Phillips Edison & Company (PECO) 10-Q 9 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	9 Months Ended
	Sep. 30, 2017	Oct. 31, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,017
Entity Registrant Name	Phillips Edison Grocery Center REIT I, Inc.
Entity Central Index Key	1,476,204
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		184.5

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Investment in real estate:
Land and improvements	$ 838,078	$ 796,192
Building and improvements	1,640,052	1,532,888
Acquired in-place lease assets	226,033	212,916
Acquired above-market lease assets	43,021	42,009
Total investment in real estate assets	2,747,184	2,584,005
Accumulated depreciation and amortization	(418,544)	(334,348)
Total investment in real estate assets, net	2,328,640	2,249,657
Cash and cash equivalents	7,189	8,224
Restricted cash	6,025	41,722
Other assets, net	102,541	80,585
Real estate investment and other assets held for sale	4,863	0
Total assets	2,449,258	2,380,188
Liabilities:
Mortgages and loans payable, net	1,224,779	1,056,156
Acquired below-market lease liabilities, net of accumulated amortization of $24,790 and $20,255, respectively	42,080	43,032
Accounts payable – affiliates	4,567	4,571
Accounts payable and other liabilities	69,007	51,642
Liabilities of real estate investment held for sale	233	0
Total liabilities	1,340,666	1,155,401
Commitments and contingencies (Note 7)	0	0
Equity:
Preferred stock, $0.01 par value per share, 10,000 shares authorized, zero shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively	0	0
Common stock, $0.01 par value per share, 1,000,000 shares authorized,184,140 and 185,062 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively	1,841	1,851
Additional paid-in capital	1,617,717	1,627,098
Accumulated other comprehensive income	11,175	10,587
Accumulated deficit	(539,840)	(438,155)
Total stockholders’ equity	1,090,893	1,201,381
Noncontrolling interests	17,699	23,406
Total equity	1,108,592	1,224,787
Total liabilities and equity	$ 2,449,258	$ 2,380,188

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Acquired below-market lease liabilities, accumulated amortization	$ 24,790	$ 20,255
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued and outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued and outstanding	184,140,000	185,062,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues:
Rental income	$ 53,165	$ 48,828	$ 157,425	$ 143,023
Tenant recovery income	17,052	16,199	50,442	47,652
Other property income	407	243	911	730
Total revenues	70,624	65,270	208,778	191,405
Expenses:
Property operating	10,882	10,030	32,611	29,978
Real estate taxes	10,723	9,104	31,136	27,745
General and administrative	8,712	7,722	25,438	23,736
Termination of affiliate arrangements	5,454	0	5,454	0
Acquisition expenses	202	870	466	2,392
Depreciation and amortization	28,650	26,583	84,481	78,266
Total expenses	64,623	54,309	179,586	162,117
Other:
Interest expense, net	(10,646)	(8,504)	(28,537)	(23,837)
Transaction expenses	(3,737)	0	(9,760)	0
Other income (expense), net	6	33	642	(125)
Net (loss) income	(8,376)	2,490	(8,463)	5,326
Net loss (income) attributable to noncontrolling interests	144	(26)	144	(83)
Net (loss) income attributable to stockholders	$ (8,232)	$ 2,464	$ (8,319)	$ 5,243
Earnings per common share:
Net (loss) income attributable to stockholders - basic and diluted	$ (0.04)	$ 0.01	$ (0.05)	$ 0.03
Weighted-average common shares outstanding:
Basic	183,843	184,639	183,402	183,471
Diluted	183,843	187,428	183,402	186,260
Comprehensive (loss) income:
Net (loss) income	$ (8,376)	$ 2,490	$ (8,463)	$ 5,326
Other comprehensive (loss) income:
Unrealized (loss) gain on derivatives	(179)	1,950	(1,944)	(9,597)
Reclassification of derivative loss to interest expense	228	888	1,203	2,762
Comprehensive (loss) income	(8,327)	5,328	(9,204)	(1,509)
Comprehensive loss (income) attributable to noncontrolling interests	144	(26)	144	(83)
Comprehensive (loss) income attributable to stockholders	$ (8,183)	$ 5,302	$ (9,060)	$ (1,592)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total Stockholders' Equity	Noncontrolling Interest
Balance, shares at Dec. 31, 2015		181,308
Balance, value at Dec. 31, 2015	$ 1,291,792	$ 1,813	$ 1,588,541	$ 22	$ (323,761)	$ 1,266,615	$ 25,177
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases, shares		(752)
Share repurchases, value	(7,280)	$ (7)	(7,273)			(7,280)
Dividend reinvestment plan (DRIP), shares		4,387
Dividend reinvestment plan (DRIP), value	44,731	$ 44	44,687			44,731
Common distributions declared, $0.50 per share	(92,107)				(92,107)	(92,107)
Share-based compensation, shares		0
Share-based compensation, value	10		10			10
Change in unrealized loss on interest rate swaps	(6,835)			(6,835)		(6,835)
Distributions to noncontrolling interests	(1,409)						(1,409)
Net income (loss)	5,326				5,243	5,243	83
Balance, shares at Sep. 30, 2016		184,943
Balance, value at Sep. 30, 2016	1,234,228	$ 1,850	1,625,965	(6,813)	(410,625)	1,210,377	23,851
Balance, shares at Dec. 31, 2016		185,062
Balance, value at Dec. 31, 2016	1,224,787	$ 1,851	1,627,098	10,587	(438,155)	1,201,381	23,406
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of new accounting pronouncement (see Note 8)				1,329	(1,329)	0
Balance at January 1, 2017, as adjusted at Jan. 01, 2017	1,224,787	$ 1,851	1,627,098	11,916	(439,484)	1,201,381	23,406
Balance, shares at Dec. 31, 2016		185,062
Balance, value at Dec. 31, 2016	1,224,787	$ 1,851	1,627,098	10,587	(438,155)	1,201,381	23,406
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases, shares		(4,471)
Share repurchases, value	(45,602)	$ (45)	(45,557)			(45,602)
Dividend reinvestment plan (DRIP), shares		3,546
Dividend reinvestment plan (DRIP), value	36,171	$ 35	36,136			36,171
Common distributions declared, $0.50 per share	(92,037)				(92,037)	(92,037)
Share-based compensation, shares		3
Share-based compensation, value	40		40			40
Change in unrealized loss on interest rate swaps	(741)			(741)		(741)
Distributions to noncontrolling interests	(1,384)						(1,384)
Redemption of noncontrolling Interest	(4,179)						(4,179)
Net income (loss)	(8,463)				(8,319)	(8,319)	(144)
Balance, shares at Sep. 30, 2017		184,140
Balance, value at Sep. 30, 2017	$ 1,108,592	$ 1,841	$ 1,617,717	$ 11,175	$ (539,840)	$ 1,090,893	$ 17,699

Consolidated Statements of Equ6

Consolidated Statements of Equity (Parenthetical) - $ / shares	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Statement of Stockholders' Equity [Abstract]
Common distributions declared, per share	$ 0.50	$ 0.50

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (8,463)	$ 5,326
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	83,200	76,293
Net amortization of above- and below-market leases	(972)	(936)
Amortization of deferred financing expense	3,572	3,757
Net (gain) loss on write-off of unamortized capitalized leasing commissions, market debt adjustments, and deferred financing expense	(372)	59
Straight-line rental income	(2,913)	(2,793)
Other	(555)	130
Changes in operating assets and liabilities:
Other assets	(12,193)	(4,339)
Accounts payable – affiliates	1	(1,206)
Accounts payable and other liabilities	6,217	8,888
Net cash provided by operating activities	67,522	85,179
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions	(111,740)	(132,266)
Capital expenditures	(22,505)	(16,936)
Proceeds from sale of real estate	37,037	0
Change in restricted cash	(203)	394
Net cash used in investing activities	(97,411)	(148,808)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in credit facility	202,000	(23,531)
Proceeds from mortgages and loans payable	0	230,000
Payments on mortgages and loans payable	(64,287)	(103,622)
Payments of deferred financing expenses	(2,510)	(2,461)
Distributions paid, net of DRIP	(56,226)	(47,535)
Distributions to noncontrolling interests	(1,262)	(1,260)
Repurchases of common stock	(44,682)	(7,280)
Redemption of noncontrolling interests	(4,179)	0
Net cash provided by financing activities	28,854	44,311
NET DECREASE IN CASH AND CASH EQUIVALENTS	(1,035)	(19,318)
CASH AND CASH EQUIVALENTS:
Beginning of period	8,224	40,680
End of period	7,189	21,362
SUPPLEMENTAL CASH FLOW DISCLOSURE, INCLUDING NON-CASH INVESTING AND FINANCING ACTIVITIES:
Cash paid for interest	26,461	22,234
Fair value of assumed debt	30,832	0
Accrued capital expenditures	3,560	1,834
Change in distributions payable	(360)	(159)
Change in distributions payable - noncontrolling interests	122	149
Change in accrued share repurchase obligation	920	0
Distributions reinvested	36,171	44,731
Utilization of restricted cash held for acquisitions	$ (35,900)	$ 0

