Wheeler Real Estate Investment Trust (WHLR) 10-K 10 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 08, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Entity Registrant Name	Wheeler Real Estate Investment Trust, Inc.
Entity Central Index Key	1,527,541
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		66,259,673
Entity Public Float			$ 108,315,321

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
ASSETS:
Investment properties, net	$ 238,764,631	$ 128,994,061
Cash and cash equivalents	11,306,185	9,969,748
Rents and other tenant receivables, net	3,452,700	1,978,149
Goodwill	5,485,823	7,004,072
Assets held for sale	1,707,709	27,095,415
Above market lease intangible, net	6,517,529	4,488,900
Deferred costs and other assets, net	46,735,275	25,440,923
Total Assets	313,969,852	204,971,268
LIABILITIES:
Loans payable	189,340,456	122,296,547
Liabilities associated with assets held for sale	2,007,554	19,283,423
Below market lease intangible, net	7,721,335	5,182,437
Accounts payable, accrued expenses and other liabilities	7,533,769	5,085,434
Total Liabilities	206,603,114	151,847,841
Commitments and contingencies (Note 9)	0	0
EQUITY:
Common stock ($0.01 par value, 150,000,000 and 75,000,000 shares authorized, 66,259,673 and 7,512,979 shares issued and outstanding, respectively	662,596	75,129
Additional paid-in capital	220,370,984	31,077,060
Accumulated deficit	(140,306,846)	(27,660,234)
Total Shareholders’ Equity	98,264,852	42,570,259
Noncontrolling interests	9,101,886	10,553,168
Total Equity	107,366,738	53,123,427
Total Liabilities and Equity	313,969,852	204,971,268
Preferred Class A [Member]
EQUITY:
Preferred stock	452,971	1,458,050
Preferred Class B [Member]
EQUITY:
Preferred stock	$ 17,085,147	$ 37,620,254

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Common stock, Par value (in usd per share)	$ 0.01	$ 0.01
Common stock, Shares authorized	150,000,000	75,000,000
Common stock, Shares issued	66,259,673	7,512,979
Common Stock, Shares, Outstanding	66,259,673	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 issued (in shares)	1,809	1,809
Preferred Stock, Shares Outstanding	562	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 issued (in shares)	1,648,900	1,648,900
Preferred Stock, Shares Outstanding	729,119	1,648,900

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
REVENUE:
Rental revenues	$ 20,553,870	$ 11,348,955	$ 6,078,172
Asset management fees	588,990	296,290	0
Commissions	361,984	158,876	0
Tenant reimbursements and other income	6,229,361	3,069,972	1,533,189
Total Revenue	27,734,205	14,874,093	7,611,361
OPERATING EXPENSES:
Property operations	8,351,456	4,123,439	1,658,405
Non-REIT management and leasing services	1,110,705	0	0
Depreciation and amortization	16,882,462	7,387,729	3,002,201
Provision for credit losses	243,029	60,841	106,828
Corporate general & administrative	13,480,089	9,447,010	4,594,539
Total Operating Expenses	40,067,741	21,019,019	9,361,973
Operating Loss	(12,333,536)	(6,144,926)	(1,750,612)
Interest expense	(9,043,761)	(5,908,548)	(2,107,303)
Net Loss from Continuing Operations	(21,377,297)	(12,053,474)	(3,857,915)
Income (loss) from discontinued operations	499,781	307,659	(517,311)
Gain on disposal of properties	2,104,114	0	0
Net Income (Loss) from Discontinued Operations	2,603,895	307,659	(517,311)
Net Loss	(18,773,402)	(11,745,815)	(4,375,226)
Less: Net loss attributable to noncontrolling interests	(1,252,723)	(1,195,560)	(714,972)
Net Loss Attributable to Wheeler REIT	(17,520,679)	(10,550,255)	(3,660,254)
Preferred stock dividends	(13,627,532)	(2,718,257)	(141,418)
Deemed dividend for beneficial conversion feature	(72,644,506)	0	0
Net Loss Attributable to Wheeler REIT Common Shareholders	$ (103,792,717)	$ (13,268,512)	$ (3,801,672)
Loss per share:
Loss per share from continuing operations (basic and diluted):	$ (2.73)	$ (1.83)	$ (0.74)
Income (loss) per share from discontinued operations:	0.06	0.03	(0.08)
Earnings Per Share, Basic and Diluted	$ (2.67)	$ (1.80)	$ (0.82)
Weighted-average number of shares:
Basic and Diluted (in shares)	38,940,463	7,352,433	4,620,600

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($)	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total Shareholders' Equity [Member]	Noncontrolling Interests [Member]	Series A Preferred Stock [Member]	Series A Preferred Stock [Member]Preferred Stock [Member]	Series B Preferred Stock [Member]	Series B Preferred Stock [Member]Preferred Stock [Member]	Series B Preferred Stock [Member]Total Shareholders' Equity [Member]	Common Class B [Member]Common Stock [Member]	Common Class B [Member]Additional Paid-in Capital [Member]	Series C Preferred Stock [Member]	Series C Preferred Stock [Member]Preferred Stock [Member]	Common Class C [Member]Common Stock [Member]	Common Class C [Member]Additional Paid-in Capital [Member]	Exchange of Stock for Stock [Member]Common Stock [Member]	Exchange of Stock for Stock [Member]Additional Paid-in Capital [Member]	Exchange of Stock for Stock [Member]Total Shareholders' Equity [Member]	Exchange of Stock for Stock [Member]Series A Preferred Stock [Member]Preferred Stock [Member]	Exchange of Stock for Stock [Member]Series B Preferred Stock [Member]Preferred Stock [Member]
Preferred Stock, Beginning balance at Dec. 31, 2012									0
Beginning Balance at Dec. 31, 2012	$ 16,232,459		$ 33,015	$ 14,097,453	$ (5,443,099)	$ 8,687,369	$ 7,545,090		$ 0
Common Stock, Shares, Outstanding Beginning balance at Dec. 31, 2012			3,301,502
Beginning Balance, Shares at Dec. 31, 2012							1,858,068
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of expenses, Shares			3,162,500						0
Issuance of common stock, net of expenses	11,862,198		$ 31,625	11,830,573		11,862,198			$ 0
Accretion of preferred stock discounts	0
Reclass of preferred stock to equity, net of expenses, Shares									4,500
Reclass of preferred stock to equity, net of expenses	3,943,936					3,943,936			$ 3,943,936
Conversion of preferred stock to common stock (in shares)			656,998						(2,691)
Conversion of preferred stock to common stock	$ (7,168)		$ 6,570	2,472,148		(7,168)			$ (2,485,886)
Issuance of common stock under Share Incentive Plan, Shares	0
Noncontrolling interest investments, Shares							214,284
Noncontrolling interest investments	$ 945,271						$ 945,271
Adjustments To Additional Paid In Capital Adjustment For Noncontrolling Interest In Operating Partnership				(230,481)		(230,481)	230,481
Dividends and distributions	(2,994,661)				(2,194,900)	(2,194,900)
Net loss	(4,375,226)				(3,660,254)	(3,660,254)	(714,972)
Preferred Stock, Ending balance at Dec. 31, 2013									1,809
Ending Balance at Dec. 31, 2013	25,606,809		$ 71,210	28,169,693	(11,298,253)	18,400,700	$ 7,206,109		$ 1,458,050
Common Stock, Shares, Outstanding, Ending balance at Dec. 31, 2013			7,121,000
Ending balance, Shares at Dec. 31, 2013							2,072,352
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends and distributions							$ (799,761)
Deemed dividend for beneficial conversion feature	0
Issuance of common stock, net of expenses, Shares			0								1,649,000
Issuance of common stock, net of expenses	37,242,941		$ 0	0		37,242,941					$ 37,242,941
Accretion of preferred stock discounts	379,584					379,584					$ 379,584
Conversion of preferred stock to common stock (in shares)			500						0		(100)
Conversion of preferred stock to common stock	$ 0		$ 5	2,266		0			$ 0		$ (2,271)
Conversion of Operating Partnership units to common stock, Shares			285,645				(285,645)
Conversion of Operating Partnership units to common stock			$ 2,856	$ 1,325,287		$ 1,328,143	$ (1,328,143)
Issuance of common stock under Share Incentive Plan, Shares	105,834		105,834
Issuance of common stock under Share Incentive Plan, Shares	456,988		1,058	455,930		456,988
Noncontrolling interest investments, Shares							1,780,916
Noncontrolling interest investments	$ 7,990,234						$ 7,990,234
Adjustments To Additional Paid In Capital Adjustment For Noncontrolling Interest In Operating Partnership				$ 1,123,884		$ 1,123,884	(1,123,884)
Dividends and distributions	(6,807,314)				(5,811,726)	(5,811,726)
Net loss	(11,745,815)				(10,550,255)	(10,550,255)	(1,195,560)
Preferred Stock, Ending balance at Dec. 31, 2014								1,809	1,809	1,648,900	1,648,900
Ending Balance at Dec. 31, 2014	$ 53,123,427		$ 75,129	31,077,060	(27,660,234)	42,570,259	$ 10,553,168		$ 1,458,050		$ 37,620,254
Common Stock, Shares, Outstanding, Ending balance at Dec. 31, 2014	7,512,979		7,512,979
Ending balance, Shares at Dec. 31, 2014							3,567,623
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends and distributions							$ (995,588)
Deemed dividend for beneficial conversion feature	$ 0
Issuance of common stock, net of expenses, Shares																93,000
Issuance of common stock, net of expenses	86,415,894					86,415,894										$ 86,415,894
Accretion of preferred stock discounts	$ 8,925,220					6,584,106				$ 2,341,114	$ 2,341,114	$ 2,341,114			$ 6,584,106	$ 6,584,106
Conversion of preferred stock to common stock (in shares)											(54,300)		271,500			(93,000)	46,500,000		11,442,002			(1,247)	(865,481)
Conversion of preferred stock to common stock											$ (1,239,196)		$ 2,715	$ 1,236,481		$ (93,000,000)	$ 465,000	$ 92,535,000	$ 114,420	$ 22,527,659	$ (25)	$ (1,005,079)	$ (21,637,025)
Conversion of Operating Partnership units to common stock, Shares			213,040				(213,040)
Conversion of Operating Partnership units to common stock			$ 2,130	$ 480,399		$ 482,529	$ (482,529)
Issuance of common stock under Share Incentive Plan, Shares	320,152
Issuance of common stock under Share Incentive Plan, Shares	697,000		3,202	693,798		697,000
Noncontrolling interest investments, Shares							700,709
Noncontrolling interest investments	$ 1,574,551						$ 1,574,551
Equity, Fair Value Adjustment	(1,181,250)						(1,181,250)
Adjustments To Additional Paid In Capital Adjustment For Noncontrolling Interest In Operating Partnership				$ (823,919)		$ (823,919)	823,919
Dividends and distributions	(23,414,677)				(22,481,427)	(22,481,427)
Net loss	(18,773,402)				(17,520,679)	(17,520,679)	(1,252,723)
Preferred Stock, Ending balance at Dec. 31, 2015								562		729,119
Ending Balance at Dec. 31, 2015	$ 107,366,738	$ 452,971	$ 662,596	220,370,984	(140,306,846)	$ 98,264,852	9,101,886				$ 17,085,147					$ 0
Common Stock, Shares, Outstanding, Ending balance at Dec. 31, 2015	66,259,673
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends and distributions							$ (933,250)
Deemed dividend for beneficial conversion feature	$ 72,644,506			$ 72,644,506	$ (72,644,506)
Shares, Outstanding		562	66,259,673				4,055,292				729,119					0

Consolidated Statements of Equ6

Consolidated Statements of Equity (Parenthetical)	12 Months Ended
	Dec. 31, 2014USD ($)
Statement of Stockholders' Equity [Abstract]
Reclass of preferred stock to equity, offering expenses	$ 556,064

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (18,773,402)	$ (11,745,815)	$ (4,375,226)
Adjustments to reconcile consolidated net loss to net cash used in operating activities
Depreciation	5,370,116	2,696,064	1,467,157
Amortization	11,512,346	4,691,665	1,535,044
Loan cost amortization	1,190,574	611,927	148,418
Above (below) market lease amortization	620,324	91,752	(654,005)
Share-based compensation	697,000	456,988	0
Gain on disposal of properties	(2,104,114)	0	0
Provision for credit losses	243,029	60,841	106,828
Changes in assets and liabilities
Rent and other tenant receivables, net	(1,449,996)	369,380	(731,327)
Unbilled rent	(258,037)	(234,066)	(31,234)
Deferred costs and other assets, net	(7,228,874)	(1,880,416)	(3,180,206)
Accounts payable, accrued expenses and other liabilities	78,967	(384,109)	2,623,291
Net operating cash flows provided by discontinued operations	797,769	824,769	639,690
Net cash used in operating activities	(9,304,298)	(4,441,020)	(2,451,570)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment property acquisitions	(62,027,081)	(17,640,587)	(14,736,679)
Capital expenditures	(531,258)	(521,405)	(707,089)
Proceeds from Sale of Property Held-for-sale	8,711,699	0	0
Net investing cash flows from discontinued operations	914,388	0	(7,138,386)
Net cash used in investing activities	(52,932,252)	(18,161,992)	(22,582,154)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends and distributions paid	(14,192,289)	(5,432,518)	(2,886,574)
Proceeds from sales of preferred stock, net of expenses	83,415,894	37,242,941	3,943,936
Conversion of preferred stock	(25)	0	(7,168)
Proceeds from sales of common stock	0	0	11,862,198
Net payments to related parties	(9,547)	(681,699)	(380,243)
Loan proceeds	11,493,750	8,384,436	22,891,045
Loan principal payments	(17,033,559)	(8,036,354)	(11,214,280)
Net financing cash flows from discontinued operations	(101,237)	(59,129)	(73,299)
Net cash from financing activities	63,572,987	31,417,677	24,135,615
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	1,336,437	8,814,665	(898,109)
CASH AND CASH EQUIVALENTS, beginning of period	9,969,748	1,155,083	2,053,192
CASH AND CASH EQUIVALENTS, end of period	11,306,185	9,969,748	1,155,083
Other Cash Transactions:
Cash paid for interest	8,310,322	5,711,110	2,459,743
Non-cash Transactions:
Debt incurred for acquisitions	77,002,464	46,678,328	51,216,465
Noncontrolling interests resulting from the issuance of common units	1,574,551	7,990,234	945,271
Conversion of senior convertible debt into Series C preferred stock	3,000,000	0	0
Accretion of preferred stock discounts	8,925,220	379,584	0
Deemed dividend for beneficial conversion feature	$ 72,644,506	$ 0	$ 0

