Phillips Edison & Company (PECO) 10-Q 10 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	6 Months Ended
	Jun. 30, 2018	Jul. 31, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,018
Entity Registrant Name	Phillips Edison & Company, 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		183.7

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Investment in real estate:
Land and improvements	$ 1,118,536	$ 1,121,590
Building and improvements	2,265,554	2,263,381
Acquired in-place lease assets	311,829	313,432
Acquired above-market lease assets	53,432	53,524
Total investment in real estate assets	3,749,351	3,751,927
Accumulated depreciation and amortization	(544,034)	(462,025)
Total investment in real estate assets, net	3,205,317	3,289,902
Cash and cash equivalents	8,310	5,716
Restricted cash	16,728	21,729
Accounts receivable - affiliates	5,596	6,102
Corporate intangible assets, net	49,300	55,100
Goodwill	29,066	29,085
Other assets, net	137,806	118,448
Total assets	3,452,123	3,526,082
Liabilities:
Debt obligations, net	1,838,472	1,806,998
Acquired below-market lease liabilities, net of accumulated amortization of $32,327 and $27,388, respectively	84,974	90,624
Accounts payable – affiliates	948	1,359
Accounts payable and other liabilities	142,457	148,419
Total liabilities	2,066,851	2,047,400
Commitments and contingencies (Note 9)	0	0
Equity:
Preferred stock, $0.01 par value per share, 10,000 shares authorized, zero shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively	0	0
Common stock, $0.01 par value per share, 1,000,000 shares authorized, 183,304 and 185,233 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively	1,833	1,852
Additional paid-in capital	1,608,590	1,629,130
Accumulated other comprehensive income (“AOCI”)	31,293	16,496
Accumulated deficit	(676,673)	(601,238)
Total stockholders’ equity	965,043	1,046,240
Noncontrolling interests	420,229	432,442
Total equity	1,385,272	1,478,682
Total liabilities and equity	$ 3,452,123	$ 3,526,082

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
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	183,304,000	185,233,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Rental income	$ 72,853	$ 53,167	$ 144,302	$ 104,260
Tenant recovery income	21,557	16,454	43,994	33,390
Fees and management income	9,137	0	17,849	0
Other property income	626	230	1,227	504
Total revenues	104,173	69,851	207,372	138,154
Expenses:
Property operating	16,901	10,297	35,016	21,729
Real estate taxes	13,326	10,155	26,473	20,413
General and administrative	13,450	9,209	23,911	16,990
Depreciation and amortization	46,385	28,207	92,812	55,831
Impairment of real estate assets	10,939	0	10,939	0
Total expenses	101,001	57,868	189,151	114,963
Other:
Interest expense, net	(17,051)	(9,501)	(33,830)	(17,891)
Transaction expenses	0	(4,383)	0	(6,023)
Other (expense) income, net	(197)	680	(304)	636
Net loss	(14,076)	(1,221)	(15,913)	(87)
Net loss attributable to noncontrolling interests	2,725	28	2,962	0
Net loss attributable to stockholders	$ (11,351)	$ (1,193)	$ (12,951)	$ (87)
Earnings per common share:
Net loss per share - basic and diluted	$ (0.06)	$ (0.01)	$ (0.07)	$ (0.0004749478649)
Weighted-average common shares outstanding:
Basic	184,450	183,126	185,171	183,178
Diluted	228,903	185,911	229,624	185,963
Comprehensive (loss) income:
Net loss	$ (14,076)	$ (1,221)	$ (15,913)	$ (87)
Other comprehensive (loss) income:
Change in unrealized gain (loss) on interest rate swaps	4,855	(2,616)	18,343	(800)
Comprehensive (loss) income	(9,221)	(3,837)	2,430	(887)
Net loss attributable to noncontrolling interests	2,725	28	2,962	0
Other comprehensive loss (income) attributable to noncontrolling interests	1,782	0	(584)	0
Comprehensive (loss) income attributable to stockholders	$ (4,714)	$ (3,809)	$ 4,808	$ (887)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	AOCI	Accumulated Deficit	Total Stockholders' Equity	Noncontrolling Interest
Balance, shares at Dec. 31, 2016		185,062
Balance, value at Dec. 31, 2016	$ 1,224,787	$ 1,851	$ 1,627,098	$ 11,916	$ (439,484)	$ 1,201,381	$ 23,406
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases, shares		(4,246)
Share repurchases, value	(43,307)	$ (42)	(43,265)			(43,307)
Dividend reinvestment plan (DRIP), shares		2,240
Dividend reinvestment plan (DRIP), value	22,850	$ 22	22,828			22,850
Change in unrealized gain on interest rate swaps	(800)			(800)		(800)
Common distributions declared, $0.34 per share	(60,956)				(60,956)	(60,956)
Distributions to noncontrolling interests	(933)						(933)
Share-based compensation, shares		3
Share-based compensation, value	27		27			27
Net loss	(87)				(87)	(87)	0
Balance, shares at Jun. 30, 2017		183,059
Balance, value at Jun. 30, 2017	1,141,581	$ 1,831	1,606,688	11,116	(500,527)	1,119,108	22,473
Balance, shares at Dec. 31, 2017		185,233
Balance, value at Dec. 31, 2017	$ 1,478,682	$ 1,852	1,629,130	16,496	(601,238)	1,046,240	432,442
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases, shares	(4,200)	(4,196)
Share repurchases, value	$ (46,152)	$ (42)	(46,110)			(46,152)
Dividend reinvestment plan (DRIP), shares		2,262
Dividend reinvestment plan (DRIP), value	24,899	$ 23	24,876			24,899
Change in unrealized gain on interest rate swaps	18,343			14,797		14,797	3,546
Common distributions declared, $0.34 per share	(62,484)				(62,484)	(62,484)
Distributions to noncontrolling interests	(14,097)						(14,097)
Share-based compensation, shares		5
Share-based compensation, value	2,019		719			719	1,300
Other	(25)		(25)			(25)
Net loss	(15,913)				(12,951)	(12,951)	(2,962)
Balance, shares at Jun. 30, 2018		183,304
Balance, value at Jun. 30, 2018	$ 1,385,272	$ 1,833	$ 1,608,590	$ 31,293	$ (676,673)	$ 965,043	$ 420,229

Consolidated Statements of Equ6

Consolidated Statements of Equity (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Statement of Stockholders' Equity [Abstract]
Common distributions declared, per share	$ 0.34	$ 0.34

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (15,913)	$ (87)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	84,216	55,051
Impairment of real estate assets	10,939	0
Depreciation and amortization of corporate assets	7,672	0
Amortization of deferred financing expense	2,401	2,389
Net amortization of above- and below-market leases	(1,990)	(686)
Gain on disposal of real estate assets	(877)	0
Net loss (gain) on write-off of unamortized capitalized leasing commissions, market debt adjustments, and deferred financing expense	153	(411)
Change in fair value of contingent liability	1,500	0
Straight-line rent	(2,471)	(1,943)
Share-based compensation	1,994	0
Other	76	(673)
Changes in operating assets and liabilities:
Accounts receivable – affiliates	506	0
Other assets	(1,208)	(8,327)
Accounts payable – affiliates	(411)	584
Accounts payable and other liabilities	(8,775)	3,060
Net cash provided by operating activities	77,812	48,957
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions	(9,222)	(75,824)
Capital expenditures	(17,346)	(11,483)
Proceeds from sale of real estate	13,300	1,137
Net cash used in investing activities	(13,268)	(86,170)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from mortgages and loans payable	(15,000)	120,000
Proceeds from mortgages and loans payable	65,000	0
Payments on mortgages and loans payable	(20,542)	(38,934)
Payments of deferred financing expenses	0	(324)
Distributions paid, net of DRIP	(37,819)	(38,520)
Distributions to noncontrolling interests	(14,096)	(782)
Repurchases of common stock	(44,494)	(43,307)
Net cash used in financing activities	(66,951)	(1,867)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(2,407)	(39,080)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Beginning of period	27,445	49,946
End of period	25,038	10,866
RECONCILIATION TO CONSOLIDATED BALANCE SHEETS
Cash, cash equivalents, and restricted cash at end of the period	27,445	49,946
SUPPLEMENTAL CASH FLOW DISCLOSURE, INCLUDING NON-CASH INVESTING AND FINANCING ACTIVITIES:
Cash paid for interest	32,422	16,846
Fair value of assumed debt	0	30,832
Cash paid for income taxes	282	0
Capital leases	739	0
Accrued capital expenditures	2,428	3,055
Change in distributions payable	(235)	(414)
Change in distributions payable - noncontrolling interests	2	151
Change in accrued share repurchase obligation	1,658	0
Distributions reinvested	$ 24,899	$ 22,850

Organization

Organization	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. ORGANIZATION Phillips Edison & Company, 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. In addition to managing our own shopping centers, our third-party investment management business provides comprehensive real estate and asset management services to certain non-traded, publicly registered real estate investment trusts (“REITs”) and private funds (“Managed Funds”). The Managed Funds include Phillips Edison Grocery Center REIT II, Inc. (“REIT II”), Phillips Edison Grocery Center REIT III, Inc. (“REIT III”), Phillips Edison Limited Partnership (“PELP”), and Necessity Retail Partners (“NRP”). As of June 30, 2018 , we owned fee simple interests in 235 real estate properties. In July 2018 we entered into an Agreement and Plan of Merger ("Merger Agreement") pursuant to which, subject to the satisfaction or waiver of certain conditions, we will merge with REIT II, and we will continue as the surviving corporation (“Merger”). To complete the proposed Merger, we will issue 2.04 shares of our common stock in exchange for each issued and outstanding share of REIT II common stock, subject to closing adjustments. For a more detailed discussion, see Note 3 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. 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 six months ended June 30, 2018 . For a full summary of our accounting policies, refer to our 2017 Annual Report on Form 10-K filed with the SEC on March 30, 2018. 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 & Company, Inc. for the year ended December 31, 2017 , which are included in our 2017 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 six months ended June 30, 2018 , 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. Income Taxes —Our consolidated financial statements include the operations of one wholly owned subsidiary that has jointly elected to be treated as a Taxable REIT Subsidiary (“TRS”) and is subject to U.S. federal, state, and local income taxes at regular corporate tax rates. As of June 30, 2018 and December 31, 2017 , a full valuation allowance was recorded for the entire amount of the net deferred tax asset. During the three and six months ended June 30, 2018 , there was no tax expense recorded due to the full valuation allowance and our having a net operating loss. We are continuing to evaluate the impact of the 2017 Tax Cuts and Jobs Act (“2017 Tax Act”) on the organization as a whole, but we do not expect there to be a material impact on our consolidated financial statements. Newly Adopted and Recently Issued Accounting Pronouncements —The following table provides a brief description of newly adopted accounting pronouncements and their effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting This update clarifies guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. January 1, 2018 The adoption of this standard did not have a material impact on our consolidated financial statements. We will apply the guidance to any future modifications of share-based compensation awards. 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 nonfinancial asset. January 1, 2018 We did not record any cumulative adjustment in connection with the adoption of the new pronouncement. We determined that these changes did not have any impact on our consolidated financial statements. ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment (Topic 350) This update amends existing guidance in order to simplify impairment testing for goodwill. It is effective for annual reporting periods beginning after January 1, 2021, but early adoption is permitted. January 1, 2018 We elected to adopt this standard as of January 1, 2018. The adoption of this standard did not have any impact on our consolidated financial statements. ASU 2016-15, Statement of Cash Flows (Topic 230); ASU 2016-18, Statement of Cash Flows (Topic 230) These updates address the presentation of eight specific cash receipts and cash payments on the statement of cash flows, as well as clarify the classification and presentation of restricted cash on the statement of cash flows. January 1, 2018 We adopted these ASUs by applying a retrospective transition method which requires a restatement of our consolidated statement of cash flows for all periods presented. 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. January 1, 2018 Our revenue-producing contracts are primarily leases that are not within the scope of this standard. As a result, the adoption of this standard did not have a material impact on our rental or reimbursement revenue. However, the standard does apply to a majority of our fees and management income. We have evaluated the impact of this standard on our fees and management income; it did not have a material impact on our revenue recognition, but we have provided additional disclosures around fees and management revenue. We adopted this guidance on a modified retrospective basis. The following table provides a brief description of recent accounting pronouncements that could have a material effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting The amendments in this update expand the scope of Topic 718: Compensation—Stock Compensation to include share-based payment transactions for acquiring goods and services from non-employees, except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). This update is effective for public business entities for fiscal years beginning after December 15, 2018. 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. Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for public entities in fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted after December 15, 2018. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2016-02, Leases (Topic 842); ASU 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842; ASU 2018-10, Codification Improvements to Topic 842, Leases; and ASU 2018-11, Leases (Topic 842): Targeted Improvements These updates amend existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Early adoption is permitted as of the original effective date. January 1, 2019 We are currently evaluating the impact the adoption of these standards will have on our consolidated financial statements. We have identified areas within our accounting policies we believe could be impacted by the new standard. This standard impacts the lessor’s ability to capitalize certain costs related to leasing, which will result in a reduction in the amount of execution costs currently being capitalized in connection with leasing activities and an increase to our Property Operating expenses. The standard will also require new disclosures within the accompanying notes to the consolidated financial statements. We expect to adopt the practical expedients available for implementation under the standard. By adopting these practical expedients, we will not be required to reassess (i) whether an expired or existing contract meets the definition of a lease; (ii) the lease classification at the adoption date for existing leases; and (iii) whether the costs previously capitalized as initial direct costs would continue to be amortized. This allows us to continue to account for our leases where we are the lessee as operating leases, however, any new or renewed leases may be classified as financing leases. We currently have fewer than 50 leases of this type. We also expect to recognize right of use assets and lease liability on our consolidated balance sheets related to certain leases where we are the lessee. In July 2018, the FASB issued an ASU related to ASC 842. The update allows lessors to use a practical expedient to account for non-lease components and related lease components as a single lease component instead of accounting for them separately, if certain conditions are met. We expect to utilize this practical expedient We will continue to evaluate the effect the adoption of these ASUs will have on our consolidated financial statements. However, we currently believe that the adoption will not have a material impact for operating leases where we are a lessor and will continue to record revenues from rental properties for our operating leases on a straight-line basis. We are still evaluating the impact for leases where we are the lessee. Reclassifications —The following line items on our consolidated statement of operations and comprehensive income for the three and six months ended June 30, 2017 , were reclassified: • Unrealized Gain (Loss) on Derivatives and Reclassification of Derivative Loss to Interest Expense were combined to Change in Unrealized Gain on Interest Rate Swaps. • Acquisition Expenses were combined to General and Administrative.