Organization

Organization	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	ORGANIZATION Phillips Edison Grocery Center REIT I, Inc. (“we,” the “Company,” “our,” or “us”) was formed as a Maryland corporation in October 2009. Substantially all of our business is conducted through Phillips Edison Grocery Center Operating Partnership I, L.P., (the “Operating Partnership”), a Delaware limited partnership formed in December 2009. We are a limited partner of the Operating Partnership, and our wholly owned subsidiary, Phillips Edison Grocery Center OP GP I LLC, is the sole general partner of the Operating Partnership. We invest primarily in well-occupied, grocery-anchored, neighborhood and community shopping centers that have a mix of creditworthy national and regional retailers that sell necessity-based goods and services in strong demographic markets throughout the United States. As of September 30, 2017 , our advisor was Phillips Edison NTR LLC (“PE-NTR”), which was directly or indirectly owned by Phillips Edison Limited Partnership (“Phillips Edison sponsor” or “PELP”). Under the terms of the advisory agreement between PE-NTR and us, PE-NTR was responsible for the management of our day-to-day activities and the implementation of our investment strategy. As of September 30, 2017 , we owned fee simple interests in 159 real estate properties acquired from third parties unaffiliated with us or PE-NTR. On October 4, 2017 , we completed a transaction to acquire certain real estate assets, the captive insurance company, and the third-party asset management business of our Phillips Edison sponsor in a stock and cash transaction (“PELP transaction”). Upon completion of the PELP transaction, our relationship with PE-NTR was terminated. For a more detailed discussion, see Notes 3 and 11 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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. For example, significant estimates and assumptions have been made with respect to the useful lives of assets; recoverable amounts of receivables; and other fair value measurement assessments required for the preparation of the consolidated financial statements. As a result, these estimates are subject to a degree of uncertainty. Other than those noted below, there have been no changes to our significant accounting policies during the nine months ended September 30, 2017 . For a full summary of our accounting policies, refer to our 2016 Annual Report on Form 10-K filed with the SEC on March 9, 2017. Basis of Presentation and Principles of Consolidation —The accompanying 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 consolidated financial statements of Phillips Edison Grocery Center REIT I, Inc. for the year ended December 31, 2016 , which are included in our 2016 Annual Report on Form 10-K. In the opinion of management, all normal and recurring adjustments necessary for the fair presentation of the unaudited consolidated financial statements for the periods presented have been included in this Quarterly Report. Our results of operations for the three and nine months ended September 30, 2017 , are not necessarily indicative of the operating results expected for the full year. The accompanying consolidated financial statements include our accounts and those of our majority-owned subsidiaries. All intercompany balances and transactions are eliminated upon consolidation. Held for Sale Entities —We consider assets to be held for sale when management believes that a sale is probable within a year. This generally occurs when a sales contract is executed with no substantive contingencies and the prospective buyer has significant funds at risk. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value less cost to sell. Newly Adopted and Recently Issued Accounting Pronouncements The following table provides a brief description of recently issued accounting pronouncements that could have a material effect on our financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters Accounting Standards Update “ASU” 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) This update amends existing guidance in order to provide consistency in accounting for the derecognition of a business or nonprofit activity. It is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted. January 1, 2018 We will adopt this standard concurrently with ASU 2014-09, listed below. We expect the adoption will impact our transactions that are subject to the amendments, which, although expected to be infrequent, would include a partial sale of real estate or contribution of a nonfinancial asset to form a joint venture. ASU 2016-18, Statement of Cash Flows (Topic 230) This update amends existing guidance in order to clarify the classification and presentation of restricted cash on the statement of cash flows. It is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted. January 1, 2018 Upon adoption, we will include amounts generally described as restricted cash within the beginning-of-period and end-of-period total amounts on the statement of cash flows rather than within an activity on the statement of cash flows. ASU 2016-15, Statement of Cash Flows (Topic 230) This update addresses the presentation of eight specific cash receipts and cash payments on the statement of cash flows. It is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted. January 1, 2018 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. Of the eight specific cash receipts and cash payments listed within this guidance, we believe only two would be applicable to our business as it stands currently: debt prepayment or debt extinguishment costs and proceeds from settlement of insurance claims. We will continue to evaluate the impact that adoption of the standard will have on our presentation of these and any other applicable cash receipts and cash payments. ASU 2016-02, Leases (Topic 842) This update amends existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This update is effective for annual reporting periods beginning after December 15, 2018, but early adoption is permitted. January 1, 2019 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. We have identified areas within our accounting policies we believe could be impacted by the new standard. We expect to have a change in presentation on our consolidated statement of operations with regards to Tenant Recovery Income, which includes reimbursement amounts we receive from tenants for operating expenses such as real estate taxes, insurance, and other common area maintenance. Additionally, this standard impacts the lessor’s ability to capitalize certain costs related to the leasing of vacant space, which will result in a reduction in the amount of execution costs currently being capitalized in connection with leasing activities. ASU 2014-09, Revenue from Contracts with Customers (Topic 606) This update outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it also applies to certain other transactions such as the sale of real estate or equipment. Expanded quantitative and qualitative disclosures are also required for contracts subject to ASU 2014-09. In 2015, the Financial Accounting Standard Board (“FASB”) provided for a one-year deferral of the effective date for ASU 2014-09, making it effective for annual reporting periods beginning after December 15, 2017. January 1, 2018 Our revenue-producing contracts are primarily leases that are not within the scope of this standard. As a result, we do not expect the adoption of this standard to have a material impact on our rental or reimbursement revenue. We currently plan to adopt this guidance on a modified retrospective basis. The following table provides a brief description of newly adopted accounting pronouncements and their effect on our financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2017-12, Derivatives and Hedging (Topic 815) This update amended existing guidance in order to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. September 2017 Upon adoption, we included a disclosure related to the effect of our hedging activities on our consolidated statements of operations. This disclosure also eliminated the periodic measurement and recognition of hedging ineffectiveness. We adopted this guidance on a modified retrospective basis and applied an adjustment to Accumulated Other Comprehensive Income with a corresponding adjustment to the opening balance of Accumulated Deficit as of the beginning of 2017. For a more detailed discussion of this adoption, see Note 8. ASU 2017-01, Business Combinations This update amended existing guidance in order to clarify when an integrated set of assets and activities is considered a business. January 1, 2017 For a more detailed discussion of the effect of this adoption on our financial statements, see Note 4. Reclassifications —The following line item on our consolidated statement of cash flows for the nine months ended September 30, 2016 , was reclassified: • Net (Gain) Loss on Write-off of Unamortized Capitalized Leasing Commissions, Market Debt Adjustments, and Deferred Financing Expense was separately disclosed due to significance in the current period. In the previous period these amounts were included in Other.

PELP Acquisition (Notes)

PELP Acquisition (Notes)	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
Business Combination Disclosure	PELP ACQUISITION On October 4, 2017 , we completed the PELP transaction. Under the terms of this transaction, the following consideration was given in exchange for the contribution of PELP’s ownership interests in 76 shopping centers, its captive insurance company, and its third-party asset management business (in thousands): Amount Value of Operating Partnership units (“OP units”) issued (1) $ 404,317 Debt assumed (2) : Corporate debt 432,091 Mortgages and notes payable 70,837 Cash payments 25,000 Total estimated consideration $ 932,245 (1) We issued 39.6 million OP units, excluding 5.1 million OP units and Class B units outstanding prior to the acquisition date, with an estimated value per unit of $10.20 at the time of the transaction. (2) The amounts related to debt assumed are shown at face value, but the final amounts will be recorded at fair value. Immediately following the closing of the PELP transaction, our shareholders owned approximately 80.6% and former PELP shareholders owned approximately 19.4% of the combined company. The terms of the transaction also include an earn-out structure with an opportunity for an additional 12.5 million OP units to be issued if certain milestones are achieved related to a liquidity event for our shareholders and reaching certain fundraising targets in Phillips Edison Grocery Center REIT III, Inc., of which PELP was a co-sponsor. The PELP transaction was approved by the independent special committee of our board of directors (“Board”), which had retained independent financial and legal advisors. It was also approved by our shareholders, as well as PELP’s partners. For additional information, please see the Current Report on Form 8-K filed with the SEC on October 11, 2017, and the Definitive Proxy Statement filed with the SEC on July 6, 2017. The supplemental purchase accounting disclosures required by GAAP relating to the acquisition of PELP have not been presented as the initial accounting for this acquisition was incomplete at the time this Quarterly Report on Form 10-Q was filed with the SEC.

Real Estate Acquisitions

Real Estate Acquisitions	9 Months Ended
	Sep. 30, 2017
Real Estate Investments, Net [Abstract]
Real Estate Acquisitions	REAL ESTATE ACQUISITIONS AND DISPOSITIONS In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . This update amended existing guidance in order to clarify when an integrated set of assets and activities is considered a business. We adopted ASU 2017-01 on January 1, 2017, and applied it prospectively. Under this new guidance, most of our real estate acquisition activity is no longer considered a business combination and is instead classified as an asset acquisition. As a result, most acquisition-related costs that would have been recorded on our consolidated statements of operations are capitalized and will be amortized over the life of the related assets. Costs incurred related to properties that were not ultimately acquired were recorded as Acquisition Expenses on our consolidated statements of operations. As of September 30, 2017 , none of our real estate acquisitions in 2017 met the definition of a business; therefore, we accounted for all as asset acquisitions. During the nine months ended September 30, 2017 , we acquired six grocery-anchored shopping centers. Our first quarter acquisition closed out the Internal Revenue Service Code (“IRC”) reverse Section 1031 like-kind exchange outstanding as of December 31, 2016. During the nine months ended September 30, 2016 , we acquired three grocery-anchored shopping centers and additional real estate adjacent to previously acquired shopping centers. For the nine months ended September 30, 2017 and 2016 , we allocated the purchase price of our acquisitions, including acquisition costs for 2017, to the fair value of the assets acquired and liabilities assumed as follows (in thousands): 2017 2016 Land and improvements $ 36,100 $ 47,834 Building and improvements 95,507 74,709 Acquired in-place leases 13,646 12,300 Acquired above-market leases 1,012 2,398 Acquired below-market leases (3,703 ) (6,313 ) Total assets and lease liabilities acquired 142,562 130,928 Less: Fair value of assumed debt at acquisition 30,832 — Net assets acquired $ 111,730 $ 130,928 The weighted-average amortization periods for in-place, above-market, and below-market lease intangibles acquired during the nine months ended September 30, 2017 and 2016 , are as follows (in years): 2017 2016 Acquired in-place leases 13 12 Acquired above-market leases 7 6 Acquired below-market leases 19 22 Property Held for Sale —As of September 30, 2017 , one property was classified as held for sale as it was under contract to sell, with no substantive contingencies, and the prospective buyer had significant funds at risk. On October 26, 2017, we sold this property for $6.5 million and intend on deferring the gain through an IRC Section 1031 like-kind exchange by purchasing another property. A summary of assets and liabilities for the property held for sale as of September 30, 2017 , is below (in thousands): September 30, 2017 ASSETS Total investment in real estate assets, net $ 4,459 Accounts receivable, net 300 Other assets, net 104 Total assets $ 4,863 LIABILITIES Liabilities: Acquired below-market lease liabilities, net of accumulated amortization of $38 $ 82 Accounts payable – affiliates 5 Accounts payable and other liabilities 146 Total liabilities $ 233

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS The following describes the methods we use to estimate the fair value of our financial and nonfinancial assets and liabilities: Cash and Cash Equivalents, Restricted Cash, 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 rates used approximate 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). We have utilized market information, as available, or present value techniques to estimate the amounts required to be disclosed. The following is a summary of borrowings as of September 30, 2017 and December 31, 2016 (dollars in thousands): September 30, 2017 December 31, 2016 Fair value $ 1,226,748 $ 1,056,990 Recorded value (1) 1,232,190 1,065,180 (1) Recorded value does not include deferred financing costs of $7.4 million and $9.0 million as of September 30, 2017 and December 31, 2016 , respectively. Derivative Instruments — As of September 30, 2017 and December 31, 2016 , we had interest rate swaps that fixed LIBOR on portions of our unsecured term loan facilities (“Term Loans”). For a more detailed discussion of these cash flow hedges, see Note 8 . As of September 30, 2017 and December 31, 2016 , we were also party to an interest rate swap that fixed the variable interest rate on $10.8 million and $11.0 million , respectively, of one of our mortgage notes. The change in fair value of this instrument is recorded in Other Income (Expense), Net on the consolidated statements of operations and was not material for the three and nine months ended September 30, 2017 and 2016. All interest rate swap agreements are measured at fair value on a recurring basis. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. To comply with the provisions of ASC 820, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. 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, 2017 and December 31, 2016 , we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. We record derivative assets in Other Assets, Net and derivative liabilities in Accounts Payable and Other Liabilities on our consolidated balance sheets. The fair value measurements of our derivative assets and liabilities as of September 30, 2017 and December 31, 2016 , were as follows (in thousands): September 30, 2017 December 31, 2016 Derivative asset: Interest rate swaps designated as hedging instruments - Term Loans $ 11,175 $ 11,916 Derivative liability: Interest rate swap not designated as hedging instrument - mortgage note 108 262

