Wheeler Real Estate Investment Trust (WHLR) 10-Q 9 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 07, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	Wheeler Real Estate Investment Trust, Inc.
Entity Central Index Key	1,527,541
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		8,730,859

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
ASSETS:
Investment properties, net	$ 383,861	$ 388,880
Cash and cash equivalents	5,663	4,863
Restricted cash	9,625	9,652
Rents and other tenant receivables, net	5,108	3,984
Related party receivables	2,322	1,456
Notes receivable	12,000	12,000
Goodwill	5,486	5,486
Assets held for sale	0	366
Above market lease intangible, net	9,521	12,962
Deferred costs and other assets, net	37,477	49,397
Total Assets	471,063	489,046
LIABILITIES:
Loans payable, net	306,962	305,973
Liabilities associated with assets held for sale	0	1,350
Below market lease intangible, net	10,356	12,680
Accounts payable, accrued expenses and other liabilities	10,307	7,735
Dividends payable	5,478	3,586
Total Liabilities	333,103	331,324
Commitments and contingencies
EQUITY:
Common Stock ($0.01 par value, 18,750,000 shares authorized, 8,730,859 and 8,503,819 shares issued and outstanding, respectively)	87	85
Additional paid-in capital	226,864	223,939
Accumulated deficit	(191,256)	(170,377)
Total Shareholders’ Equity	77,041	94,833
Noncontrolling interests	7,867	10,359
Total Equity	84,908	105,192
Total Liabilities and Equity	471,063	489,046
Series D Preferred Stock
EQUITY:
Preferred stock, no par value	53,052	52,530
Series A Preferred Stock
EQUITY:
Preferred stock, no par value	453	453
Series B Preferred Stock
EQUITY:
Preferred stock, no par value	$ 40,893	$ 40,733

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Preferred stock, shares outstanding (in shares)	562	4,500
Preferred stock, aggregate liquidation preference	$ 562
Common stock, par value per share (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	18,750,000	18,750,000
Common stock, shares issued (in shares)	8,730,859	8,503,819
Common stock, shares outstanding (in shares)	8,730,859	8,503,819
Series D Preferred Stock
Preferred stock, no par value
Preferred stock, shares authorized (in shares)	4,000,000	4,000,000
Preferred stock, shares issued (in shares)	2,237,000	2,237,000
Preferred stock, shares outstanding (in shares)	2,237,000	2,237,000
Preferred stock, aggregate liquidation preference	$ 55,930	$ 55,930
Series A Preferred Stock
Preferred stock, no par value
Preferred stock, shares authorized (in shares)	4,500	4,500
Preferred stock, shares issued (in shares)	562	562
Preferred stock, shares outstanding (in shares)	562	562
Series B Preferred Stock
Preferred stock, no par value
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	1,875,848	1,871,244
Preferred stock, shares outstanding (in shares)	1,875,848	1,871,244
Preferred stock, aggregate liquidation preference	$ 46,900	$ 46,780

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
REVENUE:
Rental revenues	$ 11,109	$ 8,591	$ 33,265	$ 23,788
Asset management fees	145	163	807	623
Commissions	449	590	758	834
Tenant reimbursements	2,711	2,334	8,127	6,500
Development and other revenues	784	233	1,282	388
Total Revenue	15,198	11,911	44,239	32,133
OPERATING EXPENSES:
Property operations	3,726	3,027	11,467	8,499
Non-REIT management and leasing services	618	696	1,525	1,352
Depreciation and amortization	7,746	4,994	20,455	15,306
Provision for credit losses	23	31	443	196
Corporate general & administrative	1,306	1,497	4,855	6,291
Total Operating Expenses	13,419	10,245	38,745	31,644
Operating Income	1,779	1,666	5,494	489
(Loss) gain on disposal of properties	(1)	0	1,021	0
Interest income	364	299	1,080	301
Interest expense	(4,250)	(3,639)	(12,997)	(9,801)
Net Loss from Continuing Operations Before Income Taxes	(2,108)	(1,674)	(5,402)	(9,011)
Income tax expense	(65)	0	(175)	0
Net Loss from Continuing Operations	(2,173)	(1,674)	(5,577)	(9,011)
Income from operations	0	39	16	115
Gain on disposal of properties	0	1	1,502	689
Net Income from Discontinued Operations	0	40	1,518	804
Net Loss	(2,173)	(1,634)	(4,059)	(8,207)
Less: Net loss attributable to noncontrolling interests	(111)	(122)	(165)	(768)
Net Loss Attributable to Wheeler REIT	(2,062)	(1,512)	(3,894)	(7,439)
Preferred stock dividends	(2,496)	(1,240)	(7,473)	(2,263)
Net Loss Attributable to Wheeler REIT Common Shareholders	$ (4,558)	$ (2,752)	$ (11,367)	$ (9,702)
Loss per share from continuing operations (basic and diluted)	$ (0.52)	$ (0.32)	$ (1.48)	$ (1.25)
Income per share from discontinued operations	0	0	0.16	0.09
Loss per share, basic and diluted (in usd per share)	$ (0.52)	$ (0.32)	$ (1.32)	$ (1.16)
Weighted-average number of shares:
Basic and Diluted (in shares)	8,692,543	8,487,438	8,625,523	8,394,398
Dividends declared per common share (in usd per share)	$ 0.34	$ 0.42	$ 1.10	$ 1.26

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Equity - 9 months ended Sep. 30, 2017 - USD ($) $ in Thousands	Total	Series B Preferred Stock	Total Shareholders’ Equity	Total Shareholders’ EquitySeries B Preferred Stock	Preferred StockSeries A Preferred Stock	Preferred StockSeries B Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2016					562	1,871,244	8,503,819			761,954
Beginning balance at Dec. 31, 2016	$ 105,192		$ 94,833		$ 453	$ 40,733	$ 85	$ 223,939	$ (170,377)	$ 10,359
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuance of Series B preferred stock, net of expenses (in shares)						4,604
Proceeds from issuance of Series B preferred stock, net of expenses	96		96			$ 96
Accretion of Series B Preferred Stock discount	605	$ 64		$ 64		$ 64
Conversion of convertible securities into common stock, shares							2,509
Conversion of senior convertible notes to Common Stock	31		31				$ 0	31
Conversion of operating partnership units into common stock, shares							119,589			(119,589)
Conversion of operating partnership units to Common Stock			1,296				$ 1	1,295		$ (1,296)
Issuance of common stock under Share Incentive Plan, shares							104,942
Issuance of Common Stock under Share Incentive Plan	1,346		1,346				$ 1	1,345
Redemption of fractional units as a result of reverse stock split, shares										(66)
Redemption of fractional units as a result of reverse stock split	(1)									$ (1)
Adjustment for noncontrolling interest in operating partnership			254					254		(254)
Dividends and distributions	(17,761)		(16,985)						(16,985)
Dividends and distributions, minority interest										(776)
Net loss	(4,059)		(3,894)						(3,894)	$ (165)
Ending balance (in shares) at Sep. 30, 2017					562	1,875,848	8,730,859			642,299
Ending balance at Sep. 30, 2017	$ 84,908		$ 77,041		$ 453	$ 40,893	$ 87	$ 226,864	$ (191,256)	$ 7,867

