Phillips Edison & Company (PECO) 10-K 13 Mar 19 2018 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) shares in Millions, $ in Billions	12 Months Ended
	Dec. 31, 2018	Mar. 01, 2019	Jun. 30, 2018
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2018
Entity Registrant Name	PHILLIPS EDISON & COMPANY, INC.
Entity Central Index Key	0001476204
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		281.8
Public Float			$ 0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Investment in real estate:
Land and improvements	$ 1,598,063	$ 1,121,590
Building and improvements	3,250,420	2,263,381
In-place lease assets	464,721	313,432
Above-market lease assets	67,140	53,524
Total investment in real estate assets	5,380,344	3,751,927
Accumulated depreciation and amortization	(565,507)	(462,025)
Net investment in real estate assets	4,814,837	3,289,902
Investment in unconsolidated joint ventures	45,651	0
Total investment in real estate assets, net	4,860,488	3,289,902
Cash and cash equivalents	16,791	5,716
Restricted cash	67,513	21,729
Accounts receivable – affiliates	5,125	6,102
Corporate intangible assets, net	14,054	55,100
Goodwill	29,066	29,085
Other assets, net	153,076	118,448
Real estate investment and other assets held for sale	17,364	0
Total assets	5,163,477	3,526,082
Liabilities
Debt obligations, net	2,438,826	1,806,998
Below-market lease liabilities, net	131,559	90,624
Earn-out liability	39,500	38,000
Deferred income	14,025	9,137
Accounts payable and other liabilities	126,074	102,641
Liabilities of real estate investment held for sale	596	0
Total liabilities	2,750,580	2,047,400
Commitments and contingencies (Note 10)	0	0
Equity:
Preferred stock, $0.01 par value per share, 10,000 shares authorized, zero shares issued and outstanding at December 31, 2018 and 2017	0	0
Common stock, $0.01 par value per share, 1,000,000 shares authorized, 279,803 and 185,233 shares issued and outstanding at December 31, 2018 and 2017, respectively	2,798	1,852
Additional paid-in capital	2,674,871	1,629,130
Accumulated other comprehensive income (“AOCI”)	12,362	16,496
Accumulated deficit	(692,045)	(601,238)
Total stockholders’ equity	1,997,986	1,046,240
Noncontrolling interests	414,911	432,442
Total equity	2,412,897	1,478,682
Total liabilities and equity	$ 5,163,477	$ 3,526,082

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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 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 outstanding	279,803,000	185,233,000

Consolidated Statements Of Oper

Consolidated Statements Of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Rental income	$ 301,112	$ 228,201	$ 193,561
Tenant recovery income	94,678	73,700	63,131
Other property income	1,676	1,486	1,038
Fees and management income	32,926	8,156	0
Total revenues	430,392	311,543	257,730
Expenses:
Property operating	77,209	53,824	41,890
Real estate taxes	55,335	43,456	36,627
General and administrative	50,412	36,878	37,607
Vesting of Class B units	0	24,037	0
Termination of affiliate arrangements	0	5,454	0
Depreciation and amortization	191,283	130,671	106,095
Impairment of real estate assets	40,782	0	0
Total expenses	415,021	294,320	222,219
Other:
Interest expense, net	(72,642)	(45,661)	(32,458)
Gain on sale or contribution of property, net	109,300	1,760	4,732
Transaction expenses	(3,331)	(15,713)	0
Other (expense) income, net	(1,723)	673	1,258
Net income (loss)	46,975	(41,718)	9,043
Net (income) loss attributable to noncontrolling interests	(7,837)	3,327	(111)
Net income (loss) attributable to stockholders	$ 39,138	$ (38,391)	$ 8,932
Earnings per common share:
Net income (loss) per share attributable to stockholders - basic and diluted (See Note 15)	$ 0.20	$ (0.21)	$ 0.05
Comprehensive income (loss):
Net income (loss)	$ 46,975	$ (41,718)	$ 9,043
Other comprehensive income (loss):
Change in unrealized (loss) gain on interest rate swaps	(4,156)	4,580	10,565
Comprehensive income (loss)	42,819	(37,138)	19,608
Comprehensive (income) loss attributable to noncontrolling interests	(7,815)	3,327	(111)
Comprehensive income (loss) attributable to stockholders	$ 35,004	$ (33,811)	$ 19,497

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, 2015		181,308
Balance, value at Dec. 31, 2015	$ 1,291,792	$ 1,813	$ 1,588,541	$ 22	$ (323,761)	$ 1,266,615	$ 25,177
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases, shares		(2,019)
Share repurchases, value	(20,301)	$ (20)	(20,281)			(20,301)
Dividend reinvestment plan (DRIP), shares		5,773
Dividend reinvestment plan (DRIP), value	58,872	$ 58	58,814			58,872
Change in unrealized gain on interest swaps	10,565			10,565		10,565
Common distributions declared, $0.67 per share	123,326				123,326	123,326
Distributions to noncontrolling interests	(1,882)						(1,882)
Share-based compensation, value	24					24
Net income (loss)	9,043				8,932	8,932	111
Balance, shares at Dec. 31, 2016		185,062
Balance, value at Dec. 31, 2016	1,224,787	$ 1,851	1,627,098	10,587	(438,155)	1,201,381	23,406
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of new accounting pronouncement				1,329	(1,329)
Balance at January 1, 2017, as adjusted, value at Jan. 01, 2017	1,224,787	$ 1,851	1,627,098	11,916	(439,484)	1,201,381	23,406
Balance, shares at Jan. 01, 2017		185,062
Balance, shares at Dec. 31, 2016		185,062
Balance, value at Dec. 31, 2016	1,224,787	$ 1,851	1,627,098	10,587	(438,155)	1,201,381	23,406
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases, shares		(4,617)
Share repurchases, value	(47,157)	$ (46)	(47,111)			(47,157)
Dividend reinvestment plan (DRIP), shares		4,785
Dividend reinvestment plan (DRIP), value	49,126	$ 47	49,079			49,126
Change in unrealized gain on interest swaps	4,580			4,580		4,580
Common distributions declared, $0.67 per share	123,363				123,363	123,363
Distributions to noncontrolling interests	(9,125)
Share-based compensation, shares		3
Share-based compensation, value	64		64			64
Reclassification of affiliate distributions	3,610						3,610
Redemption of noncontrolling interest	(4,179)						(4,179)
Issuance of partnership units for asset management services	27,647						27,647
Fair value of Operating Partnership units (“OP units”) issued	401,630						401,630
Net income (loss)	(41,718)				(38,391)	(38,391)	(3,327)
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		(4,884)
Share repurchases, value	(53,758)	$ (49)	(53,709)			(53,758)
Dividend reinvestment plan (DRIP), shares		3,997
Dividend reinvestment plan (DRIP), value	44,071	$ 40	44,031			44,071
Change in unrealized gain on interest swaps	(4,156)			(4,134)		(4,134)	(22)
Common distributions declared, $0.67 per share	129,945				129,945	129,945
Distributions to noncontrolling interests	(28,661)						(28,661)
Share-based compensation, shares		5
Share-based compensation, value	5,098		1,783			1,783	3,315
Issuance of common stock for acquisition, shares		95,452
Issuance of common stock for acquisition, value	1,054,745	$ 955	1,053,790			1,054,745
Other	(154)		(154)			(154)
Net income (loss)	46,975				39,138	39,138	7,837
Balance, shares at Dec. 31, 2018		279,803
Balance, value at Dec. 31, 2018	$ 2,412,897	$ 2,798	$ 2,674,871	$ 12,362	$ (692,045)	$ 1,997,986	$ 414,911

Consolidated Statements Of Eq_2

Consolidated Statements Of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Stockholders' Equity [Abstract]
Common distributions declared, $0.67 per share	$ 0.67	$ 0.67	$ 0.67

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 46,975	$ (41,718)	$ 9,043
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	177,504	126,043	103,282
Impairment of real estate assets	40,782	0	0
Net amortization of above- and below-market leases	(3,949)	(1,984)	(1,208)
Amortization of deferred financing expenses	4,682	5,162	4,936
Vesting of Class B units	0	24,037	0
Depreciation and amortization of corporate assets	13,779	2,900	0
Gain on sale or contribution of property, net	(109,300)	(2,502)	(4,356)
Straight-line rent	(5,112)	(3,729)	(3,512)
Share-based compensation	5,098	0	0
Other	2,714	(374)	(1,168)
Changes in operating assets and liabilities:
Other assets	(7,334)	(4,400)	(9,916)
Accounts payable - affiliates	(2,580)	(4,350)	(865)
Accounts payable and other liabilities	(9,968)	9,776	6,840
Net cash provided by operating activities	153,291	108,861	103,076
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions	(87,068)	(159,698)	(165,211)
Acquisition of REIT II, net of cash acquired	(363,519)	0	0
Acquisition of PELP, net of cash acquired	0	(446,249)	0
Distributions and proceeds from unconsolidated joint venture	161,846	0	0
Capital expenditures	(48,980)	(42,146)	(26,117)
Proceeds from sale of real estate	78,654	7,351	0
Other	200	0	0
Net cash used in investing activities	(258,867)	(640,742)	(191,328)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in credit facility	11,790	(115,400)	35,969
Proceeds from mortgages and loans payable	622,500	855,000	255,000
Payments on mortgages and loans payable	(301,669)	(83,387)	(110,875)
Payments of deferred financing expenses	(7,655)	(14,892)	(3,115)
Distributions paid, net of DRIP	(80,728)	(74,198)	(64,269)
Distributions to noncontrolling interests	(28,650)	(7,025)	(1,724)
Repurchases of common stock	(53,153)	(46,539)	(20,301)
Redemption of noncontrolling interest	0	(4,179)	0
Net cash provided by financing activities	162,435	509,380	90,685
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	56,859	(22,501)	2,433
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Beginning of period	27,445	49,946	47,513
End of period	27,445	49,946	47,513
RECONCILIATION TO CONSOLIDATED BALANCE SHEETS
End of period	27,445	49,946	47,513
SUPPLEMENTAL CASH FLOW DISCLOSURE, INCLUDING NON-CASH INVESTING AND FINANCING ACTIVITIES:
Cash paid for interest	67,556	39,487	29,709
Accrued capital expenditures	2,798	2,496	3,256
Change in distributions payable	5,146	39	185
Change in distributions payable - noncontrolling interests	11	2,100	158
Change in accrued share repurchase obligation	605	618	0
Distributions reinvested	44,071	49,126	58,872
Fair value of assumed debt from individual real estate acquisitions	11,877	30,831	33,326
Debt contributed to joint venture	175,000	0	0
Property contributed to joint venture, net	273,790	0	0
Liabilities assumed and equity issued from the acquisition of REIT II and PELP:
Fair value of assumed debt	464,462	504,740	0
Fair value of equity issued	$ 1,054,745	$ 401,630	$ 0

Organization

Organization	12 Months Ended
	Dec. 31, 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, regional, and local 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 (i) Phillips Edison Grocery Center REIT III, Inc. (“PECO III”), a non-traded publicly registered REIT; (ii) three institutional joint ventures, and (iii) one private fund (collectively, the “Managed Funds”). On November 16, 2018 , we completed a merger (the “Merger”) with Phillips Edison Grocery Center REIT II, Inc. (“REIT II”), a public non-traded REIT that was advised and managed by us, in a 100% stock-for-stock transaction valued at approximately $1.9 billion . We issued 2.04 shares of our common stock in exchange for each issued and outstanding share of REIT II common stock. For a more detailed discussion, see Note 3 . On November 9, 2018 , through our direct or indirect subsidiaries, we entered into a joint venture with The Northwestern Mutual Life Insurance Company (“Northwestern Mutual”) and we contributed or sold 17 grocery-anchored shopping centers with a fair value of approximately $359 million at formation to the new joint venture, Grocery Retail Partners I LLC (“GRP I” or the “GRP I joint venture”), in exchange for a 15% ownership interest in GRP I. Northwestern Mutual acquired an 85% ownership interest in GRP I by contributing cash of $167.1 million . As a part of the contribution or sale of the properties to GRP I joint venture, GRP I distributed or paid cash of $161.8 million to us as well as assuming an existing mortgage loan with a book value of $175 million . For a more detailed discussion, see Note 6 . On October 4, 2017 , we completed a transaction valued at approximately $1 billion to acquire certain real estate assets and the third-party investment management business of Phillips Edison Limited Partnership (“PELP”) in exchange for stock and cash (the “PELP transaction”). See Note 4 for more detail. As of December 31, 2018 , we wholly-owned fee simple interests in 303 real estate properties. In addition, we owned a 20% equity interest in Necessity Retail Partners (“NRP”), a joint venture that owned 13 properties, and we owned a 15% interest in GRP I, which owned 17 properties, as of December 31, 2018 .

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation —The accompanying consolidated financial statements include our accounts and the accounts of the Operating Partnership and its wholly-owned subsidiaries (over which we exercise financial and operating control). The financial statements of the Operating Partnership are prepared using accounting policies consistent with our accounting policies. All intercompany balances and transactions are eliminated upon consolidation. Use of Estimates —The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. For example, significant estimates and assumptions have been made with respect to the useful lives of assets; recoverable amounts of receivables; initial valuations of tangible and intangible assets and liabilities, including goodwill, and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions; the valuation and nature of derivatives and their effectiveness as hedges; valuations of contingent consideration; and other fair value measurement assessments required for the preparation of the consolidated financial statements. Actual results could differ from those estimates. Partially-Owned Entities —If we determine that we are an owner in a variable-interest entity (“VIE”), and we hold a controlling financial interest, then we will consolidate the entity as the primary beneficiary. For a partially-owned entity determined not to be a VIE, we analyze rights held by each partner to determine which would be the consolidating party. We will generally consolidate entities (in the absence of other factors when determining control) when we have over a 50% ownership interest in the entity. We will assess our interests in VIEs on an ongoing basis to determine whether or not we are the primary beneficiary. However, we will also evaluate who controls the entity even in circumstances in which we have greater than a 50% ownership interest. If we do not control the entity due to the lack of decision-making abilities, we will not consolidate the entity. We have determined that the Operating Partnership is considered a VIE. We are the primary beneficiary of the VIE and our partnership interest is considered a majority voting interest. As such, we have consolidated the Operating Partnership and its wholly-owned subsidiaries. Additionally, an Internal Revenue Code (“IRC”) Section 1031 like-kind exchange (“1031 exchange”) entails selling one property and reinvesting the proceeds in one or more properties that are similar in nature, character, or class within 180 days. A reverse 1031 exchange occurs when one or more properties is purchased prior to selling one property to be matched in the like-kind exchange, during which time legal title to the purchased property is held by an intermediary. Because we retain essentially all of the legal and economic benefits and obligations related to the acquisition, we consider the purchased property to be a VIE and therefore we will consolidate the entity as the primary beneficiary. Noncontrolling Interests —Noncontrolling interests represent the portion of equity that we do not own in the entities we consolidate. We classify noncontrolling interests within permanent equity on our consolidated balance sheets. The amounts of consolidated net earnings attributable to us and to the noncontrolling interests are presented separately on our consolidated statements of operations and comprehensive income (loss), also referred to herein as our “consolidated statements of operations”. For additional information regarding noncontrolling interests, refer to Note 13 . Cash and Cash Equivalents —We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value and may consist of investments in money market accounts and money market funds. The cash and cash equivalent balances at one or more of our financial institutions exceed the Federal Depository Insurance Corporation coverage. Restricted Cash —Restricted cash primarily consists of cash restricted for the purpose of facilitating a 1031 exchange, escrowed tenant improvement funds, real estate taxes, capital improvement funds, insurance premiums, and other amounts required to be escrowed pursuant to loan agreements. As of December 31, 2018 , we had four properties sold as part of facilitating a 1031 exchange. The net proceeds of these sales held as restricted cash with a qualified intermediary totaled $44.3 million . Investment in Property and Lease Intangibles —Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business amended existing guidance in order to clarify when an integrated set of assets and activities is considered a business. We adopted ASU 2017-01 on January 1, 2017, and applied it prospectively. Under this guidance, most of our real estate acquisition activity is no longer considered a business combination and is instead classified as an asset acquisition. As a result, most acquisition-related costs that would have been recorded on our consolidated statements of operations prior to adoption are now capitalized and will be amortized over the life of the related assets, and there is no recognition of goodwill. Excluding the PELP transaction, none of our real estate acquisitions in 2018 and 2017 met the definition of a business; therefore, we accounted for all as asset acquisitions. Real estate assets are stated at cost less accumulated depreciation. The majority of acquisition-related costs are capitalized and allocated to the various classes of assets acquired. These costs are then depreciated over the estimated useful lives associated with the assets acquired. Depreciation is computed using the straight-line method. The estimated useful lives for computing depreciation are generally not to exceed 5 - 7 years for furniture, fixtures and equipment, 15 years for land improvements and 30 years for buildings and building improvements. Tenant improvements are amortized over the shorter of the respective lease term or the expected useful life of the asset. Major replacements that extend the useful lives of the assets are capitalized, and maintenance and repair costs are expensed as incurred. We assess the acquisition-date fair values of all tangible assets, identifiable intangibles, and assumed liabilities using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis and replacement cost) and that utilize appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it were vacant. The fair values of buildings and improvements are determined on an as-if-vacant basis. The estimated fair value of acquired in-place leases is the cost we would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include leasing commissions, legal costs and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, we evaluate the time period over which such occupancy levels would be achieved. Such evaluation includes an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance, and utilities) that would be incurred during the lease-up period. Acquired in-place leases as of the date of acquisition are amortized over the weighted-average remaining lease terms. Acquired above- and below-market lease values are recorded based on the present value (using discount rates that reflect the risks associated with the leases acquired) of the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of the market lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental income over the remaining terms of the respective leases. We also consider fixed-rate renewal options in our calculation of the fair value of below-market leases and the periods over which such leases are amortized. If a tenant has a unilateral option to renew a below-market lease and we determine that the tenant has a financial incentive to exercise such option, we include such an option in the calculation of the fair value of such lease and the period over which the lease is amortized. We estimate the value of tenant origination and absorption costs by considering the estimated carrying costs during hypothetical expected lease-up periods, considering current market conditions. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods. We estimate the fair value of assumed loans payable based upon indications of then-current market pricing for similar types of debt with similar maturities. Assumed loans payable are initially recorded at their estimated fair value as of the assumption date, and the difference between such estimated fair value and the loan’s outstanding principal balance is amortized over the life of the loan as an adjustment to interest expense. Our accumulated amortization of below-market debt was $3.8 million and $3.7 million as of December 31, 2018 and 2017 , respectively. Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the individual property may not be recoverable. In such an event, a comparison will be made of the projected operating cash flows of each property on an undiscounted basis to the carrying amount of such property. If deemed unrecoverable on an undiscounted basis, such carrying amount would be adjusted, if necessary, to estimated fair values to reflect impairment in the value of the asset. For additional information regarding real estate asset impairments, refer to Note 18 . Goodwill and Other Intangibles —In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired represents goodwill. We allocate goodwill to the respective reporting units in which such goodwill arises. We evaluate goodwill for impairment when an event occurs or circumstances change that indicate the carrying value may not be recoverable, or at least annually. Our annual testing date is November 30. We adopted ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, as of January 1, 2018. Therefore, when we perform a quantitative test of goodwill for impairment, we compare the carrying value of net assets to the fair value of the reporting unit. If the fair value of the reporting unit exceeds its carrying amount, we do not consider goodwill to be impaired and no further analysis would be required. If the fair value is determined to be less than its carrying value, the amount of goodwill impairment equals the amount by which the reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. If impairment indicators arise with respect to non-real estate intangible assets with finite useful lives, we evaluate impairment by comparing the carrying amount of the asset to the estimated future undiscounted cash flows expected to be generated by the asset. If estimated future undiscounted cash flows are less than the carrying amount of the asset, then we estimate the fair value of the asset and compare the estimated fair value to the intangible asset’s carrying value. We recognize any shortfall from carrying value as an impairment loss in the current period. Estimates of fair value used in our evaluation of goodwill and intangible assets are based upon discounted future cash flow projections, relevant competitor multiples, or other acceptable valuation techniques. These techniques are based, in turn, upon all available evidence including level three inputs (see fair value measurement policy below), such as revenue and expense growth rates, estimates of future cash flows, capitalization rates, discount rates, general economic conditions and trends, or other available market data. Our ability to accurately predict future operating results and cash flows and to estimate and determine fair values impacts the timing and recognition of impairments. While we believe our assumptions are reasonable, changes in these assumptions may have a material impact on our financial results. Based on the results of our analysis, we concluded that goodwill was not impaired for the years ended December 31, 2018 and 2017 . Held for Sale Assets —We consider assets to be held for sale when management believes that a sale is probable within a year. This generally occurs when a sales contract is executed with no substantive contingencies and the prospective buyer has significant funds at risk. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value less cost to sell. For additional information regarding assets held for sale, refer to Note 5 . Deferred Financing Expenses —Deferred financing expenses are capitalized and amortized on a straight-line basis over the term of the related financing arrangement, which approximates the effective interest method. Deferred financing expenses related to our term loan facilities and mortgages are in Debt Obligations, Net, while deferred financing expenses related to our revolving credit facility are in Other Assets, Net, on our consolidated balance sheets. The accumulated amortization of deferred financing expenses in Debt Obligations, Net was $8.3 million and $5.4 million as of December 31, 2018 and 2017 , respectively. Fair Value Measurement —Accounting Standard Codification (“ASC”) Topic 820, Fair Value Measurement (“ASC 820”) , defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosures about fair value measurements. ASC 820 emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined by ASC 820 as the price that would be received at sale for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows: Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2—Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs). Level 3—Unobservable inputs, only used to the extent that observable inputs are not available, reflect our assumptions about the pricing of an asset or liability. Considerable judgment is necessary to develop estimated fair values of financial and non-financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts we did or could actually realize upon disposition of the financial assets and liabilities previously sold or currently held. Investment in Unconsolidated Joint Ventures —We account for our investments in unconsolidated joint ventures using the equity method of accounting as we exercise significant influence over, but do not control, these entities. These investments were initially recorded at cost and are subsequently adjusted for contributions made to and distributions received from the joint ventures. Earnings or loss from our investments are recognized in accordance with the terms of the applicable joint venture agreements, generally through a pro rata allocation. Under a pro rata allocation, net income or loss is allocated between the partners in the joint ventures based on their respective stated ownership percentages. To recognize the character of distributions from our unconsolidated joint ventures, we review the nature of cash distributions received for purposes of determining whether such distributions should be classified as either a return on investment, which would be included in operating activities, or a return of investment, which would be included in investing activities on the consolidated statements of cash flows. On a periodic basis, management assesses whether there are indicators, including the operating performance of the underlying real estate and general market conditions, that the value of our investments in our unconsolidated joint ventures may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than its carrying value and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over its estimated fair value. Management’s estimates of fair value are based upon a discounted cash flow model for each specific investment that includes all estimated cash inflows and outflows over a specified holding period. Where applicable, any estimated debt premiums, capitalization rates, discount rates and credit spreads used in these models are based upon rates we believe to be within a reasonable range of current market rates. For additional information regarding our unconsolidated joint ventures, refer to Note 6 . Revenue Recognition —The majority of our revenue is lease revenue derived from our real estate assets. We record these amounts as Rental Income and Tenant Recovery Income on the consolidated statements of operations. These revenue amounts are accounted for under ASC Topic 840, Leases . We commence revenue recognition on our leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. The determination of who is the owner, for accounting purposes, of the tenant improvements determines the nature of the leased asset and when revenue recognition under a lease begins. If we are the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space, and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If we conclude that we are not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant allowances funded under the lease are treated as lease incentives, which reduce revenue recognized over the term of the lease. In these circumstances, we begin revenue recognition when the lessee takes possession of the unimproved space to construct their own improvements. We consider a number of different factors in evaluating whether we or the lessee is the owner of the tenant improvements for accounting purposes. These factors include: • whether the lease stipulates how and on what a tenant improvement allowance may be spent; • whether the tenant or landlord retains legal title to the improvements; • the uniqueness of the improvements; • the expected economic life of the tenant improvements relative to the length of the lease; and • who constructs or directs the construction of the improvements. We recognize rental income on a straight-line basis over the term of each lease. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of Other Assets, Net. Due to the impact of the straight-line adjustments, rental income generally will be greater than the cash collected in the early years and will be less than the cash collected in the later years of a lease. Our policy for percentage rental income is to defer recognition of contingent rental income until the specified target (i.e. breakpoint) that triggers the contingent rental income is achieved. Reimbursements from tenants for recoverable real estate taxes and operating expenses are accrued as revenue in the period in which the applicable expenses are incurred. We make certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. We do not expect the actual results to materially differ from the estimated reimbursements. We periodically review the collectability of outstanding receivables. Allowances will be recorded for those balances that we deem to be uncollectible, including any amounts relating to straight-line rent receivables and/or receivables for recoverable expenses. As of December 31, 2018 and 2017 , the bad debt reserve for uncollectible amounts was $6.0 million and $3.3 million , respectively. We record lease termination income if there is a signed termination agreement, all of the conditions of the agreement have been met, collectability is reasonably assured and the tenant is no longer occupying the property. Upon early lease termination, we provide for losses related to unrecovered tenant-specific intangibles and other assets. In addition to our lease-related revenue, we also earn fee revenues by providing services to the Managed Funds. These fees are accounted for within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), and are recorded as Fees and Management Income on the consolidated statements of operations. We began accounting for our non-lease revenue under ASC 606 upon our adoption of ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), e ffective January 1, 2018, using the modified retrospective approach. Our 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. We provide services to the Managed Funds, all of which 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 various combinations of advisory agreements, property management agreements, and other service agreements (the “Management Agreements”). The wide variety of duties within the Management Agreements 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 Management Agreements. The table below shows the most significant of these fee types in the Management Agreements: Fee Performance Obligation Satisfied Timing of Payment Description Asset Management 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 upon asset base and the applicable rate. Property Management Over time In cash, monthly Because each increment of service is distinct, although substantially the same, revenue is recognized at the end of each month based on a percentage of the properties’ cash receipts. Leasing Commissions Point in time (upon close of a transaction) In cash, upon completion Revenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location. Construction Management Point in time (upon close of a transaction) In cash, upon completion Revenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location. Acquisition Point in time (upon close of a transaction) In cash, upon close of the transaction Revenue is recognized based on a percentage of the purchase price of the property acquired. Disposition Point in time (upon close of a transaction) In cash, upon close of the transaction Revenue is recognized based on a percentage of the disposition price of the property sold. Due to the nature of the services being provided under our Management Agreements, each performance obligation has a variable component. Therefore, when we determine the transaction price for the contracts, we are required to constrain our estimate to an amount that is not probable of significant revenue reversal. For most of these fee types, such as acquisition fees and leasing commissions, compensation only occurs if a transaction takes place and the amount of compensation is dependent upon the terms of the transaction. For our property and asset management fees, due to the large number and broad range of possible consideration amounts, we determined that we are unable to estimate our revenue until receipt at the end of each month. In addition to the fees listed above, certain of our Management Agreements 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. Additionally, effective January 1, 2018, we adopted the guidance of ASC Topic 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”), which applies to sales or transfers to non-customers of non-financial assets, or in substance, nonfinancial assets that do not meet the definition of a business. Generally, our sales of real estate would be considered a sale of a non-financial asset as defined by ASC 610-20. Under ASC 610-20, if we determine we do not have a controlling financial interest in the entity that holds the asset and the arrangement meets the criteria to be accounted for as a contract, we would de-recognize the asset and recognize a gain or loss on the sale of the real estate when control of the underlying asset transfers to the buyer. Further, we may defer a tax gain through a 1031 exchange by purchasing another property within a specified time period. For additional information regarding gain on sale of assets, refer to Note 5 . Share-Based Compensation —We account for equity awards in accordance with ASC Topic 718, Compensation—Stock Compensation , which requires that all share based payments to employees and non-employee directors be recognized in the consolidated statements of operations over the requisite service period based on their fair value. Fair value at issuance is determined using the grant date published price of the our stock. For those share-based awards that are settled in cash and recorded as a liability, the fair value and associated expense is adjusted when the published price of our stock changes. Share-based compensation expense for all awards is included in General and Administrative expenses in the our consolidated statements of operations. For more information about our stock based compensation program, see Note 14 . Repurchase of Common Stock —We offer a share repurchase program (“SRP”) which may allow stockholders who participate to have their shares repurchased subject to approval and certain limitations and restrictions. Under our SRP, the maximum amount of common stock that we may redeem during any calendar year is limited, among other things, to 5% of the weighted-average number of shares outstanding during the prior calendar year. The maximum amount is reduced each reporting period by the current year share redemptions to date. In addition, the cash available for repurchases on any particular date, of which the company may use all or a portion, is generally limited to the proceeds from the DRIP during the preceding four fiscal quarters, less amounts already used for repurchases since the start of the same time period. The availability of DRIP proceeds is not a minimum repurchase requirement and we may use all or no portion. The Board of Directors (“Board”) reserves the right at any time to reject any request for repurchase or to further limit the amount repurchased below the DRIP threshold. Shares repurchased pursuant to our SRP are immediately retired upon purchase. Repurchased common stock is reflected as a reduction of stockholders’ equity. Our accounting policy related to share repurchases is to reduce common stock based on the par value of the shares and to reduce capital surplus for the excess of the repurchase price over the par value. Since the inception of the SRP in August 2010, we have had an accumulated deficit balance; therefore, the excess over the par value has been applied to additional paid-in capital. Once we have retained earnings, the excess will be charged entirely to retained earnings. Segments —As of December 31, 2017 , we determined we had two reportable segments: Owned Real Estate and Investment Management. However, based upon the changes in our operations as a result of the Merger, we have determined we have a single reportable segment as of December 31, 2018 . Income Taxes —We have elected to be taxed as a REIT under the IRC. To qualify as a REIT, we must meet a number of organization and operational requirements, including a requirement to annually distribute to our stockholders at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains. We intend to continue to adhere to these requirements and to maintain our REIT status. As a REIT, we are entitled to a deduction for some or all of the distributions we pay to our stockholders. Accordingly, we are generally subject to U.S. federal income taxes on any taxable income that is not currently distributed to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income taxes and may not be able to qualify as a REIT until the fifth subsequent taxable year. Notwithstanding our qualification as a REIT, we may be subject to certain state and local taxes on our income or properties. In addition, our consolidated financial statements include the operations of wholly-owned subsidiaries that have jointly elected to be treated as a Taxable REIT Subsidiary (“TRS”) and are subject to U.S. federal, state and local income taxes at regular corporate tax rates. We did not record any tax expense in prior years as 2017 was the first year of existence for the TRS. As a REIT, we may also be subject to certain U.S. federal excise taxes if we engage in certain types of transactions. For more information regarding our income taxes, see Note 11 . 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 cha

Merger with REIT II (Notes)

Merger with REIT II (Notes)	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Merger with REIT II	3. MERGER WITH REIT II On November 16, 2018 , we completed the Merger pursuant to the Agreement and Plan of Merger, dated July 17, 2018. We acquired 86 properties as part of this transaction. Under the terms of the Merger, at the time of closing, the following consideration was given in exchange for REIT II common stock (in thousands): Amount Fair value of PECO common stock issued (1) $ 1,054,745 Fair value of REIT II debt: Corporate debt 719,181 Mortgages and notes payable 102,727 Derecognition of REIT II management contracts, net (2) 30,428 Transaction costs 11,587 Total consideration and debt activity 1,918,668 Less: debt assumed 464,462 Total consideration $ 1,454,206 (1) The total number of shares of common stock issued was 95.5 million . (2) Previously a component of Other Assets, Net. To complete the Merger, we issued 2.04 shares of our common stock in exchange for each issued and outstanding share of REIT II common stock, which was equivalent to $22.54 based on our most recent estimated value per share (“EVPS”) of $11.05 . The exchange ratio was based on a thorough review of the relative valuation of each entity, including factoring in our investment management business as well as each company’s transaction costs. Upon completion of the Merger, our continuing stockholders owned approximately 71% of the issued and outstanding shares of the Company on a fully diluted basis (determined as if each Operating Partnership unit (“OP unit”) were exchanged for one share of our common stock) and former REIT II stockholders owned approximately 29% of the issued and outstanding shares of the Company on a fully diluted basis (determined as if each OP unit were exchanged for one share of our common stock). Assets Acquired and Liabilities Assumed —After consideration of all applicable factors pursuant to the business combination accounting rules under ASC 805, Business Combinations (“ASC 805”), 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 qualifies as an asset acquisition. Additionally, prior to the close of the Merger, all of REIT II’s real properties were managed and leased by us, under the terms of various management agreements. As we had contractual relationships with REIT II, we considered the provisions of ASC 805 regarding the settlement of pre-existing relationships. This guidance provides that a transaction that in effect settles pre-existing relationships between the acquirer and acquiree should be evaluated under the guidance set forth in ASC 805 for possible gain/loss recognition. In applying the relevant guidance to the settlement of our contractual relationships with REIT II, we noted that the provisions of the various agreements provided both parties to each of the agreements with substantial termination rights. The agreements permitted either party to terminate without cause or penalty upon prior written notice within a specified number of days’ notice. Therefore, we determined that the termination of the agreements did not result in a settlement gain or loss under the relevant guidance, and thus no gain or loss was recorded in the consolidated financial statements. Prior to the consummation of the Merger, we did, however, have an existing intangible asset related to our acquisition of certain management contracts between PELP and REIT II during the PELP transaction. Because this relationship was internalized as part of the Merger, we derecognized the carrying value of these intangible assets upon completion of the Merger and have included the derecognized contract value of $30.4 million in our calculation of total consideration in the table above. As of December 31, 2018 , we have capitalized approximately $11.6 million in costs related to the Merger. The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 561,100 Building and improvements 1,198,884 Intangible lease assets 197,384 Fair value of unconsolidated joint venture 16,470 Cash and cash equivalents 354 Restricted cash 5,159 Accounts receivable and other assets 33,045 Total assets acquired 2,012,396 Liabilities: Debt assumed 464,462 Intangible lease liabilities 60,421 Accounts payable and other liabilities 33,307 Total liabilities assumed 558,190 Net assets acquired $ 1,454,206 The allocation of the purchase price is based on management’s assessment, which requires a significant amount of judgment and represents 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 Merger are as follows (dollars in thousands, useful life in years): Fair Value Weighted-Average Useful Life In-place leases $ 181,916 13 Above-market leases 15,468 7 Below-market leases (60,421 ) 17 4. PELP ACQUISITION On October 4, 2017 , we completed the PELP transaction. The PELP transaction was approved by the independent special committee of our Board, which had retained independent financial and legal advisors. It was also approved by our stockholders, as well as PELP’s partners. Under the terms of this transaction, at the time of purchase, 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 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 Fourth Amended and Restated Agreement of Limited Partnership, which is further described in Note 13 . The terms of the transaction also include an earn-out structure with an opportunity for up to an additional 12.5 million OP units to be issued if certain milestones are achieved. The milestones are related to a liquidity event for our stockholders and fundraising targets in Phillips Edison Grocery Center REIT III, Inc. (“PECO III”), of which PELP was a co-sponsor. The estimated fair value of this earn-out was recorded as $38 million as of the transaction date and is presented in Accounts Payable and Other Liabilities on the consolidated balance sheets. We will estimate the fair value of this earn-out liability at each reporting date during the contingency period and record any changes to our consolidated statement of operations. As of December 31, 2018, the fair value of the earn-out liability was $39.5 million . As part of the transaction, we entered into a tax protection agreement with certain recipients of OP Units. Under the agreement, we will provide certain protections with respect to tax matters for a period of ten years commencing at the closing date. These protections include indemnification for certain tax liabilities incurred in connection with certain taxable transfers of contributed properties, failure to comply with certain obligations related to nonrecourse liability allocations and debt guarantee opportunities, and certain fundamental transactions. These fundamental transactions mean with respect to any contributed entity, a merger, combination, consolidation, or similar transaction (including a transfer of all or substantially all of the assets of such entity). Immediately following the closing of the PELP transaction, our stockholders owned approximately 80.6% and former PELP stockholders owned approximately 19.4% of the combined company. Assets Acquired and Liabilities Assumed —After consideration of all applicable factors pursuant to the business combination accounting rules under ASC 805, we have concluded that the PELP transaction qualifies as a business combination under GAAP. Additionally, prior to the close of the PELP transaction, all of PELP’s real properties were managed and leased by us, under the terms of various management agreements. As we had contractual relationships with PELP, we considered the provisions of ASC 805 regarding the settlement of pre-existing relationships. This guidance provides that a transaction that in effect settles pre-existing relationships between the acquirer and acquiree should be evaluated under the guidance set forth in ASC 805 for possible gain/loss recognition. In applying the relevant guidance to the settlement of our contractual relationships with PELP, we noted that the provisions of the various agreements provided both parties to each of the agreements with substantial termination rights. The agreements permitted either party to terminate without cause or penalty upon prior written notice within a specified number of days’ notice. Therefore, we determined that the termination of the agreements did not result in a settlement gain or loss under the relevant guidance, and thus no gain or loss was recorded in the consolidated financial statements. The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 269,140 Building and improvements 574,154 Intangible lease assets 93,506 Cash and cash equivalents 5,930 Accounts receivable and other assets 42,426 Management contracts 58,000 Goodwill 29,085 Total assets acquired 1,072,241 Liabilities: Accounts payable and other liabilities 48,342 Acquired below-market leases 49,109 Total liabilities assumed 97,451 Net assets acquired $ 974,790 The allocation of the purchase price is based on management’s assessment, which requires a significant amount of judgment and represents management’s best estimate of the fair value as of the acquisition date. We had an immaterial decrease in goodwill during the year ended December 31, 2018, as the result of a measurement period adjustment. Intangible Assets and Liabilities —The fair value and weighted-average amortization periods for the intangible assets and liabilities acquired in the PELP transaction are as follows (dollars in thousands, useful life in years): Fair Value Weighted-Average Useful Life Management contracts (1) $ 58,000 5 In-place leases 83,305 9 Above-market leases 10,201 7 Below-market leases (49,109 ) 13 (1) In connection with the Merger, we derecognized management contracts associated with REIT II in the amount of $ 39.3 million . We also derecognized the associated accumulated amortization of $8.9 million , resulting in a net derecognition of $30.4 million . 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. This goodwill is not deductible for tax purposes. The goodwill recorded represents our management structure and its ability to generate additional opportunities for revenue and raise additional funds. Results of Operations —The consolidated net assets and results of operations of PELP’s contributions are included in the consolidated financial statements from the transaction date going forward and resulted in the following impact to our consolidated statements of operations (in thousands): 2018 2017 Revenues $ 85,168 $ 21,202 Net (loss) income (37,895 ) 1,297 Acquisition Costs —We incurred approximately $17.0 million of costs related to the PELP transaction, $15.7 million of which was incurred during 2017, and are recorded as Transaction Expenses on the consolidated statements of operations. We also incurred $1.3 million of costs related to the PELP transaction during 2016, which are recorded in General and Administrative on the consolidated statements of operations. 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) 2017 2016 Pro forma revenues $ 402,898 $ 400,089 Pro forma net income (loss) attributable to stockholders 1,982 (3,956 )