Mortgages and Loans Payable

Mortgages and Loans Payable	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Mortgages and Loans Payable	MORTGAGES AND LOANS PAYABLE The following is a summary of the outstanding principal balances of our debt obligations as of September 30, 2017 and December 31, 2016 (in thousands): Interest Rate (1) September 30, 2017 December 31, 2016 Revolving credit facility (2)(3) 2.54% $ 378,969 $ 176,969 Term loan due 2019 (3) 2.46% 100,000 100,000 Term loan due 2020 (3) 2.65% 175,000 175,000 Term loan due 2021 2.49%-2.80% 125,000 125,000 Term loan due 2023 3.03% 255,000 255,000 Mortgages payable (4) 3.73%-7.91% 194,480 228,721 Assumed market debt adjustments, net (5) 3,741 4,490 Deferred financing costs, net (6) (7,411 ) (9,024 ) Total $ 1,224,779 $ 1,056,156 (1) Includes the effects of derivative financial instruments (see Notes 5 and 8 ) as of September 30, 2017 . (2) The gross borrowings and payments under our revolving credit facility were $295 million and $93 million , respectively, during the nine months ended September 30, 2017 . The revolving credit facility had a capacity of $500 million as of September 30, 2017 and December 31, 2016 . (3) In October 2017, the maturity date of the revolving credit facility was extended to October 2021, with additional options to extend the maturity to October 2022. The term loans have options to extend their maturities to 2021. A maturity date extension for the term loans requires the payment of an extension fee of 0.15% of the outstanding principal amount of the corresponding tranche. (4) Due to the non-recourse nature of our fixed-rate mortgages, the assets and liabilities of the properties securing such mortgages are neither available to pay the debts of the consolidated property-holding limited liability companies, nor do they constitute obligations of such consolidated limited liability companies as of September 30, 2017 and December 31, 2016 . (5) Net of accumulated amortization of $3.8 million and $6.1 million as of September 30, 2017 and December 31, 2016 , respectively. (6) Deferred financing costs shown are related to our Term Loans and mortgages payable and are net of accumulated amortization of $4.8 million and $3.9 million as of September 30, 2017 and December 31, 2016 , respectively. Deferred financing costs related to the revolving credit facility, which are included in Other Assets, Net, were $0.4 million and $2.2 million as of September 30, 2017 and December 31, 2016 , respectively, and are net of accumulated amortization of $8.5 million and $6.7 million , respectively. As of September 30, 2017 and December 31, 2016 , the weighted-average interest rate for all of our mortgages and loans payable was 3.1% and 3.0% , respectively. The allocation of total debt between fixed and variable-rate and between secured and unsecured, excluding market debt adjustments and deferred financing costs, as of September 30, 2017 and December 31, 2016 , is summarized below (in thousands): September 30, 2017 December 31, 2016 As to interest rate: (1) Fixed-rate debt $ 836,480 $ 615,721 Variable-rate debt 391,969 444,969 Total $ 1,228,449 $ 1,060,690 As to collateralization: Unsecured debt $ 1,033,969 $ 831,969 Secured debt 194,480 228,721 Total $ 1,228,449 $ 1,060,690 (1) Includes the effects of derivative financial instruments (see Notes 5 and 8 ). Upon completion of the PELP transaction, in order to increase the availability on our revolving credit facility and refinance the corporate debt assumed from the PELP transaction, we entered into the following new credit agreements (in thousands): Interest Rate Principal Balance Term loan due April 2022 (1)(2)(3) LIBOR + 1.30% $ 310,000 Term loan due October 2024 (1)(3) LIBOR + 1.75% 175,000 Loan facility due November 2026 (4) 3.55% 175,000 Loan facility due November 2027 (4) 3.52% 195,000 (1) The term loan interest rate spreads may vary based on our leverage ratio. The spreads presented were those in effect when we executed the loan agreements. (2) The term loan maturing in 2022 has a delayed draw feature for a total capacity of $375 million . (3) On October 27, 2017, we entered into two interest rate swap agreements with a total notional amount of $350 million on the term loans maturing in 2022 and 2024. These interest rate swaps were effective November 1, 2017. (4) The loan facility maturing in 2026 is secured by 16 properties. The loan facility maturing in 2027 is secured by separate mortgages on 14 properties. As of September 30, 2017 , approximately $12.6 million in deferred financing costs, which are included in Other Assets, Net on our consolidated balance sheet, were related to these refinancings.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Litigation We are involved in various claims and litigation matters arising in the ordinary course of business, some of which involve claims for damages. Many of these matters are covered by insurance, although they may nevertheless be subject to deductibles or retentions. Although the ultimate liability for these matters cannot be determined, based upon information currently available, we believe the resolution of such claims and litigation will not have a material adverse effect on our consolidated financial statements. Environmental Matters In connection with the ownership and operation of real estate, we may potentially be liable for costs and damages related to environmental matters. In addition, we may own or acquire certain properties that are subject to environmental remediation. Generally, the seller of the property, the tenant of the property, and/or another third party is responsible for environmental remediation costs related to a property. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify us against future remediation costs. We also carry environmental liability insurance on our properties that provides limited coverage for any remediation liability and/or pollution liability for third-party bodily injury and/or property damage claims for which we may be liable. We are not aware of any environmental matters which we believe are reasonably likely to have a material effect on our consolidated financial statements.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	9 Months Ended
	Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	DERIVATIVES AND HEDGING ACTIVITIES In September 2017, we adopted ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . This update amended existing guidance in order to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. It requires us to disclose the effect of our hedging activities on our consolidated statements of operations and eliminated the periodic measurement and recognition of hedging ineffectiveness. In accordance with the modified retrospective transition method required by ASU 2017-12, the Company recognized the cumulative effect of the change, representing the reversal of the $1.3 million cumulative ineffectiveness gain as of December 31, 2016, in the opening balance of Accumulated Other Comprehensive Income (“AOCI”) with a corresponding adjustment to the opening balance of Accumulated Deficit as of the beginning of 2017. 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 interest rate swaps 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 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 changes in the fair value of derivatives designated, and that qualify, as cash flow hedges is recorded in AOCI and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the nine months ended September 30, 2017 and 2016 , such derivatives were used to hedge the variable cash flows associated with certain variable-rate debt. The ineffectiveness previously reported in earnings for the quarters ended March 31, 2017 and June 30, 2017, was adjusted to reflect application of the provisions of ASU 2017-12 as of the beginning of 2017 (as discussed above). This adjustment was not material. Amounts reported in AOCI related to these derivatives will be reclassified to Interest Expense, Net as interest payments are made on the variable-rate debt. During the next twelve months, we estimate that an additional $0.6 million will be reclassified from Other Comprehensive (Loss) Income as a decrease to Interest Expense, Net. The following is a summary of our interest rate swaps that were designated as cash flow hedges of interest rate risk as of September 30, 2017 and December 31, 2016 , which includes an interest rate swap with a notional amount of $255 million that we entered into in October 2016 and became effective in July 2017 (notional amount in thousands): Count Notional Amount Fixed LIBOR Maturity Date 4 $642,000 1.2% - 1.5% 2019-2023 The table below details the location of the gain or loss recognized on interest rate derivatives designated as cash flow hedges in the consolidated statements of operations and comprehensive (loss) income for the three and nine months ended September 30, 2017 and 2016 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Amount of (loss) gain recognized in OCI on derivative $ (179 ) $ 1,306 $ (1,944 ) $ (9,584 ) Amount of loss reclassified from AOCI into interest expense (228 ) (888 ) (1,203 ) (2,762 ) Credit-risk-related Contingent Features We have agreements with our derivative counterparties that contain provisions 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, 2017 , the fair value of our derivatives in a net liability position, which included accrued interest but excluded any adjustment for nonperformance risk related to these agreements, was approximately $0.1 million . As of September 30, 2017 , we had not posted any collateral related to these agreements and were not in breach of any agreement provisions. If we had breached any of these provisions, we could have been required to settle our obligations under the agreements at their termination value of $0.1 million .

Equity (Notes)