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (4,059)	$ (8,207)
Adjustments to reconcile consolidated net loss to net cash from operating activities
Depreciation	7,958	5,751
Amortization	12,497	9,555
Loan cost amortization	2,509	1,464
Above (below) market lease amortization, net	448	69
Share-based compensation	735	582
Gain on disposal of properties	(1,021)	0
Gain on disposal of properties-discontinued operations	(1,502)	(689)
Provision for credit losses	443	196
Changes in assets and liabilities, net of acquisitions
Rent and other tenant receivables, net	(612)	(251)
Unbilled rent	(955)	(221)
Related party receivables	(866)	(884)
Cash restricted for operating property reserves	(328)	(1,257)
Deferred costs and other assets, net	(584)	134
Accounts payable, accrued expenses and other liabilities	3,819	3,168
Net operating cash flows provided by (used in) discontinued operations	32	(1)
Net cash from operating activities	18,514	9,409
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment property acquisitions	0	(8,680)
Capital expenditures	(4,262)	(1,587)
Issuance of notes receivable	0	(9,404)
Decrease (increase) in capital property reserves	333	(622)
Increase in cash restricted for property acquisitions	0	(837)
Cash received from disposal of properties	2,416	0
Cash received from disposal of properties-discontinued operations	1,871	1,385
Net cash from (used in) investing activities	358	(19,745)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments for deferred financing costs	(646)	(3,571)
Dividends and distributions paid	(15,264)	(12,654)
Proceeds from sales of Preferred Stock, net of expenses	78	61,387
Loan proceeds	17,170	20,100
Loan principal payments	(17,723)	(29,575)
Net financing cash flows used in discontinued operations	(1,687)	(11)
Net cash (used in) provided by financing activities	(18,072)	35,676
INCREASE IN CASH AND CASH EQUIVALENTS	800	25,340
CASH AND CASH EQUIVALENTS, beginning of period	4,863	10,478
CASH AND CASH EQUIVALENTS, end of period	5,663	35,818
Non-Cash Transactions:
Debt incurred for acquisitions	0	60,320
Noncontrolling interests resulting from the issuance of common units	0	3,499
Conversion of common units to common stock	1,296	0
Conversion of senior convertible debt into common stock	31	1,600
Accretion of preferred stock discounts	605	255
Note receivable in consideration of land	0	1,000
Other Cash Transactions:
Cash paid for taxes	220	0
Cash paid for interest	$ 10,404	$ 8,259

