Wheeler Real Estate Investment Trust (WHLR) 10-Q 15 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	13-May-15
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Entity Registrant Name	Wheeler Real Estate Investment Trust, Inc.
Entity Central Index Key	1527541
Current Fiscal Year End Date	-19
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		7,842,196

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
ASSETS:
Investment properties, net	$163,265,867	$152,250,986
Cash and cash equivalents	80,958,326	9,969,748
Rents and other tenant receivables, net	2,114,898	1,985,466
Goodwill	7,004,072	7,004,072
Deferred costs and other assets, net	34,661,026	29,272,096
Total Assets	288,004,189	200,482,368
LIABILITIES:
Loans payable	147,634,250	141,450,143
Accounts payable, accrued expenses and other liabilities	7,211,725	5,908,798
Total Liabilities	154,845,975	147,358,941
Commitments and contingencies (Note 7)	0	0
Temporary Equity:
Series C mandatorily convertible cumulative preferred stock (no par value, 100,000 shares authorized, 93,000 and no shares issued and outstanding, respectively)	87,510,354	0
EQUITY:
Common stock ($0.01 par value, 75,000,000 shares authorized, 7,841,196 and 7,512,979 shares issued and outstanding, respectively)	78,411	75,129
Additional paid-in capital	32,197,918	31,077,060
Accumulated deficit	-34,607,083	-27,660,234
Total Shareholders’ Equity	35,736,064	42,570,259
Noncontrolling interests	9,911,796	10,553,168
Total Equity	45,647,860	53,123,427
Total Liabilities and Equity	288,004,189	200,482,368
Series A Preferred Stock [Member]
EQUITY:
Preferred stock	1,458,050	1,458,050
Series B Preferred Stock [Member]
EQUITY:
Preferred stock	$36,608,768	$37,620,254

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Preferred stock, Shares issued	1,595,900
Common stock, Par value per share	$0.01	$0.01
Common stock, Shares authorized	75,000,000	75,000,000
Common stock, Shares issued	7,841,196	7,512,979
Common stock, Shares outstanding	7,841,196	7,512,979
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	3,000,000	3,000,000
Preferred stock, Shares issued	1,648,900	1,648,900
Preferred stock, Shares outstanding	1,595,900	1,648,900
Series C Preferred Stock [Member]
Temporary Equity, Par Value	$0	$0
Temporary Equity, Shares Authorized	100,000	0
Temporary Equity, Shares Issued	93,000	0
Temporary Equity, Shares Outstanding	93,000	0

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
REVENUE:
Rental revenues	$4,380,605	$2,948,810
Property Management Fee Revenue	212,298	0
Commissions	108,893	0
Tenant reimbursements and other revenues	1,050,345	715,342
Total Revenue	5,752,141	3,664,152
OPERATING EXPENSES:
Property operations	1,632,179	923,182
Non-REIT management and leasing services	369,775	0
Depreciation and amortization	3,236,484	1,785,602
Provision for credit losses	47,198	0
Corporate general & administrative	2,311,230	832,318
Total Operating Expenses	7,596,866	3,541,102
Operating Income (Loss)	-1,844,725	123,050
Interest expense	-2,378,464	-1,368,938
Net Loss	-4,223,189	-1,245,888
Less: Net loss attributable to noncontrolling interests	-462,376	-87,252
Net Loss Attributable to Wheeler REIT	-3,760,813	-1,158,636
Preferred stock dividends	-2,502,223	-40,703
Net Loss Attributable to Wheeler REIT Common Shareholders	($6,263,036)	($1,199,339)
Loss per share:
Basic and Diluted (in dollars per share)	($0.80)	($0.17)
Weighted-average number of shares:
Basic and Diluted (in shares)	7,806,467	7,185,550

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, 2014	$53,123,427	$1,458,050	$37,620,254	$75,129	$31,077,060	($27,660,234)	$42,570,259	$10,553,168
Shares, Outstanding at Dec. 31, 2014		1,809	1,648,900	7,512,979				3,567,623
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of Series B preferred stock discount	-1,211,202		197,728				197,728
Conversion of Series B Convertible Preferred Stock to common stock (shares)			-53,000	265,000
Conversion of Series B Convertible Preferred Stock to common stock			-1,209,214	2,650	1,206,564
Conversion of Operating Partnership Units to common stock (shares)				50,060				-50,060
Conversion of Operating Partnership units to common stock				501	168,825		169,326	-169,326
Issuance of common stock under Share Incentive Plan (shares)	13,157
Issuance of common stock under Share Incentive Plan	45,000			131	44,869		45,000
Adjustment for noncontrolling interest in operating partnership					-299,400		-299,400	299,400
Dividends and distributions	-3,495,106					-3,186,036	-3,186,036
Dividends and distributions								-309,070
Net loss	-4,223,189					-3,760,813	-3,760,813	-462,376
Ending Balance at Mar. 31, 2015	$45,647,860	$1,458,050	$36,608,768	$78,411	$32,197,918	($34,607,083)	$35,736,064	$9,911,796
Shares, Outstanding at Mar. 31, 2015		1,809	1,595,900	7,841,196				3,517,563

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	($4,223,189)	($1,245,888)
Adjustments to reconcile consolidated net loss to net cash from operating activities
Depreciation	1,127,170	705,355
Amortization	2,109,314	1,080,247
Loan cost amortization	486,198	86,831
Above (below) market lease amortization	195,729	-23,304
Share-based compensation	45,000	0
Provision for credit losses	47,198	0
Changes in assets and liabilities, net of acquisitions
Rent and other tenant receivables, net	187,843	-392,882
Unbilled rent	58,611	88,849
Deferred costs and other assets, net	-5,020,437	-169,073
Accounts payable, accrued expenses and other liabilities	247,705	-67,241
Net cash (used in) from operating activities	-4,738,858	62,894
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment property acquisitions	-4,535,000	0
Capital expenditures	-10,600	-41,612
Net cash used in investing activities	-4,545,600	-41,612
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments for deferred financing costs	-231,977	0
Dividends and distributions paid	-2,150,223	-1,006,062
Proceeds from sales of preferred stock, net of expenses	83,672,828	0
Net (payments to) proceeds from related parties	-423,084	29,889
Loan proceeds	0	2,160,000
Loan principal payments	-594,508	-223,862
Net cash from financing activities	80,273,036	959,965
INCREASE IN CASH AND CASH EQUIVALENTS	70,988,578	981,247
CASH AND CASH EQUIVALENTS, beginning of period	9,969,748	1,155,083
CASH AND CASH EQUIVALENTS, end of period	80,958,326	2,136,330
Other Cash Transactions:
Cash paid for interest	1,877,966	1,325,195
Debt incurred for transactions	9,800,000	0
Conversion of senior convertible debt into Series C preferred stock	3,000,000	0
Accretion of preferred stock discounts	$1,211,202	$0

Organization_and_Basis_of_Pres

Organization and Basis of Presentation and Consolidation	3 Months Ended
	Mar. 31, 2015
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 REIT, L.P. (the “Operating Partnership”), which was formed as a Virginia limited partnership on April 5, 2012. As of March 31, 2015, the Trust, through the Operating Partnership, owned and operated thirty-one centers and seven undeveloped properties in Virginia, North Carolina, South Carolina, Georgia, Florida, Oklahoma, Tennessee, Kentucky, New Jersey and West Virginia. 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, 2014 are derived from the Company’s audited consolidated financial statements as of that date, but do 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 2014 Annual Report filed on Form 10-K for the year ended December 31, 2014 (the “2014 Form 10-K”).

