Wheeler Real Estate Investment Trust (WHLR) 10-Q 14 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 12, 2014
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Entity Registrant Name	'Wheeler Real Estate Investment Trust, Inc.	'
Entity Central Index Key	'0001527541	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	7,428,208

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2013
ASSETS:	'	'	'
Investment properties, net	$100,553,283	$101,772,335	'
Cash and cash equivalents	16,243,867	1,155,083	865,855
Rents and other tenant receivables, net	1,663,027	1,594,864	'
Deferred costs and other assets, net	21,692,120	20,847,984	'
Total Assets	140,152,297	125,370,266	'
LIABILITIES:	'	'	'
Loans payable	95,236,145	94,562,503	'
Below market lease intangible, net	2,610,379	2,674,566	'
Accounts payable, accrued expenses and other liabilities	3,361,048	2,526,388	'
Total Liabilities	101,207,572	99,763,457	'
Commitments and contingencies (Note 7)	0	0	'
EQUITY:	'	'	'
Common stock ($0.01 par value, 75,000,000 shares authorized, 7,421,852 and 7,121,000 shares issued and outstanding, respectively	74,218	71,210	'
Additional paid-in capital	28,092,906	28,169,693	'
Accumulated deficit	-16,274,152	-11,298,253	'
Total Shareholders’ Equity	32,089,537	18,400,700	'
Noncontrolling interests	6,855,188	7,206,109	'
Total Equity	38,944,725	25,606,809	'
Total Liabilities and Equity	140,152,297	125,370,266	'
Series A Preferred Stock [Member]	'	'	'
EQUITY:	'	'	'
Preferred stock	1,458,050	1,458,050	'
Series B Preferred Stock [Member]	'	'	'
EQUITY:	'	'	'
Preferred stock	$18,738,515	'	$0

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Preferred stock, Shares authorized	1,000,000	'
Preferred stock, Shares issued	828,000	'
Common stock, Par value per share	$0.01	$0.01
Common stock, Shares authorized	75,000,000	75,000,000
Common stock, Shares issued	7,421,852	7,121,000
Common stock, Shares outstanding	7,421,852	7,121,000
Series A Preferred Stock [Member]	'	'
Preferred stock, No par value	$0	$0
Preferred stock, Shares authorized	4,500	4,500
Preferred stock, Shares issued	1,809	1,809
Preferred stock, Shares outstanding	1,809	1,809
Series B Preferred Stock [Member]	'	'
Preferred stock, No par value	$0	$0
Preferred stock, Shares authorized	1,000,000	1,000,000
Preferred stock, Shares issued	828,000	0
Preferred stock, Shares outstanding	828,000	0

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
REVENUE:	'	'	'	'
Rental revenues	$2,999,290	$1,425,462	$5,948,100	$2,818,494
Other revenues	634,404	203,518	1,349,746	428,402
Total Revenue	3,633,694	1,628,980	7,297,846	3,246,896
OPERATING EXPENSES:	'	'	'	'
Property operations	909,037	284,868	1,832,219	585,570
Depreciation and amortization	1,735,944	684,554	3,521,546	1,332,686
Provision for credit losses	-28,032	22,903	-28,032	37,903
Corporate general & administrative	1,385,549	1,572,775	2,217,867	2,156,567
Total Operating Expenses	4,002,498	2,565,100	7,543,600	4,112,726
Operating Loss	-368,804	-936,120	-245,754	-865,830
Interest expense	-1,536,637	-446,087	-2,905,575	-995,715
Net Loss	-1,905,441	-1,382,207	-3,151,329	-1,861,545
Less: Net loss attributable to noncontrolling interests	-81,451	-111,248	-168,703	-156,904
Net Loss Attributable to Wheeler REIT	-1,823,990	-1,270,959	-2,982,626	-1,704,641
Preferred stock dividends	-423,555	-22,500	-464,258	-22,500
Net Loss Attributable to Wheeler REIT Common Shareholders	($2,247,545)	($1,293,459)	($3,446,884)	($1,727,141)
Loss per share:	'	'	'	'
Basic and Diluted (in dollars per share)	($0.31)	($0.39)	($0.47)	($0.52)
Weighted-average number of shares:	'	'	'	'
Basic and Diluted (in shares)	7,329,788	3,301,502	7,258,068	3,301,502

Condensed_Consolidated_Stateme1

Condensed Consolidated Statement of Equity (USD $)	Total	Preferred Stock [Member]	Series B Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total Shareholders' Equity [Member]	Noncontrolling Interests [Member]
Beginning Balance at Dec. 31, 2013	$25,606,809	$1,458,050	'	$71,210	$28,169,693	($11,298,253)	$18,400,700	$7,206,109
Preferred stock, shares at Dec. 31, 2013	'	'	828,000	'	'	'	'	'
Shares, Outstanding at Dec. 31, 2013	'	1,809	'	7,121,000	'	'	'	2,072,352
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'	'	'
Preferred Stock, Value, Issued	18,671,378	'	18,671,378	'	'	'	18,671,378	'
Accretion of Series B preferred stock discount	'	'	67,137	'	'	'	67,137	'
Conversion of Operating Partnership Units to common stock (shares)	'	'	'	269,401	'	'	'	-269,401
Conversion of Operating Partnership units to common stock	'	'	'	2,694	1,252,332	'	1,255,026	-1,255,026
Issuance of common stock under Share Incentive Plan (shares)	31,451	'	'	'	'	'	'	'
Issuance of common stock under Share Incentive Plan	145,000	'	'	314	144,686	'	145,000	'
Noncontrolling interest investments, Shares	'	'	'	'	'	'	'	791
Noncontrolling interest investments	3,425	'	'	'	'	'	'	3,425
Adjustment for noncontrolling interest in operating partnership	'	'	'	'	-1,473,805	'	-1,473,805	1,473,805
Dividends and distributions	-2,397,695	'	'	'	'	-1,993,273	-1,993,273	'
Dividends and distributions	'	'	'	'	'	'	'	-404,422
Net loss	-3,151,329	'	'	'	'	-2,982,626	-2,982,626	-168,703
Ending Balance at Jun. 30, 2014	$38,944,725	$1,458,050	$18,738,515	$74,218	$28,092,906	($16,274,152)	$32,089,537	$6,855,188
Shares, Outstanding at Jun. 30, 2014	'	1,809	828,000	7,421,852	'	'	'	1,803,742

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net loss	($3,151,329)	($1,861,545)
Adjustments to reconcile consolidated net loss to net cash from operating activities	'	'
Depreciation	1,414,581	668,342
Amortization	2,106,965	664,344
Other noncash adjustments	228,844	27,902
Share-based compensation	145,000	0
Provision for credit losses	-28,032	37,903
Changes in assets and liabilities	'	'
Rent and other tenant receivables, net	-100,709	-127,712
Unbilled rent	138,109	32,922
Deferred costs and other assets, net	-2,869,471	-1,486,622
Accounts payable, accrued expenses and other liabilities	493,223	734,739
Net cash from operating activities	-1,622,819	-1,309,727
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Investment property acquisitions	0	-4,024,900
Capital expenditures	-187,507	-241,685
Net cash from investing activities	-187,507	-4,266,585
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Dividends and distributions paid	-2,012,149	-997,659
Proceeds from sales of preferred stock	18,671,378	4,157,000
Net payments to related parties	-476,531	-208,929
Loan proceeds	2,160,000	12,375,481
Loan principal payments	-1,443,588	-10,936,918
Net cash from financing activities	16,899,110	4,388,975
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	15,088,784	-1,187,337
CASH AND CASH EQUIVALENTS, beginning of period	1,155,083	2,053,192
CASH AND CASH EQUIVALENTS, end of period	16,243,867	865,855
Other Cash Transactions:	'	'
Cash paid for interest	$2,802,810	$968,912

