Phillips Edison & Company (PECO) 10-Q 5 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Nov. 01, 2014
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-14	'
Document Fiscal Period Focus	'Q3	'
Document Fiscal Year Focus	'2014	'
Entity Registrant Name	'Phillips Edison - ARC Shopping Center REIT Inc.	'
Entity Central Index Key	'0001476204	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	181,697,415

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
ASSETS [Abstract]	'	'
Land	$480,842	$302,182
Building and improvements	1,371,152	833,892
Total investment in real estate assets	1,851,994	1,136,074
Accumulated depreciation and amortization	-67,613	-29,538
Total investment in real estate assets, net	1,784,381	1,106,536
Acquired intangible lease assets, net of accumulated amortization of $35,310 and $14,330, respectively	171,153	107,730
Cash and cash equivalents	19,828	460,250
Restricted cash and investments	8,980	9,859
Accounts receivable, net of bad debt reserve of $785 and $151, respectively	20,835	12,982
Deferred financing expense, less accumulated amortization of $4,080 and $1,715, respectively	10,534	10,091
Derivative asset	0	818
Prepaid expenses and other	9,100	13,261
Total assets	2,024,811	1,721,527
Liabilities:	'	'
Mortgages and loans payable	518,675	200,872
Derivative liability	545	0
Acquired below market lease intangibles, less accumulated amortization of $6,101 and $2,708, respectively	36,520	20,387
Accounts payable	906	1,657
Accounts payable – affiliates	1,524	1,132
Accrued and other liabilities	41,489	27,947
Total liabilities	599,659	251,995
Commitments and contingencies (Note 9)	0	0
Redeemable common stock	32,881	0
Equity:	'	'
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized, zero shares issued and outstanding at September 30, 2014 and December 31, 2013	0	0
Common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 180,573,225 and 175,594,613 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	1,806	1,756
Additional paid-in capital	1,551,199	1,538,185
Accumulated other comprehensive income	0	690
Accumulated deficit	-160,815	-71,192
Total stockholders’ equity	1,392,190	1,469,439
Noncontrolling interests	81	93
Total equity	1,392,271	1,469,532
Total liabilities and equity	$2,024,811	$1,721,527

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Statement of Financial Position [Abstract]	'	'
Acquired Intangible lease assets, accumulated amortization	$35,310	$14,330
Accounts receivable, bad debt reserve	785	151
Deferred financing expense, accumulated amortization	4,080	1,715
Below Market Lease, Accumulated Amortization	$6,101	$2,708
Preferred stock, par value (in usd per share)	$0.01	$0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in usd per share)	$0.01	$0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares outstanding	180,573,225	175,594,613

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations and Comprehensive Loss (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:	'	'	'	'
Rental income	$38,614	$15,827	$99,515	$35,768
Tenant recovery income	11,078	4,260	29,422	10,637
Other property income	339	57	685	140
Total revenues	50,031	20,144	129,622	46,545
Expenses:	'	'	'	'
Property operating	8,150	3,079	21,274	7,223
Real estate taxes	7,121	3,022	17,853	6,641
General and administrative	2,109	842	6,377	2,424
Acquisition expenses	3,785	3,967	15,096	9,633
Depreciation and amortization	21,430	8,324	56,031	19,879
Total expenses	42,595	19,234	116,631	45,800
Operating income	7,436	910	12,991	745
Other income (expense):	'	'	'	'
Interest expense, net	-5,422	-2,207	-13,992	-6,594
Other income (expense)	129	-32	842	-45
Net income (loss)	2,143	-1,329	-159	-5,894
Net income attributable to noncontrolling interests	0	-79	0	-355
Net income (loss) attributable to Company stockholders	2,143	-1,408	-159	-6,249
Per share information - basic and diluted:	'	'	'	'
Net income (loss) per share - basic and diluted	$0.01	($0.02)	$0	($0.14)
Weighted-average common shares outstanding - basic and diluted	180,072,232	79,796,551	178,490,256	45,207,554
Comprehensive income (loss):	'	'	'	'
Net income (loss)	2,143	-1,329	-159	-5,894
Other comprehensive income:	'	'	'	'
Change in unrealized (loss) gain on interest rate swaps, net	0	-357	-690	614
Comprehensive income (loss)	2,143	-1,686	-849	-5,280
Comprehensive income attributable to noncontrolling interests	0	-79	0	-355
Comprehensive income (loss) attributable to Company stockholders	$2,143	($1,765)	($849)	($5,635)

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Equity (USD $)	Total	Common Stock [Member]	Additional Paid In Capital [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Deficit [Member]	Total Stockholders' Equity [Member]	Noncontrolling Interest [Member]
In Thousands, except Share data, unless otherwise specified
Balance, value at Dec. 31, 2012	$152,271	$138	$118,238	$0	($11,720)	$106,656	$45,615
Balance, shares at Dec. 31, 2012	'	13,801,251	'	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'	'
Issuance of common stock, value	923,593	930	922,663	'	'	923,593	'
Issuance of common stock, shares	'	93,135,034	'	'	'	'	'
Share repurchases, value	-582	-1	-581	'	'	-582	'
Share repurchases, shares	'	-58,764	'	'	'	'	'
Dividend reinvestment plan (DRP), value	8,485	9	8,476	'	'	8,485	'
Dividend reinvestment plan (DRP), shares	'	893,171	'	'	'	'	'
Change in unrealized gain (loss) on interest rate swaps	614	'	'	614	'	614	'
Common distributions declared ($0.50 per share)	-22,638	'	'	'	-22,638	-22,638	'
Distributions to noncontrolling interests	-4,238	'	'	'	'	'	-4,238
Offering costs	-100,276	'	-100,276	'	'	-100,276	'
Net income (loss)	-5,894	'	'	'	-6,249	-6,249	355
Balance, value at Sep. 30, 2013	951,335	1,076	948,520	614	-40,607	909,603	41,732
Balance, shares at Sep. 30, 2013	'	107,770,692	'	'	'	'	'
Balance, value at Dec. 31, 2013	1,469,532	1,756	1,538,185	690	-71,192	1,469,439	93
Balance, shares at Dec. 31, 2013	'	175,594,613	'	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'	'
Issuance of common stock, value	2,534	2	2,532	'	'	2,534	'
Issuance of common stock, shares	'	256,031	'	'	'	'	'
Share repurchases, value	-2,104	-2	-2,102	'	'	-2,104	'
Share repurchases, shares	'	-223,270	'	'	'	'	'
Change in redeemable common stock	-32,881	'	-32,881	'	'	-32,881	'
Dividend reinvestment plan (DRP), value	46,986	50	46,936	'	'	46,986	'
Dividend reinvestment plan (DRP), shares	'	4,945,851	'	'	'	'	'
Change in unrealized gain (loss) on interest rate swaps	-690	'	'	-690	'	-690	'
Common distributions declared ($0.50 per share)	-89,464	'	'	'	-89,464	-89,464	'
Distributions to noncontrolling interests	-12	'	'	'	'	'	-12
Offering costs	-1,471	'	-1,471	'	'	-1,471	'
Net income (loss)	-159	'	'	'	-159	-159	0
Balance, value at Sep. 30, 2014	$1,392,271	$1,806	$1,551,199	$0	($160,815)	$1,392,190	$81
Balance, shares at Sep. 30, 2014	'	180,573,225	'	'	'	'	'

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Equity (Parenthetical) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Statement of Stockholders' Equity [Abstract]	'	'
Common distributions declared, per share	$0.50	$0.50

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net loss	($159)	($5,894)
Adjustments to reconcile net loss to net cash provided by operating activities:	'	'
Depreciation and amortization	54,156	19,032
Net amortization of above- and below-market leases	189	465
Amortization of deferred financing costs	2,711	1,337
Loss on disposal of real estate assets	21	0
Loss on write-off of capitalized leasing commissions and deferred financing expense	68	0
Change in fair value of derivative	-561	-55
Straight-line rental income	-3,053	-1,135
Changes in operating assets and liabilities:	'	'
Accounts receivable	-4,800	-5,661
Prepaid expenses and other	-2,087	-1,594
Accounts payable	-972	-6
Accounts payable – affiliates	696	426
Accrued and other liabilities	12,613	9,054
Net cash provided by operating activities	58,822	15,969
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Real estate acquisitions	-575,748	-456,956
Capital expenditures	-8,994	-3,568
Change in restricted cash and investments	879	-2,786
Proceeds from sale of derivative	520	0
Net cash used in investing activities	-583,343	-463,310
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Proceeds from issuance of common stock	2,534	923,593
Redemptions of common stock	-1,718	-582
Payment of offering costs	-1,775	-102,681
Payments on mortgages and loans payable	-32,422	-303,100
Proceeds from mortgages and loans payable	163,000	267,330
Distributions paid, net of DRP	-42,310	-9,438
Distributions to noncontrolling interests	-16	-4,242
Payments of loan financing costs	-3,194	-4,961
Net cash provided by financing activities	84,099	765,919
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	-440,422	318,578
CASH AND CASH EQUIVALENTS:	'	'
Beginning of period	460,250	7,654
End of period	19,828	326,232
SUPPLEMENTAL CASHFLOW DISCLOSURE, INCLUDING NON-CASH INVESTING AND FINANCING ACTIVITIES:	'	'
Cash paid for interest	11,630	5,548
Change in offering costs payable to advisor and sub-advisor	-304	-2,405
Change in distributions payable	168	4,715
Change in distributions payable – noncontrolling interests	-4	-4
Change in accrued share repurchase obligation	386	0
Assumed debt	189,006	93,808
Assumed interest rate swap	714	0
Accrued capital expenditures	2,809	982
Distributions reinvested	$46,986	$8,485