Organization and Basis of Prese

Organization and Basis of Presentation and Consolidation	9 Months Ended
	Sep. 30, 2017
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", the "REIT", or "Company") 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 September 30, 2017 , the Trust, through the Operating Partnership, owned and operated sixty-four centers, one office building, seven undeveloped properties, and one redevelopment project in Virginia, North Carolina, South Carolina, Georgia, Florida, Alabama, Oklahoma, Tennessee, Kentucky, New Jersey, Pennsylvania and West Virginia. Accordingly, the use of the word “Company” refers to the Trust and its consolidated subsidiaries, except where the context otherwise requires. 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. The condensed consolidated financial statements included in this Quarterly Report on Form 10-Q (the “Form 10-Q”) are unaudited and the results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for future periods or the year. However, amounts presented in the condensed consolidated balance sheet as of December 31, 2016 are derived from the Company’s audited consolidated financial statements as of that date, but do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. The Company prepared the accompanying condensed consolidated financial statements in accordance with GAAP for interim financial statements. All per share amounts, common units and shares outstanding and stock-based compensation amounts for all periods presented reflect our one-for-eight reverse stock split (the "Reverse Stock Split"), which was effective March 31, 2017. All material balances and transactions between the consolidated entities of the Company have been eliminated. You should read these condensed consolidated financial statements in conjunction with our 2016 Annual Report filed on Form 10-K for the year ended December 31, 2016 (the “ 2016 Form 10-K”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Investment Properties The Company records investment properties and related intangibles at fair value upon acquisition. 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 three and nine months ended September 30, 2017 and 2016 . Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. 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. Restricted cash represents amounts held by lenders for real estate taxes, insurance, reserves for capital improvements and tenant security deposits. The Company presents changes in cash restricted for real estate taxes, insurance and tenant security deposits as operating activities in the condensed consolidated statement of cash flows. The Company presents changes in cash restricted for capital improvements as investing activities in the condensed consolidated statement of cash flows. The Company places its cash and cash equivalents and restricted cash on deposit with financial institutions in the United States, which are insured by the Federal Deposit Insurance Company (“FDIC”) up to $250 thousand . The Company's credit loss in the event of failure of these financial institutions is represented by the difference between the FDIC limit and the total amounts on deposit. Management monitors the financial institutions credit worthiness in conjunction with balances on deposit to minimize risk. 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 September 30, 2017 and December 31, 2016 , the Company’s allowance for uncollectible accounts totaled $703 thousand and $691 thousand , respectively. During the three and nine months ended September 30, 2017 , the Company recorded bad debt expenses in the amount of $23 thousand and $443 thousand , respectively, related to tenant receivables that were specifically identified as potentially uncollectible based on an assessment of the tenant’s credit-worthiness. During the three and nine months ended September 30, 2016 , the Company recorded bad debt expenses in the amount of $31 thousand and $196 thousand , respectively. During the three and nine months ended September 30, 2017 and 2016 , the Company did not realize any recoveries related to tenant receivables previously written off. Above and Below Market Lease Intangibles, net The Company determines the above and below market lease intangibles upon acquiring a property. Above and below market lease intangibles are amortized over the life of the respective leases. Amortization of above and below market lease intangibles is recorded as a component of rental revenues. Deferred Costs and Other Assets, net The Company’s deferred costs and other assets consist primarily of leasing commissions, leases in place, capitalized legal and marketing costs and tenant relationship intangibles associated with acquisitions. 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. Details of these deferred costs, net of amortization, and other assets are as follows (in thousands): September 30, 2017 December 31, 2016 (unaudited) Leases in place, net $ 27,306 $ 35,655 Tenant relationships, net 7,670 10,944 Lease origination costs, net 1,059 1,096 Other 824 517 Deposits on acquisitions 536 1,086 Legal and marketing costs, net 82 99 Total Deferred Costs and Other Assets, net $ 37,477 $ 49,397 Amortization of lease origination costs, leases in place, legal and marketing costs, and tenant relationships represents a component of depreciation and amortization expense. As of September 30, 2017 and December 31, 2016 , the Company’s intangible accumulated amortization totaled $38.72 million and $28.55 million , respectively. During the three and nine months ended September 30, 2017 , the Company’s intangible amortization expense totaled $5.09 million and $12.50 million , respectively. Amortization expense for the three and nine months ended September 30, 2017 includes $1.74 million of accelerated amortization on intangibles related to the Bi-Lo lease termination at the Shoppes at Myrtle Park. During the three and nine months ended September 30, 2016 , the Company’s intangible amortization expense totaled $3.00 million and $9.56 million , respectively. As of September 30, 2017 , the Company's annual amortization for its lease origination costs, leases in place, legal and marketing costs and tenant relationships is as follows (in thousands): Leases In Place, net Tenant Relationships, net Lease Origination Costs, net Legal & Marketing Costs, net Total For the remaining three months ended December 31, 2017 $ 2,179 $ 865 $ 81 $ 6 $ 3,131 December 31, 2018 7,132 2,613 241 17 10,003 December 31, 2019 5,176 1,646 175 14 7,011 December 31, 2020 3,698 940 131 11 4,780 December 31, 2021 2,380 523 115 9 3,027 December 31, 2022 1,931 406 74 6 2,417 Thereafter 4,810 677 242 19 5,748 $ 27,306 $ 7,670 $ 1,059 $ 82 $ 36,117 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. At September 30, 2017 and December 31, 2016, there were $2.19 million and $1.24 million in unbilled rent which is included in rents and other tenant receivables, net. 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 three and nine months ended September 30, 2017 , the Company recognized percentage rents of $30 thousand and $165 thousand , respectively. During the three and nine months ended September 30, 2016 , the Company recognized percentage rents of $58 thousand and $214 thousand , 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 under the Condensed Consolidated Statements of Operations caption "Tenant reimbursements." 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 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 three and nine months ended September 30, 2017 and 2016 . 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. During the three and nine months ended September 30, 2017 , the Company recognized lease termination fees of $470 thousand and $491 thousand , respectively, primarily a result of the Bi-Lo at Shoppes at Myrtle Park lease termination. During the three and nine months ended September 30, 2016 , the Company recognized lease termination fees of $0 thousand and $26 thousand , respectively. The Company includes termination fees under the Condensed Consolidated Statement of Operations caption "Development and other revenues." Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the Company to distribute at least 90% of its taxable income to shareholders and meet certain other asset and income tests, as well as other requirements. The TRS' have accrued $62 thousand and $107 thousand for 2017 and 2016 federal and state income taxes as of September 30, 2017 and December 31, 2016. 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 a reasonable cause and certain other conditions were satisfied. Taxable REIT Subsidiary Cost Allocation The Company’s overall philosophy regarding cost allocation centers around the premise that the Trust 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). Non-REIT properties pay development fees of 5% of hard costs. Costs incurred to manage, lease and administer the Non-REIT Properties are allocated to the TRS. These costs include compensation and benefits, property management, leasing and other corporate, general and administrative expenses associated with generating the TRS' revenues. 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 periods. 