Organization_and_Basis_of_Pres

Organization and Basis of Presentation and Consolidation	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Organization and Basis of Presentation and Consolidation	'
	Organization and Basis of Presentation and Consolidation
	Wheeler Real Estate Investment Trust, Inc. (the “Trust” or “REIT”) is a Maryland corporation formed on June 23, 2011. The Trust serves as the general partner of Wheeler Real Estate Investment Trust, L.P. (the “Operating Partnership”) which was formed as a Virginia limited partnership on April 5, 2012. As of June 30, 2014, the Trust, through the Operating Partnership, owned and operated twenty-three properties in Virginia, North Carolina, South Carolina, Georgia, Florida, Oklahoma, Tennessee and New Jersey. Accordingly, the use of the word “Company” refers to the Trust and its consolidated subsidiaries, except where the context otherwise requires.
	The condensed consolidated financial statements included in this Quarterly Report on Form 10-Q (the “Form 10-Q”) are unaudited. However, amounts presented in the condensed consolidated balance sheet as of December 31, 2013 are derived from the Company’s audited consolidated and combined financial statements as of that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. The Company prepared the accompanying condensed consolidated financial statements in accordance with GAAP for interim financial statements. All material balances and transactions between the consolidated entities of the Company have been eliminated. You should read these condensed consolidated financial statements in conjunction with our 2013 Annual Report filed on Form 10-K for the year ended December 31, 2013 (the “2013 Form 10-K”).

Summary_of_Significant_Account

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	Summary of Significant Accounting Policies
	Rents and Other Tenant Receivables, net
	Tenant receivables include base rents, tenant reimbursements and receivables attributable to recording rents on a straight-line basis. The Company determines an allowance for the uncollectible portion of accrued rents and accounts receivable based upon customer credit-worthiness (including expected recovery of a claim with respect to any tenants in bankruptcy), historical bad debt levels, and current economic trends. The Company considers a receivable past due once it becomes delinquent per the terms of the lease. The Company’s standard lease form considers a rent charge past due after five days. A past due receivable triggers certain events such as notices, fees and other allowable and required actions per the lease. As of June 30, 2014 and December 31, 2013, the Company’s allowance for uncollectible accounts totaled $154,046 and $182,078, respectively. During the three and six months ended June 30, 2014, the Company reduced its allowance by $28,032 due to improved credit-worthiness of certain tenants and the collection of previously past due amounts. During the three and six months ended June 30, 2013, the Company recorded bad debt expenses in the amount of $22,903 and $37,903, respectively, related to tenant receivables that were specifically identified as potentially uncollectible based on an assessment of the tenant’s credit-worthiness. During the three and six months ended June 30, 2014 and 2013, the Company did not realize any recoveries related to tenant receivables previously written off.
	Deferred Costs and Other Assets, net
	The Company’s deferred costs and other assets consist primarily of internal and external leasing commissions, fees incurred in order to obtain long-term financing, leases in place intangible assets, legal and marketing costs and tenant relationship intangible assets associated with acquisitions, and various property escrow accounts for real estate taxes, insurance, tenant improvements and replacements. The Company records amortization of financing costs using the effective interest method over the terms of the respective loans or agreements. The Company’s lease origination costs consist primarily of commissions paid in connection with lease originations and renewals. The Company records amortization of lease origination costs on a straight-line basis over the terms of the related leases. The Company’s leases in place intangible asset relates to values assigned leases associated with acquired properties. Leases in place are amortized over the term of the respective leases, while legal and marketing and tenant relationship intangible assets are amortized over their estimated useful lives. Acquisition deposits and escrows relate to advance funding of acquisitions to be completed.
	Details of these deferred costs, net of amortization, and other assets are as follows:
		June 30,		31-Dec-13
		2014
		(unaudited)
	Lease origination costs, net	$	3,572,474	$	3,720,812
	Leases in place, net	7,537,114		8,754,154
	Financing costs, net	2,896,211		3,110,904
	Property reserves	2,520,911		2,151,755
	Acquisition deposits and escrows	2,865,000		—
	Legal and marketing costs, net	178,714		203,819
	Tenant relationships	1,845,630		2,372,600
	Other	276,066		533,940
	Total Deferred Costs and Other Assets, net	$	21,692,120	$	20,847,984
	Amortization of lease origination costs, leases in place and legal and marketing costs represents a component of depreciation and amortization expense. The Company reports amortization of financing costs, amortization of premiums, and accretion of discounts as part of interest expense. Future amortization of lease origination costs, leases in place, financing costs, legal and marketing costs and tenant relationships is as follows:
	For the Periods Ending June 30,	Lease		Leases In		Financing		Legal &		Tenant
		Origination		Place		Costs		Marketing		Relationships
		Costs						Costs
	2015	$	468,843	$	2,095,665	$	858,133	$	42,607	$	854,050
	2016	433,218		1,602,167		622,776		32,423		564,634
	2017	388,119		1,051,543		340,568		25,966		279,621
	2018	327,622		701,066		308,260		19,342		126,839
	2019	242,743		322,517		205,111		14,707		10,303
	Thereafter	1,711,929		1,764,156		561,363		43,669		10,183
		$	3,572,474	$	7,537,114	$	2,896,211	$	178,714	$	1,845,630
	Income Taxes
	The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the Company to distribute at least 90% of its taxable income to shareholders and meet certain other asset and income tests, as well as other requirements. Thus, the Company made no provision for federal income taxes for the REIT in the accompanying condensed consolidated financial statements. If the Company fails to qualify as a REIT, it will be subject to tax at regular corporate rates for the years in which it failed to qualify. If the Company loses its REIT status it could not elect to be taxed as a REIT for five years unless the Company’s failure to qualify was due to a reasonable cause and certain other conditions were satisfied.
	Use of Estimates
	The Company has made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported periods. The Company’s actual results could differ from these estimates.
	Noncontrolling Interests
	Noncontrolling interests is the portion of equity in the Operating Partnership not attributable to the Trust. Accordingly, we have reported noncontrolling interests in equity on the June 30, 2014 unaudited condensed consolidated balance sheet but separate from the Company’s shareholders’ equity. On the June 30, 2014 unaudited condensed consolidated statements of operations, the subsidiaries are reported at the consolidated amount, including both the amount attributable to the Company and noncontrolling interests. The unaudited condensed consolidated statement of equity includes beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity.
	The noncontrolling interest of the Operating Partnership common unit holders is calculated by multiplying the noncontrolling interest ownership percentage at the balance sheet date by the Operating Partnership’s net assets (total assets less total liabilities). The noncontrolling interest percentage is calculated at any point in time by dividing the number of units not owned by the Company by the total number of units outstanding. The noncontrolling interest ownership percentage will change as additional units are issued or as units are exchanged for the Company’s Common Stock. In accordance with GAAP, any changes in the value from period to period are charged to additional paid-in capital.
	Recent Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-09, “Revenue from Contracts with Customers,” which supersedes the revenue recognition requirements of Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition” and most industry-specific guidance on revenue recognition throughout the ASC. The new standard is principles based and provides a five step model to determine when and how revenue is recognized. The core principle of the new standard is that revenue should be recognized when a company transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard also requires disclosure of qualitative and quantitative information surrounding the amount, nature, timing and uncertainty of revenues and cash flows arising from contracts with customers. The new standard is effective for the Company in the first quarter of the year ended December 31, 2017 and can be applied either retrospectively to all periods presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is not permitted. The Company is currently evaluating the impact of adoption of the new standard on its consolidated financial statements.
	Reclassifications
	Certain reclassifications have been made to prior period amounts to make their presentation comparable with the current period. These reclassifications had no impact on net income.

