ARES INDUSTRIAL REAL ESTATE INCOME TRUST (ARIR) 10-Q 12 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 05, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Registrant Name	INDUSTRIAL LOGISTICS REALTY TRUST INC.
Entity Central Index Key	1,625,941
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		20,000

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 201,000	$ 201,000
Total assets	201,000	201,000
Liabilities
Accounts payable and accrued liabilities	88,763	0
Total liabilities	88,763
Commitments and contingencies (Note 6)
Stockholder's equity:
Preferred stock, $0.01 par value per share - 200,000,000 shares authorized, none issued and outstanding	0	0
Additional paid-in capital	199,800	199,800
Accumulated deficit	(88,763)
Total stockholder's equity	111,237	200,000
Noncontrolling interests	1,000	1,000
Total equity	112,237	201,000
Total liabilities and equity	201,000	201,000
Class A [Member]
Stockholder's equity:
Common stock, value	200	200
Class T [Member]
Stockholder's equity:
Common stock, value	0	0
Class W [Member]
Stockholder's equity:
Common stock, value	$ 0	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	200,000,000	200,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Class A [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	225,000,000	225,000,000
Common stock, shares issued	20,000	20,000
Common stock, shares outstanding	20,000	20,000
Class T [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,200,000,000	1,200,000,000
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0
Class W [Member]
Common stock, par value	$ 0.01
Common stock, shares authorized	75,000,000
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Rental revenues	$ 0	$ 0	$ 0	$ 0
Total revenues	0	0	0	0
Operating expenses:
General and administrative expenses	88,763	0	88,763	0
Total operating expenses	88,763	0	88,763	0
Net loss	(88,763)	0	(88,763)	0
Net loss attributable to noncontrolling interests	0	0	0	0
Net loss attributable to common stockholders	$ (88,763)	$ 0	$ (88,763)	$ 0
Weighted-average shares outstanding	20,000	20,000	20,000	20,000
Net loss per common share - basic and diluted	$ (4.44)	$ 0	$ (4.44)	$ 0

Consolidated Statement of Equit

Consolidated Statement of Equity - 6 months ended Jun. 30, 2016 - USD ($)	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Noncontrolling Interests [Member]
Beginning balance at Dec. 31, 2015	$ 201,000	$ 200	$ 199,800		$ 1,000
Beginning balance, shares at Dec. 31, 2015		20,000
Net loss	(88,763)			$ (88,763)
Ending balance at Jun. 30, 2016	$ 112,237	$ 200	$ 199,800	$ (88,763)	$ 1,000
Ending balance, shares at Jun. 30, 2016		20,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating activities:
Net loss	$ (88,763)	$ 0
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities	88,763
Net cash provided by (used in) operating activities	0	0
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents, at beginning of period	201,000	201,000
Cash and cash equivalents, at end of period	$ 201,000	$ 201,000

