Cole Office & Industrial REIT 10-Q 12 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 09, 2017
Entity Information [Line Items]
Entity Registrant Name	Cole Office & Industrial REIT (CCIT III), Inc.
Entity Central Index Key	1,614,976
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		897,521
Class T Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		61,709

Condensed Consolidated Unaudite

Condensed Consolidated Unaudited Balance Sheets - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Investment in real estate assets:
Land	$ 2,307,312	$ 2,307,312
Buildings and improvements	26,971,327	26,971,327
Intangible lease assets	3,471,361	3,471,361
Total real estate investments, at cost	32,750,000	32,750,000
Less: accumulated depreciation and amortization	(776,285)	(418,000)
Total real estate investments, net	31,973,715	32,332,000
Cash and cash equivalents	569,001	605,049
Rents and tenant receivables	444,233	313,600
Prepaid expenses and other assets	10,638	6,400
Deferred costs, net	1,214,076	1,337,541
Total assets	34,211,663	34,594,590
LIABILITIES AND STOCKHOLDERS’ EQUITY
Credit facility	21,275,000	22,000,000
Subordinate promissory note due to affiliate	7,750,000	10,300,000
Accrued expenses and accounts payable	331,192	366,005
Due to affiliates	77,113	77,508
Distributions payable	32,265	16,546
Deferred rental income	204,624	204,624
Total liabilities	29,670,194	32,964,683
Commitments and contingencies
Redeemable common stock	5,257	0
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value per share; 10,000,000 shares authorized, none issued and outstanding	0	0
Capital in excess of par value	6,371,050	3,068,672
Accumulated distributions in excess of earnings	(1,841,976)	(1,442,163)
Total stockholders’ equity	4,536,212	1,629,907
Total liabilities, redeemable common stock, and stockholders’ equity	34,211,663	34,594,590
Class A Common Stock
STOCKHOLDERS’ EQUITY
Common stock	6,630	3,346
Class T Common Stock
STOCKHOLDERS’ EQUITY
Common stock	$ 508	$ 52

Condensed Consolidated Unaudit3

Condensed Consolidated Unaudited Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	245,000,000	245,000,000
Common stock, shares issued (in shares)	663,015	334,618
Common stock, shares outstanding (in shares)	663,015	334,618
Class T Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	245,000,000	245,000,000
Common stock, shares issued (in shares)	50,845	5,225
Common stock, shares outstanding (in shares)	50,845	5,225

Condensed Consolidated Unaudit4

Condensed Consolidated Unaudited Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Rental income	$ 674,567	$ 0	[1]
Tenant reimbursement income	69,937	0	[1]
Total revenues	744,504	0	[1]
Operating expenses:
General and administrative	146,740	0	[1]
Property operating	3,300	0	[1]
Real estate tax	66,637	0	[1]
Advisory fees and expenses	60,565	0	[1]
Depreciation and amortization	358,285	0	[1]
Total operating expenses	635,527	0	[1]
Operating income	108,977	0	[1]
Other expense:
Interest expense and other, net	(436,121)	0	[1]
Net loss	(327,144)	0	[1]
Class A Common Stock
Other expense:
Net loss	$ (312,176)	$ 0
Basic and diluted weighted average number of shares outstanding (in shares)	471,832	20,000
Basic and diluted net loss per common share (in dollars per share)	$ (0.66)	$ 0
Distributions declared per common share (in dollars per share)	$ 0.15	$ 0
Class T Common Stock
Other expense:
Net loss	$ (14,968)	$ 0
Basic and diluted weighted average number of shares outstanding (in shares)	21,945	0
Basic and diluted net loss per common share (in dollars per share)	$ (0.68)	$ 0
Distributions declared per common share (in dollars per share)	$ 0.15	$ 0
[1]	The Company was formed on May 22, 2014 but did not commence principal operations until September 22, 2016. Therefore, the Company had no income statement activity during the three months ended March 31, 2016.

Condensed Consolidated Unaudit5

Condensed Consolidated Unaudited Statement of Stockholders' Equity - 3 months ended Mar. 31, 2017 - USD ($)	Total	Class A Common Stock	Class T Common Stock	Common StockClass A Common Stock	Common StockClass T Common Stock	Capital in Excess of Par Value	Accumulated Distributions in Excess of Earnings
Balance (in shares) at Dec. 31, 2016		334,618	5,225	334,618	5,225
Balance at Dec. 31, 2016	$ 1,629,907			$ 3,346	$ 52	$ 3,068,672	$ (1,442,163)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				328,397	45,620
Issuance of common stock	3,686,937			$ 3,284	$ 456	3,683,197
Distributions to investors	(72,669)						(72,669)
Commissions on stock sales and related dealer manager fees	(320,914)					(320,914)
Other offering costs	(37,201)					(37,201)
Distribution and Stockholder Servicing Fees	(17,447)					(17,447)
Changes in redeemable common stock	(5,257)					(5,257)
Net loss	(327,144)	$ (312,176)	$ (14,968)				(327,144)
Balance (in shares) at Mar. 31, 2017		663,015	50,845	663,015	50,845
Balance at Mar. 31, 2017	$ 4,536,212			$ 6,630	$ 508	$ 6,371,050	$ (1,841,976)

Condensed Consolidated Unaudit6

Condensed Consolidated Unaudited Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (327,144)	$ 0	[1]
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization, net	358,285	0
Amortization of deferred financing costs	123,465	0
Straight-line rental income	(60,695)	0
Changes in assets and liabilities:
Rents and tenant receivables	(69,938)	0
Prepaid expenses and other assets	(4,238)	0
Accrued expenses and accounts payable	(34,813)	0
Due to affiliates	(28,422)	0
Net cash used in operating activities	(43,500)	0
Cash flows from investing activities:
Net cash used in investing activities	0	0
Cash flows from financing activities:
Proceeds from issuance of common stock	3,681,680	0
Offering costs on issuance of common stock	(347,535)	0
Distributions to investors	(51,693)	0
Repayments of credit facility	(725,000)	0
Repayment of subordinate promissory note	(2,550,000)	0
Net cash provided by financing activities	7,452	0
Net decrease in cash and cash equivalents	(36,048)	0
Cash and cash equivalents, beginning of period	605,049	200,000
Cash and cash equivalents, end of period	569,001	200,000
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Distributions declared and unpaid	32,265	0
Accrued distribution and stockholder fees and dealer manager fees due to affiliate	30,011	0
Common stock issued through distribution reinvestment plan	5,257	0
Supplemental Cash Flow Disclosures:
Interest paid	$ 280,809	$ 0
[1]	The Company was formed on May 22, 2014 but did not commence principal operations until September 22, 2016. Therefore, the Company had no income statement activity during the three months ended March 31, 2016.