Organization

Organization	9 Months Ended
	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization	'
	ORGANIZATION
	Phillips Edison—ARC Shopping Center REIT Inc. (“we”, the “Company”, “our”, or “us”) was formed as a Maryland corporation on October 13, 2009.  Substantially all of our business is conducted through Phillips Edison—ARC Shopping Center Operating Partnership, L.P. (the “Operating Partnership”), a Delaware limited partnership formed on December 3, 2009. We are a limited partner of the Operating Partnership, and our wholly owned subsidiary, Phillips Edison Shopping Center OP GP LLC, is the sole general partner of the Operating Partnership.
	On January 13, 2010, we filed a registration statement on Form S-11 (Registration No. 333-164313) with the Securities and Exchange Commission (the “SEC”) to offer a maximum of 180 million shares of common stock for sale to the public, of which 150 million shares were registered in our primary offering and 30 million shares were registered under our dividend reinvestment plan (the “DRP”). The SEC declared our registration statement effective on August 12, 2010. On November 19, 2013, we reallocated 26.5 million shares from the DRP to the primary offering. We ceased offering shares of common stock in our primary offering on February 7, 2014. Subsequent to the end of our primary offering, we reallocated approximately 2.7 million unsold shares from the primary offering to the DRP. On June 18, 2014, we filed a registration statement on Form S-3 (Registration No. 333-196870) with the SEC to register an additional 12 million shares to be offered pursuant to the DRP. We continue to offer up to a total of approximately 18.2 million shares of common stock under the DRP. Stockholders who elect to participate in the DRP may choose to invest all or a portion of their cash distributions in shares of our common stock at a purchase price of $9.50 per share.
	Our advisor is American Realty Capital II Advisors, LLC (the “Advisor”), a limited liability company that was organized in the State of Delaware on December 28, 2009 and that is under common control with AR Capital, LLC (the “AR Capital sponsor”). Under the terms of the advisory agreement between the Advisor and us, the Advisor is responsible for the management of our day-to-day activities and the implementation of our investment strategy. The Advisor has delegated most of its duties under the advisory agreement, including the management of our day-to-day operations and our portfolio of real estate assets, to Phillips Edison NTR LLC (the “Sub-advisor”), which is directly or indirectly owned by Phillips Edison Limited Partnership (the “Phillips Edison sponsor”), and Michael Phillips and Jeffrey Edison, principals of our Phillips Edison sponsor, pursuant to a sub-advisory agreement between the Advisor and the Sub-advisor. Notwithstanding such delegation to the Sub-advisor, the Advisor retains ultimate responsibility for the performance of all the matters entrusted to it under the advisory agreement.
	We invest primarily in well-occupied grocery-anchored neighborhood and community shopping centers having a mix of creditworthy national and regional retailers selling necessity-based goods and services in strong demographic markets throughout the United States. In addition, we may invest in other retail properties including power and lifestyle shopping centers, multi-tenant shopping centers, free-standing single-tenant retail properties, and other real estate and real estate-related loans and securities depending on real estate market conditions and investment opportunities that we determine are in the best interests of our stockholders. We expect that retail properties primarily would underlie or secure the real estate-related loans and securities in which we may invest.  As of September 30, 2014, we owned fee simple interests in 131 real estate properties, acquired from third parties unaffiliated with us, the Advisor, or the Sub-advisor.
	On September 20, 2011, we entered into a joint venture with a group of institutional international investors advised by CBRE Investors Global Multi Manager (each a “CBRE Investor”). The joint venture was in the form of PECO-ARC Institutional Joint
	Venture I., L.P., a Delaware limited partnership (the “Joint Venture”).  We serve as the general partner and manage the operations of the Joint Venture. Prior to December 31, 2013, we indirectly held a 54% interest in the Joint Venture, and the CBRE Investors held the remaining 46% interest.  We contributed approximately $58.7 million, in the form of equity interests in six wholly owned real estate properties and cash, to the Joint Venture, and the CBRE Investors contributed $50.0 million in cash. On December 31, 2013, we acquired the 46% interest in the Joint Venture previously owned by the CBRE Investors for a purchase price of $57.0 million. As a result, we owned 100% of the Joint Venture as of December 31, 2013. Prior to December 31, 2013, we owned a 54% interest in 20 of our real estate properties through the Joint Venture.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Set forth below is a summary of the significant accounting estimates and policies that management believes are important to the preparation of our condensed consolidated interim financial statements. Certain of our accounting estimates are particularly important for an understanding of our financial position and results of operations and require the application of significant judgment by management. As a result, these estimates are subject to a degree of uncertainty. There have been no changes to our significant accounting policies during the nine months ended September 30, 2014. For a full summary of our accounting policies, refer to our Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC on March 13, 2014.
	Basis of Presentation and Principles of Consolidation—The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Readers of this Quarterly Report on Form 10-Q should refer to the audited financial statements of Phillips Edison—ARC Shopping Center REIT Inc. for the year ended December 31, 2013, which are included in our 2013 Annual Report on Form 10-K, as certain footnote disclosures contained in such audited financial statements have been omitted from this Quarterly Report on Form 10-Q. In the opinion of management, all normal and recurring adjustments necessary for the fair presentation have been included in this Quarterly Report. Our results of operations for the three and nine months ended September 30, 2014 are not necessarily indicative of the operating results expected for the full year.
	The accompanying condensed consolidated financial statements include our accounts and those of our majority-owned subsidiaries. All intercompany balances and transactions are eliminated upon consolidation.
	Derivative Instruments and Hedging Activities—We may use derivative instruments to manage exposure to variable interest rate risk. We generally enter into interest rate swaps to manage such risk. We may enter into derivative instruments that qualify as cash flow hedges. We do not enter into derivative instruments for speculative purposes. Interest rate swaps are recorded at fair value on a recurring basis. We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps designated as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into interest expense as interest is incurred on the related variable rate debt. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match, such as notional amounts, settlement dates, reset dates, the calculation period and the LIBOR rate. When ineffectiveness exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected.
	Changes in fair value as well as net payments or receipts under interest rate swap agreements that do not qualify for hedge accounting treatment are recorded as other income or other expense in the condensed consolidated statements of operations and comprehensive income (loss).
	In addition, we evaluate the default risk of the counterparty by monitoring the credit worthiness of the counterparty.  Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported in the condensed consolidated statements of operations and comprehensive income (loss) as a component of net loss or as a component of comprehensive income and as a component of stockholders' equity on the condensed consolidated balance sheets. Although management believes its judgments are reasonable, a change in a derivative's effectiveness as a hedge could materially affect expenses, net income and equity.
	Redeemable Common Stock—Under our share repurchase program, the maximum amount of common stock that we are required to redeem during any calendar year is limited, among other things, to 5% of the weighted-average number of shares outstanding during the prior calendar year. The maximum amount is reduced each reporting period by the current year share redemptions to date. We record amounts that are redeemable under the share repurchase program as redeemable common stock outside of permanent equity in our condensed consolidated balance sheets because redemptions are at the option of the holders and are not solely within our control. Changes in the amount of redeemable common stock from period to period are recorded as an adjustment to capital in excess of par value.
	Earnings Per Share—Earnings per share are calculated based on the weighted-average number of common shares outstanding during each period. Diluted income per share considers the effect of any potentially dilutive share equivalents for the three and nine months ended September 30, 2014 and 2013.
	There were 1,818,236 and 319,390 Class B units of the Operating Partnership outstanding and held by the Advisor and the Sub-advisor as of September 30, 2014 and 2013, respectively. The vesting of the Class B units is contingent upon a market condition and service condition. The satisfaction of the market or service condition was not probable as of September 30, 2014 and 2013, respectively, and therefore, the Class B units are not included in earnings per share.
	Impact of Recently Issued Accounting Pronouncements—In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in this update raise the threshold for a property disposal to qualify as a discontinued operation and require new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. Unless we elect early adoption, the standard will be effective for us on January 1, 2015. In future periods, the adoption of this pronouncement may result in property disposals not qualifying for discontinued operations presentation, and thus the results of those disposals will remain in income from continuing operations.
	In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers. ASU 2014-09 will eliminate the transaction- and industry-specific revenue recognition guidance currently in place under GAAP and will replace it with a principle-based approach for determining revenue recognition. ASU 2014-09 does not apply to lease contracts accounted for under Accounting Standards Codification (“ASC”) 840, Leases. ASU 2014-09 will be effective for annual and interim periods beginning after December 15, 2016, and early adoption is prohibited. We are currently assessing the impact the adoption of ASU 2014-09 will have on our financial statements.

Equity

Equity	9 Months Ended
	Sep. 30, 2014
Stockholders' Equity Note [Abstract]	'
Equity	'
	EQUITY
	General—We have the authority to issue a total of 1 billion shares of common stock with a par value of $0.01 per share and 10 million shares of preferred stock, $0.01 par value per share. As of September 30, 2014, we had issued 180.9 million shares of common stock generating gross cash proceeds of $1.79 billion.  As of September 30, 2014, there were 180.6 million shares of our common stock outstanding, which is net of 0.3 million shares repurchased from stockholders pursuant to our share repurchase program, and we had issued no shares of preferred stock. The holders of common stock are entitled to one vote per share on all matters voted on by stockholders, including election of the board of directors. Our charter does not provide for cumulative voting in the election of directors.
	Dividend Reinvestment Plan—We have adopted the DRP that allows stockholders to invest distributions in additional shares of our common stock at a price equal to $9.50 per share. Stockholders who elect to participate in the DRP, and who are subject to U.S. federal income taxation laws, will incur a tax liability on an amount equal to the fair value on the relevant distribution date of the shares of our common stock purchased with reinvested distributions, even though such stockholders have elected not to receive the distributions in cash.  Distributions reinvested through the DRP for the three months ended September 30, 2014 and 2013, were $16.0 million and $5.3 million, respectively.  Distributions reinvested through the DRP for the nine months ended September 30, 2014 and 2013, were $47.0 million and $8.5 million, respectively.
	Share Repurchase Program—Our share repurchase program may provide a limited opportunity for stockholders to have shares of common stock repurchased, subject to certain restrictions and limitations, at a price equal to or at a discount from the stockholders' original purchase prices paid for the shares being repurchased.
	Repurchase of shares of common stock will be made monthly upon written notice received by us at least five days prior to the end of the applicable month. Stockholders may withdraw their repurchase request at any time up to five business days prior to the repurchase date.
	The board of directors may, in its sole discretion, amend, suspend, or terminate the share repurchase program at any time. If the board of directors decides to amend, suspend or terminate the share repurchase program, stockholders will be provided with no less than 30 days’ written notice. During the three months ended September 30, 2014 and 2013, there were 136,203 and 21,084 shares repurchased for $1.3 million and $0.2 million, respectively, under the share repurchase program for an average repurchase price of $9.75 and $9.87 per share, respectively.  During the nine months ended September 30, 2014 and 2013, there were 223,270 and 58,764 shares repurchased for $2.2 million and $0.6 million, respectively, under the share repurchase program for an average repurchase price of $9.76 and $9.90 per share, respectively.  As of September 30, 2014, we recorded a liability of $0.5 million that represents our obligation to repurchase 48,451 shares of common stock submitted for repurchase as of September 30, 2014 but not yet repurchased. As of December 31, 2013, we recorded a liability of $76,000 that represented our obligation to repurchase 8,072 shares of common stock submitted for repurchase as of December 31, 2013 but not yet repurchased at that time.

Fair_Value_Measurement

Fair Value Measurement	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Measurement	'
	FAIR VALUE MEASUREMENT
	ASC 820, Fair Value Measurement (“ASC 820”) defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosures about fair value measurements. ASC 820 emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined by ASC 820 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows:
	Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
	Level 2—Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs).
	Level 3—Unobservable inputs, only used to the extent that observable inputs are not available, reflect our assumptions about the pricing of an asset or liability.
	The following describes the methods we use to estimate the fair value of our financial and non-financial assets and liabilities:
	Cash and cash equivalents, restricted cash and investments, accounts receivable, and accounts payable—We consider the carrying values of these financial instruments to approximate fair value because of the short period of time between origination of the instruments and their expected realization.
	Real estate investments—The purchase prices of the investment properties, including related lease intangible assets and liabilities, were allocated at estimated fair value based on Level 3 inputs, such as discount rates, capitalization rates, comparable sales, replacement costs, income and expense growth rates and current market rents and allowances as determined by management.
	Mortgages and loans payable —We estimate the fair value of our debt by discounting the future cash flows of each instrument at rates currently offered for similar debt instruments of comparable maturities by our lenders using Level 3 inputs.  The discount rate used approximates current lending rates for loans or groups of loans with similar maturities and credit quality, assuming the debt is outstanding through maturity and considering the debt’s collateral (if applicable).  Such discount rates for fixed-rate debt were 3.50% and 4.5% as of September 30, 2014 and December 31, 2013, respectively. The discount rates for secured and unsecured variable-rate debt were 2.66% and 1.46%, respectively, as of September 30, 2014. We have utilized market information, as available, or present value techniques to estimate the amounts required to be disclosed.  The fair value and recorded value of our borrowings, as of September 30, 2014, were $533.7 million and $518.7 million, respectively.  The fair value and recorded value of our borrowings, as of December 31, 2013, were $201.4 million and $200.9 million, respectively.
	Derivative instruments — As of September 30, 2014, we were party to one interest rate swap agreement with a notional amount of $11.7 million, assumed as part of the acquisition of Townfair Shopping Center, which is measured at fair value on a recurring basis. The interest rate swap agreement effectively fixes the variable interest rate of our secured variable-rate mortgage note, secured by Townfair Shopping Center, at an annual interest rate of 5.22% through June 10, 2018.
	As of December 31, 2013, we were a party to one interest rate swap agreement with a notional amount of $50.0 million that was measured at fair value on a recurring basis.  The interest rate swap agreement effectively fixed the variable interest rate of a $50.0 million portion of our unsecured credit facility at 2.10% through December 2017. On February 21, 2014, we sold this interest rate swap to an unaffiliated party.
	The fair values of the interest rate swap agreements as of September 30, 2014 and December 31, 2013 were based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and were determined using interest rate pricing models and interest rate related observable inputs.  Although we determined that the significant inputs used to value our derivatives fell within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our counterparties and our own credit risk utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, as of September 30, 2014 and December 31, 2013, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative position and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivative. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.
	Considerable judgment is necessary to develop estimated fair values of financial and non-financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts we did or could actually realize upon disposition of the financial assets and liabilities previously sold or currently held (see Note 10).
	A summary of our financial assets and liabilities that were measured at fair value, by level within the fair value hierarchy is as follows (in thousands):
		September 30, 2014								December 31, 2013
		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	Derivative asset designated as a hedging instrument:
	Interest rate swap	$	—	$	—	$	—	$	—	$	—	$	818	$	—	$	818
	Derivative liability not designated as a hedging instrument:
	Interest rate swap	—		545		—		545		—		—		—		—

Real_Estate_Acquisitions

Real Estate Acquisitions	9 Months Ended
	Sep. 30, 2014
Business Combinations [Abstract]	'
Real Estate Acquisitions	'
	REAL ESTATE ACQUISITIONS
	During the nine months ended September 30, 2014, we acquired 48 grocery-anchored retail centers and one strip center adjacent to a previously acquired grocery-anchored retail center for a combined purchase price of approximately $770.9 million, including $183.5 million of assumed debt with a fair value of $189.0 million.  Additionally, we assumed an interest rate swap agreement valued as a $0.7 million liability at the time of our acquisition of Townfair Shopping Center. The following tables present certain additional information regarding our acquisitions of properties which were deemed individually immaterial when acquired, but are material in the aggregate.  We allocated the purchase price of these acquisitions to the fair value of the assets acquired and lease liabilities assumed as follows (in thousands):
		Nine Months Ended September 30, 2014
	Land	$	178,661
	Building and improvements	527,334
	Acquired in-place leases	67,366
	Acquired above-market leases	17,035
	Acquired below-market leases	(19,526		)
	Total	$	770,870
	The weighted-average amortization periods for acquired in-place lease, above-market lease, and below market lease intangibles acquired during the nine months ended September 30, 2014 are 7 years, 10 years, and 11 years, respectively.
	The amounts recognized for revenues, acquisition expenses and net loss from each respective acquisition date to September 30, 2014 related to the operating activities of our acquisitions are as follows (in thousands):
		Nine Months Ended September 30, 2014
	Revenues	$	29,976
	Acquisition expenses	15,116
	Net loss	12,153
	The following unaudited pro forma information summarizes selected financial information from our combined results of operations, as if all of our acquisitions for 2013 and 2014 had been acquired on January 1, 2013.
	We estimated that revenues, on a pro forma basis, for the three months ended September 30, 2014 and 2013, would have been approximately $52.8 million and $52.6 million, respectively, and our net income attributable to our stockholders, on a pro forma basis, would have been approximately $6.5 million and $7.7 million, respectively. The pro forma net income per share would have been approximately $0.04 for the three months ended September 30, 2014 and 2013.
	We estimated that revenues, on a pro forma basis for the nine months ended September 30, 2014 and 2013, would have been approximately $158.7 million and $158.6 million, respectively. Our net income or net loss attributable to our stockholders, on a pro forma basis, would have been net income of approximately $20.4 million and a net loss of approximately $9.1 million for the nine months ended September 30, 2014 and 2013, respectively. The pro forma net income or net loss per share would have been net income per share of approximately $0.12 and net loss per share of approximately $0.05 for the nine months ended September 30, 2014 and 2013, respectively.
	This pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of the period, nor does it purport to represent the results of future operations.

