advisor | Net Sale Proceeds, after Return of Capital Contributions and Annual Targeted Investor Return | American Realty Capital Healthcare II Advisors, LLC
Related Party Transaction [Line Items]
Subordinated performance fee earned	15.00%	15.00%
Advisor | Excess of Adjusted Market Value of Real Estate Assets Plus Distributions Over Aggregate Contributed Investor Capital | American Realty Capital Healthcare II Advisors, LLC
Related Party Transaction [Line Items]
Subordinated incentive listing distribution	15.00%	15.00%
Distribution upon nonrenewal of advisory agreement	15.00%	15.00%
Advisor | Greater Of | Average Invested Assets | American Realty Capital Healthcare II Advisors, LLC | Maximum
Related Party Transaction [Line Items]
Operating expenses	2.00%	2.00%
Advisor | Greater Of | Net Income, Excluding Additions to Non-cash Reserves and Gains on Sales of Assets | American Realty Capital Healthcare II Advisors, LLC | Maximum
Related Party Transaction [Line Items]
Operating expenses	25.00%	25.00%
Advisor | Annual Targeted Investor Return | Pre-tax Non-compounded Return on Capital Contribution | American Realty Capital Global Advisors, LLC
Related Party Transaction [Line Items]
Cumulative capital investment return	6.00%	6.00%
Advisor | Real Estate Commissions | Contract Sales Price | American Realty Capital Healthcare II Advisors, LLC | Maximum
Related Party Transaction [Line Items]
Real estate commission earned by related	6.00%	6.00%
Property Manager | Gross Revenue, Stand-alone Single-tenant Net Leased Properties | Europe | American Realty Capital Healthcare II Advisors, LLC
Related Party Transaction [Line Items]
Property management fees earned	0.25%	0.25%
Property Manager | Gross Revenue, Excluding Stand-alone Single-tenant Net Leased Properties | Europe | American Realty Capital Healthcare II Advisors, LLC
Related Party Transaction [Line Items]
Property management fees earned	0.50%	0.50%
Class B units | Advisor | American Realty Capital Global II Operating Partnership, L.P.
Related Party Transaction [Line Items]
Unit-based compensation (in shares)	28,174	41,421

Share Based Compensation - Sche

Share Based Compensation - Schedule of Restricted Share Award Activity (Details) - Restricted Share Plan - Unvested restricted stock	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested shares, beginning balance | shares	2,666
Granted (shares) | shares	6,665
Vested (shares) | shares	(267)
Forfeitures (shares) | shares	(1,333)
Unvested shares, ending balance | shares	7,731
Weighted-Average Issue Price
Weighted average price, beginning balance	$ 22.50
Grants (in dollars)	22.50
Vested (in dollars)	22.50
Forfeitures (in dollars)	22.50
Weighted average price, ending balance	$ 22.50

Share Based Compensation - Narr

Share Based Compensation - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)shares
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued in lieu of cash (in shares) | shares	856
Common stock issued in lieu of cash	$ 19
Restricted Share Plan | Unvested restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted automatically upon election to board of directors (in shares) | shares	1,333
Vesting period (years)	5 years
Periodic vesting percentage	20.00%
Maximum authorized amount as a percentage of shares authorized	5.00%
Number of shares authorized (in shares) | shares	6,300,000
Share-based compensation	$ 13
Compensation cost not yet recognized	$ 200
Period for recognition of costs not yet recognized (years)	5 years

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		5 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2015
Earnings Per Share [Abstract]
Net loss	$ (51)	$ (156)	$ (176)	$ (23,060)
Basic and diluted weighted average shares outstanding	10,484,259			6,592,291
Basic and diluted net loss per share	$ 0			$ (3.50)

Net Loss Per Share - Schedule56

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details)	9 Months Ended
	Sep. 30, 2015shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common share equivalents	49,242
Unvested restricted stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common share equivalents	7,731
OP Units
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common share equivalents	90
Class B units
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common share equivalents	41,421

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended	17 Months Ended	18 Months Ended
	Oct. 31, 2015USD ($)$ / sharesshares	Sep. 30, 2015USD ($)shares	Oct. 31, 2015USD ($)$ / sharesshares	Nov. 13, 2015EUR (€)	Dec. 31, 2014USD ($)shares
Subsequent Event [Line Items]
Common stock, outstanding | shares		11,390,493			1,297,355
Proceeds from issuance of common stock and DRIP		$ 281,730
Value of common stock issued		$ 114			$ 13
Subsequent Event
Subsequent Event [Line Items]
Common stock, outstanding | shares	11,900,000		11,900,000
Proceeds from issuance of common stock and DRIP	$ 12,933		$ 294,663
Value of common stock issued	$ 297,600		$ 297,600
Share issued (in dollars per share) | $ / shares	$ 25		$ 25
DRIP Share Price (in dollars per share) | $ / shares	$ 23.75		$ 23.75
Subsequent Event | Mezzanine Loan | Mortgage notes payable
Subsequent Event [Line Items]
Mezzanine Loan | €				€ 128,000,000
Mezzanine loan interest rate				8.25%

Subsequent Events - Sales of Co

Subsequent Events - Sales of Common Stock (Details) - USD ($) $ in Thousands	1 Months Ended	17 Months Ended	18 Months Ended
	Oct. 31, 2015	Sep. 30, 2015	Oct. 31, 2015
Subsequent Event [Line Items]
Proceeds from issuance of common stock and DRIP		$ 281,730
Subsequent Event
Subsequent Event [Line Items]
Proceeds from issuance of common stock and DRIP	$ 12,933		$ 294,663

Subsequent Events - Acquisition

Subsequent Events - Acquisitions (Details) $ in Thousands	2 Months Ended	9 Months Ended
	Nov. 16, 2015USD ($)ft²property	Sep. 30, 2015USD ($)ft²property
Property Acquisition [Roll Forward]
Beginning balance, Number of Properties | property	10	2
Number of Properties acquired | property		8
Ending balance, Number of Properties | property		10
Area of real estate property beginning balance | ft²	1,618,741
Area of real estate property ending balance | ft²		1,618,741
Beginning Balance, Base Purchase Price	$ 330,634	$ 33,820
Aggregate Base Purchase Price		296,814
Ending Balance, Base Purchase Price		$ 330,634
Subsequent Event
Property Acquisition [Roll Forward]
Number of Properties acquired | property	2
Ending balance, Number of Properties | property	12
Area of real estate property acquired | ft²	671,419
Area of real estate property ending balance | ft²	2,290,160
Aggregate Base Purchase Price	$ 163,799
Ending Balance, Base Purchase Price	$ 494,433