Investment_Properties

Investment Properties	6 Months Ended
	Jun. 30, 2014
Real Estate [Abstract]	'
Investment Properties	'
	Investment Properties
	Investment properties consist of the following:
		June 30,			31-Dec-13
		2014
		(unaudited)
	Land	$	26,869,840		$	26,828,228
	Buildings and improvements	80,157,722			80,003,805
	Investment properties at cost	107,027,562			106,832,033
	Less accumulated depreciation and amortization	(6,474,279		)	(5,059,698		)
	Investment properties, net	$	100,553,283		$	101,772,335
	A significant portion of the Company’s land, buildings and improvements serve as collateral for its mortgage loans payable portfolio. Accordingly, restrictions exist as to the encumbered property’s transferability, use and other common rights typically associated with property ownership.

Loans_Payable

Loans Payable	6 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]	'
Loans Payable	'
	Loans Payable
	The Company’s loans payable consist of the following:
		Monthly		Interest			June 30,		December 31,
	Property/Description	Payment		Rate		Maturity	2014		2013
							(unaudited)
	Shoppes at Eagle Harbor	$	24,692	4.34	%	Mar-18	$	3,839,802	$	3,905,321
	Lumber River Plaza	$	18,414	5.65	%	May-15	2,934,581		2,973,987
	Monarch Bank Building	$	9,473	4.15	%	Dec-17	1,457,284		1,483,230
	Perimeter Square	$	28,089	6.38	%	Jun-16	4,356,149		4,417,812
	Riversedge North	$	13,556	6	%	Jan-19	1,029,539		2,061,790
	Walnut Hill Plaza	$	25,269	6.75	%	Jul-14	3,430,592		3,464,465
	Harps at Harbor Point	$	18,122	3.99	%	Dec-15	3,293,831		3,335,628
	Twin City Commons	$	17,827	4.86	%	Jan-23	3,304,682		3,330,108
	Shoppes at TJ Maxx	$	33,880	3.88	%	May-20	6,329,491		6,409,077
	Bixby Commons	Interest only		2.77	%	Jun-18	6,700,000		6,700,000
	Bank Line of Credit	Interest only		4.5	%	May-15	2,000,000		2,000,000
	Forrest Gallery	$	50,973	5.4	%	Sep-23	9,075,000		9,075,000
	Jenks Reasors	Interest only		4.25	%	Sep-16	8,550,000		8,550,000
	Tampa Festival	$	50,797	5.56	%	Sep-23	8,803,488		8,859,888
	Starbucks/Verizon	$	7,405	6.5	%	Jul-15	596,706		621,197
	Winslow Plaza	Interest only		5.22	%	Dec-15	5,000,000		5,000,000
	Senior convertible notes	Interest only		9	%	Dec-18	6,000,000		6,000,000
	Senior non-convertible notes	Interest only		9	%	Dec-15	4,000,000		4,000,000
	Senior non-convertible notes	Interest only		9	%	Jan-16	2,160,000		—
	South Carolina Food Lions Note	Interest only		5.25	%	Jan-24	12,375,000		12,375,000
	Total Loans Payable						$	95,236,145	$	94,562,503
	Non-convertible senior notes
	On January 31, 2014, the Company completed a second closing (“Second Closing”) consisting of the private placement of $2,160,000 of non-convertible senior notes and warrants to purchase shares of the Company’s common stock. The non-convertible senior notes have an interest rate of 9.00% per annum (payable monthly) and mature on January 31, 2016. The warrants issued permit the purchase of an aggregate of 227,372 shares of the Company’s common stock, have an exercise price of $4.75 per share, expire on January 31, 2019 and were not exercisable unless the Company obtained shareholder approval for this transaction and the issuance of the common stock underlying the warrants. The Company's shareholders approved the transaction and the issuance of the common stock underlying the warrants at its annual meeting in June 2014.
	4. Loans Payable (continued)
	Debt Maturity
	The Company’s scheduled principal repayments on indebtedness as of June 30, 2014 are as follows:
		For the Periods Ending June 30,
		(unaudited)
	2015	$	9,281,296
	2016	19,912,015
	2017	9,732,404
	2018	11,910,283
	2019	7,577,403
	Thereafter	36,822,744
	Total principal maturities	$	95,236,145
	Financing Activity
	On July 2, 2014, the Company entered into a promissory note for $660,000 to refinance the Starbucks/Verizon loan. The new loan matures on July 2, 2019 and requires monthly principal and interest payments of $4,383 based on a 20 year amortization and a 5.00% fixed interest rate.
	The Walnut Hill loan matured on April 11, 2014, and was subsequently extended until July 31, 2014. On July 31, 2014, the Company entered into a promissory note for $3,650,000 to refinance the note that matured. The new loan matures on July 30, 2017 and requires monthly principal and interest payments of $24,273 based on a 20 year amortization and a 5.50% fixed interest rate.

Rentals_under_Operating_Leases

Rentals under Operating Leases	6 Months Ended
	Jun. 30, 2014
Leases [Abstract]	'
Rentals under Operating Leases	'
	Rentals under Operating Leases
	Future minimum rentals to be received under noncancelable tenant operating leases for each of the next five years and thereafter, excluding CAM and percentage rent based on tenant sales volume, as of June 30, 2014 are as follows:
		For the Periods Ending
		June 30,
		(unaudited)
	2015	$	11,494,343
	2016	10,340,622
	2017	8,726,510
	2018	6,798,723
	2019	4,342,594
	Thereafter	32,242,229
		$	73,945,021