Acquired_Intangible_Assets

Acquired Intangible Assets	9 Months Ended
	Sep. 30, 2014
Finite Lived Intangible Assets Disclosure [Abstract]	'
Acquired Intangible Assets	'
	ACQUIRED INTANGIBLE ASSETS
	Acquired intangible lease assets consisted of the following (in thousands):
		September 30, 2014		December 31, 2013
	Acquired in-place leases, net of accumulated amortization of $27,761 and $10,363, respectively	$	141,797	$	91,829
	Acquired above-market leases, net of accumulated amortization of $7,549 and $3,967, respectively	29,356		15,901
	Total	$	171,153	$	107,730
	Amortization recorded on the intangible assets for the three months ended September 30, 2014 and 2013 was $8.1 million and $2.8 million, respectively.  Amortization recorded on the intangible assets for the nine months ended September 30, 2014 and 2013 was $21.0 million and $6.7 million, respectively.
	Estimated future amortization on the respective acquired intangible lease assets as of September 30, 2014 for the remainder of 2014 and for each of the four succeeding calendar years and thereafter is as follows (in thousands):
	Year	In-Place Leases		Above-Market Leases
	October 1 to December 31, 2014	$	6,922	$	1,399
	2015	27,940		5,550
	2016	25,851		4,638
	2017	23,123		3,823
	2018	18,152		3,045
	2019 and thereafter	39,809		10,901
	Total	$	141,797	$	29,356
	The weighted-average amortization periods for acquired in-place lease and above-market lease intangibles are seven years and eight years, respectively.

Mortgages_and_Loans_Payable

Mortgages and Loans Payable	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Mortgages and Loans Payable	'
	MORTGAGES AND LOANS PAYABLE
	As of September 30, 2014 and December 31, 2013, we had approximately $359.1 million and $196.1 million, respectively, of outstanding mortgage notes payable, excluding fair value of debt adjustments.  Each mortgage note payable is secured by the respective property on which the debt was placed.
	As of September 30, 2014, we also had access to a $350 million unsecured revolving credit facility, which may be expanded to $600 million, with a $151.0 million outstanding principal balance from which we may draw additional funds to pay certain long-term debt obligations as they mature.  As of September 30, 2014, the current borrowing capacity of the unsecured revolving credit facility was $217.0 million, as calculated using properties eligible to be included in the calculation of the borrowing base as defined by the terms of the credit facility.  The interest rate on amounts outstanding under this credit facility is currently LIBOR plus 1.30%. The credit facility matures on December 18, 2017, with two six-month options to extend the maturity to December 18, 2018.
	Of the amount outstanding on our mortgage notes and loans payable at September 30, 2014, $6.4 million is for a loan that matures in 2014, excluding monthly scheduled principal payments. Subsequent to September 30, 2014, the principal balance of that loan was repaid. As of September 30, 2014 and December 31, 2013, the weighted-average interest rate for the loans was 4.34% and 5.61%, respectively.
	During the nine months ended September 30, 2014, in conjunction with our acquisition of 15 real estate properties, we assumed debt of $183.5 million with a fair value of $189.0 million. During the nine months ended September 30, 2013, in conjunction with our acquisition of eight real estate properties, we assumed debt of $90.3 million with a fair value of $93.9 million. The assumed debt market adjustment will be amortized over the remaining life of the loans, and this amortization is classified as interest expense. The amortization recorded on the assumed below-market debt adjustment was $0.6 million and $0.4 million for the three months ended September 30, 2014 and 2013, respectively. The amortization recorded on the assumed below-market debt adjustment was $1.8 million and $0.8 million for the nine months ended September 30, 2014 and 2013, respectively.
	The following is a summary of our debt obligations as of September 30, 2014 and December 31, 2013 (in thousands):
		September 30, 2014						December 31, 2013
		Outstanding Principal Balance			Maximum Borrowing Capacity			Outstanding Principal Balance			Maximum Borrowing Capacity
	Fixed-rate mortgages payable(1)(2)	$	359,136		$	359,136		$	196,052		$	196,052
	Unsecured credit facility - fixed-rate(3)	—			—			—			50,000
	Unsecured credit facility - variable-rate	151,000			216,979			—			176,745
	Assumed below-market debt adjustment	8,539			N/A			4,820			N/A
	Total	$	518,675		$	576,115		$	200,872		$	422,797
	(1)	Due to the non-recourse nature of certain mortgages, the assets and liabilities of the following properties are neither available to pay the debts of the consolidated limited liability companies nor constitute obligations of the consolidated limited liability companies: Baker Hill Center, Broadway Plaza, Publix at Northridge, Kleinwood Center, Murray Landing, Vineyard Center, Sunset Center, Westwoods Shopping Center, Stockbridge Commons, East Burnside Plaza, Fresh Market, Collington Plaza, Stop & Shop Plaza, Arcadia Plaza, Savoy Plaza, Coppell Market Center, Statler Square, Hamilton Village, Waynesboro Plaza, Thompson Valley Towne Center, Lumina Commons, Driftwood Village, and Orchard Square. The outstanding principal balance of these non-recourse mortgages as of September 30, 2014 and December 31, 2013 was $259.5 million and $157.8 million, respectively.
	(2)	As of September 30, 2014, the interest rate on $11.7 million outstanding under one of our variable-rate mortgage notes payable was, in effect, fixed at 5.22% by an interest rate swap agreement (see Notes 4 and 10).
	(3)	As of December 31, 2013, the interest rate on $50.0 million of the amount available under our unsecured credit facility was, in effect, fixed at 2.10% by an interest rate swap agreement (see Notes 4 and 10).
	Below is a listing of our maturity schedule with the respective principal payment obligations (in thousands) and weighted-average interest rates:
		2014 (1)			2015			2016			2017			2018			Thereafter			Total
	Maturing debt:(2)
	Fixed-rate mortgages payable(3)(4)	$	8,178		$	65,851		$	104,836		$	47,275		$	20,846		$	112,150		$	359,136
	Unsecured credit facility - variable-rate	—			—			—			151,000			—			—			151,000
	Total maturing debt	$	8,178		$	65,851		$	104,836		$	198,275		$	20,846		$	112,150		$	510,136
	Weighted-average interest rate on debt:
	Fixed-rate mortgages payable(3)(4)	5.6		%	5.3		%	5.7		%	5.3		%	6.3		%	5.2		%	5.5		%
	Unsecured credit facility - variable-rate	—		%	—		%	—		%	1.5		%	—		%	—		%	1.5		%
	Total	5.6		%	5.3		%	5.7		%	2.4		%	6.3		%	5.2		%	4.3		%
	(1)	Includes only October 1, 2014 through December 31, 2014. Of the $8.2 million, $6.4 million is for principal payment obligations on a loan that was repaid subsequent to September 30, 2014 and $1.8 million is for principal payment obligations on loans that mature after 2014.
	(2)	The debt maturity table does not include any below-market debt adjustment, of which $8.5 million, net of accumulated amortization, was outstanding as of September 30, 2014.
	(3)	As of September 30, 2014, the interest rate on $11.7 million outstanding under one of our variable-rate mortgage notes payable was, in effect, fixed at 5.22% by an interest rate swap agreement (see Notes 4 and 10).
	(4)	All but $6.4 million of the fixed-rate debt represents loans assumed as part of certain acquisitions.

Acquired_BelowMarket_Lease_Int

Acquired Below-Market Lease Intangibles	9 Months Ended
	Sep. 30, 2014
Acquired Below Market Lease Intangibles [Abstract]	'
Acquired Below-Market Lease Intangibles	'
	ACQUIRED BELOW-MARKET LEASE INTANGIBLES
	Amortization recorded on the intangible liabilities for the three months ended September 30, 2014 and 2013 was $1.4 million and $0.5 million, respectively.  Amortization recorded on the intangible liabilities for the nine months ended September 30, 2014 and 2013 was $3.4 million and $1.2 million, respectively.
	Estimated future amortization income of the intangible lease liabilities as of September 30, 2014 for the remainder of 2014 and for each of the four succeeding calendar years and thereafter is as follows (in thousands):
	Year	Below-Market Leases
	October 1 to December 31, 2014	$	1,468
	2015	5,987
	2016	5,464
	2017	4,516
	2018	3,464
	2019 and thereafter	15,621
	Total	$	36,520
	The weighted-average amortization period for below-market lease intangibles is 11 years.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	COMMITMENTS AND CONTINGENCIES
	Litigation
	In the ordinary course of business, we may become subject to litigation or claims. There are no material legal proceedings pending, or known to be contemplated, against us.
	Environmental Matters
	In connection with the ownership and operation of real estate, we may be potentially liable for costs and damages related to environmental matters. We have not been notified by any governmental authority of any material non-compliance, liability or other claim, nor are we aware of any other environmental condition that we believe will have a material impact on our condensed consolidated financial statements.

Derivatives_and_Hedging_Activi

Derivatives and Hedging Activities	9 Months Ended
	Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivatives and Hedging Activities	'
	DERIVATIVES AND HEDGING ACTIVITIES
	Risk Management Objective of Using Derivatives
	We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposure to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of our debt funding and the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash receipts and our known or expected cash payments principally related to our investments and borrowings.
	Cash Flow Hedges of Interest Rate Risk
	Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for our making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.
	The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During 2014, such derivatives were used to hedge the variable cash flows associated with certain variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings prior to de-designation.
	During the nine months ended September 30, 2014, we terminated our only designated interest rate swap and accelerated the reclassification of amounts in other comprehensive income to earnings as a result of the hedged forecasted transactions becoming probable not to occur. The accelerated amounts resulted in a gain of $690,000 recorded in other income (expense) in the condensed consolidated statements of operations and comprehensive income (loss) for the nine months ended September 30, 2014. As a result of the hedged forecasted transaction becoming probable not to occur, the swap was de-designated as a cash flow hedge in February 2014, and changes in fair value of a loss of $326,000 were recorded directly in other income (expense) during the nine months ended September 30, 2014.
	As of September 30, 2014, we had no active outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk.
	Derivatives Not Designated as Hedging Instruments
	Derivatives not designated as hedges are not speculative and are used to manage our exposure to interest rate movements and other identified risks, but do not meet the strict hedge accounting requirements to be classified as hedging instruments. Changes in the fair value of these derivative instruments are recorded directly in other income (expense) and resulted in a gain of $41,000 and a loss of $259,000 for the three and nine months ended September 30, 2014, respectively, including the loss recorded in relation to the aforementioned de-designated swap. We did not have any derivatives that were not designated as hedges during the three and nine months ended September 30, 2013.
	Tabular Disclosure of the Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
	The table below presents the effect of our derivative financial instruments on the condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2014 and September 30, 2013, respectively (in thousands).
		Three Months Ended					Nine Months Ended
		September 30,					September 30,
	Derivatives in Cash Flow Hedging Relationships (Interest Rate Swap)	2014		2013			2014		2013
	Amount of gain (loss) recognized in other comprehensive income on derivative	$	—	$	(357	)	$	—	$	557
	Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense	—		24			—		(57		)
	Amount of gain (loss) recognized in income on derivative (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing)	—		(57		)	690		(47		)
	Credit-risk-related Contingent Features
	We have an agreement with our derivative counterparty that contains a provision where, if we either default or are capable of being declared in default on any of our indebtedness, we could also be declared to be in default on our derivative obligations.
	As of September 30, 2014, the fair value of our derivative was a net liability position including accrued interest, but excluding any adjustment for nonperformance risk related to this agreement. As of September 30, 2014, we have not posted any collateral related to this agreement.