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015 and December 31, 2014, the Company’s allowance for uncollectible accounts totaled $233,780 and $186,517, respectively. During the three months ended March 31, 2015 and 2014, the Company recorded bad debt expenses in the amounts of $47,198, and $0, 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 months ended March 31, 2015 and 2014, 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 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:
		March 31, 2015			31-Dec-14
		(unaudited)
	Lease origination costs, net	$	3,435,361		$	3,575,358
	Leases in place, net	12,552,926			12,198,630
	Financing costs, net	3,341,321			3,517,045
	Property reserves	4,259,151			4,242,499
	Acquisition deposits and escrows	5,420,000			623,350
	Legal and marketing costs, net	204,654			224,898
	Tenant relationships	4,964,660			4,485,698
	Other	482,953			404,618
	Total Deferred Costs and Other Assets, net	$	34,661,026		$	29,272,096
	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 March 31,	Lease			Leases In			Financing		Legal &		Tenant
		Origination			Place			Costs		Marketing		Relationships
		Costs								Costs
	2016	$	481,321		$	3,611,168		$	895,867	$	48,864	$	2,278,381
	2017	438,138			2,310,213			499,417		33,166		1,053,363
	2018	382,625			1,725,128			378,111		26,160		684,779
	2019	292,314			1,068,849			269,041		21,005		383,109
	2020	232,520			780,641			261,853		17,319		252,511
	Thereafter	1,608,443			3,056,927			1,037,032		58,140		312,517
		$	3,435,361		$	12,552,926		$	3,341,321	$	204,654	$	4,964,660
	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, the Company has reported noncontrolling interests in equity on the March 31, 2015 unaudited condensed consolidated balance sheet but separate from the Company’s shareholders’ equity. On the March 31, 2015 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.
	Corporate General and Administrative Expense
	A detail for the "corporate general & administrative" line item from the Statement of Operations is presented below:
			Three Months Ended March 31,
			2015			2014
			(unaudited)
	Acquisition costs		$	653,242		$	57,000
	Professional fees		388,233			398,690
	Compensation and benefits		655,817			—
	Corporate administration		273,229			101,606
	REIT administration fees		2,010			165,375
	Travel		203,341			38,329
	Advertising		45,232			9,158
	Taxes and licenses		90,126			62,160
	Total		$	2,311,230		$	832,318
	Recent Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 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 will be 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.
	In August 2014, the FASB issued ASU 2014-15, "Presentation of Financial Statements - Going Concern (Subtopic 205-40)." This ASU defines management's responsibility to evaluate whether there is substantial doubt about an organization's ability to continue as a going concern and provides guidance on required financial statement footnote disclosures. This ASU is effective for annual periods ending after December 15, 2016. The Company will adopt the ASU in 2016.
	In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This new guidance requires the presentation of unamortized debt issuance costs to be shown in the liabilities section of the consolidated balance sheets as a reduction of the principal amount of the associated debt, rather than as an asset. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015 and early adoption is permitted, including adoption in an interim period. The new standard must be applied using a retrospective approach by restating prior period comparative consolidated balance sheets. The Company does not expect the adoption of ASU 2015-03 to materially impact its financial position or results of operations.
	Other accounting standards that have been issued or proposed by the FASB or other standard-setting bodies are not currently applicable to the Company or are not expected to have a significant impact on the Company’s financial position, results of operations and cash flows.

Investment_Properties

Investment Properties	3 Months Ended
	Mar. 31, 2015
Real Estate [Abstract]
Investment Properties	Investment Properties
	Investment properties consist of the following:
		March 31, 2015				December 31, 2014
		(unaudited)
	Land	$	37,870,933			$	37,195,616
	Land held for improvement	8,790,918				6,846,918
	Buildings and improvements	126,107,602				116,584,868
	Investment properties at cost	172,769,453				160,627,402
	Less accumulated depreciation and amortization	(9,503,586		)		(8,376,416		)
	Investment properties, net	$	163,265,867			$	152,250,986
	A significant portion of the Company’s land, buildings and improvements serves 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.
	Acquisitions
	Laskin Road Land
	On January 9, 2015, the Company completed its acquisition of 0.47 acres of undeveloped land located on Laskin Road in Virginia Beach, Virginia ("Laskin Road") for a contract price of $1,644,000. The Company acquired Laskin Road for future development opportunities. The Company paid cash of $150,000 with the $1,494,000 balance of the contract price to be paid in common units on the earlier of the one year anniversary of the acquisition or the completion of any development activities. The number of units issued will be determined using the Company's common stock price on the day prior to issuance.
	Pierpont Centre
	On January 14, 2015, the Company completed its acquisition of Pierpont Centre, a 122,259 square foot shopping center located in Morgantown, West Virginia ("Pierpont Centre") for a contract price of $13.89 million, paid through a combination of cash and debt. Pierpont Centre is currently 100% leased and its major tenants include GNC, Hallmark, Michael's, Ruby Tuesday and Outback Steakhouse.
	Brook Run Properties
	On March 27, 2015, the Company completed its acquisition of Brook Run Properties, LLC ("Brook Run Properties"), consisting of a 2.0 acre parcel of undeveloped real estate located in Richmond, Virginia, for a contract price of $300,000 in cash. The Company plans to ground lease this property to an affiliated shopping center.
	The following summarizes the consideration paid and the preliminary estimated fair values of assets acquired and liabilities assumed in conjunction with the acquisitions described above, along with a description of the methods used to determine fair value. In determining fair values, the Company considered many factors including, but not limited to, cash flows, market cap rates, location, occupancy rates, appraisals, other acquisitions and management’s knowledge of the current acquisition market for similar properties. The valuations and purchase price allocations for these acquisitions remain preliminary but are expected to be finalized prior to December 31, 2015.
					Total
	Preliminary estimated fair value of assets acquired and liabilities assumed:
		Investment property (a)			$	11,873,413
		Lease intangibles and other assets (b)			2,753,413
		Above market leases (b)			1,215,221
		Below market leases (b)			(13,047		)
		Preliminary fair value of net assets acquired			$	15,829,000
	Purchase consideration:
		Consideration paid with cash and debt			$	14,335,000
		Consideration paid with common units			1,494,000
		Total consideration (c)			$	15,829,000
	a.	Represents the preliminary estimated fair value of the investment property acquired which includes land, buildings, site improvements and tenant improvements. The fair value was determined using the following approaches:
	i. the market approach valuation methodology for land by considering similar transactions in the markets;
	ii. a combination of the cost approach and income approach valuation methodologies for buildings, including replacement cost evaluations, "go dark" analyses and residual calculations incorporating the land values; and
	iii.	the cost approach valuation methodology for site and tenant improvements, including replacement costs and prevailing quoted market rates.
	b.	Represents the preliminary estimated fair value of lease intangibles and other assets. Lease intangibles include leasing commissions, in place leases, above/below market leases and legal and marketing fees associated with replacing existing leases. The income approach was used to determine the fair value of these intangible assets which included estimated market rates and expenses. It was determined that carrying value approximated fair value for other asset amounts.
	c.	Represents the components of purchase consideration paid. Consideration paid with common units includes amounts currently due for acquisitions that, per the original contract, are to be settled by issuing common units subsequent to March 31, 2015.
	The Company incurred $653,242 in acquisition expenses for these acquisitions. These costs are included on the unaudited condensed consolidated statement of operations under the caption "Corporate general & administrative."
	Unaudited pro forma financial information in the aggregate is presented below for certain acquisitions. The unaudited pro forma information presented below includes the effects of the acquisitions as if they had been consummated as of the beginning of the prior fiscal year. The pro forma results include adjustments for depreciation and amortization associated with acquired tangible and intangible assets, straight-line rent adjustments and interest expense related to debt incurred. Unaudited pro forma financial information has not been presented for Laskin Road and Brook Run Properties as the Company's management has determined that their inclusion would not be meaningful due to the lack of operating history.
			Three Months Ended March 31,
			2015				2014
	Rental revenue		$	4,424,974			$	3,215,028
	Net loss		$	(4,240,080	)		$	(1,347,232	)
	Net loss attributable to Wheeler REIT		$	(3,774,442	)		$	(1,240,106	)
	Net loss attributable to Wheeler REIT common shareholders		$	(6,276,665	)		$	(1,280,809	)
	Basic loss per share		$	(0.80	)		$	(0.18	)
	Diluted loss per share		$	(0.80	)		$	(0.18	)