Organization and Basis of Prese

Organization and Basis of Presentation and Consolidation	12 Months Ended
	Dec. 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 December 31, 2015 , the Trust, through the Operating Partnership, owned and operated forty-two centers, one office and ten undeveloped properties in Virginia, North Carolina, South Carolina, Georgia, Florida, Alabama, Oklahoma, Tennessee, Kentucky, West Virginia 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 Company includes the Trust, the Operating Partnership, the entities included in the REIT formation and the entities acquired since November 2012 (See Note 3 “Investment Properties”). The Company prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, or GAAP. All material balances and transactions between the consolidated entities of the Company have been eliminated. The Company was formed with the principal objective of acquiring, financing, developing, leasing, owning and managing income producing, strip centers, neighborhood, grocery-anchored, community and free-standing retail properties. Its strategy is to acquire high quality, well-located, dominant retail properties that generate attractive risk-adjusted returns. The Company targets competitively protected properties in communities that have stable demographics and have historically exhibited favorable trends, such as strong population and income growth. The Company considers competitively protected properties to be located in the most prominent shopping districts in their respective markets, ideally situated at major “Main and Main” intersections. The Company generally leases its properties to national and regional supermarket chains and selects retailers that offer necessity and value oriented items and generate regular consumer traffic. The Company’s tenants carry goods that are less impacted by fluctuations in the broader U.S. economy and consumers’ disposable income, which it believes generates more predictable property-level cash flows. The Company’s portfolio had total net rentable space of approximately 3,151,000 square feet and an occupancy level of approximately 94.2% at December 31, 2015. The Company’s portfolio is comprised of thirty-nine retail shopping centers, three free-standing retail properties, one office building and ten undeveloped land parcels. Fourteen of these properties are located in Virginia, three are located in Florida, six are located in North Carolina, twelve are located in South Carolina, eight are located in Georgia, two are located in Kentucky, two are located in Tennessee, one is located in New Jersey, one is located in Alabama, one is located in West Virginia and three are located in Oklahoma. On October 24, 2014, the Trust, through the Operating Partnership, acquired (i) Wheeler Interests, LLC (“WI”), an acquisition and asset management firm, (ii) Wheeler Real Estate, LLC (“WRE”), a real estate leasing, management and administration firm and (iii) WHLR Management, LLC (“WM” and collectively with WI and WRE the “Operating Companies”), a real estate business operations firm, from Jon S. Wheeler, the Company's Chairman and CEO, resulting in the Company becoming an internally-managed REIT. Accordingly, the responsibility for identifying targeted real estate investments, the handling of the disposition of real estate investments our board of directors chooses to sell, administering our day-to-day business operations, including but not limited to, leasing, property management, payroll and accounting functions, acquisitions, asset management and administration are now handled internally. Prior to being acquired by the Company, the Operating Companies served as the external manager for the Company and its properties (the “REIT Properties”) and performed property management and leasing functions for certain related and non-related third parties (the “Non-REIT Properties”). The Company will continue to perform these services for the Non-REIT Properties through the Operating Companies, primarily through WRE. Accordingly, the Company converted WRE to a Taxable REIT Subsidiary (“TRS”) to accommodate serving the Non-REIT Properties since applicable REIT regulations consider the income derived from these services to be “bad” income subject to taxation. The regulations allow for costs incurred by the Company commensurate with the services performed for the Non-REIT Properties to be allocated to a TRS. During January 2014, the Company acquired Wheeler Development, LLC (“WD”) and converted it to a TRS. The Company began performing development activities for both REIT Properties and Non-REIT Properties during 2015.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Investment Properties The Company records investment properties and related intangibles at cost or fair value upon acquisition less accumulated depreciation and amortization. Investment properties include both acquired and constructed assets. Improvements and major repairs and maintenance are capitalized when the repair and maintenance substantially extends the useful life, increases capacity or improves the efficiency of the asset. All other repair and maintenance costs are expensed as incurred. The Company capitalizes interest on projects during periods of construction until the projects reach the completion point that corresponds with their intended purpose. The Company allocates the purchase price of acquisitions to the various components of the asset based upon the fair value of each component which may be derived from various observable or unobservable inputs and assumptions. Also, the Company may utilize third party valuation specialists. These components typically include buildings, land and any intangible assets related to out-of-market leases, tenant relationships and in-place leases the Company determines to exist. The Company determines fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends and specific market and economic conditions that may affect the property. Factors considered by management in the analysis of determining the as-if-vacant property value include an estimate of carrying costs during the expected lease-up periods considering market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and estimates of lost rentals at market rates during the expected lease-up periods, tenant demand and other economic conditions. Management also estimates costs to execute similar leases including leasing commissions, tenant improvements, legal and other related expenses. Intangibles related to out-of-market leases, tenant relationships and in-place lease value are recorded as acquired lease intangibles and are amortized as an adjustment to rental revenue or amortization expense, as appropriate, over the remaining terms of the underlying leases. Premiums or discounts on acquired out-of-market debt are amortized to interest expense over the remaining term of such debt. The Company records depreciation on buildings and improvements utilizing the straight-line method over the estimated useful life of the asset, generally 5 to 40 years. The Company reviews depreciable lives of investment properties periodically and makes adjustments to reflect a shorter economic life, when necessary. Tenant allowances, tenant inducements and tenant improvements are amortized utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. Amounts allocated to buildings are depreciated over the estimated remaining life of the acquired building or related improvements. The Company amortizes amounts allocated to tenant improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. The Company also estimates the value of other acquired intangible assets, if any, and amortizes them over the remaining life of the underlying related intangibles. The Company reviews investment properties for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of investment properties may not be recoverable, but at least annually. These circumstances include, but are not limited to, declines in the property’s cash flows, occupancy and fair market value. The Company measures any impairment of investment property when the estimated undiscounted operating income before depreciation and amortization, plus its residual value, is less than the carrying value of the property. To the extent impairment has occurred, the Company charges to income the excess of the carrying value of the property over its estimated fair value. The Company estimates fair value using unobservable data such as operating income, estimated capitalization rates, or multiples, leasing prospects and local market information. The Company may decide to sell properties that are held for use and the sale prices of these properties may differ from their carrying values. The Company did not record any impairment adjustments to its properties during the years ended December 31, 2015 , 2014 and 2013 . Conditional Asset Retirement Obligation A conditional asset retirement obligation represents a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement depends on a future event that may or may not be with the Company’s control. Currently, the Company does not have any conditional asset retirement obligations. However, any such obligations identified in the future would result in the Company recording a liability if the fair value of the obligation can be reasonably estimated. Environmental studies conducted at the time the Company acquired its properties did not reveal any material environmental liabilities, and the Company is unaware of any subsequent environmental matters that would have created a material liability. The Company believes that its properties are currently in material compliance with applicable environmental, as well as non-environmental, statutory and regulatory requirements. The Company did not record any conditional asset retirement obligation liabilities during the years ended December 31, 2015 , 2014 and 2013 . Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of 90 days or less or easily converted into known amounts of cash to be cash and cash equivalents without a significant cost to the Company. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents consist primarily of bank operating accounts and money markets. Financial instruments that potentially subject the Company to concentrations of credit risk include its cash and cash equivalents and its trade accounts receivable. The Company places its cash and cash equivalents with institutions of high credit quality. The Company places its cash and cash equivalents on deposit with financial institutions in the United States. Beginning December 31, 2010, through December 31, 2013, all noninterest-bearing transaction accounts were fully insured by the Federal Deposit Insurance Company (“FDIC”), regardless of the balance of the account, at all FDIC-insured institutions. However, this provision expired on December 31, 2013 and beginning January 1, 2014 noninterest-bearing deposits now receive the same $250,000 insurance coverage provided to a depositor’s other deposit accounts held at an FDIC-insured institution. As of December 31, 2015 and 2014 , the Company had cash balances of $6.99 million and $8.25 million , respectively, that exceeded the FDIC coverage, but management believes that the risk of loss is minimal. Tenant Receivables and Unbilled Rent 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 December 31, 2015 and 2014 , the Company’s allowance for uncollectible accounts totaled $411,394 and $186,517 , respectively. During the years ended December 31, 2015 , 2014 and 2013 , the Company recorded provisions for credit losses in the amount of $243,029 , $60,841 and $106,828 , respectively, related to tenant receivables that were specifically identified as potentially uncollectible based on the an assessment of the tenant’s credit-worthiness. During the years ended December 31, 2015 , 2014 and 2013 , the Company did not realize any recoveries related to tenant receivables previously charged off. Deferred Costs and Other Assets The Company’s deferred costs and other assets consist primarily of leasing commissions, fees incurred to obtain long-term financing, capitalized legal and marketing costs and tenant relationship intangibles associated with acquisitions, and various property escrow accounts for real estate taxes, insurance and tenant improvements and replacements. The Company records amortization of financing costs over the terms of the respective loans or agreements. The Company’s lease origination costs consist primarily of the portion of property acquisitions allocated to lease originations and commissions paid in connection with lease originations. The Company generally records amortization of lease origination costs on a straight-line basis over the terms of the related leases. Details of these deferred costs, net of amortization and other assets are as follows: December 31, 2015 2014 Lease origination costs, net $ 1,376,652 $ 1,773,279 Leases in place, net 19,091,917 10,522,597 Financing costs, net 4,711,375 3,202,542 Property escrows 6,764,375 4,242,499 Deposits on acquisitions 2,012,996 623,350 Legal and marketing costs, net 129,325 198,169 Tenant relationships 12,060,172 4,485,699 Other 588,463 392,788 Total Deferred Costs and Other Assets, net $ 46,735,275 $ 25,440,923 Amortization of lease origination costs, in place leases, legal and marketing costs and tenant relationships represent 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 Years Ended December 31, Lease Origination Costs Leases In Place Financing Costs Legal & Marketing Costs Tenant Relationships 2016 $ 347,611 $ 5,835,379 $ 883,081 $ 22,470 $ 4,285,878 2017 300,046 4,518,001 742,708 25,588 3,040,631 2018 211,662 3,037,481 540,985 19,870 1,937,225 2019 142,442 2,086,746 452,442 16,330 1,270,616 2020 98,913 1,248,990 442,323 12,181 695,003 Thereafter 275,978 2,365,320 1,649,836 32,886 830,819 $ 1,376,652 $ 19,091,917 $ 4,711,375 $ 129,325 $ 12,060,172 Revenue Recognition The Company retains substantially all of the risks and benefits of ownership of the investment properties and accounts for its leases as operating leases. The Company accrues minimum rents on a straight-line basis over the terms of the respective leases which results in an unbilled rent asset or deferred rent liability being recorded on the balance sheet. Additionally, certain of the lease agreements contain provisions that grant additional rents based on tenants’ sales volumes (contingent or percentage rent). Percentage rents are recognized when the tenants achieve the specified targets as defined in their lease agreements. During the years ended December 31, 2015 , 2014 and 2013 , the Company recognized percentage rents of $162,608 , $90,437 and $15,472 , respectively. The Company’s leases generally require the tenant to reimburse the Company for a substantial portion of its expenses incurred in operating, maintaining, repairing, insuring and managing the shopping center and common areas (collectively defined as Common Area Maintenance or “CAM” expenses). The Company includes these reimbursements, along with other revenue derived from late fees and seasonal events, under the Consolidated Statements of Operations caption "Tenant reimbursements and other income." This significantly reduces the Company’s exposure to increases in costs and operating expenses resulting from inflation or other outside factors. The Company accrues reimbursements from tenants for recoverable portions of all these expenses as revenue in the period the applicable expenditures are incurred. The Company calculates the tenant’s share of operating costs by multiplying the total amount of the operating costs by a fraction, the numerator of which is the total number of square feet being leased by the tenant, and the denominator of which is the average total square footage of all leasable buildings at the property. The Company also receives escrow payments for these reimbursements from substantially all its tenants throughout the year. The Company recognizes differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material for the years ended December 31, 2015 , 2014 and 2013 . The Company recognizes lease termination fees in the period that the lease is terminated and collection of the fees is reasonably assured. Upon early lease termination, the Company provides for losses related to unrecovered intangibles and other assets. The Company did not recognize any lease termination fees during the years ended December 31, 2015 , 2014 and 2013 . 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 stockholders and meet certain other asset and income tests, as well as other requirements. The Company made no provision for federal income taxes for the REIT in the accompanying 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 fails 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 reasonable cause and certain other conditions were satisfied. Management has evaluated the effect of the guidance provided by GAAP on Accounting for Uncertainty of Income Taxes and has determined that the Company had no uncertain income tax positions that could have a significant effect on the financial statements for the years ended December 31, 2015 , 2014 and 2013 . As the REIT was formed in November 2012, it is subject to examination by the Internal Revenue Service and state tax authorities from the date of formation. Taxable REIT Subsidiary Cost Allocation The Company’s overall philosophy regarding cost allocation centers around the premise that WHLR exists to acquire, lease and manage properties for the benefit of its investors. Accordingly, a majority of the Company’s operations occur at the property level. Each property must carry its own weight by absorbing the costs associated with generating its revenues. Additionally, leases generally allow the Company to pass through to the tenant most of the costs involved in operating the property, including, but not limited to, the direct costs associated with owning and maintaining the property (landscaping, repairs and maintenance, taxes, insurance, etc.), property management and certain administrative costs. Service vendors bill the majority of the direct costs of operating the properties directly to the REIT Properties and Non-REIT Properties and each property pays them accordingly. The Non-REIT Properties pay WRE property management and/or asset management fees of 3% and 2% of collected revenues, respectively. The Non-REIT Properties also pay WRE leasing commissions based on the total contractual revenues to be generated under the new/renewed lease agreement ( 6% for new leases and 3% for renewals). Compensation and benefits paid to employees of the Company represent the largest component of costs incurred to acquire, manage, lease and administer the properties. The Company believes that every employee position exists to either directly or indirectly to perform these functions. Therefore, the Company allocates compensation and benefits to the various functions of the Company based on an estimate of how each employee spends their time. The Company allocates actual costs attributed to property management costs to the TRS on a pro rata basis based on total property revenues generated by the Non-REIT Properties. The Company allocates actual leasing costs to the TRS on a pro rata basis based on total leasing commissions generated by the Non-REIT Properties. Currently, the TRS does not acquire properties for third parties so the Company does not allocate acquisition related costs to the TRS. Financial Instruments The carrying amount of financial instruments included in assets and liabilities approximates fair market value due to their immediate or short-term maturity. 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 period. The Company’s actual results could differ from these estimates. Advertising Costs The Company expenses advertising and promotion costs as incurred. The Company incurred advertising and promotion costs of $218,180 , $176,950 and $45,833 for the years ended December 31, 2015 , 2014 and 2013 , respectively. Assets Held For Sale The Company records assets as held for sale when management has committed to a plan to sell the assets, actively seeks a buyer for the assets, and the consummation of the sale is considered probable and is expected within one year. Corporate General and Administrative Expense A detail for the "Corporate general & administrative" line item from the consolidated statements of operations is presented below: December 31, 2015 2014 2013 Acquisition costs $ 3,871,037 $ 3,787,907 $ 2,179,023 Professional fees 1,596,870 2,247,052 894,950 Salaries and compensation 3,428,998 1,326,434 — Corporate administration 1,198,480 1,218,033 1,188,456 Equity, debt & refinancing costs 2,655,474 — — Travel 445,732 540,991 262,046 Advertising 218,180 176,950 45,833 Taxes and licenses 65,318 149,643 24,231 Total $ 13,480,089 $ 9,447,010 $ 4,594,539 Noncontrolling Interests Noncontrolling interests is the portion of equity in the Operating Partnership not attributable to the Trust. The ownership interests not held by the parent are considered noncontrolling interests. Accordingly, noncontrolling interests have been reported in equity on the consolidated balance sheets but separate from the Company’s equity. On the consolidated statements of operations, the subsidiaries are reported at the consolidated amount, including both the amount attributable to the Company and noncontrolling interests. Consolidated statements of changes in equity include 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 April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08"). This ASU changes the criteria for reporting discontinued operations while enhancing disclosures in this area. Under this ASU, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the Company's operations and financial results. Examples include a disposal of a major geographical area, a major line of business, or a major equity method investment. Additionally, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The adoption of ASU 2014-08 was effective prospectively for reporting periods beginning on or after December 15, 2014. The Company adopted ASU 2014-08 on January 1, 2015 and used its guidance in determining the effect of discontinued operations as disclosed in Note 5. In May 2014, the FASB issued 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 ending December 31, 2018 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. In August 2015, the FASB issued ASU No. 2015-15, "Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements", which clarifies that absent authoritative guidance in ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the staff of the SEC would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company does not expect the adoption of ASU 2015-03 to materially impact its financial position or results of operations. In September 2015, the FASB issued ASU 2015-16, "Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments". This new guidance requires that the acquirer recognizes adjustments to preliminary acquisition values and account for the cumulative effect of any required adjustments in the period in which they are determined. ASU 2015-16 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 prospective approach for adjustments that occur after the effective date. The Company does not expect the adoption of ASU 2015-16 to materially impact its financial position or results of operations. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)." ASU 2016-02 is intended to improve financial reporting about leasing transactions. The ASU affects all companies and other organizations that lease assets such as real estate, airplanes, and manufacturing equipment. The ASU will require organizations that lease assets referred to as “Lessees” to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. An organization is to provide disclosures designed to enable users of financial statements to understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements concerning additional information about the amounts recorded in the financial statements. Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP which requires only capital leases to be recognized on the balance sheet the new ASU will require both types of leases (i.e. operating and capital) to be recognized on the balance sheet. The FASB lessee accounting model will continue to account for both types of leases. The capital lease will be accounted for in substantially the same manner as capital leases are accounted for under existing GAAP. The operating lease will be accounted for in a manner similar to operating leases under existing GAAP, except that lessees will recognize a lease liability and a lease asset for all of those leases. The leasing standard will be effective for calendar year-end public companies beginning after December 15, 2018. Public companies will be required to adopt the new leasing standard for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption will be permitted for all companies and organizations upon issuance of the standard. For calendar year-end public companies, this means an adoption date of January 1, 2019 and retrospective application to previously issued annual and interim financial statements for 2018 and 2017. Lessees with a large portfolio of leases are likely to see a significant increase in balance sheet assets and liabilities. See Note 9 for the Company’s current lease commitments. The Company is currently evaluating the impact of ASU 2016-02 on its financial statements. 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. 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	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Investment Properties	Investment Properties Investment properties consist of the following: December 31, 2015 2014 Land $ 50,777,143 $ 32,171,097 Land held for development 12,353,963 6,846,918 Buildings and improvements 188,338,469 97,423,211 Investment properties at cost 251,469,575 136,441,226 Less accumulated depreciation and amortization (12,704,944 ) (7,447,165 ) Investment properties, net $ 238,764,631 $ 128,994,061 The Company’s depreciation expense on investment properties was $5,370,116 , $2,696,064 and $1,467,157 for the years ended December 31, 2015 , 2014 and 2013 , respectively. 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 each property’s transferability, use and other common rights typically associated with property ownership. Property Acquisitions 2013 Acquisitions On June 11, 2013, the Company completed its acquisition of a 75,000 square foot, 100% leased free-standing grocery store located in the Bixby Commons Shopping Center in Bixby, Oklahoma (“Bixby Commons”) for a purchase price of approximately $10.6 million . The property is stabilized by a 20 -year, triple-net lease expiring in 2032 with Associated Wholesale Grocers, Inc., (“Associated”), a retailer-owned cooperative serving over 1,900 retail member stores with a complete assortment of grocery and general merchandise items. Associated subleases the property to Reasor’s Foods under a similar lease arrangement. On August 26, 2013, the Company completed its acquisition of Tampa Festival Shopping Center, a 137,987 square foot grocery-anchored shopping center located in Tampa, Florida (“Tampa Festival”) for a purchase price of approximately $11.85 million . The property was 100% leased as of the acquisition date and is anchored by a Winn Dixie grocery store which occupies approximately 32% of the total rentable square feet of the center through a 20 -year lease expiring in June 2018 with four five -year options available. On August 29, 2013, the Company completed its acquisition of Forrest Gallery Shopping Center, a 214,451 square foot shopping center located in Tullahoma, Tennessee (“Forrest Gallery”) for a purchase price of approximately $11.50 million . The property was 91% leased as of the acquisition date and is anchored by a 48,780 square foot Kroger grocery store under a 20 year lease that is currently in its second five year option which expires in January 2018 with four five -year options remaining. On September 25, 2013, the Company completed its acquisition of Reasor’s Jenks Shopping Center, an 81,000 square foot shopping center located in Jenks, Oklahoma (“Jenks Reasors”) for a purchase price of approximately $11.4 million . The property is 100% leased by a Reasor’s Foods grocery store under a 20 year, triple-net operating lease expiring in 2033 . On October 21, 2013, the Company completed the acquisition of the Starbucks/Verizon building located in the Fairfield Shopping Center in Virginia Beach, Virginia for a purchase price of approximately $1.39 million . The property is a 5,600 square foot 100% leased free-standing building that was significantly renovated during 2012 to accommodate a Starbucks coffeehouse and a Verizon Wireless store. The Starbucks coffeehouse occupies approximately 2,165 square feet of the building under a 10 year lease expiring in 2023 with three renewal options available. The Verizon Wireless store occupies approximately 3,435 square feet of the building under a 10 year lease expiring in 2022 with three renewal options available. The property is subject to a 10 year ground lease with Fairfield Shopping Center, a related party, expiring in 2022 . The Company acquired the property from a related party by issuing 169,613 common units in the Operating Partnership to the limited partners and the assumption of outstanding debt. On December 17, 2013, the Company completed its acquisition of Jenks Plaza from a related party, a 7,800 square foot shopping center located in Jenks, Oklahoma (“Jenks Plaza”) for a purchase price of approximately $1.75 million . The property was 100% leased as of the acquisition date by 5 primarily retail and restaurant tenants, under leases expiring through October 2017. On December 19, 2013, the Company completed its acquisition of Winslow Plaza, a 40,695 square foot shopping center located in Sicklerville, New Jersey (“Winslow Plaza”) for a purchase price of approximately $6.61 million . The property was 91.2% leased as of the acquisition date by 15 primarily retail and restaurant tenants, and is anchored by King’s Liquors, which is leased through August 2017. On December 23, 2013, the Company completed its acquisition of Clover Plaza, St. George Square, South Square, Waterway Plaza and Westland Square (collectively the “Food Lions”) from a related party for an aggregate purchase price of approximately $15.85 million . Collectively, the Food Lions total 261,689 square feet in leaseable space, and were 89.5% leased as of the acquisition date by 34 primarily retail and restaurant tenants, and each center is anchored by a Food Lion grocery store. For the year ended December 31, 2013 , the Company incurred approximately $2,179,023 in acquisition costs for these acquisitions. These costs are included on the consolidated statement of operations under the caption “Corporate general & administrative.” The following summarizes the consideration paid and the 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. Subtotal Food Lions Total Acquisitions Fair value of assets acquired and liabilities assumed: Investment property (a) $ 48,576,763 $ 10,910,964 $ 59,487,727 Lease intangibles and other assets (b) 6,720,126 4,392,812 11,112,938 Above market leases (c) 674,184 704,710 1,378,894 Below market leases (c) (876,736 ) (161,950 ) (1,038,686 ) Fair value of net assets acquired $ 55,094,337 $ 15,846,536 $ 70,940,873 Purchase consideration: Consideration paid with cash and debt $ 54,149,066 $ 15,846,536 $ 69,995,602 Consideration paid with common units 945,271 — 945,271 Total consideration (d) $ 55,094,337 $ 15,846,536 $ 70,940,873 a. Represents the fair value of the net investment properties acquired which includes land, buildings, site improvements and tenant improvements. The fair value was determined using 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 fair value of lease intangibles and other assets. Lease intangibles include leasing commissions, in place leases, legal and marketing fees and tenant relationships 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 fair value of above/below market leases. The income approach was used to determine the fair value of above/below market leases using market rental rates for similar properties. d. Represents the components of purchase consideration paid. 2014 Acquisitions Cypress Shopping Center 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 $8.30 million , paid through a combination of cash and debt. Cypress was 92% leased as of the acquisition date and its major tenants include Bi-Lo and Dollar General. Harrodsburg Marketplace 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 $5.00 million , paid through a combination of cash and debt. Harrodsburg was 97% leased as of the acquisition date and its major tenants include Kroger and Arby's. Port Crossing Shopping Center 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 $9.31 million . Port Crossing was 92% leased as of the acquisition date 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 Marketplace 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 $3.70 million . LaGrange was 93% leased as of the acquisition date 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. DF I-Courtland On August 15, 2014 , the Company completed its acquisition of DF I-Courtland, LLC ("DF I-Courtland") from a related party, consisting of a 1.01 acre parcel of undeveloped real estate located in Courtland, Virginia, for a contract price of $893,900 . The Company believes that this parcel can accommodate a 8,400 square foot facility. There are currently no development plans for DF I-Courtland, but management believes that it could support a retail facility that would be complementary to the Company's existing portfolio. DF I-Moyock On August 15, 2014 , the Company completed its acquisition of DF I-Moyock, LLC ("DF I-Moyock") from a related party, consisting of a 1.28 acre parcel of undeveloped real estate located in Moyock, North Carolina, for a contract price of $908,100 . The Company believes that this parcel can accommodate a 9,000 square foot facility. There are currently no development plans for DF I-Moyock, but management believes that it could support a retail facility that would be complementary to the Company's existing portfolio. Edenton Commons On August 15, 2014 , the Company completed its acquisition of Edenton Commons ("Edenton Commons") from a related party, consisting of a 53.82 acre parcel of undeveloped real estate located in Edenton, North Carolina, for a contract price of $2.40 million . The Company believes that this parcel can accommodate a 225,000 square foot facility. There are currently no development plans for Edenton Commons, but management believes that it could support a retail facility that would be complementary to the Company's existing portfolio. Freeway Junction On September 4, 2014 , the Company completed the acquisition of Freeway Junction, a 156,834 square foot shopping center located in Stockbridge, Georgia ("Freeway Junction") for a contract price of $10.45 million , paid through a combination of cash and debt. Freeway Junction was 98% leased as of the acquisition date and is anchored by Northern Tool, Ollie's Bargain Outlet, Goodwill and Farmer's Furniture. Graystone Crossing On September 26, 2014 , the Company completed the acquisition of Graystone Crossing, a 21,997 square foot shopping center located in Tega Cay, South Carolina ("Graystone Crossing") for a contract price of $5.4 million , paid through a combination of cash and debt. Graystone Crossing was 100% leased as of the acquisition date and is anchored by T-Mobile, Tropical Smoothie Cafe, and Edible Arrangements. Bryan Station On October 2, 2014 , the Company completed its acquisition of Bryan Station, an 54,397 square foot retail center located in Lexington, Kentucky (“Bryan Station”) for a contract price of $6.10 million , paid through a combination of cash and debt. Bryan Station was 100% leased as of the acquisition date and its major tenants include Planet Fitness and Shoe Carnival. Contribution of Operating Companies' Membership Interests On October 24, 2014 , the Operating Partnership entered into a Membership Interest Contribution Agreement ("Contribution Agreement") with Jon S. Wheeler, ("Mr. Wheeler"), the Company's Chairman and CEO, for the contribution of Mr. Wheeler's membership interests in WI, WRE and WM. These entities were wholly owned by Mr. Wheeler at the time of the Contribution Agreement. The purpose of the Contribution Agreement was to internalize the management of the Trust. Pursuant to the terms of the Contribution Agreement, Mr. Wheeler received 1,516,853 common units of the Operating Partnership worth $6.75 million at the time of issuance. Crockett Square On November 5, 2014 , the Company completed its acquisition of Crockett Square, a 107,122 square foot retail center located in Morristown, Tennessee ("Crockett Square") for a contract price of $9.75 million , paid through a combination of cash and debt. Crockett Square was 100% leased as of the acquisition date and its major tenants include Hobby Lobby, Dollar Tree, Pier 1 Imports and Ross Dress for Less. Harbor Point On November 21, 2014 , the Company completed its acquisition of Harbor Point Associates, LLC ("Harbor Point") from a related party, consisting of a 7.2 acre parcel of undeveloped real estate located in Grove, Oklahoma, for a contract price of $2.4 million . The Company believes that this parcel can accommodate a 45,700 square foot facility. There are currently no development plans for Harbor Point, but management believes that it could support a retail facility that would be complementary to the Company's existing portfolio. DF I-Berkley On December 1, 2014 , the Company completed its acquisition of DF I-Berkley, LLC ("DF I-Berkley") from a related party, a parcel of approximate 1.0 acre of undeveloped real estate located in Norfolk, Virginia, for a contract price of $250,000 . The Company believes that this parcel can accommodate a 6,500 square foot facility. There are currently no development plans for DF I-Berkley, but management believes that it could support a retail facility that would be complementary to the Company's existing portfolio. For the year ended December 31, 2014 , the Company incurred approximately $3,787,907 in acquisition costs for these acquisitions. These costs are included on the consolidated statements of operations under the caption “Corporate general & administrative.” The following summarizes the consideration paid and the 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. Total Acquisitions Fair value of assets acquired and liabilities assumed: Investment property (a) $ 53,081,904 Tenant and other receivables and other assets (b) 306,814 Lease intangibles and other assets (b) 10,188,493 Goodwill (b) 5,485,823 Accounts payable, accrued expenses and other liabilities (c) (623,167 ) Above market leases (d) 3,973,846 Below market leases (d) (1,991,645 ) Fair value of net assets acquired $ 70,422,068 Purchase consideration: Consideration paid with cash and debt $ 63,616,509 Consideration paid with common units 6,805,559 Total consideration (e) $ 70,422,068 a. Represents the fair value of the net investment properties acquired which includes land, buildings, site improvements and tenant improvements. The fair value was determined using 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 fair value of lease intangibles and other assets. Lease intangibles include leasing commissions, in place 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. Any remaining value which could not be allocated to identifiable intangibles was allocated to goodwill. Goodwill recognized from the acquisition represents, among other things, the future economic benefits arising from expected synergies and is consistent with the Company's stated intentions to become an internally managed REIT. The acquired goodwill is fully deductible for income tax purposes. c. Represents the fair value of accounts payable, accrued expenses and other liabilities. It was determined that carrying value approximated fair value for all amounts in these categories. d. Represents the fair value of above/below market leases. The income approach was used to determine the fair value of above/below market leases using market rental rates for similar properties. e. Represents the components of purchase consideration paid. 2015 Acquisitions Laskin Road Land On January 9, 2015 , the Company completed its acquisition of 1.5 acres of undeveloped land located on Laskin Road in Virginia Beach, Virginia ("Laskin Road") for a contract price of $1.6 million . The Company acquired Laskin Road for future development opportunities. The Company paid cash of $150,000 with the 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 was to be determined using the 10-day moving average of the Company's common stock price immediately prior to issuance. On January 19, 2016, 807,727 common units were issued by the Operating Partnership to satisfy this liability. 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 $13.9 million , paid through a combination of cash and debt. Pierpont Centre was 100% leased as of the acquisition date 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") from a related party, consisting of a 2.0 acre parcel of undeveloped real estate located adjacent to the Brook Run Shopping Center in Richmond, Virginia, for a contract price of $300,000 in cash. The Company acquired the property for potential development and to compliment the adjacent shopping center. 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 $10.3 million , paid through a combination of cash and debt. Alex City Marketplace was 86% leased as of the the acquisition date 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 $9.4 million , paid through a combination of cash and debt. Butler Square was 100% leased as of the acquisition date and its major tenants include Bi-Lo and Dollar Tree. Brook Run Shopping Center On June 2, 2015 , the Company completed its acquisition of Brook Run Shopping Center, a 147,738 square foot shopping center located in Richmond, Virginia ("Brook Run") for a contract price of $18.5 million . Brook Run was 92% leased as of the acquisition date and its major tenants include Martin's Food Store and CVS. The Company acquired Brook Run from a related party through a combination of cash, the issuance of 574,743 common units in the Operating Partnership and debt. Beaver Ruin Village On July 1, 2015 , the Company completed its acquisition of Beaver Ruin Village, a 74,048 square foot shopping center located in Lilburn, Georgia ("Beaver Ruin Village") for a contract price of $12.4 million , paid through a combination of cash and debt. Beaver Ruin Village was 91% leased as of the acquisition date and its major tenants include Chase Bank, Firehouse Subs and State Farm Insurance. Beaver Ruin Village II On July 1, 2015 , the Company completed its acquisition of Beaver Ruin Village II, a 34,925 square foot shopping center located in Lilburn, Georgia ("Beaver Ruin Village II") for a contract price of $4.4 million , paid through a combination of cash and debt. Beaver Ruin Village II was 100% leased as of the acquisition date and its major tenants include AutoZone and Metro PCS. Columbia Fire Station On July 1, 2015 , the Company completed its acquisition of Columbia Fire Station, consisting of two vacant buildings on a 1.0 acre land parcel located in Columbia, South Carolina ("Columbia Fire Station") for a contract price of $2.4 million , paid through a combination of cash and debt. The Company plans to redevelop this property for retail use. Chesapeake Square On July 10, 2015 , the Company completed its acquisition of Chesapeake Square, a 99,848 square foot shopping center located in Onley, Virginia ("Chesapeake Square") for a contract price of $6.3 million . Chesapeake Square was 76% leased as of the acquisition date and is anchored by a Food Lion grocery store. The Company acquired Chesapeake Square from a related party through a combination of cash and the issuance of 125,966 common units in the Operating Partnership. Sunshine Plaza On July 21, 2015 , the Company completed its acquisition of Sunshine Plaza, a 111,189 square foot shopping center located in Lehigh Acres, Florida ("Sunshine Plaza") for a contract price of $10.4 million . Sunshine Plaza was 96% leased as of the acquisition date and is anchored by a Winn-Dixie grocery store. The Company acquired Sunshine Plaza through a combination of cash and debt. Carolina Place On July 24, 2015 , the Company completed its acquisition of Carolina Place from a related party, consisting of a 2.14 acre parcel of land adjacent to Chesapeake Square for a contract price of $250,000 in cash. The Company acquired the property for potential development and to compliment the adjacent shopping center. Hilton Head Land On August 14, 2015 , the Company completed its acquisition of 10.39 acres located in Hilton Head, South Carolina ("Hilton Head Land") for a contract price of $1.0 million paid in cash. The Company acquired the property for potential development and to compliment an adjacent redevelopment project. Barnett Portfolio On August 21, 2015 , the Company completed its acquisition of Cardinal Plaza, located in Henderson, North Carolina, Franklinton Square, located in Franklinton, North Carolina and Nashville Commons, located in Nashville, North Carolina (collectively known as the "Barnett Portfolio") for a contract price of $15.3 million . The Barnett Porfolio properties total 171,466 square feet, were 91% leased as of the acquisition date and all are anchored by Food Lion grocery stores. The Company acquired the Barnett Portfolio through a combination of cash and debt. Grove Park On September 9, 2015 , the Company completed its acquisition of Grove Park Shopping Center, a 106,557 square foot shopping center located in Orangeburg, South Carolina ("Grove Park") for a contract price of $6.6 million . Grove Park was 90% leased as of the acquisition date and is anchored by a Bi-Lo grocery store. The Company acquired Grove Park through a combination of cash and debt. Parkway Plaza On September 15, 2015 , the Company completed its acquisition of Parkway Plaza Shopping Center, a 52,365 square foot shopping center and 2.1 acres of adjacent undeveloped land located in Brunswick, Georgia ("Parkway Plaza") for a contract price of $6.1 million Parkway Plaza was 97% leased as of the acquisition date and is anchored by a Winn Dixie grocery store. The Company acquired Parkway Plaza through a combination of cash and debt. Fort Howard Square On September 30, 2015 , the Company completed its acquisition of Fort Howard Square Shopping Center, a 113,652 square foot shopping center located in Rincon, Georgia ("Fort Howard Square") for a contract price of $11.5 million . Fort Howard Square was 95% leased as of the acquisition date and is anchored by nationally recognized tenants Goodwill and Dollar Tree. The Company acquired Fort Howard Square through a combination of cash and debt. Conyers Crossing On September 30, 2015 , the Company completed its acquisition of Conyers Crossing Shopping Center, a 170,475 square foot shopping center located in Conyers, Georgia ("Conyers Crossing") for a contract price of $10.8 million . Conyers Crossing was 99% leased as of the acquisition date and is anchored by nationally recognized tenants Hobby Lobby and Burlington Coat Factory. The Company acquired Conyers Crossing through a combination of cash and debt. The following summarizes the consideration paid and the 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. Total Acquisitions Preliminary fair value of assets acquired and liabilities assumed: Investment property (a) $ 114,211,725 Lease intangibles and other assets (b) 26,827,214 Above market leases (b) 4,166,440 Below market leases (b) (4,021,671 ) Preliminary fair value of net assets acquired $ 141,183,708 Purchase consideration: Consideration paid with cash and debt $ 138,115,158 Consideration paid with common units 3,068,550 Total consideration (c) $ 141,183,708 a. Represents the preliminary 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 fair value of lease intangibles and other assets. Lease intangibles include leasing commissions, leases in place, above/below market leases and legal and marketing fees associated with replacing existing leases. The income approach was used to determine the preliminary 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 units issued for acquisitions and those amounts currently due for acquisitions that, per the original contract, are to be settled by issuing common units subsequent to December 31, 2015. For the year ended December 31, 2015 , the Company incurred $3,871,037 in acquisition expenses. These costs are included on the unaudited condensed consolidated statement of operations under the caption "Corporate general & administrative." Please see the corporate general & administrative table in Note 2 for acquisition expenses for all periods presented. Unaudited pro forma consolidated financial information is presented below for all 2013 , 2014 and 2015 acquisitions, excluding Bixby Commons, Starbucks/Verizon, Jenks Reasors, DF I-Courtland, Edenton Commons, DF-I Moyock, Harbor Point, DF I-Berkley, Laskin Road, Brook Run Properties, Columbia Fire Station, Carolina Place, and Hilton Head Land. The unaudited pro forma information presented below illustrates the Company’s pro forma financial results assuming the acquisitions had been consummated as of the beginning of the earliest period presented. 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 Bixby Commons, Starbucks/Verizon, Jenks Reasors, DF I-Courtland, Edenton Commons, DF-I Moyock, Harbor Point, DF I-Berkley, Laskin Road, Brook Run Properties, Columbia Fire Station, Carolina Place, and Hilton Head Land as the Company’s management has determined that their inclusion would not be meaningful due to limited or no unrelated third party operating history. Years Ended December 31, 2015 2014 2013 Rental revenue $ 26,600,904 $ 26,412,478 $ 26,125,877 Net loss $ (15,781,969 ) $ (14,654,944 ) $ (15,111,728 ) Net loss attributable to Wheeler REIT $ (12,699,185 ) $ (12,653,283 ) $ (11,066,293 ) Net loss attributable to Wheeler REIT common shareholders $ (98,971,223 ) $ (15,371,540 ) $ (11,207,711 ) Basic loss per share $ (2.54 ) $ (2.09 ) $ (2.43 ) Diluted loss per share $ (2.54 ) $ (2.09 ) $ (2.43 )