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 $52 thousand and $195 thousand for the three and nine months ended September 30, 2017 , respectively. The Company incurred advertising and promotion costs of $23 thousand and $176 thousand for the three and nine months ended September 30, 2016 , respectively. Assets Held For Sale and Discontinued Operations 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. Assets held for sale are presented as discontinued operations in all periods presented if the disposition represents a strategic shift that has, or will have, a major effect on the Company's financial position or results of operations. This includes the net gain (or loss) upon disposal of property held for sale, the property's operating results, depreciation and interest expense. Corporate General and Administrative Expense A detail for the "Corporate General & Administrative" line item from the Condensed Consolidated Statements of Operations is presented below (in thousands): Three Months Ended Nine Months Ended 2017 2016 2017 2016 (unaudited) Compensation and benefits $ 444 $ 392 $ 1,384 $ 2,440 Professional fees 295 391 1,247 1,181 Acquisition and development costs 233 117 832 903 Corporate administration 132 301 483 806 Capital related costs 82 61 468 311 Advertising 52 23 195 176 Travel 39 153 133 374 Taxes and licenses 29 59 113 100 Total Corporate General & Administrative $ 1,306 $ 1,497 $ 4,855 $ 6,291 An allocation of professional fees, compensation and benefits, corporate administration and travel is included in Non-REIT management and leasing services on the statements of operations, which can vary period to period depending on the relative operational fluctuations of these respective services. 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 condensed consolidated balance sheets but separate from the Company’s equity. On the condensed consolidated statements of operations, the subsidiaries are reported at the consolidated amount, including both the amount attributable to the Company and noncontrolling interests. Condensed consolidated statement of equity includes beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity. The noncontrolling interest of the Operating Partnership common unit holders is calculated by multiplying the noncontrolling interest ownership percentage at the balance sheet date by the Operating Partnership’s net assets (total assets less total liabilities). The noncontrolling interest percentage is calculated at any point in time by dividing the number of units not owned by the Company by the total number of units outstanding. The noncontrolling interest ownership percentage will change as additional units are issued or as units are exchanged for the Company’s common stock $0.01 par value per share (“Common Stock”). In accordance with GAAP, any changes in the value from period to period are charged to additional paid-in capital. Recent Accounting Pronouncements In May 2014, the 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. In March 2016, the FASB issued ASU No. 2016-08, "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, "Revenue from contracts with customers (Topic 606): Identifying Performance Obligations and Licensing," which provides further guidance on identifying performance obligations and intellectual property licensing implementation. In June 2016, the FASB issued ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients”, which relates to assessing collectability, presentation of sales taxes, noncash consideration and completed contracts and contract modifications in transition. In December 2016, the FASB issued 2016-20, "Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers," which clarifies or corrects unintended application of the standard. Companies are permitted to adopt the ASUs as early as fiscal years beginning after December 15, 2016, but the adoption is required for fiscal years beginning after December 15, 2017. In September 2017, the FASB issued ASU 2017-13, "Revenue Recognition (Topic 605)," "Revenue from Contracts with Customers (Topic 606)," "Leases (Topic 840)," and "Leases (Topic 842)." These amendments provide additional clarification and implementation guidance on the previously issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)." These new standards 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. The Company is currently evaluating the impact of this standard. The majority of the Company’s revenue is based on real estate lease contracts which are not within the scope of this ASU. The Company has identified its non-lease revenue streams and initial analysis indicates the adoption of this standard will not have a material impact on our financial position or results of operations. The Company will increase disclosures around revenue recognition in the notes to condensed consolidated financial statements to comply with the standard upon adoption. The Company will adopt the standard January 1, 2018 as a cumulative-effect adjustment. 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. In September 2017, the FASB issued ASU 2017-13, "Revenue Recognition (Topic 605)," "Revenue from Contracts with Customers (Topic 606)," "Leases (Topic 840)," and "Leases (Topic 842)," which provides additional implementation guidance on the previously issued ASU 2016-02. "Leases (Topic 842)." 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. The accounting for leases under which we are the lessor remains largely unchanged. Lessees with a large portfolio of leases are likely to see a significant increase in balance sheet assets and liabilities. While we are currently assessing the impact of the standard on our financial position and results of operations we expect the primary impact to be on those ground leases which we are the lessor. The new standard will result in the recording of right of use assets and lease obligations. See Note 9 for the Company’s current lease commitments. The Company continues to evaluate the impact of ASU 2016-02 on its financial statements. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” This ASU simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This ASU is effective for annual periods beginning after December 15, 2016 and early adoption is permitted. The Company adopted this ASU as of January 1, 2017 and applied prospectively. The adoption did not have a material impact on the financial position or results of operations. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of certain cash receipts and cash payments (a consensus of the Emerging Issues Task Force).” The ASU addresses eight specific cash flow issues in an effort to reduce diversity in practice. This ASU is effective for annual and interim reporting periods beginning after December 15, 2017 and early adoption is permitted. The new standard is to be applied retrospectively for all period presented. The Company will adopt this ASU in 2018 and does not expect the adoption to materially impact its consolidated statements of cash flows. In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force).” The ASU provides guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flows in an effort to reduce diversity in practice. The standard requires a reconciliation of total cash, cash equivalents and restricted cash in the cash flow statement or in the notes to the financial statements. This ASU is effective for annual and interim reporting periods beginning after December 15, 2017 and early adoption is permitted. The new standard is to be applied retrospectively for all period presented. The Company will adopt this ASU in 2018 and does not expect the adoption to materially impact its consolidated statements of cash flows. In February 2015, the FASB issued ASU 2015-02 related to ASC Topic 810, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” This new guidance changes the identification of variable interests, the variable interest entity (“VIE”) characteristics for a limited partnership or similar entity, and primary beneficiary determination. The guidance also eliminates the presumption that a general partner controls a limited partnership. The ASU is effective for annual periods beginning after December 15, 2015. The Company has adopted this ASU with no material impact on the Company’s consolidated financial statements. In October 2016, the FASB issued ASU 2016-17, “Consolidation (Topic 810) Interests Held through Related Parties That are under Common Control,” which amends the consolidation guidance on how a reporting entity that is the single decision maker of a VIE should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. The primary beneficiary of a VIE is the reporting entity that has a controlling financial interest in a VIE and, therefore, consolidates the VIE. A reporting entity has an indirect interest in a VIE if it has a direct interest in a related party that, in turn, has a direct interest in the VIE. The ASU is effective for annual periods beginning after December 15, 2016. The Company adopted this ASU as of January 1, 2017. The adoption did not have a material impact on the financial position or results of operations. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business.” The ASU clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This ASU is effective for annual and interim reporting periods beginning after December 15, 2017 and early adoption is permitted. The new standard is to be applied prospectively. The adoption of this standard will most likely result in less real estate acquisitions qualifying as businesses and, accordingly, acquisition costs for those acquisitions that are not businesses will be capitalized rather than expensed. In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the test for Goodwill Impairment.” The amendments in ASU 2017-04 eliminate the current two-step approach used to test goodwill for impairment and require an entity to apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. This ASU is effective for annual and interim reporting periods beginning after December 15, 2019 and early adoption is permitted on testing dates after January 1, 2017. The new standard is to be applied prospectively. The Company will adopt this ASU in 2020 and does not expect the adoption to materially impact its financial position or results of operations. In February 2017, the FASB issued ASU 2017-05, “Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets.” This amendment provides guidance for partial sales of nonfinancial assets. This ASU is eff