REIT II Merger

REIT II Merger	6 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
REIT II Merger	3. REIT II MERGER In July 2018, we entered into the Merger Agreement, pursuant to which we will merge with REIT II in a 100% stock transaction valued at approximately $1.9 billion . This proposed transaction will create a portfolio of 321 grocery-anchored shopping centers encompassing approximately 36.6 million square feet in established trade areas across 33 states. To complete the proposed Merger, we will issue 2.04 shares of our common stock in exchange for each issued and outstanding share of REIT II common stock, which is equivalent to $22.54 based on our most recent estimated net asset value per share (“EVPS”) of $11.05 . The exchange ratio is based on a thorough review of the relative valuation of each entity, including factoring in our growing investment management business as well as each company’s transaction costs. REIT II’s outstanding debt of approximately $800 million is expected to be refinanced or assumed by us at closing under the terms of the Merger Agreement. The Merger Agreement provides REIT II with a 30-day go-shop period pursuant to which they may solicit, receive, evaluate, and enter into negotiations with respect to alternative proposals from third-parties. The Merger Agreement also provides certain termination rights for REIT II and us. In connection with the termination of the Merger Agreement, under certain specified circumstances, (i) REIT II may be required to pay us a termination fee of $15.9 million in connection with the go-shop provision or $31.7 million in connection with termination for reasons other than the go-shop provision, and (ii) we may be required to pay REIT II a termination fee of $75.6 million . On a pro forma basis, upon completion of the mergers, we estimate that continuing PECO stockholders will own approximately 71% of the issued and outstanding shares of the Combined Company on a fully diluted basis (determined as if each PECO OP unit were exchanged for one share of PECO common stock), and former REIT II stockholders will own approximately 29% of the issued and outstanding shares of the Combined Company on a fully diluted basis (determined as if each PECO OP unit were exchanged for one share of PECO common stock). After consideration of all applicable factors pursuant to the business combination accounting rules under ASC 805, Business Combinations , including the application of a screen test to evaluate if substantially all the fair value of the acquired properties is concentrated in a single asset or group of similar assets, we have concluded that the Merger will be treated as an asset acquisition under GAAP. As of June 30, 2018 , we have capitalized $0.8 million in costs related to the merger. 4. PELP ACQUISITION On October 4, 2017, we completed a transaction to acquire certain real estate assets, the third-party investment management business, and the captive insurance company of PELP in a stock and cash transaction (“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 third-party investment management business, and its captive insurance company (in thousands): Amount Fair value of Operating Partnership units (“OP units”) issued $ 401,630 Debt assumed: Corporate debt 432,091 Mortgages and notes payable 72,649 Cash payments 30,420 Fair value of earn-out 38,000 Total consideration 974,790 PELP debt repaid by the Company on the transaction date (432,091 ) Net consideration $ 542,699 We issued 39.4 million OP units with an estimated fair value per unit of $10.20 at the time of the transaction. Certain of our executive officers who received OP units as part of the PELP transaction entered into an agreement which provides that they will not transfer their OP units for either two or three years following the closing. The remaining holders of the OP units are subject to the terms of exchange for shares of common stock outlined in the Third Amended and Restated Agreement of Limited Partnership (“Partnership Agreement”) (see Note 10 ). The terms of the PELP transaction include an earn-out structure with an opportunity for up to an additional 12.5 million OP units to be issued. For more detail regarding this earn-out, see Note 14 . 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. Assets Acquired and Liabilities Assumed —The PELP transaction was accounted for using the acquisition method of accounting under ASC 805, Business Combinations , which requires, among other things, the assets acquired and liabilities assumed to be recognized at their fair values as of the acquisition date. The preliminary fair market value of the assets acquired and liabilities assumed was based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval. The following table summarizes the purchase price allocation based on that report (in thousands): Amount Assets: Land and improvements $ 269,140 Building and improvements 574,173 Intangible lease assets 93,506 Cash 5,930 Accounts receivable and other assets 42,426 Management contracts 58,000 Goodwill 29,066 Total assets acquired 1,072,241 Liabilities: Accounts payable and other liabilities 48,342 Acquired below-market leases 49,109 Total liabilities acquired 97,451 Net assets acquired $ 974,790 The allocation of the purchase price was based on management’s assessment, which may change in the future as more information becomes available and could have an impact on the unaudited pro forma financial information presented below. Subsequent adjustments made to the purchase price allocation upon the completion of our fair value assessment process will not exceed one year from the acquisition date. The allocation of the purchase price above required a significant amount of judgment and represented management’s best estimate of the fair value as of the acquisition date. Intangible Assets and Liabilities —The fair value and weighted-average amortization periods for the intangible assets and liabilities acquired in the PELP transaction as of the transaction date were as follows (dollars in thousands, useful life in years): Fair Value Weighted-Average Useful Life Management contracts $ 58,000 5 Acquired in-place leases 83,305 9 Acquired above-market leases 10,201 7 Acquired below-market leases (49,109 ) 13 Goodwill —In connection with the PELP transaction, we recorded goodwill of $29.1 million as a result of the consideration exceeding the fair value of the net assets acquired. Goodwill represents the estimated future benefits arising from other assets acquired that could not be individually identified and separately recognized. We do not expect that the goodwill will be deductible for tax purposes. The goodwill recorded represents our management structure and its ability to generate additional opportunities for revenue and raise additional funds, and therefore the full amount of goodwill was allocated to the Investment Management segment, which comprises one reporting unit. For more information about each of our reporting segments, see Note 15 . Results of Operations —The consolidated net assets and results of operations of PELP’s contributions were included in the consolidated financial statements from the transaction date going forward and resulted in the following impact to Total Revenues and Net Loss for the three and six months ended June 30, 2018 (in thousands): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Revenues $ 21,482 $ 42,952 Net loss (9,837 ) (8,536 ) Acquisition Costs —We incurred approximately $17.0 million of costs related to the PELP transaction, $6.0 million of which was incurred during the six months ended June 30, 2017, and was recorded as Transaction Expenses on the consolidated statements of operations. No costs related to the PELP transaction were recorded in 2018. Pro Forma Results (Unaudited) —The following unaudited pro forma information summarizes selected financial information from our combined results of operations, as if the PELP transaction had occurred on January 1, 2016. These results contain certain nonrecurring adjustments, such as the elimination of transaction expenses incurred related to the PELP transaction and the elimination of intercompany activity related to creating an internalized management structure. This pro forma information is presented for informational purposes only, and may not be indicative of what actual results of operations would have been had the PELP transaction occurred at the beginning of the period, nor does it purport to represent the results of future operations. (in thousands) Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Pro forma revenues $ 102,775 $ 201,454 Pro forma net income attributable to stockholders 465 1,264

PELP Acquisition

PELP Acquisition	6 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
PELP Acquisition	3. REIT II MERGER In July 2018, we entered into the Merger Agreement, pursuant to which we will merge with REIT II in a 100% stock transaction valued at approximately $1.9 billion . This proposed transaction will create a portfolio of 321 grocery-anchored shopping centers encompassing approximately 36.6 million square feet in established trade areas across 33 states. To complete the proposed Merger, we will issue 2.04 shares of our common stock in exchange for each issued and outstanding share of REIT II common stock, which is equivalent to $22.54 based on our most recent estimated net asset value per share (“EVPS”) of $11.05 . The exchange ratio is based on a thorough review of the relative valuation of each entity, including factoring in our growing investment management business as well as each company’s transaction costs. REIT II’s outstanding debt of approximately $800 million is expected to be refinanced or assumed by us at closing under the terms of the Merger Agreement. The Merger Agreement provides REIT II with a 30-day go-shop period pursuant to which they may solicit, receive, evaluate, and enter into negotiations with respect to alternative proposals from third-parties. The Merger Agreement also provides certain termination rights for REIT II and us. In connection with the termination of the Merger Agreement, under certain specified circumstances, (i) REIT II may be required to pay us a termination fee of $15.9 million in connection with the go-shop provision or $31.7 million in connection with termination for reasons other than the go-shop provision, and (ii) we may be required to pay REIT II a termination fee of $75.6 million . On a pro forma basis, upon completion of the mergers, we estimate that continuing PECO stockholders will own approximately 71% of the issued and outstanding shares of the Combined Company on a fully diluted basis (determined as if each PECO OP unit were exchanged for one share of PECO common stock), and former REIT II stockholders will own approximately 29% of the issued and outstanding shares of the Combined Company on a fully diluted basis (determined as if each PECO OP unit were exchanged for one share of PECO common stock). After consideration of all applicable factors pursuant to the business combination accounting rules under ASC 805, Business Combinations , including the application of a screen test to evaluate if substantially all the fair value of the acquired properties is concentrated in a single asset or group of similar assets, we have concluded that the Merger will be treated as an asset acquisition under GAAP. As of June 30, 2018 , we have capitalized $0.8 million in costs related to the merger. 4. PELP ACQUISITION On October 4, 2017, we completed a transaction to acquire certain real estate assets, the third-party investment management business, and the captive insurance company of PELP in a stock and cash transaction (“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 third-party investment management business, and its captive insurance company (in thousands): Amount Fair value of Operating Partnership units (“OP units”) issued $ 401,630 Debt assumed: Corporate debt 432,091 Mortgages and notes payable 72,649 Cash payments 30,420 Fair value of earn-out 38,000 Total consideration 974,790 PELP debt repaid by the Company on the transaction date (432,091 ) Net consideration $ 542,699 We issued 39.4 million OP units with an estimated fair value per unit of $10.20 at the time of the transaction. Certain of our executive officers who received OP units as part of the PELP transaction entered into an agreement which provides that they will not transfer their OP units for either two or three years following the closing. The remaining holders of the OP units are subject to the terms of exchange for shares of common stock outlined in the Third Amended and Restated Agreement of Limited Partnership (“Partnership Agreement”) (see Note 10 ). The terms of the PELP transaction include an earn-out structure with an opportunity for up to an additional 12.5 million OP units to be issued. For more detail regarding this earn-out, see Note 14 . 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. Assets Acquired and Liabilities Assumed —The PELP transaction was accounted for using the acquisition method of accounting under ASC 805, Business Combinations , which requires, among other things, the assets acquired and liabilities assumed to be recognized at their fair values as of the acquisition date. The preliminary fair market value of the assets acquired and liabilities assumed was based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval. The following table summarizes the purchase price allocation based on that report (in thousands): Amount Assets: Land and improvements $ 269,140 Building and improvements 574,173 Intangible lease assets 93,506 Cash 5,930 Accounts receivable and other assets 42,426 Management contracts 58,000 Goodwill 29,066 Total assets acquired 1,072,241 Liabilities: Accounts payable and other liabilities 48,342 Acquired below-market leases 49,109 Total liabilities acquired 97,451 Net assets acquired $ 974,790 The allocation of the purchase price was based on management’s assessment, which may change in the future as more information becomes available and could have an impact on the unaudited pro forma financial information presented below. Subsequent adjustments made to the purchase price allocation upon the completion of our fair value assessment process will not exceed one year from the acquisition date. The allocation of the purchase price above required a significant amount of judgment and represented management’s best estimate of the fair value as of the acquisition date. Intangible Assets and Liabilities —The fair value and weighted-average amortization periods for the intangible assets and liabilities acquired in the PELP transaction as of the transaction date were as follows (dollars in thousands, useful life in years): Fair Value Weighted-Average Useful Life Management contracts $ 58,000 5 Acquired in-place leases 83,305 9 Acquired above-market leases 10,201 7 Acquired below-market leases (49,109 ) 13 Goodwill —In connection with the PELP transaction, we recorded goodwill of $29.1 million as a result of the consideration exceeding the fair value of the net assets acquired. Goodwill represents the estimated future benefits arising from other assets acquired that could not be individually identified and separately recognized. We do not expect that the goodwill will be deductible for tax purposes. The goodwill recorded represents our management structure and its ability to generate additional opportunities for revenue and raise additional funds, and therefore the full amount of goodwill was allocated to the Investment Management segment, which comprises one reporting unit. For more information about each of our reporting segments, see Note 15 . Results of Operations —The consolidated net assets and results of operations of PELP’s contributions were included in the consolidated financial statements from the transaction date going forward and resulted in the following impact to Total Revenues and Net Loss for the three and six months ended June 30, 2018 (in thousands): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Revenues $ 21,482 $ 42,952 Net loss (9,837 ) (8,536 ) Acquisition Costs —We incurred approximately $17.0 million of costs related to the PELP transaction, $6.0 million of which was incurred during the six months ended June 30, 2017, and was recorded as Transaction Expenses on the consolidated statements of operations. No costs related to the PELP transaction were recorded in 2018. Pro Forma Results (Unaudited) —The following unaudited pro forma information summarizes selected financial information from our combined results of operations, as if the PELP transaction had occurred on January 1, 2016. These results contain certain nonrecurring adjustments, such as the elimination of transaction expenses incurred related to the PELP transaction and the elimination of intercompany activity related to creating an internalized management structure. This pro forma information is presented for informational purposes only, and may not be indicative of what actual results of operations would have been had the PELP transaction occurred at the beginning of the period, nor does it purport to represent the results of future operations. (in thousands) Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Pro forma revenues $ 102,775 $ 201,454 Pro forma net income attributable to stockholders 465 1,264