PELP Acquisition

PELP Acquisition	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
PELP Acquisition	3. MERGER WITH REIT II On November 16, 2018 , we completed the Merger pursuant to the Agreement and Plan of Merger, dated July 17, 2018. We acquired 86 properties as part of this transaction. Under the terms of the Merger, at the time of closing, the following consideration was given in exchange for REIT II common stock (in thousands): Amount Fair value of PECO common stock issued (1) $ 1,054,745 Fair value of REIT II debt: Corporate debt 719,181 Mortgages and notes payable 102,727 Derecognition of REIT II management contracts, net (2) 30,428 Transaction costs 11,587 Total consideration and debt activity 1,918,668 Less: debt assumed 464,462 Total consideration $ 1,454,206 (1) The total number of shares of common stock issued was 95.5 million . (2) Previously a component of Other Assets, Net. To complete the Merger, we issued 2.04 shares of our common stock in exchange for each issued and outstanding share of REIT II common stock, which was equivalent to $22.54 based on our most recent estimated value per share (“EVPS”) of $11.05 . The exchange ratio was based on a thorough review of the relative valuation of each entity, including factoring in our investment management business as well as each company’s transaction costs. Upon completion of the Merger, our continuing stockholders owned approximately 71% of the issued and outstanding shares of the Company on a fully diluted basis (determined as if each Operating Partnership unit (“OP unit”) were exchanged for one share of our common stock) and former REIT II stockholders owned approximately 29% of the issued and outstanding shares of the Company on a fully diluted basis (determined as if each OP unit were exchanged for one share of our common stock). Assets Acquired and Liabilities Assumed —After consideration of all applicable factors pursuant to the business combination accounting rules under ASC 805, Business Combinations (“ASC 805”), 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 qualifies as an asset acquisition. Additionally, prior to the close of the Merger, all of REIT II’s real properties were managed and leased by us, under the terms of various management agreements. As we had contractual relationships with REIT II, we considered the provisions of ASC 805 regarding the settlement of pre-existing relationships. This guidance provides that a transaction that in effect settles pre-existing relationships between the acquirer and acquiree should be evaluated under the guidance set forth in ASC 805 for possible gain/loss recognition. In applying the relevant guidance to the settlement of our contractual relationships with REIT II, we noted that the provisions of the various agreements provided both parties to each of the agreements with substantial termination rights. The agreements permitted either party to terminate without cause or penalty upon prior written notice within a specified number of days’ notice. Therefore, we determined that the termination of the agreements did not result in a settlement gain or loss under the relevant guidance, and thus no gain or loss was recorded in the consolidated financial statements. Prior to the consummation of the Merger, we did, however, have an existing intangible asset related to our acquisition of certain management contracts between PELP and REIT II during the PELP transaction. Because this relationship was internalized as part of the Merger, we derecognized the carrying value of these intangible assets upon completion of the Merger and have included the derecognized contract value of $30.4 million in our calculation of total consideration in the table above. As of December 31, 2018 , we have capitalized approximately $11.6 million in costs related to the Merger. The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 561,100 Building and improvements 1,198,884 Intangible lease assets 197,384 Fair value of unconsolidated joint venture 16,470 Cash and cash equivalents 354 Restricted cash 5,159 Accounts receivable and other assets 33,045 Total assets acquired 2,012,396 Liabilities: Debt assumed 464,462 Intangible lease liabilities 60,421 Accounts payable and other liabilities 33,307 Total liabilities assumed 558,190 Net assets acquired $ 1,454,206 The allocation of the purchase price is based on management’s assessment, which requires a significant amount of judgment and represents 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 Merger are as follows (dollars in thousands, useful life in years): Fair Value Weighted-Average Useful Life In-place leases $ 181,916 13 Above-market leases 15,468 7 Below-market leases (60,421 ) 17 4. PELP ACQUISITION On October 4, 2017 , we completed the PELP transaction. The PELP transaction was approved by the independent special committee of our Board, which had retained independent financial and legal advisors. It was also approved by our stockholders, as well as PELP’s partners. Under the terms of this transaction, at the time of purchase, 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 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 Fourth Amended and Restated Agreement of Limited Partnership, which is further described in Note 13 . The terms of the transaction also include an earn-out structure with an opportunity for up to an additional 12.5 million OP units to be issued if certain milestones are achieved. The milestones are related to a liquidity event for our stockholders and fundraising targets in Phillips Edison Grocery Center REIT III, Inc. (“PECO III”), of which PELP was a co-sponsor. The estimated fair value of this earn-out was recorded as $38 million as of the transaction date and is presented in Accounts Payable and Other Liabilities on the consolidated balance sheets. We will estimate the fair value of this earn-out liability at each reporting date during the contingency period and record any changes to our consolidated statement of operations. As of December 31, 2018, the fair value of the earn-out liability was $39.5 million . As part of the transaction, we entered into a tax protection agreement with certain recipients of OP Units. Under the agreement, we will provide certain protections with respect to tax matters for a period of ten years commencing at the closing date. These protections include indemnification for certain tax liabilities incurred in connection with certain taxable transfers of contributed properties, failure to comply with certain obligations related to nonrecourse liability allocations and debt guarantee opportunities, and certain fundamental transactions. These fundamental transactions mean with respect to any contributed entity, a merger, combination, consolidation, or similar transaction (including a transfer of all or substantially all of the assets of such entity). Immediately following the closing of the PELP transaction, our stockholders owned approximately 80.6% and former PELP stockholders owned approximately 19.4% of the combined company. Assets Acquired and Liabilities Assumed —After consideration of all applicable factors pursuant to the business combination accounting rules under ASC 805, we have concluded that the PELP transaction qualifies as a business combination under GAAP. Additionally, prior to the close of the PELP transaction, all of PELP’s real properties were managed and leased by us, under the terms of various management agreements. As we had contractual relationships with PELP, we considered the provisions of ASC 805 regarding the settlement of pre-existing relationships. This guidance provides that a transaction that in effect settles pre-existing relationships between the acquirer and acquiree should be evaluated under the guidance set forth in ASC 805 for possible gain/loss recognition. In applying the relevant guidance to the settlement of our contractual relationships with PELP, we noted that the provisions of the various agreements provided both parties to each of the agreements with substantial termination rights. The agreements permitted either party to terminate without cause or penalty upon prior written notice within a specified number of days’ notice. Therefore, we determined that the termination of the agreements did not result in a settlement gain or loss under the relevant guidance, and thus no gain or loss was recorded in the consolidated financial statements. The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 269,140 Building and improvements 574,154 Intangible lease assets 93,506 Cash and cash equivalents 5,930 Accounts receivable and other assets 42,426 Management contracts 58,000 Goodwill 29,085 Total assets acquired 1,072,241 Liabilities: Accounts payable and other liabilities 48,342 Acquired below-market leases 49,109 Total liabilities assumed 97,451 Net assets acquired $ 974,790 The allocation of the purchase price is based on management’s assessment, which requires a significant amount of judgment and represents management’s best estimate of the fair value as of the acquisition date. We had an immaterial decrease in goodwill during the year ended December 31, 2018, as the result of a measurement period adjustment. Intangible Assets and Liabilities —The fair value and weighted-average amortization periods for the intangible assets and liabilities acquired in the PELP transaction are as follows (dollars in thousands, useful life in years): Fair Value Weighted-Average Useful Life Management contracts (1) $ 58,000 5 In-place leases 83,305 9 Above-market leases 10,201 7 Below-market leases (49,109 ) 13 (1) In connection with the Merger, we derecognized management contracts associated with REIT II in the amount of $ 39.3 million . We also derecognized the associated accumulated amortization of $8.9 million , resulting in a net derecognition of $30.4 million . 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. This goodwill is not deductible for tax purposes. The goodwill recorded represents our management structure and its ability to generate additional opportunities for revenue and raise additional funds. Results of Operations —The consolidated net assets and results of operations of PELP’s contributions are included in the consolidated financial statements from the transaction date going forward and resulted in the following impact to our consolidated statements of operations (in thousands): 2018 2017 Revenues $ 85,168 $ 21,202 Net (loss) income (37,895 ) 1,297 Acquisition Costs —We incurred approximately $17.0 million of costs related to the PELP transaction, $15.7 million of which was incurred during 2017, and are recorded as Transaction Expenses on the consolidated statements of operations. We also incurred $1.3 million of costs related to the PELP transaction during 2016, which are recorded in General and Administrative on the consolidated statements of operations. 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) 2017 2016 Pro forma revenues $ 402,898 $ 400,089 Pro forma net income (loss) attributable to stockholders 1,982 (3,956 )

Real Estate Acquisitions and Di

Real Estate Acquisitions and Dispositions	12 Months Ended
	Dec. 31, 2018
Real Estate Investments, Net [Abstract]
Real Estate Acquisitions and Dispositions	5. REAL ESTATE ACQUISITIONS AND DISPOSITIONS Acquisitions —During the year ended December 31, 2018 , we acquired 91 grocery-anchored shopping centers, including 86 shopping centers through the Merger (see Note 3 for more detail) and five grocery-anchored shopping centers outside of the Merger. We also acquired two land parcels adjacent to properties we currently own for approximately $1.0 million during the year ended December 31, 2018 . During the year ended December 31, 2017 , we acquired 84 shopping centers, including 76 shopping centers through the PELP transaction (see Note 4 for more detail) and eight grocery-anchored shopping centers outside of the PELP transaction. All of the 2018 and 2017 acquisitions, excluding those acquired in the PELP transaction in 2017, were classified as asset acquisitions. As such, most acquisition-related costs were capitalized and have been included in the total purchase prices shown below. The following table summarizes our real estate assets acquired during the year ended December 31, 2018 (excluding properties related to the Merger; dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Shoppes of Lake Village Leesburg, FL Publix 2/26/2018 $ 8,423 71.3 % Sierra Vista Plaza Murrieta, CA Stater Brothers (1) 9/28/2018 22,151 81.0 % Wheat Ridge Marketplace Wheat Ridge, CO Safeway 10/3/2018 18,684 (2) 90.1 % Atlantic Plaza North Reading, MA Stop & Shop 11/9/2018 27,250 95.9 % Cinco Ranch at Market Center Katy, TX Target (1) 12/12/2018 21,359 96.0 % (1) Stater Brothers and Target are in a portion of the shopping centers that we do not own. (2) The purchase price includes the fair value of debt assumed as part of the acquisition. During the year ended December 31, 2017 , we acquired the following real estate assets (excluding properties related to the PELP transaction; dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Atwater Marketplace Atwater, CA Save Mart 2/10/2017 $ 15,047 94.6 % Rocky Ridge Station Roseville, CA Sprouts 4/18/2017 37,269 (1) 96.3 % Greentree Station Racine, WI Pick ‘n Save 5/5/2017 12,330 90.3 % Titusville Station Titusville, FL Publix 6/15/2017 13,830 71.7 % Sierra Station Corona, CA Ralph’s 6/20/2017 29,175 (1) 94.0 % Hoffman Village Station Hoffman Estates, IL Mariano’s 9/5/2017 34,923 93.1 % Winter Springs (2) Winter Springs, FL Publix 10/20/2017 24,976 91.9 % Flynn Crossing (2) Alpharetta, GA Publix 10/26/2017 23,806 96.4 % (1) The purchase price includes the fair value of debt assumed as part of the acquisition. (2) These properties were contributed or sold to the GRP I joint venture in November 2018. The fair value at acquisition and weighted-average useful life for in-place, above-market, and below-market lease intangibles acquired as part of the transactions above during the years ended December 31, 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 In-place leases $ 9,239 8 $ 17,740 13 Above-market leases 1,045 9 1,314 6 Below-market leases (2,736 ) 15 (5,736 ) 18 Dispositions —The following table summarizes our real estate disposition activity, excluding properties contributed or sold to GRP I, for the years ended December 31, 2018 and 2017 (dollars in thousands): 2018 2017 Number of properties sold 8 1 Gross proceeds on sale of properties $ 82,145 $ 6,486 Gain on sale of properties, net 16,757 1,760 Property Held for Sale —As of December 31, 2018 , two properties were classified as held for sale, as they were under contract to sell, with no substantive contingencies, and the prospective buyers had significant funds at risk. Both properties were disposed of subsequent to December 31, 2018 . A summary of assets and liabilities for the properties held for sale as of December 31, 2018 , is below (in thousands): 2018 ASSETS Total investment in real estate assets, net $ 16,889 Other assets, net 475 Total assets $ 17,364 LIABILITIES Below-market lease liabilities, net $ 208 Accounts payable and other liabilities 388 Total liabilities $ 596

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures (Notes)	12 Months Ended
	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	6. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES Grocery Retail Partners I —On November 9, 2018 , through our direct and indirect subsidiaries, we entered into a joint venture with Northwestern Mutual, pursuant to which we contributed 14 and sold 3 grocery-anchored shopping centers with a fair value of approximately $359 million to the new joint venture, GRP I, in exchange for a 15% ownership interest in GRP I. Northwestern Mutual acquired an 85% ownership interest in GRP I by contributing cash of $167.1 million . As a part of the transaction, GRP I distributed or paid cash of $161.8 million to us as well as assumed an existing portfolio mortgage loan of $175 million with a fair value of $165.0 million to which we are the non-recourse carveout guarantor and environmental indemnitor (see Note 16 for more detail). We recognized a gain of $92.5 million on the transaction which is recorded as Gain on Sale or Contribution of Property, Net on the statement of operations. Necessity Retail Partners —In connection with the Merger, we assumed a 20% equity interest in NRP. NRP was initially formed in March 2016 between REIT II and an affiliate of TPG Real Estate and is set to expire seven years after the date of the joint venture contribution agreement (the “NRP Joint Venture Agreement”) unless otherwise extended by the members. The NRP Joint Venture Agreement requires a contribution of up to $50 million to the joint venture. Of the maximum $50 million contribution, approximately $17.5 million was previously contributed by REIT II prior to the Merger. Our investment in NRP differs from our proportionate share of the entities' underlying net assets due to basis differences of $6.2 million arising from the Merger and recording the investment at fair value. These amounts are amortized starting at the date of the Merger and recorded as an offset to earnings from the joint venture in Other (Expense) Income, Net on our consolidated statements of operations. The remaining unamortized balance as of December 31, 2018 was $6.0 million . The following table summarizes the activity related to our unconsolidated joint ventures as of December 31, 2018 (dollars in thousands): December 31, 2018 GRP I NRP Ownership percentage 15 % 20 % Number of shopping centers 17 13 Investment balance $ 29,453 $ 16,198 Distributions after formation or assumption — 200 Loss from unconsolidated joint ventures, net 35 250

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	12 Months Ended
	Dec. 31, 2018
Finite-Lived Intangible Assets, Net [Abstract]
Intangibles Assets and Liabilities and Goodwill	7. INTANGIBLE ASSETS AND LIABILITIES Intangible Assets and Liabilities —Intangible assets and liabilities consisted of the following as of December 31, 2018 and 2017 , excluding amounts related to intangible assets and liabilities classified as held for sale (in thousands): 2018 2017 Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Management contracts $ 18,739 $ (4,685 ) $ 58,000 $ (2,900 ) In-place leases 464,721 (142,525 ) 313,432 (123,314 ) Above-market leases 67,140 (28,979 ) 53,524 (24,631 ) Below-market lease liabilities (164,839 ) 33,280 (118,012 ) 27,388 Summarized below is the amortization recorded on the intangible assets and liabilities for the years ended December 31, 2018 , 2017 , and 2016 (in thousands): 2018 2017 2016 Management contracts $ 10,618 $ 2,900 $ — In-place leases 37,101 30,966 28,812 Above-market leases 6,112 5,188 5,228 Below-market lease liabilities (10,061 ) (7,133 ) (6,436 ) Estimated future amortization of the respective intangible assets and liabilities as of December 31, 2018 , excluding estimated amounts related to intangible assets and liabilities classified as held for sale, for each of the next five years is as follow (in thousands): Management Contracts In-Place Leases Above-Market Leases Below-Market Leases 2019 $ 3,748 $ 43,286 $ 7,515 $ (11,959 ) 2020 3,748 38,104 7,039 (11,415 ) 2021 3,748 34,129 6,205 (10,652 ) 2022 2,810 31,012 5,189 (9,951 ) 2023 — 26,752 4,366 (9,133 ) Goodwill —In connection with the PELP transaction, we recorded goodwill of approximately $29.1 million . During the year ended December 31, 2018 , we did not record any impairments to goodwill. For more information regarding goodwill from the PELP transaction, see Note 4 .

Other Assets, Net

Other Assets, Net	12 Months Ended
	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets, Net	8. OTHER ASSETS, NET The following is a summary of Other Assets, Net outstanding as of December 31, 2018 and 2017 , excluding amounts related to assets classified as held for sale (in thousands): 2018 2017 Other assets, net: Deferred leasing commissions and costs $ 32,957 $ 29,055 Deferred financing expenses 13,971 13,971 Office equipment, including capital lease assets, and other 14,315 10,308 Total depreciable and amortizable assets 61,243 53,334 Accumulated depreciation and amortization (24,382 ) (17,121 ) Net depreciable and amortizable assets 36,861 36,213 Accounts receivable, net 56,104 41,211 Deferred rent receivable, net 21,261 18,201 Derivative asset 29,708 16,496 Investment in affiliates 700 902 Other 8,442 5,425 Total other assets, net $ 153,076 $ 118,448

Debt Obligations

Debt Obligations	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Debt Obligations	9. 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 December 31, 2018 and 2017 (in thousands): Interest Rate (1) 2018 2017 Revolving credit facility 3.86% $ 73,359 $ 61,569 Term loans 2.06%-4.59% 1,858,410 1,140,000 Secured loan facilities 3.52% 195,000 370,000 Mortgages and other 3.45%-7.91% 334,669 246,217 Assumed market debt adjustments, net (4,571 ) 5,254 Deferred financing expenses, net (18,041 ) (16,042 ) Total $ 2,438,826 $ 1,806,998 (1) Interest rates are as of December 31, 2018 . Revolving Credit Facility —We have a revolving credit facility of $500 million with availability of $426.2 million , which is net of current issued letters of credit, as of December 31, 2018 . The revolving credit facility has an interest rate of LIBOR plus a spread of 1.4% . The maturity date is October 2021, with additional options to extend the maturity to October 2022. The gross borrowings under our revolving credit facility were $475.4 million , $437.0 million , and $590.8 million during the years ended December 31, 2018 , 2017 , and 2016 , respectively. The gross payments were $463.6 million , $552.4 million , and $554.8 million during the years ended December 31, 2018 , 2017 , and 2016 , respectively. Term Loans —We have eight unsecured term loans with maturities ranging from 2020 to 2025. Our term loans have interest rates of LIBOR plus interest rate spreads based on our leverage ratios. With the exception of $245.5 million , all of these rates have been fixed through the use of interest rate swaps. Of the eight term loans, we assumed three as part of the Merger with a fair value of $361.7 million . Additionally, at the closing of the Merger, we established two term loans for $300 million and $100 million maturing in November 2023 and May 2024, respectively. We also exercised an accordion feature on an existing term loan maturing in May 2025, adding $157.5 million in new debt, with an additional $60 million available. As of December 31, 2018 and 2017 the weighted-average interest rate on our term loans was 3.5% and 3.0% , respectively. Secured Debt —Our secured debt includes a facility secured by 14 properties, mortgage loans secured by individual properties, and capital leases. At the closing of the Merger, we assumed $102.3 million in mortgage loans. We contributed $175 million of our secured debt to GRP I in November 2018. In connection with the debt contributed to GRP I, we wrote-off deferred financing expenses of $2.1 million . The interest rates on our secured debt are fixed. As of December 31, 2018 and 2017 our weighted average interest rate for our secured debt was 4.4% and 4.1% , respectively. As of December 31, 2018 and 2017 , the weighted-average interest rate for our debt obligations was 3.5% and 3.4% , respectively. The allocation of total debt between fixed-rate and variable-rate as well as between secured and unsecured, excluding market debt adjustments and deferred financing expenses, as of December 31, 2018 and 2017 , is summarized below (in thousands): 2018 2017 As to interest rate: (1) Fixed-rate debt $ 2,216,669 $ 1,608,217 Variable-rate debt 244,769 209,569 Total $ 2,461,438 $ 1,817,786 As to collateralization: Unsecured debt $ 1,931,769 $ 1,202,476 Secured debt 529,669 615,310 Total $ 2,461,438 $ 1,817,786 (1) Includes the effects of derivative financial instruments (see Notes 10 and 18 ). Below is our maturity schedule with the respective principal payment obligations, excluding market debt adjustments and deferred financing expenses (in thousands): 2019 2020 2021 2022 2023 Thereafter Total Revolving credit facility $ — $ — $ 73,359 $ — $ — $ — $ 73,359 Term loans — 170,910 125,000 375,000 300,000 887,500 1,858,410 Secured debt 9,523 9,999 87,688 61,903 79,570 280,986 529,669 Total $ 9,523 $ 180,909 $ 286,047 $ 436,903 $ 379,570 $ 1,168,486 $ 2,461,438

Derivatives and Hedging Activit

Derivatives and Hedging Activities	12 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure	10. 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 through the use of derivative financial instruments. Specifically, we enter into interest rate swaps to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash receipts and our known or expected cash payments principally related to our investments and borrowings. Cash Flow Hedges of Interest Rate Risk —Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for our making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The changes in the fair value of derivatives designated, and that qualify, as cash flow hedges are recorded in AOCI and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the years ended December 31, 2018 and 2017 , such derivatives were used to hedge the variable cash flows associated with certain variable-rate debt. 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 $6.2 million will be reclassified from Other Comprehensive Income (Loss) 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 December 31, 2018 and 2017 (notional amounts in thousands): 2018 2017 Count 12 6 Notional amount $ 1,687,000 $ 992,000 Fixed LIBOR 0.7% - 2.9% 1.2% - 2.2% Maturity date 2019 - 2025 2019 - 2024 We assumed five hedges with a notional amount of $570 million as a part of the Merger, and also entered into one new hedge in November 2018 with a notional amount of $125 million . The fair value of the five hedges assumed was $14.7 million and is amortized over the remaining lives and recorded in interest expense, net. The table below details the nature of the gain or loss recognized on interest rate derivatives designated as cash flow hedges in the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2018 , 2017 , and 2016 (in thousands): 2018 2017 2016 Amount of (loss) gain recognized in OCI on derivatives $ (895 ) $ 2,770 $ 6,979 Amount of (gain) loss reclassified from AOCI into interest expense (3,261 ) 1,810 3,586 Credit-risk-related Contingent Features —We have agreements with our derivative counterparties that contain provisions where, if we 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 December 31, 2018 , the fair value of our derivatives in a net liability position, which included accrued interest but excluded any adjustment for nonperformance risk related to these agreements, was approximately $3.6 million . As of December 31, 2018 , we had not posted any collateral related to these agreements and were not in breach of any agreement provisions. If we had breached any of these provisions, we could have been required to settle our obligations under the agreements at their termination value of $3.6 million .

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	11. INCOME TAXES We have elected to be taxed as a REIT under the Internal Revenue Code. To qualify as a REIT, we must meet a number of organization and operational requirements, including a requirement to annually distribute to our stockholders at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains. We intend to continue to adhere to these requirements and to maintain our REIT status. As a REIT, we are entitled to a deduction for some or all of the distributions we pay to our stockholders. Accordingly, we are generally subject to U.S. federal income taxes on any taxable income that is not currently distributed to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income taxes and may not be able to qualify as a REIT until the fifth subsequent taxable year following the year of disqualification. Notwithstanding our qualification as a REIT, we may be subject to certain state and local taxes on our income or properties. In addition, our consolidated financial statements include the operations of certain wholly owned subsidiaries that have jointly elected to be treated as a TRS and are subject to U.S. federal, state and local incomes taxes at regular corporate tax rates. As a REIT, we may also be subject to certain U.S. federal excise taxes if we engage in certain types of transactions. Deferred income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted income tax rates in effect for the year in which these temporary differences are expected to reverse. Deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including future reversal of existing taxable temporary differences, the magnitude and timing of future projected taxable income and tax planning strategies. We believe, based on available evidence, it is not more likely than not that our net deferred tax assets will be realized in future periods and, therefore, have recorded a valuation allowance equal to the net deferred tax asset balance. The following is a summary of our deferred tax assets and liabilities as of December 31, 2018 and 2017 (in thousands): 2018 2017 Deferred tax assets: Accrued compensation $ 5,338 $ 4,264 Accrued expenses 210 12 Net operating loss (“NOL”) carryforward 1,239 667 Other 566 106 Gross deferred tax assets 7,353 5,049 Less: valuation allowance (3,822 ) (3,277 ) Total deferred tax asset 3,531 1,772 Deferred tax liabilities: Depreciation and amortization (3,292 ) (1,638 ) Prepaid expenses (239 ) (134 ) Total deferred tax liabilities (3,531 ) (1,772 ) Net deferred tax asset $ — $ — Our deferred tax assets and liabilities result from the activities of the TRS. The TRS have a federal net operating loss carryforward of $5.4 million . Of this amount, $4.8 million was generated in 2017 and will expire in 2037 if the net operating loss is not utilized. The net operating loss of $0.6 million generated in 2018 can be carried forward indefinitely. As of December 31, 2018 , the TRS have state net operating loss carryforwards of $2.2 million , which will expire as determined under each state's statute. Differences between the net income presented on the consolidated statements of operations and taxable income primarily related to the timing of the recognition of gain or loss on the sale of investment properties for financial reporting purposes and tax reporting and the differences in recognition of revenues and expenses for both financial reporting and tax reporting. The following table reconciles Net Income (Loss) Attributable to Stockholders to REIT taxable income before the dividends paid deduction for the years ended December 31, 2018 , 2017 and 2016 (in thousands): 2018 2017 2016 Net income (loss) attributable to stockholders $ 39,138 $ (38,391 ) $ 8,932 Net (income) loss from TRS (1,171 ) 4,248 — Net income (loss) attributable to REIT operations 37,967 (34,143 ) 8,932 Book/tax differences 33,858 72,824 24,771 REIT taxable income subject to 90% dividend requirement $ 71,825 $ 38,681 $ 33,703 The Company's distributions to its stockholders for the years ended December 31, 2018 , 2017 and 2016 , respectively, have exceeded 100% of the REIT taxable income. The tax composition of our distributions declared for the years ended December 31, 2018 and 2017 was as follows: 2018 2017 Common stock Ordinary dividends 27.7 % 28.6 % Non-dividend distributions 45.5 % 70.9 % Capital gain distributions 26.8 % 0.5 % Total distributions per share 100.0 % 100.0 % Income tax benefits from uncertain tax positions are recognized in the financial statements only if we believe it is more likely than not that the uncertain tax position will be sustained based solely on the technical merits of the tax position and consideration of the relevant taxing authority's widely understood administrative practices and precedents. We do not believe that we have any uncertain tax positions at December 31, 2018 and 2017 . The statute of limitations for the federal income tax returns remain open for the 2015 through 2017 tax years. The statute of limitations for state income tax returns remain open in accordance with each state's statute. Interest and penalties related to income taxes are immaterial to the consolidated financial statements. Our accounting policy is to classify interest and penalties as a component of income tax expense. No interest and penalties were accrued by the Company at December 31, 2018 and 2017 .

Commitments And Contingencies

Commitments And Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. COMMITMENTS AND CONTINGENCIES Leases —Our leases primarily consist of short- and long-term operating leases for office space and equipment, as well as long-term ground leases at certain of our properties. Total rental expense for long-term operating leases was approximately $1.3 million for the year ended December 31, 2018 . Minimum rental commitments under noncancelable operating leases as of December 31, 2018 , were as follows (dollars in thousands): Year Amount 2019 $ 1,450 2020 969 2021 537 2022 510 2023 352 Thereafter 391 Total $ 4,209 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. Depending on the nature of the environmental matter, the seller of the property, a tenant of the property, and/or another third party may be 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. Captive Insurance —As part of the PELP transaction, we acquired a captive insurance company, Silver Rock Insurance, Inc. (“Silver Rock”), from PELP. Silver Rock provides general liability insurance, wind, reinsurance, and other coverage to us, PECO III, PELP, and certain related party joint ventures. We capitalize Silver Rock in accordance with applicable regulatory requirements. Silver Rock established annual premiums based on the past loss experience of the insured properties. An independent third party was engaged to perform an actuarial estimate of projected future claims, related deductibles, and projected future expenses necessary to fund associated risk management programs. Premiums paid to Silver Rock may be adjusted based on this estimate. Premiums paid to Silver Rock may be reimbursed by tenants pursuant to specific lease terms. As of December 31, 2018 , we had three cash collateralized letters of credit outstanding totaling approximately $6.7 million to provide security for our obligations under our insurance and reinsurance contracts. The following is a summary of the activities in the liability for unpaid losses, which is recorded in Accounts Payable and Other Liabilities on our consolidated balance sheets, for the years ended December 31, 2018 and 2017 (in thousands): 2018 2017 (1) Beginning balances $ 4,883 $ 4,339 Incurred related to: Current year 156 452 Prior years 948 898 Total incurred 1,104 1,350 Paid related to: Current year 13 81 Prior years 516 725 Total paid 529 806 Liabilities for unpaid losses as of December 31 $ 5,458 $ 4,883 (1) Balance for 2017 began on October 4, 2017, the date of PELP transaction.

Equity

Equity	12 Months Ended
	Dec. 31, 2018
Stockholders' Equity Note [Abstract]
Equity	13. EQUITY General — The holders of common stock are entitled to one vote per share on all matters voted on by stockholders, including election of the Board. Our charter does not provide for cumulative voting in the election of directors. On May 9, 2018, our 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 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, subject to certain limits. Stockholders who elect to participate in the DRIP may choose to invest all or a portion of their cash distributions in shares of our common stock at a price equal to our most recent estimated value per share. In connection with the 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 resumed in August 2018, with the distribution paid in September 2018. 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. Share Repurchase Program —Our SRP provides an opportunity for stockholders to have shares of common stock repurchased, subject to certain restrictions and limitations, at a price equal to our most recent estimated value per share. In connection with the Merger, the SRP was also temporarily suspended for the month of July 2018, and resumed in August 2018. In 2018 and 2017, repurchase requests surpassed the funding limits under the SRP. Approximately 4.9 million shares of our common stock were repurchased under the SRP during the year ended December 31, 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 December 31, 2018 , we had 2.4 million shares of unfulfilled repurchase requests. Due to the program’s funding limits, no funds will be available for the first quarter of 2019. The next availability is expected to be at the end of July 2019. Under the terms of the SRP, the availability of DRIP proceeds is not a minimum repurchase requirement and we may use all or no portion of the proceeds available. The next standard repurchase of the Company is expected to be in July 2019. At that time, should the demand for standard redemptions exceed the funding the Company makes available for repurchases, for which the Company may use all or a portion, the Company is expected to make pro-rata redemptions. Following that standard repurchase, standard repurchase requests that are on file with the Company and in good order that have not been fully executed (due to pro-rata redemptions) will remain on file for future redemptions. Convertible Noncontrolling Interests —As of December 31, 2018 and 2017 , we have approximately 44.5 million units of outstanding OP units. Additionally, certain of our outstanding restricted share and performance share awards will result in the issuance of OP units upon vesting in future periods. These are included in the outstanding unvested award totals disclosed in Note 14 . 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 an affiliate of PELP. In connection with the PELP transaction, Class B units were no longer issued for asset management services subsequent to September 2017. Upon closing of the PELP transaction and termination of the advisory agreement, we determined the economic hurdle required for vesting had been met, and all outstanding Class B units vested and were converted to OP units. As such, we recorded a $24.0 million expense on our consolidated statements of operations as Vesting of Class B Units, which included the $27.6 million vesting of Class B units previously issued for asset management services and the reclassification of historical distributions on those units to Noncontrolling Interests. Under the terms of the Fourth 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, or for cash. As the form of redemption for OP units is within our control, the OP units outstanding as of December 31, 2018 and 2017 , are classified as Noncontrolling Interests within permanent equity on our consolidated balance sheets. The $28.7 million and $9.1 million of distributions for the years ended December 31, 2018 and 2017 , respectively, that have been paid on OP units are included in Distributions to Noncontrolling Interests on the consolidated statements of equity. In September 2017, we entered into an agreement with American Realty Capital II Advisors, LLC (“ARC”) to terminate all remaining contractual and economic relationships between us and ARC. In exchange for a payment of $9.6 million , ARC sold their OP units, unvested Class B Units, and their special limited partnership interests back to us, terminating all fee-sharing arrangements between ARC and PELP affiliates. The 0.4 million OP unit repurchase was recorded at a value of $4.2 million on the consolidated statements of equity. The $5.4 million value of the unvested Class B units, special limited partnership interests, and value of fee-sharing arrangements is recorded on the consolidated statement of operations. Nonconvertible Noncontrolling Interests —In addition to partnership units of the Operating Partnership, Noncontrolling Interests also includes a 25% minority-owned interest held by a third party in a consolidated partnership, which was not significant to our results.

Compensation

Compensation	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Compensation	14. COMPENSATION Independent Director Stock Plan— The Board approves restricted stock awards pursuant to our Amended and Restated 2010 Independent Director Stock Plan. The awards are granted to our independent directors and vest based upon the completion of a service period (“service-based awards”). As of December 31, 2018 and 2017 , there were approximately 32,000 and 18,000 outstanding unvested awards granted to independent directors, respectively. Employee Long Term Incentive Plan— Beginning in 2018, service-based restricted stock awards and performance-based awards are granted to employees under our Amended and Restated 2010 Long-Term Incentive Plan. Service-based awards typically follow a four-year graded vesting schedule and will vest in the form of common stock or OP units. For performance-based awards, the number of shares that vest depends on whether certain financial metrics are met, as calculated over a three-year performance period. For each annual performance-based award, 50% of the shares earned vest at the end of the three-year period and 50% of the shares earned vest following an additional year of service. Vesting of these performance awards is in the form of common stock, or certain awards may vest in the form of OP Units at the election of the recipient. In connection with the PELP transaction, we assumed employee awards of phantom stock units. Substantially all phantom stock awards granted by PELP contained either a five-year cliff vesting provision or a four-year graded vesting provision. The value of the awards changes in direct relation to the change in estimated value per share of our common stock, but the value is paid in cash rather than in common stock. We recognize expense for awards with graded vesting under the accelerated recognition method, whereby each vesting is treated as a separate award with expense for each vesting recognized ratably over the requisite service period. Expense amounts are recorded in General and Administrative or Property Operating on our consolidated statements of operations. The awards are valued according to the EVPS for our common stock at the date of grant. Holders of unvested service-based and performance-based awards that are not phantom stock units are entitled to dividend and distribution rights, but are not entitled to voting rights. Holders of phantom stock units are entitled to receive distributions, which are recorded as expense when declared, but are not entitled to voting rights. The following table summarizes our stock-based award activity during the year ended December 31, 2018 (number of units in thousands): Restricted Stock Awards Performance Stock Awards Phantom Stock Units Weighted-Average Grant-Date Fair Value Nonvested at December 31, 2017 18 — 2,446 $ 10.20 Granted 811 199 — 11.00 Vested (5 ) — (1,394 ) 10.20 Forfeited (16 ) — (54 ) 10.38 Nonvested at December 31, 2018 808 199 998 $ 10.60 The expense for all stock-based awards, including phantom stock units, during the years ended December 31, 2018 and 2017 was $10.4 million and $3.4 million , respectively. The expense during the year ended December 31, 2016, was immaterial. We had $9.0 million of unrecognized compensation costs related to these awards that we expect to recognize over a weighted average period of approximately 1.3 years . The fair value at the vesting date for stock-based awards that vested during the year ended December 31, 2018 was $15.4 million . Because the phantom stock units are settled in cash rather than shares, we record a liability in Accounts Payable and Other Liabilities in the consolidated balance sheets for these awards. The amount of this liability, including related payroll tax accruals, was $8.7 million as of December 31, 2018 . Subsequent to December 31, 2018, approximately 2.1 million performance-based award units were granted to certain of our executives. The total number of performance-based stock units that will vest depends on whether certain financial metrics are met over the performance periods. 401(k) Plan —We sponsor a 401(k) plan that provides benefits for qualified employees. Our match of the employee contributions is discretionary and has a five-year vesting schedule. The cash contributions to the plan for the years ended December 31, 2018 and 2017 were approximately $1.0 million and $0.2 million , respectively. All employees who have attained the age of 21 are eligible to participate starting the first day of the month following their date of hire. Employees are vested immediately with respect to employee contributions.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share	15. 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 Income (Loss) Attributable to Stockholders by the weighted-average number 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 Fourth Amended and Restated Agreement of Limited Partnership of Phillips Edison Grocery Center Operating Partnership I, L.P. Phantom stock units are not considered to be participating securities, as they are not convertible into common stock. The impact of these 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 OP 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 December 31, 2018 , 2017 , and 2016 . The following table provides a reconciliation of the numerator and denominator of the earnings per share calculations for the years ended December 31, 2018 , 2017 , and 2016 (in thousands, except per share amounts): 2018 2017 2016 Numerator: Net income (loss) attributable to stockholders - basic $ 39,138 $ (38,391 ) $ 8,932 Net income (loss) attributable to convertible OP units (1) 8,136 (3,470 ) 111 Net income (loss) - diluted $ 47,274 $ (41,861 ) $ 9,043 Denominator: Weighted-average shares - basic 196,602 183,784 183,876 Conversion of OP units (1) 44,453 12,713 2,785 Effect of dilutive restricted stock awards (2) 312 — 4 Adjusted weighted-average shares - diluted 241,367 196,497 186,665 Earnings per common share: Basic and diluted $ 0.20 $ (0.21 ) $ 0.05 (1) OP units include units previously issued for asset management services provided under our former advisory agreement (see Note 16 ), as well as units issued as part of the PELP transaction (see Note 4 ), all of which are convertible into common shares. The Operating Partnership income (loss) attributable to these OP units, which is included as a component of Net Income (Loss) Attributable to Noncontrolling Interests on the consolidated statements of operations, has been added back in the numerator because these OP units were included in the denominator for all years presented. (2) Includes the dilutive impact of unvested restricted share awards using the treasury stock method. As of December 31, 2017 , approximately 18,000 restricted stock awards were outstanding. These securities were anti-dilutive and, as a result, were excluded from the weighted-average common shares used to calculate diluted EPS.

Revenue Recognition and Related

Revenue Recognition and Related Party Transactions	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Revenue Recognition	16. REVENUE RECOGNITION AND RELATED PARTY TRANSACTIONS Revenue —Summarized below are amounts included in Fee and Management Income. The revenue includes the fees and reimbursements earned by us from the Managed Funds during the years ended December 31, 2018 and 2017 , 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): For the year ended December 31, 2018 REIT II (1) PECO III Joint Ventures Other Parties (2) Total Recurring fees (3) $ 17,937 $ 870 $ 1,948 $ 281 $ 21,036 Transactional revenue and reimbursements (4) 6,965 1,278 1,442 132 9,817 Insurance premiums 367 — — 1,706 2,073 (1) All amounts earned from REIT II were earned prior to the close of the Merger in November 2018, and ceased upon its acquisition by us. (2) Recurring fees, transactional revenue and reimbursements, and insurance premium income from other parties includes amounts from third parties not affiliated with us in the amount of $1.7 million for the year ended December 31, 2018 . (3) Recurring fees include asset management fees and property management fees. (4) Transaction revenue includes items such as leasing commissions, construction management fees, and acquisition fees. For the year ended December 31, 2017 REIT II PECO III Joint Ventures Other Parties (1) Total Recurring fees $ 4,396 $ 74 $ 335 $ 187 $ 4,992 Transactional revenue and reimbursements 1,846 679 297 136 2,958 Insurance premiums 206 — — — 206 (1) Recurring fees, transactional revenue and reimbursements, and insurance premium income from other parties includes amounts from third parties not affiliated with us in the amount of $0.2 million for the year ended December 31, 2017 . Our fees and management income come from the management company acquired as part of the PELP transaction in 2017. As a result, we have no related party revenue amounts for the year ended December 31, 2016. Related Party Expenses —Prior to October 2017, a PELP affiliate and ARC 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 fees 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 property. As we no longer pay the fees listed below and had no outstanding unpaid amounts related to those fees as of December 31, 2018 , summarized below are the fees incurred and the expenses reimbursable for the years ended December 31, 2017 and 2016 (in thousands): For the Year Ended December 31, 2017 2016 Acquisition fees (1) $ 1,344 $ 2,342 Acquisition expenses (1) 583 464 Asset management fees (2) 15,573 19,239 OP units distribution (3) 1,373 1,866 Class B unit distribution (4) 1,409 1,576 Disposition fees (5) 19 745 Total $ 20,301 $ 26,232 (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. (5) Disposition fees are presented as Other (Expense) Income, Net on the consolidated statements of operations. Prior to the completion of the PELP transaction in October 2017, all of our real properties were managed and leased by a PELP affiliate and Phillips Edison & Company Ltd. (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. We no longer pay the fees listed below and had no outstanding unpaid amounts related to those fees as of December 31, 2018 . Summarized below are the fees earned by and the expenses reimbursable to the Property Manager for the years ended December 31, 2017 and 2016 (in thousands): For the Year Ended December 31, 2017 2016 Property management fees (1) $ 8,360 $ 9,929 Leasing commissions (2) 6,670 7,701 Construction management fees (2) 1,367 1,127 Other fees and reimbursements (3) 6,234 5,627 Total $ 22,631 $ 24,384 (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. Organization and Offering Costs —Under the terms of one of our Management Agreements, we have incurred organization and offering costs related to PECO III during 2018 and 2017. We have incurred organization and offering costs related to PECO III’s private placement and public offering, which were approximately $2.3 million and $2.2 million , respectively, and were recorded in Accounts Receivable - Affiliates on the consolidated balance sheets. The amounts recognized in Accounts Receivable - Affiliates were $4.5 million and $2.0 million as of December 31, 2018 and 2017, respectively. During the public offering period for PECO III, we will receive a contingent fee of 2.15% of the contract price of each property or other real estate investment it acquires. This reimbursement is intended to allow us to recoup a portion of the dealer manager fees and organization and offering costs advanced by PECO III’s advisor, in which we have a 75% interest. Therefore, this reimbursement shall not exceed the amount of organization and offering costs and dealer manager fees outstanding at the time of closing for the acquired property. The initial $4.5 million we may incur to fund organization and offering costs related to the PECO III public offering will be retained by PECO III until the termination of its public offering, at which time such amount will be paid. In addition to organization and offering costs, we have receivables related to Management Agreements from related parties of $0.6 million and $4.1 million as of December 31, 2018 and 2017 , respectively. These amounts are recorded on the consolidated balance sheets in Accounts Receivable – Affiliates. Other Related Party Matters —Under the terms of the advisory agreement, we have incurred organization and offering costs related to PECO III. A portion of those costs were incurred by Griffin Capital Corporation (“Griffin sponsor”), a co-sponsor of PECO III. The Griffin sponsor owns a 25% interest and we own a 75% interest in the PECO III Advisor. As such, of the receivable we have from PECO III, $1.2 million and $1.4 million were reimbursable to the Griffin sponsor as of December 31, 2018 and 2017 , respectively, and are recorded in Accounts Payable and Other Liabilities on the consolidated balance sheets. PECO Air L.L.C. (“PECO Air”), an entity in which Mr. Edison, our Chairman and Chief Executive Officer, owns a 50% interest, owns an airplane that we use for business purposes in the course of our operations. We paid approximately $0.8 million and $0.1 million to PECO Air for use of its airplane for the years ended December 31, 2018 and 2017 , respectively. 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. As a part of the GRP I Joint Venture, GRP I assumed from us a $175 million mortgage loan for which we assumed the obligation of limited guarantor. Our guarantee is limited to being the non-recourse carveout guarantor and the environmental indemnitor. We entered into a separate agreement with Northwestern Mutual in which we agree to apportion any potential liability under this guaranty between us and them based on our ownership percentage.