Equity

Equity	6 Months Ended
	Jun. 30, 2014
Equity [Abstract]	'
Equity	'
	Equity
	Earnings per share
	Basic earnings per share for the Company’s common shareholders is calculated by dividing income from continuing operations, excluding amounts attributable to preferred stockholders and the net loss attributable to noncontrolling interests, by the Company’s weighted-average shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing the net income attributable to common shareholders, excluding amounts attributable to preferred shareholders and the net loss attributable to noncontrolling interests, by the weighted-average number of common shares including any dilutive shares.
	As of June 30, 2014, 1,589,458 of the Operating Partnership’s common units outstanding to noncontrolling interests are eligible to be converted into shares of common stock on a one-to-one basis. Additionally, 828,000 shares of Series B convertible preferred stock ("Series B Preferred Stock") are eligible to be converted into 4,140,000 shares of the Company's common stock and warrants to purchase 1,642,025 shares of the Company's common stock were outstanding at June 30, 2014. The common units, convertible preferred stock and warrants have been excluded from the Company’s diluted earnings per share calculation because their inclusion would be antidilutive.
	Dividends
	For the three and six months ended June 30, 2014, dividends of $966,487 and $1,933,437, respectively, were made to holders of common shares and common units. For the three and six months ended June 30, 2013, dividends of $361,169 and $902,925, respectively, were made to holders of common shares and common units. On June 18, 2014, the Company declared a $0.035 per share dividend payable on or about July 31, 2014 to shareholders of record as of June 30, 2014. Accordingly, the Company has accrued $322,896 as of June 30, 2014 for this dividend.
	For the three and six months ended June 30, 2014, dividends of $423,555 and $464,258, respectively, were made to holder of preferred shares. Dividends on preferred shares are made quarterly. During the three months ended June 30, 2014, the Company declared quarterly dividends of $397,121 to preferred shareholders of record as of June 30, 2014 to be paid on July 15, 2014. Accordingly, the Company has accrued $397,121 as of June 30, 2014 for this dividend.
	Series B Preferred Stock Offering
	On April 29, 2014, the Company completed its Series B Preferred Stock Offering (“Offering”), in which 144,000 units were issued, consisting of 720,000 shares of Series B Preferred Stock and warrants to purchase 864,000 of the Company’s common stock. On May 21, 2014, the Company's underwriters exercised their over-allotment option, in which 21,600 units were issued, consisting of 108,000 additional shares of Series B Preferred Stock, and an additional 129,600 warrants. The Series B Preferred Stock bears interest at a rate of 9% per annum and has a conversion price of $5.00 per share of common stock, which if fully converted would result in the issuance of 4,140,000 shares of the Company's common stock. The Series B Preferred Stock will automatically convert into shares of the Company’s common stock if the 20-day volume weighted adjusted closing price of the Company's common stock exceeds $7.25 per share on the NASDAQ Capital Market. Each warrant permits investors to purchase one share of common stock at an exercise price of $5.50 per share, subject to adjustment. Net proceeds from the Offering totaled $18,671,378, which includes the impact of the underwriters' selling concessions and legal, accounting and other professional fees. Proceeds from the Offering will be used for future acquisitions and for general corporate purposes.
	On April 24, 2014, in contemplation of the Offering, the Company increased the number of preferred shares authorized from 500,000 to 5,000,000, and authorized 1,000,000 shares of Series B Preferred Stock for the Offering.
	Equity Issuances under Share Incentive Plan
	In June 2014, the Company issued 31,451 shares to directors, officers and consultants for services rendered to the Company. The market value of these shares at the time of issuance was approximately $145,000. As of June 30, 2014, there are 468,549 shares available for issuance under the Company’s Share Incentive Plan.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies
	The Company is involved in various legal proceedings arising in the ordinary course of its business, including, but not limited to commercial disputes. The Company believes that such litigation, claims and administrative proceedings will not have a material adverse impact on its financial position or its results of operations. The Company records a liability when it considers the loss probable and the amount can be reasonably estimated.
	On July 10, 2008, one of the Company’s subsidiaries, Perimeter Associates, LLC (“Perimeter”), sued a tenant for breach of contract, guaranty of the contract and fraud related to an executed lease. In response, on August 22, 2008, the defendant filed a counterclaim against Perimeter for breach of contract, unjust enrichment and fraud. On April 8, 2013, the court found in favor of the defendant and assessed damages against Perimeter in the amount of $13,300. On or about May 8, 2013, Perimeter appealed the judgment of the lower court to the Oklahoma Supreme Court. Subsequent to the initial judgment, the defendant’s attorney applied to the court to be reimbursed for approximately $368,000 in legal fees incurred by the defendant during litigation. On July 9, 2013, the lower court awarded the defendant approximately $267,000 of the defendant’s legal
	fees. Perimeter expects to amend its appeal with the Oklahoma Supreme Court to include the issue of the award of legal fees. The Company has posted bonds for both judgments and has accrued for the judgments in our financial statements. The Company will continue to vigorously litigate the issues raised upon appeal.

Related_Party_Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	Related Party Transactions
	Jon S. Wheeler (“Mr. Wheeler”), the Company’s Chairman and Chief Executive Officer, when combined with his affiliates, represents the Company’s largest stockholder.
	Wheeler Interests, LLC (“Wheeler Interests”), which is controlled by Mr. Wheeler, leases the Company’s Riversedge property under a 10 year operating lease expiring in November 2017, with four five year renewal options available. The lease currently requires monthly base rent payments of $24,000 and provides for annual increases throughout the term of the lease and subsequent option periods. Additionally, Wheeler Interests reimburses the Company for a portion of the property’s operating expenses and real estate taxes.
	The following summarizes related party activity as of and for the six months ended June 30, 2014 and 2013 (unaudited):
		June 30,
		2014		2013
	Amounts paid to Wheeler Interests and its affiliates	$	1,939,188	$	640,722
	Amounts due to Wheeler Interests and its affiliates	$	574,739	$	17,898
	Rent and reimbursement income received from Wheeler Interests	$	196,459	$	197,487
	Rent and other tenant receivables due from Wheeler Interests	$	470,245	$	347,542