Real Estate Activity

Real Estate Activity	6 Months Ended
	Jun. 30, 2018
Real Estate Investments, Net [Abstract]
Real Estate Acquisitions	5. REAL ESTATE ACTIVITY Acquisitions —During the six months ended June 30, 2018 , we acquired one grocery-anchored shopping center. That acquisition closed out the Internal Revenue Code (“IRC”) Section 1031 like-kind exchange outstanding at December 31, 2017 . During the six months ended June 30, 2017 , we acquired five grocery-anchored shopping centers. All of the 2017 and 2018 acquisitions were classified as asset acquisitions. As such, most acquisition-related costs were capitalized and are included in the total purchase prices shown below. Our real estate asset acquired during the six months ended June 30, 2018 , was as follows (dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Square Footage Leased % of Rentable Square Feet at Acquisition Shoppes of Lake Village Leesburg, FL Publix 2/26/2018 $ 8,423 135.437 71.3 % During the six months ended June 30, 2017 , we acquired the following real estate assets (dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Square Footage Leased % of Rentable Square Feet at Acquisition Atwater Marketplace Atwater, CA Save Mart 2/10/2017 $ 15,041 96,224 94.6 % Rocky Ridge Station (1) Roseville, CA Sprouts 4/18/2017 37,271 93,337 96.3 % Greentree Station Racine, WI Pick ‘n Save 5/5/2017 12,309 82,659 90.3 % Titusville Station Titusville, FL Publix 6/15/2017 13,817 117,507 71.7 % Sierra Station (1) Corona, CA Ralph’s 6/20/2017 29,137 110,904 94.0 % (1) The purchase price includes debt assumed as part of the acquisition. The fair value at acquisition and weighted-average amortization periods for in-place, above-market, and below-market lease intangibles acquired as part of the above transactions during the six months ended June 30, 2018 and 2017, are as follows (dollars in thousands, weighted-average useful life in years): 2018 2017 Fair Value Weighted-Average Useful Life Fair Value Weighted-Average Useful Life Acquired in-place leases $ 946 6 $ 9,611 13 Acquired above-market leases 74 3 850 7 Acquired below-market leases (457 ) 16 (2,622 ) 20 Dispositions —During the six months ended June 30, 2018 , we sold two grocery-anchored shopping centers. We had no dispositions during the six months ended June 30, 2017 . Our real estate assets disposed of during the six months ended June 30, 2018 , were as follows (dollars in thousands): Property Name Location Anchor Tenant Disposition Date Sale Price Gain Square Footage Lakeshore Crossing Gainesville, GA Lowe’s 5/15/2018 $ 9,270 $ 208 123,948 Lake Wales Station Lake Wales, FL CVS 5/30/2018 4,100 777 11,220 The gain on these dispositions is included as Other Expense (Income), Net on the consolidated statements of operations. Impairment of Real Estate Assets —During the three months ended June 30, 2018, we recognized an impairment charge totaling $10.9 million associated with the anticipated disposition of a certain property with a net book value in excess of its estimated fair value. Our estimated fair value was based upon the contracted price to sell. We have applied reasonable estimates and judgments in determining the level of impairments recognized.

Other Assets, Net

Other Assets, Net	6 Months Ended
	Jun. 30, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets, Net	6. OTHER ASSETS, NET The following is a summary of Other Assets, Net outstanding as of June 30, 2018 and December 31, 2017 (in thousands): June 30, 2018 December 31, 2017 Other assets, net: Deferred leasing commissions and costs $ 32,120 $ 29,055 Deferred financing costs 13,971 13,971 Office equipment, including capital lease assets, and other 12,070 10,308 Total depreciable and amortizable assets 58,161 53,334 Accumulated depreciation and amortization (21,637 ) (17,121 ) Net depreciable and amortizable assets 36,524 36,213 Accounts receivable, net 36,488 41,211 Deferred rent receivable, net 20,687 18,201 Derivative asset 34,839 16,496 Prepaid expenses 5,531 4,232 Investment in affiliates 903 902 Other 2,834 1,193 Total other assets, net $ 137,806 $ 118,448

Debt Obligations

Debt Obligations	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Debt Obligations	7. DEBT OBLIGATIONS The following is a summary of the outstanding principal balances and interest rates, which include the effect of derivative financial instruments, on our debt obligations as of June 30, 2018 and December 31, 2017 (in thousands): Interest Rate June 30, 2018 December 31, 2017 Revolving credit facility (1) LIBOR + 1.40% $ 46,568 $ 61,569 Term loans (2) 2.51% - 3.93% 1,205,000 1,140,000 Secured loan facility due 2026 3.55% 175,000 175,000 Secured loan facility due 2027 3.52% 195,000 195,000 Mortgages and other (3) 3.75% - 7.91% 226,415 246,217 Assumed market debt adjustments, net (4) 4,517 5,254 Deferred financing costs (5) (14,028 ) (16,042 ) Total $ 1,838,472 $ 1,806,998 (1) The gross borrowings and payments under our revolving credit facility were $151.0 million and $166.0 million , respectively, during the six months ended June 30, 2018 . The revolving credit facility has a capacity of $500 million and matures in October 2021, with additional options to extend the maturity to October 2022. (2) We have six term loans with maturities ranging from 2019 to 2024. The $100 million term loan due in 2019 has options to extend the maturity to 2021. We will consider options for refinancing the loan or exercising the option upon maturity. As of June 30, 2018 , the availability on our revolving credit facility exceeded the balance on the loan. The $175 million term loan due in 2020 has options to extend its maturity to 2021. We executed a $65 million delayed draw in January 2018 on one of our term loans entered into in October 2017. (3) 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 June 30, 2018 and December 31, 2017 . (4) Net of accumulated amortization of $4.2 million and $3.7 million as of June 30, 2018 and December 31, 2017 , respectively. (5) Net of accumulated amortization of $7.0 million and $5.4 million as of June 30, 2018 and December 31, 2017 , respectively. As of June 30, 2018 and December 31, 2017 , the weighted-average interest rate, including the effect of derivative financial instruments, for all of our debt obligations was 3.5% and 3.4% , respectively. The allocation of total debt between fixed- and variable-rate as well as between secured and unsecured, excluding market debt adjustments and deferred financing costs, as of June 30, 2018 and December 31, 2017 , is summarized below (in thousands): June 30, 2018 December 31, 2017 As to interest rate: (1) Fixed-rate debt $ 1,588,415 $ 1,608,217 Variable-rate debt 259,568 209,569 Total $ 1,847,983 $ 1,817,786 As to collateralization: Unsecured debt $ 1,252,258 $ 1,202,476 Secured debt 595,725 615,310 Total $ 1,847,983 $ 1,817,786 (1) Includes the effects of derivative financial instruments (see Notes 8 and 14 ).

Derivatives and Hedging Activit

Derivatives and Hedging Activities	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	8. DERIVATIVES AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives —We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposure to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of our debt funding and the use of derivative financial instruments. Specifically, we enter into 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 change 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 six months ended June 30, 2018 and 2017 , such derivatives were used to hedge the variable cash flows associated with certain variable-rate debt. The ineffectiveness previously reported in earnings for the periods ended June 30, 2017, was adjusted to reflect application of the provisions of ASU 2017-12, Derivatives and Hedging (Topic 815) , as of the beginning of 2017. 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 $7.1 million will be reclassified from Other Comprehensive Income (“OCI”) 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 June 30, 2018 and December 31, 2017 (notional amount in thousands): Count Fixed LIBOR Maturity Date Notional Amount 6 1.2% - 2.2% 2019-2024 $ 992,000 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 income for the three and six months ended June 30, 2018 and 2017 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Amount of gain (loss) recognized in OCI on derivative $ 5,608 $ (2,914 ) $ 19,047 $ (1,765 ) Amount of (gain) loss reclassified from AOCI into interest expense (753 ) 378 (704 ) 975 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 June 30, 2018 , none of our derivatives were in a liability position, and therefore the fair value includes accrued interest but excludes any adjustment for nonperformance risk related to these agreements. As of June 30, 2018 , we had not posted any collateral related to these agreements and were not in breach of any agreement provisions.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. 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.

Equity

Equity	6 Months Ended
	Jun. 30, 2018
Stockholders' Equity Note [Abstract]
Equity	10. EQUITY On May 9, 2018, our board of directors (“Board”) increased the EVPS of our common stock to $11.05 based substantially on the estimated market value of our portfolio of real estate properties and our third-party investment management business as of March 31, 2018. We engaged a third-party valuation firm to provide a calculation of the range in EVPS of our common stock as of March 31, 2018, which reflected certain balance sheet assets and liabilities as of that date. Previously, on November 8, 2017, our Board increased the EVPS of our common stock to $11.00 from $10.20 based substantially on the estimated market value of our portfolio of real estate properties and our third-party investment management business as of October 5, 2017, the first full business day after the closing of the PELP transaction. Shares of our common stock are issued under the DRIP and redeemed under the Share Repurchase Program (“SRP”), as discussed below, at the same price as the EVPS in effect at the time of issuance or redemption. Dividend Reinvestment Plan —The DRIP allows stockholders to invest distributions in additional shares of our common stock. Stockholders who elect to participate in the DRIP, and who are subject to U.S. federal income taxation laws, will incur a tax liability on an amount equal to the fair value on the relevant distribution date of the shares of our common stock purchased with reinvested distributions, even though such stockholders have elected not to receive the distributions in cash. In connection with the proposed Merger (see Note 3 ), the DRIP was temporarily suspended for the month of July 2018; therefore, all DRIP participants received their July 2018 distribution in cash rather than in stock. The DRIP plan resumed in August 2018. Share Repurchase Program —Our SRP provides an opportunity for stockholders to have shares of common stock repurchased, subject to certain restrictions and limitations. The Board reserves the right, in its sole discretion, at any time and from time to time, to reject any request for repurchase. Further, 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. In connection with the Merger, the SRP was also temporarily suspended for the month of July 2018 and resumed in August 2018. During the six months ended June 30, 2018 , repurchase requests surpassed the funding limits under the SRP. Approximately 4.2 million shares of our common stock were repurchased under the SRP during the six months ended June 30, 2018 . Repurchase requests in connection with a stockholder’s death, “qualifying disability,” or “determination of incompetence” were completed in full. The remaining repurchase requests that were in good order were fulfilled on a pro rata basis. As of June 30, 2018, we had 13.4 million shares of unfulfilled repurchase requests, which will be treated as requests for repurchase during future months until satisfied or withdrawn. Due to the program's funding limits, no funds will be available for the remainder of 2018. However, we will continue to fulfill repurchases sought upon a stockholder's death, “qualifying disability,” or “determination of incompetence” in accordance with the terms of the SRP. Convertible Noncontrolling Interests —As part of the PELP transaction, we issued 39.4 million OP units that are classified as Noncontrolling Interests. Prior to the PELP transaction, the Operating Partnership also issued limited partnership units that were designated as Class B units for asset management services provided by our former advisor. Upon closing of the PELP transaction, all outstanding Class B units vested and were converted to OP units. Under the terms of the Third Amended and Restated Agreement of Limited Partnership, OP unit holders may elect to exchange OP units. The Operating Partnership controls the form of the redemption, and may elect to exchange OP units for shares of our common stock, provided that the OP units have been outstanding for at least one year. As the form of redemption for OP units is within our control, the OP units outstanding as of June 30, 2018 and December 31, 2017 , are classified as Noncontrolling Interests within permanent equity on our consolidated balance sheets. The cumulative distributions that have been paid on OP units are included in Distributions to Noncontrolling Interests on the consolidated statements of equity. There were 44.5 million OP units outstanding as of June 30, 2018 and December 31, 2017 . Nonconvertible Noncontrolling Interests —In addition to partnership units of the Operating Partnership, Noncontrolling Interests also includes a 25% ownership share of one of our subsidiaries who provides advisory services, which was not significant to our results.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Earnings Per Share	11. 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 Net Loss Attributable to 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. 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 have the potential to be exchanged for an equal number of shares of our common stock in accordance with the terms of the Partnership Agreement. The impact of OP units on basic and diluted EPS has been calculated using the two-class method whereby earnings are allocated to the 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 as of June 30, 2018 and 2017 . The following table provides a reconciliation of the numerator and denominator of the earnings per share calculations for the three and six months ended June 30, 2018 and 2017 (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Numerator: Net loss attributable to stockholders - basic $ (11,351 ) $ (1,193 ) $ (12,951 ) $ (87 ) Net loss attributable to convertible OP units (1) (2,756 ) (28 ) (3,090 ) — Net loss attributable to stockholders and convertible noncontrolling interests - diluted $ (14,107 ) $ (1,221 ) $ (16,041 ) $ (87 ) Denominator: Weighted-average shares - basic 184,450 183,126 185,171 183,178 OP units (1) 44,453 2,785 44,453 2,785 Adjusted weighted-average shares - diluted 228,903 185,911 229,624 185,963 Earnings per common share: Net loss attributable to stockholders - basic and diluted $ (0.06 ) $ (0.01 ) $ (0.07 ) $ (0.00 ) (1) OP units include units previously issued for asset management services provided under our former advisory agreement (see Note 13 ), as well as units issued as part of the PELP transaction (Note 4 ), all of which are convertible into common shares. The Operating Partnership loss attributable to these OP units, which is included as a component of Net Income Attributable to Noncontrolling Interests on the consolidated statements of operations, has been added back in the numerator as these OP units were included in the denominator for all years presented. As of June 30, 2018 , approximately 1.0 million unvested restricted stock awards granted to employees and directors were outstanding. These securities were anti-dilutive and, as a result, were excluded from the weighted-average common shares used to calculate diluted EPS. The unvested restricted stock awards outstanding at June 30, 2017 , were immaterial. There were 2.9 million unvested Class B units outstanding as of June 30, 2017 . As these units were unvested, they were not included in the diluted earnings per share calculation. We had no unvested Class B units outstanding as of June 30, 2018 .