Equity (Notes)	9 Months Ended
	Sep. 30, 2017
Stockholders' Equity Note [Abstract]
Equity	EQUITY On November 8, 2017 , our Board increased the estimated value per share of our common stock to $11.00 based substantially on the estimated market value of our portfolio of real estate properties and our recently acquired third-party asset management business as of October 5, 2017 , the first full business day after the closing of the PELP transaction. We engaged a third-party valuation firm to provide a calculation of the range in estimated value per share of our common stock as of October 5, 2017 , which reflected certain pro forma balance sheet assets and liabilities as of that date. For a description of the methodology and assumptions used to determine the estimated value per share, see the Current Report on Form 8-K filed with the SEC on November 9, 2017. Prior to November 8, 2017 , the estimated value per share was $10.20 based substantially on the estimated market value of our portfolio of real estate properties as of March 31, 2017. Dividend Reinvestment Plan —We have adopted a DRIP that allows stockholders to invest distributions in additional shares of our common stock. For the nine months ended September 30, 2017 and 2016 , shares were issued under the DRIP at a price of $10.20 per share. In connection with the May announcement of the PELP transaction (see Note 3 ), the DRIP was suspended during May 2017; therefore, all DRIP participants received their May distribution, which was payable in June, in cash rather than in stock. The DRIP plan resumed in June 2017, with distributions payable in July 2017. Share Repurchase Program —Our share repurchase program (“SRP”) provides an opportunity for stockholders to have shares of common stock repurchased, subject to certain restrictions and limitations. The cash available for repurchases on any particular date will generally be limited to the proceeds from the DRIP during the preceding four fiscal quarters, less amounts already used for repurchases since the beginning of that period. The Board reserves the right, in its sole discretion, at any time and from time to time, to reject any request for repurchase. In connection with the May announcement of the PELP transaction, the SRP was suspended during May 2017 and resumed in June 2017. During the nine months ended September 30, 2017 , repurchase requests surpassed the funding limits under the SRP. Due to the program’s funding limits, no funds will be available for the remainder of 2017. When we are unable to fulfill all repurchase requests in any month, we will honor requests on a pro rata basis to the extent possible. As of September 30, 2017 , we had 9.8 million shares of unfulfilled repurchase requests, which will be treated as requests for repurchase during future months until satisfied or withdrawn. We continue to fulfill repurchases sought upon a stockholder’s death, “qualifying disability,” or “determination of incompetence” in accordance with the terms of the SRP. Class B and Operating Partnership Units —The Operating Partnership issued limited partnership units that were designated as Class B units for asset management services provided by PE-NTR. In connection with the PELP transaction, Class B units were no longer issued for asset management services subsequent to September 19, 2017. Upon closing of the transaction, all outstanding Class B units were vested and will be converted to OP units. OP units may be exchanged at the election of the holder for cash or, at the option of the Operating Partnership, for shares of our common stock, under the terms of the Third Amended and Restated Agreement of Limited Partnership, provided, however, that the OP units have been outstanding for at least one year. As the form of the redemptions for the OP units is within our control, the OP units outstanding as of September 30, 2017 and December 31, 2016 , are classified as Noncontrolling Interests within permanent equity on our consolidated balance sheets. Additionally, the cumulative distributions that have been paid on these OP units are included in Distributions to Noncontrolling Interests on the consolidated statements of equity. In September 2017, we entered into an agreement with American Realty Capital II Advisors, LLC (“ARC”) to terminate all remaining contractual and economic relationships between us and ARC. In exchange for a payment of $9.6 million , ARC sold their OP units, unvested Class B Units, and their special limited partnership interests back to us, terminating all fee-sharing arrangements between ARC and PE-NTR. The 417,801 OP unit repurchase was recorded at a value of $4.2 million on the consolidated statement of equity. The $5.4 million value of the unvested Class B units, special limited partnership interests, and value of fee-sharing arrangements is recorded on the consolidated statement of operations. Below is a summary of our number of outstanding OP units and unvested Class B units as of September 30, 2017 and December 31, 2016 (in thousands): September 30, 2017 December 31, 2016 OP units 2,367 2,785 Class B units (1) 2,710 2,610 (1) Upon closing of the PELP transaction, all outstanding Class B units were converted to OP units.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing the income available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity. Class B units and OP units held by limited partners other than us are considered to be participating securities because they contain non-forfeitable rights to dividends or dividend equivalents and they have the potential to be exchanged for shares of our common stock in accordance with the terms of the Partnership Agreement. The impact of these Class B units and OP units on basic and diluted EPS has been calculated using the two-class method whereby earnings are allocated to the Class B units and OP units based on dividends declared and the units’ participation rights in undistributed earnings. The effects of the two-class method on basic and diluted EPS were immaterial to the consolidated financial statements for the three and nine months ended September 30, 2017 and 2016 . Since the OP units are fully vested, they were treated as potentially dilutive in the diluted earnings per share computations for the three and nine months ended September 30, 2017 and 2016 . There were 2.7 million and 2.5 million Class B units outstanding as of September 30, 2017 and 2016 , respectively, that remained unvested and, therefore, were not included in the diluted earnings per share computations. Upon closing of the PELP transaction, all outstanding Class B units were converted to OP units. The following table provides a reconciliation of the numerator and denominator of the earnings per unit calculations for the three and nine months ended September 30, 2017 and 2016 (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Numerator for basic and diluted earnings per share: Net (loss) income attributable to stockholders $ (8,232 ) $ 2,464 $ (8,319 ) $ 5,243 Denominator: Denominator for basic earnings per share - weighted-average shares 183,843 184,639 183,402 183,471 Effect of dilutive OP units — 2,785 — 2,785 Effect of restricted stock awards — 4 — 4 Denominator for diluted earnings per share - adjusted weighted-average shares 183,843 187,428 183,402 186,260 Earnings per common share: Net (loss) income attributable to stockholders - basic and diluted $ (0.04 ) $ 0.01 $ (0.05 ) $ 0.03 As of September 30, 2017 , approximately 2.4 million OP units and 17,200 restricted stock awards were outstanding. For the three and nine months ended September 30, 2017 , these securities were anti-dilutive and, as a result, were excluded from the weighted average common shares used to calculate diluted EPS.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS Economic Dependency —During the three and nine months ended September 30, 2017 and 2016 , we were dependent on PE-NTR, Phillips Edison & Company Ltd. (the “Property Manager”), and their respective affiliates for certain services that were essential to us, including asset acquisition and disposition decisions, asset management, operating and leasing of our properties, and other general and administrative responsibilities. As of September 30, 2017 and December 31, 2016 , PE-NTR owned 176,509 shares of our common stock, or approximately 0.1% of our outstanding common stock issued during our initial public offering period. PE-NTR was not able to sell any of those shares while serving as our advisor. Upon closing of the PELP transaction on October 4, 2017, our relationship with PE-NTR and the Property Manager was terminated. As a result, we now have an internalized management structure. Advisory Agreement —On September 1, 2017, in connection with the termination of ARC’s and PE-NTR’s fee-sharing arrangements (see Note 9 ), we entered into an amended and restated advisory agreement (the “PE-NTR Agreement”). Under the PE-NTR Agreement, all fees payable to PE-NTR were decreased by 15% . Other than the foregoing, there were no material changes in the PE-NTR Agreement. Subsequent to September 30, 2017, upon closing of the PELP transaction, the PE-NTR Agreement was terminated. As a result of purchasing PELP’s third-party asset management business, we will no longer incur the fees listed below. Pursuant to the PE-NTR Agreement, PE-NTR was entitled to specified fees for certain services, including managing our day-to-day activities and implementing our investment strategy. PE-NTR managed our day-to-day affairs and our portfolio of real estate investments subject to the Board’s supervision. Expenditures were reimbursed to PE-NTR based on amounts incurred on our behalf. Acquisition Fee —During the three and nine months ended September 30, 2017 and 2016 , we paid PE-NTR under the PE-NTR Agreement 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 was equal to 0.85% , or 1.0% prior to September 1, 2017, of the cost of investments we acquired or originated, including any debt attributable to such investments. Due Diligence Fee —During the three and nine months ended September 30, 2017 and 2016 , we reimbursed PE-NTR for expenses incurred related to selecting, evaluating, and acquiring assets on our behalf, including certain personnel costs. Asset Management Fee and Subordinated Participation —During the three and nine months ended September 30, 2017 and 2016 , the asset management compensation was equal to 0.85% , or 1.0% prior to September 1, 2017, of the cost of our assets. Prior to September 20, 2017, the asset management compensation was paid 80% in cash and 20% in Class B units of the Operating Partnership. The cash portion was paid on a monthly basis in arrears at the rate of 0.05667% multiplied by the cost of our assets as of the last day of the preceding monthly period. All asset management fees incurred between September 20, 2017 and the closing of the PELP transaction were paid 100% in cash. We paid an asset management subordinated participation by issuing a number of restricted operating partnership units designated as Class B units to PE-NTR, equal to: (i) the product of (x) the cost of our assets multiplied by (y) 0.0425% , or 0.05% prior to September 1, 2017, divided by (ii) the most recent primary offering price for a share of our common stock as of the last day of such calendar quarter less any selling commissions and dealer manager fees that would have been payable in connection with that offering. PE-NTR was entitled to receive distributions on the Class B units (and OP units converted from previously issued and vested Class B units) at the same rate as distributions were paid to common stockholders. Subsequent to September 30, 2017, upon closing of the PELP transaction, all outstanding Class B units were converted to OP units. During the nine months ended September 30, 2017 and 2016 , the Operating Partnership issued 0.6 million and 0.4 million Class B units, respectively, to PE-NTR and ARC under the PE-NTR Agreement for asset management services performed by PE-NTR. Disposition Fee —During the three and nine months ended September 30, 2017 and 2016 , we paid PE-NTR for substantial assistance by PE-NTR, or its affiliates, 1.7% , or 2.0% prior to September 1, 2017, of the contract sales price of each property or other investment sold. The conflicts committee of our Board determined whether PE-NTR or its affiliates had provided substantial assistance to us in connection with the sale of an asset. Substantial assistance in connection with the sale of a property included 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 PE-NTR or its affiliates in connection with a sale. However, if we sold an asset to an affiliate, our organizational documents prohibited us from paying a disposition fee to PE-NTR or its affiliates. Prior to September 1, 2017, ARC also received the acquisition fee, asset management subordinated participation, and disposition fee, as well as distributions on Class B and OP units. For a more detailed discussion of the termination of our relationship with ARC, see Note 9 . General and Administrative Expenses —As of September 30, 2017 and December 31, 2016 , we owed PE-NTR and their affiliates approximately $117,000 and $43,000 , respectively, for general and administrative expenses paid on our behalf. Summarized below are the fees earned by and the expenses reimbursable to PE-NTR and ARC for the three and nine months ended September 30, 2017 and 2016 . As of September 1, 2017, pursuant to the termination of our relationship with ARC, they were no longer entitled to these fees and reimbursements. This table includes any related amounts unpaid as of September 30, 2017 and December 31, 2016 , except for unpaid general and administrative expenses, which we disclose above (in thousands): Three Months Ended Nine Months Ended Unpaid Amount as of September 30, September 30, September 30, December 31, 2017 2016 2017 2016 2017 2016 Acquisition fees (1) $ 294 $ 367 $ 1,344 $ 1,307 $ — $ — Due diligence fees (1) 370 73 583 228 1 29 Asset management fees (2) 5,071 4,852 15,388 14,182 1,529 1,687 OP units distribution (3) 448 470 1,373 1,398 145 158 Class B units distribution (4) 482 408 1,393 1,144 130 148 Disposition fees — — 19 — — — Total $ 6,665 $ 6,170 $ 20,100 $ 18,259 $ 1,805 $ 2,022 (1) Prior to January 1, 2017, acquisition and due diligence fees were recorded on our consolidated statements of operations. The majority of these costs are now capitalized and allocated to the related investment in real estate assets on the consolidated balance sheet based on the acquisition-date fair values of the respective assets and liability acquired. (2) Asset management fees are presented in General and Administrative on the consolidated statements of operations. (3) The distributions paid to holders of OP units are presented as Distributions to Noncontrolling Interests on the consolidated statements of equity. (4) The distributions paid to holders of unvested Class B units are presented in General and Administrative on the consolidated statements of operations. Property Manager —During the three and nine months ended September 30, 2017 and 2016 , all of our real properties were managed and leased by the Property Manager, which was wholly owned by our Phillips Edison sponsor. The Property Manager also manages real properties owned by Phillips Edison affiliates and other third parties. Effective October 4, 2017, our agreement with the Property Manager was terminated. As a result, we will no longer incur the fees listed below. Property Management Fee —We paid to the Property Manager a monthly property management fee of 4% of the monthly gross cash receipts from the properties it managed. Leasing Commissions —In addition to the property management fee, if the Property Manager provided leasing services with respect to a property, we paid 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 was 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 could have been increased by up to 50% if the Property Manager engaged a co-broker to lease a particular vacancy. Construction Management Fee —If we engaged the Property Manager to provide construction management services with respect to a particular property, we paid a construction management fee in an amount that was usual and customary for comparable services rendered to similar projects in the geographic market of the property. Expenses and Reimbursements —The Property Manager hired, directed, and established policies for employees who had direct responsibility for the operations of each real property it managed, which could have included, but was not limited to, on-site managers and building and maintenance personnel. Certain employees of the Property Manager may have been employed on a part-time basis and may have also been employed by PE-NTR or certain of its affiliates. The Property Manager also directed the purchase of equipment and supplies and supervised all maintenance activity. We reimbursed the costs and expenses incurred by the Property Manager on our behalf, including employee compensation, legal, travel, and other out-of-pocket expenses that were directly related to the management of specific properties and corporate matters, as well as fees and expenses of third-party accountants. Summarized below are the fees earned by and the expenses reimbursable to the Property Manager for the three and nine months ended September 30, 2017 and 2016 , and any related amounts unpaid as of September 30, 2017 and December 31, 2016 (in thousands): Three Months Ended Nine Months Ended Unpaid Amount as of September 30, September 30, September 30, December 31, 2017 2016 2017 2016 2017 2016 Property management fees (1) $ 2,717 $ 2,457 $ 7,986 $ 7,456 $ 888 $ 840 Leasing commissions (2) 1,677 1,828 6,077 5,570 314 705 Construction management fees (2) 683 251 1,367 664 327 165 Other fees and reimbursements (3) 2,409 1,499 6,030 4,064 1,116 796 Total $ 7,486 $ 6,035 $ 21,460 $ 17,754 $ 2,645 $ 2,506 (1) The property management fees are included in Property Operating on the consolidated statements of operations. (2) Leasing commissions paid for leases with terms less than one year are expensed immediately and included in Depreciation and Amortization on the consolidated statements of operations. Leasing commissions paid for leases with terms greater than one year, and construction management fees, are capitalized and amortized over the life of the related leases or assets. (3) Other fees and reimbursements are included in Property Operating, General and Administrative, and Transaction Expenses on the consolidated statements of operations based on the nature of the expense.