Operating Leases

Operating Leases	12 Months Ended
	Dec. 31, 2018
Leases, Operating [Abstract]
Operating Leases	17. OPERATING LEASES The terms and expirations of our operating leases with our tenants vary. The lease agreements frequently contain options to extend the terms of leases and other terms and conditions as negotiated. We retain substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Approximate future rental income to be received under noncancelable operating leases in effect as of December 31, 2018 , assuming no new or renegotiated leases or option extensions on lease agreements, is as follows (in thousands): Year Amount 2019 $ 372,632 2020 340,028 2021 292,887 2022 247,915 2023 196,152 2024 and thereafter 555,282 Total $ 2,004,896 No single tenant comprised 10% or more of our aggregate annualized base rent (“ABR”) as of December 31, 2018 . As of December 31, 2018 , our real estate investments in Florida and California represented 12.0% and 10.1% of our ABR, respectively. As a result, the geographic concentration of our portfolio makes it particularly susceptible to adverse economic or weather developments in the real estate markets of Florida or California.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	18. 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 December 31, 2018 and 2017 (in thousands): 2018 2017 Fair value $ 2,467,317 $ 1,765,151 Recorded value (1) 2,456,867 1,823,040 (1) Recorded value does not include net deferred financing expenses of $18.0 million and $16.0 million as of December 31, 2018 and 2017 , respectively. Recurring and Nonrecurring Fair Value Measurements —Our earn-out liability and interest rate swaps are measured and recognized at fair value on a recurring basis, while certain real estate assets and liabilities are measured and recognized at fair value as needed. Fair value measurements that occurred as of and during the years ended December 31, 2018 and 2017 were as follows (in thousands): 2018 2017 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Recurring Derivative assets (1) $ — $ 29,708 $ — $ — $ 16,496 $ — Derivative liability (1) — (3,633 ) — — (61 ) — Earn-out liability (2) — — (39,500 ) — — (38,000 ) Nonrecurring Impaired real estate assets — 71,991 — — — — (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. The following table presents a reconciliation of the change in the liability measured at fair value on a recurring basis using Level 3 inputs (in thousands): Earn-Out Liability Balance at December 31, 2017 $ 38,000 Change in fair value recognized in Other (Expense) Income, Net 1,500 Balance at December 31, 2018 $ 39,500 Derivative Instruments —As of December 31, 2018 and 2017 , we had interest rate swaps that fixed LIBOR on portions of our unsecured term loan facilities. All interest rate swap agreements are measured at fair value on a recurring basis. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. To comply with the provisions of ASC 820, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although we determined that the significant inputs used to value our derivatives fell within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our counterparties and our own credit risk utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by us and our counterparties. However, as of December 31, 2018 and 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. 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 stockholders and fundraising targets in PECO 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 range of potential outcomes still includes a possibility of no additional OP units issued as well as up to 8.0 million out of the maximum 12.5 million units being issued. Real Estate Asset Impairment —Our real estate assets are measured and recognized at fair value on a nonrecurring basis dependent upon when we determine an impairment has occurred. In 2018, we impaired assets that were under contract or actively marketed for sale at a disposition price that was less than carrying value, or had other operational impairment indicators. During the year ended December 31, 2018 , we recorded impairments of $40.8 million . Two of the impaired real estate assets were disposed of before year end. The valuation technique used for the fair value of all impaired real estate assets was the expected net sales proceeds. We determined that valuation to fall under Level 2 of the fair value hierarchy. We did not have any impaired real estate assets during the year ended December 31, 2017.

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Data [Abstract]
Quarterly Financial Data (Unaudited)	19. QUARTERLY FINANCIAL DATA (UNAUDITED) The following is a summary of the unaudited quarterly financial information for the years ended December 31, 2018 and 2017 . We believe that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly, and in accordance with GAAP, the selected quarterly information. 2018 (in thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter (1) Total revenue $ 103,199 $ 104,173 $ 104,899 $ 118,121 Net (loss) income attributable to stockholders (1,600 ) (11,351 ) (13,228 ) 65,317 Net (loss) income per share - basic and diluted (0.01 ) (0.06 ) (0.07 ) 0.34 2017 (in thousands, except per share amounts) First Quarter Second Quarter Third Quarter (2) Fourth Quarter (3) Total revenue $ 68,303 $ 69,851 $ 70,624 $ 102,765 Net income (loss) attributable to stockholders 1,106 (1,193 ) (8,232 ) (30,072 ) Net income (loss) per share - basic and diluted 0.01 (0.01 ) (0.04 ) (0.17 ) (1) The increase in net income for the fourth quarter was primarily associated with the gain as a result of the contribution of properties to GRP I. Net income and revenue were also impacted by the Merger. (2) The net loss in the third quarter was primarily due to expenses related to the PELP transaction and the termination of our relationship with ARC. (3) The increases in revenue and net loss in the fourth quarter were primarily associated with the PELP transaction.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	20. SUBSEQUENT EVENTS Distributions —Distributions paid to stockholders and OP unit holders of record subsequent to December 31, 2018 , were as follows (in thousands): Month Date of Record Monthly Distribution Rate Date Distribution Paid Gross Amount of Distribution Paid Distribution Reinvested through the DRIP Net Cash Distribution December 12/17/2018 $0.05583344 1/2/2019 $ 18,055 $ 5,951 $ 12,104 January 1/15/2019 $0.05583344 2/1/2019 18,077 5,899 12,178 February 2/15/2019 $0.05583344 3/1/2019 18,018 5,868 12,150 In March 2019 our Board authorized distributions for March, April, and May 2019 to the stockholders of record at the close of business on March 15, 2019, April 15, 2019, and May 15, 2019, 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. We pay distributions to stockholders and OP unit holders based on monthly record dates. We expect to pay these distributions on the first business day after the end of each month. Dispositions —Subsequent to December 31, 2018 , we sold the following real estate assets, which were classified as held for sale as of December 31, 2018 (dollars in thousands): Property Name Location Anchor Tenant Square Footage Disposition Date Sale Price (Loss) Gain Eastland Station Evansville, IN Gabe’s 150,772 1/19/2019 $ 9,300 $ (97 ) Lovejoy Village Station Jonesboro, GA Kroger 84,711 2/14/2019 9,125 1,189 Amendment to PELP Transaction Contribution Agreement —On March 12, 2019 , the Company entered into an amendment (the “Amendment”) to the terms of the earn-out provisions set forth in the Contribution Agreement, dated as of May 18, 2017 , between the Company, the Operating Partnership and the contributors listed therein (the “Contribution Agreement”), originally entered into in connection with the PELP transaction. The earn-out provisions provided, in relevant part, that the contributors would have the right to receive a minimum of 3 million and a maximum of 5 million OP Units as contingent consideration if a “liquidity event” (as defined in the Contribution Agreement) was successfully achieved by the Company by December 31, 2019 , with reduced amounts payable if a liquidity event was achieved in 2020 or 2021 . Pursuant to the terms of the amendment, the initial earn-out term has been extended by two years through December 31, 2021 and the threshold for the maximum payout of 5 million units has been raised to $11.20 per share from $10.20 per share. Performance LTIP Units —On March 12, 2019 , the Compensation Committee of the Company’s Board of Directors (the “Committee”) approved a new form of award agreement under the Company’s Amended and Restated 2010 Long-Term Incentive Plan for performance-based long term incentive units (“Performance LTIP Units”) and made one-time grants of Performance LTIP Units to each of Jeffrey S. Edison, the Company’s Chief Executive Officer and President, and Devin Murphy, the Company’s Chief Financial Officer and Treasurer. Mr. Edison’s award is for a maximum grant of approximately 1.4 million units based on performance conditions over a 7 year period. Mr. Murphy’s award is for a maximum grant of approximately 0.7 million units based on performance conditions over a 5 year period.

Schedule III - Real Estate Asse

Schedule III - Real Estate Assets and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III-Real Estate Assets and Accumulated Depreciation	SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (1) December 31, 2018 (in thousands) Initial Cost Cost Capitalized Subsequent to Acquisition (3) Gross Amount Carried at End of Period (4) Property Name City, State Encumbrances (2) Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total Accumulated Depreciation Date Constructed/ Renovated Date Acquired Lakeside Plaza Salem, VA $ — $ 3,344 $ 5,247 $ 371 $ 3,473 $ 5,489 $ 8,962 $ 2,299 1988 12/10/2010 Snow View Plaza Parma, OH — 4,104 6,432 568 4,305 6,799 $ 11,104 3,183 1981 12/15/2010 St. Charles Plaza Davenport, FL — 4,090 4,398 303 4,169 4,623 $ 8,792 2,317 2007 6/10/2011 Centerpoint Easley, SC — 2,404 4,361 1,184 2,789 5,161 $ 7,950 1,930 2002 10/14/2011 Southampton Village Tyrone, GA — 2,670 5,176 926 2,826 5,945 $ 8,771 2,193 2003 10/14/2011 Burwood Village Center Glen Burnie, MD — 5,448 10,167 421 5,605 10,431 $ 16,036 4,073 1971 11/9/2011 Cureton Town Center Waxhaw, NC — 6,569 6,197 2,592 5,916 9,442 $ 15,358 3,156 2006 12/29/2011 Tramway Crossing Sanford, NC — 2,016 3,071 652 2,314 3,425 $ 5,739 1,554 1996 2/23/2012 Westin Centre Fayetteville, NC — 2,190 3,499 555 2,438 3,806 $ 6,244 1,643 1996/1999 2/23/2012 Village At Glynn Place Brunswick, GA — 5,202 6,095 392 5,270 6,419 $ 11,689 3,244 1992 4/27/2012 Meadowthorpe Manor Shoppes Lexington, KY — 4,093 4,185 523 4,411 4,390 $ 8,801 1,921 1989/2008 5/9/2012 New Windsor Marketplace Windsor, CO — 3,867 1,330 464 4,053 1,607 $ 5,660 981 2003 5/9/2012 Brentwood Commons Bensenville, IL — 6,105 8,018 1,475 6,174 9,425 $ 15,599 3,107 1981/2001 7/5/2012 Sidney Towne Center Sidney, OH — 1,429 3,802 1,289 2,028 4,491 $ 6,519 2,101 1981/2007 8/2/2012 Broadway Plaza Tucson, AZ 6,015 4,979 7,169 1,207 5,607 7,748 $ 13,355 3,038 1982/1995 8/13/2012 Baker Hill Center Glen Ellyn, IL — 7,068 13,738 3,937 7,725 17,017 $ 24,742 4,644 1998 9/6/2012 New Prague Commons New Prague, MN — 3,248 6,604 154 3,367 6,639 $ 10,006 2,214 2008 10/12/2012 Brook Park Plaza Brook Park, OH — 2,545 7,594 741 2,789 8,091 $ 10,880 2,747 2001 10/23/2012 Heron Creek Towne Center North Port, FL — 4,062 4,082 192 4,126 4,210 $ 8,336 1,674 2001 12/17/2012 Quartz Hill Towne Centre Lancaster, CA — 6,352 13,529 561 6,616 13,826 $ 20,442 3,936 1991/2012 12/27/2012 Village One Plaza Modesto, CA — 5,166 18,752 546 5,247 19,218 $ 24,465 4,708 2007 12/28/2012 Hilfiker Shopping Center Salem, OR — 2,455 4,750 66 2,511 4,761 $ 7,272 1,309 1984/2011 12/28/2012 Butler Creek Acworth, GA — 3,925 6,107 1,027 4,251 6,807 $ 11,058 2,215 1989 1/15/2013 Fairview Oaks Ellenwood, GA — 3,563 5,266 897 4,070 5,656 $ 9,726 1,763 1996 1/15/2013 Grassland Crossing Alpharetta, GA — 3,680 5,791 628 3,801 6,298 $ 10,099 2,103 1996 1/15/2013 Hamilton Ridge Buford, GA — 4,054 7,168 581 4,177 7,625 $ 11,802 2,497 2002 1/15/2013 Mableton Crossing Mableton, GA — 4,426 6,413 1,265 4,917 7,187 $ 12,104 2,303 1997 1/15/2013 Shops at Westridge McDonough, GA — 2,788 3,901 498 2,807 4,380 $ 7,187 1,513 2006 1/15/2013 Fairlawn Town Centre Fairlawn, OH — 10,398 29,005 2,729 11,528 30,603 $ 42,131 9,998 1962/1996 1/30/2013 Macland Pointe Marietta, GA — 3,493 5,364 770 3,720 5,906 $ 9,626 2,015 1992 2/13/2013 Kleinwood Center Spring, TX — 11,478 18,954 858 11,610 19,680 $ 31,290 5,808 2003 3/21/2013 Murray Landing Columbia, SC — 2,927 6,856 1,421 3,191 8,012 $ 11,203 2,120 2003 3/21/2013 Vineyard Shopping Center Tallahassee, FL — 2,761 4,175 384 2,889 4,432 $ 7,321 1,363 2002 3/21/2013 Lutz Lake Crossing Lutz, FL — 2,636 6,600 438 2,870 6,804 $ 9,674 1,741 2002 4/4/2013 SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (1) December 31, 2018 (in thousands) Initial Cost Cost Capitalized Subsequent to Acquisition (3) Gross Amount Carried at End of Period (4) Property Name City, State Encumbrances (2) Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total Accumulated Depreciation Date Constructed/ Renovated Date Acquired Publix at Seven Hills Spring Hill, FL — 2,126 5,642 658 2,409 6,017 $ 8,426 1,620 1991/2006 4/4/2013 Hartville Centre Hartville, OH — 2,069 3,691 1,382 2,383 4,760 $ 7,143 1,462 1988/2008 4/23/2013 Sunset Shopping Center Corvallis, OR — 7,933 14,925 663 8,008 15,512 $ 23,520 4,116 1998 5/31/2013 Savage Town Square Savage, MN — 4,106 9,409 228 4,232 9,511 $ 13,743 2,633 2003 6/19/2013 Northcross Austin, TX — 30,724 25,627 949 31,010 26,290 $ 57,300 6,889 1975/2010 6/24/2013 Glenwood Crossings Kenosha, WI — 1,872 9,914 615 2,111 10,290 $ 12,401 2,350 1992 6/27/2013 Shiloh Square Shopping Center Kennesaw, GA — 4,685 8,729 1,103 4,813 9,703 $ 14,516 2,519 1996/2003 6/27/2013 Pavilions at San Mateo Albuquerque, NM — 6,470 18,726 755 6,679 19,272 $ 25,951 4,731 1997 6/27/2013 Boronda Plaza Salinas, CA — 9,027 11,870 560 9,144 12,313 $ 21,457 3,008 2003/2006 7/3/2013 Westwoods Shopping Center Arvada, CO — 3,706 11,115 555 4,098 11,277 $ 15,375 2,824 2003 8/8/2013 Paradise Crossing Lithia Springs, GA — 2,204 6,064 624 2,372 6,520 $ 8,892 1,667 2000 8/13/2013 Contra Loma Plaza Antioch, CA — 3,243 3,926 1,566 3,838 4,897 $ 8,735 1,131 1989 8/19/2013 South Oaks Plaza St. Louis, MO — 1,938 6,634 428 2,085 6,915 $ 9,000 1,654 1969/1987 8/21/2013 Yorktown Centre Millcreek Township, PA — 3,736 15,396 1,421 4,020 16,532 $ 20,552 4,716 1989/2013 8/30/2013 Dyer Town Center Dyer, IN 9,564 6,017 10,214 446 6,188 10,488 $ 16,676 2,709 2004/2005 9/4/2013 East Burnside Plaza Portland, OR — 2,484 5,422 116 2,554 5,468 $ 8,022 1,092 1955/1999 9/12/2013 Red Maple Village Tracy, CA — 9,250 19,466 343 9,392 19,668 $ 29,060 4,026 2009 9/18/2013 Crystal Beach Plaza Palm Harbor, FL — 2,334 7,918 424 2,400 8,276 $ 10,676 1,946 2010 9/25/2013 CitiCentre Plaza Carroll, IA — 770 2,530 278 982 2,597 $ 3,579 723 1991/1995 10/2/2013 Duck Creek Plaza Bettendorf, IA — 4,612 13,007 1,229 5,144 13,703 $ 18,847 3,219 2005/2006 10/8/2013 Cahill Plaza Inver Grove Heights, MN — 2,587 5,114 634 2,945 5,389 $ 8,334 1,374 1995 10/9/2013 Pioneer Plaza Springfield, OR — 4,948 5,679 556 5,117 6,066 $ 11,183 1,573 1989/2008 10/18/2013 Fresh Market Shopping Center Normal, IL — 4,460 17,772 1,529 5,100 18,660 $ 23,760 2,999 1983/1999 10/22/2013 Courthouse Marketplace Virginia Beach, VA — 6,130 8,061 884 6,366 8,709 $ 15,075 2,111 2005 10/25/2013 Hastings Marketplace Hastings, MN — 3,980 10,045 386 4,218 10,193 $ 14,411 2,503 2002 11/6/2013 Coquina Plaza Southwest Ranches, FL 6,547 9,458 11,770 508 9,512 12,224 $ 21,736 2,798 1998 11/7/2013 Shoppes of Paradise Lakes Miami, FL 5,347 5,805 6,011 445 6,027 6,235 $ 12,262 1,737 1999 11/7/2013 Collington Plaza Bowie, MD — 12,207 15,142 545 12,384 15,510 $ 27,894 3,433 1996 11/21/2013 Golden Town Center Golden, CO — 7,065 10,113 1,481 7,422 11,237 $ 18,659 2,842 1993/2003 11/22/2013 Northstar Marketplace Ramsey, MN — 2,810 9,204 478 2,864 9,629 $ 12,493 2,388 2004 11/27/2013 Bear Creek Plaza Petoskey, MI — 5,677 17,611 1,541 5,737 19,092 $ 24,829 4,266 1998/2009 12/18/2013 SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (1) December 31, 2018 (in thousands) Initial Cost Cost Capitalized Subsequent to Acquisition (3) Gross Amount Carried at End of Period (4) Property Name City, State Encumbrances (2) Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total Accumulated Depreciation Date Constructed/ Renovated Date Acquired East Side Square Springfield, OH — 394 963 62 407 1,014 $ 1,421 287 2007 12/18/2013 Flag City Station Findlay, OH — 4,685 9,630 492 4,817 9,991 $ 14,808 2,618 1992 12/18/2013 Hoke Crossing Clayton, OH — 481 1,060 232 509 1,264 $ 1,773 305 2006 12/18/2013 Southern Hills Crossing Kettering, OH — 778 1,481 59 801 1,517 $ 2,318 439 2002 12/18/2013 Town & Country Shopping Center Noblesville, IN — 7,361 16,269 293 7,399 16,524 $ 23,923 4,327 1998 12/18/2013 Sulphur Grove Huber Heights, OH — 553 2,142 130 605 2,219 $ 2,824 498 2004 12/18/2013 Southgate Shopping Center Des Moines, IA — 2,434 8,358 688 2,797 8,683 $ 11,480 2,188 1972/2013 12/20/2013 Sterling Pointe Center Lincoln, CA — 7,039 20,822 1,267 7,332 21,795 $ 29,127 4,260 2004 12/20/2013 Arcadia Plaza Phoenix, AZ — 5,774 6,904 2,477 5,922 9,233 $ 15,155 1,827 1980 12/30/2013 Stop & Shop Plaza Enfield, CT 12,100 8,892 15,028 1,048 9,262 15,706 $ 24,968 3,690 1988/1998 12/30/2013 Fairacres Shopping Center Oshkosh, WI — 3,543 5,189 496 3,863 5,365 $ 9,228 1,619 1992/2013 1/21/2014 Savoy Plaza Savoy, IL — 4,304 10,895 653 4,577 11,274 $ 15,851 2,875 1999/2007 1/31/2014 The Shops of Uptown Park Ridge, IL — 7,744 16,884 775 7,871 17,532 $ 25,403 3,441 2006 2/25/2014 Chapel Hill North Center Chapel Hill, NC 6,990 4,776 10,189 1,134 5,009 11,091 $ 16,100 2,614 1998 2/28/2014 Coppell Market Center Coppell, TX 12,117 4,870 12,236 89 4,917 12,278 $ 17,195 2,572 2008 3/5/2014 Winchester Gateway Winchester, VA — 9,342 23,468 1,561 9,561 24,811 $ 34,372 5,129 2006 3/5/2014 Stonewall Plaza Winchester, VA — 7,929 16,642 706 7,971 17,307 $ 25,278 3,707 2007 3/5/2014 Town Fair Center Louisville, KY — 8,108 14,411 2,749 8,339 16,929 $ 25,268 4,000 1988/1994 3/12/2014 Villages at Eagles Landing Stockbridge, GA 1,810 2,824 5,515 943 3,281 6,002 $ 9,283 1,624 1995 3/13/2014 Champions Gate Village Davenport, FL — 1,814 6,060 210 1,880 6,204 $ 8,084 1,553 2001 3/14/2014 Towne Centre at Wesley Chapel Wesley Chapel, FL — 2,466 5,553 226 2,574 5,671 $ 8,245 1,348 2000 3/14/2014 Statler Square Staunton, VA 7,463 4,108 9,072 773 4,523 9,430 $ 13,953 2,326 1989 3/21/2014 Burbank Plaza Burbank, IL — 2,972 4,546 3,354 3,492 7,380 $ 10,872 1,467 1972/1995 3/25/2014 Hamilton Village Chattanooga, TN — 12,682 19,103 425 12,234 19,976 $ 32,210 5,066 1989 4/3/2014 Waynesboro Plaza Waynesboro, VA — 5,597 8,334 117 5,642 8,406 $ 14,048 2,028 2005 4/30/2014 Southwest Marketplace Las Vegas, NV — 16,019 11,270 2,729 16,080 13,939 $ 30,019 3,077 2008 5/5/2014 Hampton Village Taylors, SC — 5,456 7,254 2,742 5,791 9,661 $ 15,452 2,308 1959/1998 5/21/2014 Central Station Louisville, KY — 6,143 6,932 2,060 6,422 8,713 $ 15,135 1,902 2005/2007 5/23/2014 Kirkwood Market Place Houston, TX — 5,786 9,697 417 5,914 9,986 $ 15,900 2,079 1979/2008 5/23/2014 Fairview Plaza New Cumberland, PA — 2,786 8,500 223 2,916 8,594 $ 11,510 1,665 1992/1999 5/27/2014 Broadway Promenade Sarasota, FL — 3,831 6,795 150 3,863 6,913 $ 10,776 1,370 2007 5/28/2014 Townfair Center Indiana, PA — 7,007 13,233 927 7,196 13,972 $ 21,168 3,182 1995/2010 5/29/2014 SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (1) December 31, 2018 (in thousands) Initial Cost Cost Capitalized Subsequent to Acquisition (3) Gross Amount Carried at End of Period (4) Property Name City, State Encumbrances (2) Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total Accumulated Depreciation Date Constructed/ Renovated Date Acquired St. Johns Commons Jacksonville, FL — 1,599 10,384 565 1,742 10,806 $ 12,548 2,082 2003 5/30/2014 Heath Brook Commons Ocala, FL — 3,470 8,352 437 3,528 8,731 $ 12,259 1,798 2002 5/30/2014 Park View Square Miramar, FL — 5,700 9,304 470 5,785 9,689 $ 15,474 1,987 2003 5/30/2014 The Orchards Yakima, WA — 5,425 8,743 389 5,636 8,921 $ 14,557 1,910 2002 6/3/2014 Hannaford Plaza Waltham, MA — 4,614 7,903 228 4,715 8,030 $ 12,745 1,470 1950/1993 6/23/2014 Shaw's Plaza Hanover Hanover, MA — 2,826 5,314 10 2,826 5,324 $ 8,150 1,099 1994/2000 6/23/2014 Shaw's Plaza Easton Easton, MA — 5,520 7,173 466 5,766 7,394 $ 13,160 1,721 1984/2004 6/23/2014 Lynnwood Place Jackson, TN — 3,341 4,826 1,221 3,542 5,845 $ 9,387 1,514 1986/2013 7/28/2014 Thompson Valley Towne Center Loveland, CO 5,383 5,758 17,387 1,020 6,066 18,099 $ 24,165 3,588 1999 8/1/2014 Lumina Commons Wilmington, NC 7,942 1,896 11,249 634 2,063 11,716 $ 13,779 1,998 1974/2007 8/4/2014 Driftwood Village Ontario, CA — 6,811 12,993 1,053 7,189 13,668 $ 20,857 2,636 1985 8/7/2014 French Golden Gate Bartow, FL — 2,505 12,877 1,404 2,688 14,097 $ 16,785 2,519 1960/2011 8/28/2014 Orchard Square Washington Township, MI 6,339 1,361 11,550 389 1,548 11,752 $ 13,300 2,260 1999 9/8/2014 Trader Joe's Center Dublin, OH — 2,338 7,922 1,191 2,655 8,796 $ 11,451 1,751 1986 9/11/2014 Palmetto Pavilion North Charleston, SC — 2,509 8,526 861 3,228 8,668 $ 11,896 1,622 2003 9/11/2014 Five Town Plaza Springfield, MA — 8,912 19,635 6,224 9,988 24,782 $ 34,770 5,468 1970/2013 9/24/2014 Fairfield Crossing Beavercreek, OH — 3,572 10,026 99 3,605 10,091 $ 13,696 1,956 1994 10/24/2014 Beavercreek Towne Center Beavercreek, OH — 14,055 30,799 615 14,537 30,932 $ 45,469 6,613 1994 10/24/2014 Grayson Village Loganville, GA — 3,952 5,620 1,182 4,017 6,737 $ 10,754 1,788 2002 10/24/2014 The Fresh Market Commons Pawleys Island, SC — 2,442 4,941 81 2,442 5,023 $ 7,465 1,021 2011 10/28/2014 Claremont Village Everett, WA — 5,635 10,495 877 5,806 11,202 $ 17,008 2,157 1994/2012 11/6/2014 Juan Tabo Plaza Albuquerque, NM — 2,466 4,568 584 2,592 5,027 $ 7,619 1,324 1975/1989 11/12/2014 Cherry Hill Marketplace Westland, MI — 4,627 10,137 2,117 5,015 11,866 $ 16,881 2,513 1992/2000 12/17/2014 Nor'Wood Shopping Center Colorado Springs, CO — 5,358 6,684 459 5,435 7,066 $ 12,501 1,655 2003 1/8/2015 Sunburst Plaza Glendale, AZ — 3,435 6,041 592 3,578 6,490 $ 10,068 1,634 1970 2/11/2015 Rivermont Station Johns Creek, GA — 6,876 8,916 795 7,105 9,482 $ 16,587 2,698 1996/2003 2/27/2015 Breakfast Point Marketplace Panama City Beach, FL — 5,578 12,052 562 5,819 12,373 $ 18,192 2,265 2009/2010 3/13/2015 Falcon Valley Lenexa, KS — 3,131 6,873 273 3,370 6,908 $ 10,278 1,397 2008/2009 3/13/2015 Kohl's Onalaska Onalaska, WI — 2,670 5,648 — 2,670 5,648 $ 8,318 1,269 1992/1993 3/13/2015 Coronado Center Santa Fe, NM — 4,396 16,460 2,351 4,534 18,673 $ 23,207 2,681 1964 5/1/2015 Westcreek Plaza Coconut Creek, FL 5,905 3,459 6,131 116 3,483 6,222 $ 9,705 1,023 2006/13 7/10/2015 SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (1) December 31, 2018 (in thousands) Initial Cost Cost Capitalized Subsequent to Acquisition (3) Gross Amount Carried at End of Period (4) Property Name City, State Encumbrances (2) Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total Accumulated Depreciation Date Constructed/ Renovated Date Acquired Northwoods Crossing Taunton, MA — 10,092 14,437 201 10,235 14,495 $ 24,730 2,983 2003/2010 5/24/2016 Murphy Marketplace Murphy, TX — 28,652 33,122 426 28,868 33,333 $ 62,201 4,005 2008/2015 6/24/2016 Harbour Village Jacksonville, FL — 5,612 16,702 640 5,945 17,009 $ 22,954 1,826 2006 9/22/2016 Oak Mill Plaza Niles, IL 1,184 6,843 13,692 775 7,353 13,956 $ 21,309 2,196 1977 10/3/2016 Southern Palms Tempe, AZ 24,076 10,025 24,332 1,382 10,320 25,420 $ 35,740 3,171 1982 10/26/2016 Golden Eagle Village Clermont, FL 7,340 3,735 7,735 276 3,796 7,950 $ 11,746 891 2011 10/27/2016 Atwater Marketplace Atwater, CA — 6,116 7,597 504 6,293 7,924 $ 14,217 934 2008 2/10/2017 Rocky Ridge Town Center Roseville, CA 21,614 5,449 29,207 411 5,599 29,468 $ 35,067 1,923 1996 4/18/2017 Greentree Centre Racine, WI — 2,955 8,718 580 3,347 8,906 $ 12,253 737 1989/1994 5/5/2017 Sierra Del Oro Towne Centre Corona, CA 7,362 9,011 17,989 775 9,188 18,587 $ 27,775 1,310 1991 6/20/2017 Vaughn's at East North Greenville, SC — 1,182 1,812 (311 ) 948 1,736 $ 2,684 46 1979 10/4/2017 Ashland Junction Ashland, VA — 4,987 6,050 424 5,125 6,335 $ 11,460 745 1989 10/4/2017 Barclay Place Shopping Center Lakeland, FL — 1,948 7,174 477 2,038 7,562 $ 9,600 602 1989 10/4/2017 Barnwell Plaza Barnwell, SC — 1,190 1,883 1 1,190 1,884 $ 3,074 343 1985 10/4/2017 Birdneck Shopping Center Virginia Beach, VA — 1,900 3,253 204 1,957 3,400 $ 5,357 317 1987 10/4/2017 Cactus Village Phoenix, AZ — 4,313 5,934 132 4,313 6,066 $ 10,379 431 1986 10/4/2017 Centre Stage Shopping Center Springfield, TN — 4,746 9,533 176 4,919 9,535 $ 14,454 806 1989 10/4/2017 Civic Center Cincinnati, OH — 2,448 1,961 114 2,448 2,076 $ 4,524 546 1986 10/4/2017 Countryside Shopping Center Port Orange, FL — 2,923 12,315 171 2,973 12,436 $ 15,409 850 1983 10/4/2017 Crossroads Plaza Asheboro, NC — 1,722 2,545 582 2,084 2,766 $ 4,850 313 1984 10/4/2017 Dunlop Village Colonial Heights, VA — 2,420 4,892 373 2,493 5,191 $ 7,684 398 1987 10/4/2017 Edgecombe Square Tarboro, NC — 1,412 2,258 305 1,478 2,497 $ 3,975 418 1990 10/4/2017 Emporia West Plaza Emporia, KS — 872 3,409 179 872 3,588 $ 4,460 324 1980/2000 10/4/2017 Forest Park Square Cincinnati, OH — 4,007 5,877 112 4,013 5,984 $ 9,997 605 1988 10/4/2017 Geist Centre Indianapolis, IN — 3,873 6,779 303 3,943 7,012 $ 10,955 509 1989 10/4/2017 Goshen Station Goshen, OH — 1,555 4,621 30 1,585 4,621 $ 6,206 489 1973/2003 10/4/2017 Governors Square Montgomery, AL — 6,460 9,786 283 6,493 10,035 $ 16,528 932 1960/2000 10/4/2017 Guadalupe Plaza Albuquerque, NM — 2,920 7,695 280 2,933 7,962 $ 10,895 485 1985 10/4/2017 The Village Shopping Center Mooresville, IN — 2,089 6,970 392 2,055 7,396 $ 9,451 185 1965/1997 10/4/2017 Heritage Oaks Gridley, CA 5,078 2,390 7,404 77 2,390 7,482 $ 9,872 723 1979 10/4/2017 Hickory Plaza Nashville, TN 5,022 2,927 5,099 94 2,955 5,165 $ 8,120 412 1974/1986 10/4/2017 Highland Fair Gresham, OR 7,173 3,263 7,979 145 3,288 8,099 $ 11,387 497 1984/1999 10/4/2017 SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (1) December 31, 2018 (in thousands) Initial Cost Cost Capitalized Subsequent to Acquisition (3) Gross Amount Carried at End of Period (4) Property Name City, State Encumbrances (2) Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total Accumulated Depreciation Date Constructed/ Renovated Date Acquired High Point Village Bellefontaine, OH — 3,386 7,485 88 3,420 7,540 $ 10,960 861 1988 10/4/2017 Jackson Village Jackson, KY — 1,606 6,992 225 1,644 7,179 $ 8,823 750 1985/1996 10/4/2017 Mayfair Village Hurst, TX — 15,343 16,522 278 15,512 16,631 $ 32,143 1,229 1981/2004 10/4/2017 LaPlata Plaza La Plata, MD — 8,434 22,855 317 8,533 23,072 $ 31,605 1,308 2003 10/4/2017 Lafayette Square Lafayette, IN 7,536 5,387 5,636 129 5,460 5,691 $ 11,151 1,195 1963/2001 10/4/2017 Landen Square Maineville, OH — 2,081 3,467 309 2,222 3,635 $ 5,857 403 1981/2003 10/4/2017 Marion City Square Marion, NC — 2,811 6,304 119 2,853 6,381 $ 9,234 800 1987 10/4/2017 Melbourne Village Plaza Melbourne, FL — 5,418 7,280 490 5,518 7,671 $ 13,189 976 1987 10/4/2017 Commerce Square Brownwood, TX — 6,027 8,341 188 6,035 8,521 $ 14,556 810 1969/2007 10/4/2017 Upper Deerfield Plaza Bridgeton, NJ — 5,073 5,882 716 5,278 6,392 $ 11,670 1,025 1977/1994 10/4/2017 Monfort Heights Cincinnati, OH — 2,357 3,545 9 2,357 3,554 $ 5,911 296 1987 10/4/2017 Mountain Park Plaza Roswell, GA 6,663 6,118 6,652 59 6,118 6,711 $ 12,829 460 1988/2003 10/4/2017 Nordan Shopping Center Danville, VA — 1,911 6,751 141 1,927 6,875 $ 8,802 570 1961/2002 10/4/2017 Northside Plaza Clinton, NC — 1,406 5,471 134 1,416 5,594 $ 7,010 462 1982 10/4/2017 Page Plaza Page, AZ — 2,553 4,411 75 2,628 4,411 $ 7,039 498 1982/1990 10/4/2017 Palmetto Plaza Sumter, SC — 2,732 7,387 269 2,842 7,546 $ 10,388 518 1964/2002 10/4/2017 Park Place Plaza Port Orange, FL — 2,347 8,453 211 2,455 8,557 $ 11,012 628 1984 10/4/2017 Parkway Station Warner Robins, GA — 3,416 5,309 316 3,416 5,626 $ 9,042 544 1982 10/4/2017 Parsons Village Seffner, FL 4,952 3,465 10,864 76 3,470 10,935 $ 14,405 767 1983/1994 10/4/2017 Portland Village Portland, TN — 1,408 5,235 141 1,450 5,334 $ 6,784 421 1984 10/4/2017 Promenade Shopping Center Jacksonville, FL — 6,507 6,149 283 6,559 6,380 $ 12,939 1,037 1990 10/4/2017 Quail Valley Shopping Center Missouri City, TX — 2,452 11,501 622 2,480 12,093 $ 14,573 831 1983 10/4/2017 Hillside West Hillside, UT — 691 1,739 — 691 1,739 $ 2,430 90 2006 10/4/2017 Rolling Hills Shopping Center Tucson, AZ 8,747 5,398 11,792 69 5,398 11,862 $ 17,260 829 1980/1997 10/4/2017 South Oaks Shopping Center Live Oak, FL 3,355 1,742 5,119 10 1,746 5,126 $ 6,872 697 1976/2000 10/4/2017 East Pointe Plaza Columbia, SC — 7,492 11,752 402 7,764 11,882 $ 19,646 1,338 1990 10/4/2017 Southgate Center Heath, OH — 4,246 22,752 88 4,261 22,825 $ 27,086 1,541 1960/1997 10/4/2017 Country Club Center Rio Rancho, NM — 1,866 2,612 (688 ) 1,341 2,449 $ 3,790 44 1977 10/4/2017 Summerville Galleria Summerville, SC — 4,104 8,668 219 4,310 8,680 $ 12,990 649 1989/2003 10/4/2017 The Oaks Hudson, FL — 3,535 5,527 (140 ) 3,443 5,479 $ 8,922 48 1981 10/4/2017 Riverplace Centre Noblesville, IN — 3,890 4,044 190 3,934 4,190 $ 8,124 503 1992 10/4/2017 Timberlake Station Lynchburg, VA — 2,427 1,970 67 2,441 2,022 $ 4,463 309 1950/1996 10/4/2017 SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (1) December 31, 2018 (in thousands) Initial Cost Cost Capitalized Subsequent to Acquisition (3) Gross Amount Carried at End of Period (4) Property Name City, State Encumbrances (2) Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total Accumulated Depreciation Date Constructed/ Renovated Date Acquired Town & Country Center Hamilton, OH 2,158 2,268 4,372 22 2,279 4,382 $ 6,661 396 1950 10/4/2017 Powell Villa Portland, OR — 3,364 7,318 2,719 3,396 10,006 $ 13,402 452 1959/1991 10/4/2017 Towne Crossing Shopping Center Mesquite, TX — 5,358 15,537 707 5,379 16,223 $ 21,602 1,074 1984 10/4/2017 Village at Waterford Midlothian, VA 4,378 2,702 5,194 138 2,768 5,266 $ 8,034 382 1991 10/4/2017 Buckingham Square Richardson, TX — 2,087 6,392 480 2,120 6,839 $ 8,959 462 1978 10/4/2017 Western Square Shopping Center Laurens, SC — 1,013 3,333 103 1,045 3,403 $ 4,448 515 1978/1991 10/4/2017 White Oaks Plaza Spindale, NC — 2,568 3,350 (542 ) 2,124 3,252 $ 5,376 56 1988 10/4/2017 Windsor Center Dallas, NC — 2,488 5,186 29 2,488 5,214 $ 7,702 531 1974/1996 10/4/2017 Winery Square Fairfield, CA — 4,288 14,333 169 4,433 14,357 $ 18,790 898 1987 10/4/2017 12 West Marketplace Litchfield, MN — 835 3,538 105 940 3,538 $ 4,478 475 1989 10/4/2017 Orchard Plaza Altoona, PA 1,388 2,537 5,366 4 2,537 5,370 $ 7,907 516 1987 10/4/2017 Willowbrook Commons Nashville, TN — 5,384 6,002 169 5,462 6,093 $ 11,555 496 2005 10/4/2017 Edgewood Towne Center Edgewood, PA — 10,029 22,535 3,075 10,219 25,421 $ 35,640 1,829 1990 10/4/2017 Everson Pointe Snellville, GA — 4,222 8,421 62 4,233 8,472 $ 12,705 670 1999 10/4/2017 Gleneagles Court Memphis, TN — 2,935 5,540 (516 ) 2,590 5,369 $ 7,959 26 1988 10/4/2017 Village Square of Delafield Delafield, WI — 6,206 6,864 141 6,325 6,886 $ 13,211 560 2007 10/4/2017 Jasper Manor Jasper, IN — 2,311 4,968 (593 ) 1,912 4,774 $ 6,686 170 1990 10/4/2017 Pipestone Plaza Benton Harbor, MI — 1,432 5,715 (750 ) 941 5,456 $ 6,397 34 1978 10/4/2017 Shoppes of Lake Village Leesburg, FL — 4,065 3,786 100 4,097 3,854 $ 7,951 563 1987/1998 2/26/2018 Sierra Vista Plaza Murrieta, CA — 9,824 11,669 11 9,831 11,673 $ 21,504 142 1991 9/28/2018 Wheat Ridge Marketplace Wheat Ridge, CO 11,987 7,926 8,393 18 7,944 8,393 $ 16,337 126 1996 10/3/2018 Atlantic Plaza North Reading, MA — 12,341 12,699 7 12,341 12,706 $ 25,047 138 1959/1973 11/9/2018 Staunton Plaza Staunton, VA — 4,818 14,380 — 4,818 14,380 $ 19,198 79 2006 11/16/2018 Bethany Village Alpharetta, GA — 6,138 8,355 — 6,138 8,355 $ 14,493 58 2001 11/16/2018 Northpark Village Lubbock, TX — 3,087 6,047 — 3,087 6,047 $ 9,134 40 1990 11/16/2018 Kings Crossing Sun City Center, FL — 5,654 11,225 21 5,654 11,247 $ 16,901 70 2000/2018 11/16/2018 Lake Washington Crossing Melbourne, FL — 4,222 13,553 67 4,222 13,620 $ 17,842 101 1987/2012 11/16/2018 Kipling Marketplace Littleton, CO — 4,020 10,405 48 4,020 10,452 $ 14,472 73 1983/2009 11/16/2018 MetroWest Village Orlando, FL — 6,841 15,333 — 6,841 15,333 $ 22,174 93 1990 11/16/2018 Spring Cypress Village Houston, TX — 9,579 14,567 — 9,579 14,567 $ 24,146 91 1982/2007 11/16/2018 Commonwealth Square Folsom, CA 6,370 9,955 12,586 61 9,955 12,647 $ 22,602 116 1987 11/16/2018 Point Loomis Milwaukee, WI — 4,171 4,901 — 4,171 4,901 $ 9,072 69 1965/1991 11/16/2018 SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (1) December 31, 2018 (in thousands) Initial Cost Cost Capitalized Subsequent to Acquisition (3) Gross Amount Carried at End of Period (4) Property Name City, State Encumbrances (2) Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total Accumulated Depreciation Date Constructed/ Renovated Date Acquired Shasta Crossroads Redding, CA — 9,598 18,643 2 9,598 18,645 $ 28,243 119 1989/2016 11/16/2018 Milan Plaza Milan, MI — 925 1,974 20 925 1,993 $ 2,918 45 1960/1975 11/16/2018 Hilander Village Roscoe, IL — 2,581 7,461 — 2,581 7,461 $ 10,042 80 1994 11/16/2018 Laguna 99 Plaza Elk Grove, CA — 5,422 16,952 10 5,422 16,962 $ 22,384 96 1992 11/16/2018 Southfield Center St. Louis, MO — 5,612 13,643 12 5,618 13,650 $ 19,268 88 1987 11/16/2018 Waterford Park Plaza Plymouth, MN — 4,935 19,543 — 4,935 19,543 $ 24,478 120 1989 11/16/2018 Colonial Promenade Winter Haven, FL — 12,403 22,097 15 12,403 22,112 $ 34,515 162 1986/2008 11/16/2018 Willimantic Plaza Willimantic, CT — 3,596 8,859 — 3,596 8,859 $ 12,455 83 1968/1990 11/16/2018 Quivira Crossings Overland Park, KS — 7,512 10,729 13 7,512 10,742 $ 18,254 85 1996 11/16/2018 Spivey Junction Stockbridge, GA — 4,083 10,414 — 4,083 10,414 $ 14,497 68 1998 11/16/2018 Plaza Farmington Farmington, NM — 6,322 9,619 10 6,322 9,630 $ 15,952 69 2004 11/16/2018 Harvest Plaza Akron, OH — 2,693 6,083 — 2,693 6,083 $ 8,776 43 1974/2000 11/16/2018 Oakhurst Plaza Seminole, FL — 2,782 4,506 — 2,782 4,506 $ 7,288 38 1974/2001 11/16/2018 Old Alabama Square Johns Creek, GA — 10,782 17,359 205 10,782 17,564 $ 28,346 99 2000 11/16/2018 North Point Landing Modesto, CA — 8,040 28,422 14 8,040 28,436 $ 36,476 152 1964/2008 11/16/2018 Glenwood Crossing Cincinnati, OH — 4,581 3,922 — 4,581 3,922 $ 8,503 43 1999 11/16/2018 Rosewick Crossing La Plata, MD — 8,252 23,507 — 8,252 23,507 $ 31,759 134 2008 11/16/2018 Alameda Crossing Avondale, AZ 13,403 6,692 19,046 — 6,692 19,046 $ 25,738 123 2006 11/16/2018 Vineyard Center Templeton, CA 5,428 1,753 6,406 — 1,753 6,406 $ 8,159 36 2007 11/16/2018 Ocean Breeze Plaza Jensen Beach, FL — 6,416 9,986 27 6,416 10,012 $ 16,428 68 1993/2010 11/16/2018 Central Valley Marketplace Ceres, CA — 6,163 17,535 — 6,163 17,535 $ 23,698 98 2005 11/16/2018 51st & Olive Square Glendale, AZ — 2,236 9,038 4 2,236 9,042 $ 11,278 58 1975/2007 11/16/2018 West Acres Shopping Center Fresno, CA — 4,866 5,627 — 4,866 5,627 $ 10,493 60 1990 11/16/2018 Meadows on the Parkway Boulder, CO — 23,954 32,744 15 23,954 32,759 $ 56,713 181 1989 11/16/2018 Wyandotte Plaza Kansas City, KS — 5,204 17,566 — 5,204 17,566 $ 22,770 102 1961/2015 11/16/2018 Broadlands Marketplace Broomfield, CO — 7,434 9,459 — 7,434 9,459 $ 16,893 66 2002 11/16/2018 Village Center Racine, WI — 6,051 26,473 — 6,051 26,473 $ 32,524 171 2002/2003 11/16/2018 Shoregate Town Center Willowick, OH — 7,152 16,282 94 7,152 16,376 $ 23,528 191 1958/2005 11/16/2018 Plano Market Street Plano, TX — 14,837 33,178 68 14,837 33,246 $ 48,083 175 2009 11/16/2018 Island Walk Shopping Center Fernandina Beach, FL — 8,190 19,992 1 8,190 19,992 $ 28,182 135 1987/2012 11/16/2018 Normandale Village Bloomington, MN 12,150 8,390 11,407 16 8,390 11,423 $ 19,813 110 1973 11/16/2018 North Pointe Plaza North Charleston, SC — 10,232 26,348 1 10,232 26,349 $ 36,581 197 1989 11/16/2018 SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (1) December 31, 2018 (in thousands) Initial Cost Cost Capitalized Subsequent to Acquisition (3) Gross Amount Carried at End of Period (4) Property Name City, State Encumbrances (2) Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total Accumulated Depreciation Date Constructed/ Renovated Date Acquired Palmer Town Center Easton, PA — 7,331 23,525 — 7,331 23,525 $ 30,856 139 2005 11/16/2018 Alico Commons Fort Myers, FL — 4,670 16,557 3 4,670 16,560 $ 21,230 93 2009 11/16/2018 Windover Square Melbourne, FL — 4,115 13,309 8 4,115 13,317 $ 17,432 76 1984/2010 11/16/2018 Rockledge Square Rockledge, FL — 3,477 4,469 — 3,477 4,469 $ 7,946 53 1985 11/16/2018 Port St. John Plaza Port St. John, FL — 3,305 5,636 24 3,305 5,660 $ 8,965 52 1986 11/16/2018 Fairfield Commons Lakewood, CO — 8,802 29,946 13 8,802 29,959 $ 38,761 158 1985 11/16/2018 Cocoa Commons Cocoa, FL — 4,838 8,247 — 4,838 8,247 $ 13,085 73 1986 11/16/2018 Hamilton Mill Village Dacula, GA — 7,059 9,678 — 7,059 9,678 $ 16,737 69 1996 11/16/2018 Amherst Marketplace Amherst, OH — 4,297 6,946 — 4,297 6,946 $ 11,243 58 1996 11/16/2018 Sheffield Crossing Sheffield Village, OH — 8,841 10,232 8 8,841 10,240 $ 19,081 82 1989 11/16/2018 The Shoppes at Windmill Place Batavia, IL — 8,186 16,005 — 8,186 16,005 $ 24,191 108 1991/1997 11/16/2018 Stone Gate Plaza Crowley, TX 7,478 5,261 7,007 16 5,261 7,023 $ 12,284 46 2003 11/16/2018 Everybody's Plaza Cheshire, CT — 2,520 10,096 250 2,520 10,346 $ 12,866 56 1960/2005 11/16/2018 Lakewood City Center Lakewood, OH — 1,593 10,308 8 1,593 10,316 $ 11,909 54 1991 11/16/2018 Carriagetown Marketplace Amesbury, MA — 7,084 15,492 69 7,115 15,530 $ 22,645 103 2000 11/16/2018 Crossroads of Shakopee Shakopee, MN — 8,869 20,320 13 8,869 20,332 $ 29,201 145 1998 11/16/2018 Broadway Pavilion Santa Maria, CA — 8,512 20,427 2 8,512 20,429 $ 28,941 125 1987 11/16/2018 Sanibel Beach Place Fort Myers, FL — 3,918 7,043 — 3,918 7,043 $ 10,961 55 2003 11/16/2018 Shoppes at Glen Lakes Weeki Wachee, FL — 3,118 7,473 74 3,118 7,548 $ 10,666 48 2008 11/16/2018 Bartow Marketplace Cartersville, GA — 11,944 24,610 — 11,944 24,610 $ 36,554 216 1995 11/16/2018 Bloomingdale Hills Riverview, FL — 4,384 5,179 — 4,384 5,179 $ 9,563 49 2002/2012 11/16/2018 University Plaza Amherst, NY — 2,778 9,800 13 2,778 9,814 $ 12,592 46 1980/1999 11/16/2018 McKinney Market Street McKinney, TX 3,379 10,941 16,061 553 10,941 16,614 $ 27,555 109 2003 11/16/2018 Montville Commons Montville, CT 9,282 12,417 11,091 — 12,417 11,091 $ 23,508 96 2007 11/16/2018 Shaw's Plaza Raynham Raynham, MA — 7,769 26,829 15 7,769 26,843 $ 34,612 176 1965/1998 11/16/2018 Suntree Square Southlake, TX 9,374 6,335 15,642 5 6,335 15,647 $ 21,982 95 2000 11/16/2018 Green Valley Plaza Henderson, NV — 7,284 16,879 — 7,284 16,879 $ 24,163 103 1978/1982 11/16/2018 Crosscreek Village St. Cloud, FL — 3,821 9,604 — 3,821 9,604 $ 13,425 61 2008 11/16/2018 Market Walk Savannah, GA — 20,679 31,836 2 20,679 31,838 $ 52,517 196 2014/2015 11/16/2018 Livonia Plaza Livonia, MI — 4,118 17,037 — 4,118 17,037 $ 21,155 109 1988 11/16/2018 Franklin Centre Franklin, WI 7,579 6,353 5,482 — 6,353 5,482 $ 11,835 85 1994/2009 11/16/2018 Plaza 23 Pompton Plains, NJ — 11,412 40,144 160 11,424 40,292 $ 51,716 216 1963/1997 11/16/2018 Shorewood Crossing Shorewood, IL — 9,497 20,993 3 9,497 20,996 $ 30,493 133 2001 11/16/2018 SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (1) December 31, 2018 (in thousands) Initial Cost Cost Capitalized Subsequent to Acquisition (3) Gross Amount Carried at End of Period (4) Property Name City, State Encumbrances (2) Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total Accumulated Depreciation Date Constructed/ Renovated Date Acquired Herndon Place Fresno, CA — 7,148 10,071 13 7,148 10,084 $ 17,232 83 2005 11/16/2018 Windmill Marketplace Clovis, CA — 2,775 7,299 — 2,775 7,299 $ 10,074 40 2001 11/16/2018 Riverlakes Village Bakersfield, CA 13,827 8,567 15,242 57 8,567 15,299 $ 23,866 89 1997 11/16/2018 Bells Fork Greenville, NC — 2,846 6,455 18 2,846 6,473 $ 9,319 39 2006 11/16/2018 Evans Towne Centre Evans, GA — 4,018 7,013 7 4,018 7,020 $ 11,038 53 1995 11/16/2018 Mansfield Market Center Mansfield, TX — 4,672 13,154 — 4,672 13,154 $ 17,826 73 2015 11/16/2018 Ormond Beach Mall Ormond Beach, FL — 4,954 7,006 — 4,954 7,006 $ 11,960 56 1967/2010 11/16/2018 Heritage Plaza Carol Stream, IL 9,510 6,205 16,507 11 6,205 16,518 $ 22,723 100 1988 11/16/2018 Mountain Crossing Dacula, GA 4,312 6,602 6,835 1 6,618 6,820 $ 13,438 51 1997 11/16/2018 Seville Commons Arlington, TX — 4,689 12,602 9 4,689 12,611 $ 17,300 76 1987 11/16/2018 Loganville Town Center Loganville, GA — 4,922 6,625 — 4,922 6,625 $ 11,547 53 1997 11/16/2018 Cinco Ranch at Market Center Katy, TX — 5,553 14,053 6 5,553 14,059 $ 19,612 52 2007/2008 12/12/2018 Northlake (5) 8,490 2,327 11,806 228 2,367 11,995 $ 14,362 671 1985 10/4/2017 Corporate Adjustments (6) — 6 2,751 (4,107 ) (669 ) (681 ) $ (1,350 ) (12 ) Totals $ 334,117 $ 1,567,5