Investment Properties

Investment Properties	9 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
Investment Properties	Investment Properties Investment properties consist of the following (in thousands): September 30, 2017 December 31, 2016 (unaudited) Land and land improvements $ 91,108 $ 90,531 Land held for improvement 11,170 11,420 Buildings and improvements 310,000 307,411 Investment properties at cost 412,278 409,362 Less accumulated depreciation (28,417 ) (20,482 ) Investment properties, net $ 383,861 $ 388,880 The Company’s depreciation expense on investment properties was $2.65 million and $7.96 million for the three and nine months ended September 30, 2017 , respectively. The Company’s depreciation expense on investment properties was $2.00 million and $5.75 million for the three and nine months ended September 30, 2016 , respectively. A significant portion of the Company’s land, buildings and improvements serves as collateral for its mortgage loans payable portfolio. Accordingly, restrictions exist as to the encumbered property’s transferability, use and other common rights typically associated with property ownership. Dispositions On June 27, 2017, the Company completed the sale of the 2.14 acre land parcel at Carolina Place for a contract price of $250 thousand , resulting in a loss of $12 thousand with net proceeds of $238 thousand . On June 26, 2017, the Company completed the sale of the Steak n' Shake, a 1.06 acre outparcel at Rivergate, for a contract price of approximately $2.25 million , resulting in a gain of $1.03 million with net proceeds of $2.18 million . The sales of the Steak n' Shake outparcel at Rivergate and the land parcel at Carolina Place do not represent a strategic shift that has a major effect on the Company's financial position or results of operations. Accordingly, the operating results of these properties remains classified within continuing operations for all periods presented.

Notes Receivable

Notes Receivable	9 Months Ended
	Sep. 30, 2017
Notes Receivable [Abstract]
Notes Receivable	Notes Receivable The Company, through WD, is performing development services for a related party of the Company, for the redevelopment of Pineland Station Shopping Center in Hilton Head, South Carolina to be known in the future as Sea Turtle Marketplace (“Sea Turtle Development”). Sea Turtle Development is a related party as discussed in Note 10. On September 29, 2016, the Company entered into an $11.0 million note receivable for the partial funding of the Sea Turtle Development and a $1.0 million note receivable in consideration for the sale of 10.39 acres of land owned by the Company. Both promissory notes are collateralized by a 2 nd deed of trust on the property and accrue interest at a rate of 12% annually. Interest only payments at a rate of 8% are due on the notes at the beginning of every calendar quarter starting October 2016. Interest at a rate of 4% accrues and is due at maturity. The notes mature the earlier of September 29, 2021 or the disposition of the property. The principal balance on the notes receivable at September 30, 2017 is $12.0 million . Accrued but unpaid interest is included in related party receivables on the condensed consolidated balance sheets.

Assets Held for Sale and Discon

Assets Held for Sale and Discontinued Operations	9 Months Ended
	Sep. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale and Discontinued Operations	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. As of September 30, 2017 the sales of all Freestanding Properties have occurred and the Company will receive no residual cash flows. On February 28, 2017, the Company completed its sales of Ruby Tuesday’s and Outback Steakhouse at Pierpont Centre for a contract price of approximately $2.29 million , resulting in a gain of $1.50 million . The Company has defeased the $1.69 million loan payable at a cost of $223 thousand . As of September 30, 2017 and December 31, 2016 , assets held for sale consisted of the following (in thousands): September 30, 2017 December 31, 2016 (unaudited) Investment properties, net $ — $ 217 Above market lease intangible, net — 3 Deferred costs and other assets, net — 146 Total assets held for sale $ — $ 366 As of September 30, 2017 and December 31, 2016 , liabilities associated with assets held for sale consisted of the following (in thousands): September 30, 2017 December 31, 2016 (unaudited) Loans payable $ — $ 1,350 Total liabilities associated with assets held for sale $ — $ 1,350 The condensed consolidated statements of operations reflect reclassifications of revenues, 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 three and nine months ended September 30, 2017 and 2016 (in thousands): Three Months Ended Nine Months Ended 2017 2016 2017 2016 (unaudited) Revenues $ — $ 54 $ 26 $ 249 Expenses — 1 1 78 Operating income — 53 25 171 Interest expense — 14 9 56 Income from discontinued operations before gain on disposal of properties — 39 16 115 Gain on disposal of properties — 1 1,502 689 Net Income from discontinued operations $ — $ 40 $ 1,518 $ 804