Revenue Recognition and Related

Revenue Recognition and Related Party Revenue	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Revenue Recognition and Related Party Revenue	12. REVENUE RECOGNITION AND RELATED PARTY REVENUE Effective January 1, 2018, we adopted ASU 2014-09, Revenue from Contracts with Customers , using the modified retrospective approach. The majority of our revenue is lease revenue derived from our Owned Real Estate segment (see Note 15 ). We record these amounts as Rental Income and Tenant Recovery Income on the consolidated statements of operations. These revenue amounts are excluded from the scope of ASU 2014-09, as they are accounted for under Topic 840, Leases . Fee revenues from our Investment Management segment are earned by providing services to the Managed Funds. These fees are within the scope of ASU 2014-09 and are recorded as Fees and Management Income on the consolidated statements of operations. Additional immaterial revenue is recorded as Other Property Income on the consolidated statements of operations. The adoption of ASU 2014-09 did not result in any retrospective adjustments to prior periods as our previous revenue recognition policies aligned with the updated guidance. The Investment Management segment provides services to Managed Funds that are considered related parties. These services primarily include asset acquisition and disposition services, asset management, operating and leasing of properties, construction management, and other general and administrative responsibilities. These services are currently provided under two types of contracts: advisory agreements and property management agreements. Advisory agreements have a duration of one year and are renewed annually at the discretion of the respective boards, but can be terminated upon notice by either party. Property management agreements include both property management agreements and master services agreements, which we have determined should be evaluated as a single agreement for revenue recognition under GAAP. Property management agreements have no defined term, but can be canceled by either party upon 30 days’ notice. Summarized below is all fee and management revenue for the Investment Management segment. The revenue includes the fees and reimbursements earned by us from the Managed Funds for the three and six months ended June 30, 2018 , and other revenues that are not in the scope of ASC 606, Revenue from Contracts with Customers , but are included in this table for the purpose of disclosing all related party revenues (in thousands): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 REIT II Other Parties Total REIT II Other Parties Total Advisory revenue: Acquisition fees $ 7 $ — $ 7 $ 162 $ 256 $ 418 Asset management fees 3,064 294 3,358 6,129 575 6,704 Other advisory fees and reimbursements 578 132 710 653 160 813 Total advisory revenue 3,649 426 4,075 6,944 991 7,935 Property Management and Services revenue: Property management fees 2,125 364 2,489 4,204 716 4,920 Leasing commissions 1,340 162 1,502 2,512 413 2,925 Construction management fees 127 110 237 202 132 334 Other property management fees and reimbursements 188 100 288 422 243 665 Total property management and services revenue 3,780 736 4,516 7,340 1,504 8,844 Other revenue: Insurance premiums (1) 109 437 546 189 881 1,070 Non-operating property revenue — 137 137 — 270 270 Total fees and management income $ 7,538 $ 1,736 $ 9,274 $ 14,473 $ 3,646 $ 18,119 (1) Insurance premium income from other parties was from third parties not affiliated with us. Because the PELP transaction occurred in October 2017, no fee and management income was earned during the six months ended June 30, 2017 . Advisory Agreements —Under our advisory agreements, we earn revenue for managing day-to-day activities and implementing the investment strategy for the Managed Funds. The wide variety of duties as the advisor within these contracts makes determining the performance obligations within the contracts a matter of judgment. We have concluded that each of the separately disclosed fee types in the below table represents a separate performance obligation within the contract. Due to the nature of the services being provided under the Advisory Agreements, each performance obligation within the contract has a variable component. Therefore when we determine the transaction price for the contract we are required to constrain our estimate to an amount that is not probable of significant revenue reversal. For the acquisition and disposition services, compensation only occurs if the transaction takes place, and the amount of compensation is dependent upon the contract price for the transaction. Property acquisition and disposition fees are recognized when we satisfy a performance obligation by acquiring a property or transferring control of a property. These fees are billed subsequent to the acquisition or sale of the property and payment is due thereafter. The following table summarizes the fee structure for our advisory agreements: Fee Type Performance Obligation Satisfied Timing of Payment Revenue Recognition Acquisition Fee Point in time (upon close of transaction) In cash upon close of transaction Revenue is recognized based on a percentage of the contract purchase price, including acquisition expenses and any debt. Disposition Fee Point in time (upon close of transaction) In cash upon completion Revenue is recognized based on a percentage of the contract sales price. Asset Management Fee and Subordinated Participation Over time Monthly, in cash and/or ownership units Because each increment of service is distinct, although substantially the same, revenue is recognized at the end of each reporting period based on a percentage of the cost of assets under management or the applicable NAV. In addition to the fees listed above, our management company contracts include the potential for additional revenues if certain market conditions are in place or certain events take place. We have not recognized revenue related to these fees, nor will we until it is no longer highly probable that there would be a material reversal of revenue. Property Management Agreements —Under our property management agreements, we earn revenue for managing day-to-day activities at the properties of the Managed Funds, for which we receive a distinct fee based on a set percentage of gross cash receipts each month. Under the property management agreements, we also serve as a leasing agent to the Managed Funds. For each new lease, lease renewal, and expansion we receive a distinct fee in the form of a leasing commission. Leasing commissions are recognized at lease execution and are dependent on the terms of the lease. Additionally, we assist in overseeing the construction of various improvements for Managed Funds, for which we receive a distinct fee based on a set percentage of total project cost calculated upon completion of construction. Because both parties in these contracts can cancel upon 30 days’ notice without penalties, their term is considered month-to-month. The wide variety of duties as the property manager within these contracts makes determining the performance obligations within the contracts a matter of judgment. We have concluded that each of the separately disclosed fee types in the contracts, property management, leasing, and construction management, represents a separate performance obligation within the contract. Due to the nature of the services being provided under the property management agreements, each performance obligation within the contract has a variable consideration component. However, due to the month-to-month term of these contracts, any uncertainty regarding the amounts to be earned over the contract term is resolved by the end of that month. As a result, we can reliably calculate the amount of the consideration to be recognized with regards to each performance obligation each month. All property management agreements have terms as follows: Fee Performance Obligation Satisfied Timing of Payment Revenue Recognition Property Management Over time In cash, monthly Revenue is recognized based on a percentage of monthly cash receipts at each property. Leasing Commissions Point in time In cash upon completion Revenue is recognized based on a percentage of the contractual payments to be received per the terms of the lease and occurs when the lease is executed. Construction Management Point in time In cash upon completion Revenue is recognized based on a percentage of the cost of the construction project. Revenue recognition occurs upon completion of the contract (in the case of a normal capital improvement) or upon the tenant taking possession (in the case of a tenant improvement). Both the advisory agreements and property management agreements have an original duration of one year or less, and we utilize the practical expedient applicable to such contracts and have not disclosed the transaction price for the remaining performance obligations as of the end of each reporting period nor when we expect to recognize this revenue. Due to the duration of the contracts, we have also utilized the practical expedient and made no adjustment to contract consideration for the effects of financing components. Related Party Receivables —Summarized below is the detail of our outstanding receivable balance from related parties as of June 30, 2018 and December 31, 2017 , respectively (in thousands): June 30, 2018 December 31, 2017 REIT II Other Parties REIT II Other Parties Contract receivables: Advisory $ 365 $ 5 $ 256 $ 51 Property management and services 1,142 197 1,264 128 Total contract receivables 1,507 202 1,520 179 Other 129 4,036 72 4,331 Total $ 1,636 $ 4,238 $ 1,592 $ 4,510 Organizational and Offering Costs —Under the terms of the advisory agreement, we have incurred organizational and offering costs related to REIT III, all of which are recorded in Accounts Receivable - Affiliates on the consolidated balance sheets. We have charged REIT III organizational and offering costs related to both its private placement and public offering, which were approximately $3.9 million and $2.0 million as of June 30, 2018 and December 31, 2017 , respectively. During the public offering period for REIT III we will receive an additional contingent advisor payment of 2.15% of the contract purchase price of each property or other real estate investment they acquire. This reimbursement is intended to allow us to recoup a portion of the dealer manager fees and organizational and offering expenses advanced by the REIT III Advisor, which we have a 75% interest. Therefore, this reimbursement shall not exceed the amount of organizational and offering expenses and dealer manager fees outstanding at the time of closing for the acquired property. The initial $4.5 million we may incur to fund the dealer manager fee and other organizational and offering expenses related to the REIT III public offering, shall be retained by REIT III until the termination of their public offering, at which time such amount shall be paid.

Related Party Expense

Related Party Expense	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions	13. RELATED PARTY EXPENSE Economic Dependency —Prior to the completion of the PELP transaction, we were dependent on Phillips Edison NTR LLC (“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. Upon closing of the transaction in October 2017, our management structure became internalized and our relationship with PE-NTR and the Property Manager was acquired. As a result, we no longer pay the fees listed below and had no outstanding unpaid amounts related to those fees as of June 30, 2018 or December 31, 2017. Advisory Agreement —PE-NTR and a previous advisor were entitled to specified fees and expenditure reimbursements for certain services, including managing our day-to-day activities and implementing our investment strategy under advisory agreements, as follows: • Asset management and subordinated participation fee paid out monthly in cash and/or Class B units; • Acquisition fee based on the cost of investments acquired/originated; • Acquisition expenses reimbursed related to selecting, evaluating, and acquiring assets; and • Disposition fee paid for substantial assistance in connection with the sale of a property. Summarized below are the fees earned by and the expenses reimbursable for the three and six months ended June 30, 2017 (in thousands): Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Acquisition fees (1) $ 902 $ 1,050 Due diligence fees (1) 183 213 Asset management fees (2) 5,228 10,317 OP unit distributions (3) 465 925 Class B unit distributions (4) 473 911 Disposition fees 19 19 Total $ 7,270 $ 13,435 (1) The majority of acquisition and due diligence fees are capitalized and allocated to the related investment in real estate assets on the consolidated balance sheets based on the acquisition-date fair values of the respective assets and liabilities acquired. (2) Asset management fees are presented in General and Administrative on the consolidated statements of operations. (3) Distributions 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 Management Agreement —Prior to the completion of the PELP transaction in October 2017, all of our real properties were managed and leased by the Property Manager, which was wholly-owned by PELP. The Property Manager was entitled to the following specified fees and expenditure reimbursements: • Property management fee based on monthly gross cash receipts from the properties managed; • Leasing commissions paid for leasing services rendered with respect to a particular property; • Construction management costs paid for construction management services rendered with respect to a particular property; and • Other expenses and reimbursement incurred by the Property Manager on our behalf. Summarized below are the fees earned by and the expenses reimbursable to the Property Manager for the three and six months ended June 30, 2017 (in thousands): Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Property management fees (1) $ 2,683 $ 5,269 Leasing commissions (2) 2,077 4,400 Construction management fees (2) 380 684 Other fees and reimbursements (3) 1,912 3,621 Total $ 7,052 $ 13,974 (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 were 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, were capitalized and amortized over the life of the related leases or assets. (3) Other fees and reimbursements are included in Property Operating and General and Administrative on the consolidated statements of operations based on the nature of the expense. Other Related Party Matters —Under the terms of the advisory agreement, we have incurred organizational and offering costs related to REIT III. A portion of those costs were incurred by Griffin Capital Corporation (“Griffin sponsor”), a co-sponsor of REIT III. The Griffin sponsor owns a 25% interest and we own a 75% interest in the REIT III Advisor. As such, $0.9 million of the receivable we have from REIT III is reimbursable to the Griffin sponsor and is recorded in Accounts Payable - Affiliates on the consolidated balance sheets. Upon completion of the PELP transaction, we assumed PELP’s obligation as the limited guarantor for up to $200 million , capped at $50 million in most instances, of NRP’s debt. Our guarantee is limited to being the non-recourse carveout guarantor and the environmental indemnitor.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	14. 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. Debt Obligations —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 June 30, 2018 and December 31, 2017 (in thousands): June 30, 2018 December 31, 2017 Fair value $ 1,820,280 $ 1,765,151 Recorded value (1) 1,852,500 1,823,040 (1) Recorded value does not include deferred financing costs of $14.0 million and $16.0 million as of June 30, 2018 and December 31, 2017 , respectively. Recurring Fair Value Measurements —Our earn-out liability and interest rate swaps are measured and recognized at fair value on a recurring basis. The fair value measurements of those assets and liabilities as of June 30, 2018 and December 31, 2017 , were as follows (in thousands): June 30, 2018 December 31, 2017 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Interest rate swaps-term loans (1) $ — $ 34,839 $ — $ — $ 16,496 $ — Interest rate swap-mortgage note (1) — — — — (61 ) — Earn-out liability (2) — — (39,500 ) — — (38,000 ) (1) We record derivative assets in Other Assets, Net and derivative liabilities in Accounts Payable and Other Liabilities on our consolidated balance sheets. (2) The estimated fair value of the earn-out is presented in Accounts Payable and Other Liabilities on the consolidated balance sheets. We will continue to estimate the fair value of this earn-out liability at each reporting date during the contingency period and record any changes on our consolidated statements of operations. Earn-out —The terms of the PELP transaction include an earn-out structure with an opportunity for up to an additional 12.5 million OP units to be issued to PELP as additional consideration if certain milestones are achieved. The milestones are related to a liquidity event for our shareholders and fundraising targets in REIT III, of which PELP was a co-sponsor. We estimate the fair value of this liability using weighted-average probabilities of likely outcomes. These estimates require us to make various assumptions about future share prices, timing of liquidity events, equity raise projections, and other items that are unobservable and are considered Level 3 inputs in the fair value hierarchy. In calculating the fair value of this liability, we have determined that the most likely range of potential outcomes includes a possibility of no additional OP units issued as well as up to 9 million out of the maximum 12.5 million units being issued. Derivative Instruments— As of June 30, 2018 and December 31, 2017 , we had interest rate swaps that fixed LIBOR on portions of our unsecured term loan facilities. For a more detailed discussion of these cash flow hedges, see Note 8 . 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, Fair Value Measurement , 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 June 30, 2018 and December 31, 2017 , 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. Nonrecurring Fair Value Measurements —Our real estate assets are measured and recognized at fair value on a nonrecurring basis dependent upon when we determine an impairment has occurred (see Note 5 ). We did not have any impaired real estate assets as of December 31, 2017 . The fair value measurement of our impaired real estate asset as of June 30, 2018 , was as follows (in thousands): June 30, 2018 Level 1 Level 2 Level 3 Impaired real estate asset $ — $ 5,300 $ —