Loans_Payable

Loans Payable	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Loans Payable	Loans Payable
	The Company’s loans payable consist of the following:
		Monthly			Interest
	Property/Description	Payment			Rate		Maturity	March 31, 2015		December 31, 2014
								(unaudited)
	Shoppes at Eagle Harbor	$	25,100		4.34	%	Mar-18	$	3,738,846	$	3,773,319
	Lumber River Plaza	$	18,414		5.65	%	May-15	2,874,034		2,894,862
	Monarch Bank Building	$	9,473		4.15	%	Dec-17	1,417,344		1,430,961
	Perimeter Square	$	28,089		6.38	%	Jun-16	4,261,754		4,294,216
	Riversedge North	$	8,802		6	%	Jan-19	996,515		1,007,856
	Walnut Hill Plaza	$	24,273		5.5	%	Jul-17	3,603,914		3,626,945
	Harps at Harbor Point	$	18,122		3.99	%	Dec-15	3,229,553		3,251,552
	Twin City Commons	$	17,827		4.86	%	Jan-23	3,265,375		3,279,076
	Shoppes at TJ Maxx	$	33,880		3.88	%	May-20	6,207,185		6,248,349
	Bixby Commons	Interest only			2.77	%	Jun-18	6,700,000		6,700,000
	Bank Line of Credit	Interest only			4.25	%	Sep-15	2,074,432		2,074,432
	Forrest Gallery	$	50,973		5.4	%	Sep-23	9,015,020		9,045,880
	Jenks Reasors	Interest only			4.25	%	Sep-16	8,550,000		8,550,000
	Tampa Festival	$	50,797		5.56	%	Sep-23	8,715,930		8,746,860
	Starbucks/Verizon	$	4,383		5	%	Jul-19	647,027		652,044
	Winslow Plaza	Interest only			5.22	%	Dec-15	5,000,000		5,000,000
	Cypress Shopping Center	Interest only			4.7	%	Jul-24	6,625,000		6,625,000
	Harrodsburg Marketplace	$	19,112		4.55	%	Sep-24	3,720,847		3,735,739
	Port Crossing	$	34,788		4.84	%	Aug-24	6,543,952		6,568,918
	LaGrange Marketplace	$	13,813		5	%	Mar-20	2,453,229		2,463,909
	Freeway Junction	Interest only			4.6	%	Sep-24	8,150,000		8,150,000
	DF I-Courtland	$	1,411		6.5	%	Jan-19	113,365		115,728
	DF I-Edenton	$	250,000	1	3.75	%	Sep-16	1,400,000		1,650,000
	DF I-Moyock	$	10,665		5	%	Jul-19	496,862		522,430
	Graystone Crossing	$	20,386		4.55	%	Oct-24	4,000,000		4,000,000
	Bryan Station	Interest only			4.52	%	Nov-24	4,625,000		4,625,000
	Crockett Square	Interest only			4.47	%	Dec-24	6,337,500		6,337,500
	Harbor Point	$	11,024		5.85	%	Dec-16	1,536,566		1,544,567
	Pierpont Centre	Interest only			4.15	%	Feb-25	9,800,000		—
	Senior convertible notes	Interest only			9	%	Dec-18	3,000,000		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		2,160,000
	South Carolina Food Lions note	Interest only			5.25	%	Jan-24	12,375,000		12,375,000
	Total Loans Payable							$	147,634,250	$	141,450,143
	(1) $250,000 plus accrued interest paid quarterly until maturity.
	On May 1, 2015, the Lumber River Plaza note was paid in full from cash on hand.
	4. Loans Payable (continued)
	Debt Maturity
	The Company’s scheduled principal repayments on indebtedness as of March 31, 2015 are as follows:
		For the Periods Ending March 31,
		(unaudited)
	2016	$	21,649,021
	2017	16,381,725
	2018	10,132,451
	2019	11,887,648
	2020	4,494,548
	Thereafter	83,088,857
	Total principal maturities	$	147,634,250

Rentals_under_Operating_Leases

Rentals under Operating Leases	3 Months Ended
	Mar. 31, 2015
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 Common Area Maintenance and percentage rent based on tenant sales volume, as of March 31, 2015 are as follows:
		For the Periods Ending March 31,
		(unaudited)
	2016	$	17,903,391
	2017	16,085,280
	2018	13,820,639
	2019	10,293,829
	2020	8,143,990
	Thereafter	37,090,100
		$	103,337,229