Subsequent_Events

Subsequent Events	6 Months Ended
	Jun. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent Events
	Cypress Shopping Center Acquisition
	On July 1, 2014, the Company completed its acquisition of Cypress Shopping Center, an 80,435 square foot grocery-anchored shopping center located in Boiling Springs, South Carolina (“Cypress”) for a contract price of $8,300,000, paid through a combination of cash and debt. Cypress is currently 94.37% leased and its major tenants include Bi-Lo and Dollar General.
	Harrodsburg Marketplace Acquisition
	On July 1, 2014, the Company completed its acquisition of Harrodsburg Marketplace, a 60,048 square foot grocery-anchored shopping center located in Harrodsburg, Kentucky ("Harrodsburg") for a contract price of $5,000,000, paid through a combination of cash and debt. Harrodsburg is currently 97% leased and its major tenants include Kroger and Arby's.
	Port Crossing Shopping Center Acquisition
	On July 3, 2014, the Company completed the acquisition of Port Crossing Shopping Center, a 65,365 square foot grocery-anchored shopping center located in Harrisonburg, Virginia ("Port Crossing") for a contract price of $9,311,400. Port Crossing is 89% leased and is anchored by a Food Lion grocery store. The Company acquired the property from a related party through a combination of cash, the issuance of 157,429 common units in the Operating Partnership and the assumption of outstanding debt.
	LaGrange Markeplace Acquisition
	On July 25, 2014, the Company completed the acquisition of LaGrange Marketplace, a 76,594 square foot grocery-anchored shopping center located in LaGrange, Georgia ("LaGrange") for a contract price of $3,695,000. LaGrange is 92% leased and is anchored by a Food Depot grocery store. The Company acquired the property from a related party through a combination of cash, the issuance of 105,843 common units in the Operating Partnership and the assumption of outstanding debt.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Rents and Other Tenant Receivables, Net	'
	Rents and Other Tenant Receivables, net
	Tenant receivables include base rents, tenant reimbursements and receivables attributable to recording rents on a straight-line basis. The Company determines an allowance for the uncollectible portion of accrued rents and accounts receivable based upon customer credit-worthiness (including expected recovery of a claim with respect to any tenants in bankruptcy), historical bad debt levels, and current economic trends. The Company considers a receivable past due once it becomes delinquent per the terms of the lease. The Company’s standard lease form considers a rent charge past due after five days. A past due receivable triggers certain events such as notices, fees and other allowable and required actions per the lease. As of June 30, 2014 and December 31, 2013, the Company’s allowance for uncollectible accounts totaled $154,046 and $182,078, respectively. During the three and six months ended June 30, 2014, the Company reduced its allowance by $28,032 due to improved credit-worthiness of certain tenants and the collection of previously past due amounts. During the three and six months ended June 30, 2013, the Company recorded bad debt expenses in the amount of $22,903 and $37,903, respectively, related to tenant receivables that were specifically identified as potentially uncollectible based on an assessment of the tenant’s credit-worthiness. During the three and six months ended June 30, 2014 and 2013, the Company did not realize any recoveries related to tenant receivables previously written off.
Deferred Costs and Other Assets, Net	'
	Deferred Costs and Other Assets, net
	The Company’s deferred costs and other assets consist primarily of internal and external leasing commissions, fees incurred in order to obtain long-term financing, leases in place intangible assets, legal and marketing costs and tenant relationship intangible assets associated with acquisitions, and various property escrow accounts for real estate taxes, insurance, tenant improvements and replacements. The Company records amortization of financing costs using the effective interest method over the terms of the respective loans or agreements. The Company’s lease origination costs consist primarily of commissions paid in connection with lease originations and renewals. The Company records amortization of lease origination costs on a straight-line basis over the terms of the related leases. The Company’s leases in place intangible asset relates to values assigned leases associated with acquired properties. Leases in place are amortized over the term of the respective leases, while legal and marketing and tenant relationship intangible assets are amortized over their estimated useful lives. Acquisition deposits and escrows relate to advance funding of acquisitions to be completed.
	Details of these deferred costs, net of amortization, and other assets are as follows:
		June 30,		31-Dec-13
		2014
		(unaudited)
	Lease origination costs, net	$	3,572,474	$	3,720,812
	Leases in place, net	7,537,114		8,754,154
	Financing costs, net	2,896,211		3,110,904
	Property reserves	2,520,911		2,151,755
	Acquisition deposits and escrows	2,865,000		—
	Legal and marketing costs, net	178,714		203,819
	Tenant relationships	1,845,630		2,372,600
	Other	276,066		533,940
	Total Deferred Costs and Other Assets, net	$	21,692,120	$	20,847,984
	Amortization of lease origination costs, leases in place and legal and marketing costs represents a component of depreciation and amortization expense. The Company reports amortization of financing costs, amortization of premiums, and accretion of discounts as part of interest expense. Future amortization of lease origination costs, leases in place, financing costs, legal and marketing costs and tenant relationships is as follows:
	For the Periods Ending June 30,	Lease		Leases In		Financing		Legal &		Tenant
		Origination		Place		Costs		Marketing		Relationships
		Costs						Costs
	2015	$	468,843	$	2,095,665	$	858,133	$	42,607	$	854,050
	2016	433,218		1,602,167		622,776		32,423		564,634
	2017	388,119		1,051,543		340,568		25,966		279,621
	2018	327,622		701,066		308,260		19,342		126,839
	2019	242,743		322,517		205,111		14,707		10,303
	Thereafter	1,711,929		1,764,156		561,363		43,669		10,183
		$	3,572,474	$	7,537,114	$	2,896,211	$	178,714	$	1,845,630
Income Taxes	'
	Income Taxes
	The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the Company to distribute at least 90% of its taxable income to shareholders and meet certain other asset and income tests, as well as other requirements. Thus, the Company made no provision for federal income taxes for the REIT in the accompanying condensed consolidated financial statements. If the Company fails to qualify as a REIT, it will be subject to tax at regular corporate rates for the years in which it failed to qualify. If the Company loses its REIT status it could not elect to be taxed as a REIT for five years unless the Company’s failure to qualify was due to a reasonable cause and certain other conditions were satisfied.
Use of Estimates	'
	Use of Estimates
	The Company has made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported periods. The Company’s actual results could differ from these estimates.
Noncontrolling Interests	'
	Noncontrolling Interests
	Noncontrolling interests is the portion of equity in the Operating Partnership not attributable to the Trust. Accordingly, we have reported noncontrolling interests in equity on the June 30, 2014 unaudited condensed consolidated balance sheet but separate from the Company’s shareholders’ equity. On the June 30, 2014 unaudited condensed consolidated statements of operations, the subsidiaries are reported at the consolidated amount, including both the amount attributable to the Company and noncontrolling interests. The unaudited condensed consolidated statement of equity includes beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity.
	The noncontrolling interest of the Operating Partnership common unit holders is calculated by multiplying the noncontrolling interest ownership percentage at the balance sheet date by the Operating Partnership’s net assets (total assets less total liabilities). The noncontrolling interest percentage is calculated at any point in time by dividing the number of units not owned by the Company by the total number of units outstanding. The noncontrolling interest ownership percentage will change as additional units are issued or as units are exchanged for the Company’s Common Stock. In accordance with GAAP, any changes in the value from period to period are charged to additional paid-in capital.
New Accounting Pronouncements	'
	Recent Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-09, “Revenue from Contracts with Customers,” which supersedes the revenue recognition requirements of Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition” and most industry-specific guidance on revenue recognition throughout the ASC. The new standard is principles based and provides a five step model to determine when and how revenue is recognized. The core principle of the new standard is that revenue should be recognized when a company transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard also requires disclosure of qualitative and quantitative information surrounding the amount, nature, timing and uncertainty of revenues and cash flows arising from contracts with customers. The new standard is effective for the Company in the first quarter of the year ended December 31, 2017 and can be applied either retrospectively to all periods presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is not permitted. The Company is currently evaluating the impact of adoption of the new standard on its consolidated financial statements.
Reclassifications	'
	Reclassifications
	Certain reclassifications have been made to prior period amounts to make their presentation comparable with the current period. These reclassifications had no impact on net income.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Details of Deferred Costs, Net of Amortization and Other Assets	'
	Details of these deferred costs, net of amortization, and other assets are as follows:
		June 30,		31-Dec-13
		2014
		(unaudited)
	Lease origination costs, net	$	3,572,474	$	3,720,812
	Leases in place, net	7,537,114		8,754,154
	Financing costs, net	2,896,211		3,110,904
	Property reserves	2,520,911		2,151,755
	Acquisition deposits and escrows	2,865,000		—
	Legal and marketing costs, net	178,714		203,819
	Tenant relationships	1,845,630		2,372,600
	Other	276,066		533,940
	Total Deferred Costs and Other Assets, net	$	21,692,120	$	20,847,984
Future Amortization of Lease Origination Costs, Financing Costs and in Place Leases	'
	Future amortization of lease origination costs, leases in place, financing costs, legal and marketing costs and tenant relationships is as follows:
	For the Periods Ending June 30,	Lease		Leases In		Financing		Legal &		Tenant
		Origination		Place		Costs		Marketing		Relationships
		Costs						Costs
	2015	$	468,843	$	2,095,665	$	858,133	$	42,607	$	854,050
	2016	433,218		1,602,167		622,776		32,423		564,634
	2017	388,119		1,051,543		340,568		25,966		279,621
	2018	327,622		701,066		308,260		19,342		126,839
	2019	242,743		322,517		205,111		14,707		10,303
	Thereafter	1,711,929		1,764,156		561,363		43,669		10,183
		$	3,572,474	$	7,537,114	$	2,896,211	$	178,714	$	1,845,630

Investment_Properties_Tables

Investment Properties (Tables)	6 Months Ended
	Jun. 30, 2014
Real Estate [Abstract]	'
Investment Properties	'
	Investment properties consist of the following:
		June 30,			31-Dec-13
		2014
		(unaudited)
	Land	$	26,869,840		$	26,828,228
	Buildings and improvements	80,157,722			80,003,805
	Investment properties at cost	107,027,562			106,832,033
	Less accumulated depreciation and amortization	(6,474,279		)	(5,059,698		)
	Investment properties, net	$	100,553,283		$	101,772,335