Summary Of Significant Accoun_2

Summary Of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation —The accompanying consolidated financial statements include our accounts and the accounts of the Operating Partnership and its wholly-owned subsidiaries (over which we exercise financial and operating control). The financial statements of the Operating Partnership are prepared using accounting policies consistent with our accounting policies. All intercompany balances and transactions are eliminated upon consolidation.
Use of Estimates	Use of Estimates —The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. For example, significant estimates and assumptions have been made with respect to the useful lives of assets; recoverable amounts of receivables; initial valuations of tangible and intangible assets and liabilities, including goodwill, and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions; the valuation and nature of derivatives and their effectiveness as hedges; valuations of contingent consideration; and other fair value measurement assessments required for the preparation of the consolidated financial statements. Actual results could differ from those estimates.
Partially-Owned Entities	Partially-Owned Entities —If we determine that we are an owner in a variable-interest entity (“VIE”), and we hold a controlling financial interest, then we will consolidate the entity as the primary beneficiary. For a partially-owned entity determined not to be a VIE, we analyze rights held by each partner to determine which would be the consolidating party. We will generally consolidate entities (in the absence of other factors when determining control) when we have over a 50% ownership interest in the entity. We will assess our interests in VIEs on an ongoing basis to determine whether or not we are the primary beneficiary. However, we will also evaluate who controls the entity even in circumstances in which we have greater than a 50% ownership interest. If we do not control the entity due to the lack of decision-making abilities, we will not consolidate the entity. We have determined that the Operating Partnership is considered a VIE. We are the primary beneficiary of the VIE and our partnership interest is considered a majority voting interest. As such, we have consolidated the Operating Partnership and its wholly-owned subsidiaries. Additionally, an Internal Revenue Code (“IRC”) Section 1031 like-kind exchange (“1031 exchange”) entails selling one property and reinvesting the proceeds in one or more properties that are similar in nature, character, or class within 180 days. A reverse 1031 exchange occurs when one or more properties is purchased prior to selling one property to be matched in the like-kind exchange, during which time legal title to the purchased property is held by an intermediary. Because we retain essentially all of the legal and economic benefits and obligations related to the acquisition, we consider the purchased property to be a VIE and therefore we will consolidate the entity as the primary beneficiary.
Noncontrolling Interests	Noncontrolling Interests —Noncontrolling interests represent the portion of equity that we do not own in the entities we consolidate. We classify noncontrolling interests within permanent equity on our consolidated balance sheets. The amounts of consolidated net earnings attributable to us and to the noncontrolling interests are presented separately on our consolidated statements of operations and comprehensive income (loss), also referred to herein as our “consolidated statements of operations”.
Cash and Cash Equivalents	Cash and Cash Equivalents —We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value and may consist of investments in money market accounts and money market funds. The cash and cash equivalent balances at one or more of our financial institutions exceed the Federal Depository Insurance Corporation coverage.
Restricted Cash	Restricted Cash —Restricted cash primarily consists of cash restricted for the purpose of facilitating a 1031 exchange, escrowed tenant improvement funds, real estate taxes, capital improvement funds, insurance premiums, and other amounts required to be escrowed pursuant to loan agreements.
Investment in Property and Lease Intangibles	Investment in Property and Lease Intangibles —Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business amended existing guidance in order to clarify when an integrated set of assets and activities is considered a business. We adopted ASU 2017-01 on January 1, 2017, and applied it prospectively. Under this guidance, most of our real estate acquisition activity is no longer considered a business combination and is instead classified as an asset acquisition. As a result, most acquisition-related costs that would have been recorded on our consolidated statements of operations prior to adoption are now capitalized and will be amortized over the life of the related assets, and there is no recognition of goodwill. Excluding the PELP transaction, none of our real estate acquisitions in 2018 and 2017 met the definition of a business; therefore, we accounted for all as asset acquisitions. Real estate assets are stated at cost less accumulated depreciation. The majority of acquisition-related costs are capitalized and allocated to the various classes of assets acquired. These costs are then depreciated over the estimated useful lives associated with the assets acquired. Depreciation is computed using the straight-line method. The estimated useful lives for computing depreciation are generally not to exceed 5 - 7 years for furniture, fixtures and equipment, 15 years for land improvements and 30 years for buildings and building improvements. Tenant improvements are amortized over the shorter of the respective lease term or the expected useful life of the asset. Major replacements that extend the useful lives of the assets are capitalized, and maintenance and repair costs are expensed as incurred. We assess the acquisition-date fair values of all tangible assets, identifiable intangibles, and assumed liabilities using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis and replacement cost) and that utilize appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it were vacant. The fair values of buildings and improvements are determined on an as-if-vacant basis. The estimated fair value of acquired in-place leases is the cost we would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include leasing commissions, legal costs and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, we evaluate the time period over which such occupancy levels would be achieved. Such evaluation includes an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance, and utilities) that would be incurred during the lease-up period. Acquired in-place leases as of the date of acquisition are amortized over the weighted-average remaining lease terms. Acquired above- and below-market lease values are recorded based on the present value (using discount rates that reflect the risks associated with the leases acquired) of the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of the market lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental income over the remaining terms of the respective leases. We also consider fixed-rate renewal options in our calculation of the fair value of below-market leases and the periods over which such leases are amortized. If a tenant has a unilateral option to renew a below-market lease and we determine that the tenant has a financial incentive to exercise such option, we include such an option in the calculation of the fair value of such lease and the period over which the lease is amortized. We estimate the value of tenant origination and absorption costs by considering the estimated carrying costs during hypothetical expected lease-up periods, considering current market conditions. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods. We estimate the fair value of assumed loans payable based upon indications of then-current market pricing for similar types of debt with similar maturities. Assumed loans payable are initially recorded at their estimated fair value as of the assumption date, and the difference between such estimated fair value and the loan’s outstanding principal balance is amortized over the life of the loan as an adjustment to interest expense. Our accumulated amortization of below-market debt was $3.8 million and $3.7 million as of December 31, 2018 and 2017 , respectively. Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the individual property may not be recoverable. In such an event, a comparison will be made of the projected operating cash flows of each property on an undiscounted basis to the carrying amount of such property. If deemed unrecoverable on an undiscounted basis, such carrying amount would be adjusted, if necessary, to estimated fair values to reflect impairment in the value of the asset.
Goodwill and Other Intangibles	Goodwill and Other Intangibles —In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired represents goodwill. We allocate goodwill to the respective reporting units in which such goodwill arises. We evaluate goodwill for impairment when an event occurs or circumstances change that indicate the carrying value may not be recoverable, or at least annually. Our annual testing date is November 30. We adopted ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, as of January 1, 2018. Therefore, when we perform a quantitative test of goodwill for impairment, we compare the carrying value of net assets to the fair value of the reporting unit. If the fair value of the reporting unit exceeds its carrying amount, we do not consider goodwill to be impaired and no further analysis would be required. If the fair value is determined to be less than its carrying value, the amount of goodwill impairment equals the amount by which the reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. If impairment indicators arise with respect to non-real estate intangible assets with finite useful lives, we evaluate impairment by comparing the carrying amount of the asset to the estimated future undiscounted cash flows expected to be generated by the asset. If estimated future undiscounted cash flows are less than the carrying amount of the asset, then we estimate the fair value of the asset and compare the estimated fair value to the intangible asset’s carrying value. We recognize any shortfall from carrying value as an impairment loss in the current period. Estimates of fair value used in our evaluation of goodwill and intangible assets are based upon discounted future cash flow projections, relevant competitor multiples, or other acceptable valuation techniques. These techniques are based, in turn, upon all available evidence including level three inputs (see fair value measurement policy below), such as revenue and expense growth rates, estimates of future cash flows, capitalization rates, discount rates, general economic conditions and trends, or other available market data. Our ability to accurately predict future operating results and cash flows and to estimate and determine fair values impacts the timing and recognition of impairments. While we believe our assumptions are reasonable, changes in these assumptions may have a material impact on our financial results.
Held for Sale Entities	Held for Sale Assets —We consider assets to be held for sale when management believes that a sale is probable within a year. This generally occurs when a sales contract is executed with no substantive contingencies and the prospective buyer has significant funds at risk. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value less cost to sell.
Deferred Financing Expenses	Deferred Financing Expenses —Deferred financing expenses are capitalized and amortized on a straight-line basis over the term of the related financing arrangement, which approximates the effective interest method. Deferred financing expenses related to our term loan facilities and mortgages are in Debt Obligations, Net, while deferred financing expenses related to our revolving credit facility are in Other Assets, Net, on our consolidated balance sheets.
Fair Value Measurement	Fair Value Measurement —Accounting Standard Codification (“ASC”) Topic 820, Fair Value Measurement (“ASC 820”) , defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosures about fair value measurements. ASC 820 emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined by ASC 820 as the price that would be received at sale for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows: Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2—Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs). Level 3—Unobservable inputs, only used to the extent that observable inputs are not available, reflect our assumptions about the pricing of an asset or liability. Considerable judgment is necessary to develop estimated fair values of financial and non-financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts we did or could actually realize upon disposition of the financial assets and liabilities previously sold or currently held.
Investment in Unincorporated Joint Ventures	Investment in Unconsolidated Joint Ventures —We account for our investments in unconsolidated joint ventures using the equity method of accounting as we exercise significant influence over, but do not control, these entities. These investments were initially recorded at cost and are subsequently adjusted for contributions made to and distributions received from the joint ventures. Earnings or loss from our investments are recognized in accordance with the terms of the applicable joint venture agreements, generally through a pro rata allocation. Under a pro rata allocation, net income or loss is allocated between the partners in the joint ventures based on their respective stated ownership percentages. To recognize the character of distributions from our unconsolidated joint ventures, we review the nature of cash distributions received for purposes of determining whether such distributions should be classified as either a return on investment, which would be included in operating activities, or a return of investment, which would be included in investing activities on the consolidated statements of cash flows. On a periodic basis, management assesses whether there are indicators, including the operating performance of the underlying real estate and general market conditions, that the value of our investments in our unconsolidated joint ventures may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than its carrying value and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over its estimated fair value. Management’s estimates of fair value are based upon a discounted cash flow model for each specific investment that includes all estimated cash inflows and outflows over a specified holding period. Where applicable, any estimated debt premiums, capitalization rates, discount rates and credit spreads used in these models are based upon rates we believe to be within a reasonable range of current market rates.
Lease Revenue Recognition	Revenue Recognition —The majority of our revenue is lease revenue derived from our real estate assets. We record these amounts as Rental Income and Tenant Recovery Income on the consolidated statements of operations. These revenue amounts are accounted for under ASC Topic 840, Leases . We commence revenue recognition on our leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. The determination of who is the owner, for accounting purposes, of the tenant improvements determines the nature of the leased asset and when revenue recognition under a lease begins. If we are the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space, and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If we conclude that we are not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant allowances funded under the lease are treated as lease incentives, which reduce revenue recognized over the term of the lease. In these circumstances, we begin revenue recognition when the lessee takes possession of the unimproved space to construct their own improvements. We consider a number of different factors in evaluating whether we or the lessee is the owner of the tenant improvements for accounting purposes. These factors include: • whether the lease stipulates how and on what a tenant improvement allowance may be spent; • whether the tenant or landlord retains legal title to the improvements; • the uniqueness of the improvements; • the expected economic life of the tenant improvements relative to the length of the lease; and • who constructs or directs the construction of the improvements. We recognize rental income on a straight-line basis over the term of each lease. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of Other Assets, Net. Due to the impact of the straight-line adjustments, rental income generally will be greater than the cash collected in the early years and will be less than the cash collected in the later years of a lease. Our policy for percentage rental income is to defer recognition of contingent rental income until the specified target (i.e. breakpoint) that triggers the contingent rental income is achieved. Reimbursements from tenants for recoverable real estate taxes and operating expenses are accrued as revenue in the period in which the applicable expenses are incurred. We make certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. We do not expect the actual results to materially differ from the estimated reimbursements. We periodically review the collectability of outstanding receivables. Allowances will be recorded for those balances that we deem to be uncollectible, including any amounts relating to straight-line rent receivables and/or receivables for recoverable expenses. As of December 31, 2018 and 2017 , the bad debt reserve for uncollectible amounts was $6.0 million and $3.3 million , respectively. We record lease termination income if there is a signed termination agreement, all of the conditions of the agreement have been met, collectability is reasonably assured and the tenant is no longer occupying the property. Upon early lease termination, we provide for losses related to unrecovered tenant-specific intangibles and other assets.
Revenue from Contract with Customers	In addition to our lease-related revenue, we also earn fee revenues by providing services to the Managed Funds. These fees are accounted for within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), and are recorded as Fees and Management Income on the consolidated statements of operations. We began accounting for our non-lease revenue under ASC 606 upon our adoption of ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), e ffective January 1, 2018, using the modified retrospective approach. Our 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. We provide services to the Managed Funds, all of which 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 various combinations of advisory agreements, property management agreements, and other service agreements (the “Management Agreements”). The wide variety of duties within the Management Agreements 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 Management Agreements. The table below shows the most significant of these fee types in the Management Agreements: Fee Performance Obligation Satisfied Timing of Payment Description Asset Management 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 upon asset base and the applicable rate. Property Management Over time In cash, monthly Because each increment of service is distinct, although substantially the same, revenue is recognized at the end of each month based on a percentage of the properties’ cash receipts. Leasing Commissions Point in time (upon close of a transaction) In cash, upon completion Revenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location. Construction Management Point in time (upon close of a transaction) In cash, upon completion Revenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location. Acquisition Point in time (upon close of a transaction) In cash, upon close of the transaction Revenue is recognized based on a percentage of the purchase price of the property acquired. Disposition Point in time (upon close of a transaction) In cash, upon close of the transaction Revenue is recognized based on a percentage of the disposition price of the property sold. Due to the nature of the services being provided under our Management Agreements, each performance obligation has a variable component. Therefore, when we determine the transaction price for the contracts, we are required to constrain our estimate to an amount that is not probable of significant revenue reversal. For most of these fee types, such as acquisition fees and leasing commissions, compensation only occurs if a transaction takes place and the amount of compensation is dependent upon the terms of the transaction. For our property and asset management fees, due to the large number and broad range of possible consideration amounts, we determined that we are unable to estimate our revenue until receipt at the end of each month. In addition to the fees listed above, certain of our Management Agreements 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. Additionally, effective January 1, 2018, we adopted the guidance of ASC Topic 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”), which applies to sales or transfers to non-customers of non-financial assets, or in substance, nonfinancial assets that do not meet the definition of a business. Generally, our sales of real estate would be considered a sale of a non-financial asset as defined by ASC 610-20. Under ASC 610-20, if we determine we do not have a controlling financial interest in the entity that holds the asset and the arrangement meets the criteria to be accounted for as a contract, we would de-recognize the asset and recognize a gain or loss on the sale of the real estate when control of the underlying asset transfers to the buyer. Further, we may defer a tax gain through a 1031 exchange by purchasing another property within a specified time period. For additional information regarding gain on sale of assets, refer to Note 5 .
Share-Based Compensation	Share-Based Compensation —We account for equity awards in accordance with ASC Topic 718, Compensation—Stock Compensation , which requires that all share based payments to employees and non-employee directors be recognized in the consolidated statements of operations over the requisite service period based on their fair value. Fair value at issuance is determined using the grant date published price of the our stock. For those share-based awards that are settled in cash and recorded as a liability, the fair value and associated expense is adjusted when the published price of our stock changes. Share-based compensation expense for all awards is included in General and Administrative expenses in the our consolidated statements of operations. For more information about our stock based compensation program, see Note 14 .
Repurchase of Common Stock	Repurchase of Common Stock —We offer a share repurchase program (“SRP”) which may allow stockholders who participate to have their shares repurchased subject to approval and certain limitations and restrictions. Under our SRP, the maximum amount of common stock that we may redeem during any calendar year is limited, among other things, to 5% of the weighted-average number of shares outstanding during the prior calendar year. The maximum amount is reduced each reporting period by the current year share redemptions to date. In addition, the cash available for repurchases on any particular date, of which the company may use all or a portion, is generally limited to the proceeds from the DRIP during the preceding four fiscal quarters, less amounts already used for repurchases since the start of the same time period. The availability of DRIP proceeds is not a minimum repurchase requirement and we may use all or no portion. The Board of Directors (“Board”) reserves the right at any time to reject any request for repurchase or to further limit the amount repurchased below the DRIP threshold. Shares repurchased pursuant to our SRP are immediately retired upon purchase. Repurchased common stock is reflected as a reduction of stockholders’ equity. Our accounting policy related to share repurchases is to reduce common stock based on the par value of the shares and to reduce capital surplus for the excess of the repurchase price over the par value. Since the inception of the SRP in August 2010, we have had an accumulated deficit balance; therefore, the excess over the par value has been applied to additional paid-in capital. Once we have retained earnings, the excess will be charged entirely to retained earnings.
Segments	Segments —As of December 31, 2017 , we determined we had two reportable segments: Owned Real Estate and Investment Management. However, based upon the changes in our operations as a result of the Merger, we have determined we have a single reportable segment as of December 31, 2018 .
Income Taxes	Income Taxes —We have elected to be taxed as a REIT under the IRC. To qualify as a REIT, we must meet a number of organization and operational requirements, including a requirement to annually distribute to our stockholders at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains. We intend to continue to adhere to these requirements and to maintain our REIT status. As a REIT, we are entitled to a deduction for some or all of the distributions we pay to our stockholders. Accordingly, we are generally subject to U.S. federal income taxes on any taxable income that is not currently distributed to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income taxes and may not be able to qualify as a REIT until the fifth subsequent taxable year. Notwithstanding our qualification as a REIT, we may be subject to certain state and local taxes on our income or properties. In addition, our consolidated financial statements include the operations of wholly-owned subsidiaries that have jointly elected to be treated as a Taxable REIT Subsidiary (“TRS”) and are subject to U.S. federal, state and local income taxes at regular corporate tax rates. We did not record any tax expense in prior years as 2017 was the first year of existence for the TRS. As a REIT, we may also be subject to certain U.S. federal excise taxes if we engage in certain types of transactions.
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 as we did not have any outstanding transactions to which this new guidance applies. This guidance did, however, subsequently impact our accounting for the contribution or sale of real estate properties to GRP I in November 2018. 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 early adopt this standard and we applied it for our annual impairment test. 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 statements of cash flows for all periods presented. With regards to our distributions received from equity-method joint ventures, we have elected the cumulative earnings approach, which did not result in any change to our consolidated financial statements. 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 tenant recovery revenue. However, the standard does apply to a majority of our fees and management income. We have evaluated the impact of this standard to fees and management income; it did not have a material impact on our revenue recognition, but we 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 2016-02, ASU 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors These updates amend existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The effective date for annual reporting begins after December 15, 2019, and the following year for interim reporting for nonpublic companies, but early adoption is permitted. January 1, 2019 In addition to requiring new disclosures within the accompanying notes to the consolidated financial statements, we have identified areas within our accounting policies that will 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. Specifically, we will not be able to capitalize certain internal costs to execute new leases at our properties. We capitalized $6.2 million and $1.6 million of internal costs for the years ended December 31, 2018 and 2017, respectively, some of which we will continue to capitalize in accordance with the standard. We did not have any internal leasing costs for the year ended December 31, 2016. ASU 2016-13, Financial Instruments - Credit Leases (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2018-19, Financial Instruments - Credit Losses (Topic 326): Codification Improvements 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. 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-base 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 currently believe that the adoption of this standard will not have a material impact on our consolidated financial statements. ASU 2018-13, Fair Value Measurement (Topic 820) This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of the FASB’s disclosure framework project. It is effective for annual and interim reporting beginning after December 15, 2019, but early adoption is accepted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract This update aligns the requirements for capitalizing implementation costs incurred in hosting arrangements that are service contracts with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element is not affected by this update. This update also requires the entity to present the expense related to the capitalized implementation costs in the same line item in the statements of income as the fees associated with the hosting element (service) of the arrangement and classify payments for capitalized implementation costs in the statements of cash flows in the same manner as payments made for fees associated with the hosting element. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, although early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes This update permits use of the OIS rate based on the SOFR as a US benchmark interest rate for hedge accounting purposes under Topic 815. The purpose of this is to facilitate the LIBOR to SOFR transition and provide sufficient lead time for entities to prepare for changes to interest rate risk hedging strategies for both risk management and hedge accounting purposes. For entities that have not already adopted Accounting Standards Update 2017-12 (ASU 2017-12), the amendments in this update are required to be adopted concurrently with the amendments in ASU 2017-12. For public business entities that have already adopted the amendments in ASU 2017-12, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. January 1, 2019 We currently believe that the adoption of this standard will not have a material impact on our consolidated financial statements. ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities This update amends two aspects of the related-party guidance in ASC Topic 810: (1) adds an elective private-company scope exception to the variable interest entity guidance for entities under common control, and (2) specifies that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. For entities other than private companies, the amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. All entities are required to apply the amendments in this update retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is permitted. January 1, 2020 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 2018-19, Financial Instruments - Credit Losses (Topic 326): Codification Improvements This update clarifies that receivables arising from operating leases are not within the scope of ASC Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC Topic 842, Leases. For public business entities that file with SEC, this update is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted as of fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements.
Reclassifications	Reclassifications —The following line items on our consolidated balance sheets for the years ended December 31, 2017 and 2016 , were reclassified to conform to current year presentation: • Earn-out Liability was reclassified from Accounts Payable and Other Liabilities, and included as Earn-out Liability. • Deferred Income was reclassified from Accounts Payable and Other Liabilities, and included as Deferred Income. The following line items on our consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2017 and 2016 , were reclassified to conform to current year presentation: • Unrealized (Loss) Gain on Derivatives and Reclassification of Derivative Loss to Interest Expense were reclassified to Change in Unrealized Gain (Loss) on Interest Rate Swaps. • Acquisition Expenses was reclassified to General and Administrative. • Gain on the Sale of Property, Net was reclassified from Other (Expense) Income, Net and presented as Gain on Sale or Contribution of Property, Net. The following line items on our consolidated statements of cash flows for the years ended December 31, 2017 and 2016 , were reclassified to conform to current year presentation: • Net Loss (Gain) on Write-off of Unamortized Capitalized Leasing Commissions, Market Debt Adjustments, and Deferred Financing Expenses were reclassified to Other.

Earnings Per Share (Policies)

Earnings Per Share (Policies)	12 Months Ended
	Dec. 31, 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 Income (Loss) Attributable to Stockholders by the weighted-average number 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 Fourth Amended and Restated Agreement of Limited Partnership of Phillips Edison Grocery Center Operating Partnership I, L.P. Phantom stock units are not considered to be participating securities, as they are not convertible into common stock. The impact of these 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 OP units’ participation rights in undistributed earnings.

Summary Of Significant Accoun_3

Summary Of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles	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 as we did not have any outstanding transactions to which this new guidance applies. This guidance did, however, subsequently impact our accounting for the contribution or sale of real estate properties to GRP I in November 2018. 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 early adopt this standard and we applied it for our annual impairment test. 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 statements of cash flows for all periods presented. With regards to our distributions received from equity-method joint ventures, we have elected the cumulative earnings approach, which did not result in any change to our consolidated financial statements. 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 tenant recovery revenue. However, the standard does apply to a majority of our fees and management income. We have evaluated the impact of this standard to fees and management income; it did not have a material impact on our revenue recognition, but we 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 2016-02, ASU 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors These updates amend existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The effective date for annual reporting begins after December 15, 2019, and the following year for interim reporting for nonpublic companies, but early adoption is permitted. January 1, 2019 In addition to requiring new disclosures within the accompanying notes to the consolidated financial statements, we have identified areas within our accounting policies that will 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. Specifically, we will not be able to capitalize certain internal costs to execute new leases at our properties. We capitalized $6.2 million and $1.6 million of internal costs for the years ended December 31, 2018 and 2017, respectively, some of which we will continue to capitalize in accordance with the standard. We did not have any internal leasing costs for the year ended December 31, 2016. ASU 2016-13, Financial Instruments - Credit Leases (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2018-19, Financial Instruments - Credit Losses (Topic 326): Codification Improvements 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. 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-base 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 currently believe that the adoption of this standard will not have a material impact on our consolidated financial statements. ASU 2018-13, Fair Value Measurement (Topic 820) This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of the FASB’s disclosure framework project. It is effective for annual and interim reporting beginning after December 15, 2019, but early adoption is accepted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract This update aligns the requirements for capitalizing implementation costs incurred in hosting arrangements that are service contracts with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element is not affected by this update. This update also requires the entity to present the expense related to the capitalized implementation costs in the same line item in the statements of income as the fees associated with the hosting element (service) of the arrangement and classify payments for capitalized implementation costs in the statements of cash flows in the same manner as payments made for fees associated with the hosting element. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, although early adoption is permitted. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes This update permits use of the OIS rate based on the SOFR as a US benchmark interest rate for hedge accounting purposes under Topic 815. The purpose of this is to facilitate the LIBOR to SOFR transition and provide sufficient lead time for entities to prepare for changes to interest rate risk hedging strategies for both risk management and hedge accounting purposes. For entities that have not already adopted Accounting Standards Update 2017-12 (ASU 2017-12), the amendments in this update are required to be adopted concurrently with the amendments in ASU 2017-12. For public business entities that have already adopted the amendments in ASU 2017-12, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. January 1, 2019 We currently believe that the adoption of this standard will not have a material impact on our consolidated financial statements. ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities This update amends two aspects of the related-party guidance in ASC Topic 810: (1) adds an elective private-company scope exception to the variable interest entity guidance for entities under common control, and (2) specifies that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. For entities other than private companies, the amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. All entities are required to apply the amendments in this update retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is permitted. January 1, 2020 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 2018-19, Financial Instruments - Credit Losses (Topic 326): Codification Improvements This update clarifies that receivables arising from operating leases are not within the scope of ASC Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC Topic 842, Leases. For public business entities that file with SEC, this update is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted as of fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. January 1, 2020 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements.

Merger with REIT II Merger with

Merger with REIT II Merger with REIT II (Tables)	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Schedule Of Consideration, Merger With REIT II	Under the terms of the Merger, at the time of closing, the following consideration was given in exchange for REIT II common stock (in thousands): Amount Fair value of PECO common stock issued (1) $ 1,054,745 Fair value of REIT II debt: Corporate debt 719,181 Mortgages and notes payable 102,727 Derecognition of REIT II management contracts, net (2) 30,428 Transaction costs 11,587 Total consideration and debt activity 1,918,668 Less: debt assumed 464,462 Total consideration $ 1,454,206 (1) The total number of shares of common stock issued was 95.5 million . (2) Previously a component of Other Assets, Net.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 561,100 Building and improvements 1,198,884 Intangible lease assets 197,384 Fair value of unconsolidated joint venture 16,470 Cash and cash equivalents 354 Restricted cash 5,159 Accounts receivable and other assets 33,045 Total assets acquired 2,012,396 Liabilities: Debt assumed 464,462 Intangible lease liabilities 60,421 Accounts payable and other liabilities 33,307 Total liabilities assumed 558,190 Net assets acquired $ 1,454,206 Amount Assets: Land and improvements $ 269,140 Building and improvements 574,154 Intangible lease assets 93,506 Cash and cash equivalents 5,930 Accounts receivable and other assets 42,426 Management contracts 58,000 Goodwill 29,085 Total assets acquired 1,072,241 Liabilities: Accounts payable and other liabilities 48,342 Acquired below-market leases 49,109 Total liabilities assumed 97,451 Net assets acquired $ 974,790 The following table summarizes our real estate assets acquired during the year ended December 31, 2018 (excluding properties related to the Merger; dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Shoppes of Lake Village Leesburg, FL Publix 2/26/2018 $ 8,423 71.3 % Sierra Vista Plaza Murrieta, CA Stater Brothers (1) 9/28/2018 22,151 81.0 % Wheat Ridge Marketplace Wheat Ridge, CO Safeway 10/3/2018 18,684 (2) 90.1 % Atlantic Plaza North Reading, MA Stop & Shop 11/9/2018 27,250 95.9 % Cinco Ranch at Market Center Katy, TX Target (1) 12/12/2018 21,359 96.0 % (1) Stater Brothers and Target are in a portion of the shopping centers that we do not own. (2) The purchase price includes the fair value of debt assumed as part of the acquisition. During the year ended December 31, 2017 , we acquired the following real estate assets (excluding properties related to the PELP transaction; dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Atwater Marketplace Atwater, CA Save Mart 2/10/2017 $ 15,047 94.6 % Rocky Ridge Station Roseville, CA Sprouts 4/18/2017 37,269 (1) 96.3 % Greentree Station Racine, WI Pick ‘n Save 5/5/2017 12,330 90.3 % Titusville Station Titusville, FL Publix 6/15/2017 13,830 71.7 % Sierra Station Corona, CA Ralph’s 6/20/2017 29,175 (1) 94.0 % Hoffman Village Station Hoffman Estates, IL Mariano’s 9/5/2017 34,923 93.1 % Winter Springs (2) Winter Springs, FL Publix 10/20/2017 24,976 91.9 % Flynn Crossing (2) Alpharetta, GA Publix 10/26/2017 23,806 96.4 % (1) The purchase price includes the fair value of debt assumed as part of the acquisition. (2) These properties were contributed or sold to the GRP I joint venture in November 2018.
Schedule of Finite-Lived Intangible Leases, Merger With REIT II	The fair value and weighted-average amortization periods for the intangible assets and liabilities acquired in the Merger are as follows (dollars in thousands, useful life in years): Fair Value Weighted-Average Useful Life In-place leases $ 181,916 13 Above-market leases 15,468 7 Below-market leases (60,421 ) 17 The fair value and weighted-average amortization periods for the intangible assets and liabilities acquired in the PELP transaction are as follows (dollars in thousands, useful life in years): Fair Value Weighted-Average Useful Life Management contracts (1) $ 58,000 5 In-place leases 83,305 9 Above-market leases 10,201 7 Below-market leases (49,109 ) 13 (1) In connection with the Merger, we derecognized management contracts associated with REIT II in the amount of $ 39.3 million . We also derecognized the associated accumulated amortization of $8.9 million , resulting in a net derecognition of $30.4 million .