Operating Leases

Operating Leases	9 Months Ended
	Sep. 30, 2017
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 rental income to be received under non-cancelable operating leases in effect as of September 30, 2017 , assuming no new or renegotiated leases or option extensions on lease agreements, was as follows (in thousands): Year Amount Remaining 2017 $ 53,743 2018 205,462 2019 182,579 2020 160,034 2021 134,587 2022 and thereafter 453,701 Total $ 1,190,106 No single tenant comprised 10% or more of our aggregate annualized base rent as of September 30, 2017 . As of September 30, 2017 , our real estate investments in Florida represented 12.8% of our ABR. As a result, the geographic concentration of our portfolio makes it particularly susceptible to adverse economic developments in the Florida real estate market.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Distributions to Stockholders Distributions equal to a daily amount of $0.00183562 per share of common stock or OP unit outstanding were paid subsequent to September 30, 2017 , to the stockholders and OP unit holders of record from September 1, 2017, through October 31, 2017, as follows (in thousands): Distribution Period Date Distribution Paid Gross Amount of Distribution Paid Distribution Reinvested through the DRIP Net Cash Distribution September 1, 2017, through September 30, 2017 10/2/2017 $ 10,145 $ 4,301 $ 5,844 October 1, 2017, through October 31, 2017 11/1/2017 12,541 4,415 8,126 In November 2017 our Board authorized distributions to the stockholders and OP unit holders of record at the close of business each day in the period commencing December 1, 2017 through December 31, 2017, equal to a daily amount of $0.00183562 per share of common stock or OP unit. They also authorized distributions for January 2018 and February 2018 to the stockholders and OP unit holders of record at the close of business on January 16, 2018 and February 15, 2018, respectively, equal to a monthly amount of $0.05583344 per share of common stock or OP unit. The monthly distribution rate will result in the same annual distribution amount as the current, daily distribution rate. Acquisitions Subsequent to September 30, 2017 , we acquired the following properties (dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Contractual Purchase Price Square Footage Leased % of Rentable Square Feet at Acquisition Winter Springs Town Center Winter Springs, FL Publix 10/20/2017 $24,870 118,735 91.9% Flynn Crossing Center Alpharetta, GA Publix 10/26/2017 $23,691 95,002 96.0%

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation —The accompanying 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 consolidated financial statements of Phillips Edison Grocery Center REIT I, Inc. for the year ended December 31, 2016 , which are included in our 2016 Annual Report on Form 10-K. In the opinion of management, all normal and recurring adjustments necessary for the fair presentation of the unaudited consolidated financial statements for the periods presented have been included in this Quarterly Report. Our results of operations for the three and nine months ended September 30, 2017 , are not necessarily indicative of the operating results expected for the full year. The accompanying consolidated financial statements include our accounts and those of our majority-owned subsidiaries. All intercompany balances and transactions are eliminated upon consolidation.
Held for Sale Entities	Held for Sale Entities —We consider assets to be held for sale when management believes that a sale is probable within a year. This generally occurs when a sales contract is executed with no substantive contingencies and the prospective buyer has significant funds at risk. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value less cost to sell.
Newly Adopted and Recently Issued Accounting Pronouncements	Newly Adopted and Recently Issued Accounting Pronouncements The following table provides a brief description of recently issued accounting pronouncements that could have a material effect on our financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters Accounting Standards Update “ASU” 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) This update amends existing guidance in order to provide consistency in accounting for the derecognition of a business or nonprofit activity. It is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted. January 1, 2018 We will adopt this standard concurrently with ASU 2014-09, listed below. We expect the adoption will impact our transactions that are subject to the amendments, which, although expected to be infrequent, would include a partial sale of real estate or contribution of a nonfinancial asset to form a joint venture. ASU 2016-18, Statement of Cash Flows (Topic 230) This update amends existing guidance in order to clarify the classification and presentation of restricted cash on the statement of cash flows. It is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted. January 1, 2018 Upon adoption, we will include amounts generally described as restricted cash within the beginning-of-period and end-of-period total amounts on the statement of cash flows rather than within an activity on the statement of cash flows. ASU 2016-15, Statement of Cash Flows (Topic 230) This update addresses the presentation of eight specific cash receipts and cash payments on the statement of cash flows. It is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted. January 1, 2018 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. Of the eight specific cash receipts and cash payments listed within this guidance, we believe only two would be applicable to our business as it stands currently: debt prepayment or debt extinguishment costs and proceeds from settlement of insurance claims. We will continue to evaluate the impact that adoption of the standard will have on our presentation of these and any other applicable cash receipts and cash payments. ASU 2016-02, Leases (Topic 842) This update amends existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This update is effective for annual reporting periods beginning after December 15, 2018, but early adoption is permitted. January 1, 2019 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. We have identified areas within our accounting policies we believe could be impacted by the new standard. We expect to have a change in presentation on our consolidated statement of operations with regards to Tenant Recovery Income, which includes reimbursement amounts we receive from tenants for operating expenses such as real estate taxes, insurance, and other common area maintenance. Additionally, this standard impacts the lessor’s ability to capitalize certain costs related to the leasing of vacant space, which will result in a reduction in the amount of execution costs currently being capitalized in connection with leasing activities. ASU 2014-09, Revenue from Contracts with Customers (Topic 606) This update outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it also applies to certain other transactions such as the sale of real estate or equipment. Expanded quantitative and qualitative disclosures are also required for contracts subject to ASU 2014-09. In 2015, the Financial Accounting Standard Board (“FASB”) provided for a one-year deferral of the effective date for ASU 2014-09, making it effective for annual reporting periods beginning after December 15, 2017. January 1, 2018 Our revenue-producing contracts are primarily leases that are not within the scope of this standard. As a result, we do not expect the adoption of this standard to have a material impact on our rental or reimbursement revenue. We currently plan to adopt this guidance on a modified retrospective basis. The following table provides a brief description of newly adopted accounting pronouncements and their effect on our financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2017-12, Derivatives and Hedging (Topic 815) This update amended existing guidance in order to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. September 2017 Upon adoption, we included a disclosure related to the effect of our hedging activities on our consolidated statements of operations. This disclosure also eliminated the periodic measurement and recognition of hedging ineffectiveness. We adopted this guidance on a modified retrospective basis and applied an adjustment to Accumulated Other Comprehensive Income with a corresponding adjustment to the opening balance of Accumulated Deficit as of the beginning of 2017. For a more detailed discussion of this adoption, see Note 8. ASU 2017-01, Business Combinations This update amended existing guidance in order to clarify when an integrated set of assets and activities is considered a business. January 1, 2017 For a more detailed discussion of the effect of this adoption on our financial statements, see Note 4.
Reclassifications	Reclassifications —The following line item on our consolidated statement of cash flows for the nine months ended September 30, 2016 , was reclassified: • Net (Gain) Loss on Write-off of Unamortized Capitalized Leasing Commissions, Market Debt Adjustments, and Deferred Financing Expense was separately disclosed due to significance in the current period. In the previous period these amounts were included in Other.

Earnings Per Share Earnings Per

Earnings Per Share Earnings Per Share (Policies)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Share, Policy	We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing the income available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity. Class B units and OP units held by limited partners other than us are considered to be participating securities because they contain non-forfeitable rights to dividends or dividend equivalents and they have the potential to be exchanged for shares of our common stock in accordance with the terms of the Partnership Agreement. The impact of these Class B units and OP units on basic and diluted EPS has been calculated using the two-class method whereby earnings are allocated to the Class B units and OP units based on dividends declared and the units’ participation rights in undistributed earnings.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The following table provides a brief description of recently issued accounting pronouncements that could have a material effect on our financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters Accounting Standards Update “ASU” 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) This update amends existing guidance in order to provide consistency in accounting for the derecognition of a business or nonprofit activity. It is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted. January 1, 2018 We will adopt this standard concurrently with ASU 2014-09, listed below. We expect the adoption will impact our transactions that are subject to the amendments, which, although expected to be infrequent, would include a partial sale of real estate or contribution of a nonfinancial asset to form a joint venture. ASU 2016-18, Statement of Cash Flows (Topic 230) This update amends existing guidance in order to clarify the classification and presentation of restricted cash on the statement of cash flows. It is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted. January 1, 2018 Upon adoption, we will include amounts generally described as restricted cash within the beginning-of-period and end-of-period total amounts on the statement of cash flows rather than within an activity on the statement of cash flows. ASU 2016-15, Statement of Cash Flows (Topic 230) This update addresses the presentation of eight specific cash receipts and cash payments on the statement of cash flows. It is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted. January 1, 2018 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. Of the eight specific cash receipts and cash payments listed within this guidance, we believe only two would be applicable to our business as it stands currently: debt prepayment or debt extinguishment costs and proceeds from settlement of insurance claims. We will continue to evaluate the impact that adoption of the standard will have on our presentation of these and any other applicable cash receipts and cash payments. ASU 2016-02, Leases (Topic 842) This update amends existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This update is effective for annual reporting periods beginning after December 15, 2018, but early adoption is permitted. January 1, 2019 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. We have identified areas within our accounting policies we believe could be impacted by the new standard. We expect to have a change in presentation on our consolidated statement of operations with regards to Tenant Recovery Income, which includes reimbursement amounts we receive from tenants for operating expenses such as real estate taxes, insurance, and other common area maintenance. Additionally, this standard impacts the lessor’s ability to capitalize certain costs related to the leasing of vacant space, which will result in a reduction in the amount of execution costs currently being capitalized in connection with leasing activities. ASU 2014-09, Revenue from Contracts with Customers (Topic 606) This update outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it also applies to certain other transactions such as the sale of real estate or equipment. Expanded quantitative and qualitative disclosures are also required for contracts subject to ASU 2014-09. In 2015, the Financial Accounting Standard Board (“FASB”) provided for a one-year deferral of the effective date for ASU 2014-09, making it effective for annual reporting periods beginning after December 15, 2017. January 1, 2018 Our revenue-producing contracts are primarily leases that are not within the scope of this standard. As a result, we do not expect the adoption of this standard to have a material impact on our rental or reimbursement revenue. We currently plan to adopt this guidance on a modified retrospective basis. The following table provides a brief description of newly adopted accounting pronouncements and their effect on our financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2017-12, Derivatives and Hedging (Topic 815) This update amended existing guidance in order to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. September 2017 Upon adoption, we included a disclosure related to the effect of our hedging activities on our consolidated statements of operations. This disclosure also eliminated the periodic measurement and recognition of hedging ineffectiveness. We adopted this guidance on a modified retrospective basis and applied an adjustment to Accumulated Other Comprehensive Income with a corresponding adjustment to the opening balance of Accumulated Deficit as of the beginning of 2017. For a more detailed discussion of this adoption, see Note 8. ASU 2017-01, Business Combinations This update amended existing guidance in order to clarify when an integrated set of assets and activities is considered a business. January 1, 2017 For a more detailed discussion of the effect of this adoption on our financial statements, see Note 4.