Organization

Organization	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. ORGANIZATION Industrial Logistics Realty Trust Inc. (formerly known as Logistics Property Trust Inc.) (the “Company”) is a Maryland corporation formed on August 12, 2014 (“Inception”). Unless the context otherwise requires, the “Company” refers to Industrial Logistics Realty Trust Inc. and its consolidated subsidiary, ILT Operating Partnership LP (the “Operating Partnership”). The Company was formed to make equity and debt investments in income-producing real estate assets consisting primarily of high-quality distribution warehouses and other industrial properties that are leased to creditworthy corporate customers throughout the U.S. Although the Company intends to focus investment activities primarily on distribution warehouses and other industrial properties, its charter and bylaws do not preclude it from investing in other types of commercial property, real estate debt, or real estate related equity securities. As of June 30, 2016, the Company has neither purchased nor contracted to purchase any properties, debt, or real estate-related equity securities, nor have any probable acquisitions been identified. The Company intends to operate in a manner that will allow it to qualify as a real estate investment trust (“REIT”) for federal income tax purposes commencing with the taxable year in which it satisfies the minimum offering requirements for its public offering, which is currently expected to be the year ending December 31, 2016. The Company utilizes an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) organizational structure to hold all or substantially all of its properties and securities through the Operating Partnership. In November 2014, the Company sold 20,000 shares of Class A common stock to ILT Advisors LLC (the “Advisor”) at a price of $10.00 per share. The Company contributed the $200,000 that it received from the Advisor to make an investment of $200,000 in the Operating Partnership in exchange for 20,000 Operating Partnership Units (“OP Units”), which represent the Company’s interest as the general partner and a limited partner of the Operating Partnership. The rights of the partners other than the general partner are limited and do not include the ability to replace the general partner or approve the sale, purchase or refinancing of the Operating Partnership’s assets. In addition, ILT Advisors Group LLC, the parent of the Advisor and the sponsor of the Company (the “Sponsor”), contributed $1,000 to the Operating Partnership in exchange for 100 OP Units that are part of a separate series of OP Units with special distribution rights (“Special Units”). The Advisor, the Sponsor and the Operating Partnership were formerly known as Logistics Property Advisors LLC, Logistics Property Advisors Group LLC and Logistics Property Operating Partnership LP, respectively.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited consolidated financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. Basis of Consolidation The consolidated financial statements include the accounts of Industrial Logistics Realty Trust Inc. and the Operating Partnership, as well as amounts related to noncontrolling interests. See “Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests. All material intercompany accounts and transactions have been eliminated. Use of Estimates 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 consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revision are reflected in the period they are determined to be necessary. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consist of amounts payable related to compensation to the Company’s independent directors. Noncontrolling Interests Due to the Company’s control of the Operating Partnership through its sole general partner interest and its limited partner interest, the Company consolidates the Operating Partnership. The limited partner interests not owned by the Company are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. As the limited partner interests do not participate in the profits and losses of the Operating Partnership, there is no net income or loss attributable to the noncontrolling interests on the consolidated statements of operations. Organization and Offering Expenses Organization and offering expenses are accrued by the Company only to the extent that the Company is successful in raising gross offering proceeds. If the Company is not successful in raising equity proceeds, no amounts will be payable by the Company to the Advisor for reimbursement of cumulative organization and offering expenses. Organization costs are expensed in the period they become reimbursable and offering expenses associated with the Company’s public offerings are recorded as a reduction of gross offering proceeds in additional paid-in capital. See “Note 4” for additional information regarding when organization and offering expenses become reimbursable. Income Taxes The Company intends to qualify as a REIT under the Internal Revenue Code of 1986, as amended, commencing with the taxable year in which it satisfies the minimum offering requirements, which is currently expected to be the year ending December 31, 2016. As a REIT, the Company generally will not be subject to federal income taxes on net income that it distributes to stockholders. The Company intends to make timely distributions sufficient to satisfy the annual distribution requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property and federal income and excise taxes on its undistributed income. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company believes it mitigates this risk by investing its cash with high-credit quality financial institutions.