Organization and Business

Organization and Business	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS	ORGANIZATION AND BUSINESS Cole Office & Industrial REIT (CCIT III), Inc. (the “Company”) is a Maryland corporation that was incorporated on May 22, 2014, which intends to qualify and elect 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, 2017, as it did not meet all of the criteria to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), for its taxable year ended December 31, 2016. The Company is the sole general partner of, and owns, directly or indirectly, 100% of the partnership interests in Cole Corporate Income Operating Partnership III, LP, a Delaware limited partnership. The Company is externally managed by Cole Corporate Income Advisors III, LLC (“CCI III Advisors”), a Delaware limited liability company and an affiliate of the Company’s sponsor, Cole Capital ® , which is a trade name used to refer to a group of affiliated entities directly or indirectly controlled by VEREIT, Inc. (“VEREIT”), a widely-held public company whose shares of common stock are listed on the New York Stock Exchange (NYSE: VER). VEREIT indirectly owns and/or controls the Company’s external advisor, CCI III Advisors, the Company’s dealer manager for the Offering (as defined below), Cole Capital Corporation (“CCC”), the Company’s property manager, CREI Advisors, LLC (“CREI Advisors”), and the Company’s sponsor, Cole Capital. Pursuant to a Registration Statement on Form S-11 (Registration No. 333-209128) (the “Registration Statement”) under the Securities Act of 1933, as amended (the “Securities Act”), and declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on September 22, 2016, the Company commenced its initial public offering on a “best efforts” basis, offering up to a maximum of $3.5 billion in shares of common stock (the “Offering”). Pursuant to the Offering, the Company is offering up to $2.5 billion in shares of its common stock pursuant to the primary offering, consisting of two classes of shares: Class A common stock (“Class A Shares”) at a price of $10.00 per share (up to $1.25 billion in shares) and Class T common stock (“Class T Shares”) at a price of $9.57 per share (up to $1.25 billion in shares). Pursuant to the Offering, the Company is also offering up to $1.0 billion in shares of its common stock pursuant to the distribution reinvestment plan (the “DRIP”) at a purchase price during the Offering equal to the per share primary offering prices net of selling commissions and dealer manager fees, or $9.10 per share for both Class A Shares and Class T Shares, assuming a $10.00 per Class A Share primary offering price and a $9.57 per Class T Share primary offering price. The Company was initially capitalized on July 14, 2014 when VEREIT Operating Partnership, L.P. (“VEREIT OP”), an affiliate of Cole Capital and the operating partnership of VEREIT, acquired 8,000 shares of common stock (later designated as Class A Shares) for $200,000 . Effective as of December 30, 2015 , the Company effected a stock split, whereby every one share of its common stock issued and outstanding was split into two and one-half shares of common stock, resulting in 20,000 Class A Shares of common stock issued and outstanding as of such date. On September 22, 2016 , the Company satisfied the conditions of the escrow agreement regarding the minimum offering amount under the Offering and issued 274,725 Class A Shares to VEREIT OP, resulting in gross proceeds of $2.5 million , and commenced principal operations. As of March 31, 2017 , the Company had issued approximately 694,000 shares of common stock in the Offering for gross proceeds of $6.6 million ( $6.1 million in Class A Shares and $500,000 in Class T Shares) before organization and offering costs, selling commissions and dealer manager fees of $419,000 . In addition, the Company paid distribution and stockholder servicing fees for Class T Shares sold in the primary portion of the Offering of $500 and accrued an estimated liability for future distribution and stockholder servicing fees payable of $19,000 . The Company intends to use substantially all of the net proceeds from the Offering to acquire and operate a diversified portfolio of commercial real estate investments primarily consisting of single-tenant, income-producing necessity office and industrial properties, which are leased to creditworthy tenants under long-term leases, including distribution facilities, warehouses, manufacturing plants and corporate or regional headquarters in strategic locations. The Company expects that most of its properties will be subject to “net” leases, whereby the tenant will be primarily responsible for the property’s cost of repairs, maintenance, property taxes, utilities, insurance and other operating costs. As of March 31, 2017 , the Company owned one property, located in Ohio and leased to Siemens Corporation, comprising approximately 221,000 rentable square feet of income-producing necessity corporate office property, which was 100% leased.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The summary of significant accounting policies presented below is designed to assist in understanding the Company’s condensed consolidated unaudited financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying condensed consolidated unaudited financial statements. Principles of Consolidation and Basis of Presentation The condensed consolidated unaudited financial statements of the Company have been prepared in accordance with the rules and regulations of the SEC regarding interim financial reporting, including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements for the interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for such periods. Results for these interim periods are not necessarily indicative of full year results. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2016 , and related notes thereto, set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . The condensed consolidated unaudited financial statements should also be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this Quarterly Report on Form 10-Q. The condensed consolidated unaudited financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated unaudited financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Real Estate Investments Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition, excluding acquisition-related fees and expenses, construction and any tenant improvements, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All acquisition-related fees and expenses, repairs and maintenance are expensed as incurred. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Site improvements 15 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term Recoverability of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to, bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, rental concessions and other factors, a significant decrease in a property’s revenues due to lease terminations, vacancies, co-tenancy clauses, reduced lease rates, or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value will be determined using a discounted cash flow analysis and recent comparable sales transactions. No impairment indicators were identified and no impairment losses were recorded during the three months ended March 31, 2017 . Allocation of Purchase Price of Real Estate Assets Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place leases, based in each case on their respective fair values. Acquisition-related fees and expenses are expensed as incurred. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations. Revenue Recognition The Company’s property has a lease where minimum rental payments increase during the term of the lease. The Company records rental income for the full term of the lease on a straight-line basis when earned and collectability is reasonably assured. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. The Company defers the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Expected reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursement income in the period when such costs are incurred. The Company continually reviews receivables related to rent, including any unbilled straight-line rent, and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the Company will record an increase in the allowance for uncollectible accounts. As of March 31, 2017 and December 31, 2016 , the Company did not have an allowance for uncollectible accounts. Income Taxes For its taxable year ended December 31, 2016, the Company was taxed as a C corporation under the Internal Revenue Code, as it did not meet all of the criteria to qualify as a REIT during this period. As of March 31, 2017, the Company intends to qualify and elect to be taxed as a REIT for the year ending December 31, 2017. The Company expects that any income tax benefit from its net operating losses would be offset by a full valuation allowance as it does not expect to utilize its net operating loss carryforward. As a result, no provision or benefit for income taxes has been recognized in the accompanying condensed consolidated unaudited financial statements. Net Loss Per Share The Company has two classes of common stock. Accordingly, the Company utilizes the two-class method to determine its earnings per share, which results in different earnings per share for each of the classes. Under the two-class method, earnings per share of each class of common stock are computed by dividing the sum of the distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of shares for each class of common stock for the respective period. The distributed earnings to Class T Share common stockholders represents distributions declared less the distribution and stockholder servicing fees paid with respect to Class T Shares sold in the primary portion of the Offering. Diluted loss per share considers the effect of any potentially dilutive share equivalents, of which the Company had none for the three months ended March 31, 2017 . Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by various standard setting bodies that may have an impact on the Company’s accounting and reporting. Except as otherwise stated below, the Company is currently evaluating the effect that certain of these new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s condensed consolidated unaudited financial statements: Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, as amended (“ASU 2014-09”) — The requirements were amended to remove inconsistencies in revenue requirements and to provide a more complete framework for addressing revenue issues across a broad range of industries and transaction types. The revised standard’s core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The revised standard also clarifies that an entity should evaluate whether it is the principal or the agent for each specified good or service promised in a contract to a customer. These provisions are effective January 1, 2018, and are to be applied retrospectively, with early adoption permitted for periods beginning after December 15, 2016 and interim periods thereafter. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. The Company is currently assessing the adoption methodology. In accordance with the Company’s plan for the adoption of ASU 2014-09, the Company’s implementation team has identified the Company’s revenue streams and is performing an in-depth review of the Company’s revenue contracts to identify the related performance obligations and to evaluate the impact on the Company’s consolidated financial statements and internal accounting processes and controls. As the majority of the Company’s revenue is derived from real estate lease contracts, as discussed in relation to ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), the Company does not expect that the adoption of ASU 2014-09 or related amendments and modifications issued by the Financial Accounting Standards Board (the “FASB”) will have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, which replaces the existing guidance in Accounting Standards Codification 840, Leases (Topic 842) . ASU 2016-02 requires a dual approach for lessee accounting under which a lessee would account for leases as either finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use (“ROU”) asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the ROU asset and for operating leases the lessee would recognize a straight-line total lease expense. The provisions of ASU 2016-02 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. A modified retrospective approach is required for existing leases that have not expired upon adoption. Early adoption is permitted. The Company’s implementation team is developing an inventory of all leases, as well as identifying any non-lease components in the lease arrangements. ASU No. 2016-01, Financial Instruments (Subtopic 825-10) — The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). The amendments in this update also require an entity to present separately in other comprehensive income (loss), the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the consolidated balance sheets or the accompanying notes to the consolidated financial statements. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. ASU No. 2016-05, Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (“ASU 2016-05”) — The amendments in this update clarify that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument does not, in and of itself, require de-designation of that hedging relationship, provided that all other hedge accounting criteria continue to be met. These provisions are effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. The Company plans to adopt ASU 2016-05 prospectively and will consider it for any future novations. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326) (“ASU 2016-13”). ASU 2016-13 requires more timely recording of credit losses on loans and other financial instruments that are not accounted for at fair value through net income, including loans held for investment, held-to-maturity debt securities, trade and other receivables, net investment in leases and other such commitments. ASU 2016-13 requires that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The amendments in ASU 2016-13 require the Company to measure all expected credit losses based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets and eliminates the “incurred loss” methodology in current GAAP. ASU 2016-13 is effective for fiscal years, and interim periods within, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2018. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which is intended to address diversity in practice related to how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments in ASU 2016-15 address eight specific cash flow issues as well as application of the predominance principle (dependence on predominant source or use of receipt or payment) and are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. ASU 2016-15 requires retrospective adoption unless it is impracticable to apply, in which case it is to be applied prospectively as of the earliest date practicable. The Company plans to adopt ASU 2016-15 during the fourth quarter of fiscal year 2017. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”), which provides guidance on the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. Restricted cash and restricted cash equivalents should now be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the statements of cash flows. The amendments in ASU 2016-18 are effective for reporting periods beginning after December 15, 2017, with early adoption permitted. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”), which clarifies the definition of a business by adding guidance to assist entities in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for annual periods beginning after December 15, 2017, including interim periods within. Early adoption is permitted and is required to be applied prospectively to any transactions occurring within the period of adoption. Upon adoption, the Company expects that most future acquisitions (or disposals) will qualify as asset acquisitions (or disposals) and certain future acquisition-related expenses associated with these asset acquisitions will be capitalized. In February 2017, the FASB issued ASU No. 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”), which clarifies the following: (1) nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty; (2) an entity should allocate consideration to each distinct asset by applying the guidance in Topic 606 on allocating the transaction price to performance obligations; and (3) entities must derecognize a distinct nonfinancial asset or distinct in substance nonfinancial asset in a partial sale transaction when it (a) does not have (or ceases to have) a controlling financial interest in the legal entity that holds the asset in accordance with Subtopic 810 and (b) transfers control of the asset in accordance with Subtopic 606. ASU 2017-05 is effective for annual periods, and interim periods therein, beginning after December 15, 2017. Early adoption is permitted.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS GAAP defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. GAAP emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows: Level 1 — Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 — Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs). Level 3 — Unobservable inputs, which are only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability. The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities: Credit facility and subordinate promissory note — The fair value is estimated by discounting the expected cash flows based on estimated borrowing rates available to the Company as of the measurement date. These financial instruments are valued using Level 2 inputs. As of March 31, 2017 , the estimated fair value of the Company’s debt was $29.6 million , compared to the carrying value of $29.0 million . As of December 31, 2016 , the estimated fair value of the Company’s debt was $32.9 million , compared to the carrying value on that date of $32.3 million . The carrying and fair values exclude net deferred financing costs. Other financial instruments — The Company considers the carrying values of its cash and cash equivalents, tenant receivables, accrued expenses and accounts payable, other liabilities, due to affiliates and distributions payable to approximate their fair values because of the short period of time between their origination and their expected realization as well as their highly-liquid nature. Due to the short-term maturities of these instruments, Level 1 inputs are utilized to estimate the fair value of these financial instruments. Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize, or be liable for, on disposition of the financial assets and liabilities. As of March 31, 2017 and December 31, 2016 , there have been no transfers of financial assets or liabilities between fair value hierarchy levels.