PELP Acquisition (Tables)

PELP Acquisition (Tables)	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	Under the terms of this transaction, at the time of purchase, 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 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 final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 561,100 Building and improvements 1,198,884 Intangible lease assets 197,384 Fair value of unconsolidated joint venture 16,470 Cash and cash equivalents 354 Restricted cash 5,159 Accounts receivable and other assets 33,045 Total assets acquired 2,012,396 Liabilities: Debt assumed 464,462 Intangible lease liabilities 60,421 Accounts payable and other liabilities 33,307 Total liabilities assumed 558,190 Net assets acquired $ 1,454,206 Amount Assets: Land and improvements $ 269,140 Building and improvements 574,154 Intangible lease assets 93,506 Cash and cash equivalents 5,930 Accounts receivable and other assets 42,426 Management contracts 58,000 Goodwill 29,085 Total assets acquired 1,072,241 Liabilities: Accounts payable and other liabilities 48,342 Acquired below-market leases 49,109 Total liabilities assumed 97,451 Net assets acquired $ 974,790 The following table summarizes our real estate assets acquired during the year ended December 31, 2018 (excluding properties related to the Merger; dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Shoppes of Lake Village Leesburg, FL Publix 2/26/2018 $ 8,423 71.3 % Sierra Vista Plaza Murrieta, CA Stater Brothers (1) 9/28/2018 22,151 81.0 % Wheat Ridge Marketplace Wheat Ridge, CO Safeway 10/3/2018 18,684 (2) 90.1 % Atlantic Plaza North Reading, MA Stop & Shop 11/9/2018 27,250 95.9 % Cinco Ranch at Market Center Katy, TX Target (1) 12/12/2018 21,359 96.0 % (1) Stater Brothers and Target are in a portion of the shopping centers that we do not own. (2) The purchase price includes the fair value of debt assumed as part of the acquisition. During the year ended December 31, 2017 , we acquired the following real estate assets (excluding properties related to the PELP transaction; dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Atwater Marketplace Atwater, CA Save Mart 2/10/2017 $ 15,047 94.6 % Rocky Ridge Station Roseville, CA Sprouts 4/18/2017 37,269 (1) 96.3 % Greentree Station Racine, WI Pick ‘n Save 5/5/2017 12,330 90.3 % Titusville Station Titusville, FL Publix 6/15/2017 13,830 71.7 % Sierra Station Corona, CA Ralph’s 6/20/2017 29,175 (1) 94.0 % Hoffman Village Station Hoffman Estates, IL Mariano’s 9/5/2017 34,923 93.1 % Winter Springs (2) Winter Springs, FL Publix 10/20/2017 24,976 91.9 % Flynn Crossing (2) Alpharetta, GA Publix 10/26/2017 23,806 96.4 % (1) The purchase price includes the fair value of debt assumed as part of the acquisition. (2) These properties were contributed or sold to the GRP I joint venture in November 2018.
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 Merger are as follows (dollars in thousands, useful life in years): Fair Value Weighted-Average Useful Life In-place leases $ 181,916 13 Above-market leases 15,468 7 Below-market leases (60,421 ) 17 The fair value and weighted-average amortization periods for the intangible assets and liabilities acquired in the PELP transaction are as follows (dollars in thousands, useful life in years): Fair Value Weighted-Average Useful Life Management contracts (1) $ 58,000 5 In-place leases 83,305 9 Above-market leases 10,201 7 Below-market leases (49,109 ) 13 (1) In connection with the Merger, we derecognized management contracts associated with REIT II in the amount of $ 39.3 million . We also derecognized the associated accumulated amortization of $8.9 million , resulting in a net derecognition of $30.4 million .
Business Combination, Results of Operations	The consolidated net assets and results of operations of PELP’s contributions are included in the consolidated financial statements from the transaction date going forward and resulted in the following impact to our consolidated statements of operations (in thousands): 2018 2017 Revenues $ 85,168 $ 21,202 Net (loss) income (37,895 ) 1,297
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) 2017 2016 Pro forma revenues $ 402,898 $ 400,089 Pro forma net income (loss) attributable to stockholders 1,982 (3,956 )

Real Estate Acquisitions and _2

Real Estate Acquisitions and Dispositions (Tables)	12 Months Ended
	Dec. 31, 2018
Real Estate Investments, Net [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands): Amount Assets: Land and improvements $ 561,100 Building and improvements 1,198,884 Intangible lease assets 197,384 Fair value of unconsolidated joint venture 16,470 Cash and cash equivalents 354 Restricted cash 5,159 Accounts receivable and other assets 33,045 Total assets acquired 2,012,396 Liabilities: Debt assumed 464,462 Intangible lease liabilities 60,421 Accounts payable and other liabilities 33,307 Total liabilities assumed 558,190 Net assets acquired $ 1,454,206 Amount Assets: Land and improvements $ 269,140 Building and improvements 574,154 Intangible lease assets 93,506 Cash and cash equivalents 5,930 Accounts receivable and other assets 42,426 Management contracts 58,000 Goodwill 29,085 Total assets acquired 1,072,241 Liabilities: Accounts payable and other liabilities 48,342 Acquired below-market leases 49,109 Total liabilities assumed 97,451 Net assets acquired $ 974,790 The following table summarizes our real estate assets acquired during the year ended December 31, 2018 (excluding properties related to the Merger; dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Shoppes of Lake Village Leesburg, FL Publix 2/26/2018 $ 8,423 71.3 % Sierra Vista Plaza Murrieta, CA Stater Brothers (1) 9/28/2018 22,151 81.0 % Wheat Ridge Marketplace Wheat Ridge, CO Safeway 10/3/2018 18,684 (2) 90.1 % Atlantic Plaza North Reading, MA Stop & Shop 11/9/2018 27,250 95.9 % Cinco Ranch at Market Center Katy, TX Target (1) 12/12/2018 21,359 96.0 % (1) Stater Brothers and Target are in a portion of the shopping centers that we do not own. (2) The purchase price includes the fair value of debt assumed as part of the acquisition. During the year ended December 31, 2017 , we acquired the following real estate assets (excluding properties related to the PELP transaction; dollars in thousands): Property Name Location Anchor Tenant Acquisition Date Purchase Price Leased % of Rentable Square Feet at Acquisition Atwater Marketplace Atwater, CA Save Mart 2/10/2017 $ 15,047 94.6 % Rocky Ridge Station Roseville, CA Sprouts 4/18/2017 37,269 (1) 96.3 % Greentree Station Racine, WI Pick ‘n Save 5/5/2017 12,330 90.3 % Titusville Station Titusville, FL Publix 6/15/2017 13,830 71.7 % Sierra Station Corona, CA Ralph’s 6/20/2017 29,175 (1) 94.0 % Hoffman Village Station Hoffman Estates, IL Mariano’s 9/5/2017 34,923 93.1 % Winter Springs (2) Winter Springs, FL Publix 10/20/2017 24,976 91.9 % Flynn Crossing (2) Alpharetta, GA Publix 10/26/2017 23,806 96.4 % (1) The purchase price includes the fair value of debt assumed as part of the acquisition. (2) These properties were contributed or sold to the GRP I joint venture in November 2018.
Schedule of Acquired Intangible Leases	The fair value at acquisition and weighted-average useful life for in-place, above-market, and below-market lease intangibles acquired as part of the transactions above during the years ended December 31, 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 In-place leases $ 9,239 8 $ 17,740 13 Above-market leases 1,045 9 1,314 6 Below-market leases (2,736 ) 15 (5,736 ) 18
Schedule of Real Estate Dispositions	The following table summarizes our real estate disposition activity, excluding properties contributed or sold to GRP I, for the years ended December 31, 2018 and 2017 (dollars in thousands): 2018 2017 Number of properties sold 8 1 Gross proceeds on sale of properties $ 82,145 $ 6,486 Gain on sale of properties, net 16,757 1,760 Subsequent to December 31, 2018 , we sold the following real estate assets, which were classified as held for sale as of December 31, 2018 (dollars in thousands): Property Name Location Anchor Tenant Square Footage Disposition Date Sale Price (Loss) Gain Eastland Station Evansville, IN Gabe’s 150,772 1/19/2019 $ 9,300 $ (97 ) Lovejoy Village Station Jonesboro, GA Kroger 84,711 2/14/2019 9,125 1,189
Schedule of Real Estate Held-for-sale	A summary of assets and liabilities for the properties held for sale as of December 31, 2018 , is below (in thousands): 2018 ASSETS Total investment in real estate assets, net $ 16,889 Other assets, net 475 Total assets $ 17,364 LIABILITIES Below-market lease liabilities, net $ 208 Accounts payable and other liabilities 388 Total liabilities $ 596

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments in Unconsolidated Joint Ventures	The following table summarizes the activity related to our unconsolidated joint ventures as of December 31, 2018 (dollars in thousands): December 31, 2018 GRP I NRP Ownership percentage 15 % 20 % Number of shopping centers 17 13 Investment balance $ 29,453 $ 16,198 Distributions after formation or assumption — 200 Loss from unconsolidated joint ventures, net 35 250

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2018
Finite-Lived Intangible Assets, Net [Abstract]
Schedule of Acquired Intangible Assets and Liabilities	ntangible assets and liabilities consisted of the following as of December 31, 2018 and 2017 , excluding amounts related to intangible assets and liabilities classified as held for sale (in thousands): 2018 2017 Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Management contracts $ 18,739 $ (4,685 ) $ 58,000 $ (2,900 ) In-place leases 464,721 (142,525 ) 313,432 (123,314 ) Above-market leases 67,140 (28,979 ) 53,524 (24,631 ) Below-market lease liabilities (164,839 ) 33,280 (118,012 ) 27,388
Finite-lived Intangible Assets Amortization Expense	Summarized below is the amortization recorded on the intangible assets and liabilities for the years ended December 31, 2018 , 2017 , and 2016 (in thousands): 2018 2017 2016 Management contracts $ 10,618 $ 2,900 $ — In-place leases 37,101 30,966 28,812 Above-market leases 6,112 5,188 5,228 Below-market lease liabilities (10,061 ) (7,133 ) (6,436 )
Schedule of Acquired Intangible Assets, Future Amortization Expense	Estimated future amortization of the respective intangible assets and liabilities as of December 31, 2018 , excluding estimated amounts related to intangible assets and liabilities classified as held for sale, for each of the next five years is as follow (in thousands): Management Contracts In-Place Leases Above-Market Leases Below-Market Leases 2019 $ 3,748 $ 43,286 $ 7,515 $ (11,959 ) 2020 3,748 38,104 7,039 (11,415 ) 2021 3,748 34,129 6,205 (10,652 ) 2022 2,810 31,012 5,189 (9,951 ) 2023 — 26,752 4,366 (9,133 )

Other Assets, Net (Tables)

Other Assets, Net (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2018 and 2017 , excluding amounts related to assets classified as held for sale (in thousands): 2018 2017 Other assets, net: Deferred leasing commissions and costs $ 32,957 $ 29,055 Deferred financing expenses 13,971 13,971 Office equipment, including capital lease assets, and other 14,315 10,308 Total depreciable and amortizable assets 61,243 53,334 Accumulated depreciation and amortization (24,382 ) (17,121 ) Net depreciable and amortizable assets 36,861 36,213 Accounts receivable, net 56,104 41,211 Deferred rent receivable, net 21,261 18,201 Derivative asset 29,708 16,496 Investment in affiliates 700 902 Other 8,442 5,425 Total other assets, net $ 153,076 $ 118,448

Debt Obligations (Tables)

Debt Obligations (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2018 and 2017 (in thousands): Interest Rate (1) 2018 2017 Revolving credit facility 3.86% $ 73,359 $ 61,569 Term loans 2.06%-4.59% 1,858,410 1,140,000 Secured loan facilities 3.52% 195,000 370,000 Mortgages and other 3.45%-7.91% 334,669 246,217 Assumed market debt adjustments, net (4,571 ) 5,254 Deferred financing expenses, net (18,041 ) (16,042 ) Total $ 2,438,826 $ 1,806,998 (1) Interest rates are as of December 31, 2018 .
Schedule of Long-term Debt Instruments, Alternative	The allocation of total debt between fixed-rate and variable-rate as well as between secured and unsecured, excluding market debt adjustments and deferred financing expenses, as of December 31, 2018 and 2017 , is summarized below (in thousands): 2018 2017 As to interest rate: (1) Fixed-rate debt $ 2,216,669 $ 1,608,217 Variable-rate debt 244,769 209,569 Total $ 2,461,438 $ 1,817,786 As to collateralization: Unsecured debt $ 1,931,769 $ 1,202,476 Secured debt 529,669 615,310 Total $ 2,461,438 $ 1,817,786 (1) Includes the effects of derivative financial instruments (see Notes 10 and 18 ).
Schedule of Maturities of Long-Term Debt	Below is our maturity schedule with the respective principal payment obligations, excluding market debt adjustments and deferred financing expenses (in thousands): 2019 2020 2021 2022 2023 Thereafter Total Revolving credit facility $ — $ — $ 73,359 $ — $ — $ — $ 73,359 Term loans — 170,910 125,000 375,000 300,000 887,500 1,858,410 Secured debt 9,523 9,999 87,688 61,903 79,570 280,986 529,669 Total $ 9,523 $ 180,909 $ 286,047 $ 436,903 $ 379,570 $ 1,168,486 $ 2,461,438

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following is a summary of our interest rate swaps that were designated as cash flow hedges of interest rate risk as of December 31, 2018 and 2017 (notional amounts in thousands): 2018 2017 Count 12 6 Notional amount $ 1,687,000 $ 992,000 Fixed LIBOR 0.7% - 2.9% 1.2% - 2.2% Maturity date 2019 - 2025 2019 - 2024
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)	The table below details the nature of the gain or loss recognized on interest rate derivatives designated as cash flow hedges in the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2018 , 2017 , and 2016 (in thousands): 2018 2017 2016 Amount of (loss) gain recognized in OCI on derivatives $ (895 ) $ 2,770 $ 6,979 Amount of (gain) loss reclassified from AOCI into interest expense (3,261 ) 1,810 3,586

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets and Liabilities	The following is a summary of our deferred tax assets and liabilities as of December 31, 2018 and 2017 (in thousands): 2018 2017 Deferred tax assets: Accrued compensation $ 5,338 $ 4,264 Accrued expenses 210 12 Net operating loss (“NOL”) carryforward 1,239 667 Other 566 106 Gross deferred tax assets 7,353 5,049 Less: valuation allowance (3,822 ) (3,277 ) Total deferred tax asset 3,531 1,772 Deferred tax liabilities: Depreciation and amortization (3,292 ) (1,638 ) Prepaid expenses (239 ) (134 ) Total deferred tax liabilities (3,531 ) (1,772 ) Net deferred tax asset $ — $ —
Summary of REIT Taxable Income Subject to Dividend Distribution	2018 2017 2016 Net income (loss) attributable to stockholders $ 39,138 $ (38,391 ) $ 8,932 Net (income) loss from TRS (1,171 ) 4,248 — Net income (loss) attributable to REIT operations 37,967 (34,143 ) 8,932 Book/tax differences 33,858 72,824 24,771 REIT taxable income subject to 90% dividend requirement $ 71,825 $ 38,681 $ 33,703
Schedule of Effective Income Tax Rate Reconciliation	The tax composition of our distributions declared for the years ended December 31, 2018 and 2017 was as follows: 2018 2017 Common stock Ordinary dividends 27.7 % 28.6 % Non-dividend distributions 45.5 % 70.9 % Capital gain distributions 26.8 % 0.5 % Total distributions per share 100.0 % 100.0 %

Commitments And Contingencies (

Commitments And Contingencies (Tables)	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	Minimum rental commitments under noncancelable operating leases as of December 31, 2018 , were as follows (dollars in thousands): Year Amount 2019 $ 1,450 2020 969 2021 537 2022 510 2023 352 Thereafter 391 Total $ 4,209
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense	The following is a summary of the activities in the liability for unpaid losses, which is recorded in Accounts Payable and Other Liabilities on our consolidated balance sheets, for the years ended December 31, 2018 and 2017 (in thousands): 2018 2017 (1) Beginning balances $ 4,883 $ 4,339 Incurred related to: Current year 156 452 Prior years 948 898 Total incurred 1,104 1,350 Paid related to: Current year 13 81 Prior years 516 725 Total paid 529 806 Liabilities for unpaid losses as of December 31 $ 5,458 $ 4,883 (1) Balance for 2017 began on October 4, 2017, the date of PELP transaction.

Compensation (Tables)

Compensation (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-Based Award, Restrited Stock Units, Roll Forward	The following table summarizes our stock-based award activity during the year ended December 31, 2018 (number of units in thousands): Restricted Stock Awards Performance Stock Awards Phantom Stock Units Weighted-Average Grant-Date Fair Value Nonvested at December 31, 2017 18 — 2,446 $ 10.20 Granted 811 199 — 11.00 Vested (5 ) — (1,394 ) 10.20 Forfeited (16 ) — (54 ) 10.38 Nonvested at December 31, 2018 808 199 998 $ 10.60

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2018 , 2017 , and 2016 (in thousands, except per share amounts): 2018 2017 2016 Numerator: Net income (loss) attributable to stockholders - basic $ 39,138 $ (38,391 ) $ 8,932 Net income (loss) attributable to convertible OP units (1) 8,136 (3,470 ) 111 Net income (loss) - diluted $ 47,274 $ (41,861 ) $ 9,043 Denominator: Weighted-average shares - basic 196,602 183,784 183,876 Conversion of OP units (1) 44,453 12,713 2,785 Effect of dilutive restricted stock awards (2) 312 — 4 Adjusted weighted-average shares - diluted 241,367 196,497 186,665 Earnings per common share: Basic and diluted $ 0.20 $ (0.21 ) $ 0.05 (1) OP units include units previously issued for asset management services provided under our former advisory agreement (see Note 16 ), as well as units issued as part of the PELP transaction (see Note 4 ), all of which are convertible into common shares. The Operating Partnership income (loss) attributable to these OP units, which is included as a component of Net Income (Loss) Attributable to Noncontrolling Interests on the consolidated statements of operations, has been added back in the numerator because these OP units were included in the denominator for all years presented. (2) Includes the dilutive impact of unvested restricted share awards using the treasury stock method.

Revenue Recognition and Relat_2

Revenue Recognition and Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Fee and Management Income	Summarized below are amounts included in Fee and Management Income. The revenue includes the fees and reimbursements earned by us from the Managed Funds during the years ended December 31, 2018 and 2017 , 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): For the year ended December 31, 2018 REIT II (1) PECO III Joint Ventures Other Parties (2) Total Recurring fees (3) $ 17,937 $ 870 $ 1,948 $ 281 $ 21,036 Transactional revenue and reimbursements (4) 6,965 1,278 1,442 132 9,817 Insurance premiums 367 — — 1,706 2,073 (1) All amounts earned from REIT II were earned prior to the close of the Merger in November 2018, and ceased upon its acquisition by us. (2) Recurring fees, transactional revenue and reimbursements, and insurance premium income from other parties includes amounts from third parties not affiliated with us in the amount of $1.7 million for the year ended December 31, 2018 . (3) Recurring fees include asset management fees and property management fees. (4) Transaction revenue includes items such as leasing commissions, construction management fees, and acquisition fees. For the year ended December 31, 2017 REIT II PECO III Joint Ventures Other Parties (1) Total Recurring fees $ 4,396 $ 74 $ 335 $ 187 $ 4,992 Transactional revenue and reimbursements 1,846 679 297 136 2,958 Insurance premiums 206 — — — 206
Advisory Transactions	As we no longer pay the fees listed below and had no outstanding unpaid amounts related to those fees as of December 31, 2018 , summarized below are the fees incurred and the expenses reimbursable for the years ended December 31, 2017 and 2016 (in thousands): For the Year Ended December 31, 2017 2016 Acquisition fees (1) $ 1,344 $ 2,342 Acquisition expenses (1) 583 464 Asset management fees (2) 15,573 19,239 OP units distribution (3) 1,373 1,866 Class B unit distribution (4) 1,409 1,576 Disposition fees (5) 19 745 Total $ 20,301 $ 26,232 (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. (5) Disposition fees are presented as Other (Expense) Income, Net on the consolidated statements of operations.
Property Management Transactions	We no longer pay the fees listed below and had no outstanding unpaid amounts related to those fees as of December 31, 2018 . Summarized below are the fees earned by and the expenses reimbursable to the Property Manager for the years ended December 31, 2017 and 2016 (in thousands): For the Year Ended December 31, 2017 2016 Property management fees (1) $ 8,360 $ 9,929 Leasing commissions (2) 6,670 7,701 Construction management fees (2) 1,367 1,127 Other fees and reimbursements (3) 6,234 5,627 Total $ 22,631 $ 24,384 (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.

Operating Leases (Tables)

Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2018
Leases, Operating [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	Approximate future rental income to be received under noncancelable operating leases in effect as of December 31, 2018 , assuming no new or renegotiated leases or option extensions on lease agreements, is as follows (in thousands): Year Amount 2019 $ 372,632 2020 340,028 2021 292,887 2022 247,915 2023 196,152 2024 and thereafter 555,282 Total $ 2,004,896

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Inputs, Liabilities, Quantitative Information	The following is a summary of borrowings as of December 31, 2018 and 2017 (in thousands): 2018 2017 Fair value $ 2,467,317 $ 1,765,151 Recorded value (1) 2,456,867 1,823,040 (1) Recorded value does not include net deferred financing expenses of $18.0 million and $16.0 million as of December 31, 2018 and 2017 , respectively.
Fair Value, Liabilities Measured on Recurring Basis	real estate assets and liabilities are measured and recognized at fair value as needed. Fair value measurements that occurred as of and during the years ended December 31, 2018 and 2017 were as follows (in thousands): 2018 2017 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Recurring Derivative assets (1) $ — $ 29,708 $ — $ — $ 16,496 $ — Derivative liability (1) — (3,633 ) — — (61 ) — Earn-out liability (2) — — (39,500 ) — — (38,000 ) Nonrecurring Impaired real estate assets — 71,991 — — — — (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.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table presents a reconciliation of the change in the liability measured at fair value on a recurring basis using Level 3 inputs (in thousands): Earn-Out Liability Balance at December 31, 2017 $ 38,000 Change in fair value recognized in Other (Expense) Income, Net 1,500 Balance at December 31, 2018 $ 39,500

Quarterly Financial Data (Una_2

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Data [Abstract]
Schedule of Quarterly Financial Information	The following is a summary of the unaudited quarterly financial information for the years ended December 31, 2018 and 2017 . We believe that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly, and in accordance with GAAP, the selected quarterly information. 2018 (in thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter (1) Total revenue $ 103,199 $ 104,173 $ 104,899 $ 118,121 Net (loss) income attributable to stockholders (1,600 ) (11,351 ) (13,228 ) 65,317 Net (loss) income per share - basic and diluted (0.01 ) (0.06 ) (0.07 ) 0.34 2017 (in thousands, except per share amounts) First Quarter Second Quarter Third Quarter (2) Fourth Quarter (3) Total revenue $ 68,303 $ 69,851 $ 70,624 $ 102,765 Net income (loss) attributable to stockholders 1,106 (1,193 ) (8,232 ) (30,072 ) Net income (loss) per share - basic and diluted 0.01 (0.01 ) (0.04 ) (0.17 )

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Dividends Declared	Distributions paid to stockholders and OP unit holders of record subsequent to December 31, 2018 , were as follows (in thousands): Month Date of Record Monthly Distribution Rate Date Distribution Paid Gross Amount of Distribution Paid Distribution Reinvested through the DRIP Net Cash Distribution December 12/17/2018 $0.05583344 1/2/2019 $ 18,055 $ 5,951 $ 12,104 January 1/15/2019 $0.05583344 2/1/2019 18,077 5,899 12,178 February 2/15/2019 $0.05583344 3/1/2019 18,018 5,868 12,150
Schedule of Real Estate Dispositions, Subsequent Events	The following table summarizes our real estate disposition activity, excluding properties contributed or sold to GRP I, for the years ended December 31, 2018 and 2017 (dollars in thousands): 2018 2017 Number of properties sold 8 1 Gross proceeds on sale of properties $ 82,145 $ 6,486 Gain on sale of properties, net 16,757 1,760 Subsequent to December 31, 2018 , we sold the following real estate assets, which were classified as held for sale as of December 31, 2018 (dollars in thousands): Property Name Location Anchor Tenant Square Footage Disposition Date Sale Price (Loss) Gain Eastland Station Evansville, IN Gabe’s 150,772 1/19/2019 $ 9,300 $ (97 ) Lovejoy Village Station Jonesboro, GA Kroger 84,711 2/14/2019 9,125 1,189

Organization (Details)

Organization (Details) $ in Thousands	2 Months Ended	12 Months Ended
	Dec. 31, 2018property	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Nov. 16, 2018	Oct. 04, 2017
Real Estate Properties [Line Items]
Share exchange ratio for asset acquisition	2.04
Number of properties sold		8	1
Distributions and proceeds from unconsolidated joint venture		$ 161,846	$ 0	$ 0
Debt contributed to joint venture		$ 175,000	$ 0	$ 0
Number of real estate properties | property	303	303
REIT II
Real Estate Properties [Line Items]
Transaction value		$ 1,900,000
Share exchange ratio for asset acquisition		2.04
Number of real estate properties					86
Phillips Edison Limited Partnership
Real Estate Properties [Line Items]
Transaction value		$ 974,790
Number of real estate properties						76
Grocery Retail Partners I
Real Estate Properties [Line Items]
Number of properties sold		17
Fair value of property contributed or sold		$ 359,000
Equity method investment, ownership percentage	15.00%	15.00%
Distributions and proceeds from unconsolidated joint venture		$ 161,800
Debt contributed to joint venture		$ 175,000
Number of real estate properties | property	17	17
Necessity Retail Partners
Real Estate Properties [Line Items]
Equity method investment, ownership percentage	20.00%	20.00%
Number of real estate properties | property	13	13
Co-venturer | Grocery Retail Partners I
Real Estate Properties [Line Items]
Equity method investment, ownership percentage	85.00%	85.00%
Payments to acquire interest in joint venture		$ 167,100

Summary Of Significant Accoun_4

Summary Of Significant Accounting Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Payments for Deposits on Real Estate Acquisitions	$ 44.3
Accumulated amortization, assumed below-market debt adjustment	3.8	$ 3.7
Accumulated amortization, deferred financing expenses	8.3	5.4
Bad debt reserve	$ 6	$ 3.3
Stock repurchase program, number of shares authorized to be repurchased, percentage of weighted-average shares	5.00%
Land Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	15 years
Building and Building Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	30 years
Minimum | Furniture, Fixtures, and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Maximum | Furniture, Fixtures, and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	7 years

Merger with REIT II Merger wi_2

Merger with REIT II Merger with REIT II - Consideration Given (Details) $ / shares in Units, $ in Thousands	2 Months Ended	12 Months Ended
	Dec. 31, 2018USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Nov. 16, 2018$ / shares	May 09, 2018$ / shares	Nov. 08, 2017$ / shares	Nov. 07, 2017$ / shares	Oct. 04, 2017$ / shares
Noncash or Part Noncash Acquisitions [Line Items]
Number of real estate properties | property	303	303
Fair value of PECO common stock issued			$ 401,630
Fair value of assumed debt		$ 464,462	$ 504,740	$ 0
Share exchange ratio for asset acquisition	2.04
Business acquisition, share price | $ / shares					$ 22.54
Share Price | $ / shares					$ 11.05	$ 11.05	$ 11	$ 10.20	$ 10.20
REIT II
Noncash or Part Noncash Acquisitions [Line Items]
Number of real estate properties					86
Fair value of PECO common stock issued	$ 1,054,745
Derecognition of REIT II management contracts, net	30,428	$ 30,428
Transaction costs	11,587
Total consideration and debt activity	1,918,668
Total consideration	$ 1,454,206
Share exchange ratio for asset acquisition		2.04
Business acquisition percentage of voting interests retained by acquirer	71.00%
Business combination, post-transaction acquiree ownership percentage					29.00%
Corporate Debt | REIT II
Noncash or Part Noncash Acquisitions [Line Items]
Fair value of debt	$ 719,181
Mortgages and Note Payable
Noncash or Part Noncash Acquisitions [Line Items]
Fair value of assumed debt	102,300
Mortgages and Note Payable | REIT II
Noncash or Part Noncash Acquisitions [Line Items]
Fair value of debt	$ 102,727

Merger with REIT II Merger wi_3

Merger with REIT II Merger with REIT II - Price Allocation (Details) - REIT II $ in Thousands	Nov. 16, 2018USD ($)
Noncash or Part Noncash Acquisitions [Line Items]
Land and improvements	$ 561,100
Building and improvements	1,198,884
Intangible lease assets	197,384
Fair value of unconsolidated joint venture	16,470
Cash and cash equivalents	354
Restricted cash	5,159
Accounts receivable and other assets	33,045
Total assets acquired	2,012,396
Debt assumed	464,462
Intangible lease liabilities	60,421
Accounts payable and other liabilities	33,307
Total liabilities assumed	558,190
Net assets acquired	$ 1,454,206

Merger with REIT II Merger wi_4

Merger with REIT II Merger with REIT II - Acquired Intangible Leases (Details) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Nov. 16, 2018
Acquired Finite-Lived Intangible Assets [Line Items]
Below-market lease liabilities	$ (164,839)	$ (164,839)	$ (118,012)
In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	464,721	$ 464,721	$ 313,432
Weighted Average Useful Life		8 years	13 years
Above-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 67,140	$ 67,140	$ 53,524
Weighted Average Useful Life		9 years	6 years
Below-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life		15 years	18 years
REIT II
Acquired Finite-Lived Intangible Assets [Line Items]
Below-market lease liabilities				$ (60,421)
REIT II | In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets				181,916
Weighted Average Useful Life	13 years
REIT II | Above-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets				$ 15,468
Weighted Average Useful Life	7 years
REIT II | Below-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	17 years

PELP Acquisition (Details)

PELP Acquisition (Details) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended		12 Months Ended			24 Months Ended
	Dec. 31, 2017shares	Dec. 31, 2017USD ($)shares	Dec. 31, 2018USD ($)propertyshares	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2017USD ($)	Nov. 16, 2018$ / shares	May 09, 2018$ / shares	Nov. 08, 2017$ / shares	Nov. 07, 2017$ / shares	Oct. 04, 2017$ / shares
Business Acquisition [Line Items]
Number of real estate properties | property			303
Fair value of Operating Partnership units (“OP units”) issued				$ 401,630
Fair value of assumed debt			$ 464,462	504,740	$ 0
OP units, share price | $ / shares							$ 11.05	$ 11.05	$ 11	$ 10.20	$ 10.20
Transaction expenses			3,331	15,713	0
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
Fair value of assumed debt			72,649
Cash payments			30,420
Fair value of earn-out		$ 38,000	38,000
Total consideration			974,790
Debt repaid on transaction date			(432,091)
Net consideration			$ 542,699
OP units issued, shares | shares	39.4	39.4
Business combination, post-transaction acquirer ownership percentage											80.60%
Business combination, post-transaction acquiree ownership percentage											19.40%
Transaction expenses				$ 15,700	$ (1,300)	$ 17,000
OP Units | Phillips Edison Limited Partnership
Business Acquisition [Line Items]
OP units issued, shares | shares	12.5	12.5	12.5

PELP Acquisition Assets Acquire

PELP Acquisition 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	574,154
Intangible lease assets	93,506
Cash and cash equivalents	5,930
Accounts receivable and other assets	42,426
Management contracts	58,000
Goodwill	29,085
Total assets acquired	1,072,241
Accounts payable and other liabilities	48,342
Intangible lease liabilities	49,109
Total liabilities assumed	97,451
Net assets acquired	$ 974,790

PELP Acquisition Finite-Lived I

PELP Acquisition Finite-Lived Intangible Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands	Oct. 04, 2017	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Nov. 16, 2018
Acquired Finite-Lived Intangible Assets [Line Items]
Below-market lease liabilities		$ (164,839)	$ (164,839)	$ (118,012)
Management Contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Management contracts, fair value		18,739	18,739	58,000
In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Management contracts, fair value		464,721	$ 464,721	$ 313,432
Weighted Average Useful Life			8 years	13 years
Above-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Management contracts, fair value		67,140	$ 67,140	$ 53,524
Weighted Average Useful Life			9 years	6 years
Below-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life			15 years	18 years
Phillips Edison Limited Partnership
Acquired Finite-Lived Intangible Assets [Line Items]
Below-market lease liabilities	$ (49,109)
Phillips Edison Limited Partnership | Management Contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Management contracts, fair value	$ 58,000
Weighted Average Useful Life	5 years
Phillips Edison Limited Partnership | In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Management contracts, fair value	$ 83,305
Weighted Average Useful Life	9 years
Phillips Edison Limited Partnership | Above-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Management contracts, fair value	$ 10,201
Weighted Average Useful Life	7 years
Phillips Edison Limited Partnership | Below-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	13 years
REIT II
Acquired Finite-Lived Intangible Assets [Line Items]
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized		$ 11,587
Below-market lease liabilities					$ (60,421)
REIT II | In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Management contracts, fair value					181,916
Weighted Average Useful Life		13 years
REIT II | Above-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Management contracts, fair value					$ 15,468
Weighted Average Useful Life		7 years
REIT II | Below-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life		17 years

PELP Acquisition Business Combi

PELP Acquisition Business Combination Revenues and Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Business Combinations [Abstract]
Revenues	$ 85,168	$ 21,202
Net income	$ (37,895)	$ 1,297

PELP Acquisition Business Com_2

PELP Acquisition Business Combination Pro Forma Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Business Combinations [Abstract]
Pro forma revenues	$ 402,898	$ 400,089
Pro forma net income (loss) attributable to stockholders	$ 1,982	$ (3,956)

Real Estate Acquisitions and _3

Real Estate Acquisitions and Dispositions Acquistion (Details) $ in Thousands

Dec. 12, 2018USD ($)

Nov. 09, 2018USD ($)

Oct. 03, 2018USD ($)

Sep. 28, 2018USD ($)

Feb. 26, 2018USD ($)

Oct. 26, 2017USD ($)

Oct. 20, 2017USD ($)

Sep. 05, 2017USD ($)

Jun. 20, 2017USD ($)

Jun. 15, 2017USD ($)

May 05, 2017USD ($)

Apr. 18, 2017USD ($)

Feb. 10, 2017USD ($)

Dec. 31, 2018USD ($)property

Dec. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Nov. 16, 2018

Oct. 04, 2017

Real Estate Properties [Line Items]

Number of real estate acquisitions

91

84

Number of Real Estate Properties, acquired through business combination | property

303

Number of real estate acquisitions, excluding those from business combinations

5

8

Number of Land Parcels Purchased

2

Payments to Acquire Land

$ 1,000

Purchase price of real estate property

$ 363,519

$ 0

$ 0

Shoppes of Lake Village

Real Estate Properties [Line Items]

Purchase price of real estate property

$ 8,423

Real Estate Property, Leased Percentage

71.30%

Sierra Visa Plaza

Real Estate Properties [Line Items]

Purchase price of real estate property

$ 22,151

Real Estate Property, Leased Percentage

81.00%

Wheat Ridge Marketplace

Real Estate Properties [Line Items]

Purchase price of real estate property

$ 18,684

Real Estate Property, Leased Percentage

90.10%

Atlantic Plaza

Real Estate Properties [Line Items]

Purchase price of real estate property

$ 27,250

Real Estate Property, Leased Percentage

95.90%

Cinco Ranch at Market Center

Real Estate Properties [Line Items]

Purchase price of real estate property

$ 21,359

Real Estate Property, Leased Percentage

96.00%

Atwater Marketplace

Real Estate Properties [Line Items]

Purchase price of real estate property

$ 15,047

Real Estate Property, Leased Percentage

94.60%

Rocky Ridge Station

Real Estate Properties [Line Items]

Purchase price of real estate property

$ 37,269

Real Estate Property, Leased Percentage

96.30%

Greentree Station

Real Estate Properties [Line Items]

Purchase price of real estate property

$ 12,330

Real Estate Property, Leased Percentage

90.30%

Titusville Station

Real Estate Properties [Line Items]

Purchase price of real estate property

$ 13,830

Real Estate Property, Leased Percentage

71.70%

Sierra Station

Real Estate Properties [Line Items]

Purchase price of real estate property

$ 29,175

Real Estate Property, Leased Percentage

94.00%

Hoffman Station

Real Estate Properties [Line Items]

Purchase price of real estate property

$ 34,923

Real Estate Property, Leased Percentage

93.10%

Winter Springs

Real Estate Properties [Line Items]

Purchase price of real estate property

$ 24,976

Real Estate Property, Leased Percentage

91.90%

Flynn Crossing

Real Estate Properties [Line Items]

Purchase price of real estate property

$ 23,806

Real Estate Property, Leased Percentage

96.40%

REIT II

Real Estate Properties [Line Items]

Number of Real Estate Properties, acquired through business combination

86

Phillips Edison Limited Partnership

Real Estate Properties [Line Items]

Number of Real Estate Properties, acquired through business combination

76

Real Estate Acquisitions and _4

Real Estate Acquisitions and Dispositions Acquistion of intangible leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Acquired Finite-Lived Intangible Assets [Line Items]
Below market lease, acquired	$ (2,736)	$ (5,736)
In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 9,239	$ 17,740
Weighted Average Useful Life	8 years	13 years
Above-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 1,045	$ 1,314
Weighted Average Useful Life	9 years	6 years
Below-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	15 years	18 years

Real Estate Acquisitions and _5

Real Estate Acquisitions and Dispositions Dispositions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Real Estate Investments, Net [Abstract]
Number of properties sold	8	1
Gross proceeds on sale of properties	$ 82,145	$ 6,486
Gain on sale of properties, net	$ 16,757	$ 1,760

Real Estate Acquisitions and _6

Real Estate Acquisitions and Dispositions Property Held-For-Sale (Details) $ in Thousands	Dec. 31, 2018USD ($)
Real Estate [Abstract]
Total investment in real estate assets, net	$ 16,889
Other assets, net	475
Total assets	17,364
Below-market lease liabilities, net	208
Accounts payable and other liabilities	388
Total liabilities	$ 596

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Ventures (Details) $ in Thousands	2 Months Ended		12 Months Ended
	Dec. 31, 2018USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Nov. 16, 2018USD ($)
Schedule of Equity Method Investments [Line Items]
Distributions and proceeds from unconsolidated joint venture			$ 161,846	$ 0	$ 0
Debt contributed to joint venture			175,000	0	$ 0
Gain on sale of properties, net			$ 16,757	1,760
Number of real estate properties | property	303	303	303
Investment balance	$ 45,651	$ 45,651	$ 45,651	$ 0
Grocery Retail Partners I
Schedule of Equity Method Investments [Line Items]
Fair value of property contributed or sold			$ 359,000
Equity method investment, ownership percentage	15.00%	15.00%	15.00%
Distributions and proceeds from unconsolidated joint venture			$ 161,800
Debt contributed to joint venture			175,000
Fair value of debt contributed to joint venture			165,000
Gain on sale of properties, net			$ 92,500
Number of real estate properties | property	17	17	17
Grocery Retail Partners I | Corporate Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of real estate properties	17	17	17
Investment balance	$ 29,453	$ 29,453	$ 29,453
Distributions after formation or assumption	0
Loss from unconsolidated joint ventures	$ 35
Grocery Retail Partners I | Co-venturer Northwestern Mutual
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	85.00%	85.00%	85.00%
Payments to acquire interest in joint venture			$ 167,100
Necessity Retail Partners
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	20.00%	20.00%	20.00%
Equity method investment, amount contributed prior to ownership						$ 17,500
Number of real estate properties | property	13	13	13
Necessity Retail Partners | Corporate Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of real estate properties	13	13	13
Investment balance	$ 16,198	$ 16,198	$ 16,198
Distributions after formation or assumption		200
Loss from unconsolidated joint ventures		$ 250
Necessity Retail Partners | REIT II
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity						$ 6,200
Equity Method Investment, Acquisition Costs Unamortized Balance			6,000
Maximum | Necessity Retail Partners
Schedule of Equity Method Investments [Line Items]
Payments to acquire interest in joint venture			$ 50,000