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Stockholders' Equity	3. STOCKHOLDER’S EQUITY Initial Public Offering On November 25, 2014, the Company filed a registration statement with the SEC on Form S-11 in connection with the initial public offering of up to $2,000,000,000 in shares of common stock (the “Offering”). The registration statement was subsequently declared effective on February 18, 2016. Pursuant to its initial registration statement, prior to the amendment described below, the Company had been offering for sale up to $1,500,000,000 in shares of common stock at a price of $10.00 per Class A share and $9.4149 per Class T share, and up to $500,000,000 in shares under the Company’s distribution reinvestment plan at a price of $9.50 per Class A share and $9.4149 per Class T share. Reclassification of Shares On July 1, 2016, the Company filed a post-effective amendment to its registration statement that reclassified the Company’s common stock offered pursuant to its registration statement into Class A shares, Class T shares, and Class W shares. The SEC declared the post-effective amendment effective on August 8, 2016. Pursuant to its registration statement, as amended, the Company is offering for sale up to $1,500,000,000 in shares of common stock at a price of $10.00 per Class A share, $9.4180 per Class T share and $9.0355 per Class W share, and up to $500,000,000 in shares under the Company’s distribution reinvestment plan at a price of $9.0355 per share. The Class A shares, Class T shares, and Class W shares have identical rights and privileges, including identical voting rights, but have differing fees that are payable on a class-specific basis, as described in “Note 4.” The per share amount of distributions paid on Class T shares and Class W shares will be lower than the per share amount of distributions paid on Class A shares because of the distribution fees payable with respect to Class T shares and Class W shares sold in the primary offering. The Company’s shares of common stock consist of Class A shares, Class T shares and Class W shares, all of which are collectively referred to herein as shares of common stock. The Company is offering to sell its common stock in any combination of Class A shares, Class T shares and Class W shares with a dollar value up to the maximum offering amount. The Company has the right to reallocate the shares of common stock offered between the Company’s primary offering and the Company’s distribution reinvestment plan. Dividend Capital Securities LLC (the “Dealer Manager”), a related party, provides dealer manager services in connection with the Offering. The Offering is a best efforts offering, which means that the Dealer Manager is not required to sell any specific number or dollar amount of shares of common stock in the Offering, but will use its best efforts to sell the shares of common stock. The Offering is a continuous offering that will end no later than two years after the effective date of the Offering, or February 18, 2018, unless extended for up to an additional one and a half year period by the Company’s board of directors, subject to applicable regulatory requirements. If the Company does not sell $2,000,000 in shares of common stock before February 18, 2017, then the Offering will terminate and any funds received will be returned. As of June 30, 2016, the Company had not sold any shares of its common stock in the Offering. Distributions The Company intends to accrue and make distributions on a regular basis beginning no later than the first calendar quarter after the quarter in which the minimum offering requirements are met. Quarterly cash distributions for each stockholder will be calculated for each day the stockholder has been a stockholder of record during such quarter. Stockholders may elect to have cash distributions reinvested in shares of the same class as the shares to which the distributions relate through its distribution reinvestment plan. Redemptions Subject to certain restrictions and limitations, a stockholder may redeem shares of the Company’s common stock for cash at a price equal to the then-current “net investment value” of the shares (unless and until the Company’s board of directors has determined an estimated per share net asset value (“NAV”), at which point the redemption price for each class of shares will be equal to the estimated per share NAV most recently disclosed by the Company). Shares of common stock must be held for a minimum of 18 months, subject to certain exceptions. The Company is not obligated to redeem shares of its common stock under the share redemption program. The Company presently intends to limit the number of shares to be redeemed during any consecutive 12-month period to no more than five percent of the number of shares of common stock outstanding at the beginning of such 12-month period. The Company also intends to limit redemptions in accordance with a quarterly cap. As of June 30, 2016, the Company had not redeemed any shares of its common stock.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	4. RELATED PARTY TRANSACTIONS The Company relies on the Advisor, a related party, to manage the Company’s day-to-day operating and acquisition activities and to implement the Company’s investment strategy pursuant to the terms of the advisory agreement, dated February 9, 2016, by and among the Company, the Operating Partnership and the Advisor (the “Advisory Agreement”). The current term of the Advisory Agreement ends February 9, 2017, subject to renewals by the Company’s board of directors for an unlimited number of successive one-year periods. The Dealer Manager provides dealer manager services in connection with the Offering pursuant to the terms of the dealer manager agreement, dated as of February 9, 2016, by and among the Company, the Advisor and the Dealer Manager. Dividend Capital Property Management LLC (the “Property Manager”) may perform certain property management services on behalf of the Company and the Operating Partnership. The Sponsor, which owns the Advisor, is presently directly or indirectly majority owned by John A. Blumberg, James R. Mulvihill and Evan H. Zucker and/or their affiliates and the Sponsor and the Advisor are jointly controlled by Messrs. Blumberg, Mulvihill and Zucker and/or their affiliates. The Dealer Manager and the Property Manager are presently each directly or indirectly majority owned, controlled and/or managed by Messrs. Blumberg, Mulvihill