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Segment Information	15. SEGMENT INFORMATION As of June 30, 2018 , we operated through two business segments: Owned Real Estate and Investment Management. Prior to the completion of the PELP transaction in October 2017, we only operated through the Owned Real Estate segment. As a result, we did not report any segment disclosures for the three and six months ended June 30, 2017 . We generate revenues and Segment Profit as follows: • Owned Real Estate: Our business objective is to own and operate well-occupied grocery-anchored shopping centers that generate cash flows to support distributions to our shareholders with the potential for capital appreciation. We typically invest in neighborhood shopping centers (generally containing less than 125,000 leasable square feet) located in attractive demographic markets throughout the United States where our management believes our fully integrated operating platform can add value. Through this segment, we own a diversified portfolio of shopping centers subject to long-term net leases with creditworthy tenants in the grocery, retail, restaurant, and service industries. As of June 30, 2018 , we owned 235 properties. • Investment Management: Through this segment, we are responsible for managing the day-to-day affairs of the Managed Funds, identifying and making acquisitions and investments on their behalf, maintaining and operating their real properties, and recommending an approach for providing investors of the Managed Funds with liquidity. We generate revenues by providing asset management and property management services, such as revenues from leasing, acquisition, construction, and disposition services (see Note 12 ). Our chief operating decision makers rely primarily on Segment Profit and similar measures to make decisions regarding allocating resources and assessing segment performance. We allocate certain operating expenses, such as employee-related costs and benefits, to our segments. Items not directly attributable to our Owned Real Estate or Investment Management segments are allocated to corporate general and administrative expenses, which is a reconciling item. The table below compares Segment Profit for each of our operating segments and reconciles total Segment Profit to Net Loss for the three and six months ended June 30, 2018 (in thousands): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Owned Real Estate Investment Management Total Owned Real Estate Investment Management Total Total revenues $ 94,899 $ 9,274 $ 104,173 $ 189,253 $ 18,119 $ 207,372 Property operating expenses (14,058 ) (2,843 ) (16,901 ) (29,516 ) (5,500 ) (35,016 ) Real estate tax expenses (13,076 ) (250 ) (13,326 ) (26,038 ) (435 ) (26,473 ) General and administrative expenses (804 ) (3,420 ) (4,224 ) (1,229 ) (6,043 ) (7,272 ) Segment profit $ 66,961 $ 2,761 69,722 $ 132,470 $ 6,141 138,611 Corporate general and administrative expenses (9,226 ) (16,639 ) Depreciation and amortization (46,385 ) (92,812 ) Impairment of real estate assets (10,939 ) (10,939 ) Interest expense, net (17,051 ) (33,830 ) Other expense, net (197 ) (304 ) Net loss $ (14,076 ) $ (15,913 )

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	16. SUBSEQUENT EVENTS Distributions —Distributions paid to stockholders and OP unit holders of record subsequent to June 30, 2018 , were as follows (in thousands): Month Date of Record Distribution Rate Date Distribution Paid Gross Amount of Distribution Paid Distribution Reinvested through the DRIP Net Cash Distribution June 6/15/2018 $0.05583344 7/2/2018 $ 12,672 $ 3,962 $ 8,710 July 7/16/2018 $0.05583344 8/1/2018 12,439 — 12,439 In August 2018 our Board authorized distributions for September, October, and November 2018 to the stockholders of record at the close of business on September 17, 2018, October 15, 2018, and November 15 2018, respectively, equal to a monthly amount of $0.05583344 per share of common stock. OP unit holders will receive distributions at the same rate as common stockholders.

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
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 & Company, Inc. for the year ended December 31, 2017 , which are included in our 2017 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 six months ended June 30, 2018 , 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.
Income Taxes	Income Taxes —Our consolidated financial statements include the operations of one wholly owned subsidiary that has jointly elected to be treated as a Taxable REIT Subsidiary (“TRS”) and is subject to U.S. federal, state, and local income taxes at regular corporate tax rates. As of June 30, 2018 and December 31, 2017 , a full valuation allowance was recorded for the entire amount of the net deferred tax asset. During the three and six months ended June 30, 2018 , there was no tax expense recorded due to the full valuation allowance and our having a net operating loss. We are continuing to evaluate the impact of the 2017 Tax Cuts and Jobs Act (“2017 Tax Act”) on the organization as a whole, but we do not expect there to be a material impact on our consolidated financial statements.
Newly Adopted and Recently Issued Accounting Pronouncements	Newly Adopted and Recently Issued Accounting Pronouncements —The following table provides a brief description of newly adopted accounting pronouncements and their effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting This update clarifies guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. January 1, 2018 The adoption of this standard did not have a material impact on our consolidated financial statements. We will apply the guidance to any future modifications of share-based compensation awards. 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 nonfinancial asset. January 1, 2018 We did not record any cumulative adjustment in connection with the adoption of the new pronouncement. We determined that these changes did not have any impact on our consolidated financial statements. ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment (Topic 350) This update amends existing guidance in order to simplify impairment testing for goodwill. It is effective for annual reporting periods beginning after January 1, 2021, but early adoption is permitted. January 1, 2018 We elected to adopt this standard as of January 1, 2018. The adoption of this standard did not have any impact on our consolidated financial statements. ASU 2016-15, Statement of Cash Flows (Topic 230); ASU 2016-18, Statement of Cash Flows (Topic 230) These updates address the presentation of eight specific cash receipts and cash payments on the statement of cash flows, as well as clarify the classification and presentation of restricted cash on the statement of cash flows. January 1, 2018 We adopted these ASUs by applying a retrospective transition method which requires a restatement of our consolidated statement of cash flows for all periods presented. 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. January 1, 2018 Our revenue-producing contracts are primarily leases that are not within the scope of this standard. As a result, the adoption of this standard did not have a material impact on our rental or reimbursement revenue. However, the standard does apply to a majority of our fees and management income. We have evaluated the impact of this standard on our fees and management income; it did not have a material impact on our revenue recognition, but we have provided additional disclosures around fees and management revenue. We adopted this guidance on a modified retrospective basis. The following table provides a brief description of recent accounting pronouncements that could have a material effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting The amendments in this update expand the scope of Topic 718: Compensation—Stock Compensation to include share-based payment transactions for acquiring goods and services from non-employees, except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). This update is effective for public business entities for fiscal years beginning after December 15, 2018. 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.
Reclassifications	Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for public entities in fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted after December 15, 2018. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2016-02, Leases (Topic 842); ASU 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842; ASU 2018-10, Codification Improvements to Topic 842, Leases; and ASU 2018-11, Leases (Topic 842): Targeted Improvements These updates amend existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Early adoption is permitted as of the original effective date. January 1, 2019 We are currently evaluating the impact the adoption of these standards will have on our consolidated financial statements. We have identified areas within our accounting policies we believe could be impacted by the new standard. This standard impacts the lessor’s ability to capitalize certain costs related to leasing, which will result in a reduction in the amount of execution costs currently being capitalized in connection with leasing activities and an increase to our Property Operating expenses. The standard will also require new disclosures within the accompanying notes to the consolidated financial statements. We expect to adopt the practical expedients available for implementation under the standard. By adopting these practical expedients, we will not be required to reassess (i) whether an expired or existing contract meets the definition of a lease; (ii) the lease classification at the adoption date for existing leases; and (iii) whether the costs previously capitalized as initial direct costs would continue to be amortized. This allows us to continue to account for our leases where we are the lessee as operating leases, however, any new or renewed leases may be classified as financing leases. We currently have fewer than 50 leases of this type. We also expect to recognize right of use assets and lease liability on our consolidated balance sheets related to certain leases where we are the lessee. In July 2018, the FASB issued an ASU related to ASC 842. The update allows lessors to use a practical expedient to account for non-lease components and related lease components as a single lease component instead of accounting for them separately, if certain conditions are met. We expect to utilize this practical expedient We will continue to evaluate the effect the adoption of these ASUs will have on our consolidated financial statements. However, we currently believe that the adoption will not have a material impact for operating leases where we are a lessor and will continue to record revenues from rental properties for our operating leases on a straight-line basis. We are still evaluating the impact for leases where we are the lessee. Reclassifications —The following line items on our consolidated statement of operations and comprehensive income for the three and six months ended June 30, 2017 , were reclassified: • Unrealized Gain (Loss) on Derivatives and Reclassification of Derivative Loss to Interest Expense were combined to Change in Unrealized Gain on Interest Rate Swaps. • Acquisition Expenses were combined to General and Administrative.

Earnings Per Share Earnings Per

Earnings Per Share Earnings Per Share (Policies)	6 Months Ended
	Jun. 30, 2018
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 Net Loss Attributable to 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.

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	Newly Adopted and Recently Issued Accounting Pronouncements —The following table provides a brief description of newly adopted accounting pronouncements and their effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting This update clarifies guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. January 1, 2018 The adoption of this standard did not have a material impact on our consolidated financial statements. We will apply the guidance to any future modifications of share-based compensation awards. 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 nonfinancial asset. January 1, 2018 We did not record any cumulative adjustment in connection with the adoption of the new pronouncement. We determined that these changes did not have any impact on our consolidated financial statements. ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment (Topic 350) This update amends existing guidance in order to simplify impairment testing for goodwill. It is effective for annual reporting periods beginning after January 1, 2021, but early adoption is permitted. January 1, 2018 We elected to adopt this standard as of January 1, 2018. The adoption of this standard did not have any impact on our consolidated financial statements. ASU 2016-15, Statement of Cash Flows (Topic 230); ASU 2016-18, Statement of Cash Flows (Topic 230) These updates address the presentation of eight specific cash receipts and cash payments on the statement of cash flows, as well as clarify the classification and presentation of restricted cash on the statement of cash flows. January 1, 2018 We adopted these ASUs by applying a retrospective transition method which requires a restatement of our consolidated statement of cash flows for all periods presented. 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. January 1, 2018 Our revenue-producing contracts are primarily leases that are not within the scope of this standard. As a result, the adoption of this standard did not have a material impact on our rental or reimbursement revenue. However, the standard does apply to a majority of our fees and management income. We have evaluated the impact of this standard on our fees and management income; it did not have a material impact on our revenue recognition, but we have provided additional disclosures around fees and management revenue. We adopted this guidance on a modified retrospective basis. The following table provides a brief description of recent accounting pronouncements that could have a material effect on our consolidated financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting The amendments in this update expand the scope of Topic 718: Compensation—Stock Compensation to include share-based payment transactions for acquiring goods and services from non-employees, except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). This update is effective for public business entities for fiscal years beginning after December 15, 2018. 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.

PELP Acquisition (Tables)

PELP Acquisition (Tables)	6 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	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 third-party investment management business, and its captive insurance company (in thousands): Amount Fair value of Operating Partnership units (“OP units”) issued $ 401,630 Debt assumed: Corporate debt 432,091 Mortgages and notes payable 72,649 Cash payments 30,420 Fair value of earn-out 38,000 Total consideration 974,790 PELP debt repaid by the Company on the transaction date (432,091 ) Net consideration $ 542,699
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the purchase price allocation based on that report (in thousands): Amount Assets: Land and improvements $ 269,140 Building and improvements 574,173 Intangible lease assets 93,506 Cash 5,930 Accounts receivable and other assets 42,426 Management contracts 58,000 Goodwill 29,066 Total assets acquired 1,072,241 Liabilities: Accounts payable and other liabilities 48,342 Acquired below-market leases 49,109 Total liabilities acquired 97,451 Net assets acquired $ 974,790 Our real estate asset acquired during the six months ended June 30, 2018 , was as follows (dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Square Footage Leased % of Rentable Square Feet at Acquisition Shoppes of Lake Village Leesburg, FL Publix 2/26/2018 $ 8,423 135.437 71.3 % During the six months ended June 30, 2017 , we acquired the following real estate assets (dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Square Footage Leased % of Rentable Square Feet at Acquisition Atwater Marketplace Atwater, CA Save Mart 2/10/2017 $ 15,041 96,224 94.6 % Rocky Ridge Station (1) Roseville, CA Sprouts 4/18/2017 37,271 93,337 96.3 % Greentree Station Racine, WI Pick ‘n Save 5/5/2017 12,309 82,659 90.3 % Titusville Station Titusville, FL Publix 6/15/2017 13,817 117,507 71.7 % Sierra Station (1) Corona, CA Ralph’s 6/20/2017 29,137 110,904 94.0 % (1) The purchase price includes debt assumed as part of the acquisition.
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination	The fair value and weighted-average amortization periods for the intangible assets and liabilities acquired in the PELP transaction as of the transaction date were as follows (dollars in thousands, useful life in years): Fair Value Weighted-Average Useful Life Management contracts $ 58,000 5 Acquired in-place leases 83,305 9 Acquired above-market leases 10,201 7 Acquired below-market leases (49,109 ) 13 The fair value at acquisition and weighted-average amortization periods for in-place, above-market, and below-market lease intangibles acquired as part of the above transactions during the six months ended June 30, 2018 and 2017, are as follows (dollars in thousands, weighted-average useful life in years): 2018 2017 Fair Value Weighted-Average Useful Life Fair Value Weighted-Average Useful Life Acquired in-place leases $ 946 6 $ 9,611 13 Acquired above-market leases 74 3 850 7 Acquired below-market leases (457 ) 16 (2,622 ) 20
Business Combination, Results of Operations	The consolidated net assets and results of operations of PELP’s contributions were included in the consolidated financial statements from the transaction date going forward and resulted in the following impact to Total Revenues and Net Loss for the three and six months ended June 30, 2018 (in thousands): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Revenues $ 21,482 $ 42,952 Net loss (9,837 ) (8,536 )
Business Acquisition, Pro Forma Information	The following unaudited pro forma information summarizes selected financial information from our combined results of operations, as if the PELP transaction had occurred on January 1, 2016. These results contain certain nonrecurring adjustments, such as the elimination of transaction expenses incurred related to the PELP transaction and the elimination of intercompany activity related to creating an internalized management structure. This pro forma information is presented for informational purposes only, and may not be indicative of what actual results of operations would have been had the PELP transaction occurred at the beginning of the period, nor does it purport to represent the results of future operations. (in thousands) Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Pro forma revenues $ 102,775 $ 201,454 Pro forma net income attributable to stockholders 465 1,264