Related_Party_Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	RELATED PARTY TRANSACTIONS
	Economic Dependency—We are dependent on the Advisor, the Sub-advisor, the Property Manager, and their respective affiliates for certain services that are essential to us, asset acquisition and disposition decisions, asset management, operating and leasing of our properties, and other general and administrative responsibilities. In the event that the Advisor, the Sub-advisor, and/or the Property Manager, and their respective affiliates are unable to provide such services, we would be required to find alternative service providers or sources of capital, which could result in higher costs and expenses.
	Advisory Agreement—Pursuant to our advisory agreement, the Advisor is entitled to specified fees for certain services, including managing our day-to-day activities and implementing our investment strategy. The Advisor has entered into a sub-advisory agreement with the Sub-advisor, which manages our day-to-day affairs and our portfolio of real estate investments on behalf of the Advisor, subject to the board’s supervision and certain major decisions requiring the consent of both the Advisor and Sub-advisor. The expenses to be reimbursed to the Advisor and Sub-advisor will be reimbursed in proportion to the amount of expenses incurred on our behalf by the Advisor and Sub-advisor, respectively.
	Organization and Offering Costs—Under the terms of the advisory agreement, we are to reimburse on a monthly basis the Advisor, the Sub-advisor or their respective affiliates for cumulative organization and offering costs and future organization and offering costs they may incur on our behalf but only to the extent that the reimbursement would not exceed 1.5% of gross offering proceeds over the life of our primary initial public offering and our DRP offering. As of September 30, 2014, the Advisor, Sub-advisor and their affiliates have charged us approximately $27.4 million of cumulative organization and offering costs, and we have reimbursed $27.3 million of such costs, resulting in a net payable of $0.1 million. As of December 31, 2013, the Advisor, Sub-advisor and their affiliates had charged us approximately $26.3 million of cumulative organization and offering costs, and we had reimbursed $25.9 million of such costs, resulting in a net payable of $0.4 million.
	Acquisition Fee—We pay the Advisor an acquisition fee related to services provided in connection with the selection and purchase or origination of real estate and real estate-related investments. The acquisition fee is equal to 1.0% of the cost of investments we acquire or originate, including any debt attributable to such investments.
	Acquisition Expenses—We reimburse the Sub-advisor for expenses actually incurred related to selecting, evaluating, and acquiring assets on our behalf.  During the three and nine months ended September 30, 2014, we reimbursed the Sub-advisor for personnel costs related to due diligence services for assets we acquired during the period.
	Asset Management Subordinated Participation—Within 60 days after the end of each calendar quarter (subject to the approval of our board of directors), we will pay an asset management subordinated participation by issuing a number of restricted operating partnership units designated as Class B Units to the Advisor and Sub-advisor equal to: (i) the excess of the product of (x) the cost of our assets multiplied by (y) 0.25%; divided by (ii) the value of one share of common stock as of the last day of such calendar quarter net of the selling commissions and dealer manager fees payable on shares of our common stock in our initial public offering.
	The Advisor and Sub-advisor are entitled to receive distributions on the vested and unvested Class B units they receive in connection with their asset management subordinated participation at the same rate as distributions are paid to common stockholders. Such distributions are in addition to the incentive fees that our Advisor Entities and their affiliates may receive from us. During the nine months ended September 30, 2014, the Operating Partnership issued 1,285,855 Class B units to the Advisor and the Sub-advisor under the advisory agreement for the asset management services performed by the Advisor and the Sub-advisor during the period from October 1, 2013 to June 30, 2014. These Class B units will not vest until an economic hurdle has been met. The Advisor and Sub-advisor continue to provide advisory services through the date that such economic hurdle is met. The economic hurdle will be met when the value of the Operating Partnership’s assets plus all distributions made equal or exceed the total amount of capital contributed by investors plus a 6% cumulative, pre-tax, non-compounded annual return thereon.
	Financing Fee—We pay the Advisor or Sub-advisor a financing fee equal to 0.75% of all amounts made available under any loan or line of credit.
	Disposition Fee—For substantial assistance by the Advisor, Sub-advisor or any of their affiliates in connection with the sale of properties or other investments, we will pay the Advisor or its assignee 2.0% of the contract sales price of each property or other investment sold. The conflicts committee of our board of directors will determine whether the Advisor, Sub-advisor or their respective affiliates have provided substantial assistance to us in connection with the sale of an asset. Substantial assistance in connection with the sale of a property includes the Advisor’s or Sub-advisor’s preparation of an investment package for the property (including an investment analysis, rent rolls, tenant information regarding credit, a property title report, an environmental report, a structural report and exhibits) or such other substantial services performed by the Advisor or Sub-advisor in connection with a sale. However, if we sell an asset to an affiliate, our organizational documents will prohibit us from paying the Advisor, the Sub-advisor or their respective affiliates a disposition fee. As of September 30, 2014, we have not disposed of any properties or other investments, and no disposition fees have been earned by or paid to the Advisor or Sub-advisor.
	General and Administrative Expenses—As of September 30, 2014 and December 31, 2013, we owed the Advisor, the Sub-advisor and their affiliates $38,000 and $85,000, respectively, for general and administrative expenses paid on our behalf.  As of September 30, 2014, neither the Advisor nor the Sub-advisor has allocated any portion of their employees’ salaries to general and administrative expenses.
	Summarized below are the fees earned by and the expenses reimbursable to the Advisor and the Sub-advisor, except for organization and offering costs and general and administrative expenses, which we disclose above, for the three and nine months ended September 30, 2014 and 2013 and any related amounts unpaid as of September 30, 2014 and December 31, 2013 (in thousands):
		For the Three Months Ended				For the Nine Months Ended				Unpaid Amount as of
		September 30,				September 30,				September 30,		December 31,
		2014		2013		2014		2013		2014		2013
	Acquisition fees	$	1,651	$	2,029	$	7,654	$	5,519	$	—	$	—
	Acquisition expenses	237		—		905		—		—		—
	Asset management fees(1)	—		250		—		748		—		—
	Class B unit distribution(2)	281		41		598		69		72		30
	Financing fees	334		289		1,376		2,384		—		—
	Disposition fees	—		—		—		—		—		—
	(1)	Paid by the CBRE Investors pursuant to the advisory agreement between the Joint Venture and the Advisor.
	(2)	Represents the distributions paid to the Advisor and the Sub-advisor as holders of Class B units of the Operating Partnership.
	Subordinated Participation in Net Sales Proceeds—The Operating Partnership will pay to PE-ARC Special Limited Partner, LLC (the “Special Limited Partner”) a subordinated participation in the net sales proceeds of the sale of real estate assets equal to 15.0% of remaining net sales proceeds after return of capital contributions to stockholders plus payment to stockholders of a 7.0% cumulative, pre-tax, non-compounded return on the capital contributed by stockholders.  The Advisor has a 15.0% interest and the Sub-advisor has an 85.0% interest in the Special Limited Partner.  No sales of real estate assets have occurred to date.
	Subordinated Incentive Listing Distribution—The Operating Partnership will pay to the Special Limited Partner a subordinated incentive listing distribution upon the listing of our common stock on a national securities exchange.  Such incentive listing distribution is equal to 15.0% of the amount by which the market value of all of our issued and outstanding common stock plus distributions exceeds the aggregate capital contributed by stockholders plus an amount equal to a 7.0% cumulative, pre-tax non-compounded annual return to stockholders.
	Neither the Special Limited Partner nor any of its affiliates can earn both the subordinated participation in net sales proceeds and the subordinated incentive listing distribution.  No subordinated incentive listing distribution has been earned to date.
	Subordinated Distribution Upon Termination of the Advisor Agreement—Upon termination or non-renewal of the advisory agreement, the Special Limited Partner shall be entitled to a subordinated termination distribution in the form of a non-interest bearing promissory note equal to 15.0% of the amount by which the cost of our assets plus distributions exceeds the aggregate capital contributed by stockholders plus an amount equal to a 7.0% cumulative, pre-tax non-compounded annual return to stockholders.  In addition, the Special Limited Partner may elect to defer its right to receive a subordinated distribution upon termination until either a listing on a national securities exchange or a liquidity event occurs. No such termination has occurred to date.
	Property Manager—All of our real properties are managed and leased by Phillips Edison & Company Ltd. (the “Property Manager”), an affiliated property manager. The Property Manager is wholly owned by our Phillips Edison sponsor and was organized on September 15, 1999. The Property Manager also manages real properties acquired by the Phillips Edison affiliates or other third parties.
	Commencing June 1, 2014, the amount we pay to the Property Manager in monthly property management fees decreased from 4.5% to 4.0% of the monthly gross cash receipts from the properties managed by the Property Manager. In the event that we contract directly with a non-affiliated third-party property manager with respect to a property, we will pay the Property Manager a monthly oversight fee equal to 1.0% of the gross revenues of the property managed. In addition to the property management fee or oversight fee, if the Property Manager provides leasing services with respect to a property, we pay the Property Manager leasing fees in an amount equal to the leasing fees charged by unaffiliated persons rendering comparable services based on national market rates. The Property Manager shall be paid a leasing fee in connection with a tenant’s exercise of an option to extend an existing lease, and the leasing fees payable to the Property Manager may be increased by up to 50% in the event that the Property Manager engages a co-broker to lease a particular vacancy. We reimburse the costs and expenses incurred by the Property Manager on our behalf, including employee compensation, legal, travel and other out-of-pocket expenses that are directly related to the management of specific properties, as well as fees and expenses of third-party accountants.
	If we engage the Property Manager to provide construction management services with respect to a particular property, we pay a construction management fee in an amount that is usual and customary for comparable services rendered to similar projects in the geographic market of the property.
	The Property Manager hires, directs and establishes policies for employees who have direct responsibility for the operations of each real property it manages, which may include, but is not limited to, on-site managers and building and maintenance personnel. Certain employees of the Property Manager may be employed on a part-time basis and may also be employed by the Sub-advisor or certain of its affiliates. The Property Manager also directs the purchase of equipment and supplies and will supervise all maintenance activity.
	Summarized below are the fees earned by and the expenses reimbursable to the Property Manager for the three and nine months ended September 30, 2014 and 2013 and any related amounts unpaid as of September 30, 2014 and December 31, 2013 (in thousands):
		For the Three Months Ended				For the Nine Months Ended				Unpaid Amount as of
		September 30,				September 30,				September 30,		December 31,
		2014		2013		2014		2013		2014		2013
	Property management fees	$	1,895	$	851	$	5,202	$	1,884	$	680	$	418
	Leasing commissions	1,062		429		2,770		896		310		80
	Construction management fees	191		84		441		160		73		50
	Other fees and reimbursements	766		191		1,504		453		275		89
	Total	$	3,914	$	1,555	$	9,917	$	3,393	$	1,338	$	637
	Dealer Manager— The dealer manager for the primary portion of our initial public offering was Realty Capital Securities, LLC (the “Dealer Manager”). The Dealer Manager is a member firm of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and was organized on August 29, 2007. The Dealer Manager is a subsidiary of an entity which is under common control with our AR Capital sponsor and provided certain sales, promotional and marketing services in connection with the distribution of the shares of common stock offered under the primary portion of our initial public offering. Excluding shares sold pursuant to the “friends and family” program, the Dealer Manager was generally paid a sales commission equal to 7.0% of the gross proceeds from the sale of shares of the common stock sold in the primary offering and a dealer manager fee equal to 3.0% of the gross proceeds from the sale of shares of the common stock sold in the primary offering.  The Dealer Manager typically reallowed 100% of the selling commissions and a portion of the dealer manager fee to participating broker-dealers. Our agreement with the Dealer Manager terminated by its terms in connection with the close of our primary offering on February 7, 2014.
	Summarized below are the fees earned by the Dealer Manager for the three and nine months ended September 30, 2014 and 2013 (in thousands):
		For the Three Months Ended				For the Nine Months Ended
		September 30,				September 30,
		2014		2013		2014		2013
	Selling commissions	$	—	$	32,296	$	157	$	57,761
	Selling commissions reallowed	—		32,296		157		57,761
	Dealer manager fees	—		15,412		72		27,422
	Dealer manager fees reallowed	—		5,381		29		9,585
	Share Purchases by Sub-advisor—The Sub-advisor agreed to purchase on a monthly basis sufficient shares sold in our public offering such that the total shares owned by the Sub-advisor was equal to at least 0.10% of our outstanding shares (excluding shares issued after the commencement of, and outside of, the initial public offering) at the end of each immediately preceding month. The Sub-advisor purchased shares at a purchase price of $9.00 per share, reflecting no dealer manager fee or selling commissions paid on such shares.
	As of September 30, 2014 and December 31, 2013, the Sub-advisor owned 176,509 shares of our common stock, or approximately 0.10% of our common stock issued during our initial public offering period, which closed on February 7, 2014. The Sub-advisor may not sell any of these shares while serving as the Sub-advisor.