Loans_Payable_Tables

Loans Payable (Tables)	6 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]	'
Summary of Loans Payable	'
	The Company’s loans payable consist of the following:
		Monthly		Interest			June 30,		December 31,
	Property/Description	Payment		Rate		Maturity	2014		2013
							(unaudited)
	Shoppes at Eagle Harbor	$	24,692	4.34	%	Mar-18	$	3,839,802	$	3,905,321
	Lumber River Plaza	$	18,414	5.65	%	May-15	2,934,581		2,973,987
	Monarch Bank Building	$	9,473	4.15	%	Dec-17	1,457,284		1,483,230
	Perimeter Square	$	28,089	6.38	%	Jun-16	4,356,149		4,417,812
	Riversedge North	$	13,556	6	%	Jan-19	1,029,539		2,061,790
	Walnut Hill Plaza	$	25,269	6.75	%	Jul-14	3,430,592		3,464,465
	Harps at Harbor Point	$	18,122	3.99	%	Dec-15	3,293,831		3,335,628
	Twin City Commons	$	17,827	4.86	%	Jan-23	3,304,682		3,330,108
	Shoppes at TJ Maxx	$	33,880	3.88	%	May-20	6,329,491		6,409,077
	Bixby Commons	Interest only		2.77	%	Jun-18	6,700,000		6,700,000
	Bank Line of Credit	Interest only		4.5	%	May-15	2,000,000		2,000,000
	Forrest Gallery	$	50,973	5.4	%	Sep-23	9,075,000		9,075,000
	Jenks Reasors	Interest only		4.25	%	Sep-16	8,550,000		8,550,000
	Tampa Festival	$	50,797	5.56	%	Sep-23	8,803,488		8,859,888
	Starbucks/Verizon	$	7,405	6.5	%	Jul-15	596,706		621,197
	Winslow Plaza	Interest only		5.22	%	Dec-15	5,000,000		5,000,000
	Senior convertible notes	Interest only		9	%	Dec-18	6,000,000		6,000,000
	Senior non-convertible notes	Interest only		9	%	Dec-15	4,000,000		4,000,000
	Senior non-convertible notes	Interest only		9	%	Jan-16	2,160,000		—
	South Carolina Food Lions Note	Interest only		5.25	%	Jan-24	12,375,000		12,375,000
	Total Loans Payable						$	95,236,145	$	94,562,503
Summary of Company's Scheduled Principal Repayments on Indebtedness	'
	The Company’s scheduled principal repayments on indebtedness as of June 30, 2014 are as follows:
		For the Periods Ending June 30,
		(unaudited)
	2015	$	9,281,296
	2016	19,912,015
	2017	9,732,404
	2018	11,910,283
	2019	7,577,403
	Thereafter	36,822,744
	Total principal maturities	$	95,236,145

Rentals_under_Operating_Leases1

Rentals under Operating Leases (Tables)	6 Months Ended
	Jun. 30, 2014
Leases [Abstract]	'
Future Minimum Rentals to be Received under Noncancelable Tenant Operating Leases	'
	Future minimum rentals to be received under noncancelable tenant operating leases for each of the next five years and thereafter, excluding CAM and percentage rent based on tenant sales volume, as of June 30, 2014 are as follows:
		For the Periods Ending
		June 30,
		(unaudited)
	2015	$	11,494,343
	2016	10,340,622
	2017	8,726,510
	2018	6,798,723
	2019	4,342,594
	Thereafter	32,242,229
		$	73,945,021

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2014
Related Party Transactions [Abstract]	'
Summary of Related Party Activity	'
	The following summarizes related party activity as of and for the six months ended June 30, 2014 and 2013 (unaudited):
		June 30,
		2014		2013
	Amounts paid to Wheeler Interests and its affiliates	$	1,939,188	$	640,722
	Amounts due to Wheeler Interests and its affiliates	$	574,739	$	17,898
	Rent and reimbursement income received from Wheeler Interests	$	196,459	$	197,487
	Rent and other tenant receivables due from Wheeler Interests	$	470,245	$	347,542

Organization_and_Basis_of_Pres1

Organization and Basis of Presentation and Consolidation Organizationand Basis Of Presentation and Consolidation (Details)	Jun. 30, 2014
	property
Accounting Policies [Abstract]	'
Number of Real Estate Properties	23

Summary_of_Significant_Account3

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Accounting Policies [Abstract]	'	'	'	'	'
Past due rent charge term	'	'	'5 days	'	'
Allowance for uncollectible accounts	$154,046	'	$154,046	'	$182,078
Bad debt expenses	-28,032	22,903	-28,032	37,903	'
Recoveries related to tenant receivables	0	0	0	0	'
Minimum percentage of taxable income to be distributed to stockholders	'	'	90.00%	'	'
Provision for federal income taxes	'	'	$0	'	'
Term of disqualification to be taxed as a REIT due to loss of REIT status	'	'	'5 years	'	'

Summary_of_Significant_Account4

Summary of Significant Accounting Policies - Details of Deferred Costs, Net of Amortization and Other Assets (Detail) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Deferred Costs And Other Assets [Line Items]	'	'
Lease origination costs, net	$3,572,474	$3,720,812
Financing costs, net	2,896,211	3,110,904
Property reserves	2,520,911	2,151,755
Acquisition deposits and escrows	2,865,000	0
Tenant relationships	1,845,630	2,372,600
Other	276,066	533,940
Deferred costs	21,692,120	20,847,984
Leases in Place, Net [Member]	'	'
Deferred Costs And Other Assets [Line Items]	'	'
Deferred costs	7,537,114	8,754,154
Legal and Marketing Costs, Net [Member]	'	'
Deferred Costs And Other Assets [Line Items]	'	'
Deferred costs	$178,714	$203,819

Summary_of_Significant_Account5

Summary of Significant Accounting Policies - Schedule of Future Amortization of Lease Origination Costs, Financing Costs and in Place Leases (Detail) (USD $)	Jun. 30, 2014
Lease Origination Costs [Member]	'
Future Amortization Of Deferred Costs And Other Assets [Line Items]	'
2015	$468,843
2016	433,218
2017	388,119
2018	327,622
2019	242,743
Thereafter	1,711,929
Amortization of Intangible Assets	3,572,474
Leases in Place [Member]	'
Future Amortization Of Deferred Costs And Other Assets [Line Items]	'
2015	2,095,665
2016	1,602,167
2017	1,051,543
2018	701,066
2019	322,517
Thereafter	1,764,156
Amortization of Intangible Assets	7,537,114
Financing Costs [Member]	'
Future Amortization Of Deferred Costs And Other Assets [Line Items]	'
2015	858,133
2016	622,776
2017	340,568
2018	308,260
2019	205,111
Thereafter	561,363
Amortization of Intangible Assets	2,896,211
Legal and Marketing Costs [Member]	'
Future Amortization Of Deferred Costs And Other Assets [Line Items]	'
2015	42,607
2016	32,423
2017	25,966
2018	19,342
2019	14,707
Thereafter	43,669
Amortization of Intangible Assets	178,714
Tenant Relationships [Member]	'
Future Amortization Of Deferred Costs And Other Assets [Line Items]	'
2015	854,050
2016	564,634
2017	279,621
2018	126,839
2019	10,303
Thereafter	10,183
Amortization of Intangible Assets	$1,845,630