Goodwill (Notes)

Goodwill (Notes)	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets Disclosure [Text Block]	Goodwill As part of the acquisition of the Operating Companies on October 24, 2014, the Company recorded preliminary goodwill of $7,004,072 . In June 2015, the Company finalized its valuation of the Operating Companies. In accordance with the valuation, the Company has recorded a fair value discount to the $6,750,000 in common units issued for the acquisition of the Operating Companies due to the one year restriction on their conversion into shares of common stock, and reallocated a portion of goodwill to finite-lived intangibles as follows: Beginning balance, January 1, 2015 $ 7,004,072 Fair value discount on common units issued for acquisition (1,181,250 ) Allocation to finite-lived intangibles (336,999 ) Ending balance, December 31, 2015 $ 5,485,823

Assets Held for Sale and Discon

Assets Held for Sale and Discontinued Operations (Notes)	12 Months Ended
	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	Assets Held for Sale and Discontinued Operations In August 2015, the Company’s management and Board of Directors committed to a plan to sell Bixby Commons, Jenks Reasors, Harps at Harbor Point, Starbucks/Verizon and the ground leases for Ruby Tuesday’s and Outback Steakhouse at Pierpont Centre (the “Freestanding Properties”) as part of the Company’s continuous evaluation of strategic alternatives. Accordingly, the Freestanding Properties have been classified as held for sale and the results of their operations have been classified as discontinued operations for all periods presented. Management expects that the sale of the Freestanding Properties will occur within one year and the Company will receive no residual cash flows once the Freestanding Properties are disposed. On October 19, 2015 , the Company completed its sale of Jenks Reasors for a contract price of approximately $12.2 million , resulting in a gain of approximately $ 820,000 . On October 20, 2015 , the Company completed its sale of Harps at Harbor Point for a contract price of approximately $5.0 million , resulting in a gain of approximately $642,000 . On October 27, 2015 , the Company completed its sale of Bixby Commons for a contract price of approximately $11.0 million , resulting in a gain of approximately $642,000 . As of December 31, 2015 and 2014 , assets held for sale consisted of the following: December 31, 2015 2014 Investment properties, net $ 1,284,888 $ 23,256,925 Rents and other tenant receivables, net 38,945 7,317 Above market lease intangible, net 2,616 — Deferred costs and other assets, net 381,260 3,831,173 Total assets held for sale $ 1,707,709 $ 27,095,415 As of December 31, 2015 and 2014 , liabilities associated with assets held for sale consisted of the following: December 31, 2015 2014 Loans payable $ 1,982,042 $ 19,153,596 Below market lease intangible, net 14,758 84,636 Accounts payable, accrued expenses and other liabilities 10,754 45,191 Total liabilities associated with assets held for sale $ 2,007,554 $ 19,283,423 The consolidated statements of operations reflect reclassifications of revenue, property operating expenses, corporate general and administrative expenses and interest expense from continuing operations to income from discontinued operations for all periods presented. All interest expense disclosed below is directly related to the debt incurred to acquire the Freestanding Properties. The following is a summary of the income from discontinued operations for the years ended December 31, 2015 , 2014 and 2013 : Years Ended December 31, 2015 2014 2013 Revenues $ 2,042,722 $ 2,285,159 $ 1,096,131 Expenses 827,860 1,072,622 1,222,935 Operating income (loss) 1,214,862 1,212,537 (126,804 ) Interest expense (715,081 ) (904,878 ) (390,507 ) Income (loss) from discontinued operations before gain on disposals 499,781 307,659 (517,311 ) Gain on disposal of properties 2,104,114 — — Income (loss) from discontinued operations $ 2,603,895 $ 307,659 $ (517,311 )

Loans Payable

Loans Payable	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Loans Payable	Loans Payable The Company’s loans payable related to continuing operations consist of the following: Monthly Interest December 31, Property/Description Payment Rate Maturity 2015 2014 Shoppes at Eagle Harbor $ 25,100 4.34 % March 2018 $ 3,634,085 $ 3,773,319 Lumber River Plaza $ 18,414 5.65 % May 2015 — 2,894,862 Monarch Bank Building $ 9,473 4.15 % December 2017 1,376,452 1,430,961 Perimeter Square $ 28,089 6.38 % June 2016 4,166,406 4,294,216 Riversedge North $ 8,802 6.00 % January 2019 962,281 1,007,856 Walnut Hill Plaza $ 24,273 5.50 % July 2017 3,535,606 3,626,945 Twin City Commons $ 17,827 4.86 % January 2023 3,225,473 3,279,076 Shoppes at TJ Maxx $ 33,880 3.88 % May 2020 6,081,272 6,248,349 Bank Line of Credit Interest only 4.25 % September 2016 — 2,074,432 Bank Line of Credit Interest only 2.79 % May 2018 6,873,750 — Forrest Gallery $ 50,973 5.40 % September 2023 8,926,712 9,045,880 Tampa Festival $ 50,797 5.56 % September 2023 8,627,294 8,746,860 Winslow Plaza Interest only 5.22 % December 2015 — 5,000,000 Winslow Plaza Interest only 4.82 % December 2025 4,620,000 — Cypress Shopping Center Interest only 4.70 % July 2024 6,625,000 6,625,000 Harrodsburg Marketplace $ 19,112 4.55 % September 2024 3,677,501 3,735,739 Port Crossing $ 34,788 4.84 % August 2024 6,471,636 6,568,918 LaGrange Marketplace $ 13,813 5.00 % March 2020 2,418,212 2,463,909 Freeway Junction Interest only 4.60 % September 2024 8,150,000 8,150,000 DF I-Courtland $ 1,411 6.50 % January 2019 — 115,728 DF I-Edenton $ 250,000 3.75 % September 2016 650,000 1,650,000 DF I-Moyock $ 10,665 5.00 % July 2019 418,538 522,430 Graystone Crossing $ 20,386 4.55 % October 2024 4,000,000 4,000,000 Bryan Station Interest only 4.52 % November 2024 4,625,000 4,625,000 Crockett Square Interest only 4.47 % December 2024 6,337,500 6,337,500 Harbor Point $ 11,024 5.85 % December 2016 732,685 1,544,567 Pierpont Centre Interest only 3.95 % February 2025 8,450,000 — Alex City Marketplace Interest only 3.90 % April 2025 5,750,000 — Butler Square Interest only 4.08 % May 2025 5,640,000 — Brook Run Shopping Center Interest only 3.90 % June 2025 10,950,000 — Beaver Ruin Village I and II Interest only 4.73 % July 2025 9,400,000 — Columbia Fire Station Interest only 8.00 % December 2017 450,053 — Sunshine Shopping Plaza Interest only 4.57 % August 2025 5,900,000 — Barnett Portfolio Interest only 4.30 % September 2025 8,770,000 — Grove Park Shopping Center Interest only 4.52 % October 2025 3,800,000 — Parkway Plaza Interest only 4.57 % October 2025 3,500,000 — Conyers Crossing Interest only 4.67 % October 2025 5,960,000 — Fort Howard Shopping Center Interest only 4.57 % October 2025 7,100,000 — Senior convertible notes Interest only 9.00 % December 2018 3,000,000 6,000,000 Senior non-convertible notes Interest only 9.00 % December 2015 — 4,000,000 Senior non-convertible notes Interest only 9.00 % January 2016 2,160,000 2,160,000 South Carolina Food Lions Note Interest only 5.25 % January 2024 12,375,000 12,375,000 Total Loans Payable $ 189,340,456 $ 122,296,547 2013 Financing Activity On March 11, 2013, the Company entered into a promissory note for $4.0 million to refinance the Shoppes at Eagle Harbor loan that matured in February 2013. The new loan matures on March 11, 2018 and requires monthly principal and interest payments based on a 20 -year amortization and a 4.34% fixed interest rate. The Riversedge North loan matured on April 16, 2013 , and was extended until January 2014. On January 16, 2014, the loan was renewed until January 16, 2019 . The loan requires monthly principal and interest payments based on a 15 year amortization with a fixed interest rate of 6.00% . On April 19, 2013, we entered in a promissory note for $6.5 million to refinance the Shoppes at TJ Maxx loan that matured. The new loan matures on May 1, 2020 and requires monthly principal and interest payments based on a 25 -year amortization and a 3.88% fixed interest rate. On June 3, 2013, the Company entered into a promissory note with Monarch Bank for a $2,000,000 line of credit. The line of credit matured on May 12, 2014 , provided for an interest rate of 4.5% per annum and was guaranteed by a Deed of Trust and Assignment of Rents on real property. This line of credit was paid off on September 16, 2014 . On December 16, 2013, the Company completed a $10.0 million private placement transaction with eight accredited investors (the “Buyers”). Pursuant to the securities purchase agreement, dated as of December 16, 2013 (the “December 2013 Securities Purchase Agreement”), the Company sold convertible and nonconvertible 9% senior notes and warrants to purchase shares of its common stock totaling $10.0 million dollars. The Company completed the financings in two concurrent tranches. The first tranche consisted of $6.0 million in convertible senior notes due December 15, 2018 . During the first two years, the convertible notes will only be available for conversion upon the completion of a secondary offering of common stock in excess of $20 million at a conversion rate of the lesser of 95% of the secondary offering’s per share price or $5.50 . After two years, holders of the convertible notes can convert at their discretion at a conversion rate of the lesser of 90% of the market price of the Company’s stock or $5.50 . The maximum number of shares of stock issuable upon conversion of the convertible notes is 1,417,079 shares. The second tranche consisted of $4.0 million in nonconvertible senior notes due December 15, 2015 . In addition to the non-convertible notes, the Company issued 421,053 warrants with an exercise price of $4.75 . 2014 Financing Activity On January 31, 2014, the Company completed a second closing (“Second Closing”) consisting of the private placement of $2.16 million 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, along with the warrants issued in the first closing on December 16, 2013, 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. In connection with the private placement transaction, the Company and the Buyers entered into a Registration Rights Agreement, dated as of December 16, 2013 (the “December 2013 Registration Rights Agreement”). Pursuant to the December 2013 Registration Rights Agreement, the Company agreed to file and maintain a registration statement with the Securities and Exchange Commission for the resale of the shares of common stock underlying the convertible notes and the warrants. Interest on the convertible and nonconvertible senior notes of 9% per annum will be payable monthly. 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. On September 16, 2014 , the Company entered into a promissory note for a $3,000,000 line of credit. The line of credit matures on September 16, 2016 , provides for an interest rate of 4.25% per annum and is guaranteed by a Deed of Trust and Assignment of Rents on real property. Concurrently with this transaction, the Company paid off its $2,000,000 line of credit with Monarch Bank. 2015 Financing Activity On May 1, 2015, the Lumber River Plaza note was paid in full from cash on hand. On May 29, 2015, the Operating Partnership entered into a credit agreement (the "Credit Agreeement") with KeyBank National Association ("KeyBank"). Outstanding borrowings accrue monthly interest which is paid at a rate of the one-month London Interbank Offer Rate ("LIBOR") plus a margin ranging from 1.75% to 2.50% depending on the Company's consolidated leverage ratio. As of December 31, 2015 , the Company has pledged Lumber River and Chesapeake Square as collateral towards the Credit Agreement with outstanding borrowings of $6,873,750 at an interest rate of 2.79% . The available borrowing capacity of approximately $38.1 million as of December 31, 2015 is available for the Company as long as such amounts are fully collateralized. The amounts available to the Company under the Credit Agreement that have not been borrowed accrue fees which are paid at a rate of 0.30% on a monthly basis. The Credit Agreement contains certain financial covenants that the Company must meet, including minimum leverage, fixed charge coverage and debt service coverage ratios as well as a minimum tangible net worth requirement. The Company was in compliance with the financial covenants as of December 31, 2015 . The Credit Agreement also contains certain events of default that if they occur may cause KeyBank to terminate the Credit Agreement and declare amounts owed to become immediately payable. As of December 31, 2015 , the Company has not incurred an event of default. On November 24, 2015 , the Company entered into a promissory note for $4,620,000 to refinance the Winslow Plaza loan. The new loan matures on December 1, 2025 with principal due at maturity and bears interest at 4.82% . Certain of the Company’s loans payable have covenants with which the Company is required to comply. As of December 31, 2015 , the Company believes it is in compliance with all applicable covenants. On January 29, 2016, the Company paid off $2.16 million in senior subordinated debt from cash on hand. Debt Maturity The Company’s scheduled principal repayments on indebtedness as of December 31, 2015 are as follows: For the Years Ended December 31, 2016 $ 9,065,387 2017 7,035,351 2018 14,936,672 2019 2,505,641 2020 9,175,072 Thereafter 146,622,333 Total principal maturities $ 189,340,456

Rentals under Operating Leases

Rentals under Operating Leases	12 Months Ended
	Dec. 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 CAM and percentage rent based on tenant sales volume, as of December 31, 2015 are as follows: For the Years Ended December 31, 2016 $ 26,230,245 2017 23,246,692 2018 17,746,813 2019 13,430,529 2020 8,839,220 Thereafter 14,894,519 $ 104,388,018

Equity

Equity	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Equity	Equity The Company has authority to issue 155,000,000 shares of stock, consisting of 150,000,000 shares of $0.01 par value Common Stock (“Common Stock”) and 5,000,000 shares of no par value Preferred Stock (“Preferred Stock”). The Company increased the number of shares of Common Stock authorized from 15,000,000 to 75,000,000 during June 2013, and from 75,000,000 to 150,000,000 during June 2015. Substantially all of our business is conducted through the Company’s Operating Partnership. The Trust is the sole general partner of the Operating Partnership and owned a 90.79% interest in the Operating Partnership as of December 31, 2015 . Limited partners in the Operating Partnership have the right to redeem their common units for cash or, at our option, common shares at a ratio of one common unit for one common share. Distributions to common unit holders are paid at the same rate per unit as dividends per share to the Trust’s common shareholders. As of December 31, 2015 and 2014 , there were 44,018,768 and 16,548,873 , respectively, of common units outstanding with the Trust owning 39,963,476 and 12,981,250 , respectively, of these common units. June 2013 Private Placement On June 10, 2013, the Company completed a $4.5 million private placement transaction with 21 accredited investors (the “Buyers”). Pursuant to the Securities Purchase Agreement, dated as of June 10, 2013 (the “June 2013 Securities Purchase Agreement”), the Company issued an aggregate of 4,500 shares of Series A Preferred Stock, no par value, $1,000 liquidation preference per share ("Series A Preferred") to the Buyers. The Series A Preferred accrues cumulative dividends at a rate of 9% per annum, which is paid quarterly. In accordance with the June 2013 Securities Purchase Agreement, 2,691 shares of Series A Preferred converted automatically into 656,998 shares of the Company’s Common Stock upon the August 26, 2013 completion of the Company’s secondary offering (“Secondary Offering”) at a price equal to $4.085 per share, or 95% of the $4.30 per share price at which the Common Stock was sold in the Offering (the “Primary Conversion”). The Company has the right to redeem the remaining 562 shares of Series A Preferred, on a pro rata basis, at any time at a price equal to 103% of the purchase price for the Series A Preferred plus any accrued but unpaid dividends. Since the Series A Preferred features certain redemption rights that were considered by the Company to be outside of the Company’s control and subject to the occurrence of uncertain future events, the initial Series A Preferred amount of $4,157,000 was previously presented as a liability in the Company’s consolidated balance sheet. Upon completion of the Primary Conversion, the remaining Series A Preferred was reclassified to the shareholders’ equity section of the Company’s consolidated balance sheet, since the Series A Preferred no longer possessed the redemption features previously considered outside the Company’s control. In connection with the investment, the Company and the Buyers entered into a Registration Rights Agreement, dated as of June 10, 2013 (the “June 2013 Registration Rights Agreement”). Pursuant to the June 2013 Registration Rights Agreement, the Company agreed to file and maintain a registration statement with the Securities and Exchange Commission for the resale of the Common Stock underlying the Series A Preferred acquired by the Buyers. The 656,998 shares were registered on September 23, 2013. August 2013 Secondary Offering On August 26, 2013, the Company completed the Secondary Offering in which 3,162,500 shares of the Company’s Common Stock were issued, including 412,500 in over-allotment shares issued on September 13, 2013. Net proceeds from the Secondary Offering totaled $12,720,275 , excluding the impact of certain legal, accounting and other professional fees. The Company used a portion of these proceeds to fund the acquisitions discussed in Note 3 and for general corporate purposes. December 2013 Private Placement In association with the December 2013 Securities Purchase Agreement, the Company issued 421,053 warrants to acquire the Company's Common Stock with an exercise price of $4.75 . The Company has determined that the warrants qualify for equity treatment under applicable GAAP. See Note 6 for details on the debt associated with these warrants. 2014 Series B Preferred Stock Offerings On April 29, 2014 , the Company completed its Series B Convertible Preferred Stock Offering (“Series B Offering”), in which 144,000 units were issued, consisting of 720,000 shares of Series B Convertible Preferred Stock,no par value, $1,000 liquidation preference per share (the "Series B Preferred") 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, and an additional 129,600 warrants. The Series B Preferred bears interest at a rate of 9% per annum and has a conversion price of $5.00 per share of Common Stock. The Series B Preferred 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 Series B Offering totaled $18,671,378 , which included the impact of the underwriters' selling commissions and legal, accounting and other professional fees. Proceeds from the Series B Offering were used for acquisitions and for general corporate purposes. On September 17, 2014 , the Company completed a follow-on Series B Preferred Offering ("Follow-on Offering"), in which 144,000 units were issued, consisting of 720,000 shares of Series B Preferred and warrants to purchase 864,000 shares of the Company's Common Stock. On September 23, 2014 , the Company's underwriters exercised their over-allotment option, in which 20,200 units were issued, consisting of 101,000 additional shares of Series B Preferred, and an additional 129,000 warrants. Net proceeds from the Follow-on Offering totaled $18,571,563 , which included the impact of the underwriters' selling commissions and legal, accounting and other professional fees. Proceeds from the Follow-on Offering were used for acquisitions and for general corporate purposes. On April 24, 2014, in contemplation of the Series B 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 for the Offering. On August 19, 2014, the number of Series B Preferred authorized was increased from 1,000,000 to 3,000,000 in contemplation of the Follow-on Offering. 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 the exchange of $3,000,000 in senior convertible debt. Each share of Series C Preferred Stock was sold to the Investors at an offering price of $1,000 per share. Net proceeds from the Private Placement totaled $83,415,894 , which included the impact of the underwriters' selling commissions and legal, accounting and other professional fees. The Company is using the net offering proceeds to acquire properties and for general working capital. From March 19, 2015 until June 11, 2015 , the holders of Series C Preferred Stock were 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 were 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 were to be paid, on an as converted basis, pro rata from the date of issuance. The Series C Preferred Stock was automatically converted into shares of Common Stock on June 11, 2015 , which was the fifth business day following the June 4, 2015 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 converted into 500 shares of Common Stock at the conversion price of $2.00 per share. The conversion of the Series C Preferred stock into Common Stock at this rate was considered to be a beneficial conversion feature, resulting in a deemed distribution of $59,520,000 , which is included in the consolidated statement of equity and also in the consolidated statement of cash flows as a non-cash transaction. Series A and Series B Preferred Stock Exchange Offer On June 15, 2015 , the Company entered into an exchange offer (the “Exchange Offer”) to holders of its Series A Preferred and Series B Preferred. The Exchange Offer permitted tendering shareholders to exchange their shares of Series A Preferred or Series B Preferred for an aggregate of up to 20,853,250 of newly issued shares of the Company’s common stock. Each share of Series A Preferred was exchangeable for 500 shares of Common Stock, and each share of the Series B Preferred Stock was exchangeable for 12.5 shares of Common Stock. On July 20, 2015 , the Company completed the Exchange Offer, under which 1,247 shares of Series A Preferred and 865,481 shares of Series B Preferred were tendered for 11,442,002 newly issued shares of the Company's Common Stock. The Company paid cash in lieu of any fractional shares of Common Stock upon the exchange of the Series A Preferred and Series B Preferred. The Exchange Offer was considered to be a beneficial conversion feature, resulting in a deemed distribution of $13,124,506 , which is included in the consolidated statement of equity and also in the consolidated statement of cash flows as a non-cash transaction. 2015 Long-Term Incentive Plan On June 4, 2015 , the Company's shareholders approved the 2015 Long-Term Incentive Plan (the "2015 Incentive Plan"). The 2015 Incentive Plan allows for issuance of up to 1,000,000 shares of the Company's Common Stock to employees, directors, officers and consultants for services rendered to the Company. The 2015 Incentive Plan replaced the 2012 Stock Incentive Plan ("Stock Incentive Plan"). Equity Issuances under Stock Incentive Plan and 2015 Incentive Plan During the year ended December 31, 2015 , the Company issued 320,152 shares to employees, directors, officers and consultants for services rendered to the Company. 77,260 of these shares were issued under the Stock Incentive Plan, and 242,892 of these shares were issues under the 2015 Incentive Plan. The market value of these shares at the time of issuance was approximately $697,000 . As of December 31, 2015 , there are 757,108 shares available for issuance under the Company’s 2015 Incentive Plan. During the year ended December 31, 2014 , the Company issued 105,834 shares to employees, directors, officers and consultants under the Stock Incentive Plan for services rendered to the Company. The market value of these shares at the time of issuance was approximately $456,988 . No shares were issued for services rendered to the Company during the year ended December 31, 2013 . 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 number of common 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 December 31, 2015 , 2014 and 2013 , 3,354,883 , 1,787,798 and 1,858,068 , respectively, of the Operating Partnership’s common units outstanding to noncontrolling interests were eligible to be converted into shares of Common Stock on a one-to-one basis. Additionally, as of December 31, 2015 and 2014 , 729,119 and 1,648,900 shares of Series B Preferred, respectively, and $3,000,000 and $6,000,000 of senior convertible debt, respectively, are eligible to be converted into 5,062,674 and 9,661,579 shares, respectively, of the Company's Common Stock. Also, warrants to purchase 2,635,025 shares of the Company's Common Stock were outstanding at December 31, 2015 and 2014 . 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: Years Ended December 31, 2015 2014 2013 Common unit and common shareholders $ 9,787,145 $ 4,089,057 2,853,243 Preferred shareholders $ 13,627,532 $ 2,718,257 141,418 On December 15, 2015, the Company declared a $0.0175 per share dividend to common share and common unit holders of record as of December 31, 2015 to be paid on January 31, 2016. Accordingly, the Company has accrued $1,230,512 as of December 31, 2015 for this dividend. During the three months ended December 31, 2015 , the Company declared a quarterly dividend to Series A Preferred and Series B Preferred shareholders of $422,774 to shareholders of record as of December 31, 2015 to be paid on January 15, 2016. Accordingly, the Company has accrued $422,774 as of December 31, 2015 for this dividend.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lease Commitments As of December 31, 2015 , the Amscot property is subject to a ground lease which terminates in 2045 . The ground lease requires the Company to make a fixed annual rental payment and includes escalation clauses and renewal options. The Company incurred ground lease expense included in other expense of $18,049 , $17,701 and $7,156 during the years ended December 31, 2015 , 2014 and 2013 , respectively. As of December 31, 2015 , the Beaver Ruin Village property is subject to a ground lease which terminates in 2054 . The ground lease requires the Company to make a fixed annual rental payment and includes escalation clauses and renewal options. The Company incurred ground lease expense included in other expense of $22,856 , $0 and $0 during the years ended December 31, 2015 , 2014 and 2013 , respectively. As of December 31, 2015 , the Beaver Ruin Village II property is subject to a ground lease which terminates in 2056 . The ground lease requires the Company to make a fixed annual rental payment and includes escalation clauses and renewal options. The Company incurred ground lease expense included in other expense of $8,926 , $0 and $0 during the years ended December 31, 2015 , 2014 and 2013 , respectively. As of December 31, 2015 , the Company leases office space in Charleston, South Carolina, subject to a lease that terminates in 2019 . The lease requires the Company to make a fixed annual rental payment and includes escalation clauses and renewal options. The Company incurred lease expense included in other expense of $117,997 , $30,349 and $0 during the years ended December 31, 2015 , 2014 and 2013 , respectively. Future minimum lease payments due under the operating leases, including applicable automatic extension options, are as follows (unaudited): For the Years Ended December 31, 2016 $ 171,208 2017 175,104 2018 178,095 2019 145,384 2020 77,611 Thereafter 2,961,793 $ 3,709,195 Insurance The Company carries comprehensive liability, fire, extended coverage, business interruption and rental loss insurance covering all of the properties in its portfolio under a blanket insurance policy, in addition to other coverages, such as trademark and pollution coverage that may be appropriate for certain of its properties. Additionally, the Company carries a directors’, officers’, entity and employment practices liability insurance policy that covers such claims made against the Company and its directors and officers. The Company believes the policy specifications and insured limits are appropriate and adequate for its properties given the relative risk of loss, the cost of the coverage and industry practice; however, its insurance coverage may not be sufficient to fully cover its losses. Concentration of Credit Risk The Company is subject to risks incidental to the ownership and operation of commercial real estate. These risks include, among others, the risks normally associated with changes in the general economic climate, trends in the retail industry, creditworthiness of tenants, competition for tenants and customers, changes in tax laws, interest rates, the availability of financing and potential liability under environmental and other laws. The Company’s portfolio of properties is dependent upon regional and local economic conditions and is geographically concentrated in the Northeast, Mid-Atlantic, Southeast and Southwest, which markets represented approximately 2% , 23% , 72% and 3% , respectively, of the total annualized base rent of the properties in its portfolio as of December 31, 2015 . The Company’s geographic concentration may cause it to be more susceptible to adverse developments in those markets than if it owned a more geographically diverse portfolio. Additionally, the Company’s retail shopping center properties depend on anchor stores or major tenants to attract shoppers and could be adversely affected by the loss of, or a store closure by, one or more of these tenants. Regulatory and Environmental As the owner of the buildings on our properties, the Company could face liability for the presence of hazardous materials (e.g., asbestos or lead) or other adverse conditions (e.g., poor indoor air quality) in its buildings. Environmental laws govern the presence, maintenance, and removal of hazardous materials in buildings, and if the Company does not comply with such laws, it could face fines for such noncompliance. Also, the Company could be liable to third parties (e.g., occupants of the buildings) for damages related to exposure to hazardous materials or adverse conditions in its buildings, and the Company could incur material expenses with respect to abatement or remediation of hazardous materials or other adverse conditions in its buildings. In addition, some of the Company’s tenants routinely handle and use hazardous or regulated substances and wastes as part of their operations at our properties, which are subject to regulation. Such environmental and health and safety laws and regulations could subject the Company or its tenants to liability resulting from these activities. Environmental liabilities could affect a tenant’s ability to make rental payments to the Company, and changes in laws could increase the potential liability for noncompliance. This may result in significant unanticipated expenditures or may otherwise materially and adversely affect the Company’s operations. The Company is not aware of any material contingent liabilities, regulatory matters or environmental matters that may exist. Litigation 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 amended its appeal with the Oklahoma Supreme Court to include the issue of the award of legal fees. On July 24, 2015, the Oklahoma Court of Civil Appeals affirmed the judgment against Perimeter, resulting in a total award of approximately $352,000 which includes interest and other fees. Perimeter then appealed the judgment to the Oklahoma Supreme Court, which on November 16, 2015 affirmed the judgment against Perimeter, resulting in a final judgment of $415,000 , which was paid by Perimeter in December 2015. On May 22, 2013, WHLR-HPA-1, LLC, (“Harp’s”), a subsidiary of the Operating Partnership that owns the Trust’s Harps at Harbor Point (“Harp’s Food Store”) and Harbor Point properties, filed suit against Crossland Heavy Contractors (“Crossland”) for equitable relief to divide a mechanic and materialmen’s lien (“Lien”) of approximately $856,000 filed on three properties which includes the Harp’s Food Store property and two adjacent properties owned by affiliates of the Trust. Crossland subsequently filed a counterclaim adding the Trust, among others, as a defendant to the case. The Lien related to cost overruns incurred by Crossland during the construction and development process that occurred prior to the Trust acquiring the Harp’s Food Store property. On October 22, 2013, the parties reached a settlement whereby it was agreed that the Lien would be paid in full by November 22, 2013. Since the Lien related to construction and development costs incurred prior to the Trust acquiring the property, the affiliated parties that developed the property intended to fully satisfy the Lien, resulting in no liability to the Trust. However, since there was no evidence that the affiliated parties had finalized their funding sources to satisfy the Lien, management concluded that the appropriate treatment was to accrue the $856,000 in the September 30, 2013 financial statements. On January 31, 2014, Crossland removed the lien as the affiliates of the Trust fulfilled their obligation to pay the Lien. Accordingly, the accrual was reversed as of December 31, 2013 since the Lien was satisfied without liability to the Trust and the 2013 financial statements had not been issued when the Lien was released.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Prior to the October 24, 2014 acquisition, the Operating Companies and their affiliated companies provided administrative services to the Company, including management, administrative, accounting, marketing, development and design services. Pursuant to the terms of the Company’s administrative services agreement with WM, responsibilities included administering the Company’s day-to-day business operations, identifying and acquiring targeted real estate investments, overseeing the management of the investments, and handling the disposition of the real estate investments. The Company benefits from Mr. Wheeler's affiliates that specialize in other real estate investment activities, including (i) Wheeler Capital, LLC, a capital investment firm specializing in venture capital, financing, and small business loans, (ii) Site Applications, LLC, a full service facility company, equipped to handle all levels of building maintenance, (iii) Wheeler Construction, LLC, a construction management company and (iv) TESR, LLC, a tenant relations company, serving as a liaison between property management, lease administration and leasing and working to provide information on the health and fiscal viability of each tenant. Prior to being acquired in October 2014, WI 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, WI 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 years ended December 31, 2015 and 2014 . The amounts disclosed below reflect the activity between the Company, Mr. Wheeler's affiliates and the Operating Companies through the date of acquisition. All amounts subsequent to the acquisition date have been eliminated in consolidation. December 31, 2015 2014 2013 Amounts paid to affiliates $ 209,277 $ 3,827,990 $ 1,412,126 Amounts due to affiliates $ 481,298 $ 463,281 $ 174,683 Rent and reimbursement income received from affiliates $ — $ 329,718 $ 288,969 Rent and other tenant receivables due from affiliates $ — $ — $ 373,119 The Company, through the Operating Partnership, is performing development services for Pineland Associates, LLC and several of its affiliated parties (“Pineland”), all of which are related parties of the Company, for the redevelopment of Pineland Station Shopping Center in Hilton Head, South Carolina. Pineland is responsible for development fees on the hard construction costs and reimbursing the Company for any costs advanced towards the project. As of December 31, 2015 , the Company had advanced approximately $1.46 million towards the project. This amount is included in the "Deferred costs and other assets" line item on the consolidated balance sheet.

