InvenTrust Properties (IVT) 10-Q 8 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	May 01, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	000-51609
Entity Registrant Name	INVENTRUST PROPERTIES CORP.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	34-2019608
Entity Address, Address Line One	3025 Highland Parkway,
Entity Address, Address Line Two	Suite 350
Entity Address, City or Town	Downers Grove,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60515
City Area Code	(855)
Local Phone Number	377-0510
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
No Trading Symbol Flag	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		720,886,925
Entity Central Index Key	0001307748
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investment properties
Land	$ 578,391	$ 572,353
Building and other improvements	1,640,313	1,628,486
Construction in progress	2,592	4,052
Total	2,221,296	2,204,891
Less accumulated depreciation	(252,444)	(246,702)
Net investment properties	1,968,852	1,958,189
Cash and cash equivalents	329,212	255,069
Restricted cash	5,150	5,679
Investment in unconsolidated entities	117,220	118,861
Intangible assets, net	114,050	116,360
Accounts and rents receivable, net	25,551	30,194
Deferred costs and other assets, net	26,077	22,836
Total assets	2,586,112	2,507,188
Liabilities
Debt, net	681,662	572,850
Accounts payable and accrued expenses	21,593	29,804
Distributions payable	13,678	13,252
Intangible liabilities, net	42,319	42,642
Other liabilities	38,737	29,039
Total liabilities	797,989	687,587
Commitments and contingencies
Stockholders' Equity
Preferred stock, $.001 par value, 40,000,000 shares authorized, none outstanding	0	0
Common stock, $.001 par value, 1,460,000,000 shares authorized, 720,829,133 shares issued and outstanding as of March 31, 2020 and 720,807,884 shares issued and outstanding as of December 31, 2019.	721	721
Additional paid-in capital	5,568,679	5,568,707
Distributions in excess of accumulated net income	(3,768,048)	(3,750,884)
Accumulated comprehensive (loss) income	(13,229)	1,057
Total stockholders' equity	1,788,123	1,819,601
Total liabilities and stockholders' equity	$ 2,586,112	$ 2,507,188

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	40,000,000	40,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,460,000,000	1,460,000,000
Common stock, shares issued (in shares)	720,829,133	720,807,884
Common stock, shares outstanding (in shares)	720,829,133	720,807,884

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income
Lease income, net	$ 51,284	$ 55,499
Total income	52,438	56,855
Operating expenses
Depreciation and amortization	22,122	22,862
Property operating	7,108	7,938
Real estate taxes	8,489	9,051
General and administrative	7,195	8,523
Total operating expenses	44,914	48,374
Other income (expense)
Interest and other income, net	1,555	539
Interest expense, net	(4,809)	(5,478)
Gain on sale of investment properties	457	0
Equity in earnings of unconsolidated entities	789	459
Provision for asset impairment	(9,002)	0
Total other expense, net	(11,010)	(4,480)
Net (loss) income from continuing operations	(3,486)	4,001
Net loss from discontinued operations	0	(13,500)
Net loss	$ (3,486)	$ (9,499)
Weighted-average number of common shares outstanding, basic (in shares)	720,825,864	728,558,989
Weighted-average number of common shares outstanding, diluted (in shares)	720,825,864	728,827,861
Net (loss) income from continuing operations per share - basic and diluted (in dollars per share)	$ 0	$ 0.01
Net loss per common share, from discontinued operations, basic and diluted (in dollars per share)	0	(0.02)
Net loss per common share, basic and diluted (in dollars per share)	0	(0.01)
Distributions declared per common share outstanding (in dollars per share)	0.02	0.02
Distributions paid per common share outstanding (in dollars per share)	$ 0.02	$ 0.02
Comprehensive loss
Net loss	$ (3,486)	$ (9,499)
Unrealized loss on derivatives	(14,141)	(112)
Reclassification to interest expense, net	(145)	(432)
Comprehensive loss	(17,772)	(10,043)
Other property income
Income
Income	191	451
Other fee income
Income
Income	$ 963	$ 905

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Distributions in Excess of Accumulated Net Income	Accumulated Comprehensive Income
Balance at the beginning (in shares) at Dec. 31, 2018		728,558,989
Balance at the beginning, value at Dec. 31, 2018	$ 1,852,314	$ 729	$ 5,585,758	$ (3,735,810)	$ 1,637
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(9,499)			(9,499)
Unrealized loss on derivatives	(112)				(112)
Reclassification to interest expense, net	(432)				(432)
Distributions declared	(13,405)			(13,405)
Stock-based compensation, net	397		397
Balance at the end (in shares) at Mar. 31, 2019		728,558,989
Balance at the end, value at Mar. 31, 2019	1,829,263	$ 729	5,586,155	(3,758,714)	1,093
Balance at the beginning (in shares) at Dec. 31, 2019		720,807,884
Balance at the beginning, value at Dec. 31, 2019	1,819,601	$ 721	5,568,707	(3,750,884)	1,057
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(3,486)			(3,486)
Unrealized loss on derivatives	(14,141)				(14,141)
Reclassification to interest expense, net	(145)				(145)
Distributions declared	(13,678)			(13,678)
Stock-based compensation, net	201		201
Common stock issuance costs in excess of proceeds from distribution reinvestment plan (in shares)		21,249
Common stock issuance costs in excess of proceeds from distribution reinvestment plan	(229)		(229)
Balance at the end (in shares) at Mar. 31, 2020		720,829,133
Balance at the end, value at Mar. 31, 2020	$ 1,788,123	$ 721	$ 5,568,679	$ (3,768,048)	$ (13,229)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net loss	$ (3,486)	$ (9,499)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	22,122	22,862
Amortization of above and below-market leases and lease inducements, net	(1,542)	(1,591)
Amortization of debt premiums, discounts and financing costs, net	467	417
Straight-line rent adjustment, net	(378)	(1,126)
Provision for asset impairment	9,002	0
Gain on sale of investment properties	(457)	0
Equity in earnings of unconsolidated entities	(789)	(459)
Distributions from unconsolidated entities	2,299	1,841
Stock-based compensation, net	528	845
Provision for indemnification claims	0	13,500
Changes in operating assets and liabilities:
Accounts and rents receivable, net	5,023	2,675
Deferred costs and other assets	(3,627)	(3,958)
Accounts payable and accrued expenses	(9,375)	(4,553)
Other liabilities	(2,889)	524
Net cash provided by operating activities	16,898	21,478
Cash flows from investing activities:
Purchase of investment properties	(30,309)	(78,987)
Acquired in-place and market lease intangibles, net	(2,068)	(6,413)
Capital expenditures and tenant improvements	(4,169)	(5,965)
Investment in development and re-development projects	(910)	(1,909)
Proceeds from sale of investment properties, net	650	0
Lease commissions and other leasing costs	(1,010)	(568)
Other assets	(250)
Other assets		270
Other assets	(433)	(417)
Net cash used in investing activities	(38,499)	(93,989)
Cash flows from financing activities:
Proceeds from distribution reinvestment plan	49	0
Distributions to shareholders	(13,252)	(13,029)
Proceeds from debt	150,000	0
Payoffs of debt	(41,000)	0
Principal payments of mortgage debt	(457)	(514)
Payment of finance lease liabilities	(100)	(117)
Payment of loan fees and deposits	(25)	(134)
Net cash provided by (used in) financing activities	95,215	(13,794)
Net increase (decrease) in cash, cash equivalents, and restricted cash	73,614	(86,305)
Cash, cash equivalents, and restricted cash at the beginning of the period	260,748	264,853
Cash, cash equivalents, and restricted cash at the end of the period	334,362	178,548
Reconciliation of cash, cash equivalents, and restricted cash to condensed consolidated balance sheets:
Cash, cash equivalents, and restricted cash at the end of the period	334,362	178,548
Cash flow disclosure, including non-cash activities:
Cash paid for interest, net of capitalized interest of $5 and $0, respectively	4,567	5,164
Cash refunded (paid) for income taxes, net	5	(11)
Distributions payable to shareholders	13,678	13,405
Accrued investment in re-development projects	403	784
Accrued lease commissions and other leasing costs	268	351
Capitalized costs placed in service	4,312	5,686
Accrued tenant building construction	0	7,100
Reclassification of registration statement costs incurred to equity issuance costs	278	0
Purchase of investment properties:
Net investment properties	30,515	79,433
Accounts and rents receivable, lease intangibles, and deferred costs and other assets	3,770	8,530
Accounts payable and accrued expenses, lease intangibles, and other liabilities	(1,908)	(2,563)
Cash outflow for purchase of investment properties, net	32,377	85,400
Capitalized acquisition costs	(63)	(608)
Credits and other changes in cash outflow, net	890	1,958
Gross acquisition price of investment properties	33,204	86,750
Sale of investment properties:
Net investment properties	193	0
Gain on sale of investment properties, net	457	0
Proceeds from sale of investment properties, net	650	0
Gross disposition price of investment properties	$ 650	$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Cash Flows [Abstract]
Interest capitalized	$ 5	$ 0