Real Estate Investment

Real Estate Investment	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
REAL ESTATE INVESTMENT	REAL ESTATE INVESTMENT 2017 Property Acquisitions During the three months ended March 31, 2017 , the Company did not acquire any properties.

Credit Facility and Subordinate

Credit Facility and Subordinate Promissory Note	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
CREDIT FACILITY AND SUBORDINATE PROMISSORY NOTE	CREDIT FACILITY AND SUBORDINATE PROMISSORY NOTE As of March 31, 2017 , the Company had $29.0 million of debt outstanding, with a weighted average interest rate of 3.9% and weighted average years to maturity of 2.2 years. The following table summarizes the debt balances as of March 31, 2017 and December 31, 2016 , respectively, and the debt activity for the three months ended March 31, 2017 : During the Three Months Ended March 31, 2017 Balance as of Debt Issuance Repayments Accretion Balance as of Credit facility $ 22,000,000 $ — $ (725,000 ) $ — $ 21,275,000 Subordinate promissory note with affiliate 10,300,000 — (2,550,000 ) — 7,750,000 Total debt $ 32,300,000 $ — $ (3,275,000 ) $ — $ 29,025,000 As of March 31, 2017 , the Company had $21.3 million of debt outstanding under its secured credit facility (the “Credit Facility”) with JPMorgan Chase, Bank N.A. (“JPMorgan Chase”), as administrative agent and a lender, and KeyBank, National Association (“KeyBank”) as a lender under the credit agreement (the “Credit Agreement”), that provides for borrowings of up to $100.0 million in revolving loans (the “Revolving Loans”). The Revolving Loans mature on September 23, 2019; however, the Company may elect to extend the maturity dates of such loans to September 23, 2021, subject to satisfying certain conditions contained in the Credit Agreement. Depending upon the type of loan specified and overall leverage ratio, the Credit Facility bears interest at (i) the one-month, two-month, three-month or six-month London Interbank Offered Rate (“LIBOR”) multiplied by the statutory reserve rate (the “Eurodollar Rate”) plus an interest rate spread ranging from 2.20% to 2.45% ; or (ii) a base rate ranging from 1.20% to 1.45% , plus the greater of: (a) JPMorgan Chase’s Prime Rate (as defined in the Credit Agreement); (b) the Federal Funds Effective Rate (as defined in the Credit Agreement) plus 0.50% ; or (c) the one-month LIBOR plus 1.0% multiplied by the statutory reserve rate. As of March 31, 2017 , the Revolving Loans outstanding totaled $21.3 million at an interest rate of 3.45% . The Company had $78.7 million in unused capacity, subject to borrowing availability, as of March 31, 2017 . The Credit Agreement contains provisions with respect to covenants, events of default and remedies customary for facilities of this nature. In particular, the Credit Agreement requires the Company to maintain a minimum consolidated net worth greater than or equal to 75% of the issuance of equity from the date of the Credit Agreement, a leverage ratio no greater than 65% , a fixed charge coverage ratio equal to or greater than 1.50 . The Company believes it was in compliance with the financial covenants of the Credit Agreement as of March 31, 2017 . In addition in 2016, the Company entered into a $30.0 million subordinate loan with an affiliate of the Company’s advisor (the “Subordinate Promissory Note”). On March 28, 2017, Cole Corporate Income Operating Partnership III, OP entered into a modification agreement to extend the maturity date of the Subordinate Promissory Note from September 22, 2017 to September 30, 2018 . The Subordinate Promissory Note bears interest at a rate per annum equal to the sum of (a) one-month LIBOR, (b) the Credit Facility Margin (as defined in the Subordinate Promissory Note Modification) and (c) 1.75% , with accrued interest payable monthly in arrears and principal due upon maturity on September 30, 2018 . The Subordinate Promissory Note had an interest rate of 5.0% as of March 31, 2017 . In the event the Subordinate Promissory Note is not paid off on the maturity date, the loan includes default provisions. The Subordinate Promissory Note has been approved by a majority of the Company’s board of directors (including a majority of the independent directors) not otherwise interested in the transaction as fair, competitive and commercially reasonable and no less favorable to the Company than a comparable loan between unaffiliated parties under the same circumstances. As of March 31, 2017 , the Company had $7.8 million of debt outstanding and $22.2 million available for borrowing under the Subordinate Promissory Note.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation In the ordinary course of business, the Company may become subject to litigation and claims. The Company is not aware of any material pending legal proceedings, other than ordinary routine litigation incidental to the Company’s business, to which the Company is a party or of which the Company’s property is the subject. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. In addition, the Company may own or acquire certain properties that are subject to environmental remediation. Generally, the seller of the property, the tenant of the property and/or another third party is responsible for environmental remediation costs related to a property. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify the Company against future remediation costs. The Company also carries environmental liability insurance on its properties that provides limited coverage for any remediation liability and/or pollution liability for third-party bodily injury and/or property damage claims for which the Company may be liable. The Company is not aware of any environmental matters which it believes are reasonably likely to have a material effect on its results of operations, financial condition or liquidity.