Operating_Leases

Operating Leases	9 Months Ended
	Sep. 30, 2014
Leases, Operating [Abstract]	'
Operating Leases	'
	OPERATING LEASES
	The terms and expirations of our operating leases with our tenants vary. The lease agreements frequently contain options to extend the terms of leases and other terms and conditions as negotiated. We retain substantially all of the risks and benefits of ownership of the real estate assets leased to tenants.
	Approximate future rentals to be received under non-cancelable operating leases in effect at September 30, 2014, assuming no new or renegotiated leases or option extensions on lease agreements, are as follows (in thousands):
	Year	Amount
	October 1 to December 31, 2014	$	39,563
	2015	153,244
	2016	139,573
	2017	123,757
	2018	106,366
	2019 and thereafter	454,246
	Total	$	1,016,749
	No single tenant comprised 10% or more of our aggregate annualized effective rent as of September 30, 2014.

Subsequent_Events

Subsequent Events	9 Months Ended
	Sep. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	SUBSEQUENT EVENTS
	Distributions
	On October 1, 2014, we paid a distribution equal to a daily amount of $0.00183562 per share of common stock outstanding for stockholders of record for the period from September 1, 2014 through September 30, 2014. The total gross amount of the distribution was approximately $9.9 million, with $5.2 million being reinvested in the DRP, for a net cash distribution of $4.7 million.
	On November 3, 2014, we paid a distribution equal to a daily amount of $0.00183562 per share of common stock outstanding for stockholders of record for the period from October 1, 2014 through October 31, 2014. The total gross amount of the distribution was approximately $10.3 million, with $5.4 million being reinvested in the DRP, for a net cash distribution of $4.9 million.
	Amendment to Unsecured Revolving Credit Facility
	On October 9, 2014, we executed an amendment to our unsecured revolving credit facility that removed the prior borrowing base of properties. As a result, our borrowing capacity under the facility increased from $217.0 million as of September 30, 2014 to $350 million.
	Acquisitions
	Subsequent to September 30, 2014, we acquired a 100% ownership in the following properties (dollars in thousands):
	Property Name	Location	Anchor Tenant	Acquisition Date	Purchase Price		Square Footage	Leased % of Rentable Square Feet at Acquisition
	Beavercreek Towne Centre	Beavercreek, OH	Fresh Thyme	10/24/14	$	47,480	355,881	100	%
	Fairfield Crossing	Beavercreek, OH	Walmart	10/24/14	14,020		71,170	100	%
	Grayson Village	Loganville, GA	Publix	10/24/14	9,650		83,155	77.6	%
	The Fresh Market Shopping Center	Pawleys Island, SC	The Fresh Market	10/28/14	8,125		32,442	89.6	%
	The supplemental purchase accounting disclosures required by GAAP relating to the recent acquisitions of the aforementioned properties have not been presented as the initial accounting for these acquisitions was incomplete at the time this Quarterly Report on Form 10-Q was filed with the SEC. The initial accounting was incomplete due to the late closing dates of the acquisitions.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Basis of Presentation and Principles of Consolidation	'
	Basis of Presentation and Principles of Consolidation—The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Readers of this Quarterly Report on Form 10-Q should refer to the audited financial statements of Phillips Edison—ARC Shopping Center REIT Inc. for the year ended December 31, 2013, which are included in our 2013 Annual Report on Form 10-K, as certain footnote disclosures contained in such audited financial statements have been omitted from this Quarterly Report on Form 10-Q. In the opinion of management, all normal and recurring adjustments necessary for the fair presentation have been included in this Quarterly Report. Our results of operations for the three and nine months ended September 30, 2014 are not necessarily indicative of the operating results expected for the full year.
	The accompanying condensed consolidated financial statements include our accounts and those of our majority-owned subsidiaries. All intercompany balances and transactions are eliminated upon consolidation.
Derivative Instruments and Hedging Activities	'
	Derivative Instruments and Hedging Activities—We may use derivative instruments to manage exposure to variable interest rate risk. We generally enter into interest rate swaps to manage such risk. We may enter into derivative instruments that qualify as cash flow hedges. We do not enter into derivative instruments for speculative purposes. Interest rate swaps are recorded at fair value on a recurring basis. We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps designated as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into interest expense as interest is incurred on the related variable rate debt. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match, such as notional amounts, settlement dates, reset dates, the calculation period and the LIBOR rate. When ineffectiveness exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected.
	Changes in fair value as well as net payments or receipts under interest rate swap agreements that do not qualify for hedge accounting treatment are recorded as other income or other expense in the condensed consolidated statements of operations and comprehensive income (loss).
	In addition, we evaluate the default risk of the counterparty by monitoring the credit worthiness of the counterparty.  Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported in the condensed consolidated statements of operations and comprehensive income (loss) as a component of net loss or as a component of comprehensive income and as a component of stockholders' equity on the condensed consolidated balance sheets. Although management believes its judgments are reasonable, a change in a derivative's effectiveness as a hedge could materially affect expenses, net income and equity.
Redeemable Common Stock	'
	Redeemable Common Stock—Under our share repurchase program, the maximum amount of common stock that we are required to redeem during any calendar year is limited, among other things, to 5%
Earnings Per Share	'
	Earnings Per Share—Earnings per share are calculated based on the weighted-average number of common shares outstanding during each period. Diluted income per share considers the effect of any potentially dilutive share equivalents for the three and nine months ended September 30, 2014 and 2013.
Impact of Recently Issued Accounting Pronouncements	'
	Impact of Recently Issued Accounting Pronouncements—In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in this update raise the threshold for a property disposal to qualify as a discontinued operation and require new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. Unless we elect early adoption, the standard will be effective for us on January 1, 2015. In future periods, the adoption of this pronouncement may result in property disposals not qualifying for discontinued operations presentation, and thus the results of those disposals will remain in income from continuing operations.
	In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers. ASU 2014-09 will eliminate the transaction- and industry-specific revenue recognition guidance currently in place under GAAP and will replace it with a principle-based approach for determining revenue recognition. ASU 2014-09 does not apply to lease contracts accounted for under Accounting Standards Codification (“ASC”) 840, Leases. ASU 2014-09 will be effective for annual and interim periods beginning after December 15, 2016, and early adoption is prohibited. We are currently assessing the impact the adoption of ASU 2014-09 will have on our financial statements.

Fair_Value_Measurement_Tables

Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value, Assets Measured on Recurring Basis	'
	A summary of our financial assets and liabilities that were measured at fair value, by level within the fair value hierarchy is as follows (in thousands):
		September 30, 2014								December 31, 2013
		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	Derivative asset designated as a hedging instrument:
	Interest rate swap	$	—	$	—	$	—	$	—	$	—	$	818	$	—	$	818
	Derivative liability not designated as a hedging instrument:
	Interest rate swap	—		545		—		545		—		—		—		—

Real_Estate_Acquisitions_Table

Real Estate Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2014
Business Combinations [Abstract]	'
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	'
	We allocated the purchase price of these acquisitions to the fair value of the assets acquired and lease liabilities assumed as follows (in thousands):
		Nine Months Ended September 30, 2014
	Land	$	178,661
	Building and improvements	527,334
	Acquired in-place leases	67,366
	Acquired above-market leases	17,035
	Acquired below-market leases	(19,526		)
	Total	$	770,870
Real Estate Acquisitions	'
	The amounts recognized for revenues, acquisition expenses and net loss from each respective acquisition date to September 30, 2014 related to the operating activities of our acquisitions are as follows (in thousands):
		Nine Months Ended September 30, 2014
	Revenues	$	29,976
	Acquisition expenses	15,116
	Net loss	12,153

Acquired_Intangible_Assets_Tab

Acquired Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2014
Finite Lived Intangible Assets Disclosure [Abstract]	'
Acquired Intangible Assets	'
	Acquired intangible lease assets consisted of the following (in thousands):
		September 30, 2014		December 31, 2013
	Acquired in-place leases, net of accumulated amortization of $27,761 and $10,363, respectively	$	141,797	$	91,829
	Acquired above-market leases, net of accumulated amortization of $7,549 and $3,967, respectively	29,356		15,901
	Total	$	171,153	$	107,730
Schedule of Acquired Intangible Assets, Future Amortization Expense	'
	Estimated future amortization on the respective acquired intangible lease assets as of September 30, 2014 for the remainder of 2014 and for each of the four succeeding calendar years and thereafter is as follows (in thousands):
	Year	In-Place Leases		Above-Market Leases
	October 1 to December 31, 2014	$	6,922	$	1,399
	2015	27,940		5,550
	2016	25,851		4,638
	2017	23,123		3,823
	2018	18,152		3,045
	2019 and thereafter	39,809		10,901
	Total	$	141,797	$	29,356

Mortgages_and_Loans_Payable_Ta

Mortgages and Loans Payable (Tables)	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Schedule of Debt Obligations	'
	The following is a summary of our debt obligations as of September 30, 2014 and December 31, 2013 (in thousands):
		September 30, 2014						December 31, 2013
		Outstanding Principal Balance			Maximum Borrowing Capacity			Outstanding Principal Balance			Maximum Borrowing Capacity
	Fixed-rate mortgages payable(1)(2)	$	359,136		$	359,136		$	196,052		$	196,052
	Unsecured credit facility - fixed-rate(3)	—			—			—			50,000
	Unsecured credit facility - variable-rate	151,000			216,979			—			176,745
	Assumed below-market debt adjustment	8,539			N/A			4,820			N/A
	Total	$	518,675		$	576,115		$	200,872		$	422,797
	(1)	Due to the non-recourse nature of certain mortgages, the assets and liabilities of the following properties are neither available to pay the debts of the consolidated limited liability companies nor constitute obligations of the consolidated limited liability companies: Baker Hill Center, Broadway Plaza, Publix at Northridge, Kleinwood Center, Murray Landing, Vineyard Center, Sunset Center, Westwoods Shopping Center, Stockbridge Commons, East Burnside Plaza, Fresh Market, Collington Plaza, Stop & Shop Plaza, Arcadia Plaza, Savoy Plaza, Coppell Market Center, Statler Square, Hamilton Village, Waynesboro Plaza, Thompson Valley Towne Center, Lumina Commons, Driftwood Village, and Orchard Square. The outstanding principal balance of these non-recourse mortgages as of September 30, 2014 and December 31, 2013 was $259.5 million and $157.8 million, respectively.
	(2)	As of September 30, 2014, the interest rate on $11.7 million outstanding under one of our variable-rate mortgage notes payable was, in effect, fixed at 5.22% by an interest rate swap agreement (see Notes 4 and 10).
	(3)	As of December 31, 2013, the interest rate on $50.0 million of the amount available under our unsecured credit facility was, in effect, fixed at 2.10% by an interest rate swap agreement (see Notes 4 and 10).
Schedule of Maturities of Long-term Debt	'
	Below is a listing of our maturity schedule with the respective principal payment obligations (in thousands) and weighted-average interest rates:
		2014 (1)			2015			2016			2017			2018			Thereafter			Total
	Maturing debt:(2)
	Fixed-rate mortgages payable(3)(4)	$	8,178		$	65,851		$	104,836		$	47,275		$	20,846		$	112,150		$	359,136
	Unsecured credit facility - variable-rate	—			—			—			151,000			—			—			151,000
	Total maturing debt	$	8,178		$	65,851		$	104,836		$	198,275		$	20,846		$	112,150		$	510,136
	Weighted-average interest rate on debt:
	Fixed-rate mortgages payable(3)(4)	5.6		%	5.3		%	5.7		%	5.3		%	6.3		%	5.2		%	5.5		%
	Unsecured credit facility - variable-rate	—		%	—		%	—		%	1.5		%	—		%	—		%	1.5		%
	Total	5.6		%	5.3		%	5.7		%	2.4		%	6.3		%	5.2		%	4.3		%
	(1)	Includes only October 1, 2014 through December 31, 2014. Of the $8.2 million, $6.4 million is for principal payment obligations on a loan that was repaid subsequent to September 30, 2014 and $1.8 million is for principal payment obligations on loans that mature after 2014.
	(2)	The debt maturity table does not include any below-market debt adjustment, of which $8.5 million, net of accumulated amortization, was outstanding as of September 30, 2014.
	(3)	As of September 30, 2014, the interest rate on $11.7 million outstanding under one of our variable-rate mortgage notes payable was, in effect, fixed at 5.22% by an interest rate swap agreement (see Notes 4 and 10).
	(4)	All but $6.4 million of the fixed-rate debt represents loans assumed as part of certain acquisitions.