Organization

Organization	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization On October 4, 2004, InvenTrust Properties Corp. (the "Company") was incorporated as Inland American Real Estate Trust, Inc. as a Maryland corporation and has elected to be taxed, and currently qualifies, as a real estate investment trust ("REIT") for federal tax purposes. The Company changed its name to InvenTrust Properties Corp. in April of 2015 and is focused on owning, managing, acquiring and developing a multi-tenant retail platform. The Company is taxed and operates in a manner that will allow the Company to continue to qualify as a REIT for U.S. federal income tax purposes. So long as it maintains its qualification as a REIT, the Company generally will not be subject to U.S. federal income tax on taxable income that is distributed to stockholders. If the Company fails to continue to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to U.S. federal and state income tax on its taxable income at regular corporate tax rates and will not be able to re-elect REIT status during the four years following the year of the failure. The accompanying condensed consolidated financial statements include the accounts of the Company, as well as all wholly-owned subsidiaries and any consolidated variable interest entities ("VIEs"). Subsidiaries generally consist of limited liability companies ("LLCs") and limited partnerships ("LPs"). All significant intercompany balances and transactions have been eliminated. Each retail property is owned by a separate legal entity that maintains its own books and financial records, and each separate legal entity's assets are not available to satisfy the liabilities of other affiliated entities, except as otherwise disclosed in " Note 7. Debt ." The Company determined it has a single reportable segment, multi-tenant retail, for disclosure purposes in accordance with GAAP. The following table summarizes the Company's multi-tenant retail portfolio as of March 31, 2020 and 2019: Total Portfolio Wholly-Owned and Consolidated Unconsolidated 2020 2019 2020 2019 2020 2019 No. of properties 66 73 56 60 10 13 Square feet 10,958,613 12,251,264 8,488,479 9,645,450 2,470,134 2,605,814 (a) Includes one retail property classified as a consolidated VIE at March 31, 2019. (b) Reflects partial ownership of properties owned through the Company's interest in an unconsolidated joint venture. Impact of the COVID-19 Pandemic on the Company's Financial Statements The Company is closely monitoring the impact of the coronavirus disease 2019 ("COVID-19") pandemic on all aspects of its business, including how it will impact its tenants and their ability to make rental payments in a timely fashion or at all. The Company did not experience significant disruptions during the three months ended March 31, 2020 from the COVID-19 pandemic. Under the federal legislation enacted on March 27, 2020, known as the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), certain limitations on the deductibility of net operating losses ("NOLs") enacted under prior federal tax legislation have been temporarily rolled back. In particular, the CARES Act permits businesses to carryback NOLs generated in taxable years beginning after December 31, 2017 and before January 1, 2021 to the previous five years and temporarily suspends, until taxable years beginning after December 31, 2020, the annual limit of the 80% on the amount of taxable income that NOLs generated in taxable years beginning after December 31, 2017 may offset. As a result of the anticipated NOL carryback claims for the Company's taxable REIT subsidiaries, total additional tax benefits of $1,168 have been recognized as part of interest and other income, net, on the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2020.

Basis of Presentation and Recen

Basis of Presentation and Recently Issued Accounting Pronouncements	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation and Recently Issued Accounting Pronouncements	Basis of Presentation and Recently Issued Accounting Pronouncements The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP, which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates, judgments and assumptions are required in a number of areas, including, but not limited to, evaluating the impairment of long-lived assets, allocating the purchase price of acquired retail properties, determining the fair value of debt and evaluating the collectability of accounts receivable. The Company bases these estimates, judgments and assumptions on historical experience and various other factors that the Company believes to be reasonable under the circumstances. Actual results may differ from these estimates. FASB Staff Q&A, Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic On April 10, 2020, the Financial Accounting Standards Board ("FASB") issued a document titled Staff Q&A, Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic ("FASB Q&A document") which focused on the application of lease guidance for concessions related to the effects of the COVID-19 pandemic. In this document, the FASB staff will allow entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842, Leases , ("Topic 842") as though enforceable rights and obligations for those qualifying concessions existed. The Company is continuing to evaluate the impact of this optional election on the condensed consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncements Adopted Standard Description Date of adoption Effect on the financial statements or other significant matters ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement ASU No. 2018-13 is intended to improve the effectiveness of the disclosures required by Topic 820, Fair Value Measurement by eliminating, amending, or adding certain disclosures. Certain amendments require a prospective transition method, while others require a retrospective transition method. January 2020 The Company adopted the amendments of ASU No. 2018-13 on the applicable basis required, either prospective or retrospective. The standard only impacts fair value measurement disclosures, and therefore did not have an impact on the Company's condensed consolidated financial position, results of operations, or cash flows. ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ASU 2020-04 is intended to provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. Topic 848 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. Application of these expedients, which may be elected over time as reference rate reform activities occur, preserves the presentation of derivatives consistent with past presentation. January 2020 The Company adopted ASU No. 2020-04 and has elected to apply, as of January 1, 2020, the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. The Company is continuing to evaluate this guidance and may apply other elections as applicable as additional changes in the market occur. The Company expects the application of Topic 848 to assist in preserving the Company's presentation of derivatives as cash flow hedges.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Operating Leases The majority of revenue recognized from the Company's retail properties is comprised of fixed and variable consideration received from tenants under long-term operating leases with varying terms. Fixed consideration generally consists of minimum lease payments for the rental of retail space while the variable consideration generally consists of reimbursements of the tenant's pro-rata share of certain operating expenses incurred by the Company, including real estate taxes, special assessments, insurance, utilities, common area maintenance, management fees and certain capital repairs. Certain other tenants are subject to net leases whereby the tenant is responsible for fixed minimum lease payments to the Company, as well as directly paying all costs and expenses associated with occupancy to third party service providers. Such direct payments to third parties are not recorded as revenue and expense by the Company. Remaining lease terms range from less than one year to forty years . Minimum lease payments to be received under long-term operating leases and short-term specialty leases, excluding additional percentage rent based on tenants' sales volume and tenant reimbursements of certain operating expenses, and assuming no exercise of renewal options or early termination rights, are as follows: Minimum lease payments, by year As of March 31, 2020 2020 $ 110,759 2021 137,676 2022 117,445 2023 102,738 2024 86,443 Thereafter 311,119 Total $ 866,180 The following table reflects the disaggregation of lease income, net: Three months ended March 31 2020 2019 Minimum lease payments $ 36,177 $ 39,407 Tax and insurance recoveries 8,130 8,258 Common area maintenance and other recoveries 5,150 5,777 Amortization of above and below-market leases and lease inducements, net 1,542 1,591 Short-term, termination fee and other lease income 1,048 671 Estimated credit losses (763 ) (205 ) Lease income, net $ 51,284 $ 55,499 Other Fee Income The following table reflects the disaggregation of other fee income: Three months ended March 31 2020 2019 Property management fees $ 577 $ 638 Asset management fees 285 245 Leasing commissions and other fees 101 22 Other fee income $ 963 $ 905 The Company has other fee income receivable of $278 and $460 as of March 31, 2020 and December 31, 2019, respectively. The Company is closely monitoring the impact of the COVID-19 pandemic regarding the Company's ability to collect future lease payments under the terms of the respective leases. While the Company did not experience significant disruptions during the three months ended March 31, 2020 from the COVID-19 pandemic, the Company will likely have increased exposure to higher levels of estimated credit losses going forward, the impact of which could be material.

Acquired Properties

Acquired Properties	3 Months Ended
	Mar. 31, 2020
Asset Acquisition [Abstract]
Acquired Properties	Acquired Properties The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the three months ended March 31, 2020 : Acquisition Date Property Metropolitan Area Gross Square Feet February 25, 2020 Trowbridge Crossing Atlanta, GA $ 10,950 62,600 March 10, 2020 Antoine Town Center (a) Houston, TX 22,254 110,500 $ 33,204 173,100 (a) This retail property was acquired from the Company's unconsolidated joint venture, as disclosed in "Note 6. Investment in Consolidated and Unconsolidated Entities". The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the three months ended March 31, 2019 : Acquisition Date Property Metropolitan Area Gross Square Feet January 31, 2019 Commons at University Place Raleigh, NC $ 23,250 92,000 March 20, 2019 Lakeside Winter Park and Lakeside Crossings Orlando, FL 63,500 76,000 $ 86,750 168,000 Transaction costs of $63 and $608 were capitalized during the three months ended March 31, 2020 and 2019, respectively.