Loans Payable

Loans Payable	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Loans Payable	Loans Payable The Company’s loans payable consist of the following (in thousands except monthly payment): Property/Description Monthly Payment Interest Rate Maturity September 30, 2017 December 31, 2016 Bank Line of Credit Interest only 4.25 % December 2017 3,000 3,000 Columbia Fire House Interest only 8.00 % December 2017 259 487 Monarch Bank Building $ 9,473 4.15 % December 2017 1,276 1,320 KeyBank Line of Credit Interest only Libor + 250 basis points December 2017 18,032 — Shoppes at Eagle Harbor $ 25,100 4.34 % March 2018 3,380 3,492 Revere Loan Interest only 8.00 % April 2018 6,808 7,450 KeyBank Line of Credit Interest only Libor + 250 basis points May 2018 50,000 74,077 Lumber River Interest only Libor + 295 basis points June 2018 1,500 1,500 Senior convertible notes Interest only 9.00 % December 2018 1,369 1,400 Harbor Point $ 11,024 5.85 % December 2018 578 649 Perimeter Square Interest only 5.50 % December 2018 5,236 4,500 Riversedge North $ 8,802 6.00 % January 2019 876 914 DF I-Moyock $ 10,665 5.00 % July 2019 224 309 Rivergate Interest only Libor + 295 basis points December 2019 22,689 24,213 LaGrange Marketplace $ 15,065 Libor + 375 basis points March 2020 2,331 2,369 Folly Road Interest only 4.00 % March 2020 6,181 — Columbia Fire House construction loan Interest only 4.00 % May 2020 1,850 — Shoppes at TJ Maxx $ 33,880 3.88 % May 2020 5,773 5,908 Walnut Hill Plaza Interest only 5.50 % September 2022 3,903 3,440 Twin City Commons $ 17,827 4.86 % January 2023 3,126 3,170 Tampa Festival $ 50,797 5.56 % September 2023 8,403 8,502 Forrest Gallery $ 50,973 5.40 % September 2023 8,704 8,802 South Carolina Food Lions Note $ 68,320 5.25 % January 2024 12,096 12,224 Cypress Shopping Center $ 34,360 4.70 % July 2024 6,510 6,585 Port Crossing $ 34,788 4.84 % August 2024 6,291 6,370 Freeway Junction $ 41,798 4.60 % September 2024 8,026 8,119 Harrodsburg Marketplace $ 19,112 4.55 % September 2024 3,570 3,617 Graystone Crossing $ 20,386 4.55 % October 2024 3,944 3,990 Bryan Station $ 23,489 4.52 % November 2024 4,566 4,619 Crockett Square Interest only 4.47 % December 2024 6,338 6,338 Pierpont Centre Interest only 4.15 % February 2025 8,113 8,450 Alex City Marketplace Interest only 3.95 % April 2025 5,750 5,750 Butler Square Interest only 3.90 % May 2025 5,640 5,640 Brook Run Shopping Center Interest only 4.08 % June 2025 10,950 10,950 Beaver Ruin Village I and II Interest only 4.73 % July 2025 9,400 9,400 Sunshine Shopping Plaza Interest only 4.57 % August 2025 5,900 5,900 Barnett Portfolio Interest only 4.30 % September 2025 8,770 8,770 Fort Howard Shopping Center Interest only 4.57 % October 2025 7,100 7,100 Conyers Crossing Interest only 4.67 % October 2025 5,960 5,960 Grove Park Shopping Center Interest only 4.52 % October 2025 3,800 3,800 Parkway Plaza Interest only 4.57 % October 2025 3,500 3,500 Winslow Plaza Interest only 4.82 % December 2025 4,620 4,620 Chesapeake Square $ 23,857 4.70 % August 2026 4,519 4,578 Sangaree/Tri-County/Berkley Interest only 4.78 % December 2026 9,400 9,400 Riverbridge Interest only 4.48 % December 2026 4,000 4,000 Franklin Interest only 4.93 % January 2027 8,516 8,516 Total Principal Balance 312,777 313,698 Unamortized debt issuance cost (5,815 ) (7,725 ) Total Loans Payable $ 306,962 $ 305,973 KeyBank Credit Agreement On May 29, 2015, the Operating Partnership entered into a $45.00 million revolving credit line (the "Credit Agreement") with KeyBank National Association ("KeyBank"). Pursuant to the Credit Agreement, 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. On April 12, 2016, the Operating Partnership entered into a First Amendment and Joinder Agreement (“First Amendment”) to the Credit Agreement. The First Amendment increased the $45.00 million revolving credit line with KeyBank to $67.20 million and the Company utilized this additional borrowing capacity to acquire the 14 retail shopping centers located in Georgia and South Carolina, commonly known as the A-C Portfolio ("A-C Portfolio"). Pursuant to the terms of the First Amendment, the monthly interest of the increased credit facility is adjusted to LIBOR plus a margin of 5.00% until such time that the Company can meet certain repayment and leverage conditions. The Company used proceeds from the 2016 Series B Preferred Stock Offering to reduce its borrowings under the Credit Agreement to $46.10 million and the margin reduced back to the stated range of the original Credit Agreement on August 15, 2016. On December 7, 2016, the Operating Partnership entered into a Second Amendment and Joinder Agreement ("Second Amendment") to the Credit Agreement. The Second Amendment increased the line of credit to $75.0 million . Pursuant to the terms of the Second Amendment, the pricing reverts back to the original Credit Agreement. On August 7, 2017, the Company executed a Third Amendment to the KeyBank Credit Agreement (the "Third Amendment"). The Third Amendment changed the interest payment date to the first day of each calendar month and decreased the total commitment on the revolving credit line by $25 million to $50 million effective October 7, 2017. The Company and KeyBank agreed Shoppes at Myrtle Park shall continue to be included in the calculation of the Borrowing Base Availability (as defined in the Credit Agreement) through December 21, 2017. The unutilized amounts available to the Company under the Credit Agreement accrue fees which are paid at a rate of 0.25% . The Credit Agreement matures in May 2018. As of September 30, 2017 , the Company has borrowed $68.03 million under the Credit Agreement, which is collateralized by 16 properties. At September 30, 2017 , the outstanding borrowings are accruing interest at 3.74% . 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 under the Credit Agreement as of September 30, 2017 . 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 September 30, 2017 , the Company has not incurred an event of default. Senior Convertible Notes Amendment Effective as of April 28, 2016, the Company and certain investors: Calapasas West Partners, L.P.; Full Value Partners, L.P.; Full Value Special Situations Fund, L.P.; MCM Opportunity Partners, L.P.; Mercury Partners, L.P.; Opportunity Partners, L.P.; Special Opportunities Fund, Inc.; and Steady Gain Partners, L.P. (collectively the “Bulldog Investors”) amended the convertible 9% senior notes (“Amended Convertible Notes”) to purchase shares of the Company’s Common Stock. Prior to the amendment, the aggregate principal amount of the Convertible Notes ("Convertible Notes") was $3.00 million . Pursuant to the terms of the Amended Convertible Notes, upon thirty ( 30 ) calendar days’ notice (“Notice”), the Company may prepay any portion of the outstanding Principal Amount and accrued and unpaid interest, if any, without penalty. In addition, upon Notice the Bulldog Investors may now exercise their right to convert all or any portion of the outstanding Principal Amount and any accrued but unpaid interest into shares of Common Stock any time prior to the repayment in full of the Amended Convertible Notes. The maximum number of shares of Common Stock issuable upon conversion of the Amended Convertible Notes is 1,417,079 shares, pre-reverse split. As of September 30, 2017 , the Bulldog Investors have converted approximately $1.64 million of principal amount into 1,417,079 shares, pre-reverse split, of the Company's Common Stock, the maximum number of shares allowed. Folly Road Refinance On March 22, 2017, the Company executed a promissory note for $8.57 million to refinance the Folly Road collateralized portion of the KeyBank Credit Agreement totaling $6.05 million . The loan matures in March 2020 with monthly interest only payments due through April 2018 at which time monthly principal and interest payments begin based on a 25 year amortization. The loan bears interest at 4.00% . As of September 30, 2017 , $6.18 million has been borrowed on the note with the remaining $2.39 million available for construction and development. Revere Loan On May 1, 2017, the Operating Partnership extended the $7.45 million Term Loan Agreement dated April 18, 2016 between the Operating Partnership, as borrower and Revere High Yield Fund, L.P., as lender ("Revere Loan") maturity to April 30, 2018, as permitted within the terms of the loan agreement, with a $450 thousand principal payment and $140 thousand extension fee. In June 2017, upon the completion of the sale of Carolina Place, as discussed in Note 3, a $167 thousand principal payment was made on the loan. On August 29, 2017, a $25 thousand principal payment was made on the loan as a result of the Walnut Hill Plaza amendment discussed below. The balance on the loan is $6.81 million at September 30, 2017 . Columbia Fire House Construction Loan On May 3, 2017, the Company executed a promissory note for $4.30 million related to construction at Columbia Fire House ("Columbia Fire House Construction Loan") at which time the original Columbia Fire House note ("Columbia Fire House Loan") was paid down to $262 thousand . The loan matures in May 2020 with monthly interest only payments through November 2018 at which time monthly principal and interest payments begin based on a 20 year amortization. The loan bears interest at 4.00% . As of September 30, 2017 , $1.85 million has been borrowed on the note with the remaining $2.45 million available for construction and development. Perimeter Refinance On June 14, 2017, the Company executed a promissory note for $6.25 million to refinance the Perimeter loan totaling $4.50 million . The loan matures December 2018 with monthly interest only payments. Principal is due at maturity. The loan bears interest at 5.50% . As of September 30, 2017 , $5.24 million has been borrowed on the note with the remaining $1.01 million available for tenant improvements. Rivergate Paydown With the sale of the Steak n' Shake outparcel at Rivergate, as discussed in Note 3, a $1.52 million principal payment was made on the Rivergate loan. The balance on the Rivergate loan was $22.69 million at September 30, 2017 . Walnut Hill Plaza Amendment On July 18, 2017, the Company extended the $3.39 million Walnut Hill Plaza loan maturity to October 31, 2017. On August 29, 2017, the Company amended the Walnut Hill Plaza promissory note for $3.90 million . The amended loan matures in September 2022 with monthly interest only payments through August 2018 at which time monthly principal and interest payments of $26,850 begin based on a 20 year amortization. The loan bears interest at 5.50% . Bank Line of Credit On September 16, 2017, the Company extended the $3.00 million bank line of credit to December 15, 2017. Certain of the Company’s loans payable have covenants with which the Company is required to comply. As of September 30, 2017 , the Company believes it is in compliance with all applicable covenants. Debt Maturity The Company’s scheduled principal repayments on indebtedness as of September 30, 2017 are as follows (in thousands, unaudited): For the remaining three months ended December 31, 2017 $ 23,013 December 31, 2018 71,099 December 31, 2019 24,785 December 31, 2020 17,016 December 31, 2021 1,907 December 31, 2022 5,534 Thereafter 169,423 Total principal repayments and debt maturities $ 312,777 The Company has considered our short-term (one year or less) liquidity needs and the adequacy of our estimated cash flows from operating activities and other expected financing sources to meet these needs. In particular, we have considered our scheduled debt maturities for the twelve months ended September 30, 2018 of $84.25 million , which includes the $68.03 million maturity of the KeyBank Line of Credit. Management is in the process of refinancing properties off the KeyBank Line of Credit to reduce the line to under $50.00 million prior to December 6, 2017 in accordance with the Fourth Amendment as described in Footnote 11. The Company is in the process of refinancing the $3.00 million Bank Line of Credit which has been extended to December 2017 and has the ability to repay the $259 thousand Columbia Fire House Loan with available funds from the Columbia Fire House Construction Loan. All loans due to mature are collateralized by properties within our portfolio. Additionally, the Company expects to meet the short-term liquidity requirements, through a combination of the following: • available cash and cash equivalents; • cash flows from operating activities; • refinancing of maturing debt; and • sale of additional properties, if necessary. Management is currently working with lenders to refinance the loans noted above. The loans are expected to have customary interest rates similar to current loans. They are subject to formal lender commitment, definitive documentation and customary conditions.