Acquired_BelowMarket_Lease_Int1

Acquired Below-Market Lease Intangibles (Tables)	9 Months Ended
	Sep. 30, 2014
Acquired Below Market Lease Intangibles [Abstract]	'
Schedule of Acquired Below-Market Lease Intangibles, Future Amortization Expense	'
	Estimated future amortization income of the intangible lease liabilities as of September 30, 2014 for the remainder of 2014 and for each of the four succeeding calendar years and thereafter is as follows (in thousands):
	Year	Below-Market Leases
	October 1 to December 31, 2014	$	1,468
	2015	5,987
	2016	5,464
	2017	4,516
	2018	3,464
	2019 and thereafter	15,621
	Total	$	36,520

Derivatives_and_Hedging_Activi1

Derivatives and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Effect of Derivative Instruments	'
	The table below presents the effect of our derivative financial instruments on the condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2014 and September 30, 2013, respectively (in thousands).
		Three Months Ended					Nine Months Ended
		September 30,					September 30,
	Derivatives in Cash Flow Hedging Relationships (Interest Rate Swap)	2014		2013			2014		2013
	Amount of gain (loss) recognized in other comprehensive income on derivative	$	—	$	(357	)	$	—	$	557
	Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense	—		24			—		(57		)
	Amount of gain (loss) recognized in income on derivative (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing)	—		(57		)	690		(47		)

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Advisor Transactions	'
	Summarized below are the fees earned by and the expenses reimbursable to the Advisor and the Sub-advisor, except for organization and offering costs and general and administrative expenses, which we disclose above, for the three and nine months ended September 30, 2014 and 2013 and any related amounts unpaid as of September 30, 2014 and December 31, 2013 (in thousands):
		For the Three Months Ended				For the Nine Months Ended				Unpaid Amount as of
		September 30,				September 30,				September 30,		December 31,
		2014		2013		2014		2013		2014		2013
	Acquisition fees	$	1,651	$	2,029	$	7,654	$	5,519	$	—	$	—
	Acquisition expenses	237		—		905		—		—		—
	Asset management fees(1)	—		250		—		748		—		—
	Class B unit distribution(2)	281		41		598		69		72		30
	Financing fees	334		289		1,376		2,384		—		—
	Disposition fees	—		—		—		—		—		—
	(1)	Paid by the CBRE Investors pursuant to the advisory agreement between the Joint Venture and the Advisor.
	(2)	Represents the distributions paid to the Advisor and the Sub-advisor as holders of Class B units of the Operating Partnership.
Property Manager Transactions	'
	Summarized below are the fees earned by and the expenses reimbursable to the Property Manager for the three and nine months ended September 30, 2014 and 2013 and any related amounts unpaid as of September 30, 2014 and December 31, 2013 (in thousands):
		For the Three Months Ended				For the Nine Months Ended				Unpaid Amount as of
		September 30,				September 30,				September 30,		December 31,
		2014		2013		2014		2013		2014		2013
	Property management fees	$	1,895	$	851	$	5,202	$	1,884	$	680	$	418
	Leasing commissions	1,062		429		2,770		896		310		80
	Construction management fees	191		84		441		160		73		50
	Other fees and reimbursements	766		191		1,504		453		275		89
	Total	$	3,914	$	1,555	$	9,917	$	3,393	$	1,338	$	637
Dealer Manager Transactions	'
	Summarized below are the fees earned by the Dealer Manager for the three and nine months ended September 30, 2014 and 2013 (in thousands):
		For the Three Months Ended				For the Nine Months Ended
		September 30,				September 30,
		2014		2013		2014		2013
	Selling commissions	$	—	$	32,296	$	157	$	57,761
	Selling commissions reallowed	—		32,296		157		57,761
	Dealer manager fees	—		15,412		72		27,422
	Dealer manager fees reallowed	—		5,381		29		9,585

Operating_Leases_Tables

Operating Leases (Tables)	9 Months Ended
	Sep. 30, 2014
Leases, Operating [Abstract]	'
Future Minimum Rents	'
	Approximate future rentals to be received under non-cancelable operating leases in effect at September 30, 2014, assuming no new or renegotiated leases or option extensions on lease agreements, are as follows (in thousands):
	Year	Amount
	October 1 to December 31, 2014	$	39,563
	2015	153,244
	2016	139,573
	2017	123,757
	2018	106,366
	2019 and thereafter	454,246
	Total	$	1,016,749

Subsequent_Events_Tables

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2014
Subsequent Events [Abstract]	'
Schedule of Acquisitions	'
	Subsequent to September 30, 2014, we acquired a 100% ownership in the following properties (dollars in thousands):
	Property Name	Location	Anchor Tenant	Acquisition Date	Purchase Price		Square Footage	Leased % of Rentable Square Feet at Acquisition
	Beavercreek Towne Centre	Beavercreek, OH	Fresh Thyme	10/24/14	$	47,480	355,881	100	%
	Fairfield Crossing	Beavercreek, OH	Walmart	10/24/14	14,020		71,170	100	%
	Grayson Village	Loganville, GA	Publix	10/24/14	9,650		83,155	77.6	%
	The Fresh Market Shopping Center	Pawleys Island, SC	The Fresh Market	10/28/14	8,125		32,442	89.6	%
	The supplemental purchase accounting disclosures required by GAAP relating to the recent acquisitions of the aforementioned properties have not been presented as the initial accounting for these acquisitions was incomplete at the time this Quarterly Report on Form 10-Q was filed with the SEC. The initial accounting was incomplete due to the late closing dates of the acquisitions.

Organization_Details

Organization (Details) (USD $)	0 Months Ended
	Dec. 31, 2013	Sep. 30, 2014	Sep. 20, 2011	Jan. 13, 2010	Dec. 31, 2013	Jan. 13, 2010	Jan. 13, 2010	Nov. 19, 2013	Sep. 30, 2014	Jun. 18, 2014	Sep. 30, 2014
		Properties	Properties		Phillips Edison Arc Institutional Joint Venture [Member]	IPO [Member]	Initial Public Offering Dividend Reinvestment Plan [Member]	Reallocation of Dividend Reinvestment Plan Shares to Primary Offering [Member]	Reallocation of Unsold Primary Shares to Dividend Reinvestment Plan [Member]	Registration of Additional Shares to Dividend Reinvestment Plan [Member]	Remaining Shares Under Dividend Reinvestment Plan [Member]
					Properties
Organization [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Common stock, shares authorized	1,000,000,000	1,000,000,000	'	180,000,000	'	150,000,000	30,000,000	26,500,000	2,700,000	12,000,000	18,200,000
Sale of stock, price per share	'	'	'	'	'	'	'	'	'	'	$9.50
Number of real estate properties	'	131	'	'	20	'	'	'	'	'	'
Ownership percentage in Joint Venture	'	'	54.00%	'	'	'	'	'	'	'	'
CBRE Investors ownership percentage in Joint Venture	'	'	46.00%	'	'	'	'	'	'	'	'
Contributed capital	'	'	$58,700,000	'	'	'	'	'	'	'	'
Contributed properties	'	'	6	'	'	'	'	'	'	'	'
CBRE investors capital	'	'	50,000,000	'	'	'	'	'	'	'	'
CBRE investors ownership percentage in joint venture, acquired	46.00%	'	'	'	'	'	'	'	'	'	'
Acquisition of noncontrolling interest in consolidated joint venture	$57,000,000	'	'	'	'	'	'	'	'	'	'
Joint venture investment, ownership percentage	100.00%	'	'	'	'	'	'	'	'	'	'

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details)	Sep. 30, 2014	Sep. 30, 2013
Redeemable Common Stock [Abstract]	'	'
Stock repurchase program, number of shares authorized to be repurchased, percentage of weighted-average shares	5.00%	'
Earnings Per Share [Abstract]	'	'
Class B units or Operating Partnership outstanding	1,818,236	319,390

Equity_Details

Equity (Details) (USD $)

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Jan. 13, 2010

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Dividend Reinvestment Plan [Member]

Dividend Reinvestment Plan [Member]

Dividend Reinvestment Plan [Member]

Dividend Reinvestment Plan [Member]

Share Repurchase Program [Member]

Share Repurchase Program [Member]

Share Repurchase Program [Member]

Share Repurchase Program [Member]

Share Repurchase Program [Member]

Class of Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock, shares authorized

1,000,000,000

'

1,000,000,000

180,000,000

'

'

'

'

'

'

'

'

'

Common stock, par value (in usd per share)

$0.01

'

$0.01

'

'

'

'

'

'

'

'

'

'

Preferred stock, shares authorized

10,000,000

'

10,000,000

'

'

'

'

'

'

'

'

'

'

Preferred stock, par value (in usd per share)

$0.01

'

$0.01

'

'

'

'

'

'

'

'

'

'

Common stock, shares issued

180,900,000

'

'

'

'

'

'

'

'

'

'

'

'

Common stock, including additional paid in capital

$1,790,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Common stock, shares outstanding

180,573,225

'

175,594,613

'

'

'

'

'

'

'

'

'

'

Common stock repurchased since inception

300,000

'

'

'

'

'

'

'

'

'

'

'

'

Preferred stock, shares issued

0

'

0

'

'

'

'

'

'

'

'

'

'

Common stock, voting rights

'The holders of common stock are entitled to one vote per share on all matters voted on by stockholders, including election of the board of directors. Our charter does not provide for cumulative voting in the election of directors.

'

'

'

'

'

'

'

'

'

'

'

'

Common stock, price per share

'

'

'

'

$9.50

'

$9.50

'

'

'

'

'

'

Distributions reinvested

46,986,000

8,485,000

'

'

16,000,000

5,300,000

47,000,000

8,500,000

'

'

'

'

'

Common stock, share repurchase notice days

'

'

'

'

'

'

'

'

'

'

'5 days

'

'

Common stock, share repurchase withdrawal notice days

'

'

'

'

'

'

'

'

'

'

'5 days

'

'

Common stock, share repurchase plan termination notice days

'

'

'

'

'

'

'

'

'

'

'30 days

'

'

Common stock, shares repurchased

'

'

'

'

'

'

'

'

136,203

21,084

223,270

58,764

'

Common stock, cost of repurchases

'

'

'

'

'

'

'

'

1,300,000

200,000

2,200,000

600,000

'

Common stock, repurchase cost per share

'

'

'

'

'

'

'

'

$9.75

$9.87

$9.76

$9.90

'

Share Repurchase Program, liability recorded

'

'

'

'

'

'

'

'

$500,000

'

$500,000

'

$76,000

Stock Repurchase Program, shares obligated to repurchase

'

'

'

'

'

'

'

'

48,451

'

48,451

'

8,072

Fair_Value_Measurement_Details

Fair Value Measurement (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013
			Level 2 [Member]	Level 2 [Member]	Townfair Shopping Center [Member]	Unsecured Debt [Member]
					derivative	derivative
Fair Value Disclosures [Abstract]	'	'	'	'	'	'
Fair value discount rate, fixed-rate debt	3.50%	4.50%	'	'	'	'
Fair value discount rate, secured, variable-rate debt	2.66%	'	'	'	'	'
Fair value discount rate, unsecured, variable-rate debt	1.46%	'	'	'	'	'
Mortgage loans payable, fair value disclosure	$533,700,000	$201,400,000	'	'	'	'
Mortgages and loans payable	518,675,000	200,872,000	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'	'
Number of interest rate swap agreements	'	'	'	'	1	1
Notional amount of interest rate cash flow hedge derivatives	'	'	'	'	11,700,000	50,000,000
Secured mortgage note swap agreement interest rate	'	'	'	'	5.22%	'
Portion of hedged debt interest rate	'	'	'	'	11,700,000	50,000,000
Unsecured credit facility interest rate	'	'	'	'	'	2.10%
Derivative Instruments in Hedges, Assets, at Fair Value	0	818,000	0	818,000	'	'
Derivative Liability	$545,000	$0	$545,000	$0	'	'

Real_Estate_Acquisitions_Detai

Real Estate Acquisitions (Details) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Business Acquisition [Line Items]	'	'
Business Combination, Consideration Transferred, Liabilities Incurred	$183,500,000	$90,300,000
Business Acquisition, Cost of Acquired Entities, Fair Value of Debt Assumed	189,006,000	93,808,000
Series of Individually Immaterial Business Acquisitions [Member]	'	'
Business Acquisition [Line Items]	'	'
Number of Properties Acquired During Period	48	'
Number of Non-Grocery Anchored Properties Acquired During Period	1	'
Business acquisition, cost of acquired entity, purchase price	770,900,000	'
Business Combination, Consideration Transferred, Liabilities Incurred	183,500,000	'
Business Acquisition, Cost of Acquired Entities, Fair Value of Debt Assumed	189,000,000	'
Business Acquisition, Cost of Acquired Entities, Value of Interest Rate Swap Assumed	$700,000	'
Leases, Acquired-in-Place, Acquired During Current Year [Member]	'	'
Business Acquisition [Line Items]	'	'
Finite-Lived Intangible Asset, Useful Life (in years)	'7 years	'
Leases, Above-Market, Acquired During Current Year [Member]	'	'
Business Acquisition [Line Items]	'	'
Finite-Lived Intangible Asset, Useful Life (in years)	'10 years	'
Leases, Below-Market, Acquired During Current Year [Member]	'	'
Business Acquisition [Line Items]	'	'
Finite-Lived Intangible Asset, Useful Life (in years)	'11 years	'