Disposed Properties

Disposed Properties	3 Months Ended
	Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Disposed Properties	Disposed Properties The following table reflects the completion of partial condemnations at two retail properties during the three months ended March 31, 2020 : Disposition Date Property Metropolitan Area Gross Disposition Price Gain on Sale February 10, 2020 University Oaks Shopping Center Round Rock, TX $ 527 $ 357 February 12, 2020 Centerplace of Greeley Greeley, CO 123 100 $ 650 $ 457 In aggregate, the Company recognized net proceeds of $650 from the completion of partial condemnations at two retail properties on the condensed consolidated statement of cash flows during the three months ended March 31, 2020. There were no retail properties disposed of during the three months ended March 31, 2019 .

Investment in Unconsolidated En

Investment in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2020
Investment in Partially Owned Entities [Abstract]
Investment in Unconsolidated Entities	Investment in Unconsolidated Entities Joint Venture Interests IAGM Retail Fund I, LLC As of March 31, 2020 and December 31, 2019, the Company owned a 55% interest in one unconsolidated entity, IAGM Retail Fund I, LLC ("IAGM"), a retail joint venture partnership between the Company and PGGM Private Real Estate Fund ("PGGM"). As of March 31, 2020 and December 31, 2019, the carrying value of the Company's investment in IAGM was $117,220 and $118,861 , respectively. During the three months ended March 31, 2020 , IAGM prepaid a $14,872 mortgage payable on one retail property with cash on hand. During the three months ended March 31, 2020 , the Company purchased Antoine Town Center from IAGM for $22,254 , a fair value determined by independent appraisal, which resulted in IAGM recognizing a gain on sale of $1,741 . The Company deferred its share of IAGM's gain on sale of $ 958 and will amortize the gain over 30 years as an increase to equity in earnings of unconsolidated entities on the consolidated statement of operations and comprehensive loss. During the three months ended March 31, 2020 , IAGM entered into two interest rate swap agreements to achieve fixed interest rates on debt with a variable rate of 1-Month LIBOR plus 1.55% . Each of the interest rate swaps have an effective date of April 1, 2020 and a termination date of November 2, 2023. One interest rate swap has a notional amount of $45,000 and achieves a fixed interest rate of 1.979% . The other interest rate swap has a notional amount of $30,000 and achieves a fixed interest rate of 1.956% . The Company recognizes its share of gains or losses resulting from IAGM's interest rate swaps as an adjustment to the Company's investment in IAGM and an increase or decrease in comprehensive income. As of March 31, 2020 , the interest rate swaps were deemed to be liabilities of $238 on a fair value basis, of which the Company's share was $131 . Combined Condensed Financial Information As of March 31, 2020 and December 31, 2019, the Company's sole joint venture interest is in IAGM. Another joint venture was disposed of in 2019. The following table presents condensed balance sheet information for IAGM and separate condensed income statement information of IAGM and the other joint venture which was disposed in late 2019. As of March 31, 2020 December 31, 2019 Assets: Real estate assets, net of accumulated depreciation $ 405,633 $ 425,585 Other assets 64,041 66,437 Total assets 469,674 492,022 Liabilities and equity: Mortgages payable, net 241,980 256,732 Other liabilities 14,385 20,765 Equity 213,309 214,525 Total liabilities and equity 469,674 492,022 Company's share of equity 118,175 118,861 Deferred gain, net of accumulated amortization of $3 (955 ) — Carrying value of investments in unconsolidated entities $ 117,220 $ 118,861 Three months ended March 31, IAGM 2020 2019 Total income $ 12,723 $ 13,640 Depreciation and amortization (4,342 ) (5,276 ) Property operating (2,121 ) (1,987 ) Real estate taxes (2,426 ) (2,606 ) Interest expense, net (2,193 ) (2,894 ) General and administrative (119 ) (119 ) Gain on sale of real estate 1,741 — Loss on debt extinguishment (8 ) — Net income 3,255 758 Other joint venture interest Net loss — (4,858 ) Net income (loss) $ 3,255 $ (4,100 ) Company's share of net income (loss) $ 1,744 $ (3,944 ) Outside basis adjustment for IAGM's sale of real estate (955 ) — Outside basis adjustment for other joint venture's sale of assets — 4,403 Equity in earnings of unconsolidated entities $ 789 $ 459 The following table summarizes the scheduled maturities of IAGM's mortgages payable as of March 31, 2020 , for the remainder of 2020, each of the next four years and thereafter. Scheduled maturities by year: As of March 31, 2020 2020 $ — 2021 23,150 2022 — 2023 180,125 2024 — Thereafter 40,680 Total $ 243,955 As of March 31, 2020 and December 31, 2019, none of IAGM's mortgages payable are recourse to the Company. It is anticipated that the joint venture will be able to repay, refinance or extend all of its debt on a timely basis.

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Notes and Loans Payable [Abstract]
Debt	Debt As of March 31, 2020 , the Company's total debt, net, was $681,662 , which consists of mortgages payable, net, of $133,908 and credit agreements, net, of $547,754 . The Company believes it has the ability to repay, refinance or extend any of its debt, and that it has adequate sources of funds to meet short-term cash needs related to mortgages payable. It is anticipated that the Company will use proceeds from property sales, cash on hand and available capacity on credit agreements, if any, to repay, refinance or extend the mortgages payable maturing in the near term. The Company's credit agreements and mortgage loans require compliance with certain covenants, such as debt service coverage ratios, investment restrictions and distribution limitations. As of March 31, 2020 and December 31, 2019, the Company was in compliance with all loan covenants. Mortgages Payable As of March 31, 2020 and December 31, 2019 , mortgages payable had fixed interest rates ranging from 3.49% to 5.49% with a weighted average interest rate of 4.34% . During the three months ended March 31, 2020 , the Company extinguished the $41,000 mortgage payable on one retail property with cash on hand. The following table summarizes the scheduled maturities of the Company's mortgages payable as of March 31, 2020 for the remainder of 2020, each of the next four years and thereafter. Scheduled maturities by year: As of March 31, 2020 2020 $ — 2021 — 2022 49,538 2023 40,726 2024 15,700 Thereafter 28,630 Total mortgage payable maturities $ 134,594 Debt issuance costs, net of accumulated amortization (575 ) Discount, net of accumulated amortization (111 ) Total mortgages payable, net $ 133,908 Credit Agreements Revolving Credit Agreement On December 21, 2018, the Company entered into an unsecured revolving credit agreement, which amended and restated the Company's prior unsecured revolving credit agreement in its entirety, and provides for a $350,000 unsecured revolving line of credit (the "Revolving Credit Agreement"). During the three months ended March 31, 2020 , the Company drew $150,000 on the Revolving Credit Agreement at an interest rate of 2.01% reflecting 1-Month LIBOR plus 1.05% for general corporate purposes and to increase its financial flexibility in light of the COVID-19 pandemic. The Revolving Credit Agreement has a 4 -year term maturing on December 21, 2022 with two six-month extension options. As of March 31, 2020 and December 31, 2019, the Company had a total of $150,000 and no outstanding borrowings, respectively, under the Revolving Credit Agreement, and a facility fee of 0.15% based on the Company's total leverage ratio. As of March 31, 2020, the remaining capacity on the Revolving Credit Agreement was $200,000 . Unsecured term loans As of March 31, 2020 and December 31, 2019 , the Company had the following unsecured term loan tranches outstanding: March 31, 2020 December 31, 2019 Principal Balance Interest Rate Principal Balance Interest Rate Maturity Date $250.0 million 5 year - swapped to fixed rate $ 100,000 2.6795% (a) $ 100,000 2.6795% (a) December 21, 2023 $250.0 million 5 year - swapped to fixed rate 100,000 2.6795% (a) 100,000 2.6795% (a) December 21, 2023 $250.0 million 5 year - variable-rate 50,000 2.7811% (b) 50,000 2.8911% (c) December 21, 2023 $150.0 million 5.5 year - swapped to fixed rate 50,000 2.6915% (a) 50,000 2.6915% (a) June 21, 2024 $150.0 million 5.5 year - swapped to fixed rate 50,000 2.6990% (a) 50,000 2.6990% (a) June 21, 2024 $150.0 million 5.5 year - variable-rate 50,000 2.7811% (b) 50,000 2.8911% (c) June 21, 2024 Total unsecured term loans 400,000 400,000 Issuance costs, net of accumulated amortization (2,246 ) (2,471 ) Total unsecured term loans, net $ 397,754 $ 397,529 (a) As of March 31, 2020 , the Company has four interest rate swap agreements, of which two have a notional amount of $100,000 , an effective date of December 2, 2019, a termination date of December 21, 2023, and achieve a fixed interest rate of 2.68% . The other two interest rate swap agreements each have a notional amount of $50,000 , an effective date of December 2, 2019, a termination date of June 21, 2024, and achieve fixed interest rates of 2.69% and 2.70% . (b) Interest rate reflects 1-Month LIBOR plus 1.20% effective March 2, 2020. (c) Interest rate reflects 1-Month LIBOR plus 1.20% effective December 2, 2019. (d) During the twelve months subsequent to March 31, 2020 , the Company expects to reclassify $3,532