and/or Zucker and/or their affiliates. Mr. Zucker is the Chairman of our board of directors. The Advisor, the Dealer Manager and the Property Manager receive compensation in the form of fees and expense reimbursements for services relating to the Offering and for the investment and management of the Company’s assets. The following summarizes these fees and expense reimbursements: Sales Commissions. Dealer Manager Fees. Distribution Fees. The quarterly distributions paid with respect to all outstanding Class T shares and Class W shares, including Class T shares and Class W shares issued pursuant to the Company’s distribution reinvestment plan, will be reduced by the monthly distribution fees calculated with respect to such Class T shares and Class W shares issued in the primary offering and all shares of a particular class will receive the same per share distribution. The Company does not pay distribution fees with respect to the sale of shares under its distribution reinvestment plan or shares issued as stock dividends, although the amount of distribution fees payable with respect to Class T shares sold in its primary offering will be allocated among all Class T shares, including those sold under its distribution reinvestment plan and those issued as stock dividends, if any. Similarly, the amount of distribution fees payable with respect to Class W shares sold in the Company’s primary offering will be allocated among all Class W shares, including those sold under its distribution reinvestment plan and those issued as stock dividends, if any. The Company will cease paying distribution fees with respect to each Class T share and Class W share held in any particular account on the earliest to occur of the following: (i) a listing of shares of the Company’s common stock on a national securities exchange; (ii) such Class T share or Class W shares, respectively, no longer being outstanding; (iii) the Dealer Manager’s determination that total underwriting compensation from all sources, including dealer manager fees, sales commissions, distribution fees and any other underwriting compensation paid to participating broker dealers with respect to all Class A shares, Class T shares and Class W shares would be in excess of 10% of the gross proceeds of the primary portion of the Offering; or (iv) the end of the month in which the transfer agent, on behalf of the Company, determines that total underwriting compensation, including dealer manager fees, sales commissions, and distribution fees with respect to the Class T shares or Class W shares, respectively, held by a stockholder within his or her particular account would be in excess of 10% of the total gross investment amount at the time of purchase of the respective primary Class T shares or Class W shares held in such account. The Company cannot predict if or when this will occur. All Class T shares and/or Class W shares will automatically convert into Class A shares upon a listing of shares of the Company’s common stock on a national securities exchange. With respect to item (iv) above, all of the Class T shares and/or all of the Class W shares held in a stockholder’s account will automatically convert into Class A shares as of the last calendar day of the month in which the 10% limit on a particular account was reached with respect to the shares of such class in the particular account. Following the conversion of their Class T shares and/or Class W shares into Class A shares, those stockholders continuing to participate in the Company’s distribution reinvestment plan will receive Class A shares going forward at the then-current distribution reinvestment plan price per Class A share, which may be higher than the distribution reinvestment plan price that they were previously paying per Class T share and/or Class W share, respectively. All or a portion of the distribution fees may be reallowed or advanced by the Dealer Manager to unaffiliated participating broker dealers or broker dealers servicing accounts of investors who own Class T shares and/or Class W shares, referred to as servicing broker dealers. Acquisition Fees. co-ownership Asset Management Fees. Property Management and Leasing Fees. Organization and Offering Expenses. The Advisor or an affiliate of the Advisor is responsible for the payment of the Company’s cumulative organization expenses and offering expenses to the extent that such cumulative expenses exceed the 2.0% organization and offering expense reimbursement for the Company’s public offerings. Organization and offering expenses are accrued by the Company only to the extent that the Company is successful in raising gross offering proceeds from its public offering. If the Company is not successful in raising offering proceeds, no additional amounts will be payable by the Company to the Advisor for reimbursement of cumulative organization and offering expenses. Organization costs are expensed in the period they become reimbursable and offering costs are recorded as a reduction of gross offering proceeds in additional paid-in capital. As of June 30, 2016, the Advisor had incurred $2,146,184 of offering costs and $117,864 of organization costs, all of which were paid directly by the Advisor on behalf of the Company. Upon meeting the minimum offering requirements and breaking escrow, the Company currently estimates that it will reimburse the Advisor for offering and organization costs equal to approximately 1.5% of the aggregate gross offering proceeds. In the event that the minimum offering is not successful, the Company will have no obligation to reimburse the Advisor for these organization and offering costs. Other Expense Reimbursements. Transactions with Affiliates In November 2014, the Company sold 20,000 shares of Class A common stock to the Advisor at a price of $10.00 per share. Additionally, the Operating Partnership issued 20,000 OP Units to the Company in exchange for $200,000. The Operating Partnership also issued 100 Special Units to the Sponsor for consideration of $1,000. These units are classified as noncontrolling interests. See “Note 5” for additional information.