PELP Acquisition Transfer of Co

PELP Acquisition Transfer of Consideration (Tables)	9 Months Ended
	Sep. 30, 2017
Business Acquisition, Contingent Consideration [Line Items]
Schedule of Business Acquisitions by Acquisition, Contingent Consideration	Under the terms of this transaction, the following consideration was given in exchange for the contribution of PELP’s ownership interests in 76 shopping centers, its captive insurance company, and its third-party asset management business (in thousands): Amount Value of Operating Partnership units (“OP units”) issued (1) $ 404,317 Debt assumed (2) : Corporate debt 432,091 Mortgages and notes payable 70,837 Cash payments 25,000 Total estimated consideration $ 932,245 (1) We issued 39.6 million OP units, excluding 5.1 million OP units and Class B units outstanding prior to the acquisition date, with an estimated value per unit of $10.20 at the time of the transaction. (2) The amounts related to debt assumed are shown at face value, but the final amounts will be recorded at fair value.

Real Estate Acquisitions (Table

Real Estate Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2017
Real Estate Investments, Net [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	For the nine months ended September 30, 2017 and 2016 , we allocated the purchase price of our acquisitions, including acquisition costs for 2017, to the fair value of the assets acquired and liabilities assumed as follows (in thousands): 2017 2016 Land and improvements $ 36,100 $ 47,834 Building and improvements 95,507 74,709 Acquired in-place leases 13,646 12,300 Acquired above-market leases 1,012 2,398 Acquired below-market leases (3,703 ) (6,313 ) Total assets and lease liabilities acquired 142,562 130,928 Less: Fair value of assumed debt at acquisition 30,832 — Net assets acquired $ 111,730 $ 130,928
Schedule of Finite-lived Intangible Assets Acquired as Part of Business Combination	The weighted-average amortization periods for in-place, above-market, and below-market lease intangibles acquired during the nine months ended September 30, 2017 and 2016 , are as follows (in years): 2017 2016 Acquired in-place leases 13 12 Acquired above-market leases 7 6 Acquired below-market leases 19 22
Schedule of Held-for-sale Property	A summary of assets and liabilities for the property held for sale as of September 30, 2017 , is below (in thousands): September 30, 2017 ASSETS Total investment in real estate assets, net $ 4,459 Accounts receivable, net 300 Other assets, net 104 Total assets $ 4,863 LIABILITIES Liabilities: Acquired below-market lease liabilities, net of accumulated amortization of $38 $ 82 Accounts payable – affiliates 5 Accounts payable and other liabilities 146 Total liabilities $ 233

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The following is a summary of borrowings as of September 30, 2017 and December 31, 2016 (dollars in thousands): September 30, 2017 December 31, 2016 Fair value $ 1,226,748 $ 1,056,990 Recorded value (1) 1,232,190 1,065,180 (1) Recorded value does not include deferred financing costs of $7.4 million and $9.0 million as of September 30, 2017 and December 31, 2016 , respectively.
Schedule of Derivative Instruments, Fair Value	The fair value measurements of our derivative assets and liabilities as of September 30, 2017 and December 31, 2016 , were as follows (in thousands): September 30, 2017 December 31, 2016 Derivative asset: Interest rate swaps designated as hedging instruments - Term Loans $ 11,175 $ 11,916 Derivative liability: Interest rate swap not designated as hedging instrument - mortgage note 108 262

Mortgages and Loans Payable (Ta

Mortgages and Loans Payable (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Schedule of Subsequent Events [Table Text Block]	Upon completion of the PELP transaction, in order to increase the availability on our revolving credit facility and refinance the corporate debt assumed from the PELP transaction, we entered into the following new credit agreements (in thousands): Interest Rate Principal Balance Term loan due April 2022 (1)(2)(3) LIBOR + 1.30% $ 310,000 Term loan due October 2024 (1)(3) LIBOR + 1.75% 175,000 Loan facility due November 2026 (4) 3.55% 175,000 Loan facility due November 2027 (4) 3.52% 195,000 (1) The term loan interest rate spreads may vary based on our leverage ratio. The spreads presented were those in effect when we executed the loan agreements. (2) The term loan maturing in 2022 has a delayed draw feature for a total capacity of $375 million . (3) On October 27, 2017, we entered into two interest rate swap agreements with a total notional amount of $350 million on the term loans maturing in 2022 and 2024. These interest rate swaps were effective November 1, 2017. (4) The loan facility maturing in 2026 is secured by 16 properties. The loan facility maturing in 2027 is secured by separate mortgages on 14 properties.
Schedule of Outstanding Principal Balances of Debt Obligations	The following is a summary of the outstanding principal balances of our debt obligations as of September 30, 2017 and December 31, 2016 (in thousands): Interest Rate (1) September 30, 2017 December 31, 2016 Revolving credit facility (2)(3) 2.54% $ 378,969 $ 176,969 Term loan due 2019 (3) 2.46% 100,000 100,000 Term loan due 2020 (3) 2.65% 175,000 175,000 Term loan due 2021 2.49%-2.80% 125,000 125,000 Term loan due 2023 3.03% 255,000 255,000 Mortgages payable (4) 3.73%-7.91% 194,480 228,721 Assumed market debt adjustments, net (5) 3,741 4,490 Deferred financing costs, net (6) (7,411 ) (9,024 ) Total $ 1,224,779 $ 1,056,156 (1) Includes the effects of derivative financial instruments (see Notes 5 and 8 ) as of September 30, 2017 . (2) The gross borrowings and payments under our revolving credit facility were $295 million and $93 million , respectively, during the nine months ended September 30, 2017 . The revolving credit facility had a capacity of $500 million as of September 30, 2017 and December 31, 2016 . (3) In October 2017, the maturity date of the revolving credit facility was extended to October 2021, with additional options to extend the maturity to October 2022. The term loans have options to extend their maturities to 2021. A maturity date extension for the term loans requires the payment of an extension fee of 0.15% of the outstanding principal amount of the corresponding tranche. (4) Due to the non-recourse nature of our fixed-rate mortgages, the assets and liabilities of the properties securing such mortgages are neither available to pay the debts of the consolidated property-holding limited liability companies, nor do they constitute obligations of such consolidated limited liability companies as of September 30, 2017 and December 31, 2016 . (5) Net of accumulated amortization of $3.8 million and $6.1 million as of September 30, 2017 and December 31, 2016 , respectively. (6) Deferred financing costs shown are related to our Term Loans and mortgages payable and are net of accumulated amortization of $4.8 million and $3.9 million as of September 30, 2017 and December 31, 2016 , respectively. Deferred financing costs related to the revolving credit facility, which are included in Other Assets, Net, were $0.4 million and $2.2 million as of September 30, 2017 and December 31, 2016 , respectively, and are net of accumulated amortization of $8.5 million and $6.7 million , respectively.
Schedule of Debt Allocation	The allocation of total debt between fixed and variable-rate and between secured and unsecured, excluding market debt adjustments and deferred financing costs, as of September 30, 2017 and December 31, 2016 , is summarized below (in thousands): September 30, 2017 December 31, 2016 As to interest rate: (1) Fixed-rate debt $ 836,480 $ 615,721 Variable-rate debt 391,969 444,969 Total $ 1,228,449 $ 1,060,690 As to collateralization: Unsecured debt $ 1,033,969 $ 831,969 Secured debt 194,480 228,721 Total $ 1,228,449 $ 1,060,690 (1) Includes the effects of derivative financial instruments (see Notes 5 and 8 ).

Derivatives and Hedging Activ28

Derivatives and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The following is a summary of our interest rate swaps that were designated as cash flow hedges of interest rate risk as of September 30, 2017 and December 31, 2016 , which includes an interest rate swap with a notional amount of $255 million that we entered into in October 2016 and became effective in July 2017 (notional amount in thousands): Count Notional Amount Fixed LIBOR Maturity Date 4 $642,000 1.2% - 1.5% 2019-2023
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)	The table below details the location of the gain or loss recognized on interest rate derivatives designated as cash flow hedges in the consolidated statements of operations and comprehensive (loss) income for the three and nine months ended September 30, 2017 and 2016 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Amount of (loss) gain recognized in OCI on derivative $ (179 ) $ 1,306 $ (1,944 ) $ (9,584 ) Amount of loss reclassified from AOCI into interest expense (228 ) (888 ) (1,203 ) (2,762 )

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2017
Stockholders' Equity Note [Abstract]
Outstanding OP Units and Unvested Class B Units	Below is a summary of our number of outstanding OP units and unvested Class B units as of September 30, 2017 and December 31, 2016 (in thousands): September 30, 2017 December 31, 2016 OP units 2,367 2,785 Class B units (1) 2,710 2,610 (1) Upon closing of the PELP transaction, all outstanding Class B units were converted to OP units.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table provides a reconciliation of the numerator and denominator of the earnings per unit calculations for the three and nine months ended September 30, 2017 and 2016 (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Numerator for basic and diluted earnings per share: Net (loss) income attributable to stockholders $ (8,232 ) $ 2,464 $ (8,319 ) $ 5,243 Denominator: Denominator for basic earnings per share - weighted-average shares 183,843 184,639 183,402 183,471 Effect of dilutive OP units — 2,785 — 2,785 Effect of restricted stock awards — 4 — 4 Denominator for diluted earnings per share - adjusted weighted-average shares 183,843 187,428 183,402 186,260 Earnings per common share: Net (loss) income attributable to stockholders - basic and diluted $ (0.04 ) $ 0.01 $ (0.05 ) $ 0.03