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Recurring Measurements The following financial instruments are remeasured at fair value on a recurring basis: Fair Value Measurements as of March 31, 2020 December 31, 2019 Cash Flow Hedges: Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Derivative interest rate assets (a) $ — $ — $ — $ — $ 1,057 $ — Derivative interest rate liabilities (b) — (13,229 ) — — — — (a) Recognized as a part of deferred costs and other assets, net, on the condensed consolidated balance sheets. (b) Recognized as a part of other liabilities on the condensed consolidated balance sheets. Level 1 At March 31, 2020 and December 31, 2019 , the Company had no Level 1 recurring fair value measurements. Level 2 As of March 31, 2020 and December 31, 2019 , the Company determined that the credit valuation adjustments associated with nonperformance risk are not significant to the overall valuation of its derivatives. As a result, the Company's derivative valuations in their entirety are classified as Level 2 of the fair value hierarchy. Level 3 At March 31, 2020 and December 31, 2019 , the Company had no Level 3 recurring fair value measurements. Nonrecurring Measurements During the three months ended March 31, 2020, the Company identified one retail property that had a reduction in its expected holding period and recorded a provision for asset impairment of $9,002 on the condensed consolidated statement of operations and comprehensive loss as a result of the fair value being lower than the property's carrying value. The Company's fair value was based on an executed sales contract. During the three months ended March 31, 2019, the Company had no Level 3 nonrecurring fair value measurements. Financial Instruments Not Measured at Fair Value The table below summarizes the estimated fair value of financial instruments presented at carrying values in the Company's condensed consolidated financial statements as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Mortgages payable $ 134,594 $ 135,113 $ 176,051 $ 178,937 Term loans $ 400,000 $ 400,019 $ 400,000 $ 400,020 Revolving line of credit $ 150,000 $ 150,461 $ — $ — The Company estimated the fair value of its mortgages payable using a weighted-average effective market interest rate of 4.06% and 3.71% as of March 31, 2020 and December 31, 2019 , respectively. The fair value estimate of the term loans approximate the carrying value due to limited market volatility in pricing. The assumptions reflect the terms currently available on similar borrowing terms to borrowers with credit profiles similar to that of the Company's. As a result, the Company used a weighted-average interest rate of 1.49% and 2.77% as of March 31, 2020 and December 31, 2019 , respectively, to estimate the fair value of its term loans. The Company has determined that its debt instrument valuations are classified in Level 2 of the fair value hierarchy.

(Loss) Earnings per Share and E

(Loss) Earnings per Share and Equity Transactions	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
(Loss) Earnings per Share and Equity Transactions	Earnings per Share and Equity Transactions The following table reconciles the amounts used in calculating basic and diluted (loss) income per share: Three months ended March 31 2020 2019 Numerator: Net (loss) income from continuing operations $ (3,486 ) $ 4,001 Earnings allocated to unvested restricted shares — — Net (loss) income from continuing operations attributable to common shareholders $ (3,486 ) $ 4,001 Net loss from discontinued operations attributable to common shareholders $ — $ (13,500 ) Denominator: Weighted average number of common shares outstanding - basic 720,825,864 728,558,989 Effect of unvested restricted shares (a) — 268,872 Weighted average number of common shares outstanding - diluted 720,825,864 728,827,861 Basic and diluted (loss) income per common share: Net (loss) income from continuing operations per common share $ — $ 0.01 Net loss from discontinued operations per common share — (0.02 ) Net loss per common share $ — $ (0.01 ) (a) For the three months ended March 31, 2020 , the Company has excluded the anti-dilutive effect of unvested restricted shares. On November 1, 2019, the Company adopted a Second Amended and Restated Share Repurchase Program ("Share Repurchase Program"), authorizing redemption of the Company's shares of common stock, subject to certain conditions and limitations, to provide limited liquidity to stockholders. The Company's obligation to repurchase any shares under the Share Repurchase Program was conditioned upon having sufficient funds available to complete the repurchase. The repurchase price per share for all stockholders is equal to a 25% discount to the most recent estimated NAV per share of the Company's common stock established by the Company's Board of Directors (the "Board"), which was $3.14 per share as of May 1, 2019. During the three months ended March 31, 2020 , no shares were repurchased in connection with the Share Repurchase Program. On November 1, 2019, the Company began offering shares of the Company's common stock to existing stockholders pursuant to the Company's amended and restated distribution reinvestment plan ("DRP"). Under the DRP, stockholders may elect to reinvest an amount equal to the distributions declared on their shares of common stock into additional shares of the Company's common stock in lieu of receiving cash distributions. In accordance with the DRP, participants may acquire shares of common stock at a 25% discount to the most recent estimated NAV per share of the Company's common stock established by the Board, which was $3.14 per share as of May 1, 2019. During the three months ended March 31, 2020 , 21,249 shares were issued pursuant to the DRP.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation As of March 31, 2020 and December 31, 2019, the Company had 1,295,691 unvested time-based restricted stock units ("RSUs") and 1,389,642 unvested performance-based RSUs outstanding, each with a weighted-average grant date price per share of $3.14 . During the year ended December 31, 2019, the Company engaged an independent valuation advisory consulting firm to estimate the value per share of the Company's common stock. As of March 31, 2020 , there was $4,546 of total unrecognized compensation expense related to unvested stock-based compensation arrangements that will vest through December 2021. The Company recognized stock-based compensation expense of $528 and $845 for the three months ended March 31, 2020 and 2019, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject, from time to time, to various types of third-party legal claims or litigation that arise in the ordinary course of business, including, but not limited to, property loss claims, personal injury or other damages resulting from contact with the Company's properties. These claims and lawsuits and any resulting damages are generally covered by the Company's insurance policies. The Company accrues for legal costs associated with loss contingencies when these costs are probable and reasonably estimable. While the resolution of these matters cannot be predicted with certainty, based on currently available information, management does not expect that the final outcome of any pending claims or legal proceedings will have a material adverse effect on the financial condition, results of operations or cash flows of the Company. University House Communities Group, Inc., Indemnity Claims The Company received an indemnity notice from UHC Acquisition Sub LLC ("UHC") regarding certain matters under the Stock Purchase Agreement, dated January 3, 2016, for University House Communities Group, Inc., which was sold in June 2016. The notice set forth various items for which UHC believed they were entitled to indemnification from the Company. Based on the facts and circumstances of the indemnification claims made, guidance provided by third-party specialists and external counsel, and management's ongoing assessment of the UHC claims, the Company accrued a potential loss contingency representing their best estimate of the potential loss related to these claims. On June 14, 2019, UHC and the Company, through various negotiations, reached a final settlement for the claims in the amount of $30,000 , which was paid by the Company on June 24, 2019. During the three months ended March 31, 2019, the Company recognized losses from discontinued operations of $ 13,500 related to these claims. Operating and Finance Lease Commitments The Company has non-cancelable contracts of property improvements that have been deemed to contain finance leases. In addition, the Company has non-cancelable operating leases for office space used in its business. Future minimum lease obligations as of March 31, 2020 , were as follows: Minimum Lease Payments Operating Leases Finance Leases Remaining 2020 $ 461 $ 393 2021 547 480 2022 522 279 2023 536 21 2024 550 — Thereafter 53 — Total expected minimum lease obligation 2,669 1,173 Less: Amount representing interest (a) (296 ) (223 ) Present value of net minimum lease payments $ 2,373 $ 950 (a) Interest includes the amount necessary to reduce to present value the total expected minimum lease obligations calculated at the Company's incremental borrowing rate.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Equity Transactions On April 13, 2020, the Company sold a total of 57,792 shares and generated $136 in gross offering proceeds under the DRP. Prepayments of Mortgage Payables and Disposal of Retail Property On April 30, 2020, the Company prepaid a total of $26,349 of mortgages payable on two retail properties with cash on hand. On May 1, 2020, the Company disposed of Woodlake Crossing, a 160,000 square foot power center located in San Antonio, TX for a gross disposition price of $5,500 . Impact of the COVID-19 Pandemic on the Company's Financial Statements The Company has received requests for assistance from its tenants and is evaluating each request on an individual basis. The Company does not expect all tenant requests will result in amended agreements, nor does it intend to forgo our contractual rights under our lease agreements. While the Company has already begun to experience significant disruptions to its financial condition, results of operations, and cash flows from the COVID-19 pandemic, it is unable to estimate the extent of those disruptions due to the dynamic nature of the situation and numerous uncertainties that exist. These uncertainties include, among others, the scope, severity and duration of the pandemic, the actions required to contain the pandemic or mitigate its impact, the direct and indirect economic effects of the pandemic and containment measures, and the length and nature of a recovery, among others.