Intangible Assets and Liabili_3

Intangible Assets and Liabilities Intangible Asset and Liabilities Outstanding (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Acquired Finite-Lived Intangible Assets [Line Items]
Below-market lease liabilities	$ (164,839)	$ (118,012)
Accumulated amortization, intangible liabilities	33,280	27,388
Goodwill	29,066	29,085
Management Contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	18,739	58,000
Accumulated amortization, intangible assets	(4,685)	(2,900)
In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	464,721	313,432
Accumulated amortization, intangible assets	(142,525)	(123,314)
Above-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	67,140	53,524
Accumulated amortization, intangible assets	$ (28,979)	$ (24,631)

Intangible Assets and Liabili_4

Intangible Assets and Liabilities Intangible Assets and Liabilities Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible liabilities	$ (10,061)	$ (7,133)	$ (6,436)
Management Contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	10,618	2,900	0
In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	37,101	30,966	28,812
Above-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 6,112	$ 5,188	$ 5,228

Intangible Assets and Liabili_5

Intangible Assets and Liabilities Intangible Assets and Liabilites - Future Amortization (Details) $ in Thousands	Dec. 31, 2018USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
2019	$ (11,959)
2020	(11,415)
2021	(10,652)
2022	(9,951)
2023	(9,133)
Management Contracts
Acquired Finite-Lived Intangible Assets [Line Items]
2019	3,748
2020	3,748
2021	3,748
2022	2,810
2023	0
In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
2019	43,286
2020	38,104
2021	34,129
2022	31,012
2023	26,752
Above-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
2019	7,515
2020	7,039
2021	6,205
2022	5,189
2023	$ 4,366

Other Assets, Net (Details)

Other Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred leasing commissions and costs	$ 32,957	$ 29,055
Deferred financing expenses	13,971	13,971
Office equipment, including capital lease assets, and other	14,315	10,308
Total depreciable and amortizable assets	61,243	53,334
Accumulated depreciation and amortization	(24,382)	(17,121)
Net depreciable and amortizable assets	36,861	36,213
Accounts receivable, net	56,104	41,211
Deferred rent receivable, net	21,261	18,201
Derivative asset	29,708	16,496
Investment in affiliates	700	902
Other	8,442	5,425
Total other assets, net	$ 153,076	$ 118,448

Debt Obligations Schedule of De

Debt Obligations Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	2 Months Ended		12 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Debt obligation	$ 2,461,438	$ 2,461,438	$ 2,461,438	$ 1,817,786
Assumed market debt adjustments, net	(4,571)	(4,571)	(4,571)	(5,254)
Deferred financing expense, net	(18,041)	(18,041)	(18,041)	(16,042)
Total	2,438,826	2,438,826	2,438,826	1,806,998
Long-term debt with variable interest	244,769	$ 244,769	244,769	209,569
Debt assumed, noncash or part noncash acquisition			464,462	504,740	$ 0
Debt contributed to joint venture			$ 175,000	$ 0	0
Write off of deferred financing expenses	$ 2,100
Weighted average interest rate on debt obligations	3.50%	3.50%	3.50%	3.40%
Mortgages and Other
Debt Instrument [Line Items]
Debt obligation	$ 334,669	$ 334,669	$ 334,669	$ 246,217
Debt assumed, noncash or part noncash acquisition		$ 102,300
Weighted average interest rate on debt obligations	4.40%	4.40%	4.40%	4.10%
Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate	3.86%	3.86%	3.86%
Debt obligation	$ 73,359	$ 73,359	$ 73,359	$ 61,569
Revolving credit facility, maximum borrowing capacity	500,000	500,000	500,000
Revolving credit facility, remaining borrowing capacity	426,200	426,200	$ 426,200
Basis spread on variable rate			1.40%
Gross borrowings under revolving credit facility			$ 475,400	437,000	590,800
Gross payments under revolving credit facility			463,600	552,400	$ 554,800
Term Loans
Debt Instrument [Line Items]
Debt obligation	1,858,410	1,858,410	1,858,410	$ 1,140,000
Long-term debt with variable interest	245,500	245,500	245,500
Debt assumed, noncash or part noncash acquisition		361,700
Debt instrument, unused borrowing capacity, amount	$ 60,000	$ 60,000	$ 60,000
Weighted average interest rate on debt obligations	3.50%	3.50%	3.50%	3.00%
Term Loan Due 2023
Debt Instrument [Line Items]
Debt obligation	$ 300,000	$ 300,000	$ 300,000
Term Loan Due 2024
Debt Instrument [Line Items]
Debt obligation	100,000	100,000	100,000
Term Loan Due 2025
Debt Instrument [Line Items]
Debt obligation	158,000	158,000	158,000
Securities Loan Facilities
Debt Instrument [Line Items]
Debt obligation	$ 195,000	$ 195,000	$ 195,000	$ 370,000
Maximum | Mortgages and Other
Debt Instrument [Line Items]
Interest rate	7.91%	7.91%	7.91%
Maximum | Term Loans
Debt Instrument [Line Items]
Interest rate	4.59%	4.59%	4.59%
Minimum | Mortgages and Other
Debt Instrument [Line Items]
Interest rate	3.45%	3.45%	3.45%
Minimum | Term Loans
Debt Instrument [Line Items]
Interest rate	2.06%	2.06%	2.06%
Grocery Retail Partners I
Debt Instrument [Line Items]
Debt contributed to joint venture			$ 175,000

Debt Obligations Debt Allocatio

Debt Obligations Debt Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Long-term Debt, by Type Alternative [Abstract]
Fixed-rate debt	$ 2,216,669	$ 1,608,217
Variable-rate debt	244,769	209,569
Total	2,461,438	1,817,786
Unsecured debt	1,931,769	1,202,476
Secured debt	$ 529,669	$ 615,310

Debt Obligations Maturities of

Debt Obligations Maturities of Long Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
2019	$ 9,523
2020	180,909
2021	286,047
2022	436,903
2023	379,570
Thereafter	1,168,486
Total	2,461,438	$ 1,817,786
Secured Debt
Debt Instrument [Line Items]
2019	9,523
2020	9,999
2021	87,688
2022	61,903
2023	79,570
Thereafter	280,986
Total	529,669
Revolving Credit Facility
Debt Instrument [Line Items]
2019	0
2020	0
2021	73,359
2022	0
2023	0
Thereafter	0
Total	73,359	61,569
Term Loans
Debt Instrument [Line Items]
2019	0
2020	170,910
2021	125,000
2022	375,000
2023	300,000
Thereafter	887,500
Total	$ 1,858,410	$ 1,140,000

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)Debt_Instrument	Dec. 31, 2017USD ($)Debt_Instrument	Dec. 31, 2016USD ($)	Nov. 16, 2018USD ($)Debt_Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Assets Needed for Immediate Settlement, Aggregate Fair Value	$ 3,600
Amount of (loss) gain recognized in OCI on derivatives	(895)	$ 2,770	$ 6,979
Amount of (gain) loss reclassified from AOCI into interest expense	(3,261)	$ 1,810	$ 3,586
Interest rate derivative liabilities, at fair value	3,600
Interest Rate Swap | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) reclassification from AOCI to income, estimated net amount to be transferred	$ 6,200
Count | Debt_Instrument	12	6		1
Notional amount	$ 1,687,000	$ 992,000		$ 125,000
Minimum | Interest Rate Swap | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Fixed LIBOR	0.70%	1.20%
Maximum | Interest Rate Swap | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Fixed LIBOR	2.90%	1.50%
REIT II | Interest Rate Swap | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Count | Debt_Instrument				5
Notional amount				$ 570,000
Interest Rate Fair Value Hedge Asset at Fair Value				$ 14,700

Income Taxes Deferred Tax Asset

Income Taxes Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Tax Credit Carryforward [Line Items]
Net operating loss carryforward	$ 1,239	$ 667
Components of Deferred Tax Assets [Abstract]
Accrued compensation	5,338	4,264
Accrued expenses	210	12
Net operating loss (NOL) carryforward	1,239	667
Other	566	106
Gross deferred tax assets	7,353	5,049
Valuation allowance	(3,822)	(3,277)
Total deferred tax asset	3,531	1,772
Components of Deferred Tax Liabilities [Abstract]
Depreciation and amortization	(3,292)	(1,638)
Prepaid expenses	(239)	(134)
Total deferred tax liabilities	(3,531)	(1,772)
Net deferred tax asset	0	$ 0
Federal Income Tax Authority
Tax Credit Carryforward [Line Items]
Net operating loss carryforward	5,400
Components of Deferred Tax Assets [Abstract]
Net operating loss (NOL) carryforward	5,400
Federal Income Tax Authority | Tax year 2017
Tax Credit Carryforward [Line Items]
Net operating loss carryforward	4,800
Components of Deferred Tax Assets [Abstract]
Net operating loss (NOL) carryforward	4,800
Federal Income Tax Authority | Tax year 2018
Tax Credit Carryforward [Line Items]
Net operating loss carryforward	600
Components of Deferred Tax Assets [Abstract]
Net operating loss (NOL) carryforward	600
State Tax Authorities
Tax Credit Carryforward [Line Items]
Net operating loss carryforward	2,200
Components of Deferred Tax Assets [Abstract]
Net operating loss (NOL) carryforward	$ 2,200

Income Taxes REIT Taxable Incom

Income Taxes REIT Taxable Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Net income (loss) attributable to stockholders	$ 65,317	$ (13,228)	$ (11,351)	$ (1,600)	$ (30,072)	$ (8,232)	$ (1,193)	$ 1,106	$ 39,138	$ (38,391)	$ 8,932
Net (income) loss from TRS									(1,171)	4,248	0
Net income (loss) attributable to REIT operations									37,967	(34,143)	8,932
Book/tax differences									33,858	72,824	24,771
REIT taxable income subject to 90% dividend requirement									$ 71,825	$ 38,681	$ 33,703

Income Taxes Composition of Tax

Income Taxes Composition of Tax Distributions (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Ordinary income	27.70%	28.60%
Non-dividend distributions	45.50%	70.90%
Capital gain distributions	26.80%	0.50%
Total	100.00%	100.00%

Commitments And Contingencies N

Commitments And Contingencies Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
Total rental expense for long-term operating leases	$ 1.3
Collateralized letters of credit outstanding related to insurance and reinsurance contracts	$ 6.7

Commitments And Contingencies M

Commitments And Contingencies Minimum Rental Commitments (Details) $ in Thousands	Dec. 31, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
2019	$ 1,450
2020	969
2021	537
2022	510
2023	352
Thereafter	391
Total	$ 4,209

Commitments And Contingencies L

Commitments And Contingencies Liability for Unpaid Losses (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Beginning balances		$ 4,883
Current year	$ 452	156
Prior years	898	948
Total incurred	1,350	1,104
Current year	81	13
Prior years	725	516
Total paid	806	529
Liability for unpaid losses as of December 31	$ 4,883	$ 5,458

Equity (Details)

Equity (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Nov. 16, 2018	May 09, 2018	Nov. 08, 2017	Nov. 07, 2017	Oct. 04, 2017
Class of Stock Disclosures [Abstract]
Common stock, voting rights			The holders of common stock are entitled to one vote per share on all matters voted on by stockholders, including election of the Board. Our charter does not provide for cumulative voting in the election of directors.
Share Price						$ 11.05	$ 11.05	$ 11	$ 10.20	$ 10.20
Stock Repurchased During Period, Shares			(4.9)
SRP, outstanding requests			2.4
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value			$ 15,400
OP units, shares outstanding	44.5	44.5	44.5	44.5
Vesting of Class B units, expense			$ 0	$ 24,037	$ 0
Issuance of partnership units for asset management services				27,647
Distributions to noncontrolling interests			(28,661)	(9,125)	(1,882)
Payments to noncontrolling interests				$ 9,600
OP units repurchased				0.4
Payments for OP units repurchased				$ 4,179
Payments for repurchase of unvested Class B units, and termination of special limited partnership interest and fee-sharing arrangements				5,400
Noncontrolling Interest
Class of Stock [Line Items]
Issuance of partnership units for asset management services				27,647
Distributions to noncontrolling interests			$ (28,661)		$ (1,882)
Payments for OP units repurchased				$ 4,179
Phillips Edison Limited Partnership
Class of Stock [Line Items]
OP units issued, shares	39.4	39.4
Business combination, post-transaction acquiree ownership percentage										19.40%
Nonconvertible Noncontrolling Interests
Class of Stock [Line Items]
Business combination, post-transaction acquiree ownership percentage			25.00%

Compensation Independent Direct

Compensation Independent Director Stock Plan (Details) - Restricted Stock Awards - shares	Dec. 31, 2018	Dec. 31, 2017
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	808,000	18,000
Amended and Restated 2010 Independent Director Stock Plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	32,000	17,654

Compensation Employee Long Term

Compensation Employee Long Term Incentive Plan (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested at December 31, 2017, Weighted Average Grant Date Fair Value	$ 10.20
Granted, Weighted Average Grant Date Fair Value	11
Vested, Weighted Average Grant Date Fair Value	10.20
Forfeitured, Weighted Average Grant Date Fair Value	10.38
Nonvested at December 31, 2018, Weighted Average Grant Date Fair Value	$ 10.60	$ 10.20
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost	$ 10.4	$ 3.4
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$ 9
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 4 months
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 15.4
Deferred Compensation Cash-based Arrangements, Liability, Current and Noncurrent	8.7
Defined contribution plan, employer 401K contribution amounts	$ 1	$ 0.2
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested at December 31, 2017	18
Granted	811
Vested	(5)
Forfeited	(16)
Nonvested at December 31, 2018	808	18
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested at December 31, 2017	0
Granted	199
Vested	0
Forfeited	0
Nonvested at December 31, 2018	199	0
Phantom Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested at December 31, 2017	2,446
Granted	0
Vested	(1,394)
Forfeited	(54)
Nonvested at December 31, 2018	998	2,446

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Numerator for basic and diluted earnings per share:
Net income (loss) attributable to stockholders - basic	$ 65,317	$ (13,228)	$ (11,351)	$ (1,600)	$ (30,072)	$ (8,232)	$ (1,193)	$ 1,106	$ 39,138	$ (38,391)	$ 8,932
Net income (loss) attributable to convertible OP units									8,136	(3,470)	111
Net income (loss) - diluted									$ 47,274	$ (41,861)	$ 9,043
Denominator:
Weighted-average shares - basic									196,602,000	183,784,000	183,876,000
Conversion of OP units									44,453,000	12,713,000	2,785,000
Effect of dilutive restricted stock awards(2)									312,000	0	4,000
Adjusted weighted-average shares - diluted									241,367,000	196,497,000	186,665,000
Earnings Per Common Share
Net income (loss) per share attributable to stockholders - basic and diluted (See Note 15)	$ 0.34	$ (0.07)	$ (0.06)	$ (0.01)	$ (0.17)	$ (0.04)	$ (0.01)	$ 0.01	$ 0.20	$ (0.21)	$ 0.05
Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share										18,000

Revenue Recognition and Relat_3

Revenue Recognition and Related Party Transactions Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Recurring fees	$ 32,926	$ 8,156	$ 0
Insurance premiums	2,073	206
REIT II
Related Party Transaction [Line Items]
Insurance premiums	367	206
PECO III
Related Party Transaction [Line Items]
Insurance premiums	0	0
Joint Ventures
Related Party Transaction [Line Items]
Insurance premiums	0	0
Other Parties
Related Party Transaction [Line Items]
Insurance premiums	1,706	0
Recurring fees
Related Party Transaction [Line Items]
Recurring fees	21,036	4,992
Recurring fees | REIT II
Related Party Transaction [Line Items]
Recurring fees	17,937	4,396
Recurring fees | PECO III
Related Party Transaction [Line Items]
Recurring fees	870	74
Recurring fees | Joint Ventures
Related Party Transaction [Line Items]
Recurring fees	1,948	335
Recurring fees | Other Parties
Related Party Transaction [Line Items]
Recurring fees	281	187
Transactional revenue and reimbursements
Related Party Transaction [Line Items]
Transactional revenue and reimbursements	9,817	2,958
Transactional revenue and reimbursements | REIT II
Related Party Transaction [Line Items]
Transactional revenue and reimbursements	6,965	1,846
Transactional revenue and reimbursements | PECO III
Related Party Transaction [Line Items]
Transactional revenue and reimbursements	1,278	679
Transactional revenue and reimbursements | Joint Ventures
Related Party Transaction [Line Items]
Transactional revenue and reimbursements	1,442	297
Transactional revenue and reimbursements | Other Parties
Related Party Transaction [Line Items]
Transactional revenue and reimbursements	132	136
Non-Affiliate
Related Party Transaction [Line Items]
Recurring fees	$ 1,700	$ 200

Revenue Recognition and Relat_4

Revenue Recognition and Related Party Transactions Related Party Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 0	$ 5,454	$ 0
Management Service
Related Party Transaction [Line Items]
Accounts Receivable, Related Parties	600	4,100
Advisory Agreement
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		20,301	26,232
Advisory Agreement | Acquisition Fees
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		1,344	2,342
Advisory Agreement | Acquisition Expenses
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		583	464
Advisory Agreement | Asset Management Fees
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		15,573	19,239
Advisory Agreement | OP Unit Distribution
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		1,373	1,866
Advisory Agreement | Class B Distribution
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		1,409	1,576
Advisory Agreement | Disposition Fees
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		19	745
Property Manager
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		22,631	24,384
Property Manager | Property Management Fees
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		8,360	9,929
Property Manager | Leasing Commissions
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		6,670	7,701
Property Manager | Construction Management Fees
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		1,367	1,127
Property Manager | Other Fees and Reimbursements
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		$ 6,234	$ 5,627
PECO III
Related Party Transaction [Line Items]
Contingent Advisor Payment Holdback	$ 4,500
PECO III | Contingent Advisor Payment
Related Party Transaction [Line Items]
Related party transaction, rate	2.15%
Private Placement | PECO III
Related Party Transaction [Line Items]
Organization and offering costs charged by Advisor and Sub-advisor	$ 2,300
Public Offering | PECO III
Related Party Transaction [Line Items]
Organization and offering costs charged by Advisor and Sub-advisor	$ 2,200

Revenue Recognition and Relat_5

Revenue Recognition and Related Party Transactions Other Related Party Matters (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Due to Affiliate	$ 1,200	$ 1,400
Related Party Transaction, Expenses from Transactions with Related Party	0	5,454	$ 0
Accounts receivable – affiliates	5,125	6,102
Debt contributed to joint venture	175,000	0	$ 0
PECO III
Related Party Transaction [Line Items]
Accounts receivable – affiliates	4,500	2,000
PECO Air
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	800	$ 100
Necessity Retail Partners
Related Party Transaction [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	200,000
Guarantee Obligations Expected Exposure	$ 50,000
Subsidiaries [Member]
Related Party Transaction [Line Items]
Business combination, post-transaction acquiree ownership percentage	25.00%
Noncontrolling Interest, Ownership Percentage by Parent	75.00%
Grocery Retail Partners I
Related Party Transaction [Line Items]
Debt contributed to joint venture	$ 175,000

Operating Leases Future Minimum

Operating Leases Future Minimum Rents (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Future rentals to be received under non-cancelable operating leases:
2019	$ 372,632
2020	340,028
2021	292,887
2022	247,915
2023	196,152
2024 and thereafter	555,282
Total	$ 2,004,896
Florida | Geographic concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%
California | Geographic concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage	10.10%

Fair Value Measurements Summary

Fair Value Measurements Summary of Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value Measurement Inputs and Valuation Technique [Line Items]
Recorded value	$ 2,456,867	$ 1,823,040
Deferred financing costs	18,041	16,042
Fair Value Level 3
Fair Value Measurement Inputs and Valuation Technique [Line Items]
Fair value	$ 2,467,317	$ 1,765,151

Fair Value Measurements Fair Va

Fair Value Measurements Fair Value Measurements (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability						$ (3,600)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, High			$ 8,000
Impairment of real estate assets			$ 40,782	$ 0	$ 0
Phillips Edison Limited Partnership
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
OP units issued, shares	39.4	39.4
OP Units | Phillips Edison Limited Partnership
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
OP units issued, shares	12.5	12.5	12.5
Fair Value, Measurements, Recurring | Fair Value Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out liability	$ 38,000	$ 38,000	$ 38,000	38,000		39,500	$ 38,000
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2017			38,000
Balance at December 31, 2018	38,000	38,000	39,500	38,000
Fair Value, Measurements, Recurring | Phillips Edison Limited Partnership | Fair Value Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out liability	38,000	38,000	38,000	38,000		39,500	38,000
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2017			38,000
Change in fair value recognized in Other (Expense) Income, Net			1,500
Balance at December 31, 2018	$ 38,000	$ 38,000	$ 39,500	$ 38,000
Fair Value, Measurements, Recurring | Interest Rate Swap | Designated as Hedging Instrument | Fair Value Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets						29,708	16,496
Derivative liability						(3,633)	$ (61)
Fair Value, Measurements, Nonrecurring | Fair Value Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate assets in continuing operations						$ 71,991

Quarterly Financial Data (Una_3

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Data [Abstract]
Revenues	$ 118,121	$ 104,899	$ 104,173	$ 103,199	$ 102,765	$ 70,624	$ 69,851	$ 68,303	$ 430,392	$ 311,543	$ 257,730
Net income (loss) attributable to stockholders	$ 65,317	$ (13,228)	$ (11,351)	$ (1,600)	$ (30,072)	$ (8,232)	$ (1,193)	$ 1,106	$ 39,138	$ (38,391)	$ 8,932
Net income (loss) per share - basic and diluted	$ 0.34	$ (0.07)	$ (0.06)	$ (0.01)	$ (0.17)	$ (0.04)	$ (0.01)	$ 0.01	$ 0.20	$ (0.21)	$ 0.05

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, ft² in Thousands, $ in Thousands, shares in Millions	Mar. 12, 2019$ / sharesshares	Mar. 01, 2019USD ($)$ / shares	Feb. 14, 2019USD ($)ft²	Feb. 01, 2019USD ($)$ / shares	Jan. 19, 2019USD ($)ft²	Jan. 02, 2019USD ($)$ / shares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / shares	Dec. 31, 2016USD ($)$ / shares
Subsequent Event [Line Items]
Business Combination Contingent Consideration Arrangements Range Of Outcomes Units Low | shares							3
Distribution rate | $ / shares							$ 0.67	$ 0.67	$ 0.67
Distributions reinvested							$ 44,071	$ 49,126	$ 58,872
Net cash distribution							80,728	74,198	$ 64,269
(Loss) gain on sale of properties							$ 16,757	$ 1,760
Business Combination Contingent Consideration Arrangements Range Of Outcomes Units High | shares							5
Business Combination, Contingent Consideration, Liability, Measurement Input | $ / shares							10.20
Subsequent Event
Subsequent Event [Line Items]
Business Combination Contingent Consideration Arrangements Range Of Outcomes Units High | shares	5
Subsequent Event | Dividend Paid
Subsequent Event [Line Items]
Gross amount of distribution paid		$ 18,018		$ 18,077		$ 18,055
Distributions reinvested		5,868		5,899		5,951
Net cash distribution		$ 12,150		$ 12,178		$ 12,104
Subsequent Event | Dividend Declared
Subsequent Event [Line Items]
Distribution rate | $ / shares	$ 0.05583344	$ 0.05583344		$ 0.05583344		$ 0.05583344
Eastland Station | Subsequent Event
Subsequent Event [Line Items]
Sale price					$ 9,300
(Loss) gain on sale of properties					$ (97)
Square footage | ft²					151
Lovejoy Village Station | Subsequent Event
Subsequent Event [Line Items]
Sale price			$ 9,125
(Loss) gain on sale of properties			$ 1,189
Square footage | ft²			85
Maximum | Subsequent Event
Subsequent Event [Line Items]
Business Combination, Contingent Consideration, Liability, Measurement Input | $ / shares	11.20
Chief Executive Officer | Subsequent Event
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | shares	1.4
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	7 years
Chief Financial Officer | Subsequent Event
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | shares	0.7
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years