Schedule II-Valuation and Quali

Schedule II-Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2015
Valuation and Qualifying Accounts [Abstract]
Schedule II-Valuation and Qualifying Accounts	Description Balance at Beginning of Year Charged to Costs and Expense Deductions from Reserves Balance at End of Year Allowance for doubtful accounts: Year Ended December 31, 2015 $ 186,517 $ 243,029 $ (18,152 ) $ 411,394 Year Ended December 31, 2014 182,078 60,841 (56,402 ) 186,517

Schedule III-Real Estate and Ac

Schedule III-Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III-Real Estate and Accumulated Depreciation	Wheeler Real Estate Investment Trust, Inc. and Subsidiaries Schedule III-Real Estate and Accumulated Depreciation December 31, 2015 Initial Cost Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at End of Period Property Name Land Building and Improvements Improvements (net) Carrying Costs Land Building and Improvements Total Amscot Building $ — $ 461,700 $ 31,128 $ — $ — $ 492,828 $ 492,828 Lumber River Village 800,413 4,486,787 142,398 — 942,811 4,486,787 5,429,598 Monarch Bank 496,591 1,908,659 77,704 — 496,591 1,986,363 2,482,954 Perimeter Square 1,566,431 5,081,193 109,828 — 1,566,431 5,191,021 6,757,452 Riversedge North 909,898 2,207,571 630,888 — 909,898 2,838,459 3,748,357 Surrey Plaza 380,731 1,856,515 — — 380,731 1,856,515 2,237,246 The Shoppes at TJ Maxx 2,115,119 6,719,386 401,983 — 2,115,119 7,121,369 9,236,488 The Shoppes at Eagle Harbor 785,040 4,219,464 258,236 — 785,040 4,477,700 5,262,740 Twin City Commons 800,272 3,040,956 4,233 — 800,272 3,045,189 3,845,461 Walnut Hill Plaza 733,748 2,413,832 1,192,868 — 733,748 3,606,700 4,340,448 Tampa Festival 4,653,354 6,691,097 180,073 — 4,694,966 6,829,558 11,524,524 Forrest Gallery 3,015,372 7,454,580 260,066 — 3,015,372 7,714,646 10,730,018 Starbucks/Verizon — 1,137,971 — — — 1,137,971 1,137,971 Jenks Plaza 498,260 917,898 — — 498,260 917,898 1,416,158 Winslow Plaza 1,324,983 3,684,181 — — 1,324,983 3,684,181 5,009,164 Clover Plaza 356,338 1,196,704 25,850 — 356,338 1,222,554 1,578,892 St. George Plaza 705,645 1,264,212 7,024 — 705,645 1,271,236 1,976,881 South Square 352,587 1,911,330 — — 352,587 1,911,330 2,263,917 Westland Square 886,829 1,709,665 10,027 — 886,829 1,719,692 2,606,521 Waterway Plaza 1,279,700 1,247,952 — — 1,279,700 1,247,952 2,527,652 Cypress Shopping Center 2,063,671 4,578,838 — — 2,063,671 4,578,838 6,642,509 Harrodsbsurg Marketplace 1,431,484 2,484,653 — — 1,431,484 2,484,653 3,916,137 Port Crossing Shopping Center 791,933 6,920,539 82,143 — 791,933 7,002,682 7,794,615 LaGrange Marketplace 390,180 2,647,956 — — 390,180 2,647,956 3,038,136 DF I-Courtland 893,852 — — — 893,852 — 893,852 Edenton Commons 2,395,000 — — — 2,395,000 — 2,395,000 DF I-Moyock 908,066 — — — 908,066 — 908,066 Freeway Junction 1,521,133 6,754,803 — — 1,521,133 6,754,803 8,275,936 Graystone Crossing 922,439 2,856,365 — — 922,439 2,856,365 3,778,804 Bryan Station 1,658,454 2,756,142 — — 1,658,454 2,756,142 4,414,596 Crockett Square 1,546,482 6,833,967 10,600 — 1,546,482 6,844,567 8,391,049 Harbor Point 2,400,000 — 18,671 — 2,418,671 — 2,418,671 DF I-Berkley 250,000 — — — 250,000 — 250,000 Laskin Road 1,644,000 — 185,018 — 1,644,000 185,018 1,829,018 Pierpont Centre 675,317 9,253,152 — — 675,317 9,253,152 9,928,469 Brook Run Properties 300,000 — 8,856 — 300,000 8,856 308,856 Alex City Marketplace 453,746 7,836,903 — — 453,746 7,836,903 8,290,649 Butler Square 1,023,990 6,400,682 10,595 — 1,023,990 6,411,277 7,435,267 Brook Run Shopping Center 2,208,501 12,918,517 257,310 — 2,208,501 13,175,827 15,384,328 Beaver Ruin Village 2,604,155 8,283,904 — — 2,604,155 8,283,904 10,888,059 Initial Cost Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at End of Period Property Name Land Building and Improvements Improvements (net) Carrying Costs Land Building and Improvements Total Beaver Ruin Village II 1,153,127 2,809,398 5,000 — 1,153,127 2,814,398 3,967,525 Columbia Fire Station 2,304,937 — 278,557 — 2,304,937 278,557 2,583,494 Chesapeake Square 894,835 4,111,707 — — 894,835 4,111,707 5,006,542 Sunshine Plaza 1,182,887 6,368,471 — — 1,182,887 6,368,471 7,551,358 Carolina Place 250,000 — — — 250,000 — 250,000 Hilton Head Land 989,437 — 22,064 — 989,437 22,064 1,011,501 Barnett Portfolio 3,107,136 8,912,082 33,139 — 3,115,759 8,936,598 12,052,357 Grove Park 722,150 4,589,698 — — 722,150 4,589,698 5,311,848 Parkway Plaza 772,030 4,229,713 — — 772,030 4,229,713 5,001,743 Fort Howard Square 1,889,590 7,350,084 — — 1,889,590 7,350,084 9,239,674 Conyers Crossing 2,101,459 6,819,984 — — 2,101,459 6,819,984 8,921,443 LBP Blairmill — — 23,965 — — 23,965 23,965 LBP Milltown — — 100,364 — — 100,364 100,364 LBP Vauxhall — — 14,627 — — 14,627 14,627 McPherson — — 7,412 — — 7,412 7,412 Totals $ 63,111,302 $ 185,329,211 $ 4,390,627 $ — $ 63,322,606 $ 189,508,534 $ 252,831,140 Wheeler Real Estate Investment Trust, Inc. and Subsidiaries Schedule III-Real Estate and Accumulated Depreciation Property Name Encumbrances Accumulated Depreciation Date of Construction Date Acquired Depreciation Life Amscot Building (1 ) $ 175,484 5/15/2004 5-40 years Lumber River Village (2 ) 479,208 11/16/2012 5-40 years Monarch Bank (3 ) 1,017,788 12/28/2007 5-40 years Perimeter Square (4 ) 567,540 11/16/2012 5-40 years Riversedge North (5 ) 979,751 4/17/2008 12/21/2012 5-40 years Surrey Plaza (1 ) 236,687 12/21/2012 5-40 years The Shoppes at TJ Maxx (6 ) 770,204 11/16/2012 5-40 years The Shoppes at Eagle Harbor (7 ) 872,484 9/9/2008 11/16/2012 5-40 years Twin City Commons (8 ) 300,898 12/18/2012 5-40 years Walnut Hill Plaza (9 ) 1,429,149 12/14/2007 5-40 years Tampa Festival (10 ) 595,417 8/26/2013 5-40 years Starbucks/Verizon (12 ) 69,875 10/27/2013 5-40 years Forrest Gallery (11 ) 707,750 8/29/2013 5-40 years Jenks Plaza (1 ) 126,327 12/17/2013 5-40 years Winslow Plaza (13 ) 367,769 12/19/2013 5-40 years Clover Plaza (14 ) 72,413 12/23/2013 5-40 years St. George Plaza (15 ) 82,948 12/23/2013 5-40 years South Square (16 ) 102,698 12/23/2013 5-40 years Westland Square (17 ) 106,561 12/23/2013 5-40 years Waterway Plaza (18 ) 79,194 12/23/2013 5-40 years Cypress Shopping Center (19 ) 203,174 7/1/2014 5-40 years Harrodsburg Marketplace (20 ) 115,580 7/1/2014 5-40 years Port Crossing Shopping Center (21 ) 476,697 7/3/2014 5-40 years LaGrange Marketplace (22 ) 166,640 7/25/2014 5-40 years DF I-Courtland (undeveloped land) — 8/15/2014 N/A Edenton Commons (undeveloped land) (23 ) — 8/15/2014 N/A DF I-Moyock (undeveloped land) (24 ) — 8/15/2014 N/A Freeway Junction (25 ) 342,019 9/4/2014 5-40 years Graystone Crossing (26 ) 102,520 9/26/2014 5-40 years Bryan Station (27 ) 114,424 10/2/2014 5-40 years Crockett Square (28 ) 291,990 11/5/2014 5-40 years Harbor Point (undeveloped land) (29 ) — 11/21/2014 N/A DF I-Berkley (undeveloped land) — 12/1/2014 N/A Laskin Road (undeveloped land) — 1/9/2015 N/A Pierpont Centre (30 ) 321,596 1/14/2015 5-40 years Brook Run Properties (undeveloped land) — 3/27/2015 N/A Alex City Marketplace (31 ) 214,524 4/1/2015 5-40 years Butler Square (32 ) 139,192 4/15/2015 5-40 years Brook Run Shopping Center (33 ) 441,728 6/2/2015 5-40 years Beaver Ruin Village (34 ) 130,329 7/1/2015 5-40 years Beaver Ruin Village II (34 ) 40,850 7/1/2015 5-40 years Columbia Fire Station (undeveloped land) (35 ) — 7/1/2015 N/A Chesapeake Square (2 ) 98,924 7/10/2015 5-40 years Sunshine Plaza (36 ) 86,227 7/21/2015 5-40 years Carolina Place (undeveloped land) — 7/24/2015 N/A Property Name Encumbrances Accumulated Depreciation Date of Construction Date Acquired Depreciation Life Hilton Head Land (undeveloped land) — 8/14/2015 N/A Barnett Portfolio (37 ) 115,889 8/21/2015 5-40 years Grove Park (38 ) 66,605 9/9/2015 5-40 years Parkway Plaza (39 ) 44,390 9/15/2015 5-40 years Fort Howard Square (40 ) 58,416 9/30/2015 5-40 years Conyers Crossing (41 ) 69,763 9/30/2015 5-40 years Totals $ 12,781,622 2015 2014 Balance at beginning of period $ 160,627,402 $ 106,832,033 Additions during the period: Acquisitions 113,950,630 53,081,905 Improvements 1,301,313 713,464 Disposals $ (23,048,205 ) $ — Balance at end of period $ 252,831,140 $ 160,627,402 (1) These properties secure a $3.00 million bank line of credit which did not have a balance at December 31, 2015. (2) This property secures a $6.87 million line of credit. (3) This property secures a $1.38 million mortgage note. (4) This property secures a $4.17 million mortgage note. (5) This property secures a $962,000 mortgage note. (6) This property secures a $6.08 million mortgage note. (7) This property secures a $3.63 million mortgage note. (8) This property secures a $3.23 million mortgage note. (9) This property secures a $3.54 million mortgage note. (10) This property secures a $8.63 million mortgage note. (11) This property secures a $8.93 million mortgage note. (12) This property secures a $632,000 mortgage note. (13) This property secures a $4.62 million mortgage note. (14) This property secures a $2.10 million mortgage note. (15) This property secures a $2.65 million mortgage note. (16) This property secures a $2.16 million mortgage note. (17) This property secures a $2.76 million mortgage note. (18) This property secures a $2.70 million mortgage note. (19) This property secures a $6.63 million mortgage note. (20) This property secures a $3.68 million mortgage note. (21) This property secures a $6.47 million mortgage note. (22) This property secures a $2.42 million mortgage note. (23) This property secures a $650,000 mortgage note. (24) This property secures a $419,000 mortgage note. (25) This property secures a $8.15 million mortgage note. (26) This property secures a $4.00 million mortgage note. (27) This property secures a $4.63 million mortgage note. (28) This property secures a $6.34 million mortgage note. (29) This property secures a $733,000 mortgage note. (30) This property secures a $9.80 million mortgage note. (31) This property secures a $5.75 million mortgage note. (32) This property secures a $5.64 million mortgage note. (33) This property secures a $10.95 million mortgage note.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Assets Held For Sale	Assets Held For Sale The Company records assets as held for sale when management has committed to a plan to sell the assets, actively seeks a buyer for the assets, and the consummation of the sale is considered probable and is expected within one year.
Investment Properties	Investment Properties The Company records investment properties and related intangibles at cost or fair value upon acquisition less accumulated depreciation and amortization. Investment properties include both acquired and constructed assets. Improvements and major repairs and maintenance are capitalized when the repair and maintenance substantially extends the useful life, increases capacity or improves the efficiency of the asset. All other repair and maintenance costs are expensed as incurred. The Company capitalizes interest on projects during periods of construction until the projects reach the completion point that corresponds with their intended purpose. The Company allocates the purchase price of acquisitions to the various components of the asset based upon the fair value of each component which may be derived from various observable or unobservable inputs and assumptions. Also, the Company may utilize third party valuation specialists. These components typically include buildings, land and any intangible assets related to out-of-market leases, tenant relationships and in-place leases the Company determines to exist. The Company determines fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends and specific market and economic conditions that may affect the property. Factors considered by management in the analysis of determining the as-if-vacant property value include an estimate of carrying costs during the expected lease-up periods considering market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and estimates of lost rentals at market rates during the expected lease-up periods, tenant demand and other economic conditions. Management also estimates costs to execute similar leases including leasing commissions, tenant improvements, legal and other related expenses. Intangibles related to out-of-market leases, tenant relationships and in-place lease value are recorded as acquired lease intangibles and are amortized as an adjustment to rental revenue or amortization expense, as appropriate, over the remaining terms of the underlying leases. Premiums or discounts on acquired out-of-market debt are amortized to interest expense over the remaining term of such debt. The Company records depreciation on buildings and improvements utilizing the straight-line method over the estimated useful life of the asset, generally 5 to 40 years. The Company reviews depreciable lives of investment properties periodically and makes adjustments to reflect a shorter economic life, when necessary. Tenant allowances, tenant inducements and tenant improvements are amortized utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. Amounts allocated to buildings are depreciated over the estimated remaining life of the acquired building or related improvements. The Company amortizes amounts allocated to tenant improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. The Company also estimates the value of other acquired intangible assets, if any, and amortizes them over the remaining life of the underlying related intangibles. The Company reviews investment properties for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of investment properties may not be recoverable, but at least annually. These circumstances include, but are not limited to, declines in the property’s cash flows, occupancy and fair market value. The Company measures any impairment of investment property when the estimated undiscounted operating income before depreciation and amortization, plus its residual value, is less than the carrying value of the property. To the extent impairment has occurred, the Company charges to income the excess of the carrying value of the property over its estimated fair value. The Company estimates fair value using unobservable data such as operating income, estimated capitalization rates, or multiples, leasing prospects and local market information. The Company may decide to sell properties that are held for use and the sale prices of these properties may differ from their carrying values. The Company did not record any impairment adjustments to its properties during the years ended December 31, 2015 , 2014 and 2013 .
Conditional Asset Retirement Obligation	Conditional Asset Retirement Obligation A conditional asset retirement obligation represents a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement depends on a future event that may or may not be with the Company’s control. Currently, the Company does not have any conditional asset retirement obligations. However, any such obligations identified in the future would result in the Company recording a liability if the fair value of the obligation can be reasonably estimated. Environmental studies conducted at the time the Company acquired its properties did not reveal any material environmental liabilities, and the Company is unaware of any subsequent environmental matters that would have created a material liability. The Company believes that its properties are currently in material compliance with applicable environmental, as well as non-environmental, statutory and regulatory requirements. The Company did not record any conditional asset retirement obligation liabilities during the years ended December 31, 2015 , 2014 and 2013 .
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of 90 days or less or easily converted into known amounts of cash to be cash and cash equivalents without a significant cost to the Company. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents consist primarily of bank operating accounts and money markets. Financial instruments that potentially subject the Company to concentrations of credit risk include its cash and cash equivalents and its trade accounts receivable. The Company places its cash and cash equivalents with institutions of high credit quality. The Company places its cash and cash equivalents on deposit with financial institutions in the United States. Beginning December 31, 2010, through December 31, 2013, all noninterest-bearing transaction accounts were fully insured by the Federal Deposit Insurance Company (“FDIC”), regardless of the balance of the account, at all FDIC-insured institutions. However, this provision expired on December 31, 2013 and beginning January 1, 2014 noninterest-bearing deposits now receive the same $250,000 insurance coverage provided to a depositor’s other deposit accounts held at an FDIC-insured institution.
Tenant Receivables and Unbilled Rent	Tenant Receivables and Unbilled Rent 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 December 31, 2015 and 2014 , the Company’s allowance for uncollectible accounts totaled $411,394 and $186,517 , respectively. During the years ended December 31, 2015 , 2014 and 2013 , the Company recorded provisions for credit losses in the amount of $243,029 , $60,841 and $106,828 , respectively, related to tenant receivables that were specifically identified as potentially uncollectible based on the an assessment of the tenant’s credit-worthiness. During the years ended December 31, 2015 , 2014 and 2013 , the Company did not realize any recoveries related to tenant receivables previously charged off.
Deferred Costs and Other Assets	Deferred Costs and Other Assets The Company’s deferred costs and other assets consist primarily of leasing commissions, fees incurred to obtain long-term financing, capitalized legal and marketing costs and tenant relationship intangibles associated with acquisitions, and various property escrow accounts for real estate taxes, insurance and tenant improvements and replacements. The Company records amortization of financing costs over the terms of the respective loans or agreements. The Company’s lease origination costs consist primarily of the portion of property acquisitions allocated to lease originations and commissions paid in connection with lease originations.
Revenue Recognition	Revenue Recognition The Company retains substantially all of the risks and benefits of ownership of the investment properties and accounts for its leases as operating leases. The Company accrues minimum rents on a straight-line basis over the terms of the respective leases which results in an unbilled rent asset or deferred rent liability being recorded on the balance sheet. Additionally, certain of the lease agreements contain provisions that grant additional rents based on tenants’ sales volumes (contingent or percentage rent). Percentage rents are recognized when the tenants achieve the specified targets as defined in their lease agreements. During the years ended December 31, 2015 , 2014 and 2013 , the Company recognized percentage rents of $162,608 , $90,437 and $15,472 , respectively. The Company’s leases generally require the tenant to reimburse the Company for a substantial portion of its expenses incurred in operating, maintaining, repairing, insuring and managing the shopping center and common areas (collectively defined as Common Area Maintenance or “CAM” expenses). The Company includes these reimbursements, along with other revenue derived from late fees and seasonal events, under the Consolidated Statements of Operations caption "Tenant reimbursements and other income." This significantly reduces the Company’s exposure to increases in costs and operating expenses resulting from inflation or other outside factors. The Company accrues reimbursements from tenants for recoverable portions of all these expenses as revenue in the period the applicable expenditures are incurred. The Company calculates the tenant’s share of operating costs by multiplying the total amount of the operating costs by a fraction, the numerator of which is the total number of square feet being leased by the tenant, and the denominator of which is the average total square footage of all leasable buildings at the property. The Company also receives escrow payments for these reimbursements from substantially all its tenants throughout the year. The Company recognizes differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material for the years ended December 31, 2015 , 2014 and 2013 . The Company recognizes lease termination fees in the period that the lease is terminated and collection of the fees is reasonably assured. Upon early lease termination, the Company provides for losses related to unrecovered intangibles and other assets. The Company did not recognize any lease termination fees during the years ended December 31, 2015 , 2014 and 2013 .
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 stockholders and meet certain other asset and income tests, as well as other requirements. The Company made no provision for federal income taxes for the REIT in the accompanying 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 fails 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 reasonable cause and certain other conditions were satisfied. Management has evaluated the effect of the guidance provided by GAAP on Accounting for Uncertainty of Income Taxes and has determined that the Company had no uncertain income tax positions that could have a significant effect on the financial statements for the years ended December 31, 2015 , 2014 and 2013 . As the REIT was formed in November 2012, it is subject to examination by the Internal Revenue Service and state tax authorities from the date of formation.
Taxable REIT Subsidiary Cost Allocation	Taxable REIT Subsidiary Cost Allocation The Company’s overall philosophy regarding cost allocation centers around the premise that WHLR exists to acquire, lease and manage properties for the benefit of its investors. Accordingly, a majority of the Company’s operations occur at the property level. Each property must carry its own weight by absorbing the costs associated with generating its revenues. Additionally, leases generally allow the Company to pass through to the tenant most of the costs involved in operating the property, including, but not limited to, the direct costs associated with owning and maintaining the property (landscaping, repairs and maintenance, taxes, insurance, etc.), property management and certain administrative costs. Service vendors bill the majority of the direct costs of operating the properties directly to the REIT Properties and Non-REIT Properties and each property pays them accordingly. The Non-REIT Properties pay WRE property management and/or asset management fees of 3% and 2% of collected revenues, respectively. The Non-REIT Properties also pay WRE leasing commissions based on the total contractual revenues to be generated under the new/renewed lease agreement ( 6% for new leases and 3% for renewals). Compensation and benefits paid to employees of the Company represent the largest component of costs incurred to acquire, manage, lease and administer the properties. The Company believes that every employee position exists to either directly or indirectly to perform these functions. Therefore, the Company allocates compensation and benefits to the various functions of the Company based on an estimate of how each employee spends their time. The Company allocates actual costs attributed to property management costs to the TRS on a pro rata basis based on total property revenues generated by the Non-REIT Properties. The Company allocates actual leasing costs to the TRS on a pro rata basis based on total leasing commissions generated by the Non-REIT Properties. Currently, the TRS does not acquire properties for third parties so the Company does not allocate acquisition related costs to the TRS.
Financial Instruments	Financial Instruments The carrying amount of financial instruments included in assets and liabilities approximates fair market value due to their immediate or short-term maturity.
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 period. The Company’s actual results could differ from these estimates.
Advertising Costs	Advertising Costs The Company expenses advertising and promotion costs as incurred.
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests is the portion of equity in the Operating Partnership not attributable to the Trust. The ownership interests not held by the parent are considered noncontrolling interests. Accordingly, noncontrolling interests have been reported in equity on the consolidated balance sheets but separate from the Company’s equity. On the consolidated statements of operations, the subsidiaries are reported at the consolidated amount, including both the amount attributable to the Company and noncontrolling interests. Consolidated statements of changes in equity include 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	Recent Accounting Pronouncements In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08"). This ASU changes the criteria for reporting discontinued operations while enhancing disclosures in this area. Under this ASU, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the Company's operations and financial results. Examples include a disposal of a major geographical area, a major line of business, or a major equity method investment. Additionally, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The adoption of ASU 2014-08 was effective prospectively for reporting periods beginning on or after December 15, 2014. The Company adopted ASU 2014-08 on January 1, 2015 and used its guidance in determining the effect of discontinued operations as disclosed in Note 5. In May 2014, the FASB issued 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 ending December 31, 2018 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. In August 2015, the FASB issued ASU No. 2015-15, "Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements", which clarifies that absent authoritative guidance in ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the staff of the SEC would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company does not expect the adoption of ASU 2015-03 to materially impact its financial position or results of operations. In September 2015, the FASB issued ASU 2015-16, "Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments". This new guidance requires that the acquirer recognizes adjustments to preliminary acquisition values and account for the cumulative effect of any required adjustments in the period in which they are determined. ASU 2015-16 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 prospective approach for adjustments that occur after the effective date. The Company does not expect the adoption of ASU 2015-16 to materially impact its financial position or results of operations. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)." ASU 2016-02 is intended to improve financial reporting about leasing transactions. The ASU affects all companies and other organizations that lease assets such as real estate, airplanes, and manufacturing equipment. The ASU will require organizations that lease assets referred to as “Lessees” to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. An organization is to provide disclosures designed to enable users of financial statements to understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements concerning additional information about the amounts recorded in the financial statements. Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP which requires only capital leases to be recognized on the balance sheet the new ASU will require both types of leases (i.e. operating and capital) to be recognized on the balance sheet. The FASB lessee accounting model will continue to account for both types of leases. The capital lease will be accounted for in substantially the same manner as capital leases are accounted for under existing GAAP. The operating lease will be accounted for in a manner similar to operating leases under existing GAAP, except that lessees will recognize a lease liability and a lease asset for all of those leases. The leasing standard will be effective for calendar year-end public companies beginning after December 15, 2018. Public companies will be required to adopt the new leasing standard for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption will be permitted for all companies and organizations upon issuance of the standard. For calendar year-end public companies, this means an adoption date of January 1, 2019 and retrospective application to previously issued annual and interim financial statements for 2018 and 2017. Lessees with a large portfolio of leases are likely to see a significant increase in balance sheet assets and liabilities. See Note 9 for the Company’s current lease commitments. The Company is currently evaluating the impact of ASU 2016-02 on its financial statements. 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.
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 Accoun21