Real Estate Activity (Tables)

Real Estate Activity (Tables)	6 Months Ended
	Jun. 30, 2018
Real Estate Investments, Net [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the purchase price allocation based on that report (in thousands): Amount Assets: Land and improvements $ 269,140 Building and improvements 574,173 Intangible lease assets 93,506 Cash 5,930 Accounts receivable and other assets 42,426 Management contracts 58,000 Goodwill 29,066 Total assets acquired 1,072,241 Liabilities: Accounts payable and other liabilities 48,342 Acquired below-market leases 49,109 Total liabilities acquired 97,451 Net assets acquired $ 974,790 Our real estate asset acquired during the six months ended June 30, 2018 , was as follows (dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Square Footage Leased % of Rentable Square Feet at Acquisition Shoppes of Lake Village Leesburg, FL Publix 2/26/2018 $ 8,423 135.437 71.3 % During the six months ended June 30, 2017 , we acquired the following real estate assets (dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Square Footage Leased % of Rentable Square Feet at Acquisition Atwater Marketplace Atwater, CA Save Mart 2/10/2017 $ 15,041 96,224 94.6 % Rocky Ridge Station (1) Roseville, CA Sprouts 4/18/2017 37,271 93,337 96.3 % Greentree Station Racine, WI Pick ‘n Save 5/5/2017 12,309 82,659 90.3 % Titusville Station Titusville, FL Publix 6/15/2017 13,817 117,507 71.7 % Sierra Station (1) Corona, CA Ralph’s 6/20/2017 29,137 110,904 94.0 % (1) The purchase price includes debt assumed as part of the acquisition.
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination	The fair value and weighted-average amortization periods for the intangible assets and liabilities acquired in the PELP transaction as of the transaction date were as follows (dollars in thousands, useful life in years): Fair Value Weighted-Average Useful Life Management contracts $ 58,000 5 Acquired in-place leases 83,305 9 Acquired above-market leases 10,201 7 Acquired below-market leases (49,109 ) 13 The fair value at acquisition and weighted-average amortization periods for in-place, above-market, and below-market lease intangibles acquired as part of the above transactions during the six months ended June 30, 2018 and 2017, are as follows (dollars in thousands, weighted-average useful life in years): 2018 2017 Fair Value Weighted-Average Useful Life Fair Value Weighted-Average Useful Life Acquired in-place leases $ 946 6 $ 9,611 13 Acquired above-market leases 74 3 850 7 Acquired below-market leases (457 ) 16 (2,622 ) 20
Schedule of Real Estate Assets Disposed	Our real estate assets disposed of during the six months ended June 30, 2018 , were as follows (dollars in thousands): Property Name Location Anchor Tenant Disposition Date Sale Price Gain Square Footage Lakeshore Crossing Gainesville, GA Lowe’s 5/15/2018 $ 9,270 $ 208 123,948 Lake Wales Station Lake Wales, FL CVS 5/30/2018 4,100 777 11,220

Other Assets, Net (Tables)

Other Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	The following is a summary of Other Assets, Net outstanding as of June 30, 2018 and December 31, 2017 (in thousands): June 30, 2018 December 31, 2017 Other assets, net: Deferred leasing commissions and costs $ 32,120 $ 29,055 Deferred financing costs 13,971 13,971 Office equipment, including capital lease assets, and other 12,070 10,308 Total depreciable and amortizable assets 58,161 53,334 Accumulated depreciation and amortization (21,637 ) (17,121 ) Net depreciable and amortizable assets 36,524 36,213 Accounts receivable, net 36,488 41,211 Deferred rent receivable, net 20,687 18,201 Derivative asset 34,839 16,496 Prepaid expenses 5,531 4,232 Investment in affiliates 903 902 Other 2,834 1,193 Total other assets, net $ 137,806 $ 118,448

Debt Obligations (Tables)

Debt Obligations (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Schedule of Debt Obligations	The following is a summary of the outstanding principal balances and interest rates, which include the effect of derivative financial instruments, on our debt obligations as of June 30, 2018 and December 31, 2017 (in thousands): Interest Rate June 30, 2018 December 31, 2017 Revolving credit facility (1) LIBOR + 1.40% $ 46,568 $ 61,569 Term loans (2) 2.51% - 3.93% 1,205,000 1,140,000 Secured loan facility due 2026 3.55% 175,000 175,000 Secured loan facility due 2027 3.52% 195,000 195,000 Mortgages and other (3) 3.75% - 7.91% 226,415 246,217 Assumed market debt adjustments, net (4) 4,517 5,254 Deferred financing costs (5) (14,028 ) (16,042 ) Total $ 1,838,472 $ 1,806,998 (1) The gross borrowings and payments under our revolving credit facility were $151.0 million and $166.0 million , respectively, during the six months ended June 30, 2018 . The revolving credit facility has a capacity of $500 million and matures in October 2021, with additional options to extend the maturity to October 2022. (2) We have six term loans with maturities ranging from 2019 to 2024. The $100 million term loan due in 2019 has options to extend the maturity to 2021. We will consider options for refinancing the loan or exercising the option upon maturity. As of June 30, 2018 , the availability on our revolving credit facility exceeded the balance on the loan. The $175 million term loan due in 2020 has options to extend its maturity to 2021. We executed a $65 million delayed draw in January 2018 on one of our term loans entered into in October 2017. (3) 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 June 30, 2018 and December 31, 2017 . (4) Net of accumulated amortization of $4.2 million and $3.7 million as of June 30, 2018 and December 31, 2017 , respectively. (5) Net of accumulated amortization of $7.0 million and $5.4 million as of June 30, 2018 and December 31, 2017 , respectively.
Schedule of Long-term Debt Instruments, Alternative	The allocation of total debt between fixed- and variable-rate as well as between secured and unsecured, excluding market debt adjustments and deferred financing costs, as of June 30, 2018 and December 31, 2017 , is summarized below (in thousands): June 30, 2018 December 31, 2017 As to interest rate: (1) Fixed-rate debt $ 1,588,415 $ 1,608,217 Variable-rate debt 259,568 209,569 Total $ 1,847,983 $ 1,817,786 As to collateralization: Unsecured debt $ 1,252,258 $ 1,202,476 Secured debt 595,725 615,310 Total $ 1,847,983 $ 1,817,786 (1) Includes the effects of derivative financial instruments (see Notes 8 and 14 ).

Derivatives and Hedging Activ31

Derivatives and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2018
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 June 30, 2018 and December 31, 2017 (notional amount in thousands): Count Fixed LIBOR Maturity Date Notional Amount 6 1.2% - 2.2% 2019-2024 $ 992,000
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 income for the three and six months ended June 30, 2018 and 2017 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Amount of gain (loss) recognized in OCI on derivative $ 5,608 $ (2,914 ) $ 19,047 $ (1,765 ) Amount of (gain) loss reclassified from AOCI into interest expense (753 ) 378 (704 ) 975

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2018
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 share calculations for the three and six months ended June 30, 2018 and 2017 (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Numerator: Net loss attributable to stockholders - basic $ (11,351 ) $ (1,193 ) $ (12,951 ) $ (87 ) Net loss attributable to convertible OP units (1) (2,756 ) (28 ) (3,090 ) — Net loss attributable to stockholders and convertible noncontrolling interests - diluted $ (14,107 ) $ (1,221 ) $ (16,041 ) $ (87 ) Denominator: Weighted-average shares - basic 184,450 183,126 185,171 183,178 OP units (1) 44,453 2,785 44,453 2,785 Adjusted weighted-average shares - diluted 228,903 185,911 229,624 185,963 Earnings per common share: Net loss attributable to stockholders - basic and diluted $ (0.06 ) $ (0.01 ) $ (0.07 ) $ (0.00 ) (1) OP units include units previously issued for asset management services provided under our former advisory agreement (see Note 13 ), as well as units issued as part of the PELP transaction (Note 4 ), all of which are convertible into common shares. The Operating Partnership loss attributable to these OP units, which is included as a component of Net Income Attributable to Noncontrolling Interests on the consolidated statements of operations, has been added back in the numerator as these OP units were included in the denominator for all years presented.

Revenue Recognition and Relat33

Revenue Recognition and Related Party Revenue (Tables)	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Fees Earned By and Expenses Reimbursable to Us from Managed Funds	Summarized below is all fee and management revenue for the Investment Management segment. The revenue includes the fees and reimbursements earned by us from the Managed Funds for the three and six months ended June 30, 2018 , and other revenues that are not in the scope of ASC 606, Revenue from Contracts with Customers , but are included in this table for the purpose of disclosing all related party revenues (in thousands): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 REIT II Other Parties Total REIT II Other Parties Total Advisory revenue: Acquisition fees $ 7 $ — $ 7 $ 162 $ 256 $ 418 Asset management fees 3,064 294 3,358 6,129 575 6,704 Other advisory fees and reimbursements 578 132 710 653 160 813 Total advisory revenue 3,649 426 4,075 6,944 991 7,935 Property Management and Services revenue: Property management fees 2,125 364 2,489 4,204 716 4,920 Leasing commissions 1,340 162 1,502 2,512 413 2,925 Construction management fees 127 110 237 202 132 334 Other property management fees and reimbursements 188 100 288 422 243 665 Total property management and services revenue 3,780 736 4,516 7,340 1,504 8,844 Other revenue: Insurance premiums (1) 109 437 546 189 881 1,070 Non-operating property revenue — 137 137 — 270 270 Total fees and management income $ 7,538 $ 1,736 $ 9,274 $ 14,473 $ 3,646 $ 18,119 (1) Insurance premium income from other parties was from third parties not affiliated with us.
Fee Structure, Advisory Agreements	The following table summarizes the fee structure for our advisory agreements: Fee Type Performance Obligation Satisfied Timing of Payment Revenue Recognition Acquisition Fee Point in time (upon close of transaction) In cash upon close of transaction Revenue is recognized based on a percentage of the contract purchase price, including acquisition expenses and any debt. Disposition Fee Point in time (upon close of transaction) In cash upon completion Revenue is recognized based on a percentage of the contract sales price. Asset Management Fee and Subordinated Participation Over time Monthly, in cash and/or ownership units Because each increment of service is distinct, although substantially the same, revenue is recognized at the end of each reporting period based on a percentage of the cost of assets under management or the applicable NAV.
Fee Structure, Management Agreements	All property management agreements have terms as follows: Fee Performance Obligation Satisfied Timing of Payment Revenue Recognition Property Management Over time In cash, monthly Revenue is recognized based on a percentage of monthly cash receipts at each property. Leasing Commissions Point in time In cash upon completion Revenue is recognized based on a percentage of the contractual payments to be received per the terms of the lease and occurs when the lease is executed. Construction Management Point in time In cash upon completion Revenue is recognized based on a percentage of the cost of the construction project. Revenue recognition occurs upon completion of the contract (in the case of a normal capital improvement) or upon the tenant taking possession (in the case of a tenant improvement).
Receivables, Related Party	Summarized below is the detail of our outstanding receivable balance from related parties as of June 30, 2018 and December 31, 2017 , respectively (in thousands): June 30, 2018 December 31, 2017 REIT II Other Parties REIT II Other Parties Contract receivables: Advisory $ 365 $ 5 $ 256 $ 51 Property management and services 1,142 197 1,264 128 Total contract receivables 1,507 202 1,520 179 Other 129 4,036 72 4,331 Total $ 1,636 $ 4,238 $ 1,592 $ 4,510

Related Party Expense (Tables)

Related Party Expense (Tables)	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Advisor Transactions	Summarized below are the fees earned by and the expenses reimbursable for the three and six months ended June 30, 2017 (in thousands): Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Acquisition fees (1) $ 902 $ 1,050 Due diligence fees (1) 183 213 Asset management fees (2) 5,228 10,317 OP unit distributions (3) 465 925 Class B unit distributions (4) 473 911 Disposition fees 19 19 Total $ 7,270 $ 13,435 (1) The majority of acquisition and due diligence fees are capitalized and allocated to the related investment in real estate assets on the consolidated balance sheets based on the acquisition-date fair values of the respective assets and liabilities acquired. (2) Asset management fees are presented in General and Administrative on the consolidated statements of operations. (3) Distributions 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 six months ended June 30, 2017 (in thousands): Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Property management fees (1) $ 2,683 $ 5,269 Leasing commissions (2) 2,077 4,400 Construction management fees (2) 380 684 Other fees and reimbursements (3) 1,912 3,621 Total $ 7,052 $ 13,974 (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 were 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, were capitalized and amortized over the life of the related leases or assets. (3) Other fees and reimbursements are included in Property Operating and General and Administrative on the consolidated statements of operations based on the nature of the expense.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Inputs, Liabilities, Quantitative Information	The following is a summary of borrowings as of June 30, 2018 and December 31, 2017 (in thousands): June 30, 2018 December 31, 2017 Fair value $ 1,820,280 $ 1,765,151 Recorded value (1) 1,852,500 1,823,040 (1) Recorded value does not include deferred financing costs of $14.0 million and $16.0 million as of June 30, 2018 and December 31, 2017 , respectively.
Fair Value, Liabilities Measured on Recurring Basis	The fair value measurements of those assets and liabilities as of June 30, 2018 and December 31, 2017 , were as follows (in thousands): June 30, 2018 December 31, 2017 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Interest rate swaps-term loans (1) $ — $ 34,839 $ — $ — $ 16,496 $ — Interest rate swap-mortgage note (1) — — — — (61 ) — Earn-out liability (2) — — (39,500 ) — — (38,000 ) (1) We record derivative assets in Other Assets, Net and derivative liabilities in Accounts Payable and Other Liabilities on our consolidated balance sheets. (2) The estimated fair value of the earn-out is presented in Accounts Payable and Other Liabilities on the consolidated balance sheets. We will continue to estimate the fair value of this earn-out liability at each reporting date during the contingency period and record any changes on our consolidated statements of operations.
Fair Value Measurements, Nonrecurring	The fair value measurement of our impaired real estate asset as of June 30, 2018 , was as follows (in thousands): June 30, 2018 Level 1 Level 2 Level 3 Impaired real estate asset $ — $ 5,300 $ —