Schedule III - Real Estate As_2

Schedule III - Real Estate Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 334,117
Initial cost, land and improvements	1,567,538
Initial cost, buildings and improvements	3,149,739
Costs capitalized subsequent to acquisition, carrying costs	131,206
Carrying amount, land and improvements	1,598,063
Carrying amount, buildings and improvements	3,250,420
Carrying amount, total	4,848,483	$ 3,384,971	$ 2,329,080
Accumulated depreciation	393,970	$ 314,080	$ 222,557
Federal income tax basis	4,800,000
Lakeside Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land and improvements	3,344
Initial cost, buildings and improvements	5,247
Costs capitalized subsequent to acquisition, carrying costs	371
Carrying amount, land and improvements	3,473
Carrying amount, buildings and improvements	5,489
Carrying amount, total	8,962
Accumulated depreciation	$ 2,299
Date acquired	Dec. 10, 2010
Snow View Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,104
Initial cost, buildings and improvements	6,432
Costs capitalized subsequent to acquisition, carrying costs	568
Carrying amount, land and improvements	4,305
Carrying amount, buildings and improvements	6,799
Carrying amount, total	11,104
Accumulated depreciation	$ 3,183
Date acquired	Dec. 15, 2010
St. Charles Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,090
Initial cost, buildings and improvements	4,398
Costs capitalized subsequent to acquisition, carrying costs	303
Carrying amount, land and improvements	4,169
Carrying amount, buildings and improvements	4,623
Carrying amount, total	8,792
Accumulated depreciation	$ 2,317
Date acquired	Jun. 10, 2011
Centerpoint
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,404
Initial cost, buildings and improvements	4,361
Costs capitalized subsequent to acquisition, carrying costs	1,184
Carrying amount, land and improvements	2,789
Carrying amount, buildings and improvements	5,161
Carrying amount, total	7,950
Accumulated depreciation	$ 1,930
Date acquired	Oct. 14, 2011
Southampton Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,670
Initial cost, buildings and improvements	5,176
Costs capitalized subsequent to acquisition, carrying costs	926
Carrying amount, land and improvements	2,826
Carrying amount, buildings and improvements	5,945
Carrying amount, total	8,771
Accumulated depreciation	$ 2,193
Date acquired	Oct. 14, 2011
Burwood Village Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,448
Initial cost, buildings and improvements	10,167
Costs capitalized subsequent to acquisition, carrying costs	421
Carrying amount, land and improvements	5,605
Carrying amount, buildings and improvements	10,431
Carrying amount, total	16,036
Accumulated depreciation	$ 4,073
Date acquired	Nov. 9, 2011
Cureton Town Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,569
Initial cost, buildings and improvements	6,197
Costs capitalized subsequent to acquisition, carrying costs	2,592
Carrying amount, land and improvements	5,916
Carrying amount, buildings and improvements	9,442
Carrying amount, total	15,358
Accumulated depreciation	$ 3,156
Date acquired	Dec. 29, 2011
Tramway Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,016
Initial cost, buildings and improvements	3,071
Costs capitalized subsequent to acquisition, carrying costs	652
Carrying amount, land and improvements	2,314
Carrying amount, buildings and improvements	3,425
Carrying amount, total	5,739
Accumulated depreciation	$ 1,554
Date acquired	Feb. 23, 2012
Westin Centre
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,190
Initial cost, buildings and improvements	3,499
Costs capitalized subsequent to acquisition, carrying costs	555
Carrying amount, land and improvements	2,438
Carrying amount, buildings and improvements	3,806
Carrying amount, total	6,244
Accumulated depreciation	$ 1,643
Date acquired	Feb. 23, 2012
Village At Glynn Place
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,202
Initial cost, buildings and improvements	6,095
Costs capitalized subsequent to acquisition, carrying costs	392
Carrying amount, land and improvements	5,270
Carrying amount, buildings and improvements	6,419
Carrying amount, total	11,689
Accumulated depreciation	$ 3,244
Date acquired	Apr. 27, 2012
Meadowthorpe Manor Shoppes
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,093
Initial cost, buildings and improvements	4,185
Costs capitalized subsequent to acquisition, carrying costs	523
Carrying amount, land and improvements	4,411
Carrying amount, buildings and improvements	4,390
Carrying amount, total	8,801
Accumulated depreciation	$ 1,921
Date acquired	May 9, 2012
New Windsor Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,867
Initial cost, buildings and improvements	1,330
Costs capitalized subsequent to acquisition, carrying costs	464
Carrying amount, land and improvements	4,053
Carrying amount, buildings and improvements	1,607
Carrying amount, total	5,660
Accumulated depreciation	$ 981
Date acquired	May 9, 2012
Broadway Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,105
Initial cost, buildings and improvements	8,018
Costs capitalized subsequent to acquisition, carrying costs	1,475
Carrying amount, land and improvements	6,174
Carrying amount, buildings and improvements	9,425
Carrying amount, total	15,599
Accumulated depreciation	$ 3,107
Date acquired	Jul. 5, 2012
Baker Hill Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,429
Initial cost, buildings and improvements	3,802
Costs capitalized subsequent to acquisition, carrying costs	1,289
Carrying amount, land and improvements	2,028
Carrying amount, buildings and improvements	4,491
Carrying amount, total	6,519
Accumulated depreciation	$ 2,101
Date acquired	Aug. 2, 2012
New Prague Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,015
Initial cost, land and improvements	4,979
Initial cost, buildings and improvements	7,169
Costs capitalized subsequent to acquisition, carrying costs	1,207
Carrying amount, land and improvements	5,607
Carrying amount, buildings and improvements	7,748
Carrying amount, total	13,355
Accumulated depreciation	$ 3,038
Date acquired	Aug. 13, 2012
Quartz Hill Towne Centre
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,068
Initial cost, buildings and improvements	13,738
Costs capitalized subsequent to acquisition, carrying costs	3,937
Carrying amount, land and improvements	7,725
Carrying amount, buildings and improvements	17,017
Carrying amount, total	24,742
Accumulated depreciation	$ 4,644
Date acquired	Sep. 6, 2012
Village One Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,248
Initial cost, buildings and improvements	6,604
Costs capitalized subsequent to acquisition, carrying costs	154
Carrying amount, land and improvements	3,367
Carrying amount, buildings and improvements	6,639
Carrying amount, total	10,006
Accumulated depreciation	$ 2,214
Date acquired	Oct. 12, 2012
Hilfiker Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,545
Initial cost, buildings and improvements	7,594
Costs capitalized subsequent to acquisition, carrying costs	741
Carrying amount, land and improvements	2,789
Carrying amount, buildings and improvements	8,091
Carrying amount, total	10,880
Accumulated depreciation	$ 2,747
Date acquired	Oct. 23, 2012
Butler Creek
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,062
Initial cost, buildings and improvements	4,082
Costs capitalized subsequent to acquisition, carrying costs	192
Carrying amount, land and improvements	4,126
Carrying amount, buildings and improvements	4,210
Carrying amount, total	8,336
Accumulated depreciation	$ 1,674
Date acquired	Dec. 17, 2012
Fairview Oaks
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,352
Initial cost, buildings and improvements	13,529
Costs capitalized subsequent to acquisition, carrying costs	561
Carrying amount, land and improvements	6,616
Carrying amount, buildings and improvements	13,826
Carrying amount, total	20,442
Accumulated depreciation	$ 3,936
Date acquired	Dec. 27, 2012
Grassland Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,455
Initial cost, buildings and improvements	4,750
Costs capitalized subsequent to acquisition, carrying costs	66
Carrying amount, land and improvements	2,511
Carrying amount, buildings and improvements	4,761
Carrying amount, total	7,272
Accumulated depreciation	$ 1,309
Date acquired	Dec. 28, 2012
Hamilton Ridge
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,166
Initial cost, buildings and improvements	18,752
Costs capitalized subsequent to acquisition, carrying costs	546
Carrying amount, land and improvements	5,247
Carrying amount, buildings and improvements	19,218
Carrying amount, total	24,465
Accumulated depreciation	$ 4,708
Date acquired	Dec. 28, 2012
Mableton Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,925
Initial cost, buildings and improvements	6,107
Costs capitalized subsequent to acquisition, carrying costs	1,027
Carrying amount, land and improvements	4,251
Carrying amount, buildings and improvements	6,807
Carrying amount, total	11,058
Accumulated depreciation	$ 2,215
Date acquired	Jan. 15, 2013
Shops at Westridge
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,563
Initial cost, buildings and improvements	5,266
Costs capitalized subsequent to acquisition, carrying costs	897
Carrying amount, land and improvements	4,070
Carrying amount, buildings and improvements	5,656
Carrying amount, total	9,726
Accumulated depreciation	$ 1,763
Date acquired	Jan. 15, 2013
Fairlawn Town Centre
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,680
Initial cost, buildings and improvements	5,791
Costs capitalized subsequent to acquisition, carrying costs	628
Carrying amount, land and improvements	3,801
Carrying amount, buildings and improvements	6,298
Carrying amount, total	10,099
Accumulated depreciation	$ 2,103
Date acquired	Jan. 15, 2013
Macland Pointe
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,054
Initial cost, buildings and improvements	7,168
Costs capitalized subsequent to acquisition, carrying costs	581
Carrying amount, land and improvements	4,177
Carrying amount, buildings and improvements	7,625
Carrying amount, total	11,802
Accumulated depreciation	$ 2,497
Date acquired	Jan. 15, 2013
Kleinwood Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,426
Initial cost, buildings and improvements	6,413
Costs capitalized subsequent to acquisition, carrying costs	1,265
Carrying amount, land and improvements	4,917
Carrying amount, buildings and improvements	7,187
Carrying amount, total	12,104
Accumulated depreciation	$ 2,303
Date acquired	Jan. 15, 2013
Murray Landing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,788
Initial cost, buildings and improvements	3,901
Costs capitalized subsequent to acquisition, carrying costs	498
Carrying amount, land and improvements	2,807
Carrying amount, buildings and improvements	4,380
Carrying amount, total	7,187
Accumulated depreciation	$ 1,513
Date acquired	Jan. 15, 2013
Vineyard Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	10,398
Initial cost, buildings and improvements	29,005
Costs capitalized subsequent to acquisition, carrying costs	2,729
Carrying amount, land and improvements	11,528
Carrying amount, buildings and improvements	30,603
Carrying amount, total	42,131
Accumulated depreciation	$ 9,998
Date acquired	Jan. 30, 2013
Lutz Lake Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,493
Initial cost, buildings and improvements	5,364
Costs capitalized subsequent to acquisition, carrying costs	770
Carrying amount, land and improvements	3,720
Carrying amount, buildings and improvements	5,906
Carrying amount, total	9,626
Accumulated depreciation	$ 2,015
Date acquired	Feb. 13, 2013
Publix at Seven Hills
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,927
Initial cost, buildings and improvements	6,856
Costs capitalized subsequent to acquisition, carrying costs	1,421
Carrying amount, land and improvements	3,191
Carrying amount, buildings and improvements	8,012
Carrying amount, total	11,203
Accumulated depreciation	$ 2,120
Date acquired	Mar. 21, 2013
Vineyard Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,761
Initial cost, buildings and improvements	4,175
Costs capitalized subsequent to acquisition, carrying costs	384
Carrying amount, land and improvements	2,889
Carrying amount, buildings and improvements	4,432
Carrying amount, total	7,321
Accumulated depreciation	$ 1,363
Date acquired	Mar. 21, 2013
Hartville Centre
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,428
Initial cost, land and improvements	1,753
Initial cost, buildings and improvements	6,406
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	1,753
Carrying amount, buildings and improvements	6,406
Carrying amount, total	8,159
Accumulated depreciation	$ 36
Date acquired	Nov. 16, 2018
Ocean Breeze [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,416
Initial cost, buildings and improvements	9,986
Costs capitalized subsequent to acquisition, carrying costs	27
Carrying amount, land and improvements	6,416
Carrying amount, buildings and improvements	10,012
Carrying amount, total	16,428
Accumulated depreciation	$ 68
Date acquired	Nov. 16, 2018
Central Valley Market Place [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,163
Initial cost, buildings and improvements	17,535
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	6,163
Carrying amount, buildings and improvements	17,535
Carrying amount, total	23,698
Accumulated depreciation	$ 98
Date acquired	Nov. 16, 2018
51st and Olive [Member] [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,236
Initial cost, buildings and improvements	9,038
Costs capitalized subsequent to acquisition, carrying costs	4
Carrying amount, land and improvements	2,236
Carrying amount, buildings and improvements	9,042
Carrying amount, total	11,278
Accumulated depreciation	$ 58
Date acquired	Nov. 16, 2018
West Acres Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,866
Initial cost, buildings and improvements	5,627
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	4,866
Carrying amount, buildings and improvements	5,627
Carrying amount, total	10,493
Accumulated depreciation	$ 60
Date acquired	Nov. 16, 2018
Meadows on the Parkway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	23,954
Initial cost, buildings and improvements	32,744
Costs capitalized subsequent to acquisition, carrying costs	15
Carrying amount, land and improvements	23,954
Carrying amount, buildings and improvements	32,759
Carrying amount, total	56,713
Accumulated depreciation	$ 181
Date acquired	Nov. 16, 2018
Wyandotte Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,204
Initial cost, buildings and improvements	17,566
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	5,204
Carrying amount, buildings and improvements	17,566
Carrying amount, total	22,770
Accumulated depreciation	$ 102
Date acquired	Nov. 16, 2018
Broadlands Marketplace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,434
Initial cost, buildings and improvements	9,459
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	7,434
Carrying amount, buildings and improvements	9,459
Carrying amount, total	16,893
Accumulated depreciation	$ 66
Date acquired	Nov. 16, 2018
Village Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,051
Initial cost, buildings and improvements	26,473
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	6,051
Carrying amount, buildings and improvements	26,473
Carrying amount, total	32,524
Accumulated depreciation	$ 171
Date acquired	Nov. 16, 2018
Shoregate Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,152
Initial cost, buildings and improvements	16,282
Costs capitalized subsequent to acquisition, carrying costs	94
Carrying amount, land and improvements	7,152
Carrying amount, buildings and improvements	16,376
Carrying amount, total	23,528
Accumulated depreciation	$ 191
Date acquired	Nov. 16, 2018
Plano Market Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	14,837
Initial cost, buildings and improvements	33,178
Costs capitalized subsequent to acquisition, carrying costs	68
Carrying amount, land and improvements	14,837
Carrying amount, buildings and improvements	33,246
Carrying amount, total	48,083
Accumulated depreciation	$ 175
Date acquired	Nov. 16, 2018
Island Walk Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	8,190
Initial cost, buildings and improvements	19,992
Costs capitalized subsequent to acquisition, carrying costs	1
Carrying amount, land and improvements	8,190
Carrying amount, buildings and improvements	19,992
Carrying amount, total	28,182
Accumulated depreciation	$ 135
Date acquired	Nov. 16, 2018
Normandale Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 12,150
Initial cost, land and improvements	8,390
Initial cost, buildings and improvements	11,407
Costs capitalized subsequent to acquisition, carrying costs	16
Carrying amount, land and improvements	8,390
Carrying amount, buildings and improvements	11,423
Carrying amount, total	19,813
Accumulated depreciation	$ 110
Date acquired	Nov. 16, 2018
North Pointe Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	10,232
Initial cost, buildings and improvements	26,348
Costs capitalized subsequent to acquisition, carrying costs	1
Carrying amount, land and improvements	10,232
Carrying amount, buildings and improvements	26,349
Carrying amount, total	36,581
Accumulated depreciation	$ 197
Date acquired	Nov. 16, 2018
Carriagetown Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,084
Initial cost, buildings and improvements	15,492
Costs capitalized subsequent to acquisition, carrying costs	69
Carrying amount, land and improvements	7,115
Carrying amount, buildings and improvements	15,530
Carrying amount, total	22,645
Accumulated depreciation	$ 103
Date acquired	Nov. 16, 2018
Crossroads of Shakopee [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	8,869
Initial cost, buildings and improvements	20,320
Costs capitalized subsequent to acquisition, carrying costs	13
Carrying amount, land and improvements	8,869
Carrying amount, buildings and improvements	20,332
Carrying amount, total	29,201
Accumulated depreciation	$ 145
Date acquired	Nov. 16, 2018
Broadway Pavilion Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	8,512
Initial cost, buildings and improvements	20,427
Costs capitalized subsequent to acquisition, carrying costs	2
Carrying amount, land and improvements	8,512
Carrying amount, buildings and improvements	20,429
Carrying amount, total	28,941
Accumulated depreciation	$ 125
Date acquired	Nov. 16, 2018
Sanibel Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,918
Initial cost, buildings and improvements	7,043
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	3,918
Carrying amount, buildings and improvements	7,043
Carrying amount, total	10,961
Accumulated depreciation	$ 55
Date acquired	Nov. 16, 2018
Glen Lakes Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,118
Initial cost, buildings and improvements	7,473
Costs capitalized subsequent to acquisition, carrying costs	74
Carrying amount, land and improvements	3,118
Carrying amount, buildings and improvements	7,548
Carrying amount, total	10,666
Accumulated depreciation	$ 48
Date acquired	Nov. 16, 2018
Bartow Marketplace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	11,944
Initial cost, buildings and improvements	24,610
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	11,944
Carrying amount, buildings and improvements	24,610
Carrying amount, total	36,554
Accumulated depreciation	$ 216
Date acquired	Nov. 16, 2018
Bloomingdale Hills [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,384
Initial cost, buildings and improvements	5,179
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	4,384
Carrying amount, buildings and improvements	5,179
Carrying amount, total	9,563
Accumulated depreciation	$ 49
Date acquired	Nov. 16, 2018
University Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,778
Initial cost, buildings and improvements	9,800
Costs capitalized subsequent to acquisition, carrying costs	13
Carrying amount, land and improvements	2,778
Carrying amount, buildings and improvements	9,814
Carrying amount, total	12,592
Accumulated depreciation	$ 46
Date acquired	Nov. 16, 2018
Mckinney Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,379
Initial cost, land and improvements	10,941
Initial cost, buildings and improvements	16,061
Costs capitalized subsequent to acquisition, carrying costs	553
Carrying amount, land and improvements	10,941
Carrying amount, buildings and improvements	16,614
Carrying amount, total	27,555
Accumulated depreciation	$ 109
Date acquired	Nov. 16, 2018
Montville Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 9,282
Initial cost, land and improvements	12,417
Initial cost, buildings and improvements	11,091
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	12,417
Carrying amount, buildings and improvements	11,091
Carrying amount, total	23,508
Accumulated depreciation	$ 96
Date acquired	Nov. 16, 2018
Shaw's Plaza Raynham [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,769
Initial cost, buildings and improvements	26,829
Costs capitalized subsequent to acquisition, carrying costs	15
Carrying amount, land and improvements	7,769
Carrying amount, buildings and improvements	26,843
Carrying amount, total	34,612
Accumulated depreciation	$ 176
Date acquired	Nov. 16, 2018
Suntree Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 9,374
Initial cost, land and improvements	6,335
Initial cost, buildings and improvements	15,642
Costs capitalized subsequent to acquisition, carrying costs	5
Carrying amount, land and improvements	6,335
Carrying amount, buildings and improvements	15,647
Carrying amount, total	21,982
Accumulated depreciation	$ 95
Date acquired	Nov. 16, 2018
Green Valley Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,284
Initial cost, buildings and improvements	16,879
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	7,284
Carrying amount, buildings and improvements	16,879
Carrying amount, total	24,163
Accumulated depreciation	$ 103
Date acquired	Nov. 16, 2018
Crosscreek Village Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,821
Initial cost, buildings and improvements	9,604
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	3,821
Carrying amount, buildings and improvements	9,604
Carrying amount, total	13,425
Accumulated depreciation	$ 61
Date acquired	Nov. 16, 2018
Market Walk Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	20,679
Initial cost, buildings and improvements	31,836
Costs capitalized subsequent to acquisition, carrying costs	2
Carrying amount, land and improvements	20,679
Carrying amount, buildings and improvements	31,838
Carrying amount, total	52,517
Accumulated depreciation	$ 196
Date acquired	Nov. 16, 2018
Livonia Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,118
Initial cost, buildings and improvements	17,037
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	4,118
Carrying amount, buildings and improvements	17,037
Carrying amount, total	21,155
Accumulated depreciation	$ 109
Date acquired	Nov. 16, 2018
Franklin Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,579
Initial cost, land and improvements	6,353
Initial cost, buildings and improvements	5,482
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	6,353
Carrying amount, buildings and improvements	5,482
Carrying amount, total	11,835
Accumulated depreciation	$ 85
Date acquired	Nov. 16, 2018
Plaza 23 Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	11,412
Initial cost, buildings and improvements	40,144
Costs capitalized subsequent to acquisition, carrying costs	160
Carrying amount, land and improvements	11,424
Carrying amount, buildings and improvements	40,292
Carrying amount, total	51,716
Accumulated depreciation	$ 216
Date acquired	Nov. 16, 2018
Shorewood Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	9,497
Initial cost, buildings and improvements	20,993
Costs capitalized subsequent to acquisition, carrying costs	3
Carrying amount, land and improvements	9,497
Carrying amount, buildings and improvements	20,996
Carrying amount, total	30,493
Accumulated depreciation	$ 133
Date acquired	Nov. 16, 2018
Herndon Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,148
Initial cost, buildings and improvements	10,071
Costs capitalized subsequent to acquisition, carrying costs	13
Carrying amount, land and improvements	7,148
Carrying amount, buildings and improvements	10,084
Carrying amount, total	17,232
Accumulated depreciation	$ 83
Date acquired	Nov. 16, 2018
Windmill Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,775
Initial cost, buildings and improvements	7,299
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	2,775
Carrying amount, buildings and improvements	7,299
Carrying amount, total	10,074
Accumulated depreciation	$ 40
Date acquired	Nov. 16, 2018
Riverlakes Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 13,827
Initial cost, land and improvements	8,567
Initial cost, buildings and improvements	15,242
Costs capitalized subsequent to acquisition, carrying costs	57
Carrying amount, land and improvements	8,567
Carrying amount, buildings and improvements	15,299
Carrying amount, total	23,866
Accumulated depreciation	$ 89
Date acquired	Nov. 16, 2018
Bells Fork Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,846
Initial cost, buildings and improvements	6,455
Costs capitalized subsequent to acquisition, carrying costs	18
Carrying amount, land and improvements	2,846
Carrying amount, buildings and improvements	6,473
Carrying amount, total	9,319
Accumulated depreciation	$ 39
Date acquired	Nov. 16, 2018
Evans Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,018
Initial cost, buildings and improvements	7,013
Costs capitalized subsequent to acquisition, carrying costs	7
Carrying amount, land and improvements	4,018
Carrying amount, buildings and improvements	7,020
Carrying amount, total	11,038
Accumulated depreciation	$ 53
Date acquired	Nov. 16, 2018
Mansfield Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,672
Initial cost, buildings and improvements	13,154
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	4,672
Carrying amount, buildings and improvements	13,154
Carrying amount, total	17,826
Accumulated depreciation	$ 73
Date acquired	Nov. 16, 2018
Ormond Beach Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,954
Initial cost, buildings and improvements	7,006
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	4,954
Carrying amount, buildings and improvements	7,006
Carrying amount, total	11,960
Accumulated depreciation	$ 56
Date acquired	Nov. 16, 2018
Heritage Plaza Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 9,510
Initial cost, land and improvements	6,205
Initial cost, buildings and improvements	16,507
Costs capitalized subsequent to acquisition, carrying costs	11
Carrying amount, land and improvements	6,205
Carrying amount, buildings and improvements	16,518
Carrying amount, total	22,723
Accumulated depreciation	$ 100
Date acquired	Nov. 16, 2018
Mountain Crossing [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,312
Initial cost, land and improvements	6,602
Initial cost, buildings and improvements	6,835
Costs capitalized subsequent to acquisition, carrying costs	1
Carrying amount, land and improvements	6,618
Carrying amount, buildings and improvements	6,820
Carrying amount, total	13,438
Accumulated depreciation	$ 51
Date acquired	Nov. 16, 2018
Seville Commons [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,689
Initial cost, buildings and improvements	12,602
Costs capitalized subsequent to acquisition, carrying costs	9
Carrying amount, land and improvements	4,689
Carrying amount, buildings and improvements	12,611
Carrying amount, total	17,300
Accumulated depreciation	$ 76
Date acquired	Nov. 16, 2018
Loganville Town Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,922
Initial cost, buildings and improvements	6,625
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	4,922
Carrying amount, buildings and improvements	6,625
Carrying amount, total	11,547
Accumulated depreciation	$ 53
Date acquired	Nov. 16, 2018
Cinco Ranch at Market Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,553
Initial cost, buildings and improvements	14,053
Costs capitalized subsequent to acquisition, carrying costs	6
Carrying amount, land and improvements	5,553
Carrying amount, buildings and improvements	14,059
Carrying amount, total	19,612
Accumulated depreciation	$ 52
Date acquired	Dec. 12, 2018
Northlake [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,490
Initial cost, land and improvements	2,327
Initial cost, buildings and improvements	11,806
Costs capitalized subsequent to acquisition, carrying costs	228
Carrying amount, land and improvements	2,367
Carrying amount, buildings and improvements	11,995
Carrying amount, total	14,362
Accumulated depreciation	$ 671
Date acquired	Oct. 4, 2017
Palmer Town Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,331
Initial cost, buildings and improvements	23,525
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	7,331
Carrying amount, buildings and improvements	23,525
Carrying amount, total	30,856
Accumulated depreciation	$ 139
Date acquired	Nov. 16, 2018
Alico Commons [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,670
Initial cost, buildings and improvements	16,557
Costs capitalized subsequent to acquisition, carrying costs	3
Carrying amount, land and improvements	4,670
Carrying amount, buildings and improvements	16,560
Carrying amount, total	21,230
Accumulated depreciation	$ 93
Date acquired	Nov. 16, 2018
Windover Square [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,115
Initial cost, buildings and improvements	13,309
Costs capitalized subsequent to acquisition, carrying costs	8
Carrying amount, land and improvements	4,115
Carrying amount, buildings and improvements	13,317
Carrying amount, total	17,432
Accumulated depreciation	$ 76
Date acquired	Nov. 16, 2018
Rockledge Square [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,477
Initial cost, buildings and improvements	4,469
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	3,477
Carrying amount, buildings and improvements	4,469
Carrying amount, total	7,946
Accumulated depreciation	$ 53
Date acquired	Nov. 16, 2018
Port St. John Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,305
Initial cost, buildings and improvements	5,636
Costs capitalized subsequent to acquisition, carrying costs	24
Carrying amount, land and improvements	3,305
Carrying amount, buildings and improvements	5,660
Carrying amount, total	8,965
Accumulated depreciation	$ 52
Date acquired	Nov. 16, 2018
Fairfield Commons [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	8,802
Initial cost, buildings and improvements	29,946
Costs capitalized subsequent to acquisition, carrying costs	13
Carrying amount, land and improvements	8,802
Carrying amount, buildings and improvements	29,959
Carrying amount, total	38,761
Accumulated depreciation	$ 158
Date acquired	Nov. 16, 2018
Cocoa Commons [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,838
Initial cost, buildings and improvements	8,247
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	4,838
Carrying amount, buildings and improvements	8,247
Carrying amount, total	13,085
Accumulated depreciation	$ 73
Date acquired	Nov. 16, 2018
Hamilton Mill Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,059
Initial cost, buildings and improvements	9,678
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	7,059
Carrying amount, buildings and improvements	9,678
Carrying amount, total	16,737
Accumulated depreciation	$ 69
Date acquired	Nov. 16, 2018
Amherst Marketplace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,297
Initial cost, buildings and improvements	6,946
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	4,297
Carrying amount, buildings and improvements	6,946
Carrying amount, total	11,243
Accumulated depreciation	$ 58
Date acquired	Nov. 16, 2018
Sheffield Crossing [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	8,841
Initial cost, buildings and improvements	10,232
Costs capitalized subsequent to acquisition, carrying costs	8
Carrying amount, land and improvements	8,841
Carrying amount, buildings and improvements	10,240
Carrying amount, total	19,081
Accumulated depreciation	$ 82
Date acquired	Nov. 16, 2018
Shoppes at Windmill Place [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	8,186
Initial cost, buildings and improvements	16,005
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	8,186
Carrying amount, buildings and improvements	16,005
Carrying amount, total	24,191
Accumulated depreciation	$ 108
Date acquired	Nov. 16, 2018
Stone Gate Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,478
Initial cost, land and improvements	5,261
Initial cost, buildings and improvements	7,007
Costs capitalized subsequent to acquisition, carrying costs	16
Carrying amount, land and improvements	5,261
Carrying amount, buildings and improvements	7,023
Carrying amount, total	12,284
Accumulated depreciation	$ 46
Date acquired	Nov. 16, 2018
Everybody's Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,520
Initial cost, buildings and improvements	10,096
Costs capitalized subsequent to acquisition, carrying costs	250
Carrying amount, land and improvements	2,520
Carrying amount, buildings and improvements	10,346
Carrying amount, total	12,866
Accumulated depreciation	$ 56
Date acquired	Nov. 16, 2018
Lakewood City Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,593
Initial cost, buildings and improvements	10,308
Costs capitalized subsequent to acquisition, carrying costs	8
Carrying amount, land and improvements	1,593
Carrying amount, buildings and improvements	10,316
Carrying amount, total	11,909
Accumulated depreciation	$ 54
Date acquired	Nov. 16, 2018
Sunset Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	11,478
Initial cost, buildings and improvements	18,954
Costs capitalized subsequent to acquisition, carrying costs	858
Carrying amount, land and improvements	11,610
Carrying amount, buildings and improvements	19,680
Carrying amount, total	31,290
Accumulated depreciation	$ 5,808
Date acquired	Mar. 21, 2013
Savage Town Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,636
Initial cost, buildings and improvements	6,600
Costs capitalized subsequent to acquisition, carrying costs	438
Carrying amount, land and improvements	2,870
Carrying amount, buildings and improvements	6,804
Carrying amount, total	9,674
Accumulated depreciation	$ 1,741
Date acquired	Apr. 4, 2013
Northcross
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,126
Initial cost, buildings and improvements	5,642
Costs capitalized subsequent to acquisition, carrying costs	658
Carrying amount, land and improvements	2,409
Carrying amount, buildings and improvements	6,017
Carrying amount, total	8,426
Accumulated depreciation	$ 1,620
Date acquired	Apr. 4, 2013
Glenwood Crossings
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,069
Initial cost, buildings and improvements	3,691
Costs capitalized subsequent to acquisition, carrying costs	1,382
Carrying amount, land and improvements	2,383
Carrying amount, buildings and improvements	4,760
Carrying amount, total	7,143
Accumulated depreciation	$ 1,462
Date acquired	Apr. 23, 2013
Shiloh Square Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,933
Initial cost, buildings and improvements	14,925
Costs capitalized subsequent to acquisition, carrying costs	663
Carrying amount, land and improvements	8,008
Carrying amount, buildings and improvements	15,512
Carrying amount, total	23,520
Accumulated depreciation	$ 4,116
Date acquired	May 31, 2013
Pavilions at San Mateo
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,106
Initial cost, buildings and improvements	9,409
Costs capitalized subsequent to acquisition, carrying costs	228
Carrying amount, land and improvements	4,232
Carrying amount, buildings and improvements	9,511
Carrying amount, total	13,743
Accumulated depreciation	$ 2,633
Date acquired	Jun. 19, 2013
Boronda Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	30,724
Initial cost, buildings and improvements	25,627
Costs capitalized subsequent to acquisition, carrying costs	949
Carrying amount, land and improvements	31,010
Carrying amount, buildings and improvements	26,290
Carrying amount, total	57,300
Accumulated depreciation	$ 6,889
Date acquired	Jun. 24, 2013
Glenwood Crossings [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,872
Initial cost, buildings and improvements	9,914
Costs capitalized subsequent to acquisition, carrying costs	615
Carrying amount, land and improvements	2,111
Carrying amount, buildings and improvements	10,290
Carrying amount, total	12,401
Accumulated depreciation	$ 2,350
Date acquired	Jun. 27, 2013
Westwoods Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,581
Initial cost, buildings and improvements	3,922
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	4,581
Carrying amount, buildings and improvements	3,922
Carrying amount, total	8,503
Accumulated depreciation	$ 43
Date acquired	Nov. 16, 2018
Rosewick Crossing [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	8,252
Initial cost, buildings and improvements	23,507
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	8,252
Carrying amount, buildings and improvements	23,507
Carrying amount, total	31,759
Accumulated depreciation	$ 134
Date acquired	Nov. 16, 2018
Alameda Crossing Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 13,403
Initial cost, land and improvements	6,692
Initial cost, buildings and improvements	19,046
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	6,692
Carrying amount, buildings and improvements	19,046
Carrying amount, total	25,738
Accumulated depreciation	$ 123
Date acquired	Nov. 16, 2018
Paradise Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,470
Initial cost, buildings and improvements	18,726
Costs capitalized subsequent to acquisition, carrying costs	755
Carrying amount, land and improvements	6,679
Carrying amount, buildings and improvements	19,272
Carrying amount, total	25,951
Accumulated depreciation	$ 4,731
Date acquired	Jun. 27, 2013
Contra Loma Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,685
Initial cost, buildings and improvements	8,729
Costs capitalized subsequent to acquisition, carrying costs	1,103
Carrying amount, land and improvements	4,813
Carrying amount, buildings and improvements	9,703
Carrying amount, total	14,516
Accumulated depreciation	$ 2,519
Date acquired	Jun. 27, 2013
South Oaks Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	9,027
Initial cost, buildings and improvements	11,870
Costs capitalized subsequent to acquisition, carrying costs	560
Carrying amount, land and improvements	9,144
Carrying amount, buildings and improvements	12,313
Carrying amount, total	21,457
Accumulated depreciation	$ 3,008
Date acquired	Jul. 3, 2013
Yorktown Centre
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,706
Initial cost, buildings and improvements	11,115
Costs capitalized subsequent to acquisition, carrying costs	555
Carrying amount, land and improvements	4,098
Carrying amount, buildings and improvements	11,277
Carrying amount, total	15,375
Accumulated depreciation	$ 2,824
Date acquired	Aug. 8, 2013
Dyer Town Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,204
Initial cost, buildings and improvements	6,064
Costs capitalized subsequent to acquisition, carrying costs	624
Carrying amount, land and improvements	2,372
Carrying amount, buildings and improvements	6,520
Carrying amount, total	8,892
Accumulated depreciation	$ 1,667
Date acquired	Aug. 13, 2013
East Burnside Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,243
Initial cost, buildings and improvements	3,926
Costs capitalized subsequent to acquisition, carrying costs	1,566
Carrying amount, land and improvements	3,838
Carrying amount, buildings and improvements	4,897
Carrying amount, total	8,735
Accumulated depreciation	$ 1,131
Date acquired	Aug. 19, 2013
Red Maple Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,938
Initial cost, buildings and improvements	6,634
Costs capitalized subsequent to acquisition, carrying costs	428
Carrying amount, land and improvements	2,085
Carrying amount, buildings and improvements	6,915
Carrying amount, total	9,000
Accumulated depreciation	$ 1,654
Date acquired	Aug. 21, 2013
Crystal Beach Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,736
Initial cost, buildings and improvements	15,396
Costs capitalized subsequent to acquisition, carrying costs	1,421
Carrying amount, land and improvements	4,020
Carrying amount, buildings and improvements	16,532
Carrying amount, total	20,552
Accumulated depreciation	$ 4,716
Date acquired	Aug. 30, 2013
Duck Creek Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 9,564
Initial cost, land and improvements	6,017
Initial cost, buildings and improvements	10,214
Costs capitalized subsequent to acquisition, carrying costs	446
Carrying amount, land and improvements	6,188
Carrying amount, buildings and improvements	10,488
Carrying amount, total	16,676
Accumulated depreciation	$ 2,709
Date acquired	Sep. 4, 2013
Cahill Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,484
Initial cost, buildings and improvements	5,422
Costs capitalized subsequent to acquisition, carrying costs	116
Carrying amount, land and improvements	2,554
Carrying amount, buildings and improvements	5,468
Carrying amount, total	8,022
Accumulated depreciation	$ 1,092
Date acquired	Sep. 12, 2013
Pioneer Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	9,250
Initial cost, buildings and improvements	19,466
Costs capitalized subsequent to acquisition, carrying costs	343
Carrying amount, land and improvements	9,392
Carrying amount, buildings and improvements	19,668
Carrying amount, total	29,060
Accumulated depreciation	$ 4,026
Date acquired	Sep. 18, 2013
Fresh Market Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,334
Initial cost, buildings and improvements	7,918
Costs capitalized subsequent to acquisition, carrying costs	424
Carrying amount, land and improvements	2,400
Carrying amount, buildings and improvements	8,276
Carrying amount, total	10,676
Accumulated depreciation	$ 1,946
Date acquired	Sep. 25, 2013
Courthouse Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	770
Initial cost, buildings and improvements	2,530
Costs capitalized subsequent to acquisition, carrying costs	278
Carrying amount, land and improvements	982
Carrying amount, buildings and improvements	2,597
Carrying amount, total	3,579
Accumulated depreciation	$ 723
Date acquired	Oct. 2, 2013
Hastings Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,612
Initial cost, buildings and improvements	13,007
Costs capitalized subsequent to acquisition, carrying costs	1,229
Carrying amount, land and improvements	5,144
Carrying amount, buildings and improvements	13,703
Carrying amount, total	18,847
Accumulated depreciation	$ 3,219
Date acquired	Oct. 8, 2013
Coquina Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,587
Initial cost, buildings and improvements	5,114
Costs capitalized subsequent to acquisition, carrying costs	634
Carrying amount, land and improvements	2,945
Carrying amount, buildings and improvements	5,389
Carrying amount, total	8,334
Accumulated depreciation	$ 1,374
Date acquired	Oct. 9, 2013
Shoppes of Paradise Lakes
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,948
Initial cost, buildings and improvements	5,679
Costs capitalized subsequent to acquisition, carrying costs	556
Carrying amount, land and improvements	5,117
Carrying amount, buildings and improvements	6,066
Carrying amount, total	11,183
Accumulated depreciation	$ 1,573
Date acquired	Oct. 18, 2013
Collington Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,460
Initial cost, buildings and improvements	17,772
Costs capitalized subsequent to acquisition, carrying costs	1,529
Carrying amount, land and improvements	5,100
Carrying amount, buildings and improvements	18,660
Carrying amount, total	23,760
Accumulated depreciation	$ 2,999
Date acquired	Oct. 22, 2013
Golden Town Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,130
Initial cost, buildings and improvements	8,061
Costs capitalized subsequent to acquisition, carrying costs	884
Carrying amount, land and improvements	6,366
Carrying amount, buildings and improvements	8,709
Carrying amount, total	15,075
Accumulated depreciation	$ 2,111
Date acquired	Oct. 25, 2013
Northstar Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,980
Initial cost, buildings and improvements	10,045
Costs capitalized subsequent to acquisition, carrying costs	386
Carrying amount, land and improvements	4,218
Carrying amount, buildings and improvements	10,193
Carrying amount, total	14,411
Accumulated depreciation	$ 2,503
Date acquired	Nov. 6, 2013
Bear Creek Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,347
Initial cost, land and improvements	5,805
Initial cost, buildings and improvements	6,011
Costs capitalized subsequent to acquisition, carrying costs	445
Carrying amount, land and improvements	6,027
Carrying amount, buildings and improvements	6,235
Carrying amount, total	12,262
Accumulated depreciation	$ 1,737
Date acquired	Nov. 7, 2013
East Side Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,547
Initial cost, land and improvements	9,458
Initial cost, buildings and improvements	11,770
Costs capitalized subsequent to acquisition, carrying costs	508
Carrying amount, land and improvements	9,512
Carrying amount, buildings and improvements	12,224
Carrying amount, total	21,736
Accumulated depreciation	$ 2,798
Date acquired	Nov. 7, 2013
Southern Hills Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	12,207
Initial cost, buildings and improvements	15,142
Costs capitalized subsequent to acquisition, carrying costs	545
Carrying amount, land and improvements	12,384
Carrying amount, buildings and improvements	15,510
Carrying amount, total	27,894
Accumulated depreciation	$ 3,433
Date acquired	Nov. 21, 2013
Town & Country Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,065
Initial cost, buildings and improvements	10,113
Costs capitalized subsequent to acquisition, carrying costs	1,481
Carrying amount, land and improvements	7,422
Carrying amount, buildings and improvements	11,237
Carrying amount, total	18,659
Accumulated depreciation	$ 2,842
Date acquired	Nov. 22, 2013
Sulphur Grove
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,810
Initial cost, buildings and improvements	9,204
Costs capitalized subsequent to acquisition, carrying costs	478
Carrying amount, land and improvements	2,864
Carrying amount, buildings and improvements	9,629
Carrying amount, total	12,493
Accumulated depreciation	$ 2,388
Date acquired	Nov. 27, 2013
Southgate Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,677
Initial cost, buildings and improvements	17,611
Costs capitalized subsequent to acquisition, carrying costs	1,541
Carrying amount, land and improvements	5,737
Carrying amount, buildings and improvements	19,092
Carrying amount, total	24,829
Accumulated depreciation	$ 4,266
Date acquired	Dec. 18, 2013
Sterling Pointe Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,685
Initial cost, buildings and improvements	9,630
Costs capitalized subsequent to acquisition, carrying costs	492
Carrying amount, land and improvements	4,817
Carrying amount, buildings and improvements	9,991
Carrying amount, total	14,808
Accumulated depreciation	$ 2,618
Date acquired	Dec. 18, 2013
Arcadia Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	778
Initial cost, buildings and improvements	1,481
Costs capitalized subsequent to acquisition, carrying costs	59
Carrying amount, land and improvements	801
Carrying amount, buildings and improvements	1,517
Carrying amount, total	2,318
Accumulated depreciation	$ 439
Date acquired	Dec. 18, 2013
Stop & Shop Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	553
Initial cost, buildings and improvements	2,142
Costs capitalized subsequent to acquisition, carrying costs	130
Carrying amount, land and improvements	605
Carrying amount, buildings and improvements	2,219
Carrying amount, total	2,824
Accumulated depreciation	$ 498
Date acquired	Dec. 18, 2013
Fairacres Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	394
Initial cost, buildings and improvements	963
Costs capitalized subsequent to acquisition, carrying costs	62
Carrying amount, land and improvements	407
Carrying amount, buildings and improvements	1,014
Carrying amount, total	1,421
Accumulated depreciation	$ 287
Date acquired	Dec. 18, 2013
Savoy Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	481
Initial cost, buildings and improvements	1,060
Costs capitalized subsequent to acquisition, carrying costs	232
Carrying amount, land and improvements	509
Carrying amount, buildings and improvements	1,264
Carrying amount, total	1,773
Accumulated depreciation	$ 305
Date acquired	Dec. 18, 2013
The Shops of Uptown
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,361
Initial cost, buildings and improvements	16,269
Costs capitalized subsequent to acquisition, carrying costs	293
Carrying amount, land and improvements	7,399
Carrying amount, buildings and improvements	16,524
Carrying amount, total	23,923
Accumulated depreciation	$ 4,327
Date acquired	Dec. 18, 2013
Chapel Hill North Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,039
Initial cost, buildings and improvements	20,822
Costs capitalized subsequent to acquisition, carrying costs	1,267
Carrying amount, land and improvements	7,332
Carrying amount, buildings and improvements	21,795
Carrying amount, total	29,127
Accumulated depreciation	$ 4,260
Date acquired	Dec. 20, 2013
Coppell Market Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,434
Initial cost, buildings and improvements	8,358
Costs capitalized subsequent to acquisition, carrying costs	688
Carrying amount, land and improvements	2,797
Carrying amount, buildings and improvements	8,683
Carrying amount, total	11,480
Accumulated depreciation	$ 2,188
Date acquired	Dec. 20, 2013
Winchester Gateway
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,774
Initial cost, buildings and improvements	6,904
Costs capitalized subsequent to acquisition, carrying costs	2,477
Carrying amount, land and improvements	5,922
Carrying amount, buildings and improvements	9,233
Carrying amount, total	15,155
Accumulated depreciation	$ 1,827
Date acquired	Dec. 30, 2013
Stonewall Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 12,100
Initial cost, land and improvements	8,892
Initial cost, buildings and improvements	15,028
Costs capitalized subsequent to acquisition, carrying costs	1,048
Carrying amount, land and improvements	9,262
Carrying amount, buildings and improvements	15,706
Carrying amount, total	24,968
Accumulated depreciation	$ 3,690
Date acquired	Dec. 30, 2013
Town Fair Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,543
Initial cost, buildings and improvements	5,189
Costs capitalized subsequent to acquisition, carrying costs	496
Carrying amount, land and improvements	3,863
Carrying amount, buildings and improvements	5,365
Carrying amount, total	9,228
Accumulated depreciation	$ 1,619
Date acquired	Jan. 21, 2014
Villages at Eagles Landing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,304
Initial cost, buildings and improvements	10,895
Costs capitalized subsequent to acquisition, carrying costs	653
Carrying amount, land and improvements	4,577
Carrying amount, buildings and improvements	11,274
Carrying amount, total	15,851
Accumulated depreciation	$ 2,875
Date acquired	Jan. 31, 2014
Champions Gate Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,744
Initial cost, buildings and improvements	16,884
Costs capitalized subsequent to acquisition, carrying costs	775
Carrying amount, land and improvements	7,871
Carrying amount, buildings and improvements	17,532
Carrying amount, total	25,403
Accumulated depreciation	$ 3,441
Date acquired	Feb. 25, 2014
Towne Centre at Wesley Chapel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,990
Initial cost, land and improvements	4,776
Initial cost, buildings and improvements	10,189
Costs capitalized subsequent to acquisition, carrying costs	1,134
Carrying amount, land and improvements	5,009
Carrying amount, buildings and improvements	11,091
Carrying amount, total	16,100
Accumulated depreciation	$ 2,614
Date acquired	Feb. 28, 2014
Statler Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	9,342
Initial cost, buildings and improvements	23,468
Costs capitalized subsequent to acquisition, carrying costs	1,561
Carrying amount, land and improvements	9,561
Carrying amount, buildings and improvements	24,811
Carrying amount, total	34,372
Accumulated depreciation	$ 5,129
Date acquired	Mar. 5, 2014
Burbank Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,929
Initial cost, buildings and improvements	16,642
Costs capitalized subsequent to acquisition, carrying costs	706
Carrying amount, land and improvements	7,971
Carrying amount, buildings and improvements	17,307
Carrying amount, total	25,278
Accumulated depreciation	$ 3,707
Date acquired	Mar. 5, 2014
Hamilton Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 12,117
Initial cost, land and improvements	4,870
Initial cost, buildings and improvements	12,236
Costs capitalized subsequent to acquisition, carrying costs	89
Carrying amount, land and improvements	4,917
Carrying amount, buildings and improvements	12,278
Carrying amount, total	17,195
Accumulated depreciation	$ 2,572
Date acquired	Mar. 5, 2014
Southwest Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	8,108
Initial cost, buildings and improvements	14,411
Costs capitalized subsequent to acquisition, carrying costs	2,749
Carrying amount, land and improvements	8,339
Carrying amount, buildings and improvements	16,929
Carrying amount, total	25,268
Accumulated depreciation	$ 4,000
Date acquired	Mar. 12, 2014
Hampton Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,810
Initial cost, land and improvements	2,824
Initial cost, buildings and improvements	5,515
Costs capitalized subsequent to acquisition, carrying costs	943
Carrying amount, land and improvements	3,281
Carrying amount, buildings and improvements	6,002
Carrying amount, total	9,283
Accumulated depreciation	$ 1,624
Date acquired	Mar. 13, 2014
Central Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,466
Initial cost, buildings and improvements	5,553
Costs capitalized subsequent to acquisition, carrying costs	226
Carrying amount, land and improvements	2,574
Carrying amount, buildings and improvements	5,671
Carrying amount, total	8,245
Accumulated depreciation	$ 1,348
Date acquired	Mar. 14, 2014
Fairview Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,814
Initial cost, buildings and improvements	6,060
Costs capitalized subsequent to acquisition, carrying costs	210
Carrying amount, land and improvements	1,880
Carrying amount, buildings and improvements	6,204
Carrying amount, total	8,084
Accumulated depreciation	$ 1,553
Date acquired	Mar. 14, 2014
Townfair Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,463
Initial cost, land and improvements	4,108
Initial cost, buildings and improvements	9,072
Costs capitalized subsequent to acquisition, carrying costs	773
Carrying amount, land and improvements	4,523
Carrying amount, buildings and improvements	9,430
Carrying amount, total	13,953
Accumulated depreciation	$ 2,326
Date acquired	Mar. 21, 2014
St. Johns Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,972
Initial cost, buildings and improvements	4,546
Costs capitalized subsequent to acquisition, carrying costs	3,354
Carrying amount, land and improvements	3,492
Carrying amount, buildings and improvements	7,380
Carrying amount, total	10,872
Accumulated depreciation	$ 1,467
Date acquired	Mar. 25, 2014
Heath Brook Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	12,682
Initial cost, buildings and improvements	19,103
Costs capitalized subsequent to acquisition, carrying costs	425
Carrying amount, land and improvements	12,234
Carrying amount, buildings and improvements	19,976
Carrying amount, total	32,210
Accumulated depreciation	$ 5,066
Date acquired	Apr. 3, 2014
Park View Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,597
Initial cost, buildings and improvements	8,334
Costs capitalized subsequent to acquisition, carrying costs	117
Carrying amount, land and improvements	5,642
Carrying amount, buildings and improvements	8,406
Carrying amount, total	14,048
Accumulated depreciation	$ 2,028