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Advisor Transactions	Summarized below are the fees earned by and the expenses reimbursable to PE-NTR and ARC for the three and nine months ended September 30, 2017 and 2016 . As of September 1, 2017, pursuant to the termination of our relationship with ARC, they were no longer entitled to these fees and reimbursements. This table includes any related amounts unpaid as of September 30, 2017 and December 31, 2016 , except for unpaid general and administrative expenses, which we disclose above (in thousands): Three Months Ended Nine Months Ended Unpaid Amount as of September 30, September 30, September 30, December 31, 2017 2016 2017 2016 2017 2016 Acquisition fees (1) $ 294 $ 367 $ 1,344 $ 1,307 $ — $ — Due diligence fees (1) 370 73 583 228 1 29 Asset management fees (2) 5,071 4,852 15,388 14,182 1,529 1,687 OP units distribution (3) 448 470 1,373 1,398 145 158 Class B units distribution (4) 482 408 1,393 1,144 130 148 Disposition fees — — 19 — — — Total $ 6,665 $ 6,170 $ 20,100 $ 18,259 $ 1,805 $ 2,022 (1) Prior to January 1, 2017, acquisition and due diligence fees were recorded on our consolidated statements of operations. The majority of these costs are now capitalized and allocated to the related investment in real estate assets on the consolidated balance sheet based on the acquisition-date fair values of the respective assets and liability acquired. (2) Asset management fees are presented in General and Administrative on the consolidated statements of operations. (3) The distributions paid to holders of OP units are presented as Distributions to Noncontrolling Interests on the consolidated statements of equity. (4) The distributions paid to holders of unvested Class B units are presented in General and Administrative on the consolidated statements of operations.
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, 2017 and 2016 , and any related amounts unpaid as of September 30, 2017 and December 31, 2016 (in thousands): Three Months Ended Nine Months Ended Unpaid Amount as of September 30, September 30, September 30, December 31, 2017 2016 2017 2016 2017 2016 Property management fees (1) $ 2,717 $ 2,457 $ 7,986 $ 7,456 $ 888 $ 840 Leasing commissions (2) 1,677 1,828 6,077 5,570 314 705 Construction management fees (2) 683 251 1,367 664 327 165 Other fees and reimbursements (3) 2,409 1,499 6,030 4,064 1,116 796 Total $ 7,486 $ 6,035 $ 21,460 $ 17,754 $ 2,645 $ 2,506 (1) The property management fees are included in Property Operating on the consolidated statements of operations. (2) Leasing commissions paid for leases with terms less than one year are expensed immediately and included in Depreciation and Amortization on the consolidated statements of operations. Leasing commissions paid for leases with terms greater than one year, and construction management fees, are capitalized and amortized over the life of the related leases or assets. (3) Other fees and reimbursements are included in Property Operating, General and Administrative, and Transaction Expenses on the consolidated statements of operations based on the nature of the expense.

Operating Leases (Tables)

Operating Leases (Tables)	9 Months Ended
	Sep. 30, 2017
Leases, Operating [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	Approximate future rental income to be received under non-cancelable operating leases in effect as of September 30, 2017 , assuming no new or renegotiated leases or option extensions on lease agreements, was as follows (in thousands): Year Amount Remaining 2017 $ 53,743 2018 205,462 2019 182,579 2020 160,034 2021 134,587 2022 and thereafter 453,701 Total $ 1,190,106

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Distributions to Stockholders	Distributions equal to a daily amount of $0.00183562 per share of common stock or OP unit outstanding were paid subsequent to September 30, 2017 , to the stockholders and OP unit holders of record from September 1, 2017, through October 31, 2017, as follows (in thousands): Distribution Period Date Distribution Paid Gross Amount of Distribution Paid Distribution Reinvested through the DRIP Net Cash Distribution September 1, 2017, through September 30, 2017 10/2/2017 $ 10,145 $ 4,301 $ 5,844 October 1, 2017, through October 31, 2017 11/1/2017 12,541 4,415 8,126
Real Estate Acquisitions - Subsequent Event	Subsequent to September 30, 2017 , we acquired the following properties (dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Contractual Purchase Price Square Footage Leased % of Rentable Square Feet at Acquisition Winter Springs Town Center Winter Springs, FL Publix 10/20/2017 $24,870 118,735 91.9% Flynn Crossing Center Alpharetta, GA Publix 10/26/2017 $23,691 95,002 96.0%

Organization (Details)

Organization (Details)	Oct. 04, 2017	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of real estate properties owned		159
Subsequent Event | Phillips Edison Limited Partnership
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of real estate properties owned	76
Business Acquisition [Line Items]
Business combination, date of contribution agreement	Oct. 4, 2017

PELP Acquisition (Details)

PELP Acquisition (Details) $ / shares in Units, $ in Thousands, shares in Millions	Oct. 04, 2017USD ($)shares	Sep. 30, 2017$ / shares	Sep. 08, 2017$ / shares
Business Acquisition [Line Items]
Business combination, number of real estate properties acquired		159
Share price | $ / shares		$ 10.20	$ 11
Subsequent Event | Phillips Edison Limited Partnership
Business Acquisition [Line Items]
Business combination, date of contribution agreement	Oct. 4, 2017
Business combination, number of real estate properties acquired	76
Business combination, value of operating units issued	$ 404,317
Business combination, corporate debt assumed	432,091
Business combination, mortgages and notes payable assumed	70,837
Business combination, cash payments to acquire business	25,000
Business combination, total estimated consideration	$ 932,245
Business combination, number of shares of OP units issued | shares	39.6
Business combination, equity interests outstanding prior to acquisition | shares	5.1
Business combination, post-transaction acquirer ownership percentage	80.60%
Business combination, post-transaction equity interests issued or issuable, percentage	19.40%
Business combination, contingent consideration, equity interests issuable | shares	12.5

Real Estate Acquisitions (Detai

Real Estate Acquisitions (Details)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Real Estate Investments, Net [Abstract]
Number of real estate acquisitions	6	3

Real Estate Acquisitions (Det37

Real Estate Acquisitions (Details) - Allocation - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Real Estate Investments, Net [Abstract]
Land and improvements	$ 36,100	$ 47,834
Building and improvements	95,507	74,709
Acquired in-place leases	13,646	12,300
Acquired above-market leases	1,012	2,398
Acquired below-market leases	(3,703)	(6,313)
Total assets and lease liabilities acquired	142,562	130,928
Less: Fair value of assumed debt at acquisition	30,832	0
Net assets acquired	$ 111,730	$ 130,928

Real Estate Acquisitions (Deta

Real Estate Acquisitions (Details) - Weighted-average amortization	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Acquired In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	13 years	12 years
Acquired Above-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	7 years	6 years
Acquired Below-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	19 years	22 years

Real Estate Acquisitions Proper

Real Estate Acquisitions Property Held-for-sale (Details) - USD ($) $ in Thousands	Oct. 26, 2017	Sep. 30, 2017
Long Lived Assets Held-for-sale [Line Items]
Total investment in real estate assets, net		$ 4,459
Accounts receivable, net		300
Other assets, net		104
Total assets		4,863
Acquired below-market lease liabilities, net of accumulated amortization of $38		82
Below market lease, accumulated amortization		38
Accounts payable – affiliates		5
Accounts payable and other liabilities		146
Total liabilities		$ 233
Subsequent Event
Long Lived Assets Held-for-sale [Line Items]
Proceeds from sale of property, plant, and equipment	$ 6,500

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Mortgages and Loans Payable - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Fair Value Inputs, Liabilities, Quantitative Information
Recorded value	$ 1,232,190	$ 1,065,180
Deferred financing costs	7,411	9,024
Fair Value, Level 3 Inputs
Fair Value Inputs, Liabilities, Quantitative Information
Fair value	$ 1,226,748	$ 1,056,990

Fair Value Measurements (Deta41

Fair Value Measurements (Details) - Derivative Instruments - Interest Rate Swap $ in Thousands	Sep. 30, 2017USD ($)derivative	Dec. 31, 2016USD ($)derivative
Not Designated as Hedging Instrument
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Derivative, notional amount	$ 10,800	$ 11,000
Number of interest rate swap agreements | derivative	1	1
Derivative assets / liabilities, at fair value, net	$ (108)	$ (262)
Designated as Hedging Instrument
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Derivative assets / liabilities, at fair value, net	$ 11,175	$ 11,916

Mortgages and Loans Payable (De

Mortgages and Loans Payable (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Outstanding principal balance	$ 1,228,449	$ 1,060,690
Assumed market debt adjustments, net	3,741	4,490
Deferred financing costs, net	(7,411)	(9,024)
Total	1,224,779	1,056,156
Accumulated amortization, assumed below-market debt adjustment	3,800	6,100
Accumulated amortization, deferred finance costs	$ 4,800	$ 3,900
Weighted-average interest rate on debt	3.10%	3.00%
Mortgages
Debt Instrument [Line Items]
Outstanding principal balance	$ 194,480	$ 228,721
Mortgages | Minimum
Debt Instrument [Line Items]
Interest rate	3.73%
Mortgages | Maximum
Debt Instrument [Line Items]
Interest rate	7.91%
Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate	2.54%
Outstanding principal balance	$ 378,969	176,969
Gross borrowings	295,000
Gross payments	93,000
Borrowing capacity, amount	500,000	500,000
Deferred financing costs, line of credit arrangements, net	400	2,200
Accumulated amortization of deferred financing costs, line of credit arrangements	$ 8,500	6,700
Term Loan Due 2019
Debt Instrument [Line Items]
Interest rate	2.46%
Outstanding principal balance	$ 100,000	100,000
Term Loan Due 2020
Debt Instrument [Line Items]
Interest rate	2.65%
Outstanding principal balance	$ 175,000	175,000
Term Loan Due 2021
Debt Instrument [Line Items]
Outstanding principal balance	$ 125,000	125,000
Term Loan Due 2021 | Minimum
Debt Instrument [Line Items]
Interest rate	2.49%
Term Loan Due 2021 | Maximum
Debt Instrument [Line Items]
Interest rate	2.80%
Term Loan Due 2023
Debt Instrument [Line Items]
Interest rate	3.03%
Outstanding principal balance	$ 255,000	$ 255,000
Term Loan Facility
Debt Instrument [Line Items]
Maturity date extension fee, percent	0.15%

Mortgages and Loans Payable (43

Mortgages and Loans Payable (Details) - Debt Obligations - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
Fixed-rate debt	$ 836,480	$ 615,721
Variable-rate debt	391,969	444,969
Total	1,228,449	1,060,690
Unsecured Debt	1,033,969	831,969
Secured Debt	$ 194,480	$ 228,721