Rentals under Operating Leases

Rentals under Operating Leases	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 are as follows (in thousands, unaudited): For the remaining three months ended December 31, 2017 $ 10,769 December 31, 2018 41,601 December 31, 2019 35,685 December 31, 2020 28,514 December 31, 2021 21,420 December 31, 2022 16,564 Thereafter 43,765 Total minimum rentals $ 198,318

Equity and Mezzanine Equity

Equity and Mezzanine Equity	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Equity and Mezzanine Equity	Equity and Mezzanine Equity Common Stock One-for-Eight Reverse Stock Split On February 27, 2017, we announced that our Board of Directors had approved the Reverse Stock Split. The Reverse Stock Split took effect at approximately 5:00 p.m. Eastern Time on March 31, 2017 (the “Effective Time”). At the Effective Time, every eight issued and outstanding shares of Common Stock were converted into one share of Common Stock, and as a result, the number of outstanding shares of Common Stock was reduced from approximately 68,707,755 to approximately 8,588,470 . At the Effective Time, the number of authorized shares of Common Stock was also reduced, on a one-for-eight basis, from 150,000,000 to 18,750,000 . The par value of each share of Common Stock remained unchanged. No fractional shares were issued in connection with the Reverse Stock Split. Instead, the Company's transfer agent, aggregated all fractional shares that otherwise would have been issued as a result of the Reverse Stock Split and those shares were sold into the market. Shareholders who would otherwise hold a fractional share of the Company's stock received a cash payment from the net proceeds of the sale in lieu of such fractional shares. All share and share-related information presented in this Quarterly Report on Form 10-Q, including our consolidated financial statements, has been retroactively adjusted to reflect the decreased number of shares resulting from the Reverse Stock Split. Series A Preferred Stock At September 30, 2017 and December 31, 2016, the Company had 562 and 4,500 shares of no par value Series A Preferred Stock (“Series A Preferred”) issued and outstanding with a $1,000 liquidation preference per share, or $562 thousand in aggregate. The Series A Preferred accrues cumulative dividends at a rate of 9% per annum, which is paid quarterly. The Company has the right to redeem the 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. Series B Preferred Stock At September 30, 2017 and December 31, 2016, the Company had 1,875,848 and 1,871,244 shares, respectively, and 5,000,000 shares of no par value Series B Preferred Stock (“Series B Preferred”) issued and authorized with a $25.00 liquidation preference per share, or $46.90 million and $46.78 million in aggregate, respectively. The Series B Preferred bears interest at a rate of 9% per annum. The Series B Preferred has no redemption rights. However, the Series B Preferred is subject to a mandatory conversion once the 20 -trading day volume-weighted average closing price of our Common Stock, exceeds $58 per share; once this weighted average closing price is met, each share of our Series B Preferred will automatically convert into shares of our Common Stock at a conversion price equal to $40.00 per share of Common Stock. In addition, holders of our Series B Preferred also have the option, at any time, to convert shares of our Series B Preferred into shares of our Common Stock at a conversion price of $40.00 per share of Common Stock. Upon any voluntary or involuntary liquidation, dissolution or winding up of our company, the holders of shares of our Series B Preferred shall be entitled to be paid out of our assets a liquidation preference of $25.00 per share, plus an amount equal to all accumulated, accrued and unpaid dividends to and including the date of payment. The Series B Preferred has no maturity date and will remain outstanding indefinitely unless subject to a mandatory or voluntary conversion as described above. In conjunction with the 2014 issuance of Series B Preferred, 1,986,600 warrants were issued. Each warrant permits investors to purchase 0.125 share of Common Stock at an exercise price of $44 per share of Common Stock, subject to adjustment. The warrants expire in April 2019. Series D Preferred Stock - Redeemable Preferred Stock At September 30, 2017 and December 31, 2016, the Company had 2,237,000 and 4,000,000 shares of no par value Series D Preferred Stock (“Series D Preferred”) issued and authorized with a $25.00 liquidation preference per share, or $55.93 million in aggregate. Until September 21, 2023, the holders of the Series D Preferred are entitled to receive cumulative cash dividends at a rate of 8.75% per annum of the $25.00 liquidation preference per share (equivalent to the fixed annual amount of $2.1875 per share) (the “Initial Rate”). Commencing September 21, 2023, the holders will be entitled to cumulative cash dividends at an annual dividend rate of the Initial Rate increased by 2% of the liquidation preference per annum on each subsequent anniversary thereafter, subject to a maximum annual dividend rate of 14% . Dividends are payable quarterly in arrears on or before January 15th, April 15th, July 15th and October 15th of each year. On or after September 21, 2021, the Company may, at its option, redeem the Series D Preferred, for cash at a redemption price of $25.00 per share, plus an amount equal to all accrued and unpaid dividends, if any, to and including the redemption date. The holder of the Series D Preferred may convert shares at any time into shares of the Company’s Common Stock at an initial conversion rate of $16.96 per share of Common Stock. On September 21, 2023, the holders of the Series D Preferred may, at their option, elect to cause the Company to redeem any or all of their shares at a redemption price of $25.00 per share, plus an amount equal to all accrued and unpaid dividends, if any, to and including the redemption date, payable in cash or in shares of Common Stock, or any combination thereof, at the holder’s option. The Series D Preferred requires the Company maintain asset coverage of at least 200% . Accretion of Series D Preferred was $540 thousand for the nine months ended September 30, 2017. Earnings per share Basic earnings per share for the Company’s common shareholders is calculated by dividing income (loss) from continuing operations, excluding amounts attributable to preferred stockholders and the net loss attributable to noncontrolling interests, by the Company’s weighted-average shares of Common Stock outstanding during the period. Diluted earnings per share is computed by dividing the net income (loss) 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 September 30, 2017 , the below shares are able to be converted to Common Stock. The common units, convertible preferred stock, cumulative convertible preferred stock, and warrants have been excluded from the Company’s diluted earnings per share calculation because their inclusion would be antidilutive. In addition to the below, 750,000 shares of the Company's Common Stock may be issued upon exercise of a warrant, solely in the event of a default under a loan agreement in which we serve as a guarantor. September 30, 2017 Outstanding shares Potential Dilutive Shares (unaudited) Common units 642,299 599,333 Series B Preferred Stock 1,875,848 1,172,405 Series D Preferred Stock 2,237,000 3,297,465 Warrants to purchase Common Stock 329,378 Dividends Dividends were declared to holders of common units, common shares and preferred shares as follows (in thousands): Three Months Ended Nine Months Ended 2017 2016 2017 2016 (unaudited) (unaudited) Common unit and common shareholders $ 3,187 $ 3,867 $ 10,288 $ 11,444 Preferred shareholders 2,496 1,241 7,473 2,264 Total $ 5,683 $ 5,108 $ 17,761 $ 13,708 On September 18, 2017, the Company declared a quarterly $0.34 per share dividend payable on or about October 15, 2017 to common shareholders and unitholders of record as of September 29, 2017. Accordingly, the Company has accrued $3.19 million as of September 30, 2017 for this dividend. During the three months ended September 30, 2017 , the Company declared quarterly dividends of $2.29 million to preferred shareholders of record as of September 29, 2017 to be paid on October 15, 2017. Accordingly, the Company has accrued $2.29 million as of September 30, 2017 for this dividend. 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 125,000 shares of the Company's Common Stock to employees, directors, officers and consultants for services rendered to the Company. During the nine months ended September 30, 2017 , the Company issued 11,465 shares to employees for services rendered to the Company. The market value of these shares at the time of issuance was approximately $155 thousand . As of September 30, 2017 , there are 41,104 shares available for issuance under the Company’s 2015 Incentive Plan. 2016 Long-Term Incentive Plan On June 15, 2016 , the Company's shareholders approved the 2016 Long-Term Incentive Plan (the "2016 Incentive Plan"). The 2016 Incentive Plan allows for issuance of up to 625,000 shares of the Company's Common Stock to employees, directors, officers and consultants for services rendered to the Company. During the nine months ended September 30, 2017 , the Company issued 93,478 shares to consultants, directors and employees for services rendered to the Company. The market value of these shares at the time of issuance was approximately $1.19 million . As of September 30, 2017 , there are 526,921 shares available for issuance under the Company’s 2016 Incentive Plan.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lease Commitments The following properties are subject to ground leases which requires the Company to make a fixed annual rental payment and includes escalation clauses and renewal options as follows (unaudited, in thousands): Three Months Ended September 30, Nine Months Ended September 30, Expiration Year 2017 2016 2017 2016 Amscot $ 5 $ 5 $ 14 $ 14 2045 Beaver Ruin Village 11 11 34 34 2054 Beaver Ruin Village II 5 4 14 13 2056 Leased office space Charleston, SC 25 26 75 67 2019 Moncks Corner 30 30 91 57 2040 Devine Street 63 62 188 117 2035 Total Ground Leases $ 139 $ 138 $ 416 $ 302 Future minimum lease payments due under the operating leases, including applicable automatic extension options, as of September 30, 2017 are as follows (in thousands, unaudited): For the remaining three months ended December 31, 2017 $ 132 December 31, 2018 530 December 31, 2019 499 December 31, 2020 433 December 31, 2021 485 December 31, 2022 488 Thereafter 9,666 Total minimum lease payments $ 12,233 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 4% , 24% , 71% and 1% , respectively, of the total annualized base rent of the properties in its portfolio as of September 30, 2017 . 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.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The amounts disclosed below reflect the activity between the Company and Mr. Wheeler's affiliates. September 30, 2017 2016 (unaudited, in thousands) Amounts paid to affiliates $ 39 $ 115 Amounts received from affiliates $ 1,573 $ 785 Amounts due from affiliates $ 2,322 $ 1,366 Notes receivable $ 12,000 $ 12,000 As discussed in Note 4, the Company has loaned $11.00 million for the partial funding of Pineland Station Shopping Center in Hilton Head, South Carolina to be known in the future as Sea Turtle Development and loaned $1.00 million for the sale of land to be used in the development. The Company is performing development, leasing, property and asset management services for Sea Turtle Development. Development fees of 5% of hard costs incurred are paid to the Company. Leasing, property and asset management fees are consistent with those charged for services provided to non-related properties. Amounts due from affiliates include $1.02 million and $294 thousand at September 30, 2017 and 2016, respectively, in accrued interest on the notes receivable, of this $1.02 million at September 30, 2017, $774 thousand is due at maturity. Amounts due from affiliates also include $272 thousand and $169 thousand in development fees at September 30, 2017 and 2016, respectively.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events KeyBank Agreement On October 6, 2017, the Company executed a Fourth Amendment to the KeyBank Credit Agreement (the "Fourth Amendment"). The Fourth Amendment provides for a sixty day extension from October 7, 2017 to December 6, 2017 upon which the $75 million total commitment on the revolving credit line decreases to $50 million .