Date acquired	Apr. 30, 2014
The Orchards
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	16,019
Initial cost, buildings and improvements	11,270
Costs capitalized subsequent to acquisition, carrying costs	2,729
Carrying amount, land and improvements	16,080
Carrying amount, buildings and improvements	13,939
Carrying amount, total	30,019
Accumulated depreciation	$ 3,077
Date acquired	May 5, 2014
Hannaford Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,456
Initial cost, buildings and improvements	7,254
Costs capitalized subsequent to acquisition, carrying costs	2,742
Carrying amount, land and improvements	5,791
Carrying amount, buildings and improvements	9,661
Carrying amount, total	15,452
Accumulated depreciation	$ 2,308
Date acquired	May 21, 2014
Shaw's Plaza Hanover
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,143
Initial cost, buildings and improvements	6,932
Costs capitalized subsequent to acquisition, carrying costs	2,060
Carrying amount, land and improvements	6,422
Carrying amount, buildings and improvements	8,713
Carrying amount, total	15,135
Accumulated depreciation	$ 1,902
Date acquired	May 23, 2014
Shaw's Plaza Easton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,786
Initial cost, buildings and improvements	9,697
Costs capitalized subsequent to acquisition, carrying costs	417
Carrying amount, land and improvements	5,914
Carrying amount, buildings and improvements	9,986
Carrying amount, total	15,900
Accumulated depreciation	$ 2,079
Date acquired	May 23, 2014
Lynnwood Place
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,786
Initial cost, buildings and improvements	8,500
Costs capitalized subsequent to acquisition, carrying costs	223
Carrying amount, land and improvements	2,916
Carrying amount, buildings and improvements	8,594
Carrying amount, total	11,510
Accumulated depreciation	$ 1,665
Date acquired	May 27, 2014
Thompson Valley Towne Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,831
Initial cost, buildings and improvements	6,795
Costs capitalized subsequent to acquisition, carrying costs	150
Carrying amount, land and improvements	3,863
Carrying amount, buildings and improvements	6,913
Carrying amount, total	10,776
Accumulated depreciation	$ 1,370
Date acquired	May 28, 2014
Lumina Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,007
Initial cost, buildings and improvements	13,233
Costs capitalized subsequent to acquisition, carrying costs	927
Carrying amount, land and improvements	7,196
Carrying amount, buildings and improvements	13,972
Carrying amount, total	21,168
Accumulated depreciation	$ 3,182
Date acquired	May 29, 2014
French Golden Gate
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,470
Initial cost, buildings and improvements	8,352
Costs capitalized subsequent to acquisition, carrying costs	437
Carrying amount, land and improvements	3,528
Carrying amount, buildings and improvements	8,731
Carrying amount, total	12,259
Accumulated depreciation	$ 1,798
Date acquired	May 30, 2014
Orchard Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,700
Initial cost, buildings and improvements	9,304
Costs capitalized subsequent to acquisition, carrying costs	470
Carrying amount, land and improvements	5,785
Carrying amount, buildings and improvements	9,689
Carrying amount, total	15,474
Accumulated depreciation	$ 1,987
Date acquired	May 30, 2014
Trader Joe's Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,599
Initial cost, buildings and improvements	10,384
Costs capitalized subsequent to acquisition, carrying costs	565
Carrying amount, land and improvements	1,742
Carrying amount, buildings and improvements	10,806
Carrying amount, total	12,548
Accumulated depreciation	$ 2,082
Date acquired	May 30, 2014
Fairfield Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,425
Initial cost, buildings and improvements	8,743
Costs capitalized subsequent to acquisition, carrying costs	389
Carrying amount, land and improvements	5,636
Carrying amount, buildings and improvements	8,921
Carrying amount, total	14,557
Accumulated depreciation	$ 1,910
Date acquired	Jun. 3, 2014
Beavercreek Towne Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,614
Initial cost, buildings and improvements	7,903
Costs capitalized subsequent to acquisition, carrying costs	228
Carrying amount, land and improvements	4,715
Carrying amount, buildings and improvements	8,030
Carrying amount, total	12,745
Accumulated depreciation	$ 1,470
Date acquired	Jun. 23, 2014
Grayson Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,520
Initial cost, buildings and improvements	7,173
Costs capitalized subsequent to acquisition, carrying costs	466
Carrying amount, land and improvements	5,766
Carrying amount, buildings and improvements	7,394
Carrying amount, total	13,160
Accumulated depreciation	$ 1,721
Date acquired	Jun. 23, 2014
The Fresh Market Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,826
Initial cost, buildings and improvements	5,314
Costs capitalized subsequent to acquisition, carrying costs	10
Carrying amount, land and improvements	2,826
Carrying amount, buildings and improvements	5,324
Carrying amount, total	8,150
Accumulated depreciation	$ 1,099
Date acquired	Jun. 23, 2014
Juan Tabo Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,341
Initial cost, buildings and improvements	4,826
Costs capitalized subsequent to acquisition, carrying costs	1,221
Carrying amount, land and improvements	3,542
Carrying amount, buildings and improvements	5,845
Carrying amount, total	9,387
Accumulated depreciation	$ 1,514
Date acquired	Jul. 28, 2014
Nor'Wood Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,383
Initial cost, land and improvements	5,758
Initial cost, buildings and improvements	17,387
Costs capitalized subsequent to acquisition, carrying costs	1,020
Carrying amount, land and improvements	6,066
Carrying amount, buildings and improvements	18,099
Carrying amount, total	24,165
Accumulated depreciation	$ 3,588
Date acquired	Aug. 1, 2014
Sunburst Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,942
Initial cost, land and improvements	1,896
Initial cost, buildings and improvements	11,249
Costs capitalized subsequent to acquisition, carrying costs	634
Carrying amount, land and improvements	2,063
Carrying amount, buildings and improvements	11,716
Carrying amount, total	13,779
Accumulated depreciation	$ 1,998
Date acquired	Aug. 4, 2014
Rivermont Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,811
Initial cost, buildings and improvements	12,993
Costs capitalized subsequent to acquisition, carrying costs	1,053
Carrying amount, land and improvements	7,189
Carrying amount, buildings and improvements	13,668
Carrying amount, total	20,857
Accumulated depreciation	$ 2,636
Date acquired	Aug. 7, 2014
Breakfast Point Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,505
Initial cost, buildings and improvements	12,877
Costs capitalized subsequent to acquisition, carrying costs	1,404
Carrying amount, land and improvements	2,688
Carrying amount, buildings and improvements	14,097
Carrying amount, total	16,785
Accumulated depreciation	$ 2,519
Date acquired	Aug. 28, 2014
Falcon Valley
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,339
Initial cost, land and improvements	1,361
Initial cost, buildings and improvements	11,550
Costs capitalized subsequent to acquisition, carrying costs	389
Carrying amount, land and improvements	1,548
Carrying amount, buildings and improvements	11,752
Carrying amount, total	13,300
Accumulated depreciation	$ 2,260
Date acquired	Sep. 8, 2014
Kohl's Onalaska
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,338
Initial cost, buildings and improvements	7,922
Costs capitalized subsequent to acquisition, carrying costs	1,191
Carrying amount, land and improvements	2,655
Carrying amount, buildings and improvements	8,796
Carrying amount, total	11,451
Accumulated depreciation	$ 1,751
Date acquired	Sep. 11, 2014
Coronado Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,509
Initial cost, buildings and improvements	8,526
Costs capitalized subsequent to acquisition, carrying costs	861
Carrying amount, land and improvements	3,228
Carrying amount, buildings and improvements	8,668
Carrying amount, total	11,896
Accumulated depreciation	$ 1,622
Date acquired	Sep. 11, 2014
Westcreek Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	8,912
Initial cost, buildings and improvements	19,635
Costs capitalized subsequent to acquisition, carrying costs	6,224
Carrying amount, land and improvements	9,988
Carrying amount, buildings and improvements	24,782
Carrying amount, total	34,770
Accumulated depreciation	$ 5,468
Date acquired	Sep. 24, 2014
Northwoods Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	14,055
Initial cost, buildings and improvements	30,799
Costs capitalized subsequent to acquisition, carrying costs	615
Carrying amount, land and improvements	14,537
Carrying amount, buildings and improvements	30,932
Carrying amount, total	45,469
Accumulated depreciation	$ 6,613
Date acquired	Oct. 24, 2014
Murphy Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,572
Initial cost, buildings and improvements	10,026
Costs capitalized subsequent to acquisition, carrying costs	99
Carrying amount, land and improvements	3,605
Carrying amount, buildings and improvements	10,091
Carrying amount, total	13,696
Accumulated depreciation	$ 1,956
Date acquired	Oct. 24, 2014
Harbour Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,952
Initial cost, buildings and improvements	5,620
Costs capitalized subsequent to acquisition, carrying costs	1,182
Carrying amount, land and improvements	4,017
Carrying amount, buildings and improvements	6,737
Carrying amount, total	10,754
Accumulated depreciation	$ 1,788
Date acquired	Oct. 24, 2014
Oak Mill Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,442
Initial cost, buildings and improvements	4,941
Costs capitalized subsequent to acquisition, carrying costs	81
Carrying amount, land and improvements	2,442
Carrying amount, buildings and improvements	5,023
Carrying amount, total	7,465
Accumulated depreciation	$ 1,021
Date acquired	Oct. 28, 2014
Southern Palms
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,635
Initial cost, buildings and improvements	10,495
Costs capitalized subsequent to acquisition, carrying costs	877
Carrying amount, land and improvements	5,806
Carrying amount, buildings and improvements	11,202
Carrying amount, total	17,008
Accumulated depreciation	$ 2,157
Date acquired	Nov. 6, 2014
Golden Eagle Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,466
Initial cost, buildings and improvements	4,568
Costs capitalized subsequent to acquisition, carrying costs	584
Carrying amount, land and improvements	2,592
Carrying amount, buildings and improvements	5,027
Carrying amount, total	7,619
Accumulated depreciation	$ 1,324
Date acquired	Nov. 12, 2014
Atwater Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,627
Initial cost, buildings and improvements	10,137
Costs capitalized subsequent to acquisition, carrying costs	2,117
Carrying amount, land and improvements	5,015
Carrying amount, buildings and improvements	11,866
Carrying amount, total	16,881
Accumulated depreciation	$ 2,513
Date acquired	Dec. 17, 2014
Greentree Centre
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,358
Initial cost, buildings and improvements	6,684
Costs capitalized subsequent to acquisition, carrying costs	459
Carrying amount, land and improvements	5,435
Carrying amount, buildings and improvements	7,066
Carrying amount, total	12,501
Accumulated depreciation	$ 1,655
Date acquired	Jan. 8, 2015
Sierra Del Oro Towne Centre
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,435
Initial cost, buildings and improvements	6,041
Costs capitalized subsequent to acquisition, carrying costs	592
Carrying amount, land and improvements	3,578
Carrying amount, buildings and improvements	6,490
Carrying amount, total	10,068
Accumulated depreciation	$ 1,634
Date acquired	Feb. 11, 2015
Vaughn's at East North
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,876
Initial cost, buildings and improvements	8,916
Costs capitalized subsequent to acquisition, carrying costs	795
Carrying amount, land and improvements	7,105
Carrying amount, buildings and improvements	9,482
Carrying amount, total	16,587
Accumulated depreciation	$ 2,698
Date acquired	Feb. 27, 2015
Ashland Junction
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,578
Initial cost, buildings and improvements	12,052
Costs capitalized subsequent to acquisition, carrying costs	562
Carrying amount, land and improvements	5,819
Carrying amount, buildings and improvements	12,373
Carrying amount, total	18,192
Accumulated depreciation	$ 2,265
Date acquired	Mar. 13, 2015
Barclay Place Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,131
Initial cost, buildings and improvements	6,873
Costs capitalized subsequent to acquisition, carrying costs	273
Carrying amount, land and improvements	3,370
Carrying amount, buildings and improvements	6,908
Carrying amount, total	10,278
Accumulated depreciation	$ 1,397
Date acquired	Mar. 13, 2015
Cactus Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,670
Initial cost, buildings and improvements	5,648
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	2,670
Carrying amount, buildings and improvements	5,648
Carrying amount, total	8,318
Accumulated depreciation	$ 1,269
Date acquired	Mar. 13, 2015
Centre Stage Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,396
Initial cost, buildings and improvements	16,460
Costs capitalized subsequent to acquisition, carrying costs	2,351
Carrying amount, land and improvements	4,534
Carrying amount, buildings and improvements	18,673
Carrying amount, total	23,207
Accumulated depreciation	$ 2,681
Date acquired	May 1, 2015
West Creek Commons [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,905
Initial cost, land and improvements	3,459
Initial cost, buildings and improvements	6,131
Costs capitalized subsequent to acquisition, carrying costs	116
Carrying amount, land and improvements	3,483
Carrying amount, buildings and improvements	6,222
Carrying amount, total	9,705
Accumulated depreciation	$ 1,023
Date acquired	Jul. 10, 2015
Northwoods Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	10,092
Initial cost, buildings and improvements	14,437
Costs capitalized subsequent to acquisition, carrying costs	201
Carrying amount, land and improvements	10,235
Carrying amount, buildings and improvements	14,495
Carrying amount, total	24,730
Accumulated depreciation	$ 2,983
Date acquired	May 24, 2016
Murphy Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	28,652
Initial cost, buildings and improvements	33,122
Costs capitalized subsequent to acquisition, carrying costs	426
Carrying amount, land and improvements	28,868
Carrying amount, buildings and improvements	33,333
Carrying amount, total	62,201
Accumulated depreciation	$ 4,005
Date acquired	Jun. 24, 2016
Harbour Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,612
Initial cost, buildings and improvements	16,702
Costs capitalized subsequent to acquisition, carrying costs	640
Carrying amount, land and improvements	5,945
Carrying amount, buildings and improvements	17,009
Carrying amount, total	22,954
Accumulated depreciation	$ 1,826
Date acquired	Sep. 22, 2016
Oak Mill Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,184
Initial cost, land and improvements	6,843
Initial cost, buildings and improvements	13,692
Costs capitalized subsequent to acquisition, carrying costs	775
Carrying amount, land and improvements	7,353
Carrying amount, buildings and improvements	13,956
Carrying amount, total	21,309
Accumulated depreciation	$ 2,196
Date acquired	Oct. 3, 2016
Southern Palms
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 24,076
Initial cost, land and improvements	10,025
Initial cost, buildings and improvements	24,332
Costs capitalized subsequent to acquisition, carrying costs	1,382
Carrying amount, land and improvements	10,320
Carrying amount, buildings and improvements	25,420
Carrying amount, total	35,740
Accumulated depreciation	$ 3,171
Date acquired	Oct. 26, 2016
Golden Eagle Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,340
Initial cost, land and improvements	3,735
Initial cost, buildings and improvements	7,735
Costs capitalized subsequent to acquisition, carrying costs	276
Carrying amount, land and improvements	3,796
Carrying amount, buildings and improvements	7,950
Carrying amount, total	11,746
Accumulated depreciation	$ 891
Date acquired	Oct. 27, 2016
Atwater Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,116
Initial cost, buildings and improvements	7,597
Costs capitalized subsequent to acquisition, carrying costs	504
Carrying amount, land and improvements	6,293
Carrying amount, buildings and improvements	7,924
Carrying amount, total	14,217
Accumulated depreciation	$ 934
Date acquired	Feb. 10, 2017
Rocky Ridge Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 21,614
Initial cost, land and improvements	5,449
Initial cost, buildings and improvements	29,207
Costs capitalized subsequent to acquisition, carrying costs	411
Carrying amount, land and improvements	5,599
Carrying amount, buildings and improvements	29,468
Carrying amount, total	35,067
Accumulated depreciation	$ 1,923
Date acquired	Apr. 18, 2017
Greentree Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,955
Initial cost, buildings and improvements	8,718
Costs capitalized subsequent to acquisition, carrying costs	580
Carrying amount, land and improvements	3,347
Carrying amount, buildings and improvements	8,906
Carrying amount, total	12,253
Accumulated depreciation	$ 737
Date acquired	May 5, 2017
Sierra Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,362
Initial cost, land and improvements	9,011
Initial cost, buildings and improvements	17,989
Costs capitalized subsequent to acquisition, carrying costs	775
Carrying amount, land and improvements	9,188
Carrying amount, buildings and improvements	18,587
Carrying amount, total	27,775
Accumulated depreciation	$ 1,310
Date acquired	Jun. 20, 2017
Vaughn's at East North [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,182
Initial cost, buildings and improvements	1,812
Costs capitalized subsequent to acquisition, carrying costs	(311)
Carrying amount, land and improvements	948
Carrying amount, buildings and improvements	1,736
Carrying amount, total	2,684
Accumulated depreciation	$ 46
Date acquired	Oct. 4, 2017
Ashland Junction [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,987
Initial cost, buildings and improvements	6,050
Costs capitalized subsequent to acquisition, carrying costs	424
Carrying amount, land and improvements	5,125
Carrying amount, buildings and improvements	6,335
Carrying amount, total	11,460
Accumulated depreciation	$ 745
Date acquired	Oct. 4, 2017
Barclay Place Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,948
Initial cost, buildings and improvements	7,174
Costs capitalized subsequent to acquisition, carrying costs	477
Carrying amount, land and improvements	2,038
Carrying amount, buildings and improvements	7,562
Carrying amount, total	9,600
Accumulated depreciation	$ 602
Date acquired	Oct. 4, 2017
Barnwell Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,190
Initial cost, buildings and improvements	1,883
Costs capitalized subsequent to acquisition, carrying costs	1
Carrying amount, land and improvements	1,190
Carrying amount, buildings and improvements	1,884
Carrying amount, total	3,074
Accumulated depreciation	$ 343
Date acquired	Oct. 4, 2017
Birdneck Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,900
Initial cost, buildings and improvements	3,253
Costs capitalized subsequent to acquisition, carrying costs	204
Carrying amount, land and improvements	1,957
Carrying amount, buildings and improvements	3,400
Carrying amount, total	5,357
Accumulated depreciation	$ 317
Date acquired	Oct. 4, 2017
Cactus Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,313
Initial cost, buildings and improvements	5,934
Costs capitalized subsequent to acquisition, carrying costs	132
Carrying amount, land and improvements	4,313
Carrying amount, buildings and improvements	6,066
Carrying amount, total	10,379
Accumulated depreciation	$ 431
Date acquired	Oct. 4, 2017
Center Stage Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,746
Initial cost, buildings and improvements	9,533
Costs capitalized subsequent to acquisition, carrying costs	176
Carrying amount, land and improvements	4,919
Carrying amount, buildings and improvements	9,535
Carrying amount, total	14,454
Accumulated depreciation	$ 806
Date acquired	Oct. 4, 2017
Civic Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,448
Initial cost, buildings and improvements	1,961
Costs capitalized subsequent to acquisition, carrying costs	114
Carrying amount, land and improvements	2,448
Carrying amount, buildings and improvements	2,076
Carrying amount, total	4,524
Accumulated depreciation	$ 546
Date acquired	Oct. 4, 2017
Countryside Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,923
Initial cost, buildings and improvements	12,315
Costs capitalized subsequent to acquisition, carrying costs	171
Carrying amount, land and improvements	2,973
Carrying amount, buildings and improvements	12,436
Carrying amount, total	15,409
Accumulated depreciation	$ 850
Date acquired	Oct. 4, 2017
Crossroads Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,722
Initial cost, buildings and improvements	2,545
Costs capitalized subsequent to acquisition, carrying costs	582
Carrying amount, land and improvements	2,084
Carrying amount, buildings and improvements	2,766
Carrying amount, total	4,850
Accumulated depreciation	$ 313
Date acquired	Oct. 4, 2017
Dunlop Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,420
Initial cost, buildings and improvements	4,892
Costs capitalized subsequent to acquisition, carrying costs	373
Carrying amount, land and improvements	2,493
Carrying amount, buildings and improvements	5,191
Carrying amount, total	7,684
Accumulated depreciation	$ 398
Date acquired	Oct. 4, 2017
Edgecombe Square [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,412
Initial cost, buildings and improvements	2,258
Costs capitalized subsequent to acquisition, carrying costs	305
Carrying amount, land and improvements	1,478
Carrying amount, buildings and improvements	2,497
Carrying amount, total	3,975
Accumulated depreciation	$ 418
Date acquired	Oct. 4, 2017
Emporia West Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	872
Initial cost, buildings and improvements	3,409
Costs capitalized subsequent to acquisition, carrying costs	179
Carrying amount, land and improvements	872
Carrying amount, buildings and improvements	3,588
Carrying amount, total	4,460
Accumulated depreciation	$ 324
Date acquired	Oct. 4, 2017
Forest Park Square [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,007
Initial cost, buildings and improvements	5,877
Costs capitalized subsequent to acquisition, carrying costs	112
Carrying amount, land and improvements	4,013
Carrying amount, buildings and improvements	5,984
Carrying amount, total	9,997
Accumulated depreciation	$ 605
Date acquired	Oct. 4, 2017
Geist Centre [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,873
Initial cost, buildings and improvements	6,779
Costs capitalized subsequent to acquisition, carrying costs	303
Carrying amount, land and improvements	3,943
Carrying amount, buildings and improvements	7,012
Carrying amount, total	10,955
Accumulated depreciation	$ 509
Date acquired	Oct. 4, 2017
Goshen Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,555
Initial cost, buildings and improvements	4,621
Costs capitalized subsequent to acquisition, carrying costs	30
Carrying amount, land and improvements	1,585
Carrying amount, buildings and improvements	4,621
Carrying amount, total	6,206
Accumulated depreciation	$ 489
Date acquired	Oct. 4, 2017
Governors Square [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,460
Initial cost, buildings and improvements	9,786
Costs capitalized subsequent to acquisition, carrying costs	283
Carrying amount, land and improvements	6,493
Carrying amount, buildings and improvements	10,035
Carrying amount, total	16,528
Accumulated depreciation	$ 932
Date acquired	Oct. 4, 2017
Guadalupe Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,920
Initial cost, buildings and improvements	7,695
Costs capitalized subsequent to acquisition, carrying costs	280
Carrying amount, land and improvements	2,933
Carrying amount, buildings and improvements	7,962
Carrying amount, total	10,895
Accumulated depreciation	$ 485
Date acquired	Oct. 4, 2017
The Village Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,089
Initial cost, buildings and improvements	6,970
Costs capitalized subsequent to acquisition, carrying costs	392
Carrying amount, land and improvements	2,055
Carrying amount, buildings and improvements	7,396
Carrying amount, total	9,451
Accumulated depreciation	$ 185
Date acquired	Oct. 4, 2017
Heritage Oaks [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,078
Initial cost, land and improvements	2,390
Initial cost, buildings and improvements	7,404
Costs capitalized subsequent to acquisition, carrying costs	77
Carrying amount, land and improvements	2,390
Carrying amount, buildings and improvements	7,482
Carrying amount, total	9,872
Accumulated depreciation	$ 723
Date acquired	Oct. 4, 2017
Hickory Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,022
Initial cost, land and improvements	2,927
Initial cost, buildings and improvements	5,099
Costs capitalized subsequent to acquisition, carrying costs	94
Carrying amount, land and improvements	2,955
Carrying amount, buildings and improvements	5,165
Carrying amount, total	8,120
Accumulated depreciation	$ 412
Date acquired	Oct. 4, 2017
Highland Fair [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,173
Initial cost, land and improvements	3,263
Initial cost, buildings and improvements	7,979
Costs capitalized subsequent to acquisition, carrying costs	145
Carrying amount, land and improvements	3,288
Carrying amount, buildings and improvements	8,099
Carrying amount, total	11,387
Accumulated depreciation	$ 497
Date acquired	Oct. 4, 2017
High Point Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,386
Initial cost, buildings and improvements	7,485
Costs capitalized subsequent to acquisition, carrying costs	88
Carrying amount, land and improvements	3,420
Carrying amount, buildings and improvements	7,540
Carrying amount, total	10,960
Accumulated depreciation	$ 861
Date acquired	Oct. 4, 2017
Jackson Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,606
Initial cost, buildings and improvements	6,992
Costs capitalized subsequent to acquisition, carrying costs	225
Carrying amount, land and improvements	1,644
Carrying amount, buildings and improvements	7,179
Carrying amount, total	8,823
Accumulated depreciation	$ 750
Date acquired	Oct. 4, 2017
Mayfair Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	15,343
Initial cost, buildings and improvements	16,522
Costs capitalized subsequent to acquisition, carrying costs	278
Carrying amount, land and improvements	15,512
Carrying amount, buildings and improvements	16,631
Carrying amount, total	32,143
Accumulated depreciation	$ 1,229
Date acquired	Oct. 4, 2017
LaPlata Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	8,434
Initial cost, buildings and improvements	22,855
Costs capitalized subsequent to acquisition, carrying costs	317
Carrying amount, land and improvements	8,533
Carrying amount, buildings and improvements	23,072
Carrying amount, total	31,605
Accumulated depreciation	$ 1,308
Date acquired	Oct. 4, 2017
Lafayette Square [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,536
Initial cost, land and improvements	5,387
Initial cost, buildings and improvements	5,636
Costs capitalized subsequent to acquisition, carrying costs	129
Carrying amount, land and improvements	5,460
Carrying amount, buildings and improvements	5,691
Carrying amount, total	11,151
Accumulated depreciation	$ 1,195
Date acquired	Oct. 4, 2017
Landen Square [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,081
Initial cost, buildings and improvements	3,467
Costs capitalized subsequent to acquisition, carrying costs	309
Carrying amount, land and improvements	2,222
Carrying amount, buildings and improvements	3,635
Carrying amount, total	5,857
Accumulated depreciation	$ 403
Date acquired	Oct. 4, 2017
Marlon City Square [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,811
Initial cost, buildings and improvements	6,304
Costs capitalized subsequent to acquisition, carrying costs	119
Carrying amount, land and improvements	2,853
Carrying amount, buildings and improvements	6,381
Carrying amount, total	9,234
Accumulated depreciation	$ 800
Date acquired	Oct. 4, 2017
Melbourne Village Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,418
Initial cost, buildings and improvements	7,280
Costs capitalized subsequent to acquisition, carrying costs	490
Carrying amount, land and improvements	5,518
Carrying amount, buildings and improvements	7,671
Carrying amount, total	13,189
Accumulated depreciation	$ 976
Date acquired	Oct. 4, 2017
Commerce Square [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,027
Initial cost, buildings and improvements	8,341
Costs capitalized subsequent to acquisition, carrying costs	188
Carrying amount, land and improvements	6,035
Carrying amount, buildings and improvements	8,521
Carrying amount, total	14,556
Accumulated depreciation	$ 810
Date acquired	Oct. 4, 2017
Upper Deerfield Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,073
Initial cost, buildings and improvements	5,882
Costs capitalized subsequent to acquisition, carrying costs	716
Carrying amount, land and improvements	5,278
Carrying amount, buildings and improvements	6,392
Carrying amount, total	11,670
Accumulated depreciation	$ 1,025
Date acquired	Oct. 4, 2017
Monfort Heights [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,357
Initial cost, buildings and improvements	3,545
Costs capitalized subsequent to acquisition, carrying costs	9
Carrying amount, land and improvements	2,357
Carrying amount, buildings and improvements	3,554
Carrying amount, total	5,911
Accumulated depreciation	$ 296
Date acquired	Oct. 4, 2017
Mountain Park Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,663
Initial cost, land and improvements	6,118
Initial cost, buildings and improvements	6,652
Costs capitalized subsequent to acquisition, carrying costs	59
Carrying amount, land and improvements	6,118
Carrying amount, buildings and improvements	6,711
Carrying amount, total	12,829
Accumulated depreciation	$ 460
Date acquired	Oct. 4, 2017
Nordan Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,911
Initial cost, buildings and improvements	6,751
Costs capitalized subsequent to acquisition, carrying costs	141
Carrying amount, land and improvements	1,927
Carrying amount, buildings and improvements	6,875
Carrying amount, total	8,802
Accumulated depreciation	$ 570
Date acquired	Oct. 4, 2017
Northside Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,406
Initial cost, buildings and improvements	5,471
Costs capitalized subsequent to acquisition, carrying costs	134
Carrying amount, land and improvements	1,416
Carrying amount, buildings and improvements	5,594
Carrying amount, total	7,010
Accumulated depreciation	$ 462
Date acquired	Oct. 4, 2017
Page Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,553
Initial cost, buildings and improvements	4,411
Costs capitalized subsequent to acquisition, carrying costs	75
Carrying amount, land and improvements	2,628
Carrying amount, buildings and improvements	4,411
Carrying amount, total	7,039
Accumulated depreciation	$ 498
Date acquired	Oct. 4, 2017
Palmetto Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,732
Initial cost, buildings and improvements	7,387
Costs capitalized subsequent to acquisition, carrying costs	269
Carrying amount, land and improvements	2,842
Carrying amount, buildings and improvements	7,546
Carrying amount, total	10,388
Accumulated depreciation	$ 518
Date acquired	Oct. 4, 2017
Park Place Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,347
Initial cost, buildings and improvements	8,453
Costs capitalized subsequent to acquisition, carrying costs	211
Carrying amount, land and improvements	2,455
Carrying amount, buildings and improvements	8,557
Carrying amount, total	11,012
Accumulated depreciation	$ 628
Date acquired	Oct. 4, 2017
Parkway Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,416
Initial cost, buildings and improvements	5,309
Costs capitalized subsequent to acquisition, carrying costs	316
Carrying amount, land and improvements	3,416
Carrying amount, buildings and improvements	5,626
Carrying amount, total	9,042
Accumulated depreciation	$ 544
Date acquired	Oct. 4, 2017
Parsons Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,952
Initial cost, land and improvements	3,465
Initial cost, buildings and improvements	10,864
Costs capitalized subsequent to acquisition, carrying costs	76
Carrying amount, land and improvements	3,470
Carrying amount, buildings and improvements	10,935
Carrying amount, total	14,405
Accumulated depreciation	$ 767
Date acquired	Oct. 4, 2017
Portland Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,408
Initial cost, buildings and improvements	5,235
Costs capitalized subsequent to acquisition, carrying costs	141
Carrying amount, land and improvements	1,450
Carrying amount, buildings and improvements	5,334
Carrying amount, total	6,784
Accumulated depreciation	$ 421
Date acquired	Oct. 4, 2017
Promenade Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,507
Initial cost, buildings and improvements	6,149
Costs capitalized subsequent to acquisition, carrying costs	283
Carrying amount, land and improvements	6,559
Carrying amount, buildings and improvements	6,380
Carrying amount, total	12,939
Accumulated depreciation	$ 1,037
Date acquired	Oct. 4, 2017
Quail Valley Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,452
Initial cost, buildings and improvements	11,501
Costs capitalized subsequent to acquisition, carrying costs	622
Carrying amount, land and improvements	2,480
Carrying amount, buildings and improvements	12,093
Carrying amount, total	14,573
Accumulated depreciation	$ 831
Date acquired	Oct. 4, 2017
Hillside Sal Lake WAG [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	691
Initial cost, buildings and improvements	1,739
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	691
Carrying amount, buildings and improvements	1,739
Carrying amount, total	2,430
Accumulated depreciation	$ 90
Date acquired	Oct. 4, 2017
Rolling Hills Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,747
Initial cost, land and improvements	5,398
Initial cost, buildings and improvements	11,792
Costs capitalized subsequent to acquisition, carrying costs	69
Carrying amount, land and improvements	5,398
Carrying amount, buildings and improvements	11,862
Carrying amount, total	17,260
Accumulated depreciation	$ 829
Date acquired	Oct. 4, 2017
South Oaks Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,355
Initial cost, land and improvements	1,742
Initial cost, buildings and improvements	5,119
Costs capitalized subsequent to acquisition, carrying costs	10
Carrying amount, land and improvements	1,746
Carrying amount, buildings and improvements	5,126
Carrying amount, total	6,872
Accumulated depreciation	$ 697
Date acquired	Oct. 4, 2017
East Pointe Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,492
Initial cost, buildings and improvements	11,752
Costs capitalized subsequent to acquisition, carrying costs	402
Carrying amount, land and improvements	7,764
Carrying amount, buildings and improvements	11,882
Carrying amount, total	19,646
Accumulated depreciation	$ 1,338
Date acquired	Oct. 4, 2017
Southgate Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,246
Initial cost, buildings and improvements	22,752
Costs capitalized subsequent to acquisition, carrying costs	88
Carrying amount, land and improvements	4,261
Carrying amount, buildings and improvements	22,825
Carrying amount, total	27,086
Accumulated depreciation	$ 1,541
Date acquired	Oct. 4, 2017
Country Club Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,866
Initial cost, buildings and improvements	2,612
Costs capitalized subsequent to acquisition, carrying costs	(688)
Carrying amount, land and improvements	1,341
Carrying amount, buildings and improvements	2,449
Carrying amount, total	3,790
Accumulated depreciation	$ 44
Date acquired	Oct. 4, 2017
Summerville Galleria [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,104
Initial cost, buildings and improvements	8,668
Costs capitalized subsequent to acquisition, carrying costs	219
Carrying amount, land and improvements	4,310
Carrying amount, buildings and improvements	8,680
Carrying amount, total	12,990
Accumulated depreciation	$ 649
Date acquired	Oct. 4, 2017
The Oaks [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,535
Initial cost, buildings and improvements	5,527
Costs capitalized subsequent to acquisition, carrying costs	(140)
Carrying amount, land and improvements	3,443
Carrying amount, buildings and improvements	5,479
Carrying amount, total	8,922
Accumulated depreciation	$ 48
Date acquired	Oct. 4, 2017
Riverplace Centre [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,890
Initial cost, buildings and improvements	4,044
Costs capitalized subsequent to acquisition, carrying costs	190
Carrying amount, land and improvements	3,934
Carrying amount, buildings and improvements	4,190
Carrying amount, total	8,124
Accumulated depreciation	$ 503
Date acquired	Oct. 4, 2017
Timberlake Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,427
Initial cost, buildings and improvements	1,970
Costs capitalized subsequent to acquisition, carrying costs	67
Carrying amount, land and improvements	2,441
Carrying amount, buildings and improvements	2,022
Carrying amount, total	4,463
Accumulated depreciation	$ 309
Date acquired	Oct. 4, 2017
Town & Country Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,158
Initial cost, land and improvements	2,268
Initial cost, buildings and improvements	4,372
Costs capitalized subsequent to acquisition, carrying costs	22
Carrying amount, land and improvements	2,279
Carrying amount, buildings and improvements	4,382
Carrying amount, total	6,661
Accumulated depreciation	$ 396
Date acquired	Oct. 4, 2017
Powell Villa [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,364
Initial cost, buildings and improvements	7,318
Costs capitalized subsequent to acquisition, carrying costs	2,719
Carrying amount, land and improvements	3,396
Carrying amount, buildings and improvements	10,006
Carrying amount, total	13,402
Accumulated depreciation	$ 452
Date acquired	Oct. 4, 2017
Towne Crossing Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,358
Initial cost, buildings and improvements	15,537
Costs capitalized subsequent to acquisition, carrying costs	707
Carrying amount, land and improvements	5,379
Carrying amount, buildings and improvements	16,223
Carrying amount, total	21,602
Accumulated depreciation	$ 1,074
Date acquired	Oct. 4, 2017
Village at Waterford [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,378
Initial cost, land and improvements	2,702
Initial cost, buildings and improvements	5,194
Costs capitalized subsequent to acquisition, carrying costs	138
Carrying amount, land and improvements	2,768
Carrying amount, buildings and improvements	5,266
Carrying amount, total	8,034
Accumulated depreciation	$ 382
Date acquired	Oct. 4, 2017
Buckingham Square [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,087
Initial cost, buildings and improvements	6,392
Costs capitalized subsequent to acquisition, carrying costs	480
Carrying amount, land and improvements	2,120
Carrying amount, buildings and improvements	6,839
Carrying amount, total	8,959
Accumulated depreciation	$ 462
Date acquired	Oct. 4, 2017
Western Square Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,013
Initial cost, buildings and improvements	3,333
Costs capitalized subsequent to acquisition, carrying costs	103
Carrying amount, land and improvements	1,045
Carrying amount, buildings and improvements	3,403
Carrying amount, total	4,448
Accumulated depreciation	$ 515
Date acquired	Oct. 4, 2017
White Oaks Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,568
Initial cost, buildings and improvements	3,350
Costs capitalized subsequent to acquisition, carrying costs	(542)
Carrying amount, land and improvements	2,124
Carrying amount, buildings and improvements	3,252
Carrying amount, total	5,376
Accumulated depreciation	$ 56
Date acquired	Oct. 4, 2017
Windsor Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,488
Initial cost, buildings and improvements	5,186
Costs capitalized subsequent to acquisition, carrying costs	29
Carrying amount, land and improvements	2,488
Carrying amount, buildings and improvements	5,214
Carrying amount, total	7,702
Accumulated depreciation	$ 531
Date acquired	Oct. 4, 2017
Winery Square [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,288
Initial cost, buildings and improvements	14,333
Costs capitalized subsequent to acquisition, carrying costs	169
Carrying amount, land and improvements	4,433
Carrying amount, buildings and improvements	14,357
Carrying amount, total	18,790
Accumulated depreciation	$ 898
Date acquired	Oct. 4, 2017
12 West Marketplace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	835
Initial cost, buildings and improvements	3,538
Costs capitalized subsequent to acquisition, carrying costs	105
Carrying amount, land and improvements	940
Carrying amount, buildings and improvements	3,538
Carrying amount, total	4,478
Accumulated depreciation	$ 475
Date acquired	Oct. 4, 2017
Orchard Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,388
Initial cost, land and improvements	2,537
Initial cost, buildings and improvements	5,366
Costs capitalized subsequent to acquisition, carrying costs	4
Carrying amount, land and improvements	2,537
Carrying amount, buildings and improvements	5,370
Carrying amount, total	7,907
Accumulated depreciation	$ 516
Date acquired	Oct. 4, 2017
Willowbrook Commons [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,384
Initial cost, buildings and improvements	6,002
Costs capitalized subsequent to acquisition, carrying costs	169
Carrying amount, land and improvements	5,462
Carrying amount, buildings and improvements	6,093
Carrying amount, total	11,555
Accumulated depreciation	$ 496
Date acquired	Oct. 4, 2017
Edgewood Towne Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	10,029
Initial cost, buildings and improvements	22,535
Costs capitalized subsequent to acquisition, carrying costs	3,075
Carrying amount, land and improvements	10,219
Carrying amount, buildings and improvements	25,421
Carrying amount, total	35,640
Accumulated depreciation	$ 1,829
Date acquired	Oct. 4, 2017
Everson Pointe [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,222
Initial cost, buildings and improvements	8,421
Costs capitalized subsequent to acquisition, carrying costs	62
Carrying amount, land and improvements	4,233
Carrying amount, buildings and improvements	8,472
Carrying amount, total	12,705
Accumulated depreciation	$ 670
Date acquired	Oct. 4, 2017
Gleneagles Court [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,935
Initial cost, buildings and improvements	5,540
Costs capitalized subsequent to acquisition, carrying costs	(516)
Carrying amount, land and improvements	2,590
Carrying amount, buildings and improvements	5,369
Carrying amount, total	7,959
Accumulated depreciation	$ 26
Date acquired	Oct. 4, 2017
Village Square of Delafield [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,206
Initial cost, buildings and improvements	6,864
Costs capitalized subsequent to acquisition, carrying costs	141
Carrying amount, land and improvements	6,325
Carrying amount, buildings and improvements	6,886
Carrying amount, total	13,211
Accumulated depreciation	$ 560
Date acquired	Oct. 4, 2017
Jasper Manor [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,311
Initial cost, buildings and improvements	4,968
Costs capitalized subsequent to acquisition, carrying costs	(593)
Carrying amount, land and improvements	1,912
Carrying amount, buildings and improvements	4,774
Carrying amount, total	6,686
Accumulated depreciation	$ 170
Date acquired	Oct. 4, 2017
Eastland Shoppes
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,322
Initial cost, buildings and improvements	9,619
Costs capitalized subsequent to acquisition, carrying costs	10
Carrying amount, land and improvements	6,322
Carrying amount, buildings and improvements	9,630
Carrying amount, total	15,952
Accumulated depreciation	$ 69
Date acquired	Nov. 16, 2018
Harvest Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,693
Initial cost, buildings and improvements	6,083
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	2,693
Carrying amount, buildings and improvements	6,083
Carrying amount, total	8,776
Accumulated depreciation	$ 43
Date acquired	Nov. 16, 2018
Pipestone Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,432
Initial cost, buildings and improvements	5,715
Costs capitalized subsequent to acquisition, carrying costs	(750)
Carrying amount, land and improvements	941
Carrying amount, buildings and improvements	5,456
Carrying amount, total	6,397
Accumulated depreciation	$ 34
Date acquired	Oct. 4, 2017
Shoppes of Lake Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,065
Initial cost, buildings and improvements	3,786
Costs capitalized subsequent to acquisition, carrying costs	100
Carrying amount, land and improvements	4,097
Carrying amount, buildings and improvements	3,854
Carrying amount, total	7,951
Accumulated depreciation	$ 563
Date acquired	Feb. 26, 2018
Sierra Visa Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	9,824
Initial cost, buildings and improvements	11,669
Costs capitalized subsequent to acquisition, carrying costs	11
Carrying amount, land and improvements	9,831
Carrying amount, buildings and improvements	11,673
Carrying amount, total	21,504
Accumulated depreciation	$ 142
Date acquired	Sep. 28, 2018
Wheat Ridge Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 11,987
Initial cost, land and improvements	7,926
Initial cost, buildings and improvements	8,393
Costs capitalized subsequent to acquisition, carrying costs	18
Carrying amount, land and improvements	7,944
Carrying amount, buildings and improvements	8,393
Carrying amount, total	16,337
Accumulated depreciation	$ 126
Date acquired	Oct. 3, 2018
Atlantic Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	12,341
Initial cost, buildings and improvements	12,699
Costs capitalized subsequent to acquisition, carrying costs	7
Carrying amount, land and improvements	12,341
Carrying amount, buildings and improvements	12,706
Carrying amount, total	25,047
Accumulated depreciation	$ 138
Date acquired	Nov. 9, 2018
Staunton Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,818
Initial cost, buildings and improvements	14,380
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	4,818
Carrying amount, buildings and improvements	14,380
Carrying amount, total	19,198
Accumulated depreciation	$ 79
Date acquired	Nov. 16, 2018
Bethany Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,138
Initial cost, buildings and improvements	8,355
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	6,138
Carrying amount, buildings and improvements	8,355
Carrying amount, total	14,493
Accumulated depreciation	$ 58
Date acquired	Nov. 16, 2018
Northpark Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,087
Initial cost, buildings and improvements	6,047
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	3,087
Carrying amount, buildings and improvements	6,047
Carrying amount, total	9,134
Accumulated depreciation	$ 40
Date acquired	Nov. 16, 2018
Kings Crossing [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,654
Initial cost, buildings and improvements	11,225
Costs capitalized subsequent to acquisition, carrying costs	21
Carrying amount, land and improvements	5,654
Carrying amount, buildings and improvements	11,247
Carrying amount, total	16,901
Accumulated depreciation	$ 70
Date acquired	Nov. 16, 2018
Lake Washington Crossing [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,222
Initial cost, buildings and improvements	13,553
Costs capitalized subsequent to acquisition, carrying costs	67
Carrying amount, land and improvements	4,222
Carrying amount, buildings and improvements	13,620
Carrying amount, total	17,842
Accumulated depreciation	$ 101
Date acquired	Nov. 16, 2018
Kipling Marketplace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,020
Initial cost, buildings and improvements	10,405
Costs capitalized subsequent to acquisition, carrying costs	48
Carrying amount, land and improvements	4,020
Carrying amount, buildings and improvements	10,452
Carrying amount, total	14,472
Accumulated depreciation	$ 73
Date acquired	Nov. 16, 2018
MetroWest Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,841
Initial cost, buildings and improvements	15,333
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	6,841
Carrying amount, buildings and improvements	15,333
Carrying amount, total	22,174
Accumulated depreciation	$ 93
Date acquired	Nov. 16, 2018
Spring Cypress Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	9,579
Initial cost, buildings and improvements	14,567
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	9,579
Carrying amount, buildings and improvements	14,567
Carrying amount, total	24,146
Accumulated depreciation	$ 91
Date acquired	Nov. 16, 2018
Commonwealth Square [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,370
Initial cost, land and improvements	9,955
Initial cost, buildings and improvements	12,586
Costs capitalized subsequent to acquisition, carrying costs	61
Carrying amount, land and improvements	9,955
Carrying amount, buildings and improvements	12,647
Carrying amount, total	22,602
Accumulated depreciation	$ 116
Date acquired	Nov. 16, 2018
Point Loomis [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,171
Initial cost, buildings and improvements	4,901
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	4,171
Carrying amount, buildings and improvements	4,901
Carrying amount, total	9,072
Accumulated depreciation	$ 69
Date acquired	Nov. 16, 2018
Shasta Crossroads [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	9,598
Initial cost, buildings and improvements	18,643
Costs capitalized subsequent to acquisition, carrying costs	2
Carrying amount, land and improvements	9,598
Carrying amount, buildings and improvements	18,645
Carrying amount, total	28,243
Accumulated depreciation	$ 119
Date acquired	Nov. 16, 2018
Milan Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	925
Initial cost, buildings and improvements	1,974
Costs capitalized subsequent to acquisition, carrying costs	20
Carrying amount, land and improvements	925
Carrying amount, buildings and improvements	1,993
Carrying amount, total	2,918
Accumulated depreciation	$ 45
Date acquired	Nov. 16, 2018
Hilander Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,581
Initial cost, buildings and improvements	7,461
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	2,581
Carrying amount, buildings and improvements	7,461
Carrying amount, total	10,042
Accumulated depreciation	$ 80
Date acquired	Nov. 16, 2018
Laguna 99 Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,422
Initial cost, buildings and improvements	16,952
Costs capitalized subsequent to acquisition, carrying costs	10
Carrying amount, land and improvements	5,422
Carrying amount, buildings and improvements	16,962
Carrying amount, total	22,384
Accumulated depreciation	$ 96
Date acquired	Nov. 16, 2018
Southfield Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,612
Initial cost, buildings and improvements	13,643
Costs capitalized subsequent to acquisition, carrying costs	12
Carrying amount, land and improvements	5,618
Carrying amount, buildings and improvements	13,650
Carrying amount, total	19,268
Accumulated depreciation	$ 88
Date acquired	Nov. 16, 2018
Waterford Park Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,935
Initial cost, buildings and improvements	19,543
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	4,935
Carrying amount, buildings and improvements	19,543
Carrying amount, total	24,478
Accumulated depreciation	$ 120
Date acquired	Nov. 16, 2018
Colonial Promenade [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	12,403
Initial cost, buildings and improvements	22,097
Costs capitalized subsequent to acquisition, carrying costs	15
Carrying amount, land and improvements	12,403
Carrying amount, buildings and improvements	22,112
Carrying amount, total	34,515
Accumulated depreciation	$ 162
Date acquired	Nov. 16, 2018
Willimantic Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,596
Initial cost, buildings and improvements	8,859
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	3,596
Carrying amount, buildings and improvements	8,859
Carrying amount, total	12,455
Accumulated depreciation	$ 83
Date acquired	Nov. 16, 2018
Quivira Crossings [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,512
Initial cost, buildings and improvements	10,729
Costs capitalized subsequent to acquisition, carrying costs	13
Carrying amount, land and improvements	7,512
Carrying amount, buildings and improvements	10,742
Carrying amount, total	18,254
Accumulated depreciation	$ 85
Date acquired	Nov. 16, 2018
Spivey Junction [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,083
Initial cost, buildings and improvements	10,414
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	4,083
Carrying amount, buildings and improvements	10,414
Carrying amount, total	14,497
Accumulated depreciation	$ 68
Date acquired	Nov. 16, 2018
Northlake [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,782
Initial cost, buildings and improvements	4,506
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	2,782
Carrying amount, buildings and improvements	4,506
Carrying amount, total	7,288
Accumulated depreciation	$ 38
Date acquired	Nov. 16, 2018
Corporate and Other [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	10,782
Initial cost, buildings and improvements	17,359
Costs capitalized subsequent to acquisition, carrying costs	205
Carrying amount, land and improvements	10,782
Carrying amount, buildings and improvements	17,564
Carrying amount, total	28,346
Accumulated depreciation	$ 99
Date acquired	Nov. 16, 2018
North Point Landing [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	8,040
Initial cost, buildings and improvements	28,422
Costs capitalized subsequent to acquisition, carrying costs	14
Carrying amount, land and improvements	8,040
Carrying amount, buildings and improvements	28,436
Carrying amount, total	36,476
Accumulated depreciation	$ 152
Date acquired	Nov. 16, 2018
Corporation [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6
Initial cost, buildings and improvements	2,751
Costs capitalized subsequent to acquisition, carrying costs	(4,107)
Carrying amount, land and improvements	(669)
Carrying amount, buildings and improvements	(681)
Carrying amount, total	(1,350)
Accumulated depreciation	$ (12)

Schedule III - Real Estate As_3

Schedule III - Real Estate Assets and Accumulated Depreciation (Details) - Schedule III - Reconciliation of Real Estate Owned - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at January 1	$ 3,384,971	$ 2,329,080
Real estate acquisitions	1,850,294	1,021,204
Net additions to/improvements of real estate	12,936	40,192
Real estate dispositions	(353,492)	(5,505)
Balance at December 31	$ 4,848,483	$ 3,384,971

Schedule III - Real Estate As_4

Schedule III - Real Estate Assets and Accumulated Depreciation (Details) - Schedule III - Reconciliation of Accumulated Depreciation - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at January 1	$ 314,080	$ 222,557
Depreciation expense	96,788	92,156
Accumulated depreciation of real estate dispositions	(9,355)	(633)
Balance at December 31	$ 393,970	$ 314,080

Uncategorized Items - cik000147

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 84,304,000
Liability for Unpaid Claims and Claims Adjustment Expense, Net	us-gaap_LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet	4,339,000
Additional Paid-in Capital [Member]
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	$ 24,000