Mortgages and Loans Payable New

Mortgages and Loans Payable New Credit Agreements (Details) $ in Thousands	Oct. 04, 2017USD ($)property	Oct. 27, 2017USD ($)derivative	Sep. 30, 2017USD ($)derivative	Dec. 31, 2016USD ($)derivative
Line of Credit Facility [Line Items]
Outstanding principal balance			$ 1,228,449	$ 1,060,690
Number of real estate properties owned			159
Debt issuance costs			$ 12,600
London Interbank Offered Rate (LIBOR) | Designated as Hedging Instrument | Interest Rate Swap
Line of Credit Facility [Line Items]
Count | derivative			4	4
Derivative, notional amount			$ 642,000	$ 642,000
Subsequent Event | London Interbank Offered Rate (LIBOR) | Designated as Hedging Instrument | Interest Rate Swap
Line of Credit Facility [Line Items]
Count | derivative		2
Derivative, notional amount		$ 350,000
Subsequent Event | Term Loan Due 2022
Line of Credit Facility [Line Items]
Outstanding principal balance	$ 310,000
Interest rate, basis spread on variable rate	1.30%
Borrowing capacity, amount	$ 375,000
Subsequent Event | Term Loan Due 2024
Line of Credit Facility [Line Items]
Outstanding principal balance	$ 175,000
Interest rate, basis spread on variable rate	1.75%
Subsequent Event | Loan Facility Due 2026
Line of Credit Facility [Line Items]
Interest rate	3.55%
Outstanding principal balance, secured debt	$ 175,000
Number of real estate properties owned | property	16
Subsequent Event | Loan Facility Due 2027
Line of Credit Facility [Line Items]
Interest rate	3.52%
Outstanding principal balance, secured debt	$ 195,000
Number of real estate properties owned | property	14

Derivatives and Hedging Activ45

Derivatives and Hedging Activities (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)derivative	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)derivative	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)derivative
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (loss) gain recognized in OCI on derivative	$ (179)	$ 1,306	$ (1,944)	$ (9,584)
Amount of loss reclassified from AOCI to interest expense	(228)	$ (888)	(1,203)	$ (2,762)
Interest rate derivative liabilities, at fair value	100		100
Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Reversal of cumulative ineffectiveness gain due to adoption of new accounting pronouncement	$ 1,300		1,300
Derivative instruments, gain (loss) reclassification from OCI to income, estimated net amount to be transferred			$ 600
Interest Rate Swap | Designated as Hedging Instrument | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Fixed LIBOR	1.20%		1.20%		1.20%
Interest Rate Swap | Designated as Hedging Instrument | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Fixed LIBOR	1.50%		1.50%		1.50%
Forward Swap | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	$ 255,000		$ 255,000		$ 255,000
London Interbank Offered Rate (LIBOR) | Interest Rate Swap | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	$ 642,000		$ 642,000		$ 642,000
Count | derivative	4		4		4

Equity (Details)

Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 08, 2017	Dec. 31, 2016	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Share price	$ 10.20	$ 11
SRP, outstanding requests	9,800,000
Payments to noncontrolling interest	$ 9,600
OP units repurchased	417,801
Payments for OP units repurchased	$ 4,179
Payments for repurchase of unvested Class B units, and termination of special limited partnership interest and fee-sharing arrangements	$ 5,400
OP units	2,367,000		2,785,000
Class B units	2,710,000		2,610,000	2,500,000

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Earnings Per Share [Abstract]
Class B units unvested	2,710,000	2,500,000	2,710,000	2,500,000	2,610,000
Numerator for basic and diluted earnings per share:
Net (loss) income attributable to stockholders	$ (8,232)	$ 2,464	$ (8,319)	$ 5,243
Denominator:
Denominator for basic earnings per share - weighted-average shares	183,843,000	184,639,000	183,402,000	183,471,000
Effect of dilutive OP units	0	2,785,000	0	2,785,000
Effect of restricted stock awards	0	4,000	0	4,000
Denominator for diluted earnings per share - adjusted weighted-average shares	183,843,000	187,428,000	183,402,000	186,260,000
Earnings per common share:
Net (loss) income attributable to stockholders - basic and diluted	$ (0.04)	$ 0.01	$ (0.05)	$ 0.03
OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount			2,400,000
Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount			17,200

Related Party Transactions Rela

Related Party Transactions Related Party (Details) - Economic Dependency - shares	Sep. 30, 2017	Dec. 31, 2016
Related Party Transactions [Abstract]
Shares owned by advisor	176,509	176,509
Percentage of shares owned by advisor	0.10%	0.10%

Related Party Transactions Re49

Related Party Transactions Related Party Transactions (Details) - Advisor - USD ($) shares in Millions	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2016	Aug. 31, 2017	Sep. 30, 2017	Sep. 19, 2017	Sep. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Expenses from transactions with related party			$ 5,454,000	$ 0		$ 5,454,000		$ 0
Accounts payable – affiliates	$ 4,567,000	$ 4,567,000	4,567,000			4,567,000			$ 4,571,000
Advisory Agreement
Related Party Transaction [Line Items]
Related party transaction, rate decrease		15.00%
Expenses from transactions with related party			6,665,000	6,170,000		20,100,000		18,259,000
Accounts payable – affiliates	1,805,000	$ 1,805,000	1,805,000			1,805,000			2,022,000
Advisory Agreement | Acquisition Fee
Related Party Transaction [Line Items]
Related party transaction, rate		0.85%			1.00%
Expenses from transactions with related party			294,000	367,000		1,344,000		1,307,000
Accounts payable – affiliates	0	$ 0	0			0			0
Advisory Agreement | Asset Management Fee
Related Party Transaction [Line Items]
Related party transaction, rate		0.85%			1.00%
Expenses from transactions with related party			5,071,000	4,852,000		15,388,000		$ 14,182,000
Accounts payable – affiliates	1,529,000	$ 1,529,000	1,529,000			$ 1,529,000			1,687,000
Advisory Agreement | Asset Management Fee, Portion Paid in Cash, Monthly Payment
Related Party Transaction [Line Items]
Related party transaction, rate						0.05667%
Advisory Agreement | Asset Management Subordination Agreement
Related Party Transaction [Line Items]
Class B units of operating partnership, issued in connection with asset management services						0.6		0.4
Advisory Agreement | Disposition Fee
Related Party Transaction [Line Items]
Related party transaction, rate		1.70%			2.00%
Expenses from transactions with related party			0	0		$ 19,000		$ 0
Accounts payable – affiliates	0	$ 0	0			0			0
Advisory Agreement | General and Administrative Reimbursements
Related Party Transaction [Line Items]
Accounts payable – affiliates	117,000	117,000	117,000			117,000			43,000
Advisory Agreement | Due Diligence Fees
Related Party Transaction [Line Items]
Expenses from transactions with related party			370,000	73,000		583,000		228,000
Accounts payable – affiliates	1,000	1,000	1,000			1,000			29,000
Advisory Agreement | OP Units Distribution
Related Party Transaction [Line Items]
Expenses from transactions with related party			448,000	470,000		1,373,000		1,398,000
Accounts payable – affiliates	145,000	145,000	145,000			145,000			158,000
Advisory Agreement | Class B Units Distribution
Related Party Transaction [Line Items]
Expenses from transactions with related party			482,000	$ 408,000		1,393,000		$ 1,144,000
Accounts payable – affiliates	$ 130,000	$ 130,000	$ 130,000			$ 130,000			$ 148,000
Advisory Agreement | Cash | Asset Management Fee
Related Party Transaction [Line Items]
Related party transaction, rate	100.00%						80.00%
Advisory Agreement | Class B Units | Asset Management Fee
Related Party Transaction [Line Items]
Related party transaction, rate		0.0425%			0.05%		20.00%

Related Party Transactions Re50

Related Party Transactions Related Party Transactions (Details) - Property Manager - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Expenses from transactions with related party	$ 5,454	$ 0	$ 5,454	$ 0
Accounts payable – affiliates	4,567		4,567		$ 4,571
Property Manager
Related Party Transaction [Line Items]
Expenses from transactions with related party	7,486	6,035	21,460	17,754
Accounts payable – affiliates	2,645		$ 2,645		2,506
Property Manager | Property Management Fee
Related Party Transaction [Line Items]
Property management fee, percent fee			4.00%
Expenses from transactions with related party	2,717	2,457	$ 7,986	7,456
Accounts payable – affiliates	888		$ 888		840
Property Manager | Leasing Commissions
Related Party Transaction [Line Items]
Allowed percentage increase to leasing fee payable			50.00%
Expenses from transactions with related party	1,677	1,828	$ 6,077	5,570
Accounts payable – affiliates	314		314		705
Property Manager | Construction Management Fees
Related Party Transaction [Line Items]
Expenses from transactions with related party	683	251	1,367	664
Accounts payable – affiliates	327		327		165
Property Manager | Other Fees and Reimbursements
Related Party Transaction [Line Items]
Expenses from transactions with related party	2,409	$ 1,499	6,030	$ 4,064
Accounts payable – affiliates	$ 1,116		$ 1,116		$ 796

Operating Leases (Details)

Operating Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Sep. 30, 2017
Operating Leases, Future Minimum Payments Receivable [Abstract]
Remaining 2,017		$ 53,743
2,018		205,462
2,019		182,579
2,020		160,034
2,021		134,587
2022 and thereafter		453,701
Total		$ 1,190,106
Florida | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	12.80%

Subsequent Events (Details) - D

Subsequent Events (Details) - Distributions - USD ($) $ / shares in Units, $ in Thousands	Nov. 01, 2017	Oct. 03, 2017	Dec. 31, 2017	Feb. 28, 2018	Oct. 31, 2017	Sep. 30, 2017	Sep. 30, 2016
Subsequent Event [Line Items]
Common stock, dividends, per share, declared						$ 0.50	$ 0.50
Distributions reinvested						$ 36,171	$ 44,731
Net cash distribution						$ 56,226	$ 47,535
Subsequent Event | Dividend Paid
Subsequent Event [Line Items]
Common stock, dividends, per share, declared					$ 0.00183562
Gross amount of distribution paid	$ 12,541	$ 10,145
Distributions reinvested	4,415	4,301
Net cash distribution	$ 8,126	$ 5,844
Subsequent Event | Dividend Declared
Subsequent Event [Line Items]
Common stock, dividends, per share, declared			$ 0.00183562	$ 0.05583344

Subsequent Events (Details) - A

Subsequent Events (Details) - Acquisition $ in Thousands	Oct. 26, 2017USD ($)ft²	Oct. 20, 2017USD ($)ft²	Sep. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Subsequent Event [Line Items]
Real estate investment property, at cost			$ 2,747,184	$ 2,584,005
Subsequent Event | Winter Springs Town Center
Subsequent Event [Line Items]
Real estate investment property, at cost		$ 24,870
Area of real estate property | ft²		118,735
Real estate properties, percentage of area under lease contract		91.90%
Subsequent Event | Flynn Crossing Center
Subsequent Event [Line Items]
Real estate investment property, at cost	$ 23,691
Area of real estate property | ft²	95,002
Real estate properties, percentage of area under lease contract	96.00%