Noncontrolling interests

Noncontrolling interests	6 Months Ended
	Jun. 30, 2016
Noncontrolling Interest [Abstract]
Noncontrolling interests	5. NONCONTROLLING INTERESTS Special Units In November 2014, the Operating Partnership issued 100 Special Units to the parent of the Advisor for consideration of $1,000. The holder of the Special Units does not participate in the profits and losses of the Operating Partnership. Amounts distributable to the holder of the Special Units will depend on operations and the amount of net sales proceeds received from asset dispositions or upon other events. In general, after holders of OP Units, in aggregate, have received cumulative distributions equal to their capital contributions plus a 6.0% cumulative, non-compounded annual pre-tax return on their net contributions, the holder of the Special Units and the holder of OP units will receive 15% and 85%, respectively, of the net sales proceeds received by the Operating Partnership upon the disposition of the Operating Partnership’s assets. In addition, the Special Units will be redeemed by the Operating Partnership, upon the earliest to occur of the following events: (1) A “Liquidity Event”; or (2) The occurrence of certain events that result in the termination or non-renewal of the Advisory Agreement between the Advisor, the Company, and the Operating Partnership. A Liquidity Event is defined as: (i) a listing of the Company’s common stock on a national securities exchange; (ii) a sale, merger or other transaction in which the Company’s stockholders either receive, or have the option to receive, cash, securities redeemable for cash, and/or securities of a publicly traded company; or (iii) the sale of all or substantially all of the Company’s assets where the Company’s stockholders either receive, or have the option to receive, cash or other consideration. The Company has determined that the Special Units are: (i) not redeemable at a fixed or determinable amount on a fixed or determinable date, at the option of the holder, or (ii) redeemable only upon events that are solely within the Company’s control. As a result, the Company classifies the Special Units as noncontrolling interests within permanent equity.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. COMMITMENTS AND CONTINGENCIES The Company and the Operating Partnership are not presently involved in any material litigation nor, to the Company’s knowledge, is any material litigation threatened against the Company.

Summary of Significant Accoun13

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP.
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of Industrial Logistics Realty Trust Inc. and the Operating Partnership, as well as amounts related to noncontrolling interests. See “Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests. All material intercompany accounts and transactions have been eliminated.
Use of Estimates	Use of Estimates 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 consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revision are reflected in the period they are determined to be necessary.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less.
Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consist of amounts payable related to compensation to the Company’s independent directors.
Noncontrolling Interests	Noncontrolling Interests Due to the Company’s control of the Operating Partnership through its sole general partner interest and its limited partner interest, the Company consolidates the Operating Partnership. The limited partner interests not owned by the Company are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. As the limited partner interests do not participate in the profits and losses of the Operating Partnership, there is no net income or loss attributable to the noncontrolling interests on the consolidated statements of operations.
Organization and Offering Expenses	Organization and Offering Expenses Organization and offering expenses are accrued by the Company only to the extent that the Company is successful in raising gross offering proceeds. If the Company is not successful in raising equity proceeds, no amounts will be payable by the Company to the Advisor for reimbursement of cumulative organization and offering expenses. Organization costs are expensed in the period they become reimbursable and offering expenses associated with the Company’s public offerings are recorded as a reduction of gross offering proceeds in additional paid-in capital. See “Note 4” for additional information regarding when organization and offering expenses become reimbursable.
Income Taxes	Income Taxes The Company intends to qualify as a REIT under the Internal Revenue Code of 1986, as amended, commencing with the taxable year in which it satisfies the minimum offering requirements, which is currently expected to be the year ending December 31, 2016. As a REIT, the Company generally will not be subject to federal income taxes on net income that it distributes to stockholders. The Company intends to make timely distributions sufficient to satisfy the annual distribution requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property and federal income and excise taxes on its undistributed income.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company believes it mitigates this risk by investing its cash with high-credit quality financial institutions.