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 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: December 31, 2015 2014 Lease origination costs, net $ 1,376,652 $ 1,773,279 Leases in place, net 19,091,917 10,522,597 Financing costs, net 4,711,375 3,202,542 Property escrows 6,764,375 4,242,499 Deposits on acquisitions 2,012,996 623,350 Legal and marketing costs, net 129,325 198,169 Tenant relationships 12,060,172 4,485,699 Other 588,463 392,788 Total Deferred Costs and Other Assets, net $ 46,735,275 $ 25,440,923
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 Years Ended December 31, Lease Origination Costs Leases In Place Financing Costs Legal & Marketing Costs Tenant Relationships 2016 $ 347,611 $ 5,835,379 $ 883,081 $ 22,470 $ 4,285,878 2017 300,046 4,518,001 742,708 25,588 3,040,631 2018 211,662 3,037,481 540,985 19,870 1,937,225 2019 142,442 2,086,746 452,442 16,330 1,270,616 2020 98,913 1,248,990 442,323 12,181 695,003 Thereafter 275,978 2,365,320 1,649,836 32,886 830,819 $ 1,376,652 $ 19,091,917 $ 4,711,375 $ 129,325 $ 12,060,172
Corporate General And Administrative Expense	A detail for the "Corporate general & administrative" line item from the consolidated statements of operations is presented below: December 31, 2015 2014 2013 Acquisition costs $ 3,871,037 $ 3,787,907 $ 2,179,023 Professional fees 1,596,870 2,247,052 894,950 Salaries and compensation 3,428,998 1,326,434 — Corporate administration 1,198,480 1,218,033 1,188,456 Equity, debt & refinancing costs 2,655,474 — — Travel 445,732 540,991 262,046 Advertising 218,180 176,950 45,833 Taxes and licenses 65,318 149,643 24,231 Total $ 13,480,089 $ 9,447,010 $ 4,594,539

Investment Properties (Tables)

Investment Properties (Tables)	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Investment Properties	Investment properties consist of the following: December 31, 2015 2014 Land $ 50,777,143 $ 32,171,097 Land held for development 12,353,963 6,846,918 Buildings and improvements 188,338,469 97,423,211 Investment properties at cost 251,469,575 136,441,226 Less accumulated depreciation and amortization (12,704,944 ) (7,447,165 ) Investment properties, net $ 238,764,631 $ 128,994,061
Summary of Consideration Paid and Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed	The following summarizes the consideration paid and the 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. Total Acquisitions Fair value of assets acquired and liabilities assumed: Investment property (a) $ 53,081,904 Tenant and other receivables and other assets (b) 306,814 Lease intangibles and other assets (b) 10,188,493 Goodwill (b) 5,485,823 Accounts payable, accrued expenses and other liabilities (c) (623,167 ) Above market leases (d) 3,973,846 Below market leases (d) (1,991,645 ) Fair value of net assets acquired $ 70,422,068 Purchase consideration: Consideration paid with cash and debt $ 63,616,509 Consideration paid with common units 6,805,559 Total consideration (e) $ 70,422,068 a. Represents the fair value of the net investment properties acquired which includes land, buildings, site improvements and tenant improvements. The fair value was determined using 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 fair value of lease intangibles and other assets. Lease intangibles include leasing commissions, in place 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. Any remaining value which could not be allocated to identifiable intangibles was allocated to goodwill. Goodwill recognized from the acquisition represents, among other things, the future economic benefits arising from expected synergies and is consistent with the Company's stated intentions to become an internally managed REIT. The acquired goodwill is fully deductible for income tax purposes. c. Represents the fair value of accounts payable, accrued expenses and other liabilities. It was determined that carrying value approximated fair value for all amounts in these categories. d. Represents the fair value of above/below market leases. The income approach was used to determine the fair value of above/below market leases using market rental rates for similar properties. e. Represents the components of purchase consideration paid. The following summarizes the consideration paid and the 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. Subtotal Food Lions Total Acquisitions Fair value of assets acquired and liabilities assumed: Investment property (a) $ 48,576,763 $ 10,910,964 $ 59,487,727 Lease intangibles and other assets (b) 6,720,126 4,392,812 11,112,938 Above market leases (c) 674,184 704,710 1,378,894 Below market leases (c) (876,736 ) (161,950 ) (1,038,686 ) Fair value of net assets acquired $ 55,094,337 $ 15,846,536 $ 70,940,873 Purchase consideration: Consideration paid with cash and debt $ 54,149,066 $ 15,846,536 $ 69,995,602 Consideration paid with common units 945,271 — 945,271 Total consideration (d) $ 55,094,337 $ 15,846,536 $ 70,940,873 a. Represents the fair value of the net investment properties acquired which includes land, buildings, site improvements and tenant improvements. The fair value was determined using 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 fair value of lease intangibles and other assets. Lease intangibles include leasing commissions, in place leases, legal and marketing fees and tenant relationships 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 fair value of above/below market leases. The income approach was used to determine the fair value of above/below market leases using market rental rates for similar properties. d. Represents the components of purchase consideration paid. The following summarizes the consideration paid and the 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. Total Acquisitions Preliminary fair value of assets acquired and liabilities assumed: Investment property (a) $ 114,211,725 Lease intangibles and other assets (b) 26,827,214 Above market leases (b) 4,166,440 Below market leases (b) (4,021,671 ) Preliminary fair value of net assets acquired $ 141,183,708 Purchase consideration: Consideration paid with cash and debt $ 138,115,158 Consideration paid with common units 3,068,550 Total consideration (c) $ 141,183,708 a. Represents the preliminary 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 fair value of lease intangibles and other assets. Lease intangibles include leasing commissions, leases in place, above/below market leases and legal and marketing fees associated with replacing existing leases. The income approach was used to determine the preliminary 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 units issued for acquisitions and those amounts currently due for acquisitions that, per the original contract, are to be settled by issuing common units subsequent to December 31, 2015.
Pro Forma Condensed Consolidated and Combined Financial Information	Unaudited pro forma consolidated financial information is presented below for all 2013 , 2014 and 2015 acquisitions, excluding Bixby Commons, Starbucks/Verizon, Jenks Reasors, DF I-Courtland, Edenton Commons, DF-I Moyock, Harbor Point, DF I-Berkley, Laskin Road, Brook Run Properties, Columbia Fire Station, Carolina Place, and Hilton Head Land. The unaudited pro forma information presented below illustrates the Company’s pro forma financial results assuming the acquisitions had been consummated as of the beginning of the earliest period presented. 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 Bixby Commons, Starbucks/Verizon, Jenks Reasors, DF I-Courtland, Edenton Commons, DF-I Moyock, Harbor Point, DF I-Berkley, Laskin Road, Brook Run Properties, Columbia Fire Station, Carolina Place, and Hilton Head Land as the Company’s management has determined that their inclusion would not be meaningful due to limited or no unrelated third party operating history. Years Ended December 31, 2015 2014 2013 Rental revenue $ 26,600,904 $ 26,412,478 $ 26,125,877 Net loss $ (15,781,969 ) $ (14,654,944 ) $ (15,111,728 ) Net loss attributable to Wheeler REIT $ (12,699,185 ) $ (12,653,283 ) $ (11,066,293 ) Net loss attributable to Wheeler REIT common shareholders $ (98,971,223 ) $ (15,371,540 ) $ (11,207,711 ) Basic loss per share $ (2.54 ) $ (2.09 ) $ (2.43 ) Diluted loss per share $ (2.54 ) $ (2.09 ) $ (2.43 )

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill [Line Items]
Schedule of Goodwill [Table Text Block]	As part of the acquisition of the Operating Companies on October 24, 2014, the Company recorded preliminary goodwill of $7,004,072 . In June 2015, the Company finalized its valuation of the Operating Companies. In accordance with the valuation, the Company has recorded a fair value discount to the $6,750,000 in common units issued for the acquisition of the Operating Companies due to the one year restriction on their conversion into shares of common stock, and reallocated a portion of goodwill to finite-lived intangibles as follows: Beginning balance, January 1, 2015 $ 7,004,072 Fair value discount on common units issued for acquisition (1,181,250 ) Allocation to finite-lived intangibles (336,999 ) Ending balance, December 31, 2015 $ 5,485,823

Assets Held for Sale and Disc24

Assets Held for Sale and Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations [Table Text Block]	The following is a summary of the income from discontinued operations for the years ended December 31, 2015 , 2014 and 2013 : Years Ended December 31, 2015 2014 2013 Revenues $ 2,042,722 $ 2,285,159 $ 1,096,131 Expenses 827,860 1,072,622 1,222,935 Operating income (loss) 1,214,862 1,212,537 (126,804 ) Interest expense (715,081 ) (904,878 ) (390,507 ) Income (loss) from discontinued operations before gain on disposals 499,781 307,659 (517,311 ) Gain on disposal of properties 2,104,114 — — Income (loss) from discontinued operations $ 2,603,895 $ 307,659 $ (517,311 ) In August 2015, the Company’s management and Board of Directors committed to a plan to sell Bixby Commons, Jenks Reasors, Harps at Harbor Point, Starbucks/Verizon and the ground leases for Ruby Tuesday’s and Outback Steakhouse at Pierpont Centre (the “Freestanding Properties”) as part of the Company’s continuous evaluation of strategic alternatives. Accordingly, the Freestanding Properties have been classified as held for sale and the results of their operations have been classified as discontinued operations for all periods presented. Management expects that the sale of the Freestanding Properties will occur within one year and the Company will receive no residual cash flows once the Freestanding Properties are disposed. On October 19, 2015 , the Company completed its sale of Jenks Reasors for a contract price of approximately $12.2 million , resulting in a gain of approximately $ 820,000 . On October 20, 2015 , the Company completed its sale of Harps at Harbor Point for a contract price of approximately $5.0 million , resulting in a gain of approximately $642,000 . On October 27, 2015 , the Company completed its sale of Bixby Commons for a contract price of approximately $11.0 million , resulting in a gain of approximately $642,000 . As of December 31, 2015 and 2014 , assets held for sale consisted of the following: December 31, 2015 2014 Investment properties, net $ 1,284,888 $ 23,256,925 Rents and other tenant receivables, net 38,945 7,317 Above market lease intangible, net 2,616 — Deferred costs and other assets, net 381,260 3,831,173 Total assets held for sale $ 1,707,709 $ 27,095,415 As of December 31, 2015 and 2014 , liabilities associated with assets held for sale consisted of the following: December 31, 2015 2014 Loans payable $ 1,982,042 $ 19,153,596 Below market lease intangible, net 14,758 84,636 Accounts payable, accrued expenses and other liabilities 10,754 45,191 Total liabilities associated with assets held for sale $ 2,007,554 $ 19,283,423

Loans Payable (Tables)

Loans Payable (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Summary of Loans Payable	The Company’s loans payable related to continuing operations consist of the following: Monthly Interest December 31, Property/Description Payment Rate Maturity 2015 2014 Shoppes at Eagle Harbor $ 25,100 4.34 % March 2018 $ 3,634,085 $ 3,773,319 Lumber River Plaza $ 18,414 5.65 % May 2015 — 2,894,862 Monarch Bank Building $ 9,473 4.15 % December 2017 1,376,452 1,430,961 Perimeter Square $ 28,089 6.38 % June 2016 4,166,406 4,294,216 Riversedge North $ 8,802 6.00 % January 2019 962,281 1,007,856 Walnut Hill Plaza $ 24,273 5.50 % July 2017 3,535,606 3,626,945 Twin City Commons $ 17,827 4.86 % January 2023 3,225,473 3,279,076 Shoppes at TJ Maxx $ 33,880 3.88 % May 2020 6,081,272 6,248,349 Bank Line of Credit Interest only 4.25 % September 2016 — 2,074,432 Bank Line of Credit Interest only 2.79 % May 2018 6,873,750 — Forrest Gallery $ 50,973 5.40 % September 2023 8,926,712 9,045,880 Tampa Festival $ 50,797 5.56 % September 2023 8,627,294 8,746,860 Winslow Plaza Interest only 5.22 % December 2015 — 5,000,000 Winslow Plaza Interest only 4.82 % December 2025 4,620,000 — Cypress Shopping Center Interest only 4.70 % July 2024 6,625,000 6,625,000 Harrodsburg Marketplace $ 19,112 4.55 % September 2024 3,677,501 3,735,739 Port Crossing $ 34,788 4.84 % August 2024 6,471,636 6,568,918 LaGrange Marketplace $ 13,813 5.00 % March 2020 2,418,212 2,463,909 Freeway Junction Interest only 4.60 % September 2024 8,150,000 8,150,000 DF I-Courtland $ 1,411 6.50 % January 2019 — 115,728 DF I-Edenton $ 250,000 3.75 % September 2016 650,000 1,650,000 DF I-Moyock $ 10,665 5.00 % July 2019 418,538 522,430 Graystone Crossing $ 20,386 4.55 % October 2024 4,000,000 4,000,000 Bryan Station Interest only 4.52 % November 2024 4,625,000 4,625,000 Crockett Square Interest only 4.47 % December 2024 6,337,500 6,337,500 Harbor Point $ 11,024 5.85 % December 2016 732,685 1,544,567 Pierpont Centre Interest only 3.95 % February 2025 8,450,000 — Alex City Marketplace Interest only 3.90 % April 2025 5,750,000 — Butler Square Interest only 4.08 % May 2025 5,640,000 — Brook Run Shopping Center Interest only 3.90 % June 2025 10,950,000 — Beaver Ruin Village I and II Interest only 4.73 % July 2025 9,400,000 — Columbia Fire Station Interest only 8.00 % December 2017 450,053 — Sunshine Shopping Plaza Interest only 4.57 % August 2025 5,900,000 — Barnett Portfolio Interest only 4.30 % September 2025 8,770,000 — Grove Park Shopping Center Interest only 4.52 % October 2025 3,800,000 — Parkway Plaza Interest only 4.57 % October 2025 3,500,000 — Conyers Crossing Interest only 4.67 % October 2025 5,960,000 — Fort Howard Shopping Center Interest only 4.57 % October 2025 7,100,000 — Senior convertible notes Interest only 9.00 % December 2018 3,000,000 6,000,000 Senior non-convertible notes Interest only 9.00 % December 2015 — 4,000,000 Senior non-convertible notes Interest only 9.00 % January 2016 2,160,000 2,160,000 South Carolina Food Lions Note Interest only 5.25 % January 2024 12,375,000 12,375,000 Total Loans Payable $ 189,340,456 $ 122,296,547
Summary of Company's Scheduled Principal Repayments on Indebtedness	The Company’s scheduled principal repayments on indebtedness as of December 31, 2015 are as follows: For the Years Ended December 31, 2016 $ 9,065,387 2017 7,035,351 2018 14,936,672 2019 2,505,641 2020 9,175,072 Thereafter 146,622,333 Total principal maturities $ 189,340,456

Rentals under Operating Leases

Rentals under Operating Leases (Tables)	12 Months Ended
	Dec. 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 CAM and percentage rent based on tenant sales volume, as of December 31, 2015 are as follows: For the Years Ended December 31, 2016 $ 26,230,245 2017 23,246,692 2018 17,746,813 2019 13,430,529 2020 8,839,220 Thereafter 14,894,519 $ 104,388,018

Equity Equity (Tables)

Equity Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Dividends Declared	Dividends were made to holders of common units, common shares and preferred shares as follows: Years Ended December 31, 2015 2014 2013 Common unit and common shareholders $ 9,787,145 $ 4,089,057 2,853,243 Preferred shareholders $ 13,627,532 $ 2,718,257 141,418

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Lease Payments Due under Ground Lease	Future minimum lease payments due under the operating leases, including applicable automatic extension options, are as follows (unaudited): For the Years Ended December 31, 2016 $ 171,208 2017 175,104 2018 178,095 2019 145,384 2020 77,611 Thereafter 2,961,793 $ 3,709,195

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Summary of Related Party Activity	The following summarizes related party activity as of and for the years ended December 31, 2015 and 2014 . The amounts disclosed below reflect the activity between the Company, Mr. Wheeler's affiliates and the Operating Companies through the date of acquisition. All amounts subsequent to the acquisition date have been eliminated in consolidation. December 31, 2015 2014 2013 Amounts paid to affiliates $ 209,277 $ 3,827,990 $ 1,412,126 Amounts due to affiliates $ 481,298 $ 463,281 $ 174,683 Rent and reimbursement income received from affiliates $ — $ 329,718 $ 288,969 Rent and other tenant receivables due from affiliates $ — $ — $ 373,119