Equity

Equity	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
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 March 31, 2015, 1,737,738 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, 1,595,900 shares of Series B convertible preferred stock ("Series B Preferred Stock") and $3,000,000 of senior convertible debt are eligible to be converted into 9,396,579 shares of the Company's common stock and warrants to purchase 2,635,025 shares of the Company's common stock were outstanding at March 31, 2015. The common units, convertible preferred stock, senior convertible debt and warrants have been excluded from the Company’s diluted earnings per share calculation because their inclusion would be antidilutive.
	Dividends
	Dividends were made to holders of common units, common shares and preferred shares as follows:
		Three Months Ended March 31,
		2015		2014
	Common unit and common shareholders	$	992,883	$	966,950
	Preferred shareholders	2,502,223		40,703
	Total	$	3,495,106	$	1,007,653
	On March 19, 2015, the Company declared a $0.0175 per share dividend payable on or about April 30, 2015 to shareholders and unitholders of record as of March 31, 2015. Accordingly, the Company has accrued $198,779 as of March 31, 2015 for this dividend.
	During the three months ended March 31, 2015, the Company declared quarterly dividends of $1,291,021 to preferred shareholders of record as of March 31, 2015 to be paid on April 15, 2015. Accordingly, the Company has accrued $1,291,021 as of March 31, 2015 for this dividend.
	Series C Preferred Stock Offering
	On March 19, 2015, the Company entered into securities purchase agreements dated as of March 19, 2015 (the “Securities Purchase Agreements”), with certain accredited investors (the “Investors”), pursuant to which, among other things, the Company sold an aggregate of 93,000 shares of Series C Mandatorily Convertible Cumulative Perpetual Preferred Stock, liquidation value $1,000 per share (the “Series C Preferred Stock”), in a private placement (the “Private Placement”) to the Investors in exchange for aggregate consideration of $93,000,000, consisting of $90,000,000 in cash and $3,000,000 in debt reduction. Each share of Series C Preferred Stock was sold to the Investors at an offering price of $1,000 per share. The Company expects to use the net offering proceeds to acquire properties and for general working capital.
	From March 19, 2015 until June 18, 2015, the holders of Series C Preferred Stock are entitled to receive, when, and if authorized by the Company’s Board of Directors and declared by the Company out of legally available funds, a dividend, on an as converted basis, that mirrors any dividend payable on shares of common stock and also will be entitled to share in any other distribution made on the Common Stock on an as converted basis (other than dividends or other distributions payable in Common Stock). Any dividends or other distributions on the Series C Preferred Stock during this time period will be paid, on an as converted basis, pro rata from the date of issuance.
	In addition, for the period beginning on and including June 19, 2015, but only to the extent that the Series C Preferred Stock remains outstanding and subject to the preferential rights of holders of any shares of senior capital stock of the Company, each share of the Series C Preferred Stock will bear a dividend, when and as authorized by the Board of Directors of the Company, equal to the excess, if any, of (i) 15.0% per annum, minus (ii) any dividend or other distribution payable by the Company on the Series C Preferred Stock pursuant to the previous paragraph in respect of the applicable quarterly period. Such dividends shall be cumulative from June 19, 2015 and shall be payable quarterly in arrears on or before July 15th, October 15th, January 15th and April 15th of each year or, if not a business day, the next succeeding business day. If the Series C Preferred Stock is converted to Common Stock prior to June 19, 2015, then no additional dividends will be payable on the Series C Preferred Stock.
	The Series C Preferred Stock will automatically convert into shares of Common Stock on the fifth business day following the approval by the requisite holders of the Common Stock of the conversion of the Series C Preferred Stock into Common Stock and the issuance of Common Stock upon such conversion. Each share of Series C Preferred Stock shall convert into that number of shares of Common Stock equal to (i) the sum of the stated value and all accrued and unpaid dividends thereon, divided by (ii) the conversion price of $2.00 per share, subject to adjustment.
	The Series C Preferred Stock is redeemable by the Company, in whole or in part at any time and from time to time, at a redemption price per share of the Series C Preferred Stock equal to (i) if the redemption occurs on or prior to the first anniversary of the issuance of the Series C Preferred Stock, the greater of (A) 105% of the liquidation preference plus all accrued and unpaid dividends, and (B) 105% of the value of that number of shares of Common Stock into which such share of Series C Preferred Stock would have been convertible immediately prior to the day fixed for redemption, which value shall be calculated on the volume weighted average price of the Common Stock for the 20 trading days prior to the day fixed for redemption; or (ii) if the redemption occurs after the first anniversary of the issuance of the Series C Preferred Stock, the greater of (A) 100% of the liquidation preference plus all accrued and unpaid dividends; and (B) 100% of the value of that number of shares of Common Stock into which such share of Series C Preferred Stock would have been convertible immediately prior to the day fixed for redemption, which value shall be calculated on the volume weighted average price of the Common Stock for the 20 trading days prior to the day fixed for redemption.
	Net proceeds from the Private Placement totaled $83,496,881, which includes the impact of the underwriters' selling commissions and legal, accounting and other professional fees. Proceeds from the Private Placement will be used for future acquisitions and for general corporate purposes.
	Equity Issuances under Share Incentive Plan
	During the three months ended March 31, 2015, the Company issued 13,157 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 $45,000. As of March 31, 2015, there are 381,009 shares available for issuance under the Company’s Stock Incentive Plan.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
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 its financial statements. The Company will continue to vigorously litigate the issues raised upon appeal.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2015
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.
	Prior to being acquired by the Company in October 2014, Wheeler Interests, LLC (“Wheeler Interests”), which was controlled by Mr. Wheeler, leased the Company’s Riversedge property under a 10 year operating lease expiring in November 2017, with four five year renewal options available. The lease required monthly base rent payments of $24,000 and provided for annual increases throughout the term of the lease and subsequent option periods. Additionally, Wheeler Interests reimbursed 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 three months ended March 31, 2015 and 2014 (unaudited):
		March 31,
		2015			2014
	Amounts paid to affiliates	$	202,902		$	739,365
	Amounts due from affiliates	$	(597,617	)	$	(142,619	)
	Rent and reimbursement income received from Wheeler Interests	$	—		$	97,494
	Rent and other tenant receivables due from Wheeler Interests	$	—		$	422,339