Basis of Presentation and Rec_2

Basis of Presentation and Recently Issued Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Recently Issued Accounting Pronouncements Adopted	FASB Staff Q&A, Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic On April 10, 2020, the Financial Accounting Standards Board ("FASB") issued a document titled Staff Q&A, Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic ("FASB Q&A document") which focused on the application of lease guidance for concessions related to the effects of the COVID-19 pandemic. In this document, the FASB staff will allow entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842, Leases , ("Topic 842") as though enforceable rights and obligations for those qualifying concessions existed. The Company is continuing to evaluate the impact of this optional election on the condensed consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncements Adopted Standard Description Date of adoption Effect on the financial statements or other significant matters ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement ASU No. 2018-13 is intended to improve the effectiveness of the disclosures required by Topic 820, Fair Value Measurement by eliminating, amending, or adding certain disclosures. Certain amendments require a prospective transition method, while others require a retrospective transition method. January 2020 The Company adopted the amendments of ASU No. 2018-13 on the applicable basis required, either prospective or retrospective. The standard only impacts fair value measurement disclosures, and therefore did not have an impact on the Company's condensed consolidated financial position, results of operations, or cash flows. ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ASU 2020-04 is intended to provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. Topic 848 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. Application of these expedients, which may be elected over time as reference rate reform activities occur, preserves the presentation of derivatives consistent with past presentation. January 2020 The Company adopted ASU No. 2020-04 and has elected to apply, as of January 1, 2020, the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. The Company is continuing to evaluate this guidance and may apply other elections as applicable as additional changes in the market occur. The Company expects the application of Topic 848 to assist in preserving the Company's presentation of derivatives as cash flow hedges.
Revenue Recognition, Operating Leases	Revenue Recognition Operating Leases The majority of revenue recognized from the Company's retail properties is comprised of fixed and variable consideration received from tenants under long-term operating leases with varying terms. Fixed consideration generally consists of minimum lease payments for the rental of retail space while the variable consideration generally consists of reimbursements of the tenant's pro-rata share of certain operating expenses incurred by the Company, including real estate taxes, special assessments, insurance, utilities, common area maintenance, management fees and certain capital repairs. Certain other tenants are subject to net leases whereby the tenant is responsible for fixed minimum lease payments to the Company, as well as directly paying all costs and expenses associated with occupancy to third party service providers. Such direct payments to third parties are not recorded as revenue and expense by the Company.

Organization (Tables)

Organization (Tables)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Multi-Tenant Retail Portfolio	The following table summarizes the Company's multi-tenant retail portfolio as of March 31, 2020 and 2019: Total Portfolio Wholly-Owned and Consolidated Unconsolidated 2020 2019 2020 2019 2020 2019 No. of properties 66 73 56 60 10 13 Square feet 10,958,613 12,251,264 8,488,479 9,645,450 2,470,134 2,605,814 (a) Includes one retail property classified as a consolidated VIE at March 31, 2019. (b) Reflects partial ownership of properties owned through the Company's interest in an unconsolidated joint venture.

Basis of Presentation and Rec_3

Basis of Presentation and Recently Issued Accounting Pronouncements (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Schedule of Recently Issued Accounting Pronouncements Adopted	Recently Issued Accounting Pronouncements Adopted Standard Description Date of adoption Effect on the financial statements or other significant matters ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement ASU No. 2018-13 is intended to improve the effectiveness of the disclosures required by Topic 820, Fair Value Measurement by eliminating, amending, or adding certain disclosures. Certain amendments require a prospective transition method, while others require a retrospective transition method. January 2020 The Company adopted the amendments of ASU No. 2018-13 on the applicable basis required, either prospective or retrospective. The standard only impacts fair value measurement disclosures, and therefore did not have an impact on the Company's condensed consolidated financial position, results of operations, or cash flows. ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ASU 2020-04 is intended to provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. Topic 848 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. Application of these expedients, which may be elected over time as reference rate reform activities occur, preserves the presentation of derivatives consistent with past presentation. January 2020 The Company adopted ASU No. 2020-04 and has elected to apply, as of January 1, 2020, the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. The Company is continuing to evaluate this guidance and may apply other elections as applicable as additional changes in the market occur. The Company expects the application of Topic 848 to assist in preserving the Company's presentation of derivatives as cash flow hedges.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Minimum Lease Payments to be Received	Minimum lease payments to be received under long-term operating leases and short-term specialty leases, excluding additional percentage rent based on tenants' sales volume and tenant reimbursements of certain operating expenses, and assuming no exercise of renewal options or early termination rights, are as follows: Minimum lease payments, by year As of March 31, 2020 2020 $ 110,759 2021 137,676 2022 117,445 2023 102,738 2024 86,443 Thereafter 311,119 Total $ 866,180
Disaggregation of Lease Income, Net	The following table reflects the disaggregation of lease income, net: Three months ended March 31 2020 2019 Minimum lease payments $ 36,177 $ 39,407 Tax and insurance recoveries 8,130 8,258 Common area maintenance and other recoveries 5,150 5,777 Amortization of above and below-market leases and lease inducements, net 1,542 1,591 Short-term, termination fee and other lease income 1,048 671 Estimated credit losses (763 ) (205 ) Lease income, net $ 51,284 $ 55,499
Disaggregation of Other Fee Income	The following table reflects the disaggregation of other fee income: Three months ended March 31 2020 2019 Property management fees $ 577 $ 638 Asset management fees 285 245 Leasing commissions and other fees 101 22 Other fee income $ 963 $ 905

Acquired Properties (Tables)

Acquired Properties (Tables)	3 Months Ended
	Mar. 31, 2020
Asset Acquisition [Abstract]
Schedule of acquisitions	The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the three months ended March 31, 2020 : Acquisition Date Property Metropolitan Area Gross Square Feet February 25, 2020 Trowbridge Crossing Atlanta, GA $ 10,950 62,600 March 10, 2020 Antoine Town Center (a) Houston, TX 22,254 110,500 $ 33,204 173,100 (a) This retail property was acquired from the Company's unconsolidated joint venture, as disclosed in "Note 6. Investment in Consolidated and Unconsolidated Entities". The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the three months ended March 31, 2019 : Acquisition Date Property Metropolitan Area Gross Square Feet January 31, 2019 Commons at University Place Raleigh, NC $ 23,250 92,000 March 20, 2019 Lakeside Winter Park and Lakeside Crossings Orlando, FL 63,500 76,000 $ 86,750 168,000

Disposed Properties (Tables)

Disposed Properties (Tables)	3 Months Ended
	Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disposal Groups, Not Discontinued Operations, Disposal Activity	The following table reflects the completion of partial condemnations at two retail properties during the three months ended March 31, 2020 : Disposition Date Property Metropolitan Area Gross Disposition Price Gain on Sale February 10, 2020 University Oaks Shopping Center Round Rock, TX $ 527 $ 357 February 12, 2020 Centerplace of Greeley Greeley, CO 123 100 $ 650 $ 457