Related-Party Transactions and

Related-Party Transactions and Arrangements	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS	RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS The Company has incurred, and will continue to incur, commissions, fees and expenses payable to CCI III Advisors and certain of its affiliates in connection with the Offering and the acquisition, management and disposition of its assets. Selling commissions and dealer manager fees In connection with the Offering, CCC, the Company’s dealer manager, which is affiliated with CCI III Advisors, receives selling commissions of up to 7.0% and 3.0% of gross offering proceeds from the primary portion of the Offering for Class A Shares and Class T Shares, respectively. CCC reallows 100% of selling commissions earned to participating broker-dealers. In addition, CCC receives 2.0% of gross offering proceeds from the primary portion of the Offering for both Class A Shares and Class T Shares as a dealer manager fee. CCC, in its sole discretion, may reallow all or a portion of its dealer manager fee to participating broker-dealers. No selling commissions or dealer manager fees are paid to CCC or other participating broker-dealers with respect to shares sold pursuant to the DRIP. Organization and offering expenses All other organization and offering expenses associated with the sale of the Company’s common stock (excluding selling commissions, dealer manager fees and distribution and stockholder servicing fees) are paid by CCI III Advisors or its affiliates and are reimbursed by the Company up to 1.0% of aggregate gross offering proceeds, including proceeds from sales of shares under the DRIP. A portion of the other organization and offering expenses may be considered to be underwriting compensation. As of March 31, 2017 , CCI III Advisors had paid organization and offering expenses in excess of the 1.0% of aggregate gross offering proceeds in connection with the Offering. These excess amounts were not included in the condensed consolidated unaudited financial statements of the Company because such amounts were not a liability of the Company as they exceeded 1.0% of gross proceeds from the Offering. As the Company raises additional proceeds from the Offering, these amounts may become payable. Distribution and stockholder servicing fees The Company pays CCC a distribution and stockholder servicing fee for Class T Shares that is calculated on a daily basis in an amount equal to 1/365th of 1.0% of the purchase price per share (or, once reported, the amount of the Company’s estimated per share net asset value) of the Class T Shares sold in the primary portion of the Offering. The distribution and stockholder servicing fee is paid monthly in arrears from cash flow from operations or, if the Company’s cash flow from operations is not sufficient to pay the distribution and stockholder servicing fee, from borrowings in anticipation of future cash flow. An estimated liability for future distribution and stockholder servicing fees payable to CCC is recognized at the time each Class T Share is sold and included in due to affiliates in the condensed consolidated unaudited balance sheets with a corresponding decrease to capital in excess of par value. The Company will cease paying the distribution and stockholder servicing fee with respect to Class T Shares at the earliest of (i) the end of the month in which the total distribution and stockholder servicing fees paid by a stockholder within his or her individual account would be equal to 4.0% of the stockholder’s total gross investment amount at the time of the purchase of the primary Class T Shares held in such account; (ii) the date on which the aggregate underwriting compensation from all sources equals 10.0% of the gross proceeds from the aggregate sale of the Class A Shares and Class T Shares in the Offering, excluding proceeds from sales pursuant to the DRIP; (iii) the fourth anniversary of the last day of the month in which the Offering (excluding the offering of shares pursuant to the DRIP) terminates; (iv) the date such Class T Share is no longer outstanding; and (v) the date the Company effects a liquidity event. CCC may, in its discretion, reallow to participating broker-dealers all or a portion of the distribution and stockholder servicing fee for services that such participating broker-dealers perform in connection with the distribution of Class T Shares. No distribution and stockholder servicing fees are paid to CCC or other participating broker-dealers with respect to shares sold pursuant to the DRIP. Acquisition-related fees and expenses The Company pays CCI III Advisors or its affiliates acquisition fees of up to 2.0% of: (i) the contract purchase price of each property or asset the Company acquires; (ii) the amount paid in respect of the development, construction or improvement of each asset the Company acquires; (iii) the purchase price of any loan the Company acquires; and (iv) the principal amount of any loan the Company originates. In addition, the Company reimburses CCI III Advisors or its affiliates for acquisition-related expenses incurred in the process of acquiring a property or the origination or acquisition of a loan, so long as the total acquisition fees and expenses relating to the transaction do not exceed 6.0% of the contract purchase price. During the three months ended March 31, 2017 , no acquisition fees or expenses were incurred for any such services provided by CCI III Advisors or its affiliates. Advisory fees and expenses Pursuant to the advisory agreement, the Company pays CCI III Advisors a monthly advisory fee based upon the Company’s monthly average invested assets, which is equal to the following amounts: (i) an annualized rate of 0.75% paid on the Company’s average invested assets that are between $0 and $2.0 billion ; (ii) an annualized rate of 0.70% paid on the Company’s average invested assets that are between $2.0 billion and $4.0 billion ; and (iii) an annualized rate of 0.65% paid on the Company’s average invested assets that are over $4.0 billion . Operating expenses The Company reimburses CCI III Advisors or its affiliates for the operating expenses they paid or incurred in connection with advisory and administrative services provided to the Company, subject to the limitation that the Company will not reimburse CCI III Advisors or its affiliates for any amount by which the operating expenses (including the advisory fee) at the end of the four preceding fiscal quarters exceed the greater of (i) 2.0% of average invested assets, or (ii) 25.0% of net income, other than any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of assets for that period. The Company will not reimburse CCI III Advisors or its affiliates for compensation paid to the Company’s executive officers or employees of CCI III Advisors in connection with the services for which CCI III Advisors or its affiliates receive an acquisition fee, financing coordination fee or disposition fee. During the three months ended March 31, 2017 , no operating expenses were incurred for any such services provided by CCI III Advisors or its affiliates. Financing coordination fees If CCI III Advisors provides services in connection with the origination, assumption or refinancing of any debt to acquire properties or to make other permitted investments, the Company will pay CCI III Advisors a financing coordination fee equal to 1.0% of the amount available and/or outstanding under such financing. However, CCI III Advisors will not be entitled to a financing coordination fee on any debt where CCI III Advisors previously received a fee unless (i) the maturity date of the refinanced debt was scheduled to occur less than one year after the date of the refinancing and the new loan has a term of at least five years or (ii) the new loan is approved by a majority of our independent directors; and provided, further, that no financing coordination fee will be paid in connection with loans advanced by an affiliate of CCI III Advisors. During the three months ended March 31, 2017 , no financing coordination fees were incurred for any such services provided by CCI III Advisors. Disposition fees If CCI III Advisors or its affiliates provide a substantial amount of services (as determined by a majority of the Company’s independent directors) in connection with the sale of one or more properties (or the Company’s entire portfolio), the Company will pay CCI III Advisors or its affiliates a disposition fee in an amount equal to up to one-half of the real estate or brokerage commission paid by the Company to third parties on the sale of such property, not to exceed 1.0% of the contract price of the property sold; provided, however, in no event may the total disposition fees paid to CCI III Advisors, its affiliates, and unaffiliated third parties, exceed the lesser of the customary competitive real estate commission or an amount equal to 6.0% of the contract sales price. In addition, if CCI III Advisors or its affiliates provides a substantial amount of services (as determined by a majority of the Company’s independent directors) in connection with the sale of one or more assets other than properties, the Company may separately compensate CCI III Advisors or its affiliates at such rates and in such amounts as the Company’s board of directors, including a majority of the independent directors, and CCI III Advisors agree upon, not to exceed an amount equal to 1.0% of the contract price of the assets sold. During the three months ended March 31, 2017 , no disposition fees were incurred for any such services provided by CCI III Advisors or its affiliates. Subordinated performance fees The Company will pay a subordinated performance fee under one of the following alternative events: (1) if the Company’s shares are listed on a national securities exchange, CCI III Advisors, or its affiliates, will be entitled to a subordinated performance fee equal to 15.0% of the amount, if any, by which (i) the market value of the Company’s outstanding stock plus distributions paid by the Company prior to listing, exceeds (ii) the sum of the total amount of capital raised from investors and the amount of distributions necessary to generate a 6.0% annual cumulative, non-compounded return to investors; (2) if the Company is sold or its assets are liquidated, CCI III Advisors will be entitled to a subordinated performance fee equal to 15.0% of the net sale proceeds remaining after investors have received, from regular distributions plus special distributions paid from proceeds of such sale, a return of their net capital invested and a 6.0% annual cumulative, non-compounded return; or (3) upon termination of the advisory agreement, CCI III Advisors may be entitled to a subordinated performance fee similar to the fee to which it would have been entitled had the portfolio been liquidated (based on an independent appraised value of the portfolio) on the date of termination. During the three months ended March 31, 2017 , no subordinated performance fees were incurred related to any such events. The Company incurred commissions, fees and expense reimbursements as shown in the table below for services provided by CCI III Advisors and its affiliates related to the services described above during the periods indicated: Three Months Ended March 31, 2017 Selling commissions $ 209,470 Dealer manager fees $ 111,444 Distribution and stockholder servicing fees (1) $ 18 Organization and offering costs $ 37,201 Advisory fees $ 60,565 ______________________ (1) Amounts are calculated for the respective period in accordance with the dealer manager agreement and exclude the estimated liability for future distribution and stockholder servicing fees payable to CCC of $19,000 , which is included in due to affiliates in the consolidated balance sheets with a corresponding decrease to capital in excess of par value, as described in Note 2 — Summary of Significant Accounting Policies. Due to Affiliates As of March 31, 2017 , $77,000 was recorded for services and expenses incurred, but not yet reimbursed, to CCI III Advisors or its affiliates. The amount is primarily for interest expense related to the Subordinate Promissory Note, the estimated liability for future distribution and stockholder servicing fees payable to CCC, and advisory fees and expenses. The Company incurred $124,000 of interest expense related to the Subordinate Promissory Note during the three months ended March 31, 2017 , of which $38,000 was payable to the Company’s advisor as of March 31, 2017 . These amounts were included in due to affiliates in the condensed consolidated unaudited balance sheets of such periods.

Economic Dependency

Economic Dependency	3 Months Ended
	Mar. 31, 2017
Economic Dependency [Abstract]
ECONOMIC DEPENDENCY	ECONOMIC DEPENDENCY Under various agreements, the Company has engaged and may in the future engage CCI III Advisors or its affiliates to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, the sale of shares of the Company’s common stock available for issuance, as well as other administrative responsibilities for the Company including accounting services and investor relations. As a result of these relationships, the Company is dependent upon CCI III Advisors or its affiliates. In the event that these companies are unable to provide the Company with these services, the Company would be required to find alternative providers of these services.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluated events subsequent to March 31, 2017 , and concluded that no subsequent events have occurred that would require recognition or disclosure in the condensed consolidated unaudited financial statements.