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events
	Alex City Marketplace
	On April 1, 2015, the Company completed its acquisition of Alex City Marketplace, a 147,791 square foot shopping center located in Alexander City, Alabama ("Alex City Marketplace") for a contract price of $10,250,000, paid through a combination of cash and debt. Alex City Marketplace is 98% leased as of the date of this filing and its major tenants include Winn Dixie and Goody's.
	Butler Square
	On April 15, 2015, the Company completed its acquisition of Butler Square, a 82,400 square foot shopping center located in Mauldin, South Carolina ("Butler Square") for a contract price of $9,400,000, paid through a combination of cash and debt. Butler Square is 100% leased as of the date of this filing and its major tenants include Bi-Lo and Dollar Tree.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015 and December 31, 2014, the Company’s allowance for uncollectible accounts totaled $233,780 and $186,517, respectively. During the three months ended March 31, 2015 and 2014, the Company recorded bad debt expenses in the amounts of $47,198, and $0, 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 months ended March 31, 2015 and 2014, 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 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:
		March 31, 2015		31-Dec-14
		(unaudited)
	Lease origination costs, net	$	3,435,361	$	3,575,358
	Leases in place, net	12,552,926		12,198,630
	Financing costs, net	3,341,321		3,517,045
	Property reserves	4,259,151		4,242,499
	Acquisition deposits and escrows	5,420,000		623,350
	Legal and marketing costs, net	204,654		224,898
	Tenant relationships	4,964,660		4,485,698
	Other	482,953		404,618
	Total Deferred Costs and Other Assets, net	$	34,661,026	$	29,272,096
	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 March 31,	Lease		Leases In		Financing		Legal &		Tenant
		Origination		Place		Costs		Marketing		Relationships
		Costs						Costs
	2016	$	481,321	$	3,611,168	$	895,867	$	48,864	$	2,278,381
	2017	438,138		2,310,213		499,417		33,166		1,053,363
	2018	382,625		1,725,128		378,111		26,160		684,779
	2019	292,314		1,068,849		269,041		21,005		383,109
	2020	232,520		780,641		261,853		17,319		252,511
	Thereafter	1,608,443		3,056,927		1,037,032		58,140		312,517
		$	3,435,361	$	12,552,926	$	3,341,321	$	204,654	$	4,964,660
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, the Company has reported noncontrolling interests in equity on the March 31, 2015 unaudited condensed consolidated balance sheet but separate from the Company’s shareholders’ equity. On the March 31, 2015 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 (the "FASB") issued Accounting Standards Update ("ASU") 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 will be 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.
	In August 2014, the FASB issued ASU 2014-15, "Presentation of Financial Statements - Going Concern (Subtopic 205-40)." This ASU defines management's responsibility to evaluate whether there is substantial doubt about an organization's ability to continue as a going concern and provides guidance on required financial statement footnote disclosures. This ASU is effective for annual periods ending after December 15, 2016. The Company will adopt the ASU in 2016.
	In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This new guidance requires the presentation of unamortized debt issuance costs to be shown in the liabilities section of the consolidated balance sheets as a reduction of the principal amount of the associated debt, rather than as an asset. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015 and early adoption is permitted, including adoption in an interim period. The new standard must be applied using a retrospective approach by restating prior period comparative consolidated balance sheets. The Company does not expect the adoption of ASU 2015-03 to materially impact its financial position or results of operations.
	Other accounting standards that have been issued or proposed by the FASB or other standard-setting bodies are not currently applicable to the Company or are not expected to have a significant impact on the Company’s financial position, results of operations and cash flows.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2015
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:
		March 31, 2015			31-Dec-14
		(unaudited)
	Lease origination costs, net	$	3,435,361		$	3,575,358
	Leases in place, net	12,552,926			12,198,630
	Financing costs, net	3,341,321			3,517,045
	Property reserves	4,259,151			4,242,499
	Acquisition deposits and escrows	5,420,000			623,350
	Legal and marketing costs, net	204,654			224,898
	Tenant relationships	4,964,660			4,485,698
	Other	482,953			404,618
	Total Deferred Costs and Other Assets, net	$	34,661,026		$	29,272,096
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 March 31,	Lease			Leases In			Financing		Legal &		Tenant
		Origination			Place			Costs		Marketing		Relationships
		Costs								Costs
	2016	$	481,321		$	3,611,168		$	895,867	$	48,864	$	2,278,381
	2017	438,138			2,310,213			499,417		33,166		1,053,363
	2018	382,625			1,725,128			378,111		26,160		684,779
	2019	292,314			1,068,849			269,041		21,005		383,109
	2020	232,520			780,641			261,853		17,319		252,511
	Thereafter	1,608,443			3,056,927			1,037,032		58,140		312,517
		$	3,435,361		$	12,552,926		$	3,341,321	$	204,654	$	4,964,660
Corporate General And Administrative Expense [Table Text Block]	Corporate General and Administrative Expense
	A detail for the "corporate general & administrative" line item from the Statement of Operations is presented below:
			Three Months Ended March 31,
			2015			2014
			(unaudited)
	Acquisition costs		$	653,242		$	57,000
	Professional fees		388,233			398,690
	Compensation and benefits		655,817			—
	Corporate administration		273,229			101,606
	REIT administration fees		2,010			165,375
	Travel		203,341			38,329
	Advertising		45,232			9,158
	Taxes and licenses		90,126			62,160
	Total		$	2,311,230		$	832,318

Investment_Properties_Tables

Investment Properties (Tables)	3 Months Ended
	Mar. 31, 2015
Real Estate [Abstract]
Investment Properties	Investment properties consist of the following:
		March 31, 2015				December 31, 2014
		(unaudited)
	Land	$	37,870,933			$	37,195,616
	Land held for improvement	8,790,918				6,846,918
	Buildings and improvements	126,107,602				116,584,868
	Investment properties at cost	172,769,453				160,627,402
	Less accumulated depreciation and amortization	(9,503,586		)		(8,376,416		)
	Investment properties, net	$	163,265,867			$	152,250,986
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following summarizes the consideration paid and the preliminary estimated fair values of assets acquired and liabilities assumed in conjunction with the acquisitions described above, along with a description of the methods used to determine fair value. In determining fair values, the Company considered many factors including, but not limited to, cash flows, market cap rates, location, occupancy rates, appraisals, other acquisitions and management’s knowledge of the current acquisition market for similar properties. The valuations and purchase price allocations for these acquisitions remain preliminary but are expected to be finalized prior to December 31, 2015.
					Total
	Preliminary estimated fair value of assets acquired and liabilities assumed:
		Investment property (a)			$	11,873,413
		Lease intangibles and other assets (b)			2,753,413
		Above market leases (b)			1,215,221
		Below market leases (b)			(13,047		)
		Preliminary fair value of net assets acquired			$	15,829,000
	Purchase consideration:
		Consideration paid with cash and debt			$	14,335,000
		Consideration paid with common units			1,494,000
		Total consideration (c)			$	15,829,000
	a.	Represents the preliminary estimated fair value of the investment property acquired which includes land, buildings, site improvements and tenant improvements. The fair value was determined using the following approaches:
	i. the market approach valuation methodology for land by considering similar transactions in the markets;
	ii. a combination of the cost approach and income approach valuation methodologies for buildings, including replacement cost evaluations, "go dark" analyses and residual calculations incorporating the land values; and
	iii.	the cost approach valuation methodology for site and tenant improvements, including replacement costs and prevailing quoted market rates.
	b.	Represents the preliminary estimated fair value of lease intangibles and other assets. Lease intangibles include leasing commissions, in place leases, above/below market leases and legal and marketing fees associated with replacing existing leases. The income approach was used to determine the fair value of these intangible assets which included estimated market rates and expenses. It was determined that carrying value approximated fair value for other asset amounts.
	c.	Represents the components of purchase consideration paid.
Business Acquisition, Pro Forma Information	Unaudited pro forma financial information in the aggregate is presented below for certain acquisitions. The unaudited pro forma information presented below includes the effects of the acquisitions as if they had been consummated as of the beginning of the prior fiscal year. The pro forma results include adjustments for depreciation and amortization associated with acquired tangible and intangible assets, straight-line rent adjustments and interest expense related to debt incurred. Unaudited pro forma financial information has not been presented for Laskin Road and Brook Run Properties as the Company's management has determined that their inclusion would not be meaningful due to the lack of operating history.
			Three Months Ended March 31,
			2015				2014
	Rental revenue		$	4,424,974			$	3,215,028
	Net loss		$	(4,240,080	)		$	(1,347,232	)
	Net loss attributable to Wheeler REIT		$	(3,774,442	)		$	(1,240,106	)
	Net loss attributable to Wheeler REIT common shareholders		$	(6,276,665	)		$	(1,280,809	)
	Basic loss per share		$	(0.80	)		$	(0.18	)
	Diluted loss per share		$	(0.80	)		$	(0.18	)