Organization and Basis of Pre30

Organization and Basis of Presentation and Consolidation - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015ft²PropertyBuildingsBuilding
Real Estate Properties [Line Items]
Properties | Buildings	42
Number of undeveloped real estate properties	10
Total net rentable space in Company's portfolio | ft²	3,151,000
Occupancy level	94.21%
Number of retail shopping centers in portfolio | Buildings	39
Number of retail properties in portfolio | Buildings	3
Number of office buildings in portfolio | Building	1
VIRGINIA
Real Estate Properties [Line Items]
Properties	14
FLORIDA
Real Estate Properties [Line Items]
Properties	3
NORTH CAROLINA
Real Estate Properties [Line Items]
Properties	6
SOUTH CAROLINA
Real Estate Properties [Line Items]
Properties	12
GEORGIA
Real Estate Properties [Line Items]
Properties	8
KENTUCKY
Real Estate Properties [Line Items]
Properties	2
TENNESSEE
Real Estate Properties [Line Items]
Properties	2
NEW JERSEY
Real Estate Properties [Line Items]
Properties	1
ALABAMA
Real Estate Properties [Line Items]
Properties	1
WEST VIRGINIA
Real Estate Properties [Line Items]
Properties	1
OKLAHOMA
Real Estate Properties [Line Items]
Properties	3

Summary of Significant Accoun31

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule Of Significant Accounting Policies [Line Items]
Investment maturity period	90 days
Insurance coverage provided to a depositor's other deposit accounts held at an FDIC-insured institution	$ 250,000
Past due rent charge term	5 days
Allowance for uncollectible accounts	$ 411,394	$ 186,517
Bad debt expenses	243,029	60,841	$ 106,828
Tenant recoveries realized from previous charge-offs	$ 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
Property management fee percentage	3.00%
Asset management fee percentage	2.00%
Advertising and promotion cost	$ 218,180	176,950	45,833
Percentage of Sales Rent Income	162,608	90,437	15,472
Asset Impairment Charges	0	0	0
Asset Retirement Obligation	0	0	$ 0
Cash that exceeds FDIC insured limits	$ 6,990,000	$ 8,250,000
Minimum [Member] | Buildings and Improvements [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful life of buildings and improvements	5 years
Maximum [Member] | Buildings and Improvements [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful life of buildings and improvements	40 years
Renewed Lease [Member]
Schedule Of Significant Accounting Policies [Line Items]
Commission fee percentage	3.00%
New Lease [Member]
Schedule Of Significant Accounting Policies [Line Items]
Commission fee percentage	6.00%

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Details of Deferred Costs, Net of Amortization and Other Assets (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Deferred Costs And Other Assets [Line Items]
Lease origination costs, net	$ 1,376,652	$ 1,773,279
Financing costs, net	4,711,375	3,202,542
Property escrows	6,764,375	4,242,499
Deposits on acquisitions	2,012,996	623,350
Tenant relationships	12,060,172	4,485,699
Other	588,463	392,788
Total Deferred Costs and Other Assets, net	46,735,275	25,440,923
Leases In Place [Member]
Deferred Costs And Other Assets [Line Items]
Total Deferred Costs and Other Assets, net	19,091,917	10,522,597
Legal & Marketing Costs [Member]
Deferred Costs And Other Assets [Line Items]
Total Deferred Costs and Other Assets, net	$ 129,325	$ 198,169

Summary of Significant Accoun33

Summary of Significant Accounting Policies - Schedule of Future Amortization of Lease Origination Costs, Financing Costs and in Place Leases (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)
Lease Origination Costs [Member]
Future Amortization Of Deferred Costs And Other Assets [Line Items]
2,016	$ 347,611
2,017	300,046
2,018	211,662
2,019	142,442
2,020	98,913
Thereafter	275,978
Amortization of Intangible Assets	1,376,652
Leases In Place [Member]
Future Amortization Of Deferred Costs And Other Assets [Line Items]
2,016	5,835,379
2,017	4,518,001
2,018	3,037,481
2,019	2,086,746
2,020	1,248,990
Thereafter	2,365,320
Amortization of Intangible Assets	19,091,917
Financing Costs [Member]
Future Amortization Of Deferred Costs And Other Assets [Line Items]
2,016	883,081
2,017	742,708
2,018	540,985
2,019	452,442
2,020	442,323
Thereafter	1,649,836
Amortization of Intangible Assets	4,711,375
Legal & Marketing Costs [Member]
Future Amortization Of Deferred Costs And Other Assets [Line Items]
2,016	22,470
2,017	25,588
2,018	19,870
2,019	16,330
2,020	12,181
Thereafter	32,886
Amortization of Intangible Assets	129,325
Tenant Relationships [Member]
Future Amortization Of Deferred Costs And Other Assets [Line Items]
2,016	4,285,878
2,017	3,040,631
2,018	1,937,225
2,019	1,270,616
2,020	695,003
Thereafter	830,819
Amortization of Intangible Assets	$ 12,060,172

Summary of Significant Accoun34

Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Schedule of SG&A (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounting Policies [Abstract]
Acquisition costs	$ 3,871,037	$ 3,787,907	$ 2,179,023
Professional fees	1,596,870	2,247,052	894,950
Salaries and compensation	3,428,998	1,326,434	0
Corporate administration	1,198,480	1,218,033	1,188,456
Equity, debt & refinancing costs	2,655,474	0	0
Travel	445,732	540,991	262,046
Advertising	218,180	176,950	45,833
Taxes and licenses	65,318	149,643	24,231
Total	$ 13,480,089	$ 9,447,010	$ 4,594,539

Investment Properties - Investm

Investment Properties - Investment Properties (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Investment properties at cost	$ 251,469,575	$ 136,441,226
Land held for development	12,353,963	6,846,918
Less accumulated depreciation and amortization	(12,704,944)	(7,447,165)
Investment properties, net	238,764,631	128,994,061
Land [Member]
Real Estate Properties [Line Items]
Investment properties at cost	50,777,143	32,171,097
Buildings and Improvements [Member]
Real Estate Properties [Line Items]
Investment properties at cost	$ 188,338,469	$ 97,423,211

Investment Properties - Additio

Investment Properties - Additional Information (Detail)

Jan. 19, 2016shares

Jul. 10, 2015USD ($)ft²shares

Jun. 02, 2015USD ($)ft²shares

Jan. 09, 2015USD ($)a

Oct. 24, 2014USD ($)shares

Jul. 25, 2014USD ($)ft²shares

Jul. 03, 2014USD ($)ft²shares

Oct. 21, 2013USD ($)ft²Optionshares

Sep. 25, 2013USD ($)ft²

Aug. 29, 2013USD ($)ft²Option

Aug. 26, 2013USD ($)ft²Option

Jun. 11, 2013USD ($)ft²Store

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Dec. 31, 2013USD ($)

Sep. 29, 2015USD ($)ft²

Sep. 28, 2015USD ($)ft²

Sep. 15, 2015USD ($)ft²

Sep. 09, 2015USD ($)ft²

Aug. 21, 2015USD ($)ft²

Aug. 14, 2015USD ($)a

Jul. 24, 2015USD ($)a

Jul. 21, 2015USD ($)ft²

Jul. 03, 2015USD ($)a

Jul. 02, 2015USD ($)ft²

Jul. 01, 2015USD ($)ft²

Apr. 15, 2015USD ($)ft²

Apr. 02, 2015USD ($)ft²

Mar. 27, 2015USD ($)a

Jan. 14, 2015USD ($)ft²

Dec. 01, 2014USD ($)ft²a

Nov. 21, 2014USD ($)ft²a

Nov. 05, 2014USD ($)ft²

Oct. 02, 2014USD ($)ft²

Sep. 26, 2014USD ($)ft²

Sep. 04, 2014USD ($)ft²

Aug. 17, 2014USD ($)aft²

Aug. 16, 2014USD ($)aft²

Aug. 15, 2014USD ($)aft²

Jul. 02, 2014USD ($)ft²

Jul. 01, 2014USD ($)ft²

Dec. 23, 2013USD ($)ft²Restaurant

Dec. 19, 2013USD ($)ft²Restaurant

Dec. 17, 2013USD ($)ft²Restaurant

Real Estate Properties [Line Items]

Acquisition costs

$ 3,871,037

$ 3,787,907

$ 2,179,023

Depreciation

5,370,116

2,696,064

1,467,157

Consideration paid with cash and debt

138,115,158

63,616,509

69,995,602

OKLAHOMA | Bixby Commons [Member]

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

75,000

Property acquired, percentage of occupancy

100.00%

Property acquired, lease term

20 years

Lease expiration

2,032

Number of stores serviced by property tenant | Store

1,900

Property contract price

$ 10,600,000

Tampa Festival [Member] | FLORIDA

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

137,987

Property acquired, percentage of occupancy

100.00%

Property acquired, lease options period

5 years

Property contract price

$ 11,850,000

Forrest Gallery [Member] | TENNESSEE

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

214,451

Property acquired, percentage of occupancy

91.00%

Property contract price

$ 11,500,000

Reasors Jenks Shopping Center [Member] | OKLAHOMA

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

81,000

Property acquired, percentage of occupancy

100.00%

Lease expiration

2,033

Property contract price

$ 11,400,000

Starbucks/Verizon [Member]

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

5,600

Property acquired, percentage of occupancy

100.00%

Property contract price

$ 1,390,000

Starbucks Coffeehouse [Member]

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

2,165

Property acquired, lease term

10 years

Lease expiration

2,023

Verizon Wireless Store [Member]

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

3,435

Property acquired, lease term

10 years

Lease expiration

2,022

Property acquired, number of lease options | Option

3

Fairfield Shopping Center [Member]

Real Estate Properties [Line Items]

Property acquired, lease term

10 years

Lease expiration

2,022

Issuing common units of operating partnership | shares

169,613

Jenks Plaza [Member] | OKLAHOMA

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

7,800

Property contract price

$ 1,750,000

Winslow Plaza [Member] | NEW JERSEY

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

40,695

Property contract price

$ 6,610,000

Food Lion Grocery Store [Member]

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

261,689

Property contract price

$ 15,850,000

Consideration paid with cash and debt

$ 15,846,536

Winn Dixie Grocery Store [Member] | Tampa Festival [Member] | FLORIDA

Real Estate Properties [Line Items]

Property acquired, lease term

20 years

Property acquired, number of lease options | Option

4

Percentage of rentable area

32.00%

Kroger Grocery Store [Member] | Forrest Gallery [Member] | TENNESSEE

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

48,780

Property acquired, lease term

20 years

Property acquired, number of lease options | Option

4

Property acquired, lease options period

5 years

Reasors Foods Grocery Store [Member] | Reasors Jenks Shopping Center [Member] | OKLAHOMA

Real Estate Properties [Line Items]

Property acquired, lease term

20 years

Retail And Restaurant Tenants [Member] | Jenks Plaza [Member] | OKLAHOMA

Real Estate Properties [Line Items]

Property acquired, percentage of occupancy

100.00%

Number of tenants | Restaurant

5

Retail And Restaurant Tenants [Member] | Winslow Plaza [Member] | NEW JERSEY

Real Estate Properties [Line Items]

Property acquired, percentage of occupancy

91.20%

Number of tenants | Restaurant

15

Retail And Restaurant Tenants [Member] | Food Lion Grocery Store [Member]

Real Estate Properties [Line Items]

Property acquired, percentage of occupancy

89.50%

Number of tenants | Restaurant

34

2013 Acquisitions [Member]

Real Estate Properties [Line Items]

Acquisition expenses

$ 2,179,023

Cypress Shopping Center [Member]

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

80,435

Property contract price

$ 8,300,000

Percentage leased

92.00%

Harrodsburg Marketplace [Member]

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

60,048

Property contract price

$ 5,000,000

Percentage leased

97.00%

Port Crossing Shopping Center [Member]

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

65,365

Property contract price

$ 9,310,000

Percentage leased

92.00%

Common shares issued in acquisition (in shares) | shares

157,429

LaGrange Marketplace [Member]

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

76,594

Property contract price

$ 3,700,000

Percentage leased

93.00%

Common shares issued in acquisition (in shares) | shares

105,843

DF I-Courtland [Member]

Real Estate Properties [Line Items]

Property contract price

$ 893,900

Acres of land | a

1.01

Anticipated leaseable space | ft²

8,400

DF I-Moyock [Member]

Real Estate Properties [Line Items]

Property contract price

$ 2,400,000

$ 908,100

Acres of land | a

1.28

Anticipated leaseable space | ft²

9,000

DF I-Edenton [Member]

Real Estate Properties [Line Items]

Acres of land | a

53.82

Anticipated leaseable space | ft²

225,000

Freeway Junction [Member]

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

156,834

Property contract price

$ 10,450,000

Percentage leased

98.00%

Graystone Crossing [Member]

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

21,997

Property contract price

$ 5,400,000

Percentage leased

100.00%

Harbor Point [Member]

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

45,700

Property contract price

$ 2,400,000

Acres of land | a

7.20

Crockett Square [Member]

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

107,122

Property contract price

$ 9,750,000

Percentage leased

100.00%

Bryan Station [Member]

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

54,397

Property contract price

$ 6,100,000

Percentage leased

100.00%

DF I-Berkley [Member]

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

6,500

Property contract price

$ 250,000

Acres of land | a

1

2014 Acquisitions [Member]

Real Estate Properties [Line Items]

Acquisition expenses

$ 3,787,907

Laskin Road [Member]

Real Estate Properties [Line Items]

Property contract price

$ 1,600,000

Acres of land | a

1.5

Consideration paid with cash and debt

$ 150,000

Pierpont Centre [Member]

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

122,259

Property contract price

$ 13,900,000

Percentage leased

100.00%

Brook Run Properties [Member]

Real Estate Properties [Line Items]

Property contract price

$ 300,000

Acres of land | a

2

Alex City Marketplace [Member]

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

147,791

Property acquired, percentage of occupancy

86.00%

Property contract price

$ 10,300,000

Butler Square [Member]

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

82,400

Property acquired, percentage of occupancy

100.00%

Property contract price

$ 9,400,000

Brook Run Shopping Center [Member]

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

147,738

Property acquired, percentage of occupancy

92.00%

Property contract price

$ 18,500,000

Common shares issued in acquisition (in shares) | shares

574,743

Beaver Ruin Village [Member]

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

74,048

Property acquired, percentage of occupancy

91.00%

Property contract price

$ 12,400,000

Beaver Ruin Village II [Member]

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

34,925

Property acquired, percentage of occupancy

100.00%

Property contract price

$ 4,400,000

Columbia Fire Station [Member]

Real Estate Properties [Line Items]

Property contract price

$ 2,400,000

Acres of land | a

1

Chesapeake Square [Member]

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

99,848

Property acquired, percentage of occupancy

76.00%

Property contract price

$ 6,300,000

Common shares issued in acquisition (in shares) | shares

125,966

Sunshine Plaza [Member]

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

111,189

Property acquired, percentage of occupancy

96.00%

Property contract price

$ 10,400,000

Carolina Place [Member]

Real Estate Properties [Line Items]

Property contract price

$ 250,000

Acres of land | a

2.14

Hilton Head Land [Member]

Real Estate Properties [Line Items]

Property contract price

$ 1,000,000

Acres of land | a

10.39

Barnett Portfolio [Member]

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

171,466

Property acquired, percentage of occupancy

91.00%

Property contract price

$ 15,300,000

Grove Park Shopping Center [Member]

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

106,557

Property acquired, percentage of occupancy

90.00%

Property contract price

$ 6,600,000

Parkway Plaza Shopping Center [Member]

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

52,365

Property acquired, percentage of occupancy

97.00%

Property contract price

$ 6,100,000

Acres of land | ft²

2.1

Ft. Howard Square [Member]

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

113,652

Property acquired, percentage of occupancy

95.00%

Property contract price

$ 11,500,000

Conyers Crossing [Member]

Real Estate Properties [Line Items]

Property acquired, square foot of store purchased | ft²

170,475

Property acquired, percentage of occupancy

99.00%

Property contract price

$ 10,800,000

Board of Directors Chairman [Member] | Chief Executive Officer [Member]

Real Estate Properties [Line Items]

Common shares issued in acquisition (in shares) | shares

1,516,853

Value of operating partnership units issued

$ 6,750,000

Subsequent Event [Member] | Laskin Road [Member]

Real Estate Properties [Line Items]

Common shares issued in acquisition (in shares) | shares

807,727

Investment Properties - Summary

Investment Properties - Summary of Consideration Paid and Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($)		12 Months Ended
		Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Business Acquisition [Line Items]
Investment property		$ 114,211,725	[1]	$ 53,081,904	[1]	$ 59,487,727	[2]
Tenant and other receivables and other assets	[3]			306,814
Lease intangibles and other assets	[3]	26,827,214		10,188,493
Goodwill	[3]			5,485,823
Accounts payable, accrued expenses and other liabilities	[4]			(623,167)
Below market leases		(4,021,671)	[5]	(1,991,645)	[5]	(1,038,686)	[6]
Fair value of net assets acquired		141,183,708		70,422,068		70,940,873
Consideration paid with cash and debt		138,115,158		63,616,509		69,995,602
Consideration paid with common units		3,068,550		6,805,559		945,271
Total consideration		141,183,708	[7]	70,422,068	[7]	70,940,873	[8]
Acquisitions 2013 [Member]
Business Acquisition [Line Items]
Investment property	[2]					48,576,763
Below market leases	[6]					(876,736)
Fair value of net assets acquired						55,094,337
Consideration paid with cash and debt						54,149,066
Consideration paid with common units						945,271
Total consideration	[8]					55,094,337
Food Lions [Member]
Business Acquisition [Line Items]
Investment property	[2]					10,910,964
Below market leases	[6]					(161,950)
Fair value of net assets acquired						15,846,536
Consideration paid with cash and debt						15,846,536
Consideration paid with common units						0
Total consideration	[8]					15,846,536
Lease Intangibles and Other Assets [Member]
Business Acquisition [Line Items]
Lease intangibles and other assets	[9]					11,112,938
Lease Intangibles and Other Assets [Member] | Acquisitions 2013 [Member]
Business Acquisition [Line Items]
Lease intangibles and other assets	[9]					6,720,126
Lease Intangibles and Other Assets [Member] | Food Lions [Member]
Business Acquisition [Line Items]
Lease intangibles and other assets	[9]					4,392,812
Above Market Leases [Member]
Business Acquisition [Line Items]
Lease intangibles and other assets	[6]					1,378,894
Above Market Leases [Member] | Acquisitions 2013 [Member]
Business Acquisition [Line Items]
Lease intangibles and other assets	[6]					674,184
Above Market Leases [Member] | Food Lions [Member]
Business Acquisition [Line Items]
Lease intangibles and other assets	[6]					$ 704,710
Above Market Leases [Member]
Business Acquisition [Line Items]
Lease intangibles and other assets	[5]	$ 4,166,440		$ 3,973,846
[1]	Represents the fair value of the net investment properties acquired which includes land, buildings, site improvements and tenant improvements. The fair value was determined using 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.
[2]	Represents the fair value of the net investment properties acquired which includes land, buildings, site improvements and tenant improvements. The fair value was determined using 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.
[3]	Represents the fair value of lease intangibles and other assets. Lease intangibles include leasing commissions, in place 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. Any remaining value which could not be allocated to identifiable intangibles was allocated to goodwill. Goodwill recognized from the acquisition represents, among other things, the future economic benefits arising from expected synergies and is consistent with the Company's stated intentions to become an internally managed REIT. The acquired goodwill is fully deductible for income tax purposes.
[4]	Represents the fair value of accounts payable, accrued expenses and other liabilities. It was determined that carrying value approximated fair value for all amounts in these categories.
[5]	Represents the fair value of above/below market leases. The income approach was used to determine the fair value of above/below market leases using market rental rates for similar properties.
[6]	Represents the fair value of above/below market leases. The income approach was used to determine the fair value of above/below market leases using market rental rates for similar properties.
[7]	Represents the components of purchase consideration paid.
[8]	Represents the components of purchase consideration paid.
[9]	Represents the fair value of lease intangibles and other assets. Lease intangibles include leasing commissions, in place leases, legal and marketing fees and tenant relationships 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.

Investment Properties - Unaudit

Investment Properties - Unaudited Pro forma Financial Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate [Abstract]
Rental revenue	$ 26,600,904	$ 26,412,478	$ 26,125,877
Net loss	(15,781,969)	(14,654,944)	(15,111,728)
Net loss attributable to Wheeler REIT	(12,699,185)	(12,653,283)	(11,066,293)
Net loss attributable to Wheeler REIT common shareholders	$ (98,971,223)	$ (15,371,540)	$ (11,207,711)
Basic loss per share	$ (2.54)	$ (2.09)	$ (2.43)
Diluted loss per share	$ (2.54)	$ (2.09)	$ (2.43)

Goodwill (Details)

Goodwill (Details) - USD ($)	Oct. 24, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Goodwill [Line Items]
Goodwill, beginning balance, January 1, 2015		$ 7,004,072
Fair value discount on common units issued for acquisition		(1,181,250)
Goodwill allocated to finite-lived intangibles		(336,999)
Goodwill, ending balance, December 31, 2015		5,485,823	$ 7,004,072
Common units issued for the acquisition of the Operating Companies		$ 3,068,550	$ 6,805,559	$ 945,271
Operating Companies [Member]
Goodwill [Line Items]
Common units issued for the acquisition of the Operating Companies	$ 6,750,000

Assets Held for Sale and Disc40

Assets Held for Sale and Discontinued Operations (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Long Lived Assets Held-for-sale [Line Items]
Investment properties, net	$ 1,284,888	$ 23,256,925
Rents and other tenant receivables, net	38,945	7,317
Above market lease intangible, net	2,616	0
Deferred costs and other assets, net	381,260	3,831,173
Total assets held for sale	1,707,709	27,095,415
Loans payable	1,982,042	19,153,596
Below market lease intangible, net	14,758	84,636
Accounts payable, accrued expenses and other liabilities	10,754	45,191
Total liabilities associated with assets held for sale	2,007,554	19,283,423
Revenues	2,042,722	2,285,159	$ 1,096,131
Expenses	827,860	1,072,622	1,222,935
Operating income (loss)	1,214,862	1,212,537	(126,804)
Interest expense	(715,081)	(904,878)	(390,507)
Income (loss) from discontinued operations before gain on disposals	499,781	307,659	(517,311)
Gain on disposal of properties	2,104,114	0	0
Income (loss) from discontinued operations	$ 2,603,895	$ 307,659	$ (517,311)

Loans Payable - Summary of Loan

Loans Payable - Summary of Loans Payable (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Jan. 31, 2014	Apr. 19, 2013
Debt Instrument [Line Items]
Mortgages and other indebtedness	$ 189,340,456	$ 122,296,547
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment, Interest Only	Interest only
Mortgage Loans Payable, Interest Rate	9.00%
Mortgages and other indebtedness	$ 3,000,000	6,000,000
Non Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment, Interest Only	Interest only
Mortgage Loans Payable, Interest Rate	9.00%		9.00%
Mortgages and other indebtedness	$ 0	4,000,000
Monarch Bank Line Of Credit [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment, Interest Only	Interest only
Mortgage Loans Payable, Interest Rate	4.25%
Mortgages and other indebtedness	$ 0	2,074,432
Line of Credit [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment, Interest Only	Interest only
Mortgage Loans Payable, Interest Rate	2.79%
Mortgages and other indebtedness	$ 6,873,750	0
Winslow Plaza [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment, Interest Only	Interest only
Mortgage Loans Payable, Interest Rate	4.82%
Mortgages and other indebtedness	$ 4,620,000	0
Cypress Shopping Center [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment, Interest Only	Interest only
Mortgage Loans Payable, Interest Rate	4.70%
Mortgages and other indebtedness	$ 6,625,000	6,625,000
Harrodsburg Marketplace [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	$ 19,112
Mortgage Loans Payable, Interest Rate	4.55%
Mortgages and other indebtedness	$ 3,677,501	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%
Mortgages and other indebtedness	$ 6,471,636	6,568,918
LaGrange Marketplace [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	$ 13,813
Mortgage Loans Payable, Interest Rate	5.00%
Mortgages and other indebtedness	$ 2,418,212	2,463,909
Freeway Junction [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment, Interest Only	Interest only
Mortgage Loans Payable, Interest Rate	4.60%
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%
Mortgages and other indebtedness	$ 0	115,728
Edenton Commons [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	$ 250,000
Mortgage Loans Payable, Interest Rate	3.75%
Mortgages and other indebtedness	$ 650,000	1,650,000
DF I-Moyock [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	$ 10,665
Mortgage Loans Payable, Interest Rate	5.00%
Mortgages and other indebtedness	$ 418,538	522,430
Graystone Crossing [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	$ 20,386
Mortgage Loans Payable, Interest Rate	4.55%
Mortgages and other indebtedness	$ 4,000,000	4,000,000
Bryan Station [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment, Interest Only	Interest only
Mortgage Loans Payable, Interest Rate	4.52%
Mortgages and other indebtedness	$ 4,625,000	4,625,000
Crockett Square [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment, Interest Only	Interest only
Mortgage Loans Payable, Interest Rate	4.47%
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%
Mortgages and other indebtedness	$ 732,685	1,544,567
Alex City Marketplace [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment, Interest Only	Interest only
Mortgage Loans Payable, Interest Rate	3.90%
Mortgages and other indebtedness	$ 5,750,000	0
Pierpont Centre [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Interest Rate	3.95%
Mortgages and other indebtedness	$ 8,450,000	0
Butler Square [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment, Interest Only	Interest only
Mortgage Loans Payable, Interest Rate	4.08%
Mortgages and other indebtedness	$ 5,640,000	0
Brook Run Shopping Center [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment, Interest Only	Interest only
Mortgage Loans Payable, Interest Rate	3.90%
Mortgages and other indebtedness	$ 10,950,000	0
Beaver Ruin Village [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment, Interest Only	Interest only
Mortgage Loans Payable, Interest Rate	4.73%
Mortgages and other indebtedness	$ 9,400,000	0
Beaver Ruin Village II [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment, Interest Only	Interest only
Columbia Fire Station [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment, Interest Only	Interest only
Mortgage Loans Payable, Interest Rate	8.00%
Mortgages and other indebtedness	$ 450,053	0
Sunshine Plaza [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment, Interest Only	Interest only
Mortgage Loans Payable, Interest Rate	4.57%
Mortgages and other indebtedness	$ 5,900,000	0
Barnett Portfolio [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment, Interest Only	Interest only
Mortgage Loans Payable, Interest Rate	4.30%
Mortgages and other indebtedness	$ 8,770,000	0
Grove Park Shopping Center [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment, Interest Only	Interest only
Mortgage Loans Payable, Interest Rate	4.52%
Mortgages and other indebtedness	$ 3,800,000	0
Parkway Plaza Shopping Center [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment, Interest Only	Interest only
Mortgage Loans Payable, Interest Rate	4.57%
Mortgages and other indebtedness	$ 3,500,000	0
Conyers Crossing [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment, Interest Only	Interest only
Mortgage Loans Payable, Interest Rate	4.67%
Mortgages and other indebtedness	$ 5,960,000	0
Ft. Howard Square [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment, Interest Only	Interest only
Mortgage Loans Payable, Interest Rate	4.57%
Mortgages and other indebtedness	$ 7,100,000	0
South Carolina Food Lions Note [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment, Interest Only	Interest only
Mortgage Loans Payable, Interest Rate	5.25%
Mortgages and other indebtedness	$ 12,375,000	12,375,000
Shoppes at TJ Maxx [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Interest Rate				3.88%
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%
Mortgages and other indebtedness	$ 6,081,272	6,248,349
Shoppes at Eagle Harbor [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	$ 25,100
Mortgage Loans Payable, Interest Rate	4.34%
Mortgages and other indebtedness	$ 3,634,085	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%
Mortgages and other indebtedness	$ 0	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%
Mortgages and other indebtedness	$ 1,376,452	1,430,961
Perimeter Square [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	$ 28,089
Mortgage Loans Payable, Interest Rate	6.38%
Mortgages and other indebtedness	$ 4,166,406	4,294,216
Riversedge North [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	$ 8,802
Mortgage Loans Payable, Interest Rate	6.00%
Mortgages and other indebtedness	$ 962,281	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%
Mortgages and other indebtedness	$ 3,535,606	3,626,945
Twin City Commons [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	$ 17,827
Mortgage Loans Payable, Interest Rate	4.86%
Mortgages and other indebtedness	$ 3,225,473	3,279,076
Forrest Gallery [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	$ 50,973
Mortgage Loans Payable, Interest Rate	5.40%
Mortgages and other indebtedness	$ 8,926,712	9,045,880
Tampa Festival [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	$ 50,797
Mortgage Loans Payable, Interest Rate	5.56%
Mortgages and other indebtedness	$ 8,627,294	8,746,860
Winslow Plaza Shopping Center Old Loan [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment, Interest Only	Interest only
Mortgage Loans Payable, Interest Rate	5.22%
Mortgages and other indebtedness	$ 0	5,000,000
January 2016 Maturity [Member] | Non Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment, Interest Only	Interest only
Mortgage Loans Payable, Interest Rate	9.00%
Mortgages and other indebtedness	$ 2,160,000	$ 2,160,000