Investment in Unconsolidated _2

Investment in Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2020
Investment in Partially Owned Entities [Abstract]
Schedule of Combined Financial Information of Investment in Unconsolidated Entities	he following table presents condensed balance sheet information for IAGM and separate condensed income statement information of IAGM and the other joint venture which was disposed in late 2019. As of March 31, 2020 December 31, 2019 Assets: Real estate assets, net of accumulated depreciation $ 405,633 $ 425,585 Other assets 64,041 66,437 Total assets 469,674 492,022 Liabilities and equity: Mortgages payable, net 241,980 256,732 Other liabilities 14,385 20,765 Equity 213,309 214,525 Total liabilities and equity 469,674 492,022 Company's share of equity 118,175 118,861 Deferred gain, net of accumulated amortization of $3 (955 ) — Carrying value of investments in unconsolidated entities $ 117,220 $ 118,861 Three months ended March 31, IAGM 2020 2019 Total income $ 12,723 $ 13,640 Depreciation and amortization (4,342 ) (5,276 ) Property operating (2,121 ) (1,987 ) Real estate taxes (2,426 ) (2,606 ) Interest expense, net (2,193 ) (2,894 ) General and administrative (119 ) (119 ) Gain on sale of real estate 1,741 — Loss on debt extinguishment (8 ) — Net income 3,255 758 Other joint venture interest Net loss — (4,858 ) Net income (loss) $ 3,255 $ (4,100 ) Company's share of net income (loss) $ 1,744 $ (3,944 ) Outside basis adjustment for IAGM's sale of real estate (955 ) — Outside basis adjustment for other joint venture's sale of assets — 4,403 Equity in earnings of unconsolidated entities $ 789 $ 459
Contractual Obligation, Fiscal Year Maturity Schedule	The following table summarizes the scheduled maturities of IAGM's mortgages payable as of March 31, 2020 , for the remainder of 2020, each of the next four years and thereafter. Scheduled maturities by year: As of March 31, 2020 2020 $ — 2021 23,150 2022 — 2023 180,125 2024 — Thereafter 40,680 Total $ 243,955

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Notes and Loans Payable [Abstract]
Schedule of Maturities for Outstanding Mortgage Indebtedness	The following table summarizes the scheduled maturities of the Company's mortgages payable as of March 31, 2020 for the remainder of 2020, each of the next four years and thereafter. Scheduled maturities by year: As of March 31, 2020 2020 $ — 2021 — 2022 49,538 2023 40,726 2024 15,700 Thereafter 28,630 Total mortgage payable maturities $ 134,594 Debt issuance costs, net of accumulated amortization (575 ) Discount, net of accumulated amortization (111 ) Total mortgages payable, net $ 133,908
Schedule of Outstanding Debt	As of March 31, 2020 and December 31, 2019 , the Company had the following unsecured term loan tranches outstanding: March 31, 2020 December 31, 2019 Principal Balance Interest Rate Principal Balance Interest Rate Maturity Date $250.0 million 5 year - swapped to fixed rate $ 100,000 2.6795% (a) $ 100,000 2.6795% (a) December 21, 2023 $250.0 million 5 year - swapped to fixed rate 100,000 2.6795% (a) 100,000 2.6795% (a) December 21, 2023 $250.0 million 5 year - variable-rate 50,000 2.7811% (b) 50,000 2.8911% (c) December 21, 2023 $150.0 million 5.5 year - swapped to fixed rate 50,000 2.6915% (a) 50,000 2.6915% (a) June 21, 2024 $150.0 million 5.5 year - swapped to fixed rate 50,000 2.6990% (a) 50,000 2.6990% (a) June 21, 2024 $150.0 million 5.5 year - variable-rate 50,000 2.7811% (b) 50,000 2.8911% (c) June 21, 2024 Total unsecured term loans 400,000 400,000 Issuance costs, net of accumulated amortization (2,246 ) (2,471 ) Total unsecured term loans, net $ 397,754 $ 397,529 (a) As of March 31, 2020 , the Company has four interest rate swap agreements, of which two have a notional amount of $100,000 , an effective date of December 2, 2019, a termination date of December 21, 2023, and achieve a fixed interest rate of 2.68% . The other two interest rate swap agreements each have a notional amount of $50,000 , an effective date of December 2, 2019, a termination date of June 21, 2024, and achieve fixed interest rates of 2.69% and 2.70% . (b) Interest rate reflects 1-Month LIBOR plus 1.20% effective March 2, 2020. (c) Interest rate reflects 1-Month LIBOR plus 1.20% effective December 2, 2019. (d) During the twelve months subsequent to March 31, 2020 , the Company expects to reclassify $3,532 of deferred amounts in accumulated comprehensive income (loss) into earnings.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Quantitative Disclosure of The Fair Value For Each Major Category Of Assets And Liabilities	The following financial instruments are remeasured at fair value on a recurring basis: Fair Value Measurements as of March 31, 2020 December 31, 2019 Cash Flow Hedges: Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Derivative interest rate assets (a) $ — $ — $ — $ — $ 1,057 $ — Derivative interest rate liabilities (b) — (13,229 ) — — — — (a) Recognized as a part of deferred costs and other assets, net, on the condensed consolidated balance sheets. (b) Recognized as a part of other liabilities on the condensed consolidated balance sheets.
Fair Value of Financial Instruments Presented at Carrying Values	The table below summarizes the estimated fair value of financial instruments presented at carrying values in the Company's condensed consolidated financial statements as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Mortgages payable $ 134,594 $ 135,113 $ 176,051 $ 178,937 Term loans $ 400,000 $ 400,019 $ 400,000 $ 400,020 Revolving line of credit $ 150,000 $ 150,461 $ — $ —

(Loss) Earnings per Share and_2

(Loss) Earnings per Share and Equity Transactions (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reconciles the amounts used in calculating basic and diluted (loss) income per share: Three months ended March 31 2020 2019 Numerator: Net (loss) income from continuing operations $ (3,486 ) $ 4,001 Earnings allocated to unvested restricted shares — — Net (loss) income from continuing operations attributable to common shareholders $ (3,486 ) $ 4,001 Net loss from discontinued operations attributable to common shareholders $ — $ (13,500 ) Denominator: Weighted average number of common shares outstanding - basic 720,825,864 728,558,989 Effect of unvested restricted shares (a) — 268,872 Weighted average number of common shares outstanding - diluted 720,825,864 728,827,861 Basic and diluted (loss) income per common share: Net (loss) income from continuing operations per common share $ — $ 0.01 Net loss from discontinued operations per common share — (0.02 ) Net loss per common share $ — $ (0.01 ) (a) For the three months ended March 31, 2020 , the Company has excluded the anti-dilutive effect of unvested restricted shares.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Operating Lease Obligations	Future minimum lease obligations as of March 31, 2020 , were as follows: Minimum Lease Payments Operating Leases Finance Leases Remaining 2020 $ 461 $ 393 2021 547 480 2022 522 279 2023 536 21 2024 550 — Thereafter 53 — Total expected minimum lease obligation 2,669 1,173 Less: Amount representing interest (a) (296 ) (223 ) Present value of net minimum lease payments $ 2,373 $ 950 (a) Interest includes the amount necessary to reduce to present value the total expected minimum lease obligations calculated at the Company's incremental borrowing rate.
Schedule of Future Minimum Finance Lease Obligations	Future minimum lease obligations as of March 31, 2020 , were as follows: Minimum Lease Payments Operating Leases Finance Leases Remaining 2020 $ 461 $ 393 2021 547 480 2022 522 279 2023 536 21 2024 550 — Thereafter 53 — Total expected minimum lease obligation 2,669 1,173 Less: Amount representing interest (a) (296 ) (223 ) Present value of net minimum lease payments $ 2,373 $ 950 (a) Interest includes the amount necessary to reduce to present value the total expected minimum lease obligations calculated at the Company's incremental borrowing rate.

Organization (Details)

Organization (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)ft²property	Mar. 31, 2019ft²Propertiesproperty
Entity Information [Line Items]
Number of retail properties | property	66	73
Acreage | ft²	10,958,613	12,251,264
Income tax benefit related to the CARES Act | $	$ 1,168
Variable Interest Entity, Primary Beneficiary
Entity Information [Line Items]
Number of retail properties | Properties		1
Corporate Joint Venture
Entity Information [Line Items]
Number of managed assets | property	10	13
Acreage | ft²	2,470,134	2,605,814
Retail
Entity Information [Line Items]
Number of retail properties | property	56	60
Acreage | ft²	8,488,479	9,645,450

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Lessor, Lease, Description [Line Items]
Receivables from customers	$ 278	$ 460
Minimum
Lessor, Lease, Description [Line Items]
Remaining term of lease	1 year
Maximum
Lessor, Lease, Description [Line Items]
Remaining term of lease	40 years

Revenue Recognition - Minimum L

Revenue Recognition - Minimum Lease Payments to be Received (Details) $ in Thousands	Mar. 31, 2020USD ($)
As of March 31, 2020
2020	$ 110,759
2021	137,676
2022	117,445
2023	102,738
2024	86,443
Thereafter	311,119
Total	$ 866,180

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Minimum lease payments	$ 36,177	$ 39,407
Lease income, net	51,284	55,499
Estimated credit losses	(763)	(205)
Tax and insurance recoveries
Disaggregation of Revenue [Line Items]
Lease income, net	8,130	8,258
Common area maintenance and other recoveries
Disaggregation of Revenue [Line Items]
Lease income, net	5,150	5,777
Amortization of above and below-market leases and lease inducements, net
Disaggregation of Revenue [Line Items]
Lease income, net	1,542	1,591
Short-term, termination fee and other lease income
Disaggregation of Revenue [Line Items]
Lease income, net	$ 1,048	$ 671