Loans_Payable_Tables

Loans Payable (Tables)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Summary of Loans Payable	The Company’s loans payable consist of the following:
		Monthly			Interest
	Property/Description	Payment			Rate		Maturity	March 31, 2015		December 31, 2014
								(unaudited)
	Shoppes at Eagle Harbor	$	25,100		4.34	%	Mar-18	$	3,738,846	$	3,773,319
	Lumber River Plaza	$	18,414		5.65	%	May-15	2,874,034		2,894,862
	Monarch Bank Building	$	9,473		4.15	%	Dec-17	1,417,344		1,430,961
	Perimeter Square	$	28,089		6.38	%	Jun-16	4,261,754		4,294,216
	Riversedge North	$	8,802		6	%	Jan-19	996,515		1,007,856
	Walnut Hill Plaza	$	24,273		5.5	%	Jul-17	3,603,914		3,626,945
	Harps at Harbor Point	$	18,122		3.99	%	Dec-15	3,229,553		3,251,552
	Twin City Commons	$	17,827		4.86	%	Jan-23	3,265,375		3,279,076
	Shoppes at TJ Maxx	$	33,880		3.88	%	May-20	6,207,185		6,248,349
	Bixby Commons	Interest only			2.77	%	Jun-18	6,700,000		6,700,000
	Bank Line of Credit	Interest only			4.25	%	Sep-15	2,074,432		2,074,432
	Forrest Gallery	$	50,973		5.4	%	Sep-23	9,015,020		9,045,880
	Jenks Reasors	Interest only			4.25	%	Sep-16	8,550,000		8,550,000
	Tampa Festival	$	50,797		5.56	%	Sep-23	8,715,930		8,746,860
	Starbucks/Verizon	$	4,383		5	%	Jul-19	647,027		652,044
	Winslow Plaza	Interest only			5.22	%	Dec-15	5,000,000		5,000,000
	Cypress Shopping Center	Interest only			4.7	%	Jul-24	6,625,000		6,625,000
	Harrodsburg Marketplace	$	19,112		4.55	%	Sep-24	3,720,847		3,735,739
	Port Crossing	$	34,788		4.84	%	Aug-24	6,543,952		6,568,918
	LaGrange Marketplace	$	13,813		5	%	Mar-20	2,453,229		2,463,909
	Freeway Junction	Interest only			4.6	%	Sep-24	8,150,000		8,150,000
	DF I-Courtland	$	1,411		6.5	%	Jan-19	113,365		115,728
	DF I-Edenton	$	250,000	1	3.75	%	Sep-16	1,400,000		1,650,000
	DF I-Moyock	$	10,665		5	%	Jul-19	496,862		522,430
	Graystone Crossing	$	20,386		4.55	%	Oct-24	4,000,000		4,000,000
	Bryan Station	Interest only			4.52	%	Nov-24	4,625,000		4,625,000
	Crockett Square	Interest only			4.47	%	Dec-24	6,337,500		6,337,500
	Harbor Point	$	11,024		5.85	%	Dec-16	1,536,566		1,544,567
	Pierpont Centre	Interest only			4.15	%	Feb-25	9,800,000		—
	Senior convertible notes	Interest only			9	%	Dec-18	3,000,000		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		2,160,000
	South Carolina Food Lions note	Interest only			5.25	%	Jan-24	12,375,000		12,375,000
	Total Loans Payable							$	147,634,250	$	141,450,143
	(1) $250,000 plus accrued interest paid quarterly until maturity.
	On May 1, 2015, the Lumber River Plaza note was paid in full from cash on hand.
Summary of Company's Scheduled Principal Repayments on Indebtedness	The Company’s scheduled principal repayments on indebtedness as of March 31, 2015 are as follows:
		For the Periods Ending March 31,
		(unaudited)
	2016	$	21,649,021
	2017	16,381,725
	2018	10,132,451
	2019	11,887,648
	2020	4,494,548
	Thereafter	83,088,857
	Total principal maturities	$	147,634,250

Rentals_under_Operating_Leases1

Rentals under Operating Leases (Tables)	3 Months Ended
	Mar. 31, 2015
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 Common Area Maintenance and percentage rent based on tenant sales volume, as of March 31, 2015 are as follows:
		For the Periods Ending March 31,
		(unaudited)
	2016	$	17,903,391
	2017	16,085,280
	2018	13,820,639
	2019	10,293,829
	2020	8,143,990
	Thereafter	37,090,100
		$	103,337,229

Equity_Equity_Tables

Equity Equity (Tables)	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Dividends Declared	Dividends were made to holders of common units, common shares and preferred shares as follows:
		Three Months Ended March 31,
		2015		2014
	Common unit and common shareholders	$	992,883	$	966,950
	Preferred shareholders	2,502,223		40,703
	Total	$	3,495,106	$	1,007,653

Equity_Dividends_Tables

Equity Dividends (Tables)	3 Months Ended
	Mar. 31, 2015
Dividends Declared [Abstract]
Dividends Declared	Dividends were made to holders of common units, common shares and preferred shares as follows:
		Three Months Ended March 31,
		2015		2014
	Common unit and common shareholders	$	992,883	$	966,950
	Preferred shareholders	2,502,223		40,703
	Total	$	3,495,106	$	1,007,653

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Summary of Related Party Activity	The following summarizes related party activity as of and for the three months ended March 31, 2015 and 2014 (unaudited):
		March 31,
		2015			2014
	Amounts paid to affiliates	$	202,902		$	739,365
	Amounts due from affiliates	$	(597,617	)	$	(142,619	)
	Rent and reimbursement income received from Wheeler Interests	$	—		$	97,494
	Rent and other tenant receivables due from Wheeler Interests	$	—		$	422,339

Organization_and_Basis_of_Pres1

Organization and Basis of Presentation and Consolidation Organizationand Basis Of Presentation and Consolidation (Details)	Mar. 31, 2015
	property
Accounting Policies [Abstract]
Number of Real Estate Properties	31
Undeveloped land parcels	7