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	The condensed consolidated unaudited financial statements of the Company have been prepared in accordance with the rules and regulations of the SEC regarding interim financial reporting, including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements for the interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for such periods. Results for these interim periods are not necessarily indicative of full year results. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2016 , and related notes thereto, set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . The condensed consolidated unaudited financial statements should also be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this Quarterly Report on Form 10-Q.
Principles of Consolidation	The condensed consolidated unaudited financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated unaudited financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Real Estate Investments and Recoverability of Real Estate Assets	Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition, excluding acquisition-related fees and expenses, construction and any tenant improvements, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All acquisition-related fees and expenses, repairs and maintenance are expensed as incurred. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Site improvements 15 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term Recoverability of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to, bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, rental concessions and other factors, a significant decrease in a property’s revenues due to lease terminations, vacancies, co-tenancy clauses, reduced lease rates, or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value will be determined using a discounted cash flow analysis and recent comparable sales transactions.
Allocation of Purchase Price of Real Estate Assets	Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place leases, based in each case on their respective fair values. Acquisition-related fees and expenses are expensed as incurred. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations.
Revenue Recognition	The Company’s property has a lease where minimum rental payments increase during the term of the lease. The Company records rental income for the full term of the lease on a straight-line basis when earned and collectability is reasonably assured. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. The Company defers the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Expected reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursement income in the period when such costs are incurred. The Company continually reviews receivables related to rent, including any unbilled straight-line rent, and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the Company will record an increase in the allowance for uncollectible accounts.
Income Taxes	For its taxable year ended December 31, 2016, the Company was taxed as a C corporation under the Internal Revenue Code, as it did not meet all of the criteria to qualify as a REIT during this period. As of March 31, 2017, the Company intends to qualify and elect to be taxed as a REIT for the year ending December 31, 2017. The Company expects that any income tax benefit from its net operating losses would be offset by a full valuation allowance as it does not expect to utilize its net operating loss carryforward. As a result, no provision or benefit for income taxes has been recognized in the accompanying condensed consolidated unaudited financial statements.
Net Loss Per Share	The Company has two classes of common stock. Accordingly, the Company utilizes the two-class method to determine its earnings per share, which results in different earnings per share for each of the classes. Under the two-class method, earnings per share of each class of common stock are computed by dividing the sum of the distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of shares for each class of common stock for the respective period. The distributed earnings to Class T Share common stockholders represents distributions declared less the distribution and stockholder servicing fees paid with respect to Class T Shares sold in the primary portion of the Offering. Diluted loss per share considers the effect of any potentially dilutive share equivalents, of which the Company had none for the three months ended March 31, 2017 .
Recent Accounting Pronouncements	From time to time, new accounting pronouncements are issued by various standard setting bodies that may have an impact on the Company’s accounting and reporting. Except as otherwise stated below, the Company is currently evaluating the effect that certain of these new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s condensed consolidated unaudited financial statements: Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, as amended (“ASU 2014-09”) — The requirements were amended to remove inconsistencies in revenue requirements and to provide a more complete framework for addressing revenue issues across a broad range of industries and transaction types. The revised standard’s core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The revised standard also clarifies that an entity should evaluate whether it is the principal or the agent for each specified good or service promised in a contract to a customer. These provisions are effective January 1, 2018, and are to be applied retrospectively, with early adoption permitted for periods beginning after December 15, 2016 and interim periods thereafter. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. The Company is currently assessing the adoption methodology. In accordance with the Company’s plan for the adoption of ASU 2014-09, the Company’s implementation team has identified the Company’s revenue streams and is performing an in-depth review of the Company’s revenue contracts to identify the related performance obligations and to evaluate the impact on the Company’s consolidated financial statements and internal accounting processes and controls. As the majority of the Company’s revenue is derived from real estate lease contracts, as discussed in relation to ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), the Company does not expect that the adoption of ASU 2014-09 or related amendments and modifications issued by the Financial Accounting Standards Board (the “FASB”) will have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, which replaces the existing guidance in Accounting Standards Codification 840, Leases (Topic 842) . ASU 2016-02 requires a dual approach for lessee accounting under which a lessee would account for leases as either finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use (“ROU”) asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the ROU asset and for operating leases the lessee would recognize a straight-line total lease expense. The provisions of ASU 2016-02 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. A modified retrospective approach is required for existing leases that have not expired upon adoption. Early adoption is permitted. The Company’s implementation team is developing an inventory of all leases, as well as identifying any non-lease components in the lease arrangements. ASU No. 2016-01, Financial Instruments (Subtopic 825-10) — The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). The amendments in this update also require an entity to present separately in other comprehensive income (loss), the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the consolidated balance sheets or the accompanying notes to the consolidated financial statements. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. ASU No. 2016-05, Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (“ASU 2016-05”) — The amendments in this update clarify that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument does not, in and of itself, require de-designation of that hedging relationship, provided that all other hedge accounting criteria continue to be met. These provisions are effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. The Company plans to adopt ASU 2016-05 prospectively and will consider it for any future novations. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326) (“ASU 2016-13”). ASU 2016-13 requires more timely recording of credit losses on loans and other financial instruments that are not accounted for at fair value through net income, including loans held for investment, held-to-maturity debt securities, trade and other receivables, net investment in leases and other such commitments. ASU 2016-13 requires that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The amendments in ASU 2016-13 require the Company to measure all expected credit losses based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets and eliminates the “incurred loss” methodology in current GAAP. ASU 2016-13 is effective for fiscal years, and interim periods within, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2018. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which is intended to address diversity in practice related to how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments in ASU 2016-15 address eight specific cash flow issues as well as application of the predominance principle (dependence on predominant source or use of receipt or payment) and are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. ASU 2016-15 requires retrospective adoption unless it is impracticable to apply, in which case it is to be applied prospectively as of the earliest date practicable. The Company plans to adopt ASU 2016-15 during the fourth quarter of fiscal year 2017. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”), which provides guidance on the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. Restricted cash and restricted cash equivalents should now be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the statements of cash flows. The amendments in ASU 2016-18 are effective for reporting periods beginning after December 15, 2017, with early adoption permitted. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”), which clarifies the definition of a business by adding guidance to assist entities in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for annual periods beginning after December 15, 2017, including interim periods within. Early adoption is permitted and is required to be applied prospectively to any transactions occurring within the period of adoption. Upon adoption, the Company expects that most future acquisitions (or disposals) will qualify as asset acquisitions (or disposals) and certain future acquisition-related expenses associated with these asset acquisitions will be capitalized. In February 2017, the FASB issued ASU No. 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”), which clarifies the following: (1) nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty; (2) an entity should allocate consideration to each distinct asset by applying the guidance in Topic 606 on allocating the transaction price to performance obligations; and (3) entities must derecognize a distinct nonfinancial asset or distinct in substance nonfinancial asset in a partial sale transaction when it (a) does not have (or ceases to have) a controlling financial interest in the legal entity that holds the asset in accordance with Subtopic 810 and (b) transfers control of the asset in accordance with Subtopic 606. ASU 2017-05 is effective for annual periods, and interim periods therein, beginning after December 15, 2017. Early adoption is permitted.
Fair Value Measurements	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows: Level 1 — Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 — Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs). Level 3 — Unobservable inputs, which are only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Investment in and valuation of real estate and related assets	The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Site improvements 15 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term

Credit Facility and Subordina18

Credit Facility and Subordinate Promissory Note Credit Facility and Subordinated Promissory Note (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of debt	The following table summarizes the debt balances as of March 31, 2017 and December 31, 2016 , respectively, and the debt activity for the three months ended March 31, 2017 : During the Three Months Ended March 31, 2017 Balance as of Debt Issuance Repayments Accretion Balance as of Credit facility $ 22,000,000 $ — $ (725,000 ) $ — $ 21,275,000 Subordinate promissory note with affiliate 10,300,000 — (2,550,000 ) — 7,750,000 Total debt $ 32,300,000 $ — $ (3,275,000 ) $ — $ 29,025,000

Related-Party Transactions an19

Related-Party Transactions and Arrangements (Tables)	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Schedule of related party transactions	The Company incurred commissions, fees and expense reimbursements as shown in the table below for services provided by CCI III Advisors and its affiliates related to the services described above during the periods indicated: Three Months Ended March 31, 2017 Selling commissions $ 209,470 Dealer manager fees $ 111,444 Distribution and stockholder servicing fees (1) $ 18 Organization and offering costs $ 37,201 Advisory fees $ 60,565 ______________________ (1) Amounts are calculated for the respective period in accordance with the dealer manager agreement and exclude the estimated liability for future distribution and stockholder servicing fees payable to CCC of $19,000 , which is included in due to affiliates in the consolidated balance sheets with a corresponding decrease to capital in excess of par value, as described in Note 2 — Summary of Significant Accounting Policies.