Organization - Additional Infor

Organization - Additional Information (Detail) - USD ($)	Nov. 19, 2014	Jun. 30, 2016	Dec. 31, 2015
Organization And Nature Of Operations [Line Items]
Proceeds from issuance of common stock	$ 200,000
General and Limited Partner [Member]
Organization And Nature Of Operations [Line Items]
Operating partnership units, value	$ 200,000
Operating partnership units, issued	20,000
ILT Advisors Group LLC [Member]
Organization And Nature Of Operations [Line Items]
Special units issued, value	$ 1,000
Special units issued	100
Class A [Member]
Organization And Nature Of Operations [Line Items]
Common stock, shares sold		20,000	20,000
Offering price of common stock per share, primary shares		$ 10
Class A [Member] | Common Stock [Member] | Advisor [Member]
Organization And Nature Of Operations [Line Items]
Common stock, shares sold	20,000
Offering price of common stock per share, primary shares	$ 10

Summary of Significant Accoun15

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Accounting Policies [Abstract]
Net income (loss) attributable to noncontrolling interests	$ 0	$ 0	$ 0	$ 0

Stockholder's Equity - Addition

Stockholder's Equity - Additional Information (Detail) - USD ($)	Jul. 01, 2016	Jun. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Stockholders Equity [Line Items]
Maximum dollar value of common stock in public offering		$ 1,500,000,000	$ 1,500,000,000
Dollar value of common stock in offering, DRIP shares		$ 500,000,000	$ 500,000,000
Offering price of common stock per share, DRIP shares		$ 9.0355	$ 9.0355
Minimum holding period requirement for shares of common stock			18 months
Maximum percentage of number of shares to be redeemed during any consecutive 12-month period		5.00%	5.00%
IPO [Member]
Stockholders Equity [Line Items]
Effective date of registration statement			Feb. 18, 2016
Maximum dollar value of common stock in public offering		$ 2,000,000,000	$ 2,000,000,000
Dollar value of common stock in offering, primary shares		1,500,000,000	1,500,000,000
Dollar value of common stock in offering, DRIP shares		$ 500,000,000	500,000,000
Initial date public offering expected to close		Feb. 18, 2018
Minimum offering requirement amount		$ 2,000,000	$ 2,000,000
Expiration date to reach minimum offering requirement		Feb. 18, 2017
Class A, Class T and Class W Shares [Member]
Stockholders Equity [Line Items]
Common stock, shares sold		0	0
Number of shares redeemed			0
Class A [Member]
Stockholders Equity [Line Items]
Offering price of common stock per share, primary shares		$ 10	$ 10
Common stock, shares sold		20,000	20,000	20,000
Class A [Member] | IPO [Member]
Stockholders Equity [Line Items]
Offering price of common stock per share, primary shares		$ 10	$ 10
Offering price of common stock per share, DRIP shares		9.50	9.50
Class T [Member]
Stockholders Equity [Line Items]
Offering price of common stock per share, primary shares		$ 9.4180	$ 9.4180
Common stock, shares sold		0	0	0
Class T [Member] | IPO [Member]
Stockholders Equity [Line Items]
Offering price of common stock per share, primary shares		$ 9.4149	$ 9.4149
Offering price of common stock per share, DRIP shares		9.4149	9.4149
Class W [Member]
Stockholders Equity [Line Items]
Offering price of common stock per share, primary shares		$ 9.0355	$ 9.0355
Common stock, shares sold		0	0	0
Subsequent Event [Member]
Stockholders Equity [Line Items]
Effective date of registration statement	Aug. 8, 2016