Summary_of_Significant_Account3

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Accounting Policies [Abstract]
Past due rent charge term	5 days
Allowance for uncollectible accounts	$233,780		$186,517
Bad debt expenses	47,198	0
Recoveries related to tenant receivables	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 $)	Mar. 31, 2015	Dec. 31, 2014
Deferred Costs And Other Assets [Line Items]
Lease origination costs, net	$3,435,361	$3,575,358
Financing costs, net	3,341,321	3,517,045
Property reserves	4,259,151	4,242,499
Acquisition deposits and escrows	5,420,000	623,350
Tenant relationships	4,964,660	4,485,698
Other	482,953	404,618
Deferred costs	34,661,026	29,272,096
Leases in Place, Net [Member]
Deferred Costs And Other Assets [Line Items]
Deferred costs	12,552,926	12,198,630
Legal and Marketing Costs, Net [Member]
Deferred Costs And Other Assets [Line Items]
Deferred costs	$204,654	$224,898

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 $)	Mar. 31, 2015
Lease Origination Costs [Member]
Future Amortization Of Deferred Costs And Other Assets [Line Items]
2015	$481,321
2016	438,138
2017	382,625
2018	292,314
2019	232,520
Thereafter	1,608,443
Amortization of Intangible Assets	3,435,361
Leases in Place [Member]
Future Amortization Of Deferred Costs And Other Assets [Line Items]
2015	3,611,168
2016	2,310,213
2017	1,725,128
2018	1,068,849
2019	780,641
Thereafter	3,056,927
Amortization of Intangible Assets	12,552,926
Financing Costs [Member]
Future Amortization Of Deferred Costs And Other Assets [Line Items]
2015	895,867
2016	499,417
2017	378,111
2018	269,041
2019	261,853
Thereafter	1,037,032
Amortization of Intangible Assets	3,341,321
Legal and Marketing Costs [Member]
Future Amortization Of Deferred Costs And Other Assets [Line Items]
2015	48,864
2016	33,166
2017	26,160
2018	21,005
2019	17,319
Thereafter	58,140
Amortization of Intangible Assets	204,654
Tenant Relationships [Member]
Future Amortization Of Deferred Costs And Other Assets [Line Items]
2015	2,278,381
2016	1,053,363
2017	684,779
2018	383,109
2019	252,511
Thereafter	312,517
Amortization of Intangible Assets	$4,964,660

Summary_of_Significant_Account6

Summary of Significant Accounting Policies CG&A Schedule (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
CG&A Schedule [Abstract]
Acquisition costs	$653,242	$57,000
Professional fees	388,233	398,690
Compensation and benefits	655,817	0
Corporate administration	273,229	101,606
REIT administration fees	2,010	165,375
Travel	203,341	38,329
Advertising	45,232	9,158
Taxes and licenses	90,126	62,160
Total	$2,311,230	$832,318

Investment_Properties_Investme

Investment Properties - Investment Properties (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Investment properties at cost	$172,769,453	$160,627,402
Land held for development	8,790,918	6,846,918
Less accumulated depreciation and amortization	-9,503,586	-8,376,416
Investment properties, net	163,265,867	152,250,986
Land [Member]
Real Estate Properties [Line Items]
Investment properties at cost	37,870,933	37,195,616
Buildings and Improvements [Member]
Real Estate Properties [Line Items]
Investment properties at cost	$126,107,602	$116,584,868

Investment_Properties_Property

Investment Properties Property Acquisitions (Details) (USD $)	3 Months Ended	0 Months Ended
	Mar. 31, 2015	Jan. 09, 2015	Jan. 14, 2015	Mar. 27, 2015
			sqft	acre
Business Acquisition [Line Items]
Acquisition expenses	$653,242
Common units to be issued	1,494,000
Laskin Road [Member]
Business Acquisition [Line Items]
Area of Land		0.47
Acquisition Contract Price		1,644,000
Percentage Of Lease		150,000
Common units to be issued		1,494,000
Pierpont Centre [Member]
Business Acquisition [Line Items]
Area of Real Estate Property			122,259
Acquisition Contract Price			13,890,000
Percentage Of Lease			100.00%
Brook Run Properties [Member]
Business Acquisition [Line Items]
Area of Land				2
Acquisition Contract Price				$300,000

Investment_Properties_Prelimin

Investment Properties Preliminary Fair Value of Assets Acquired and Liabilities Assumed (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
Property Acquisitions [Abstract]
Investment property	$11,873,413
Lease intangibles and other assets	2,753,413
Above market leases	1,215,221
Below market leases	-13,047
Preliminary fair value of net assets acquired	15,829,000
Consideration paid with cash and debt	14,335,000
Consideration paid with common units	1,494,000
Total consideration	$15,829,000

Investment_Properties_Pro_Form

Investment Properties Pro Forma Disclosures (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Property Acquisitions [Abstract]
Rental revenue	$4,424,974	$3,215,028
Net loss	-4,240,080	-1,347,232
Net loss attributable to Wheeler REIT	-3,774,442	-1,240,106
Net loss attributable to Wheeler REIT common shareholders	($6,276,665)	($1,280,809)
Basic loss per share	($0.80)	($0.18)
Diluted loss per share	($0.80)	($0.18)