Loans Payable - Additional Info

Loans Payable - Additional Information (Detail)	Sep. 16, 2014USD ($)	Jul. 31, 2014USD ($)	Jul. 02, 2014USD ($)	Dec. 16, 2013USD ($)InvestorTranche$ / sharesshares	Apr. 19, 2013USD ($)	Mar. 11, 2013USD ($)	Jun. 03, 2013USD ($)	Dec. 31, 2015USD ($)$ / sharesshares	Jan. 29, 2016USD ($)	Dec. 31, 2014USD ($)$ / sharesshares	Jan. 31, 2014USD ($)$ / sharesshares
Debt Instrument [Line Items]
Private placement transaction, common stock shares under warrants issued | shares											227,372
Maximum line of credit borrowing capacity	$ 3,000,000
Loans payable								$ 189,340,456		$ 122,296,547
Fixed interest rate	4.25%
Private placement transaction, exercise price of warrants (in usd per share) | $ / shares											$ 4.75
Non Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate								9.00%			9.00%
Loans payable								$ 0		4,000,000
Private placement transaction, debt instrument face amount											$ 2,160,000
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate								9.00%
Loans payable								$ 3,000,000		$ 6,000,000
July 2, 2014 Starbucks Verizon Refinancing [Member]
Debt Instrument [Line Items]
Amortization period used to determine monthly payments			20 years
Interest rate			5.00%
Private placement transaction, debt instrument face amount			$ 660,000
Debt Instrument, Periodic Payment			$ 4,383
July 31, 2014 Walnut Hill Refinancing [Member]
Debt Instrument [Line Items]
Amortization period used to determine monthly payments		20 years
Interest rate		5.50%
Private placement transaction, debt instrument face amount		$ 3,650,000
Debt Instrument, Periodic Payment		$ 24,273
December Two Thousand Thirteen Securities Purchase Agreement [Member]
Debt Instrument [Line Items]
Private placement transaction, securities offered value				$ 10,000,000
Number of investors | Investor				8
Number of financing tranches | Tranche				2
Private placement transaction, warrants issued | shares								421,053		421,053
Private placement transaction, exercise price of warrants (in usd per share) | $ / shares								$ 4.75		$ 4.75
December Two Thousand Thirteen Securities Purchase Agreement [Member] | Non Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument maturity date								Dec. 15, 2015
Private placement transaction, debt instrument face amount								$ 4,000,000
December Two Thousand Thirteen Securities Purchase Agreement [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate				9.00%				9.00%
December Two Thousand Thirteen Securities Purchase Agreement [Member] | Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument maturity date				Dec. 15, 2018
Private placement transaction, debt instrument face amount				$ 6,000,000
Convertible debt, terms of conversion				During the first two years, the convertible notes will only be available for conversion upon the completion of a secondary offering of common stock in excess of $20 million at a conversion rate of the lesser of 95% of the secondary offering’s per share price or $5.50. After two years, holders of the convertible notes can convert at their discretion at a conversion rate of the lesser of 90% of the market price of the Company’s stock or $5.50
Convertible debt, minimum value of secondary offering				$ 20,000,000
Convertible debt, conversion price as percentage of secondary offering price per share				95.00%
Convertible debt, conversion price as percentage of market price per share				90.00%
Convertible debt, conversion price for first two years | $ / shares				$ 5.50
Convertible debt, conversion price after two years | $ / shares				$ 5.50
Convertible debt, maximum shares issuable upon conversion | shares				1,417,079
Monarch Bank [Member]
Debt Instrument [Line Items]
Maximum line of credit borrowing capacity							$ 2,000,000
Maturity of Note							May 12, 2014
Fixed interest rate							4.50%
Shoppes at Eagle Harbor [Member]
Debt Instrument [Line Items]
Promissory note						$ 4,000,000
Debt instrument maturity date						Mar. 11, 2018
Amortization period used to determine monthly payments						20 years
Debt instrument fixed interest rate						4.34%
Interest rate								4.34%
Loans payable								$ 3,634,085		$ 3,773,319
Debt Instrument, Periodic Payment								$ 25,100
Riversedge North [Member]
Debt Instrument [Line Items]
Debt instrument maturity date								Jan. 16, 2019
Amortization period used to determine monthly payments								15 years
Debt instrument fixed interest rate								6.00%
Debt instrument original maturity date								Apr. 16, 2013
Interest rate								6.00%
Loans payable								$ 962,281		1,007,856
Debt Instrument, Periodic Payment								$ 8,802
Shoppes at TJ Maxx [Member]
Debt Instrument [Line Items]
Promissory note					$ 6,500,000
Debt instrument maturity date					May 1, 2020
Amortization period used to determine monthly payments					25 years
Interest rate					3.88%
Line of Credit [Member]
Debt Instrument [Line Items]
Interest rate								2.79%
Remaining borrowing capacity								$ 38,100,000
Loans payable								$ 6,873,750		$ 0
Commitment fee percentage on unused capacity								0.30%
Subsequent Event [Member] | Non Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Private placement transaction, debt instrument face amount									$ 2,160,000

Loans Payable - Summary of Comp

Loans Payable - Summary of Company's Scheduled Principal Repayments on Indebtedness (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
2,015	$ 9,065,387
2,016	7,035,351
2,017	14,936,672
2,018	2,505,641
2,019	9,175,072
Thereafter	146,622,333
Total principal maturities	$ 189,340,456	$ 122,296,547

Rentals under Operating Lease44

Rentals under Operating Leases - Future Minimum Rentals to be Received under Noncancelable Tenant Operating Leases (Detail)	Dec. 31, 2015USD ($)
Leases [Abstract]
2,016	$ 26,230,245
2,017	23,246,692
2,018	17,746,813
2,019	13,430,529
2,020	8,839,220
Thereafter	14,894,519
Total	$ 104,388,018

Equity - Additional Information

Equity - Additional Information (Detail)	Jul. 20, 2015shares	Mar. 19, 2015USD ($)$ / sharesshares	Sep. 23, 2014USD ($)shares	May. 21, 2014USD ($)shares	Apr. 29, 2014$ / sharesshares	Aug. 26, 2013USD ($)$ / sharesshares	Jun. 10, 2013USD ($)Investorshares	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2013USD ($)shares	Jun. 30, 2015shares	Jun. 15, 2015shares	Jun. 11, 2015shares	Sep. 17, 2014shares	Aug. 19, 2014shares	Apr. 24, 2014shares	Jan. 31, 2014$ / shares	Sep. 23, 2013shares	Sep. 13, 2013shares	Jun. 30, 2013shares	Dec. 31, 2012shares
Equity [Line Items]
Authority to issue stock (in shares)									155,000,000
Shares of common stock authorized (in shares)									150,000,000	75,000,000
Par value of common stock (in usd per share) | $ / shares									$ 0.01	$ 0.01
Ownership interest of operating partnership									90.79%
Common units outstanding (in shares)									44,018,768	16,548,873
Amount of Private placement transaction | $									$ 86,415,894	$ 37,242,941	$ 11,862,198
Preferred Stock amount | $									4,157,000
Shares registered (in shares)																			656,998
Total of Net proceeds from offering | $									0	0	11,862,198
Private placement transaction, exercise price of warrants (in usd per share) | $ / shares																		$ 4.75
Deemed dividend for beneficial conversion feature | $									$ 72,644,506	$ 0	$ 0
Shares issued to employees, directors, officers and consultants for services rendered (in shares)									320,152	105,834	0
Market value of shares issued to employees, directors, officers and consultants for services rendered | $									$ 697,000	$ 456,988
Shares available for issuance under the Company’s Share Incentive Plan (in shares)									757,108
Dividend declared (in usd per share) | $ / shares									$ 0.0175
Dividend accrued | $									$ 1,230,512
Common stock conversion basis									Common shares at a ratio of one common unit for one common share
Operating Partnership Common Units [Member]
Equity [Line Items]
Common units outstanding and eligible for conversion to common shares (in shares)									3,354,883	1,787,798	1,858,068
Convertible Debt [Member]
Equity [Line Items]
Convertible Debt | $									$ 3,000,000	$ 6,000,000
Conversion Condition One [Member]
Equity [Line Items]
Percentage on purchase price for Preferred Stock for accrued but unpaid dividends									103.00%
Secondary Offering [Member]
Equity [Line Items]
Issue of common stock in period (in shares)						3,162,500
Secondary offering common stock price per share (in usd per share) | $ / shares						$ 4.085
Common stock shares sold (in usd per share) | $ / shares						$ 4.30
Total of Net proceeds from offering | $						$ 12,720,275
Exchange of Stock for Stock [Member]
Equity [Line Items]
Maximum number of common shares to be issued if all Series A and Series B Preferred shares are exchanged													20,853,250
Conversion of Stock, Shares Issued	11,442,002
Trust Owning [Member]
Equity [Line Items]
Common units outstanding (in shares)									39,963,476	12,981,250
December Two Thousand Thirteen Securities Purchase Agreement [Member]
Equity [Line Items]
Private placement transaction, warrants issued (in shares)									421,053	421,053
Private placement transaction, exercise price of warrants (in usd per share) | $ / shares									$ 4.75	$ 4.75
Preferred Stock [Member]
Equity [Line Items]
Conversion of preferred stock to common stock (in shares)						2,691	656,998
Preferred shareholders | $									$ 13,627,532	$ 2,718,257	$ 141,418
Dividend accrued | $									$ 422,774
Preferred Stock [Member] | Private Placement [Member]
Equity [Line Items]
Amount of Private placement transaction | $							$ 4,500,000
Number of accredited investors | Investor							21
Issue of common stock in period (in shares)							4,500
Preferred stock cumulative dividend rate per annum							9.00%
Percentage of price at which common stock is sold in secondary offering						95.00%
Over Allotment [Member] | Secondary Offering [Member]
Equity [Line Items]
Shares issued																				412,500
2015 Share Incentive Plan [Member]
Equity [Line Items]
Number of shares authorized under Share Incentive Plan									1,000,000
Common Stock [Member]
Equity [Line Items]
Amount of Private placement transaction | $										$ 0	$ 31,625
Issue of common stock in period (in shares)										0	3,162,500
Conversion of preferred stock to common stock (in shares)						656,998				500	656,998
Shares issued to employees, directors, officers and consultants for services rendered (in shares)										105,834
Common unit and common shareholders | $									$ 9,787,145	$ 4,089,057	$ 2,853,243
Common Stock [Member] | Exchange of Stock for Stock [Member]
Equity [Line Items]
Conversion of preferred stock to common stock (in shares)									11,442,002
Series A Convertible Preferred Stock [Member]
Equity [Line Items]
Shares of convertible preferred stock authorized (in shares)									5,000,000
Convertible Preferred Stock [Member]
Equity [Line Items]
Preferred stock shares converted							2,691
Redeemable Preferred Stock [Member]
Equity [Line Items]
Preferred stock shares redeemed (in shares)									562
Series B Preferred Stock [Member]
Equity [Line Items]
Shares of convertible preferred stock authorized (in shares)									3,000,000	3,000,000							1,000,000
Preferred stock cumulative dividend rate per annum					9.00%
Proceeds from issuance of Series B convertible preferred stock | $			$ 18,571,563	$ 18,671,378
Preferred units, issued (in shares)			20,200	21,600	144,000										144,000
Preferred stock issued (in shares)			101,000	108,000	720,000				1,648,900	1,648,900					720,000
Conversion price of preferred to common (in usd per share) | $ / shares					$ 5
Adjusted conversion price of preferred to common (in usd per share) | $ / shares					7.25
Preferred Stock, Shares Outstanding									729,119	1,648,900
Number of shares eligible for conversion									5,062,674	9,661,579
Series B Preferred Stock [Member] | Exchange of Stock for Stock [Member]
Equity [Line Items]
Convertible Preferred Stock, Shares Issued upon Conversion													12.5
Deemed dividend for beneficial conversion feature | $								$ 13,124,506
Preferred Shares Tendered for Conversion	865,481
Series B Preferred Stock [Member] | Preferred Stock [Member]
Equity [Line Items]
Amount of Private placement transaction | $										$ 37,242,941
Issue of common stock in period (in shares)										1,649,000
Conversion of preferred stock to common stock (in shares)									(54,300)	(100)
Preferred Stock, Shares Outstanding										1,648,900
Series B Preferred Stock [Member] | Preferred Stock [Member] | Exchange of Stock for Stock [Member]
Equity [Line Items]
Conversion of preferred stock to common stock (in shares)									(865,481)
Series C Preferred Stock [Member]
Equity [Line Items]
Proceeds from issuance of Series B convertible preferred stock | $		$ 83,415,894
Series C Preferred Stock [Member] | Private Placement [Member]
Equity [Line Items]
Convertible Preferred Stock, Shares Issued upon Conversion														500
Preferred stock issued (in shares)		93,000
Adjusted conversion price of preferred to common (in usd per share) | $ / shares		$ 2
Deemed dividend for beneficial conversion feature | $								$ 59,520,000
Preferred Stock, Liquidation Preference Per Share | $ / shares		$ 1,000
Proceeds from Issuance of Redeemable Preferred Stock | $		$ 93,000,000
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $		90,000,000
Value of convertible debt converted into Series C Convertible Preferred Stock | $		$ 3,000,000
Share Price | $ / shares		$ 1,000
Series C Preferred Stock [Member] | Preferred Stock [Member]
Equity [Line Items]
Amount of Private placement transaction | $									$ 86,415,894
Issue of common stock in period (in shares)									93,000
Conversion of preferred stock to common stock (in shares)									(93,000)
Series A Preferred Stock [Member]
Equity [Line Items]
Shares of convertible preferred stock authorized (in shares)									4,500	4,500
Preferred stock issued (in shares)									1,809	1,809
Preferred Stock, Shares Outstanding									562	1,809
Series A Preferred Stock [Member] | Exchange of Stock for Stock [Member]
Equity [Line Items]
Convertible Preferred Stock, Shares Issued upon Conversion													500
Preferred Shares Tendered for Conversion	1,247
Series A Preferred Stock [Member] | Preferred Stock [Member]
Equity [Line Items]
Amount of Private placement transaction | $											$ 0
Issue of common stock in period (in shares)											0
Conversion of preferred stock to common stock (in shares)										0	(2,691)
Preferred Stock, Shares Outstanding										1,809	1,809											0
Series A Preferred Stock [Member] | Preferred Stock [Member] | Exchange of Stock for Stock [Member]
Equity [Line Items]
Conversion of preferred stock to common stock (in shares)									(1,247)
Common Stock [Member]
Equity [Line Items]
Private placement transaction, exercise price of warrants (in usd per share) | $ / shares					$ 5.5
Warrants issued			129,000	129,600	864,000										864,000
Warrant [Member]
Equity [Line Items]
Number of shares eligible for conversion									2,635,025
Minimum [Member]
Equity [Line Items]
Shares of common stock authorized (in shares)									75,000,000
Shares of convertible preferred stock authorized (in shares)																	500,000
Minimum [Member] | Exchange of Stock for Stock [Member]
Equity [Line Items]
Shares of common stock authorized (in shares)																					15,000,000
Minimum [Member] | Series B Preferred Stock [Member]
Equity [Line Items]
Shares of convertible preferred stock authorized (in shares)																1,000,000
Maximum [Member]
Equity [Line Items]
Shares of convertible preferred stock authorized (in shares)																	5,000,000
Maximum [Member] | Exchange of Stock for Stock [Member]
Equity [Line Items]
Shares of common stock authorized (in shares)												150,000,000									75,000,000
Maximum [Member] | Series B Preferred Stock [Member]
Equity [Line Items]
Shares of convertible preferred stock authorized (in shares)																3,000,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Nov. 16, 2015USD ($)	Dec. 31, 2013	May. 22, 2013USD ($)Property	May. 08, 2013USD ($)	Apr. 08, 2013USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Jul. 24, 2015USD ($)	Jul. 09, 2013USD ($)
Commitments And Contingencies Disclosure [Line Items]
Damages amount awarded to defendant					$ 13,300
Legal fees defendant wants company to pay			$ 856,000	$ 368,000
Loss contingency accrual									$ 352,000	$ 267,000
Perimeter Settlement Amount	$ 415,000
Properties against suit filed | Property			3
Adjacent properties owned by affiliates of the Trust | Property			2
Northeast [Member]
Commitments And Contingencies Disclosure [Line Items]
Total annualized base rent						2.00%
Mid-Atlantic [Member]
Commitments And Contingencies Disclosure [Line Items]
Total annualized base rent						23.00%
Southeast [Member]
Commitments And Contingencies Disclosure [Line Items]
Total annualized base rent						72.00%
Southwest [Member]
Commitments And Contingencies Disclosure [Line Items]
Total annualized base rent						3.00%
Amscot Building [Member] | Tenant One [Member]
Commitments And Contingencies Disclosure [Line Items]
Lease termination year		2,045
Ground lease expenses						$ 18,049	$ 17,701	$ 7,156
Beaver Ruin Village [Member]
Commitments And Contingencies Disclosure [Line Items]
Lease termination year		2,054
Ground lease expenses						22,856	0	0
Beaver Ruin Village II [Member]
Commitments And Contingencies Disclosure [Line Items]
Ground lease expenses						8,926	0	0
WHLR Charleston Office [Member]
Commitments And Contingencies Disclosure [Line Items]
Operating Leases, Rent Expense, Net						$ 117,997	$ 30,349	$ 0

Commitments and Contingencies47

Commitments and Contingencies - Future Minimum Lease Payments Due under Ground Lease (Detail)	Dec. 31, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,016	$ 171,208
2,017	175,104
2,018	178,095
2,019	145,384
2,020	77,611
Thereafter	2,961,793
Total	$ 3,709,195

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)Option
Wheeler Interests [Member]
Related Party Transaction [Line Items]
Property provided under the lease	10 years
Lease expiration date	2017-11
Rent payment	$ 24,000
Number of renewal options available | Option	4
Lease renewal period	5 years
Pineland Shopping Center [Member]
Related Party Transaction [Line Items]
Advance amount outstanding at year-end	$ 1,460,000

Related Party Transactions - Su

Related Party Transactions - Summary of Related Party Activity (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Wheeler Interests and Affiliates [Member]
Related Party Transaction [Line Items]
Amounts paid to Wheeler Interests and its affiliates	$ 209,277	$ 3,827,990	$ 1,412,126
Amounts due to Wheeler Interests and its affiliates	481,298	463,281	174,683
Wheeler Interests [Member]
Related Party Transaction [Line Items]
Rent and reimbursement income received from Wheeler Interests	0	329,718	288,969
Rent and other tenant receivables due from Wheeler Interests	$ 0	$ 0	$ 373,119

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail)	Mar. 19, 2015USD ($)$ / sharesshares	Jan. 09, 2015USD ($)a	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Jul. 01, 2015USD ($)ft²	Apr. 15, 2015USD ($)ft²	Jan. 14, 2015USD ($)ft²
Subsequent Event [Line Items]
Consideration paid with cash			$ 138,115,158	$ 63,616,509	$ 69,995,602
Consideration paid with common units			$ 3,068,550	$ 6,805,559	$ 945,271
Laskin Road [Member]
Subsequent Event [Line Items]
Area of Land | a		1.5
Property contract price		$ 1,600,000
Consideration paid with cash		$ 150,000
Beaver Ruin Village [Member]
Subsequent Event [Line Items]
Property acquired, square foot of store purchased | ft²						74,048
Property contract price						$ 12,400,000
Pierpont Centre [Member]
Subsequent Event [Line Items]
Property acquired, square foot of store purchased | ft²								122,259
Property contract price								$ 13,900,000
Percentage leased								100.00%
Butler Square [Member]
Subsequent Event [Line Items]
Property acquired, square foot of store purchased | ft²							82,400
Property contract price							$ 9,400,000
Private Placement [Member] | Series C Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred stock issued (in shares) | shares	93,000
Preferred Stock, Liquidation Preference Per Share | $ / shares	$ 1,000
Proceeds from Issuance of Convertible Preferred Stock	$ 93,000,000
Proceeds from Issuance of Redeemable Convertible Preferred Stock	90,000,000
Value of Series B Preferred Stock to be converted into Series C preferred stock	$ 3,000,000
Share Price | $ / shares	$ 1,000
Adjusted conversion price of preferred to common (in usd per share) | $ / shares	$ 2

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts (Detail) - Allowance for Doubtful Accounts [Member] - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	$ 186,517	$ 182,078
Charged to Costs and Expense	243,029	60,841
Deductions from Reserves	(18,152)	(56,402)
Balance at End of Year	$ 411,394	$ 186,517