Organization and Business (Deta

Organization and Business (Details) $ / shares in Units, ft² in Thousands	Sep. 22, 2016USD ($)class_of_stock$ / sharesshares	Dec. 30, 2015shares	Jul. 14, 2014USD ($)shares	Mar. 31, 2017USD ($)ft²class_of_stockpropertyshares	Mar. 31, 2016USD ($)	Dec. 31, 2016shares
Class of Stock [Line Items]
Classes of common stock | class_of_stock				2
Issuance of common stock (in shares) | shares			8,000
Gross offering proceeds			$ 200,000	$ 3,681,680	$ 0
Distribution and stockholder fees payable				$ 19,000
Net rentable area (in square feet) | ft²				221
Percentage of rentable space leased				100.00%
Stock split, conversion ratio		2.5
OHIO
Class of Stock [Line Items]
Number of real estate properties | property				1
Distribution and stockholder servicing fees | Advisors
Class of Stock [Line Items]
Related party transaction, expenses from transactions with related party				$ 18
Class A Common Stock
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares		20,000
Shares issued to date (in shares) | shares				663,015		334,618
Class A Common Stock | Common Stock
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares				328,397
Shares issued to date (in shares) | shares				663,015		334,618
Class T Common Stock
Class of Stock [Line Items]
Shares issued to date (in shares) | shares				50,845		5,225
Class T Common Stock | Common Stock
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares				45,620
Shares issued to date (in shares) | shares				50,845		5,225
IPO
Class of Stock [Line Items]
Common stock, shares authorized, value (up to)	$ 3,500,000,000
IPO | Common Stock
Class of Stock [Line Items]
Gross offering proceeds				$ 6,600,000
Shares issued to date (in shares) | shares				694,000
Organization and offering costs, selling commissions and dealer manager fees				$ 419,000
IPO | Class A Common Stock | Common Stock
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares	274,725
Gross offering proceeds	$ 2,500,000			6,100,000
IPO | Class T Common Stock
Class of Stock [Line Items]
Distribution and stockholder fees payable				19,000
IPO | Class T Common Stock | Distribution and stockholder servicing fees | Advisors
Class of Stock [Line Items]
Related party transaction, expenses from transactions with related party				500
IPO | Class T Common Stock | Common Stock
Class of Stock [Line Items]
Gross offering proceeds				$ 500,000
Multi-Class Offering, Primary Offering
Class of Stock [Line Items]
Common stock, shares authorized, value (up to)	$ 2,500,000,000
Classes of common stock | class_of_stock	2
Multi-Class Offering, Primary Offering | Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized, value (up to)	$ 1,250,000,000
Share price (in dollars per share) | $ / shares	$ 10
Multi-Class Offering, Primary Offering | Class T Common Stock
Class of Stock [Line Items]
Common stock, shares authorized, value (up to)	$ 1,250,000,000
Share price (in dollars per share) | $ / shares	$ 9.57
Distribution Reinvestment Plan
Class of Stock [Line Items]
Common stock, shares authorized, value (up to)	$ 1,000,000,000
Distribution Reinvestment Plan | Class A Common Stock
Class of Stock [Line Items]
Share price (in dollars per share) | $ / shares	$ 9.10
Distribution Reinvestment Plan | Class T Common Stock
Class of Stock [Line Items]
Share price (in dollars per share) | $ / shares	$ 9.10
CCC II OP
Class of Stock [Line Items]
General partner partnership interest percentage				100.00%

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2017USD ($)class_of_stockshares	Dec. 31, 2016USD ($)
Class of Stock [Line Items]
Impairment	$ 0
Allowance for doubtful accounts	$ 0	$ 0
Classes of common stock | class_of_stock	2
Weighted average number diluted shares outstanding adjustment (in shares) | shares	0
Building
Class of Stock [Line Items]
Acquired real estate asset, useful life (in years)	40 years
Site Improvements
Class of Stock [Line Items]
Acquired real estate asset, useful life (in years)	15 years

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Significant Other Observable Inputs (Level 2) - Affiliated entity - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Estimate of fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	$ 29.6	$ 32.9
Carrying (reported) amount, fair value disclosure
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	$ 29	$ 32.3

Real Estate Investment (Narrati

Real Estate Investment (Narrative) (Details)	3 Months Ended
	Mar. 31, 2017property
Acquisitions 2,017
Business Acquisition [Line Items]
Number of properties acquired	0

Credit Facility and Subordina24

Credit Facility and Subordinate Promissory Note (Credit Facility) (Details)	3 Months Ended
	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Sep. 23, 2016USD ($)
Debt Instrument [Line Items]
Debt outstanding	$ 29,025,000	$ 32,300,000
Debt, weighted average interest rate (percentage)	3.90%
Debt instrument, weighted average years to maturity (in years)	2 years 2 months 19 days
Line of credit outstanding	$ 21,275,000	22,000,000
Line of credit
Debt Instrument [Line Items]
Debt outstanding	21,275,000	$ 22,000,000
J. P. Morgan Chase And KeyBank | Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Line of credit outstanding	$ 21,300,000
Line of credit facility, borrowing capacity (up to)			$ 100,000,000
Interest rate, effective percentage	3.45%
Line of credit facility, remaining borrowing capacity	$ 78,700,000
Line of credit facility, covenant, minimum consolidated net worth (percentage)	75.00%
J. P. Morgan Chase And KeyBank | Line of credit | Revolving credit facility | Minimum
Debt Instrument [Line Items]
Interest rate spread	1.20%
Debt instrument, covenant, fixed charge coverage ratio	1.50
J. P. Morgan Chase And KeyBank | Line of credit | Revolving credit facility | Maximum
Debt Instrument [Line Items]
Interest rate spread	1.45%
Line of credit facility, covenant, leverage ratio (less than or equal to) (percentage)	65.00%
J. P. Morgan Chase And KeyBank | Line of credit | Revolving credit facility | Statutory Reserve Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (percentage)	2.20%
J. P. Morgan Chase And KeyBank | Line of credit | Revolving credit facility | Statutory Reserve Rate | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (percentage)	2.45%
J. P. Morgan Chase And KeyBank | Line of credit | Revolving credit facility | Federal Funds Effective Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (percentage)	0.50%
J. P. Morgan Chase And KeyBank | Line of credit | Revolving credit facility | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (percentage)	1.00%