Investment_Properties_Investme

Investment Properties - Investment Properties (Detail) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Real Estate Properties [Line Items]	'	'
Investment properties at cost	$107,027,562	$106,832,033
Less accumulated depreciation and amortization	-6,474,279	-5,059,698
Investment properties, net	100,553,283	101,772,335
Land [Member]	'	'
Real Estate Properties [Line Items]	'	'
Investment properties at cost	26,869,840	26,828,228
Buildings and Improvements [Member]	'	'
Real Estate Properties [Line Items]	'	'
Investment properties at cost	$80,157,722	$80,003,805

Loans_Payable_Summary_of_Loans

Loans Payable - Summary of Loans Payable (Detail) (USD $)	6 Months Ended
	Jun. 30, 2014	Jan. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]	'	'	'
Mortgages and other indebtedness	$95,236,145	'	$94,562,503
January 2016 [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Mortgage Loans Payable, Monthly Payment	'Interest only	'	'
Mortgage Loans Payable, Interest Rate	9.00%	'	'
Mortgage Loans Payable, Maturity Period	'2016-01	'	'
Mortgages and other indebtedness	2,160,000	'	0
Senior Convertible Notes [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Mortgage Loans Payable, Monthly Payment	'Interest only	'	'
Mortgage Loans Payable, Interest Rate	9.00%	'	'
Mortgage Loans Payable, Maturity Period	'2018-12	'	'
Mortgages and other indebtedness	6,000,000	'	6,000,000
Senior Non-Convertible Notes [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Mortgage Loans Payable, Monthly Payment	'Interest only	'	'
Mortgage Loans Payable, Interest Rate	9.00%	9.00%	'
Mortgage Loans Payable, Maturity Period	'2015-12	'	'
Mortgages and other indebtedness	4,000,000	'	4,000,000
Shoppes at Eagle Harbor [Member] | Interest at Fixed Rate of 4.34% [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Mortgage Loans Payable, Monthly Payment	24,692	'	'
Mortgage Loans Payable, Interest Rate	4.34%	'	'
Mortgage Loans Payable, Maturity Period	'2018-03	'	'
Mortgages and other indebtedness	3,839,802	'	3,905,321
Lumber River Plaza [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Mortgage Loans Payable, Monthly Payment	18,414	'	'
Mortgage Loans Payable, Interest Rate	5.65%	'	'
Mortgage Loans Payable, Maturity Period	'2015-05	'	'
Mortgages and other indebtedness	2,934,581	'	2,973,987
Monarch Bank Building [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Mortgage Loans Payable, Monthly Payment	9,473	'	'
Mortgage Loans Payable, Interest Rate	4.15%	'	'
Mortgage Loans Payable, Maturity Period	'2017-12	'	'
Mortgages and other indebtedness	1,457,284	'	1,483,230
Perimeter Square [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Mortgage Loans Payable, Monthly Payment	28,089	'	'
Mortgage Loans Payable, Interest Rate	6.38%	'	'
Mortgage Loans Payable, Maturity Period	'2016-06	'	'
Mortgages and other indebtedness	4,356,149	'	4,417,812
Riversedge North [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Mortgage Loans Payable, Monthly Payment	13,556	'	'
Mortgage Loans Payable, Interest Rate	6.00%	'	'
Mortgage Loans Payable, Maturity Period	'2019-01	'	'
Mortgages and other indebtedness	1,029,539	'	2,061,790
Walnut Hill Plaza [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Mortgage Loans Payable, Monthly Payment	25,269	'	'
Mortgage Loans Payable, Interest Rate	6.75%	'	'
Mortgage Loans Payable, Maturity Period	'2014-07	'	'
Mortgages and other indebtedness	3,430,592	'	3,464,465
Harps at Harbor Point [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Mortgage Loans Payable, Monthly Payment	18,122	'	'
Mortgage Loans Payable, Interest Rate	3.99%	'	'
Mortgage Loans Payable, Maturity Period	'2015-12	'	'
Mortgages and other indebtedness	3,293,831	'	3,335,628
Twin City Commons [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Mortgage Loans Payable, Monthly Payment	17,827	'	'
Mortgage Loans Payable, Interest Rate	4.86%	'	'
Mortgage Loans Payable, Maturity Period	'2023-01	'	'
Mortgages and other indebtedness	3,304,682	'	3,330,108
Shoppes at TJ Maxx [Member] | Maturity on May 2020 [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Mortgage Loans Payable, Monthly Payment	33,880	'	'
Mortgage Loans Payable, Interest Rate	3.88%	'	'
Mortgage Loans Payable, Maturity Period	'2020-05	'	'
Mortgages and other indebtedness	6,329,491	'	6,409,077
Bixby Commons [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Mortgage Loans Payable, Monthly Payment	'InterestB only	'	'
Mortgage Loans Payable, Interest Rate	2.77%	'	'
Mortgage Loans Payable, Maturity Period	'2018-06	'	'
Mortgages and other indebtedness	6,700,000	'	6,700,000
Bank Line of Credit [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Mortgage Loans Payable, Monthly Payment	'Interest only	'	'
Mortgage Loans Payable, Interest Rate	4.50%	'	'
Mortgage Loans Payable, Maturity Period	'2015-05	'	'
Mortgages and other indebtedness	2,000,000	'	2,000,000
Forrest Gallery [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Mortgage Loans Payable, Monthly Payment	50,973	'	'
Mortgage Loans Payable, Interest Rate	5.40%	'	'
Mortgage Loans Payable, Maturity Period	'2023-09	'	'
Mortgages and other indebtedness	9,075,000	'	9,075,000
Jenks Reasors [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Mortgage Loans Payable, Monthly Payment	'Interest only	'	'
Mortgage Loans Payable, Interest Rate	4.25%	'	'
Mortgage Loans Payable, Maturity Period	'2016-09	'	'
Mortgages and other indebtedness	8,550,000	'	8,550,000
Tampa Festival [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Mortgage Loans Payable, Monthly Payment	50,797	'	'
Mortgage Loans Payable, Interest Rate	5.56%	'	'
Mortgage Loans Payable, Maturity Period	'2023-09	'	'
Mortgages and other indebtedness	8,803,488	'	8,859,888
Starbucks/Verizon [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Mortgage Loans Payable, Monthly Payment	7,405	'	'
Mortgage Loans Payable, Interest Rate	6.50%	'	'
Mortgage Loans Payable, Maturity Period	'2015-07	'	'
Mortgages and other indebtedness	596,706	'	621,197
Winslow Plaza [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Mortgage Loans Payable, Monthly Payment	'Interest only	'	'
Mortgage Loans Payable, Interest Rate	5.22%	'	'
Mortgage Loans Payable, Maturity Period	'2015-12	'	'
Mortgages and other indebtedness	5,000,000	'	5,000,000
South Carolina Food Lions Note [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Mortgage Loans Payable, Monthly Payment	'Interest only	'	'
Mortgage Loans Payable, Interest Rate	5.25%	'	'
Mortgage Loans Payable, Maturity Period	'2024-01	'	'
Mortgages and other indebtedness	$12,375,000	'	$12,375,000