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The table below compares Segment Profit for each of our operating segments and reconciles total Segment Profit to Net Loss for the three and six months ended June 30, 2018 (in thousands): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Owned Real Estate Investment Management Total Owned Real Estate Investment Management Total Total revenues $ 94,899 $ 9,274 $ 104,173 $ 189,253 $ 18,119 $ 207,372 Property operating expenses (14,058 ) (2,843 ) (16,901 ) (29,516 ) (5,500 ) (35,016 ) Real estate tax expenses (13,076 ) (250 ) (13,326 ) (26,038 ) (435 ) (26,473 ) General and administrative expenses (804 ) (3,420 ) (4,224 ) (1,229 ) (6,043 ) (7,272 ) Segment profit $ 66,961 $ 2,761 69,722 $ 132,470 $ 6,141 138,611 Corporate general and administrative expenses (9,226 ) (16,639 ) Depreciation and amortization (46,385 ) (92,812 ) Impairment of real estate assets (10,939 ) (10,939 ) Interest expense, net (17,051 ) (33,830 ) Other expense, net (197 ) (304 ) Net loss $ (14,076 ) $ (15,913 )

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Distributions to Stockholders and OP Unit Holders	Distributions paid to stockholders and OP unit holders of record subsequent to June 30, 2018 , were as follows (in thousands): Month Date of Record Distribution Rate Date Distribution Paid Gross Amount of Distribution Paid Distribution Reinvested through the DRIP Net Cash Distribution June 6/15/2018 $0.05583344 7/2/2018 $ 12,672 $ 3,962 $ 8,710 July 7/16/2018 $0.05583344 8/1/2018 12,439 — 12,439

Organization (Details)

Organization (Details)	Jul. 17, 2018	Jun. 30, 2018property
Subsequent Event [Line Items]
Number of real estate properties owned		235
Subsequent Event
Subsequent Event [Line Items]
Business Combination Consideration Transferred Equity Interests Issued Ratio	2.04

REIT II Merger (Details)

REIT II Merger (Details) $ / shares in Units, $ in Thousands, ft² in Millions	Jul. 17, 2018USD ($)ft²$ / shares	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)
Subsequent Event [Line Items]
Acquisition related costs		$ 0	$ 4,383	$ 0	$ 6,023
Subsequent Event
Subsequent Event [Line Items]
Number of real estate properties, post merger	321
Business combination, post merger transaction, net rentable area | ft²	36.6
Number of states in which surviving entity operates	33
Business Combination Consideration Transferred Equity Interests Issued Ratio	2.04
Business Acquisition Share Value Per Share of Acquiree | $ / shares	$ 22.54
Business Acquisition, Share Price | $ / shares	$ 11.05
Business acquisition, potential termination fee, payable by acquiree for third party proposal	$ 15,900
Business Combination, Contingent Consideration, Liability	31,700
Business Combination, Contingent Consideration, Asset	$ 75,600
Business Acquisition Percentage Of Voting Interests Retained by Acquirer	71.00%
REIT II
Subsequent Event [Line Items]
Acquisition related costs				$ 800
REIT II | Subsequent Event
Subsequent Event [Line Items]
Net consideration	$ 1,900,000
Mortgages and notes payable	$ 800,000
Noncontrolling interest, ownership percentage	29.00%

PELP Acquisition Transfer of Co

PELP Acquisition Transfer of Consideration (Details) $ / shares in Units, $ in Thousands, shares in Millions	Oct. 04, 2017USD ($)$ / sharesshares	Jun. 30, 2018USD ($)property	Dec. 31, 2017shares	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)property	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)	May 09, 2018$ / shares	Nov. 08, 2017$ / shares	Nov. 07, 2017$ / shares
Business Acquisition [Line Items]
Number of real estate properties | property		235			235
Fair value per unit | $ / shares								$ 11.05	$ 11	$ 10.20
Acquisition related costs		$ 0		$ 4,383	$ 0	$ 6,023
Phillips Edison Limited Partnership
Business Acquisition [Line Items]
Number of real estate properties	76
Fair value of Operating Partnership units (“OP units”) issued	$ 401,630
Corporate debt	432,091
Mortgages and notes payable	72,649
Cash payments	30,420
Fair value of earn-out	38,000
Total consideration	974,790
PELP debt repaid by the Company on the transaction date	(432,091)
Net consideration	$ 542,699
PELP transaction, OP units issued and issuable, shares | shares	39.4		39.4
Fair value per unit | $ / shares	$ 10.20
Post-transaction shareholder ownership percentage	80.60%
Post-transaction PELP shareholder ownership percentage	19.40%
Acquisition related costs						$ 6,000	$ 17,000
Phillips Edison Limited Partnership | OP Units
Business Acquisition [Line Items]
PELP transaction, OP units issued and issuable, shares | shares	12.5		12.5

PELP Acquisition Business Combi

PELP Acquisition Business Combination, Assets Acquired and Liabilities Assumed (Details) - Phillips Edison Limited Partnership $ in Thousands	Oct. 04, 2017USD ($)
Business Acquisition [Line Items]
Land and improvements	$ 269,140
Building and improvements	574,173
Intangible lease assets	93,506
Cash	5,930
Accounts receivable and other assets	42,426
Management contracts	58,000
Goodwill	29,066
Total assets acquired	1,072,241
Accounts payable and other liabilities	48,342
Acquired below-market leases	49,109
Total liabilities acquired	97,451
Net assets acquired	$ 974,790

PELP Acquisition Business Acqui

PELP Acquisition Business Acquisition, Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Oct. 04, 2017	Jun. 30, 2018	Jun. 30, 2017
Acquired In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets and liabilities, weighted average useful life		6 years	13 years
Acquired Above-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets and liabilities, weighted average useful life		3 years	7 years
Acquired Below-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets and liabilities, weighted average useful life		16 years	20 years
Phillips Edison Limited Partnership
Acquired Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 29,066
Phillips Edison Limited Partnership | Management Contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, fair value	$ 58,000
Acquired finite-lived intangible assets and liabilities, weighted average useful life	5 years
Phillips Edison Limited Partnership | Acquired In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, fair value	$ 83,305
Acquired finite-lived intangible assets and liabilities, weighted average useful life	9 years
Phillips Edison Limited Partnership | Acquired Above-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, fair value	$ 10,201
Acquired finite-lived intangible assets and liabilities, weighted average useful life	7 years
Phillips Edison Limited Partnership | Acquired Below-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired below market Lease	$ (49,109)
Acquired finite-lived intangible assets and liabilities, weighted average useful life	13 years

PELP Acquisition Business Com43

PELP Acquisition Business Combination, Revenues and Net Income (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Business Combinations [Abstract]
Revenues	$ 21,482	$ 42,952
Net loss	$ (9,837)	$ (8,536)

PELP Acquisition Business Com44

PELP Acquisition Business Combination, Pro Forma Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017
Business Combinations [Abstract]
Pro forma revenues	$ 102,775	$ 201,454
Pro forma net income attributable to stockholders	$ 465	$ 1,264

Real Estate Activity Acquisitio

Real Estate Activity Acquisitions (Details) $ in Thousands	Feb. 26, 2018USD ($)ft²	Jun. 20, 2017USD ($)ft²	Jun. 15, 2017USD ($)ft²	May 05, 2017USD ($)ft²	Apr. 18, 2017USD ($)ft²	Feb. 10, 2017USD ($)ft²	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)
Real Estate Properties [Line Items]
Number of real estate acquisitions							1	5
Acquired In-Place Leases
Real Estate Properties [Line Items]
Fair Value							$ 946	$ 9,611
Weighted-Average Useful Life							6 years	13 years
Acquired Above-Market Leases
Real Estate Properties [Line Items]
Fair Value							$ 74	$ 850
Weighted-Average Useful Life							3 years	7 years
Acquired Below-Market Leases
Real Estate Properties [Line Items]
Fair Value							$ (457)	$ (2,622)
Weighted-Average Useful Life							16 years	20 years
Shoppes of Lake Village
Real Estate Properties [Line Items]
Purchase Price	$ 8,423
Square Footage | ft²	135,437
Leased % of Rentable Square Feet at Acquisition	71.30%
Atwater Marketplace
Real Estate Properties [Line Items]
Purchase Price						$ 15,041
Square Footage | ft²						96,224
Leased % of Rentable Square Feet at Acquisition						94.60%
Rocky Ridge Station
Real Estate Properties [Line Items]
Purchase Price					$ 37,271
Square Footage | ft²					93,337
Leased % of Rentable Square Feet at Acquisition					96.30%
Greentree Station
Real Estate Properties [Line Items]
Purchase Price				$ 12,309
Square Footage | ft²				82,659
Leased % of Rentable Square Feet at Acquisition				90.30%
Titusville Station
Real Estate Properties [Line Items]
Purchase Price			$ 13,817
Square Footage | ft²			117,507
Leased % of Rentable Square Feet at Acquisition			71.70%
Sierra Station
Real Estate Properties [Line Items]
Purchase Price		$ 29,137
Square Footage | ft²		110,904
Leased % of Rentable Square Feet at Acquisition		94.00%

Real Estate Activity Dispositio

Real Estate Activity Dispositions and Impairments (Details) $ in Thousands	May 30, 2018USD ($)ft²	May 15, 2018USD ($)ft²	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)
Gain (Loss) on Investments [Line Items]
Number of real estate dispositions					2	0
Gain					$ 877	$ 0
Impairment of Real Estate			$ 10,939	$ 0	$ 10,939	$ 0
Lakeshore Crossing
Gain (Loss) on Investments [Line Items]
Sale Price		$ 9,270
Gain		$ 208
Square Footage | ft²		123,948
Lake Wales
Gain (Loss) on Investments [Line Items]
Sale Price	$ 4,100
Gain	$ 777
Square Footage | ft²	11,220

Other Assets, Net (Details)

Other Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred leasing commissions and costs	$ 32,120	$ 29,055
Deferred financing costs	13,971	13,971
Office equipment, including capital lease assets, and other	12,070	10,308
Total depreciable and amortizable assets	58,161	53,334
Accumulated depreciation and amortization	(21,637)	(17,121)
Net depreciable and amortizable assets	36,524	36,213
Accounts receivable, net	36,488	41,211
Deferred rent receivable, net	20,687	18,201
Derivative asset	34,839	16,496
Prepaid expenses	5,531	4,232
Investment in affiliates	903	902
Other	2,834	1,193
Total other assets, net	$ 137,806	$ 118,448

Debt Obligations (Details)

Debt Obligations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Outstanding principal balance	$ 1,847,983		$ 1,817,786
Assumed market debt adjustments, net	4,517		5,254
Deferred financing costs, net	(14,028)		(16,042)
Total	1,838,472		1,806,998
Gross borrowings	65,000
Accumulated amortization, assumed debt adjustment	4,200		3,700
Accumulated amortization, deferred finance costs	$ 7,000		$ 5,400
Weighted-average interest rate on debt		3.50%	3.40%
Secured term loan 2027 [Member]
Debt Instrument [Line Items]
Interest rate	3.52%
Outstanding principal balance	$ 195,000		$ 195,000
Secured term loan 2026
Debt Instrument [Line Items]
Interest rate	3.55%
Outstanding principal balance	$ 175,000		175,000
Mortgages and Other
Debt Instrument [Line Items]
Outstanding principal balance	$ 226,415		246,217
Mortgages and Other | Minimum
Debt Instrument [Line Items]
Interest rate	3.75%
Mortgages and Other | Maximum
Debt Instrument [Line Items]
Interest rate	7.91%
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit variable rate base	LIBOR
LIne of credit - interest spread	1.40%
Outstanding principal balance	$ 46,568		61,569
Gross borrowings	151,000
Gross payments	166,000
Borrowing capacity, amount	500,000
Term Loans
Debt Instrument [Line Items]
Outstanding principal balance	$ 1,205,000		$ 1,140,000
Term Loans | Minimum
Debt Instrument [Line Items]
Interest rate	2.51%
Term Loans | Maximum
Debt Instrument [Line Items]
Interest rate	3.93%
Term Loan Due 2019
Debt Instrument [Line Items]
Outstanding principal balance	$ 100,000
Term Loan Due 2020
Debt Instrument [Line Items]
Outstanding principal balance	$ 175,000

Debt Obligations (Details) - De

Debt Obligations (Details) - Debt Obligations - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Fixed-rate debt	$ 1,588,415	$ 1,608,217
Variable-rate debt	259,568	209,569
Unsecured debt	1,252,258	1,202,476
Secured debt	595,725	615,310
Total	$ 1,847,983	$ 1,817,786

Derivatives and Hedging Activ50

Derivatives and Hedging Activities (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2017Debt_Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in OCI on derivative	$ 5,608	$ (2,914)	$ 19,047	$ (1,765)
Amount of (gain) loss reclassified from AOCI into interest expense	(753)	$ 378	(704)	$ 975
Interest Rate Swap | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) reclassification from OCI to income, estimated net amount to be transferred			7,100
Count | Debt_Instrument					6
Derivative, notional amount	$ 992,000		$ 992,000
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	2.20%		2.20%		2.20%