Credit Facility and Subordina25

Credit Facility and Subordinate Promissory Note (Schedule of Debt) (Details)	3 Months Ended
	Mar. 31, 2017USD ($)
Debt [Roll Forward]
Debt outstanding, beginning balance	$ 32,300,000
Debt Issuance	0
Repayments	(3,275,000)
Debt outstanding, ending balance	29,025,000
Line of credit
Debt [Roll Forward]
Debt outstanding, beginning balance	22,000,000
Debt Issuance	0
Repayments	(725,000)
Debt outstanding, ending balance	21,275,000
Subordinated Promissory Note
Debt [Roll Forward]
Debt outstanding, beginning balance	10,300,000
Debt Issuance	0
Repayments	(2,550,000)
Debt outstanding, ending balance	$ 7,750,000

Credit Facility and Subordina26

Credit Facility and Subordinate Promissory Note (Subordinate Promissory Note) (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Line of Credit Facility [Line Items]
Line of credit outstanding	$ 21,275,000	$ 22,000,000
Affiliated entity | Line of credit | Subordinated Promissory Note
Line of Credit Facility [Line Items]
Line of credit facility, borrowing capacity (up to)		$ 30,000,000
Interest rate (percent)		1.75%
Interest rate, effective percentage	5.00%
Line of credit outstanding	$ 7,800,000
Line of credit facility, remaining borrowing capacity	$ 22,200,000

Related-Party Transactions an27

Related-Party Transactions and Arrangements (Selling commissions and dealer manager fees) (Details)	3 Months Ended
	Mar. 31, 2017USD ($)
Dealer manager | Selling commissions
Related Party Transaction [Line Items]
Expense reallowed (percent)	100.00%
Advisors | Selling commissions
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 209,470
Advisors | Dealer manager fees
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 111,444
Class A Common Stock | Dealer manager | Dealer manager fees
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees	2.00%
Class A Common Stock | Maximum | Dealer manager | Selling commissions
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees	7.00%
Class T Common Stock | Dealer manager | Dealer manager fees
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees	2.00%
Class T Common Stock | Maximum | Dealer manager | Selling commissions
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees	3.00%

Related-Party Transactions an28

Related-Party Transactions and Arrangements (Organization and offering expenses) (Details)	Mar. 31, 2017
Advisors | Other organization and offering costs
Related Party Transaction [Line Items]
Related party transaction, expense from transactions with related party, percentage of gross offering proceeds	1.00%

Related-Party Transactions an29

Related-Party Transactions and Arrangements (Distribution and stockholder servicing fees) (Details) - Advisors	3 Months Ended
	Mar. 31, 2017USD ($)
Distribution and stockholder servicing fees
Related Party Transaction [Line Items]
Distribution and servicing fee, termination of payments threshold, percentage of total gross investment	4.00%
Distribution and servicing fee, termination of payments threshold, percentage gross proceeds from shares in offering	10.00%
Related party transaction, expenses from transactions with related party	$ 18
Class T Common Stock
Related Party Transaction [Line Items]
Distribution and servicing fee, percentage of NAV per share	0.00274%

Related-Party Transactions an30

Related-Party Transactions and Arrangements (Acquisition-related fees and expenses) (Details) - Advisors	3 Months Ended
	Mar. 31, 2017USD ($)
Acquisition Fees and Expenses
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 0
Operating expenses
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 0
Maximum | Acquisition Fees and Expenses
Related Party Transaction [Line Items]
Acquisition and advisory fee (percentage)	2.00%
Expense reimbursement, percent	6.00%

Related-Party Transactions an31

Related-Party Transactions and Arrangements (Advisory fees) (Details)	Mar. 31, 2017USD ($)
Average invested assets between $0 to $2 billion | Advisors | Advisory fees
Related Party Transaction [Line Items]
Annualized rate percentage paid on average invested asset	0.75%
Average invested assets between $2 billion to $4 billion | Advisors | Advisory fees
Related Party Transaction [Line Items]
Annualized rate percentage paid on average invested asset	0.70%
Average invested assets over $4 bilion | Advisors | Advisory fees
Related Party Transaction [Line Items]
Annualized rate percentage paid on average invested asset	0.65%
Minimum | Average invested assets between $0 to $2 billion
Related Party Transaction [Line Items]
Average invested assets	$ 0
Minimum | Average invested assets between $2 billion to $4 billion
Related Party Transaction [Line Items]
Average invested assets	2,000,000,000
Minimum | Average invested assets over $4 bilion
Related Party Transaction [Line Items]
Average invested assets	4,000,000,000
Maximum | Average invested assets between $0 to $2 billion
Related Party Transaction [Line Items]
Average invested assets	2,000,000,000
Maximum | Average invested assets between $2 billion to $4 billion
Related Party Transaction [Line Items]
Average invested assets	$ 4,000,000,000

Related-Party Transactions an32

Related-Party Transactions and Arrangements (Operating expenses) (Details) - Minimum - Advisors	Mar. 31, 2017
Related Party Transaction [Line Items]
Operating expense reimbursement percentage of average invested assets	2.00%
Operating expense reimbursement percentage of net income	25.00%

Related-Party Transactions an33

Related-Party Transactions and Arrangements (Financing coordination fees) (Details) - Advisors - Financing coordination fee	3 Months Ended
	Mar. 31, 2017USD ($)
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 0
Financing coordination fee (percent)	1.00%

Related-Party Transactions an34

Related-Party Transactions and Arrangements (Dispositions fees) (Details) - Advisors	3 Months Ended
	Mar. 31, 2017USD ($)
Property sales commission
Related Party Transaction [Line Items]
Commissions performance and other fees percent	1.00%
Related party transaction, expenses from transactions with related party	$ 0
Maximum | Brokerage Commission Fee
Related Party Transaction [Line Items]
Commissions performance and other fees percent	50.00%
Maximum | Property portfolio
Related Party Transaction [Line Items]
Commissions performance and other fees percent	6.00%

Related-Party Transactions an35

Related-Party Transactions and Arrangements (Subordinated Performance Fees) (Details) - Advisors	3 Months Ended
	Mar. 31, 2017USD ($)
Related Party Transaction [Line Items]
Cumulative Noncompounded Annual Return	6.00%
Performance fee
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 0
Subordinate performance fee on event of sale of company
Related Party Transaction [Line Items]
Commissions performance and other fees percent	15.00%
Subordinate performance fees for listing
Related Party Transaction [Line Items]
Commissions performance and other fees percent	15.00%

Related-Party Transactions an36

Related-Party Transactions and Arrangements (Schedule of Related Party Transaction) (Details)	3 Months Ended
	Mar. 31, 2017USD ($)
Related Party Transaction [Line Items]
Distribution and stockholder fees payable	$ 19,000
Advisors | Selling commissions
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	209,470
Advisors | Dealer manager fees
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	111,444
Advisors | Distribution and stockholder servicing fees
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	18
Advisors | Other organization and offering costs
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	37,201
Advisors | Advisory fees
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 60,565

Related-Party Transactions an37

Related-Party Transactions and Arrangements (Due to Affiliates) (Details) - Affiliated entity $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Related Party Transaction [Line Items]
Due to related parties	$ 77
Line of credit | Subordinated Promissory Note
Related Party Transaction [Line Items]
Interest expense, related party	124
Interest expense	$ 38