Real_Estate_Acquisitions_Detai1

Real Estate Acquisitions (Details) - Allocation (Series of Individually Immaterial Business Acquisitions [Member], USD $)	Sep. 30, 2014
In Thousands, unless otherwise specified
Series of Individually Immaterial Business Acquisitions [Member]	'
Business Acquisition [Line Items]	'
Business combination, recognized identifiable assets acquired and liabilities assumed, land	$178,661
Business combination, recognized identifiable assets acquired and liabilities assumed, building and improvements	527,334
Business combination, recognized identifiable assets acquired and liabilities assumed, in-place leases	67,366
Business combination, recognized identifiable assets acquired and liabilities assumed, above-market leases	17,035
Business combination, recognized identifiable assets acquired and liabilities assumed, below-market leases	-19,526
Business combination, recognized identifiable assets acquired and liabilities assumed, net	$770,870

Real_Estate_Acquisitions_Detai2

Real Estate Acquisitions (Details) - Operations (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Business Acquisition [Line Items]	'	'	'	'
Acquisition expenses	$3,785	$3,967	$15,096	$9,633
Series of Individually Immaterial Business Acquisitions [Member]	'	'	'	'
Business Acquisition [Line Items]	'	'	'	'
Revenues	'	'	29,976	'
Acquisition expenses	'	'	15,116	'
Net loss	'	'	$12,153	'

Real_Estate_Acquisitions_Detai3

Real Estate Acquisitions (Details) - Pro Forma (Acquisitions in 2014 and 2013 [Member], USD $)	3 Months Ended		9 Months Ended
In Millions, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Acquisitions in 2014 and 2013 [Member]	'	'	'	'
Business Acquisition [Line Items]	'	'	'	'
Business acquisition, pro forma revenue	$52.80	$52.60	$158.70	$158.60
Business acquisition, pro forma net (income) loss attributable to stockholders	($6.50)	($7.70)	($20.40)	$9.10
Business acquisition, pro forma net (income) loss per share	($0.04)	($0.04)	($0.12)	$0.05

Acquired_Intangible_Assets_Det

Acquired Intangible Assets (Details) - Period Ending (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Acquired Finite-Lived Intangible Assets [Line Items]	'	'
Acquired intangible assets, net of accumulated amortization	$171,153	$107,730
Acquired intangible assets, accumulated amortization	35,310	14,330
Acquired-in-Place Leases [Member]	'	'
Acquired Finite-Lived Intangible Assets [Line Items]	'	'
Acquired intangible assets, net of accumulated amortization	141,797	91,829
Acquired intangible assets, accumulated amortization	27,761	10,363
Acquired Above Market Leases [Member]	'	'
Acquired Finite-Lived Intangible Assets [Line Items]	'	'
Acquired intangible assets, net of accumulated amortization	29,356	15,901
Acquired intangible assets, accumulated amortization	$7,549	$3,967

Acquired_Intangible_Assets_Det1

Acquired Intangible Assets (Details) - Amortization Expense (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Finite Lived Intangible Assets Disclosure [Abstract]	'	'	'	'
Acquired intangible assets, amortization expense	$8.10	$2.80	$21	$6.70

Acquired_Intangible_Assets_Det2

Acquired Intangible Assets (Details) - Five Succeeding Calendar Years (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Acquired Finite-Lived Intangible Assets [Line Items]	'	'
Acquired intangible assets, net of accumulated amortization	$171,153	$107,730
Acquired-in-Place Leases [Member]	'	'
Acquired Finite-Lived Intangible Assets [Line Items]	'	'
October 1 to December 31, 2014	6,922	'
2015	27,940	'
2016	25,851	'
2017	23,123	'
2018	18,152	'
2019 and thereafter	39,809	'
Acquired intangible assets, net of accumulated amortization	141,797	91,829
Finite-Lived Intangible Asset, Useful Life (in years)	'7 years	'
Acquired Above Market Leases [Member]	'	'
Acquired Finite-Lived Intangible Assets [Line Items]	'	'
October 1 to December 31, 2014	1,399	'
2015	5,550	'
2016	4,638	'
2017	3,823	'
2018	3,045	'
2019 and thereafter	10,901	'
Acquired intangible assets, net of accumulated amortization	$29,356	$15,901
Finite-Lived Intangible Asset, Useful Life (in years)	'8 years	'

Mortgages_and_Loans_Payable_De

Mortgages and Loans Payable (Details) (USD $)	3 Months Ended			9 Months Ended
	Sep. 30, 2014		Sep. 30, 2013	Sep. 30, 2014		Sep. 30, 2013	Dec. 31, 2013
				Properties		Properties
Debt Instrument [Line Items]	'		'	'		'	'
Outstanding Principal Balance	$510,136,000	[1]	'	$510,136,000	[1]	'	'
Acquired below market lease intangibles, net of accumulated amortization	36,520,000		'	36,520,000		'	20,387,000
Below Market Lease, Accumulated Amortization	6,101,000		'	6,101,000		'	2,708,000
Outstanding mortgage notes payable maturing in 2014	6,400,000	[1],[2],[3],[4]	'	6,400,000	[1],[2],[3],[4]	'	'
Weighted-average interest rate on debt	4.34%		'	4.34%		'	5.61%
Real estate properties acquired with assumed debt	'		'	15		8	'
Debt assumed from real estate acquisitions	'		'	183,500,000		90,300,000	'
Business Acquisition During Period, Cost of Acquired Entity, Fair Value of Debt Assumed	'		'	189,000,000		93,900,000	'
Amortization on assumed below-market debt adjustment	600,000		400,000	1,800,000		800,000	'
Fixed Rate Mortgages Payable [Member]	'		'	'		'	'
Debt Instrument [Line Items]	'		'	'		'	'
Outstanding Principal Balance	359,136,000	[1],[2],[3],[5]	'	359,136,000	[1],[2],[3],[5]	'	196,052,000	[2],[5]
Weighted-average interest rate on debt	5.50%	[2],[3]	'	5.50%	[2],[3]	'	'
Revolving Credit Facility [Member] | Unsecured Debt [Member]	'		'	'		'	'
Debt Instrument [Line Items]	'		'	'		'	'
Credit facility, borrowing capacity	350,000,000		'	350,000,000		'	'
Credit facility, maximum potential borrowing capacity	600,000,000		'	600,000,000		'	'
Credit facility, outstanding principal balance	151,000,000		'	151,000,000		'	'
Credit facility, current borrowing capacity	$217,000,000		'	$217,000,000		'	'
Debt instrument, number of extension options	2		'	2		'	'
Revolving Credit Facility [Member] | Unsecured Debt [Member] | LIBOR [Member]	'		'	'		'	'
Debt Instrument [Line Items]	'		'	'		'	'
Basis spread on variable rate	'		'	1.30%		'	'
[1]	The debt maturity table does not include any below-market debt adjustment, of which $8.5 million, net of accumulated amortization, was outstanding as of September 30, 2014.
[2]	As of September 30, 2014, the interest rate on $11.7 million outstanding under one of our variable-rate mortgage notes payable was, in effect, fixed at 5.22% by an interest rate swap agreement (see Notes 4 and 10).
[3]	All but $6.4 million of the fixed-rate debt represents loans assumed as part of certain acquisitions.
[4]	Includes only October 1, 2014 through December 31, 2014. Of the $8.2 million, $6.4 million is for principal payment obligations on a loan that was repaid subsequent to September 30, 2014 and $1.8 million is for principal payment obligations on loans that mature after 2014.
[5]	Due to the non-recourse nature of certain mortgages, the assets and liabilities of the following properties are neither available to pay the debts of the consolidated limited liability companies nor constitute obligations of the consolidated limited liability companies: Baker Hill Center, Broadway Plaza, Publix at Northridge, Kleinwood Center, Murray Landing, Vineyard Center, Sunset Center, Westwoods Shopping Center, Stockbridge Commons, East Burnside Plaza, Fresh Market, Collington Plaza, Stop & Shop Plaza, Arcadia Plaza, Savoy Plaza, Coppell Market Center, Statler Square, Hamilton Village, Waynesboro Plaza, Thompson Valley Towne Center, Lumina Commons, Driftwood Village, and Orchard Square. The outstanding principal balance of these non-recourse mortgages as of September 30, 2014 and December 31, 2013 was $259.5 million and $157.8 million, respectively.

Mortgages_and_Loans_Payable_De1

Mortgages and Loans Payable (Details) - Debt Obligations (USD $)

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Fixed Rate Mortgages Payable [Member]

Fixed Rate Mortgages Payable [Member]

Unsecured Credit Facility - Fixed-rate [Member]

Unsecured Credit Facility - Fixed-rate [Member]

Unsecured Line of Credit Variable Rate [Member]

Unsecured Line of Credit Variable Rate [Member]

Assumed Below-Market Debt Adjustment [Member]

Assumed Below-Market Debt Adjustment [Member]

Townfair Shopping Center [Member]

Unsecured Debt [Member]

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding Principal Balance

$510,136,000

[1]

'

$359,136,000

[1],[2],[3],[4]

$196,052,000

[2],[3]

$0

[5]

$0

[5]

$151,000,000

[1]

$0

'

'

'

'

Outstanding Principal Balance, Assumed below-market debt adjustment

'

'

'

'

'

'

'

'

8,539,000

4,820,000

'

'

Outstanding Principal Balance, Total

518,675,000

200,872,000

'

'

'

'

'

'

'

'

'

'

Maximum borrowing capacity

576,115,000

422,797,000

359,136,000

[2],[3]

196,052,000

[2],[3]

0

[5]

50,000,000

[5]

216,979,000

176,745,000

'

'

'

'

Non-Recourse Debt

'

'

259,500,000

157,800,000

'

'

'

'

'

'

'

'

Portion of hedged debt interest rate

'

'

'

'

'

'

'

'

'

'

$11,700,000

$50,000,000

Variable-rate mortgage note payable swap agreement interest rate

'

'

'

'

'

'

'

'

'

'

5.22%

'

Unsecured credit facility interest rate

'

'

'

'

'

'

'

'

'

'

'

2.10%

[1]

The debt maturity table does not include any below-market debt adjustment, of which $8.5 million, net of accumulated amortization, was outstanding as of September 30, 2014.

[2]

As of September 30, 2014, the interest rate on $11.7 million outstanding under one of our variable-rate mortgage notes payable was, in effect, fixed at 5.22% by an interest rate swap agreement (see Notes 4 and 10).

[3]

Due to the non-recourse nature of certain mortgages, the assets and liabilities of the following properties are neither available to pay the debts of the consolidated limited liability companies nor constitute obligations of the consolidated limited liability companies: Baker Hill Center, Broadway Plaza, Publix at Northridge, Kleinwood Center, Murray Landing, Vineyard Center, Sunset Center, Westwoods Shopping Center, Stockbridge Commons, East Burnside Plaza, Fresh Market, Collington Plaza, Stop & Shop Plaza, Arcadia Plaza, Savoy Plaza, Coppell Market Center, Statler Square, Hamilton Village, Waynesboro Plaza, Thompson Valley Towne Center, Lumina Commons, Driftwood Village, and Orchard Square. The outstanding principal balance of these non-recourse mortgages as of September 30, 2014 and December 31, 2013 was $259.5 million and $157.8 million, respectively.

[4]

All but $6.4 million of the fixed-rate debt represents loans assumed as part of certain acquisitions.

[5]

As of December 31, 2013, the interest rate on $50.0 million of the amount available under our unsecured credit facility was, in effect, fixed at 2.10% by an interest rate swap agreement (see Notes 4 and 10).