Revenue Recognition - Disaggr_2

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Property management fees
Disaggregation of Revenue [Line Items]
Other fee income	$ 577	$ 638
Asset management fees
Disaggregation of Revenue [Line Items]
Other fee income	285	245
Leasing commissions and other fees
Disaggregation of Revenue [Line Items]
Other fee income	101	22
Other fee income
Disaggregation of Revenue [Line Items]
Other fee income	$ 963	$ 905

Acquired Properties - Summary o

Acquired Properties - Summary of Retail Properties Acquired (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)ft²	Mar. 31, 2019USD ($)ft²
Real Estate Properties [Line Items]
Capitalized acquisition costs	$ 63	$ 608
Retail
Real Estate Properties [Line Items]
Gross Acquisition Price	$ 33,204	$ 86,750
Square Feet | ft²	173,100	168,000
Trowbridge Crossing | Retail
Real Estate Properties [Line Items]
Gross Acquisition Price	$ 10,950
Square Feet | ft²	62,600
Antoine Town Center | Retail
Real Estate Properties [Line Items]
Gross Acquisition Price	$ 22,254
Square Feet | ft²	110,500
Commons at University Place | Retail
Real Estate Properties [Line Items]
Gross Acquisition Price		$ 23,250
Square Feet | ft²		92,000
Lakeside Winter Park and Lakeside Crossings | Retail
Real Estate Properties [Line Items]
Gross Acquisition Price		$ 63,500
Square Feet | ft²		76,000

Disposed Properties - Schedule

Disposed Properties - Schedule of Disposal Groups (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Disposition Price	$ 650	$ 0
Retail | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Disposition Price	650
Gain on Sale	457
University Oaks Shopping Center | Retail | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Disposition Price	527
Gain on Sale	357
Centerplace of Greeley | Retail | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Disposition Price	123
Gain on Sale	$ 100

Disposed Properties - Narrative

Disposed Properties - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Proceeds from sale of investment properties, net	$ 650	$ 0

Investment in Unconsolidated _3

Investment in Unconsolidated Entities - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)derivative_instrument	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Variable Interest Entity [Line Items]
Investment in unconsolidated entities	$ 117,220		$ 118,861
Deferred gain on sale of property	$ 958
Equity investment basis adjustment, amortization period	30 years
Retail
Variable Interest Entity [Line Items]
Purchase price	$ 33,204	$ 86,750
IAGM Retail Fund I, LLC
Variable Interest Entity [Line Items]
Ownership percentage	55.00%		55.00%
Investment in unconsolidated entities	$ 117,220		$ 118,861
IAGM Retail Fund I, LLC
Variable Interest Entity [Line Items]
Repayment of mortgage note payable	14,872
Gain on sale	1,741
Antoine Town Center | Retail
Variable Interest Entity [Line Items]
Purchase price	22,254
Interest Rate Swap
Variable Interest Entity [Line Items]
Derivative liability	$ 131
Interest Rate Swap | IAGM Retail Fund I, LLC
Variable Interest Entity [Line Items]
Number of derivatives held | derivative_instrument	2
Variable rate	1.55%
Derivative liability	$ 238
Interest Rate Swap, Effective Date April 1, 2020, 1.979% Fixed Interest | IAGM Retail Fund I, LLC
Variable Interest Entity [Line Items]
Notional amount	$ 45,000
Fixed interest rate	1.979%
Interest Rate Swap, Effective Date April 1, 2020, 1.956% Fixed Interest | IAGM Retail Fund I, LLC
Variable Interest Entity [Line Items]
Notional amount	$ 30,000
Fixed interest rate	1.956%

Investment in Unconsolidated _4

Investment in Unconsolidated Entities - Schedule Investment in Unconsolidated Entities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Liabilities and equity:
Mortgages payable, net	$ 243,955
Carrying value of investments in unconsolidated entities	117,220		$ 118,861
Operating expenses
Net income (loss)	3,255	$ (4,100)
Company's share of net income (loss)	1,744	(3,944)
Equity in earnings of unconsolidated entities	789	459
IAGM Retail Fund I, LLC
Assets
Real estate assets, net of accumulated depreciation	405,633		425,585
Other assets	64,041		66,437
Total assets	469,674		492,022
Liabilities and equity:
Mortgages payable, net	241,980		256,732
Other liabilities	14,385		20,765
Equity	213,309		214,525
Total liabilities and equity	469,674		492,022
Company's share of equity	118,175		118,861
Deferred gain, net of accumulated amortization of $3	(955)		0
Carrying value of investments in unconsolidated entities	117,220		$ 118,861
Accumulated amortization	3
Statements of Operations:
Total income	12,723	13,640
Operating expenses
Depreciation and amortization	(4,342)	(5,276)
Property operating	(2,121)	(1,987)
Real estate taxes	(2,426)	(2,606)
Interest expense, net	(2,193)	(2,894)
General and administrative	(119)	(119)
Gain on sale of real estate	1,741	0
Loss on debt extinguishment	(8)	0
Net income (loss)	3,255	758
Outside basis adjustment for investee's sale of real estate	(955)	0
Downtown Railyard Venture, LLC
Operating expenses
Net income (loss)	0	(4,858)
Outside basis adjustment for investee's sale of real estate	$ 0	$ 4,403

Investment in Unconsolidated _5

Investment in Unconsolidated Entities - Unconsolidated Entities (Details) $ in Thousands	Mar. 31, 2020USD ($)
Schedule of Debt Maturities of the Unconsolidated Entities
2020	$ 0
2021	23,150
2022	0
2023	180,125
2024	0
Thereafter	40,680
Total	$ 243,955

Debt - Narrative (Details)

Debt - Narrative (Details)	Jan. 03, 2020USD ($)	Dec. 21, 2018USD ($)option	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Debt, net			$ 681,662,000	$ 572,850,000
Mortgages Payable
Debt Instrument [Line Items]
Total mortgages payable, net			$ 133,908,000
Weighted average interest rate (percent)			4.34%
Mortgages Payable | Minimum
Debt Instrument [Line Items]
Interest rate (percent)			3.49%	3.49%
Mortgages Payable | Maximum
Debt Instrument [Line Items]
Interest rate (percent)			5.49%	5.49%
Line of Credit
Debt Instrument [Line Items]
Total mortgages payable, net			$ 547,754,000
Line of Credit | Unsecured Term Loan
Debt Instrument [Line Items]
Total mortgages payable, net			397,754,000	$ 397,529,000
Revolving Credit Facility | Revolving Credit Facility, Amended and Restated
Debt Instrument [Line Items]
Debt, net			150,000,000	$ 0
Debt instrument, face amount		$ 350,000,000
Proceeds from lines of credit			$ 150,000,000
Interest rate			2.01%
Debt instrument, term		4 years
Number of extension options | option		2
Extension option on line of credit, period		6 months
Unused commitment fee			0.15%	0.15%
Remaining borrowing capacity			$ 200,000,000
Campus Marketplace, San Marcos, CA | Non Recourse, Mortgage Loan
Debt Instrument [Line Items]
Extinguishment of debt, amount	$ 41,000,000
One-month LIBOR | Revolving Credit Facility | Revolving Credit Facility, Amended and Restated
Debt Instrument [Line Items]
Basis spread on variable rate			1.05%

Debt - Mortgage Maturities (Det

Debt - Mortgage Maturities (Details) - Mortgages Payable $ in Thousands	Mar. 31, 2020USD ($)
Schedule of maturities for outstanding mortgage indebtedness
2020	$ 0
2021	0
2022	49,538
2023	40,726
2024	15,700
Thereafter	28,630
Total mortgage payable maturities	134,594
Debt issuance costs, net of accumulated amortization	(575)
Discount, net of accumulated amortization	(111)
Total mortgages payable, net	$ 133,908

Debt - Line of Credit (Details)