Loans_Payable_Additional_Infor

Loans Payable - Additional Information (Detail) (USD $)	0 Months Ended		0 Months Ended			60 Months Ended		0 Months Ended	36 Months Ended
	Jan. 31, 2014	Jan. 31, 2014	Jan. 31, 2014	Jun. 30, 2014	Jan. 31, 2014	Jul. 02, 2019	Jul. 02, 2014	Jul. 31, 2014	Jul. 31, 2017	Jul. 31, 2014
			Senior Non-Convertible Notes [Member]	Senior Non-Convertible Notes [Member]	Senior Non-Convertible Notes [Member]	Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]
						July 2, 2014 Starbucks Verizon Refinancing [Member]	July 2, 2014 Starbucks Verizon Refinancing [Member]	July 31, 2014 Walnut Hill Refinancing [Member]	July 31, 2014 Walnut Hill Refinancing [Member]	July 31, 2014 Walnut Hill Refinancing [Member]
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'	'
Private placement transaction, securities offered value	'	'	'	'	$2,160,000	'	$660,000	'	'	$3,650,000
Private placement transaction, debt instrument stated interest rate	'	'	'	9.00%	9.00%	'	5.00%	'	'	5.50%
Private placement transaction, debt instrument maturity date	'	'	31-Jan-16	'	'	2-Jul-19	'	'	30-Jul-17	'
Private placement transaction, common stock shares under warrants issued	'	227,372	'	'	'	'	'	'	'	'
Private placement transaction, exercise price of warrants	'	4.75	'	'	'	'	'	'	'	'
Private placement transaction, warrant expiration date	31-Jan-19	'	'	'	'	'	'	'	'	'
Debt Instrument, Periodic Payment	'	'	'	'	'	$4,383	'	$24,273	'	'
Debt Instrument Amortization Period	'	'	'	'	'	'20 years	'	'20 years	'	'

Loans_Payable_Summary_of_Compa

Loans Payable - Summary of Company's Scheduled Principal Repayments on Indebtedness (Detail) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Debt Disclosure [Abstract]	'	'
2015	$9,281,296	'
2016	19,912,015	'
2017	9,732,404	'
2018	11,910,283	'
2019	7,577,403	'
Thereafter	36,822,744	'
Total principal maturities	$95,236,145	$94,562,503

Rentals_under_Operating_Leases2

Rentals under Operating Leases - Future Minimum Rentals to be Received under Noncancelable Tenant Operating Leases (Detail) (USD $)	Jun. 30, 2014
Leases [Abstract]	'
2015	$11,494,343
2016	10,340,622
2017	8,726,510
2018	6,798,723
2019	4,342,594
Thereafter	32,242,229
Total	$73,945,021

Equity_Additional_Information_

Equity - Additional Information (Detail) (USD $)

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Mar. 18, 2014

Jan. 31, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

21-May-14

Apr. 29, 2014

Jun. 30, 2014

21-May-14

Apr. 29, 2014

Dec. 31, 2013

Jun. 30, 2014

21-May-14

Apr. 29, 2014

Apr. 24, 2014

Apr. 24, 2014

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Preferred Stock [Member]

Preferred Stock [Member]

Operating Partnership's Common Units [Member]

Series B Preferred Stock [Member]

Series B Preferred Stock [Member]

Series B Preferred Stock [Member]

Series B Preferred Stock [Member]

Series B Preferred Stock [Member]

Series B Preferred Stock [Member]

Warrant [Member]

Common Stock [Member]

Common Stock [Member]

Minimum [Member]

Maximum [Member]

Equity [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common units outstanding

'

'

'

'

'

'

'

'

'

'

1,589,458

'

'

'

'

'

'

'

'

'

'

'

Distributions to holders of shares

'

'

'

'

$966,487

$361,169

$1,933,437

$902,925

$423,555

$464,258

'

'

'

'

'

'

'

'

'

'

'

'

Dividend payable per share

'

'

$0.04

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividend accrued

322,896

'

'

'

'

'

'

'

397,121

397,121

'

'

'

'

'

'

'

'

'

'

'

'

Dividend disbursement date

'

'

'

'

'

'

'

'

15-Jul-14

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of units issued

'

'

'

'

'

'

'

'

'

'

'

'

'

'

21,600

144,000

'

'

'

'

'

'

Preferred stock shares issued

828,000

'

'

'

'

'

'

'

'

'

'

'

'

828,000

108,000

720,000

0

'

'

'

'

'

Potential shares which are antidilutive

'

'

'

'

'

'

'

'

'

'

'

'

'

4,140,000

'

'

'

1,642,025

'

'

'

'

Warrant to purchase

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

129,600

864,000

'

'

Preferred stock dividend interest rate percentage

'

'

'

'

'

'

'

'

'

'

'

'

9.00%

'

'

'

'

'

'

'

'

'

Preferred stock conversion price per share (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$5

'

'

'

'

'

'

Preferred stock adjusted closing price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$7.25

'

'

'

'

'

'

Warrant exercise price

'

'

'

4.75

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5.5

'

'

Proceeds from sales of preferred stock

18,671,378

4,157,000

'

'

'

'

'

'

'

'

'

18,671,378

'

'

'

'

'

'

'

'

'

'

Preferred stock, Shares authorized

1,000,000

'

'

'

'

'

'

'

'

'

'

'

'

1,000,000

'

'

1,000,000

'

'

'

500,000

5,000,000

Issuance of common stock under Share Incentive Plan (shares)

31,451

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Value of stock issued Share Incentive Plan

$145,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares available for issuance under Share Incentive Plan

468,549

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (USD $)	0 Months Ended
	8-May-13	Apr. 08, 2013	Jul. 09, 2013
Commitments and Contingencies Disclosure [Abstract]	'	'	'
Damages amount awarded to defendant	'	$13,300	'
Legal fees sought by defendant	368,000	'	'
Loss contingency accrual	'	'	$267,000

Related_Party_Transactions_Add

Related Party Transactions - Additional Information (Detail) (Wheeler Interests [Member], USD $)	6 Months Ended
	Jun. 30, 2014
	Option
Wheeler Interests [Member]	'
Related Party Transaction [Line Items]	'
Property provided under the lease	'10 years
Number of renewal options available	4
Lease renewal period	'5 years
Rent payment	$24,000

Related_Party_Transactions_Sum

Related Party Transactions - Summary of Related Party Activity (Detail) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Wheeler Interests and Affiliates [Member]	'	'
Related Party Transaction [Line Items]	'	'
Amounts paid to Wheeler Interests and its affiliates	$1,939,188	$640,722
Amounts due to Wheeler Interests and its affiliates	574,739	17,898
Wheeler Interests [Member]	'	'
Related Party Transaction [Line Items]	'	'
Rent and reimbursement income received from Wheeler Interests	196,459	197,487
Rent and other tenant receivables due from Wheeler Interests	$470,245	$347,542

Subsequent_Events_Additional_I

Subsequent Events - Additional Information (Detail) (Subsequent [Member], USD $)	Jul. 02, 2014	Jul. 01, 2014	Jul. 03, 2014	Jul. 25, 2014	Jul. 03, 2014	Jul. 25, 2014
	Cypress Shopping Center [Member]	Harrodsburg Marketplace [Member]	Port Crossing Shopping Center [Member]	LaGrange Marketplace [Member]	Common Stock [Member]	Common Stock [Member]
	sqft	sqft	sqft	sqft	Port Crossing Shopping Center [Member]	LaGrange Marketplace [Member]
Subsequent Event [Line Items]	'	'	'	'	'	'
Area of grocery-anchored shopping center (in sqft)	80,435	60,048	65,365	76,594	'	'
Contract price	$8,300,000	$5,000,000	$9,311,400	$3,695,000	'	'
Leased percentage	94.37%	97.00%	89.00%	92.00%	'	'
Equity interest issued (in shares)	'	'	'	'	157,429	105,843