Mortgages_and_Loans_Payable_De2

Mortgages and Loans Payable (Details) - Principal Payment Obligations (USD $)

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Fixed Rate Mortgages Payable [Member]

Fixed Rate Mortgages Payable [Member]

Unsecured Line of Credit Variable Rate [Member]

Unsecured Line of Credit Variable Rate [Member]

Assumed Below-Market Debt Adjustment [Member]

Assumed Below-Market Debt Adjustment [Member]

Townfair Shopping Center [Member]

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year

$8,178,000

[1],[2]

'

$8,178,000

[1],[2],[3],[4]

'

$0

[1],[2]

'

'

'

'

Long-term Debt, Maturities, Repayments of Principal in Year Two

65,851,000

[1]

'

65,851,000

[1],[3],[4]

'

0

[1]

'

'

'

'

Mortgage principal payment obligation, 2016

104,836,000

[1]

'

104,836,000

[1],[3],[4]

'

0

[1]

'

'

'

'

Mortgage principal payment obligation, 2017

198,275,000

[1]

'

47,275,000

[1],[3],[4]

'

151,000,000

[1]

'

'

'

'

Mortgage principal payment obligation, 2018

20,846,000

[1]

'

20,846,000

[1],[3],[4]

'

0

[1]

'

'

'

'

Mortgage principal payment obligation, thereafter

112,150,000

[1]

'

112,150,000

[1],[3],[4]

'

0

[1]

'

'

'

'

Total maturing debt

510,136,000

[1]

'

359,136,000

[1],[3],[4],[5]

196,052,000

[4],[5]

151,000,000

[1]

0

'

'

'

Weighted-average interest rate on debt, remainder of 2014

5.60%

[2]

'

5.60%

[2],[3],[4]

'

0.00%

[2]

'

'

'

'

Weighted-average interest rate on debt, 2015

5.30%

'

5.30%

[3],[4]

'

0.00%

'

'

'

'

Weighted-average interest rate on debt, 2016

5.70%

'

5.70%

[3],[4]

'

0.00%

'

'

'

'

Weighted-average interest rate on debt, 2017

2.40%

'

5.30%

[3],[4]

'

1.50%

'

'

'

'

Weighted-average interest rate on debt, 2018

6.30%

'

6.30%

[3],[4]

'

0.00%

'

'

'

'

Weighted-average interest rate on debt, thereafter

5.20%

'

5.20%

[3],[4]

'

0.00%

'

'

'

'

Weighted-average interest rate on debt

4.34%

5.61%

5.50%

[3],[4]

'

1.50%

'

'

'

'

Loans Payable, Current

1,800,000

'

'

'

'

'

'

'

'

Below-market assumed debt adjustment

'

'

'

'

'

'

8,539,000

4,820,000

'

Variable-rate mortgage note payable swap agreement interest rate

'

'

'

'

'

'

'

'

5.22%

Fixed rate debt not assumed

$6,400,000

'

'

'

'

'

'

'

'

[1]

The debt maturity table does not include any below-market debt adjustment, of which $8.5 million, net of accumulated amortization, was outstanding as of September 30, 2014.

[2]

Includes only October 1, 2014 through December 31, 2014. Of the $8.2 million, $6.4 million is for principal payment obligations on a loan that was repaid subsequent to September 30, 2014 and $1.8 million is for principal payment obligations on loans that mature after 2014.

[3]

All but $6.4 million of the fixed-rate debt represents loans assumed as part of certain acquisitions.

[4]

As of September 30, 2014, the interest rate on $11.7 million outstanding under one of our variable-rate mortgage notes payable was, in effect, fixed at 5.22% by an interest rate swap agreement (see Notes 4 and 10).

[5]

Due to the non-recourse nature of certain mortgages, the assets and liabilities of the following properties are neither available to pay the debts of the consolidated limited liability companies nor constitute obligations of the consolidated limited liability companies: Baker Hill Center, Broadway Plaza, Publix at Northridge, Kleinwood Center, Murray Landing, Vineyard Center, Sunset Center, Westwoods Shopping Center, Stockbridge Commons, East Burnside Plaza, Fresh Market, Collington Plaza, Stop & Shop Plaza, Arcadia Plaza, Savoy Plaza, Coppell Market Center, Statler Square, Hamilton Village, Waynesboro Plaza, Thompson Valley Towne Center, Lumina Commons, Driftwood Village, and Orchard Square. The outstanding principal balance of these non-recourse mortgages as of September 30, 2014 and December 31, 2013 was $259.5 million and $157.8 million, respectively.

Acquired_BelowMarket_Lease_Int2

Acquired Below-Market Lease Intangibles (Details) - Amortization Expense (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Acquired Below Market Lease Intangibles [Abstract]	'	'	'	'
Acquired below market lease intangibles, amortization	$1.40	$0.50	$3.40	$1.20

Acquired_BelowMarket_Lease_Int3

Acquired Below-Market Lease Intangibles (Details) - Five Succeeding Calendar Years (Acquired Below-Market Leases [Member], USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014
Acquired Below-Market Leases [Member]	'
Acquired Below-Market Lease Intangibles [Line Items]	'
October 1 to December 31, 2014	$1,468
2015	5,987
2016	5,464
2017	4,516
2018	3,464
2019 and thereafter	15,621
Total future amortization income of intangible lease liabilities	$36,520
Weighted-average amortization period (in years)	'11 years

Derivatives_and_Hedging_Activi2

Derivatives and Hedging Activities (Details) (Interest Rate Swap [Member], USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'	'
Loss recorded in earnings for changes in fair value on discontinuation of cash flow hedge due to forecasted transaction becoming probable not to occur	'	'	($326,000)	'
Gain (loss) on derivative not designated as hedges	41,000	'	-259,000	'
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]	'	'	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'	'
Amount of gain (loss) recognized in other comprehensive income on derivative	0	-357,000	0	557,000
Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense	0	24,000	0	-57,000
Amount of gain (loss) recognized in income on derivative (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing)	$0	($57,000)	$690,000	($47,000)

Related_Party_Transactions_Det

Related Party Transactions (Details) - Advisor (USD $)	3 Months Ended				9 Months Ended
	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013		Dec. 31, 2013
Related Party Transactions [Abstract]	'		'		'		'		'
Offering costs paid by sub-advisor maximum reimbursement percentage	'		'		1.50%		'		'
Organization and offering costs charged by advisor and sub-advisor	$27,400,000		'		$27,400,000		'		$26,300,000
Organization and offering costs reimbursed to advisor and sub-advisor	27,300,000		'		27,300,000		'		25,900,000
Organization and offering costs payable to advisor and sub-advisor	100,000		'		100,000		'		400,000
Acquisition fee percentage	1.00%		'		1.00%		'		'
Class B Units Issuance Due Date	'		'		'60 days		'		'
Class B units of Operating Partnership issued	'		'		1,285,855		'		'
Operating Partnership return for Class B units to vest	6.00%		'		6.00%		'		'
Financing fee percentage	0.75%		'		0.75%		'		'
Disposition fee percentage	2.00%		'		2.00%		'		'
General and administrative expenses payable to related parties	38,000		'		38,000		'		85,000
Acquisition fees incurred	1,651,000		2,029,000		7,654,000		5,519,000		'
Acquisition expenses incurred	237,000		0		905,000		0		'
Asset management fees incurred	0	[1]	250,000	[1]	0		748,000		'
Class B unit distribution	281,000	[2]	41,000	[2]	598,000	[2]	69,000	[2]	'
Financing fees incurred	334,000		289,000		1,376,000		2,384,000		'
Disposition fees incurred	0		0		0		0		'
Acquisition fees payable	0		'		0		'		0
Acquisition expenses payable	0		'		0		'		0
Asset management fees payable	0	[1]	'		0	[1]	'		0	[1]
Class B unit distribution payable	72,000	[2]	'		72,000	[2]	'		30,000	[2]
Financing fees payable	0		'		0		'		0
Disposition fees payable	$0		'		$0		'		$0
Subordinated participation in net sales proceeds percentage	15.00%		'		15.00%		'		'
Investor return before subordinated participation in net sales proceeds	7.00%		'		7.00%		'		'
Advisor interest in special limited partner	15.00%		'		15.00%		'		'
Sub-advisor interest in special limited partner	85.00%		'		85.00%		'		'
Subordinated incentive listing fee percentage	15.00%		'		15.00%		'		'
Investor return before subordinated listing incentive fee	7.00%		'		7.00%		'		'
Subordinated distribution upon termination of advisor agreement percentage	15.00%		'		15.00%		'		'
Investor return before subordinated distribution upon termination of advisor agreement	7.00%		'		7.00%		'		'
[1]	Paid by the CBRE Investors pursuant to the advisory agreement between the Joint Venture and the Advisor.
[2]	Represents the distributions paid to the Advisor and the Sub-advisor as holders of Class B units of the Operating Partnership.

Related_Party_Transactions_Det1

Related Party Transactions (Details) - Property Manager Transactions (USD $)	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	31-May-14	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Related Party Transactions [Abstract]	'	'	'	'	'	'	'
Property management fee percentage	'	'	4.00%	4.50%	'	'	'
Property management oversight fee percentage	1.00%	'	1.00%	'	1.00%	'	'
Property management fees incurred	$1,895	$851	'	'	$5,202	$1,884	'
Leasing commissions incurred	1,062	429	'	'	2,770	896	'
Construction management fees incurred	191	84	'	'	441	160	'
Other fees and reimbursements incurred	766	191	'	'	1,504	453	'
Total property manager fees and reimbursements incurred	3,914	1,555	'	'	9,917	3,393	'
Property management fees payable	680	'	680	'	680	'	418
Leasing commissions payable	310	'	310	'	310	'	80
Construction management fees payable	73	'	73	'	73	'	50
Other fees and reimbursements payable	275	'	275	'	275	'	89
Total property manager fees and reimbursements payable	$1,338	'	$1,338	'	$1,338	'	$637

Related_Party_Transactions_Det2

Related Party Transactions (Details) - Other (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Related Party Transactions [Abstract]	'	'	'	'	'
Dealer manager sales commission percentage	7.00%	'	7.00%	'	'
Dealer manager fee percentage	3.00%	'	3.00%	'	'
Percentage of dealer manager selling commissions typically reallowed	'	'	100.00%	'	'
Selling commissions	$0	$32,296	$157	$57,761	'
Dealer Manager Selling Commissions Reallowed	0	32,296	157	57,761	'
Dealer manager fees	0	15,412	72	27,422	'
Dealer Manager Fees Reallowed	$0	$5,381	$29	$9,585	'
Minimum percentage of shares owned by sub-advisor	0.10%	'	0.10%	'	'
Sub-advisor share purchase price	$9	'	$9	'	'
Shares owned by sub-advisor	176,509	'	176,509	'	176,509
Percentage of shares owned by sub-advisor	0.10%	'	0.10%	'	0.10%

Operating_Leases_Details

Operating Leases (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014
Future rentals to be received under non-cancelable operating leases:	'
October 1 to December 31, 2014	39,563
2015	153,244
2016	139,573
2017	123,757
2018	106,366
2019 and thereafter	454,246
Total	1,016,749
Other Tenants Maximum [Member]	'
Concentration Risk [Line Items]	'
Concentration Risk, Percentage	10.00%
Aggregate Annualized Effective Rent [Member] | Tenant Concentration Risk [Member]	'
Concentration Risk [Line Items]	'
Number of tenants accounting for 10% or more of aggregate annualized effective rent	0

Subsequent_Events_Details

Subsequent Events (Details) (USD $)

9 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Nov. 03, 2014

Oct. 01, 2014

Oct. 24, 2014

Oct. 24, 2014

Oct. 24, 2014

Oct. 24, 2014

Oct. 24, 2014

Oct. 24, 2014

Oct. 28, 2014

Oct. 28, 2014

Sep. 30, 2014

Oct. 09, 2014

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Beavercreek Towne Centre [Member]

Beavercreek Towne Centre [Member]

Fairfield Crossing [Member]

Fairfield Crossing [Member]

Grayson Village [Member]

Grayson Village [Member]

The Fresh Market Shopping Center [Member]

The Fresh Market Shopping Center [Member]

Unsecured Debt [Member]

Unsecured Debt [Member]

sqft

sqft

sqft

sqft

Subsequent Event [Member]

Subsequent Event [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common Stock, Distributions Per Share Daily Rate

'

'

$0.00

$0.00

'

'

'

'

'

'

'

'

'

'

Gross amount of distribution paid

$89,464,000

$22,638,000

$10,300,000

$9,900,000

'

'

'

'

'

'

'

'

'

'

Distributions reinvested

46,986,000

8,485,000

5,400,000

5,200,000

'

'

'

'

'

'

'

'

'

'

Distributions paid, net of DRP

42,310,000

9,438,000

4,900,000

4,700,000

'

'

'

'

'

'

'

'

'

'

Line of Credit Facility, Current Borrowing Capacity

'

'

'

'

'

'

'

'

'

'

'

'

217,000,000

350,000,000

Purchase Price

'

'

'

'

$47,480,000

'

$14,020,000

'

$9,650,000

'

$8,125,000

'

'

'

Square Footage

'

'

'

'

'

355,881

'

71,170

'

83,155

'

32,442

'

'

Leased % of Rentable Square Feet at Acquisition

'

'

'

'

'

100.00%

'

100.00%

'

77.60%

'

89.60%

'

'