Equity (Details)

Equity (Details) - $ / shares shares in Millions	Oct. 04, 2017	Dec. 31, 2017	Jun. 30, 2018	May 09, 2018	Mar. 31, 2018	Nov. 08, 2017	Nov. 07, 2017
Class of Stock [Line Items]
Share price				$ 11.05		$ 11	$ 10.20
Stock repurchased, shares			4.2
SRP, outstanding requests			13.4
OP units outstanding, shares		44.5	44.5
Subsidiaries
Class of Stock [Line Items]
Noncontrolling interest, ownership percentage			25.00%		25.00%
Phillips Edison Limited Partnership
Class of Stock [Line Items]
Share price	$ 10.20
Noncontrolling interest, ownership percentage	19.40%
Business combination, number of shares of OP units issued	39.4	39.4

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator:
Net (loss) income attributable to stockholders - basic	$ (11,351)	$ (1,193)	$ (12,951)	$ (87)
Net (loss) income attributable to convertible OP units	(2,756)	(28)	(3,090)	0
Net (loss) income - diluted	$ (14,107)	$ (1,221)	$ (16,041)	$ (87)
Denominator:
Weighted-average shares - basic	184,450,000	183,126,000	185,171,000	183,178,000
OP units	44,453,000	2,785,000	44,453,000	2,785,000
Adjusted weighted-average shares - diluted	228,903,000	185,911,000	229,624,000	185,963,000
Earnings per common share:
Net loss attributable to stockholders - basic and diluted	$ (0.06)	$ (0.01)	$ (0.07)	$ (0.0004749478649)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Class B units unvested	0	2,900,000	0	2,900,000
Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount			1,000,000

Revenue Recognition and Relat53

Revenue Recognition and Related Party Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Revenues	$ 104,173	$ 69,851	$ 207,372	$ 138,154
REIT III
Related Party Transaction [Line Items]
Organization and offering costs incurred on behalf of affiliate	3,900		3,900		$ 2,000
REIT II
Related Party Transaction [Line Items]
Insurance premiums	109		189
Non-operating property revenue	0		0
Other Parties
Related Party Transaction [Line Items]
Insurance premiums	437		881
Non-operating property revenue	137		270
Investment Management
Related Party Transaction [Line Items]
Insurance premiums	546		1,070
Non-operating property revenue	137		270
Revenues	9,274		18,119
Investment Management | REIT II
Related Party Transaction [Line Items]
Revenues	7,538		14,473
Investment Management | Other Parties
Related Party Transaction [Line Items]
Revenues	1,736		3,646
Advisory Revenue | REIT II
Related Party Transaction [Line Items]
Revenue from related parties	3,649		6,944
Advisory Revenue | REIT II | Acquisition Fees
Related Party Transaction [Line Items]
Revenue from related parties	7		162
Advisory Revenue | REIT II | Asset Management Fees
Related Party Transaction [Line Items]
Revenue from related parties	3,064		6,129
Advisory Revenue | REIT II | Other Advisory Fees and Other Reimbursements
Related Party Transaction [Line Items]
Revenue from related parties	578		653
Advisory Revenue | Other Parties
Related Party Transaction [Line Items]
Revenue from related parties	426		991
Advisory Revenue | Other Parties | Acquisition Fees
Related Party Transaction [Line Items]
Revenue from related parties	0		256
Advisory Revenue | Other Parties | Asset Management Fees
Related Party Transaction [Line Items]
Revenue from related parties	294		575
Advisory Revenue | Other Parties | Other Advisory Fees and Other Reimbursements
Related Party Transaction [Line Items]
Revenue from related parties	132		160
Advisory Revenue | Investment Management
Related Party Transaction [Line Items]
Revenue from related parties	4,075		7,935
Advisory Revenue | Investment Management | Acquisition Fees
Related Party Transaction [Line Items]
Revenue from related parties	7		418
Advisory Revenue | Investment Management | Asset Management Fees
Related Party Transaction [Line Items]
Revenue from related parties	3,358		6,704
Advisory Revenue | Investment Management | Other Advisory Fees and Other Reimbursements
Related Party Transaction [Line Items]
Revenue from related parties	710		813
Property Management and Services Revenue | REIT II
Related Party Transaction [Line Items]
Revenue from related parties	3,780		7,340
Property Management and Services Revenue | REIT II | Property Management Fees
Related Party Transaction [Line Items]
Revenue from related parties	2,125		4,204
Property Management and Services Revenue | REIT II | Leasing Commissions
Related Party Transaction [Line Items]
Revenue from related parties	1,340		2,512
Property Management and Services Revenue | REIT II | Construction Management Fees
Related Party Transaction [Line Items]
Revenue from related parties	127		202
Property Management and Services Revenue | REIT II | Other Property Management Fees and Reimbursements
Related Party Transaction [Line Items]
Revenue from related parties	188		422
Property Management and Services Revenue | Other Parties
Related Party Transaction [Line Items]
Revenue from related parties	736		1,504
Property Management and Services Revenue | Other Parties | Property Management Fees
Related Party Transaction [Line Items]
Revenue from related parties	364		716
Property Management and Services Revenue | Other Parties | Leasing Commissions
Related Party Transaction [Line Items]
Revenue from related parties	162		413
Property Management and Services Revenue | Other Parties | Construction Management Fees
Related Party Transaction [Line Items]
Revenue from related parties	110		132
Property Management and Services Revenue | Other Parties | Other Property Management Fees and Reimbursements
Related Party Transaction [Line Items]
Revenue from related parties	100		243
Property Management and Services Revenue | Investment Management
Related Party Transaction [Line Items]
Revenue from related parties	4,516		8,844
Property Management and Services Revenue | Investment Management | Property Management Fees
Related Party Transaction [Line Items]
Revenue from related parties	2,489		4,920
Property Management and Services Revenue | Investment Management | Leasing Commissions
Related Party Transaction [Line Items]
Revenue from related parties	1,502		2,925
Property Management and Services Revenue | Investment Management | Construction Management Fees
Related Party Transaction [Line Items]
Revenue from related parties	237		334
Property Management and Services Revenue | Investment Management | Other Property Management Fees and Reimbursements
Related Party Transaction [Line Items]
Revenue from related parties	$ 288		$ 665

Revenue Recognition and Relat54

Revenue Recognition and Related Party Revenue Related Party Receivable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Accounts receivable - affiliates	$ 5,596	$ 6,102
Subsidiaries
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by parent	75.00%
REIT II
Related Party Transaction [Line Items]
Accounts receivable - affiliates	$ 1,636	1,592
Other Parties
Related Party Transaction [Line Items]
Accounts receivable - affiliates	4,238	4,510
REIT III
Related Party Transaction [Line Items]
Organization and offering costs incurred on behalf of affiliate	3,900	2,000
Contingent advisor payment holdback	$ 4,500
REIT III | Contingent Advisor Payment
Related Party Transaction [Line Items]
Contingent advisory revenue, rate	2.15%
Contractual Receivable | REIT II
Related Party Transaction [Line Items]
Accounts receivable - affiliates	$ 1,507	1,520
Contractual Receivable | REIT II | Advisory Agreement
Related Party Transaction [Line Items]
Accounts receivable - affiliates	365	256
Contractual Receivable | REIT II | Property Management and Services Revenue
Related Party Transaction [Line Items]
Accounts receivable - affiliates	1,142	1,264
Contractual Receivable | Other Parties
Related Party Transaction [Line Items]
Accounts receivable - affiliates	202	179
Contractual Receivable | Other Parties | Advisory Agreement
Related Party Transaction [Line Items]
Accounts receivable - affiliates	5	51
Contractual Receivable | Other Parties | Property Management and Services Revenue
Related Party Transaction [Line Items]
Accounts receivable - affiliates	197	128
Non-Contractual Receivable | REIT II
Related Party Transaction [Line Items]
Accounts receivable - affiliates	129	72
Non-Contractual Receivable | Other Parties
Related Party Transaction [Line Items]
Accounts receivable - affiliates	$ 4,036	$ 4,331

Related Party Expense Related P

Related Party Expense Related Party Transactions (Details) - Advisor - Advisory Agreement - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Related Party Transaction [Line Items]
Expenses from transactions with related party	$ 7,270	$ 13,435
Acquisition Fees
Related Party Transaction [Line Items]
Expenses from transactions with related party	902	1,050
Due Diligence Fees
Related Party Transaction [Line Items]
Expenses from transactions with related party	183	213
Asset Management Fees
Related Party Transaction [Line Items]
Expenses from transactions with related party	5,228	10,317
OP Units Distribution
Related Party Transaction [Line Items]
Expenses from transactions with related party	465	925
Class B Units Distribution
Related Party Transaction [Line Items]
Expenses from transactions with related party	473	911
Disposition fee
Related Party Transaction [Line Items]
Expenses from transactions with related party	$ 19	$ 19

Related Party Expense Related56

Related Party Expense Related Party Transactions (Details) - Property Manager - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Due to affiliate	$ 948	$ 948		$ 1,359
Subsidiaries
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage	25.00%	25.00%	25.00%
Noncontrolling interest, ownership percentage by parent	75.00%	75.00%
Property Manager
Related Party Transaction [Line Items]
Expenses from transactions with related party	$ 7,052	$ 13,974
Property Manager | Property Management Fees
Related Party Transaction [Line Items]
Expenses from transactions with related party	2,683	5,269
Property Manager | Leasing Commissions
Related Party Transaction [Line Items]
Expenses from transactions with related party	2,077	4,400
Property Manager | Construction Management Fees
Related Party Transaction [Line Items]
Expenses from transactions with related party	380	684
Property Manager | Other Fees and Reimbursements
Related Party Transaction [Line Items]
Expenses from transactions with related party	1,912	3,621
Necessity Retail Partners
Related Party Transaction [Line Items]
Guarantorship maximum exposure	$ 200,000	200,000
Guarantorship expected exposure		$ 50,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Mortgages and Loans Payable - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Fair Value Inputs, Liabilities, Quantitative Information
Recorded value	$ 1,852,500	$ 1,823,040
Deferred financing costs	14,028	16,042
Fair Value, Inputs, Level 3
Fair Value Inputs, Liabilities, Quantitative Information
Fair value	$ 1,820,280	$ 1,765,151

Fair Value Measurements (Deta58

Fair Value Measurements (Details) - Recurring Fair Value Measurements - USD ($) $ in Thousands, shares in Millions	Oct. 04, 2017	Dec. 31, 2017	Jun. 30, 2018
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, High			$ 9,000
Phillips Edison Limited Partnership
Fair Value, Assets (Liabilities) Measured on Recurring Basis
PELP transaction, OP units issued and issuable, shares	39.4	39.4
OP Units | Phillips Edison Limited Partnership
Fair Value, Assets (Liabilities) Measured on Recurring Basis
PELP transaction, OP units issued and issuable, shares	12.5	12.5
Fair Value, Inputs, Level 2 | Interest Rate Swap | Designated as Hedging Instrument
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Interest rate swaps-term loans		$ 16,496	34,839
Interest rate swap-mortgage note		(61)	0
Fair Value, Inputs, Level 3
Fair Value, Assets (Liabilities) Measured on Recurring Basis
Earn-out liability		$ (38,000)	$ (39,500)

Fair Value Measurements (Deta59

Fair Value Measurements (Details) - Nonrecurring Fair Value Measurements $ in Thousands	Jun. 30, 2018USD ($)
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate asset	$ 5,300

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)property	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)property	Jun. 30, 2017USD ($)
Segment Reporting Information [Line Items]
Number of real estate properties owned | property	235		235
Total revenues	$ 104,173	$ 69,851	$ 207,372	$ 138,154
Property operating expenses	(16,901)	(10,297)	(35,016)	(21,729)
Real estate tax expenses	(13,326)	(10,155)	(26,473)	(20,413)
General and administrative expenses	(4,224)		(7,272)
Segment profit	69,722		138,611
Corporate general and administrative expenses	(9,226)		(16,639)
Depreciation and amortization	(46,385)	(28,207)	(92,812)	(55,831)
Impairment of real estate assets	(10,939)	0	(10,939)	0
Interest expense, net	(17,051)	(9,501)	(33,830)	(17,891)
Other expense, net	(197)	680	(304)	636
Net loss	(14,076)	$ (1,221)	(15,913)	$ (87)
Owned Real Estate
Segment Reporting Information [Line Items]
Total revenues	94,899		189,253
Property operating expenses	(14,058)		(29,516)
Real estate tax expenses	(13,076)		(26,038)
General and administrative expenses	(804)		(1,229)
Segment profit	66,961		132,470
Investment Management
Segment Reporting Information [Line Items]
Total revenues	9,274		18,119
Property operating expenses	(2,843)		(5,500)
Real estate tax expenses	(250)		(435)
General and administrative expenses	(3,420)		(6,043)
Segment profit	$ 2,761		$ 6,141

Subsequent Events (Details) - D

Subsequent Events (Details) - Distributions - USD ($) $ / shares in Units, $ in Thousands	Aug. 01, 2018	Jul. 02, 2018	Nov. 30, 2018	Jun. 30, 2018	Jun. 30, 2017
Subsequent Event [Line Items]
Distribution rate				$ 0.34	$ 0.34
Distributions reinvested				$ 24,899	$ 22,850
Net cash distribution				$ 37,819	$ 38,520
Subsequent Event | Dividend Declared
Subsequent Event [Line Items]
Distribution rate	$ 0.05583344	$ 0.05583344	$ 0.05583344
Subsequent Event | Dividend Paid
Subsequent Event [Line Items]
Gross amount of distribution paid	$ 12,439	$ 12,672
Distributions reinvested	0	3,962
Net cash distribution	$ 12,439	$ 8,710