Loans_Payable_Summary_of_Loans

Loans Payable - Summary of Loans Payable (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Mortgages and other indebtedness	$147,634,250	$141,450,143
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	2,160,000
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	3,000,000	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%
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	25,100
Mortgage Loans Payable, Interest Rate	4.34%
Mortgage Loans Payable, Maturity Period	2018-03
Mortgages and other indebtedness	3,738,846	3,773,319
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	2,874,034	2,894,862
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	1,417,344	1,430,961
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	4,261,754	4,294,216
Riversedge North [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	8,802
Mortgage Loans Payable, Interest Rate	6.00%
Mortgage Loans Payable, Maturity Period	2019-01
Mortgages and other indebtedness	996,515	1,007,856
Walnut Hill Plaza [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	24,273
Mortgage Loans Payable, Interest Rate	5.50%
Mortgage Loans Payable, Maturity Period	2017-07
Mortgages and other indebtedness	3,603,914	3,626,945
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	3,229,553	3,251,552
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	3,265,375	3,279,076
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	6,207,185	6,248,349
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
Line of Credit [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	Interest only
Mortgage Loans Payable, Interest Rate	4.25%
Line of Credit, Current	2,074,432
Mortgage Loans Payable, Maturity Period	2015-09
Mortgages and other indebtedness		2,074,432
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	9,015,020	9,045,880
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	8,715,930	8,746,860
Starbucks/Verizon [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	4,383
Mortgage Loans Payable, Interest Rate	5.00%
Mortgage Loans Payable, Maturity Period	2019-07
Mortgages and other indebtedness	647,027	652,044
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
Cypress Shopping Center [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	Interest only
Mortgage Loans Payable, Interest Rate	4.70%
Mortgage Loans Payable, Maturity Period	2024-07
Mortgages and other indebtedness	6,625,000	6,625,000
Harrodsburg Marketplace [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	19112
Mortgage Loans Payable, Interest Rate	4.55%
Mortgage Loans Payable, Maturity Period	2024-09
Mortgages and other indebtedness	3,720,847	3,735,739
Port Crossing Shopping Center [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	34,788
Mortgage Loans Payable, Interest Rate	4.84%
Mortgage Loans Payable, Maturity Period	2024-08
Mortgages and other indebtedness	6,543,952	6,568,918
LaGrange Marketplace [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	13813
Mortgage Loans Payable, Interest Rate	5.00%
Mortgage Loans Payable, Maturity Period	2020-02
Mortgages and other indebtedness	2,453,229	2,463,909
Freeway Junction [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	Interest only
Mortgage Loans Payable, Interest Rate	4.60%
Mortgage Loans Payable, Maturity Period	2024-09
Mortgages and other indebtedness	8,150,000	8,150,000
DF I-Courtland [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	1,411
Mortgage Loans Payable, Interest Rate	6.50%
Mortgage Loans Payable, Maturity Period	2019-01
Mortgages and other indebtedness	113,365	115,728
DF I-Edenton [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Interest Rate	3.75%
Mortgage Loans Payable, Maturity Period	2016-09
Mortgages and other indebtedness	1,400,000	1,650,000
Debt Instrument, Periodic Payment, Principal	250,000
DF I-Moyock [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	10,665
Mortgage Loans Payable, Interest Rate	5.00%
Mortgage Loans Payable, Maturity Period	2019-07
Mortgages and other indebtedness	496,862	522,430
Graystone Crossing [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	20386
Mortgage Loans Payable, Interest Rate	4.55%
Mortgage Loans Payable, Maturity Period	2024-10
Mortgages and other indebtedness	4,000,000	4,000,000
Bryan Station [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	Interest only
Mortgage Loans Payable, Interest Rate	4.52%
Mortgage Loans Payable, Maturity Period	2024-11
Mortgages and other indebtedness	4,625,000	4,625,000
Crockett Square [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	Interest only
Mortgage Loans Payable, Interest Rate	4.47%
Mortgage Loans Payable, Maturity Period	2024-12
Mortgages and other indebtedness	6,337,500	6,337,500
Harbor Point [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	11,024
Mortgage Loans Payable, Interest Rate	5.85%
Mortgage Loans Payable, Maturity Period	2016-12
Mortgages and other indebtedness	1,536,566	1,544,567
Pierpont Centre [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	Interest only
Mortgage Loans Payable, Interest Rate	4.15%
Mortgage Loans Payable, Maturity Period	2025-02
Mortgages and other indebtedness	9,800,000	0
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_Summary_of_Compa

Loans Payable - Summary of Company's Scheduled Principal Repayments on Indebtedness (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
2015	$21,649,021
2016	16,381,725
2017	10,132,451
2018	11,887,648
2019	4,494,548
Thereafter	83,088,857
Total principal maturities	$147,634,250	$141,450,143

Rentals_under_Operating_Leases2

Rentals under Operating Leases - Future Minimum Rentals to be Received under Noncancelable Tenant Operating Leases (Detail) (USD $)	Mar. 31, 2015
Leases [Abstract]
2016	$17,903,391
2017	16,085,280
2018	13,820,639
2019	10,293,829
2020	8,143,990
Thereafter	37,090,100
Total	$103,337,229

Equity_Additional_Information_

Equity - Additional Information (Detail) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 19, 2015	Mar. 18, 2014	Dec. 31, 2014
Equity [Line Items]
Dividend payable per share				$0.02
Dividend accrued	$198,779
Preferred stock shares issued	1,595,900
Issuance of common stock under Share Incentive Plan (shares)	13,157
Value of stock issued Share Incentive Plan	45,000
Shares available for issuance under Share Incentive Plan	381,009
Proceeds from sales of preferred stock, net of expenses	83,672,828	0
Total dividends	3,495,106	1,007,653
Common Stock [Member]
Equity [Line Items]
Common stock dividends	992,883	966,950
Preferred Stock [Member]
Equity [Line Items]
Preferred stock dividends	2,502,223	40,703
Dividend accrued	1,291,021
Dividend disbursement date	15-Apr-15
Operating Partnership's Common Units [Member]
Equity [Line Items]
Common units outstanding	1,737,738
Convertible Debt [Member]
Equity [Line Items]
Convertible Debt	3,000,000
Series B Preferred Stock [Member]
Equity [Line Items]
Preferred stock shares issued	1,648,900				1,648,900
Potential shares which are antidilutive	9,396,579
Warrant [Member]
Equity [Line Items]
Potential shares which are antidilutive	2,635,025
Series C Preferred Stock [Member]
Equity [Line Items]
Proceeds from Issuance of Convertible Preferred Stock			83,496,881
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Value Of Common Stock Volume Weighted Average Price Duration			20 days
Post Anniversary Number Of Common Stock Which Series C Preferred Stock Would Be Convertible [Member] | Series C Preferred Stock [Member]
Equity [Line Items]
Redemption Price Percentage			100.00%
Post Anniversary Liquidation Preference Plus Accrued And Unpaid Dividends [Member] | Series C Preferred Stock [Member]
Equity [Line Items]
Redemption Price Percentage			100.00%
Prior Anniversary Number Of Common Stock Which Series C Preferred Stock Would Be Convertible [Member] | Series C Preferred Stock [Member]
Equity [Line Items]
Redemption Price Percentage			105.00%
Prior Anniversary Liquidation Preference Plus Accrued And Unpaid Dividends [Member] | Series C Preferred Stock [Member]
Equity [Line Items]
Redemption Price Percentage			105.00%
Private Placement [Member] | Series C Preferred Stock [Member]
Equity [Line Items]
Preferred stock shares issued			93,000
Preferred stock dividend interest rate percentage			0.00%
Preferred stock adjusted closing price			$2
Preferred Stock, Liquidation Preference Per Share			$1,000
Proceeds from sales of preferred stock, net of expenses			93,000,000
Proceeds from Issuance of Redeemable Convertible Preferred Stock			90,000,000
Stock Issued During Period, Value, Conversion of Convertible Securities, Net of Adjustments			$3,000,000
Share Price			$1,000

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 $)	3 Months Ended
	Mar. 31, 2015
	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 $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Wheeler Interests and Affiliates [Member]
Related Party Transaction [Line Items]
Amounts paid to affiliates	$202,902	$739,365
Amounts due from affiliates	-597,617	-142,619
Wheeler Interests [Member]
Related Party Transaction [Line Items]
Rent and reimbursement income received from Wheeler Interests	0	97,494
Rent and other tenant receivables due from Wheeler Interests	$0	$422,339

Subsequent_Events_Additional_I

Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], USD $)	Apr. 01, 2015	Apr. 15, 2015
	sqft	sqft
Alex City Marketplace [Member]
Subsequent Event [Line Items]
Area of grocery-anchored shopping center (in sqft)	147,791
Contract price	$10,250,000
Percentage Of GLA Currently Leased	98.00%
Butler Square [Member]
Subsequent Event [Line Items]
Area of grocery-anchored shopping center (in sqft)		82,400
Contract price		$9,400,000
Percentage Of GLA Currently Leased		100.00%