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Balance at beginning of period	$ 160,627,402	$ 106,832,033
Initial cost of land			$ 63,111,302
Acquisitions	113,950,630	53,081,905
Initial cost of building and improvements			185,329,211
Improvements	1,301,313	713,464
Costs Capitalized Subsequent to Acquisition, improvements (net)			4,390,627
Balance at end of period	252,831,140	160,627,402
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			63,322,606
Gross amount at which building and improvements at end of period			189,508,534
Total gross amount at which carried at end of period	160,627,402	$ 106,832,033	252,831,140
Accumulated Depreciation			12,781,622
Amscot Building [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			0
Initial cost of building and improvements			461,700
Costs Capitalized Subsequent to Acquisition, improvements (net)			31,128
Balance at end of period	492,828
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			0
Gross amount at which building and improvements at end of period			492,828
Total gross amount at which carried at end of period	$ 492,828		492,828
Accumulated Depreciation			175,484
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	May 15, 2004
Amscot Building [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Amscot Building [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Lumber River Plaza [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			800,413
Initial cost of building and improvements			4,486,787
Costs Capitalized Subsequent to Acquisition, improvements (net)			142,398
Balance at end of period	$ 5,429,598
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			942,811
Gross amount at which building and improvements at end of period			4,486,787
Total gross amount at which carried at end of period	$ 5,429,598		5,429,598
Accumulated Depreciation			479,208
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Nov. 16, 2012
Lumber River Plaza [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Lumber River Plaza [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Monarch Bank Building [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			496,591
Initial cost of building and improvements			1,908,659
Costs Capitalized Subsequent to Acquisition, improvements (net)			77,704
Balance at end of period	$ 2,482,954
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			496,591
Gross amount at which building and improvements at end of period			1,986,363
Total gross amount at which carried at end of period	$ 2,482,954		2,482,954
Accumulated Depreciation			1,017,788
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Dec. 28, 2007
Monarch Bank Building [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Monarch Bank Building [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Perimeter Square [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			1,566,431
Initial cost of building and improvements			5,081,193
Costs Capitalized Subsequent to Acquisition, improvements (net)			109,828
Balance at end of period	$ 6,757,452
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			1,566,431
Gross amount at which building and improvements at end of period			5,191,021
Total gross amount at which carried at end of period	$ 6,757,452		6,757,452
Accumulated Depreciation			567,540
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Nov. 16, 2012
Perimeter Square [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Perimeter Square [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Riversedge North [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			909,898
Initial cost of building and improvements			2,207,571
Costs Capitalized Subsequent to Acquisition, improvements (net)			630,888
Balance at end of period	$ 3,748,357
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			909,898
Gross amount at which building and improvements at end of period			2,838,459
Total gross amount at which carried at end of period	$ 3,748,357		3,748,357
Accumulated Depreciation			979,751
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Apr. 17, 2008
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Dec. 21, 2012
Riversedge North [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Riversedge North [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Surrey Plaza [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			380,731
Initial cost of building and improvements			1,856,515
Costs Capitalized Subsequent to Acquisition, improvements (net)			0
Balance at end of period	$ 2,237,246
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			380,731
Gross amount at which building and improvements at end of period			1,856,515
Total gross amount at which carried at end of period	$ 2,237,246		2,237,246
Accumulated Depreciation			236,687
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Dec. 21, 2012
Surrey Plaza [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Surrey Plaza [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Shoppes at TJ Maxx [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			2,115,119
Initial cost of building and improvements			6,719,386
Costs Capitalized Subsequent to Acquisition, improvements (net)			401,983
Balance at end of period	$ 9,236,488
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			2,115,119
Gross amount at which building and improvements at end of period			7,121,369
Total gross amount at which carried at end of period	$ 9,236,488		9,236,488
Accumulated Depreciation			770,204
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Nov. 16, 2012
Shoppes at TJ Maxx [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Shoppes at TJ Maxx [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Shoppes at Eagle Harbor [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			785,040
Initial cost of building and improvements			4,219,464
Costs Capitalized Subsequent to Acquisition, improvements (net)			258,236
Balance at end of period	$ 5,262,740
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			785,040
Gross amount at which building and improvements at end of period			4,477,700
Total gross amount at which carried at end of period	$ 5,262,740		5,262,740
Accumulated Depreciation			872,484
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Sep. 9, 2008
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Nov. 16, 2012
Shoppes at Eagle Harbor [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Shoppes at Eagle Harbor [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Twin City Commons [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			800,272
Initial cost of building and improvements			3,040,956
Costs Capitalized Subsequent to Acquisition, improvements (net)			4,233
Balance at end of period	$ 3,845,461
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			800,272
Gross amount at which building and improvements at end of period			3,045,189
Total gross amount at which carried at end of period	$ 3,845,461		3,845,461
Accumulated Depreciation			300,898
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Dec. 18, 2012
Twin City Commons [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Twin City Commons [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Walnut Hill Plaza [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			733,748
Initial cost of building and improvements			2,413,832
Costs Capitalized Subsequent to Acquisition, improvements (net)			1,192,868
Balance at end of period	$ 4,340,448
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			733,748
Gross amount at which building and improvements at end of period			3,606,700
Total gross amount at which carried at end of period	$ 4,340,448		4,340,448
Accumulated Depreciation			1,429,149
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Dec. 14, 2007
Walnut Hill Plaza [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Walnut Hill Plaza [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Tampa Festival [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			4,653,354
Initial cost of building and improvements			6,691,097
Costs Capitalized Subsequent to Acquisition, improvements (net)			180,073
Balance at end of period	$ 11,524,524
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			4,694,966
Gross amount at which building and improvements at end of period			6,829,558
Total gross amount at which carried at end of period	$ 11,524,524		11,524,524
Accumulated Depreciation			595,417
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Aug. 26, 2013
Tampa Festival [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Tampa Festival [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Starbucks/Verizon [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			0
Initial cost of building and improvements			1,137,971
Costs Capitalized Subsequent to Acquisition, improvements (net)			0
Balance at end of period	$ 1,137,971
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			0
Gross amount at which building and improvements at end of period			1,137,971
Total gross amount at which carried at end of period	$ 1,137,971		1,137,971
Accumulated Depreciation			69,875
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Oct. 27, 2013
Starbucks/Verizon [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Starbucks/Verizon [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Forrest Gallery [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			3,015,372
Initial cost of building and improvements			7,454,580
Costs Capitalized Subsequent to Acquisition, improvements (net)			260,066
Balance at end of period	$ 10,730,018
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			3,015,372
Gross amount at which building and improvements at end of period			7,714,646
Total gross amount at which carried at end of period	$ 10,730,018		10,730,018
Accumulated Depreciation			707,750
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Aug. 29, 2013
Forrest Gallery [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Forrest Gallery [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Jenks Plaza [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			498,260
Initial cost of building and improvements			917,898
Costs Capitalized Subsequent to Acquisition, improvements (net)			0
Balance at end of period	$ 1,416,158
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			498,260
Gross amount at which building and improvements at end of period			917,898
Total gross amount at which carried at end of period	$ 1,416,158		1,416,158
Accumulated Depreciation			126,327
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Dec. 17, 2013
Jenks Plaza [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Jenks Plaza [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Winslow Plaza [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			1,324,983
Initial cost of building and improvements			3,684,181
Costs Capitalized Subsequent to Acquisition, improvements (net)			0
Balance at end of period	$ 5,009,164
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			1,324,983
Gross amount at which building and improvements at end of period			3,684,181
Total gross amount at which carried at end of period	$ 5,009,164		5,009,164
Accumulated Depreciation			367,769
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Dec. 19, 2013
Winslow Plaza [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Winslow Plaza [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Clover Plaza [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			356,338
Initial cost of building and improvements			1,196,704
Costs Capitalized Subsequent to Acquisition, improvements (net)			25,850
Balance at end of period	$ 1,578,892
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			356,338
Gross amount at which building and improvements at end of period			1,222,554
Total gross amount at which carried at end of period	$ 1,578,892		1,578,892
Accumulated Depreciation			72,413
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Dec. 23, 2013
Clover Plaza [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Clover Plaza [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
St George Plaza [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			705,645
Initial cost of building and improvements			1,264,212
Costs Capitalized Subsequent to Acquisition, improvements (net)			7,024
Balance at end of period	$ 1,976,881
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			705,645
Gross amount at which building and improvements at end of period			1,271,236
Total gross amount at which carried at end of period	$ 1,976,881		1,976,881
Accumulated Depreciation			82,948
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Dec. 23, 2013
St George Plaza [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
St George Plaza [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
South Square [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			352,587
Initial cost of building and improvements			1,911,330
Costs Capitalized Subsequent to Acquisition, improvements (net)			0
Balance at end of period	$ 2,263,917
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			352,587
Gross amount at which building and improvements at end of period			1,911,330
Total gross amount at which carried at end of period	$ 2,263,917		2,263,917
Accumulated Depreciation			102,698
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Dec. 23, 2013
South Square [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
South Square [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Westland Square [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			886,829
Initial cost of building and improvements			1,709,665
Costs Capitalized Subsequent to Acquisition, improvements (net)			10,027
Balance at end of period	$ 2,606,521
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			886,829
Gross amount at which building and improvements at end of period			1,719,692
Total gross amount at which carried at end of period	$ 2,606,521		2,606,521
Accumulated Depreciation			106,561
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Dec. 23, 2013
Westland Square [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Westland Square [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Waterway Plaza [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			1,279,700
Initial cost of building and improvements			1,247,952
Costs Capitalized Subsequent to Acquisition, improvements (net)			0
Balance at end of period	$ 2,527,652
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			1,279,700
Gross amount at which building and improvements at end of period			1,247,952
Total gross amount at which carried at end of period	$ 2,527,652		2,527,652
Accumulated Depreciation			79,194
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Dec. 23, 2013
Waterway Plaza [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Waterway Plaza [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Cypress Shopping Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			2,063,671
Initial cost of building and improvements			4,578,838
Costs Capitalized Subsequent to Acquisition, improvements (net)			0
Balance at end of period	$ 6,642,509
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			2,063,671
Gross amount at which building and improvements at end of period			4,578,838
Total gross amount at which carried at end of period	$ 6,642,509		6,642,509
Accumulated Depreciation			203,174
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Jul. 1, 2014
Cypress Shopping Center [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Cypress Shopping Center [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Harrodsburg Marketplace [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			1,431,484
Initial cost of building and improvements			2,484,653
Costs Capitalized Subsequent to Acquisition, improvements (net)			0
Balance at end of period	$ 3,916,137
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			1,431,484
Gross amount at which building and improvements at end of period			2,484,653
Total gross amount at which carried at end of period	$ 3,916,137		3,916,137
Accumulated Depreciation			115,580
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Jul. 1, 2014
Harrodsburg Marketplace [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Harrodsburg Marketplace [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Port Crossing Shopping Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			791,933
Initial cost of building and improvements			6,920,539
Costs Capitalized Subsequent to Acquisition, improvements (net)			82,143
Balance at end of period	$ 7,794,615
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			791,933
Gross amount at which building and improvements at end of period			7,002,682
Total gross amount at which carried at end of period	$ 7,794,615		7,794,615
Accumulated Depreciation			476,697
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Jul. 3, 2014
Port Crossing Shopping Center [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Port Crossing Shopping Center [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
LaGrange Marketplace [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			390,180
Initial cost of building and improvements			2,647,956
Costs Capitalized Subsequent to Acquisition, improvements (net)			0
Balance at end of period	$ 3,038,136
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			390,180
Gross amount at which building and improvements at end of period			2,647,956
Total gross amount at which carried at end of period	$ 3,038,136		3,038,136
Accumulated Depreciation			166,640
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Jul. 25, 2014
LaGrange Marketplace [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
LaGrange Marketplace [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
DF I-Courtland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			893,852
Initial cost of building and improvements			0
Costs Capitalized Subsequent to Acquisition, improvements (net)			0
Balance at end of period	$ 893,852
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			893,852
Gross amount at which building and improvements at end of period			0
Total gross amount at which carried at end of period	$ 893,852		893,852
Accumulated Depreciation			0
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Aug. 15, 2014
DF I-Courtland [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	0 years
DF I-Courtland [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	0 years
Edenton Commons [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			2,395,000
Initial cost of building and improvements			0
Costs Capitalized Subsequent to Acquisition, improvements (net)			0
Balance at end of period	$ 2,395,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			2,395,000
Gross amount at which building and improvements at end of period			0
Total gross amount at which carried at end of period	$ 2,395,000		2,395,000
Accumulated Depreciation			0
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Aug. 15, 2014
Edenton Commons [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	0 years
Edenton Commons [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	0 years
DF I-Moyock [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			908,066
Initial cost of building and improvements			0
Costs Capitalized Subsequent to Acquisition, improvements (net)			0
Balance at end of period	$ 908,066
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			908,066
Gross amount at which building and improvements at end of period			0
Total gross amount at which carried at end of period	$ 908,066		908,066
Accumulated Depreciation			0
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Aug. 15, 2014
DF I-Moyock [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	0 years
DF I-Moyock [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	0 years
Freeway Junction [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			1,521,133
Initial cost of building and improvements			6,754,803
Costs Capitalized Subsequent to Acquisition, improvements (net)			0
Balance at end of period	$ 8,275,936
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			1,521,133
Gross amount at which building and improvements at end of period			6,754,803
Total gross amount at which carried at end of period	$ 8,275,936		8,275,936
Accumulated Depreciation			342,019
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Sep. 4, 2014
Freeway Junction [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Freeway Junction [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Graystone Crossing [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			922,439
Initial cost of building and improvements			2,856,365
Costs Capitalized Subsequent to Acquisition, improvements (net)			0
Balance at end of period	$ 3,778,804
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			922,439
Gross amount at which building and improvements at end of period			2,856,365
Total gross amount at which carried at end of period	$ 3,778,804		3,778,804
Accumulated Depreciation			102,520
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Sep. 26, 2014
Graystone Crossing [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Graystone Crossing [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Bryan Station [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			1,658,454
Initial cost of building and improvements			2,756,142
Costs Capitalized Subsequent to Acquisition, improvements (net)			0
Balance at end of period	$ 4,414,596
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			1,658,454
Gross amount at which building and improvements at end of period			2,756,142
Total gross amount at which carried at end of period	$ 4,414,596		4,414,596
Accumulated Depreciation			114,424
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Oct. 2, 2014
Bryan Station [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Bryan Station [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Crockett Square [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			1,546,482
Initial cost of building and improvements			6,833,967
Costs Capitalized Subsequent to Acquisition, improvements (net)			10,600
Balance at end of period	$ 8,391,049
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			1,546,482
Gross amount at which building and improvements at end of period			6,844,567
Total gross amount at which carried at end of period	$ 8,391,049		8,391,049
Accumulated Depreciation			291,990
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Nov. 5, 2014
Crockett Square [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Crockett Square [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Harbor Point (undeveloped land) [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Accumulated Depreciation			0
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Nov. 21, 2014
Harbor Point (undeveloped land) [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	0 years
Harbor Point (undeveloped land) [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	0 years
Hilton Head Land (undeveloped land) [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	0 years
Hilton Head Land (undeveloped land) [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	0 years
Harbor Point [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			2,400,000
Initial cost of building and improvements			0
Costs Capitalized Subsequent to Acquisition, improvements (net)			18,671
Balance at end of period	$ 2,418,671
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			2,418,671
Gross amount at which building and improvements at end of period			0
Total gross amount at which carried at end of period	2,418,671		2,418,671
DF I-Berkley [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			250,000
Initial cost of building and improvements			0
Costs Capitalized Subsequent to Acquisition, improvements (net)			0
Balance at end of period	250,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			250,000
Gross amount at which building and improvements at end of period			0
Total gross amount at which carried at end of period	$ 250,000		250,000
Accumulated Depreciation			0
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Dec. 1, 2014
DF I-Berkley [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	0 years
DF I-Berkley [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	0 years
Laskin Road [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			1,644,000
Initial cost of building and improvements			0
Costs Capitalized Subsequent to Acquisition, improvements (net)			185,018
Balance at end of period	$ 1,829,018
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			1,644,000
Gross amount at which building and improvements at end of period			185,018
Total gross amount at which carried at end of period	$ 1,829,018		1,829,018
Accumulated Depreciation			0
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Jan. 9, 2015
Pierpont Centre [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			675,317
Initial cost of building and improvements			9,253,152
Costs Capitalized Subsequent to Acquisition, improvements (net)			0
Balance at end of period	$ 9,928,469
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			675,317
Gross amount at which building and improvements at end of period			9,253,152
Total gross amount at which carried at end of period	$ 9,928,469		9,928,469
Accumulated Depreciation			321,596
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Jan. 14, 2015
Brook Run Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			300,000
Initial cost of building and improvements			0
Costs Capitalized Subsequent to Acquisition, improvements (net)			8,856
Balance at end of period	$ 308,856
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			300,000
Gross amount at which building and improvements at end of period			8,856
Total gross amount at which carried at end of period	$ 308,856		308,856
Accumulated Depreciation			0
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Mar. 27, 2015
Alex City Marketplace [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			453,746
Initial cost of building and improvements			7,836,903
Costs Capitalized Subsequent to Acquisition, improvements (net)			0
Balance at end of period	$ 8,290,649
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			453,746
Gross amount at which building and improvements at end of period			7,836,903
Total gross amount at which carried at end of period	$ 8,290,649		8,290,649
Accumulated Depreciation			214,524
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Apr. 1, 2015
Butler Square [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			1,023,990
Initial cost of building and improvements			6,400,682
Costs Capitalized Subsequent to Acquisition, improvements (net)			10,595
Balance at end of period	$ 7,435,267
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			1,023,990
Gross amount at which building and improvements at end of period			6,411,277
Total gross amount at which carried at end of period	$ 7,435,267		7,435,267
Accumulated Depreciation			139,192
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Apr. 15, 2015
Brook Run Shopping Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			2,208,501
Initial cost of building and improvements			12,918,517
Costs Capitalized Subsequent to Acquisition, improvements (net)			257,310
Balance at end of period	$ 15,384,328
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			2,208,501
Gross amount at which building and improvements at end of period			13,175,827
Total gross amount at which carried at end of period	$ 15,384,328		15,384,328
Accumulated Depreciation			441,728
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Jun. 2, 2015
Beaver Ruin Village [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			2,604,155
Initial cost of building and improvements			8,283,904
Costs Capitalized Subsequent to Acquisition, improvements (net)			0
Balance at end of period	$ 10,888,059
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			2,604,155
Gross amount at which building and improvements at end of period			8,283,904
Total gross amount at which carried at end of period	$ 10,888,059		10,888,059
Accumulated Depreciation			130,329
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Jul. 1, 2015
Beaver Ruin Village II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			1,153,127
Initial cost of building and improvements			2,809,398
Costs Capitalized Subsequent to Acquisition, improvements (net)			5,000
Balance at end of period	$ 3,967,525
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			1,153,127
Gross amount at which building and improvements at end of period			2,814,398
Total gross amount at which carried at end of period	$ 3,967,525		3,967,525
Accumulated Depreciation			40,850
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Jul. 1, 2015
Columbia Fire Station [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			2,304,937
Initial cost of building and improvements			0
Costs Capitalized Subsequent to Acquisition, improvements (net)			278,557
Balance at end of period	$ 2,583,494
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			2,304,937
Gross amount at which building and improvements at end of period			278,557
Total gross amount at which carried at end of period	$ 2,583,494		2,583,494
Accumulated Depreciation			0
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Jul. 1, 2015
Chesapeake Square [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			894,835
Initial cost of building and improvements			4,111,707
Costs Capitalized Subsequent to Acquisition, improvements (net)			0
Balance at end of period	$ 5,006,542
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			894,835
Gross amount at which building and improvements at end of period			4,111,707
Total gross amount at which carried at end of period	$ 5,006,542		5,006,542
Accumulated Depreciation			98,924
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Jul. 10, 2015
Sunshine Plaza [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			1,182,887
Initial cost of building and improvements			6,368,471
Costs Capitalized Subsequent to Acquisition, improvements (net)			0
Balance at end of period	$ 7,551,358
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			1,182,887
Gross amount at which building and improvements at end of period			6,368,471
Total gross amount at which carried at end of period	$ 7,551,358		7,551,358
Accumulated Depreciation			86,227
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Jul. 21, 2015
Carolina Place [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			250,000
Initial cost of building and improvements			0
Costs Capitalized Subsequent to Acquisition, improvements (net)			0
Balance at end of period	$ 250,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			250,000
Gross amount at which building and improvements at end of period			0
Total gross amount at which carried at end of period	$ 250,000		250,000
Accumulated Depreciation			0
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Jul. 24, 2015
Hilton Head Land [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			989,437
Initial cost of building and improvements			0
Costs Capitalized Subsequent to Acquisition, improvements (net)			22,064
Balance at end of period	$ 1,011,501
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			989,437
Gross amount at which building and improvements at end of period			22,064
Total gross amount at which carried at end of period	$ 1,011,501		1,011,501
Accumulated Depreciation			0
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Aug. 14, 2015
Barnett Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			3,107,136
Initial cost of building and improvements			8,912,082
Costs Capitalized Subsequent to Acquisition, improvements (net)			33,139
Balance at end of period	$ 12,052,357
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			3,115,759
Gross amount at which building and improvements at end of period			8,936,598
Total gross amount at which carried at end of period	$ 12,052,357		12,052,357
Accumulated Depreciation			115,889
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Aug. 21, 2015
Barnett Portfolio [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Barnett Portfolio [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Grove Park Shopping Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			722,150
Initial cost of building and improvements			4,589,698
Costs Capitalized Subsequent to Acquisition, improvements (net)			0
Balance at end of period	$ 5,311,848
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			722,150
Gross amount at which building and improvements at end of period			4,589,698
Total gross amount at which carried at end of period	$ 5,311,848		5,311,848
Accumulated Depreciation			66,605
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Sep. 9, 2015
Grove Park Shopping Center [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Grove Park Shopping Center [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Parkway Plaza Shopping Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			772,030
Initial cost of building and improvements			4,229,713
Costs Capitalized Subsequent to Acquisition, improvements (net)			0
Balance at end of period	$ 5,001,743
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			772,030
Gross amount at which building and improvements at end of period			4,229,713
Total gross amount at which carried at end of period	$ 5,001,743		5,001,743
Accumulated Depreciation			44,390
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Sep. 15, 2015
Parkway Plaza Shopping Center [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Parkway Plaza Shopping Center [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Ft. Howard Square [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			1,889,590
Initial cost of building and improvements			7,350,084
Costs Capitalized Subsequent to Acquisition, improvements (net)			0
Balance at end of period	$ 9,239,674
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			1,889,590
Gross amount at which building and improvements at end of period			7,350,084
Total gross amount at which carried at end of period	$ 9,239,674		9,239,674
Accumulated Depreciation			58,416
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Sep. 30, 2015
Ft. Howard Square [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Ft. Howard Square [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Conyers Crossing [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			2,101,459
Initial cost of building and improvements			6,819,984
Costs Capitalized Subsequent to Acquisition, improvements (net)			0
Balance at end of period	$ 8,921,443
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			2,101,459
Gross amount at which building and improvements at end of period			6,819,984
Total gross amount at which carried at end of period	$ 8,921,443		8,921,443
Accumulated Depreciation			69,763
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Sep. 30, 2015
Conyers Crossing [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Conyers Crossing [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
LBP Blairmill [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			0
Initial cost of building and improvements			0
Costs Capitalized Subsequent to Acquisition, improvements (net)			23,965
Balance at end of period	$ 23,965
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			0
Gross amount at which building and improvements at end of period			23,965
Total gross amount at which carried at end of period	23,965		23,965
LBP Milltown [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			0
Initial cost of building and improvements			0
Costs Capitalized Subsequent to Acquisition, improvements (net)			100,364
Balance at end of period	100,364
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			0
Gross amount at which building and improvements at end of period			100,364
Total gross amount at which carried at end of period	100,364		100,364
LBP Vauxhall [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			0
Initial cost of building and improvements			0
Costs Capitalized Subsequent to Acquisition, improvements (net)			14,627
Balance at end of period	14,627
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			0
Gross amount at which building and improvements at end of period			14,627
Total gross amount at which carried at end of period	14,627		14,627
McPherson [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land			0
Initial cost of building and improvements			0
Costs Capitalized Subsequent to Acquisition, improvements (net)			7,412
Balance at end of period	7,412
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs			0
Gross amount at which land is carried at end of period			0
Gross amount at which building and improvements at end of period			7,412
Total gross amount at which carried at end of period	$ 7,412		$ 7,412
Harps at Harbor Point [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Harps at Harbor Point [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Bixby Commons [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Bixby Commons [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Jenks Reasors [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Jenks Reasors [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years

Schedule III - Real Estate an53

Schedule III - Real Estate and Accumulated Depreciation (Non-printing) (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Sep. 16, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	$ 189,340,456	$ 122,296,547
Line of credit			$ 3,000,000
Amscot Building [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Line of credit	3,000,000
Surrey Plaza [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Line of credit	3,000,000
Lumber River Plaza [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Line of credit	6,870,000
Chesapeake Square [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Line of credit	6,870,000
Monarch Bank Building [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	1,380,000
Perimeter Square [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	4,170,000
Riversedge North [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	962,000
Shoppes at TJ Maxx [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	6,080,000
Shoppes at Eagle Harbor [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	3,630,000
Twin City Commons [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	3,230,000
Walnut Hill Plaza [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	3,450,000
Tampa Festival [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	8,630,000
Forrest Gallery [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	8,930,000
Starbucks/Verizon [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	632,000
Jenks Plaza [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Line of credit	3,000,000
Winslow Plaza [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	4,620,000
Clover Plaza [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	2,100,000
St George Plaza [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	2,650,000
South Square [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	2,160,000
Westland Square [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	2,760,000
Waterway Plaza [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	2,700,000
Cypress Shopping Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	6,630,000
Harrodsburg Marketplace [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	3,680,000
Port Crossing Shopping Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	6,470,000
LaGrange Marketplace [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	2,420,000
Edenton Commons [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	650,000
DF I-Moyock [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	419,000
Freeway Junction [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	8,150,000
Graystone Crossing [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	4,000,000
Bryan Station [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	4,630,000
Crockett Square [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	6,340,000
Harbor Point (undeveloped land) [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	1,540,000
Pierpont Centre [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	9,800,000
Alex City Marketplace [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	5,750,000
Butler Square [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	5,640,000
Brook Run Shopping Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	10,950,000
Beaver Ruin Village [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	9,400,000
Beaver Ruin Village II [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	9,400,000
Columbia Fire Station [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	450,000
Sunshine Plaza [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	5,900,000
Barnett Portfolio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	8,770,000
Grove Park Shopping Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	3,800,000
Parkway Plaza Shopping Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	3,500,000
Ft. Howard Square [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	7,100,000
Conyers Crossing [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Mortgage note	$ 5,960,000