Debt - Line of Credit (Details)	3 Months Ended
	Mar. 31, 2020USD ($)swap	Mar. 03, 2020	Dec. 31, 2019USD ($)	Dec. 02, 2019
Line of Credit Facility [Line Items]
Number of interest rate swaps | swap	4
Number of interest rate swaps to be terminated | swap	2
Deferred amounts in accumulated comprehensive income (loss) into earnings	$ 3,532,000
Line of Credit
Line of Credit Facility [Line Items]
Total mortgages payable, net	547,754,000
$250.0 million 5 year - swapped to fixed rate | Unsecured Debt | Interest Rate Swap One
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 250,000,000
Debt instrument, term	5 years
Unsecured term loans	$ 100,000,000		$ 100,000,000
Interest rate (percent)	2.6795%		2.6795%
$250.0 million 5 year - swapped to fixed rate | Unsecured Debt | Interest Rate Swap Two
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 250,000,000
Debt instrument, term	5 years
Unsecured term loans	$ 100,000,000		$ 100,000,000
Interest rate (percent)	2.6795%		2.6795%
$250.0 million 5 year - variable-rate | Unsecured Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 250,000,000
Debt instrument, term	5 years
Unsecured term loans	$ 50,000,000		$ 50,000,000
Interest rate (percent)	2.7811%		2.8911%
$250.0 million 5 year - variable-rate | Unsecured Debt | Interest Rate Swap One | One-month LIBOR
Line of Credit Facility [Line Items]
Variable rate		1.20%		1.20%
$150.0 million 5.5 year - swapped to fixed rate | Unsecured Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 150,000,000
Debt instrument, term	5 years 6 months
Unsecured term loans	$ 50,000,000		$ 50,000,000
Interest rate (percent)	2.6915%		2.6915%
$150.0 million 5.5 year - swapped to fixed rate | Unsecured Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 150,000,000
Debt instrument, term	5 years 6 months
Unsecured term loans	$ 50,000,000		$ 50,000,000
Interest rate (percent)	2.699%		2.699%
$150.0 million 5.5 year - variable-rate | Unsecured Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 150,000,000
Debt instrument, term	5 years 6 months
Unsecured term loans	$ 50,000,000		$ 50,000,000
Interest rate (percent)	2.7811%		2.8911%
Unsecured Term Loan | Unsecured Debt
Line of Credit Facility [Line Items]
Unsecured term loans	$ 400,000,000		$ 400,000,000
Issuance costs, net of accumulated amortization	(2,246,000)		(2,471,000)
Unsecured Term Loan | Line of Credit
Line of Credit Facility [Line Items]
Total mortgages payable, net	$ 397,754,000		$ 397,529,000
Term Loan, 5 year, Swapped to Fixed Rate, 2.6795% | Unsecured Debt | Interest Rate Swap Three
Line of Credit Facility [Line Items]
Interest rate (percent)	2.68%
Notional amount	$ 100,000,000
Term Loan, 5 year, Swapped to Fixed Rate, 2.6915% | Unsecured Debt | Interest Rate Swap Five
Line of Credit Facility [Line Items]
Interest rate (percent)	2.69%
Notional amount	$ 50,000,000
Term Loan, 5 year, Swapped to Fixed Rate, 2.6990% | Unsecured Debt | Interest Rate Swap Six
Line of Credit Facility [Line Items]
Interest rate (percent)	2.70%

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative Disclosure of The Fair Value For Each Major Category Of Assets And Liabilities (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Level 1
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis
Derivative interest rate assets	$ 0	$ 0
Derivative interest rate liabilities	0	0
Level 2
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis
Derivative interest rate assets	0	1,057
Derivative interest rate liabilities	(13,229)	0
Level 3
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis
Derivative interest rate assets	0	0
Derivative interest rate liabilities	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Provision for asset impairment	$ 9,002	$ 0
Mortgages Payable | Weighted Average Effective Market Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement input	0.0406		0.0371
Line of Credit | Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement input	0.0149		0.0277

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Financial Instruments Presented at Carrying Values (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Carrying Value
Debt Instrument [Line Items]
Mortgages payable	$ 134,594	$ 176,051
Estimated Fair Value
Debt Instrument [Line Items]
Mortgages payable	135,113	178,937
Unsecured Debt | Unsecured Term Loan | Carrying Value
Debt Instrument [Line Items]
Term loans	400,000	400,000
Unsecured Debt | Unsecured Term Loan | Estimated Fair Value
Debt Instrument [Line Items]
Term loans	400,019	400,020
Revolving Credit Facility | Revolving Credit Facility, Amended and Restated | Carrying Value
Debt Instrument [Line Items]
Term loans	150,000	0
Revolving Credit Facility | Revolving Credit Facility, Amended and Restated | Estimated Fair Value
Debt Instrument [Line Items]
Term loans	$ 150,461	$ 0

(Loss) Earnings per Share and_3

(Loss) Earnings per Share and Equity Transactions - Reconciliation of Basic and Diluted Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net (loss) income from continuing operations	$ (3,486)	$ 4,001
Earnings allocated to unvested restricted shares	0	0
Net (loss) income from continuing operations attributable to common shareholders	(3,486)	4,001
Net loss from discontinued operations attributable to common shareholders	$ 0	$ (13,500)
Denominator:
Weighted average number of common shares outstanding - basic (in shares)	720,825,864	728,558,989
Effect of unvested restricted shares (in shares)	0	268,872
Weighted average number of common shares outstanding - diluted (in shares)	720,825,864	728,827,861
Basic and diluted (loss) income per common share:
Net (loss) income from continuing operations per share - basic and diluted (in dollars per share)	$ 0	$ 0.01
Net loss from discontinued operations per share - basic and diluted (in dollars per share)	0	(0.02)
Net loss per common share, basic and diluted (in dollars per share)	$ 0	$ (0.01)

(Loss) Earnings per Share and_4

(Loss) Earnings per Share and Equity Transactions - Narrative (Details) - $ / shares	Nov. 01, 2019	May 01, 2019	Mar. 31, 2020
Class of Stock [Line Items]
Stock repurchase program, discount		25.00%
NAV (USD per share)		$ 3.14
Distribution reinvestment plan, discount	25.00%
Common Stock
Class of Stock [Line Items]
Stock repurchased during the period (in shares)			0
Issuance of common stock under dividend reinvestment plan (in shares)			21,249

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense not yet recognized	$ 4,546
Stock-based compensation, net	$ 528	$ 845
Unvested Time-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards outstanding (in shares)	1,295,691		1,295,691
Weighted average price per share (USD per share)	$ 3.14		$ 3.14
Unvested Performance-Based RSUs (a)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards outstanding (in shares)	1,389,642		1,389,642

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	Jun. 14, 2019	Mar. 31, 2019
Loss Contingencies [Line Items]
Losses from discontinued operations related to these claims		$ 13,500
Settled Litigation | University House Communities Group, Inc
Loss Contingencies [Line Items]
Litigation settlement, amount awarded to other party	$ 30,000

Commitments and Contingencies_2

Commitments and Contingencies - Future Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2020USD ($)
Operating Leases
Remaining 2020	$ 461
2021	547
2022	522
2023	536
2024	550
Thereafter	53
Total expected minimum lease obligation	2,669
Less: Amount representing interest	(296)
Operating lease liabilities	2,373
Finance Leases
Remaining 2020	393
2021	480
2022	279
2023	21
2024	0
Thereafter	0
Total expected minimum lease obligation	1,173
Less: Amount representing interest	(223)
Present value of net minimum lease payments	$ 950

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	May 01, 2020USD ($)ft²	Apr. 30, 2020USD ($)	Apr. 13, 2020USD ($)shares	Mar. 31, 2020USD ($)ft²shares	Mar. 31, 2019USD ($)ft²
Subsequent Event [Line Items]
Proceeds from distribution reinvestment plan				$ 49	$ 0
Prepayment of mortgage payable				$ 457	$ 514
Acreage | ft²				10,958,613	12,251,264
Gross Disposition Price				$ 650	$ 0
Subsequent Event
Subsequent Event [Line Items]
Proceeds from distribution reinvestment plan			$ 136
Mortgages Payable | Subsequent Event
Subsequent Event [Line Items]
Prepayment of mortgage payable		$ 26,349
Common Stock
Subsequent Event [Line Items]
Issuance of common stock under dividend reinvestment plan (in shares) | shares				21,249
Common Stock | Subsequent Event
Subsequent Event [Line Items]
Issuance of common stock under dividend reinvestment plan (in shares) | shares			57,792
Retail | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Subsequent Event [Line Items]
Gross Disposition Price				$ 650
Retail | Woodlake Crossing San Antonio, TX | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Subsequent Event
Subsequent Event [Line Items]
Acreage | ft²	160,000
Gross Disposition Price	$ 5,500

Uncategorized Items - ivtpmarch

Label	Element	Value
Business Combination, Contingent Consideration, Liability	us-gaap_BusinessCombinationContingentConsiderationLiability	$ 649,000
Business Combination, Contingent Consideration, Liability	us-gaap_BusinessCombinationContingentConsiderationLiability	$ 1,906,000