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	Nov. 19, 2014	Jun. 30, 2016	Dec. 31, 2015
Class A [Member]
Related Party Transaction [Line Items]
Common stock, shares sold		20,000	20,000
Common stock, price per share		$ 10
Class T [Member]
Related Party Transaction [Line Items]
Common stock, shares sold		0	0
Common stock, price per share		$ 9.4180
Class W [Member]
Related Party Transaction [Line Items]
Common stock, shares sold		0	0
Common stock, price per share		$ 9.0355
Property Manager [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Property management fee percentage for annual gross revenue		5.00%
Leasing fee payable percentage for annual gross revenue		8.00%
Property Manager [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Property management fee percentage for annual gross revenue		2.00%
Leasing fee payable percentage for annual gross revenue		2.00%
Dealer Manager [Member] | Class A [Member]
Related Party Transaction [Line Items]
Sales commission fees - percent of gross proceeds		7.00%
Dealer manager fees - percent of gross proceeds		2.50%
Dealer Manager [Member] | Class A [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Percentage of underwriting compensation - gross proceeds		10.00%
Dealer Manager [Member] | Class T [Member]
Related Party Transaction [Line Items]
Sales commission fees - percent of gross proceeds		2.00%
Dealer manager fees - percent of gross proceeds		2.00%
Annual distribution fee percentage		1.00%
Dealer Manager [Member] | Class T [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Percentage of underwriting compensation - gross proceeds		10.00%
Percentage of underwriting compensation - total gross investment		10.00%
Dealer Manager [Member] | Class W [Member]
Related Party Transaction [Line Items]
Annual distribution fee percentage		0.60%
Dealer Manager [Member] | Class W [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Percentage of underwriting compensation - gross proceeds		10.00%
Percentage of underwriting compensation - total gross investment		10.00%
Advisor [Member]
Related Party Transaction [Line Items]
Acquisition fees - percent of total purchase price of real estate properties acquired in the operational stage		2.00%
Acquisition fees - percent of total project costs for real estate properties acquired in the development stage		4.00%
Asset management fees - monthly one-twelfth of percentage of aggregate cost of each real estate property asset located outside U.S.		1.20%
Asset management fees - monthly one-twelfth of percentage of aggregate cost or investment of any interest in any other real estate related entity or any type of debt investment or other investment		0.80%
Asset management fees - disposition percentage		2.50%
Asset management fees - monthly one-twelfth of percentage of aggregate cost of each real estate property asset located in the U.S.		0.80%
Maximum organization and offering expense reimbursement to advisor or affiliates as a percentage of gross offering proceeds		2.00%
Current estimate of organization and offering expense reimbursement to advisor or affiliates as a percentage of gross offering proceeds		1.50%
Offering costs incurred by Advisor		$ 2,146,184
Organization costs incurred by Advisor		$ 117,864
Advisor [Member] | Common Stock [Member] | Class A [Member]
Related Party Transaction [Line Items]
Common stock, shares sold	20,000
Common stock, price per share	$ 10
Advisor [Member] | Debt Investment or Other Investment [Member]
Related Party Transaction [Line Items]
Acquisition fees - percent of total purchase price of real estate properties acquired in the operational stage		1.00%
Advisor [Member] | Interest in Other Real Estate Related Entity Related Transaction [Member]
Related Party Transaction [Line Items]
Acquisition fees - percent of total purchase price of real estate properties acquired in the operational stage		2.00%
Advisor [Member] | Proportionate Share of Property Owned by Real Estate Related Entity [Member]
Related Party Transaction [Line Items]
Acquisition fees - percent of total purchase price of real estate properties acquired in the operational stage		2.00%
General and Limited Partner [Member]
Related Party Transaction [Line Items]
Operating partnership units, issued	20,000
Operating partnership units, value	$ 200,000
ILT Advisors Group LLC [Member]
Related Party Transaction [Line Items]
Special units issued	100
Special units issued, value	$ 1,000

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Detail) - USD ($)	Nov. 19, 2014	Jun. 30, 2016
Op Units Holder [Member]
Noncontrolling Interest [Line Items]
Cumulative non-compounded annual pre-tax return percentage - in addition to capital invested received		6.00%
Percentage return of net sales proceeds received upon disposition of Operating Partnership's assets		85.00%
Special Units Holder [Member]
Noncontrolling Interest [Line Items]
Percentage return of net sales proceeds received upon disposition of Operating Partnership's assets		15.00%
ILT Advisors Group LLC [Member]
Noncontrolling Interest [Line Items]
Special units issued	100
Special units issued, value	$ 1,000