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Investment properties	Investment Properties The Company records investment properties and related intangibles at fair value upon acquisition. 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 three and nine months ended September 30, 2017 and 2016 .
Cash and cash equivalents and restricted cash	Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. 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. Restricted cash represents amounts held by lenders for real estate taxes, insurance, reserves for capital improvements and tenant security deposits. The Company presents changes in cash restricted for real estate taxes, insurance and tenant security deposits as operating activities in the condensed consolidated statement of cash flows. The Company presents changes in cash restricted for capital improvements as investing activities in the condensed consolidated statement of cash flows. The Company places its cash and cash equivalents and restricted cash on deposit with financial institutions in the United States, which are insured by the Federal Deposit Insurance Company (“FDIC”) up to $250 thousand . The Company's credit loss in the event of failure of these financial institutions is represented by the difference between the FDIC limit and the total amounts on deposit. Management monitors the financial institutions credit worthiness in conjunction with balances on deposit to minimize risk.
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 September 30, 2017 and December 31, 2016 , the Company’s allowance for uncollectible accounts totaled $703 thousand and $691 thousand , respectively. During the three and nine months ended September 30, 2017 , the Company recorded bad debt expenses in the amount of $23 thousand and $443 thousand , respectively, related to tenant receivables that were specifically identified as potentially uncollectible based on an assessment of the tenant’s credit-worthiness. During the three and nine months ended September 30, 2016 , the Company recorded bad debt expenses in the amount of $31 thousand and $196 thousand , respectively. During the three and nine months ended September 30, 2017 and 2016 , the Company did not realize any recoveries related to tenant receivables previously written off.
Above and below market lease intangibles, net	Above and Below Market Lease Intangibles, net The Company determines the above and below market lease intangibles upon acquiring a property. Above and below market lease intangibles are amortized over the life of the respective leases. Amortization of above and below market lease intangibles is recorded as a component of rental revenues.
Deferred costs and other assets, net	Deferred Costs and Other Assets, net The Company’s deferred costs and other assets consist primarily of leasing commissions, leases in place, capitalized legal and marketing costs and tenant relationship intangibles associated with acquisitions. 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. Amortization of lease origination costs, leases in place, legal and marketing costs, and tenant relationships represents a component of depreciation and amortization expense. As of September 30, 2017 and December 31, 2016 , the Company’s intangible accumulated amortization totaled $38.72 million and $28.55 million , respectively. During the three and nine months ended September 30, 2017 , the Company’s intangible amortization expense totaled $5.09 million and $12.50 million , respectively. Amortization expense for the three and nine months ended September 30, 2017 includes $1.74 million of accelerated amortization on intangibles related to the Bi-Lo lease termination at the Shoppes at Myrtle Park. During the three and nine months ended September 30, 2016 , the Company’s intangible amortization expense totaled $3.00 million and $9.56 million , respectively. As of September 30, 2017 , the Company's annual
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. At September 30, 2017 and December 31, 2016, there were $2.19 million and $1.24 million in unbilled rent which is included in rents and other tenant receivables, net. 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 three and nine months ended September 30, 2017 , the Company recognized percentage rents of $30 thousand and $165 thousand , respectively. During the three and nine months ended September 30, 2016 , the Company recognized percentage rents of $58 thousand and $214 thousand , 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 under the Condensed Consolidated Statements of Operations caption "Tenant reimbursements." 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 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 three and nine months ended September 30, 2017 and 2016 . 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. During the three and nine months ended September 30, 2017 , the Company recognized lease termination fees of $470 thousand and $491 thousand , respectively, primarily a result of the Bi-Lo at Shoppes at Myrtle Park lease termination. During the three and nine months ended September 30, 2016 , the Company recognized lease termination fees of $0 thousand and $26 thousand , respectively. The Company includes termination fees under the Condensed Consolidated Statement of Operations caption "Development and other revenues."
Income taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the Company to distribute at least 90% of its taxable income to shareholders and meet certain other asset and income tests, as well as other requirements. The TRS' have accrued $62 thousand and $107 thousand for 2017 and 2016 federal and state income taxes as of September 30, 2017 and December 31, 2016. 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 a reasonable cause and certain other conditions were satisfied.
Taxable REIT subsidiary cost allocation	Taxable REIT Subsidiary Cost Allocation The Company’s overall philosophy regarding cost allocation centers around the premise that the Trust 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). Non-REIT properties pay development fees of 5% of hard costs. Costs incurred to manage, lease and administer the Non-REIT Properties are allocated to the TRS. These costs include compensation and benefits, property management, leasing and other corporate, general and administrative expenses associated with generating the TRS' revenues.
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 periods. The Company’s actual results could differ from these estimates.
Advertising costs	Advertising Costs The Company expenses advertising and promotion costs as incurred.
Asset held for sale	Assets Held For Sale and Discontinued Operations 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. Assets held for sale are presented as discontinued operations in all periods presented if the disposition represents a strategic shift that has, or will have, a major effect on the Company's financial position or results of operations. This includes the net gain (or loss) upon disposal of property held for sale, the property's operating results, depreciation and interest expense.
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 condensed consolidated balance sheets but separate from the Company’s equity. On the condensed consolidated statements of operations, the subsidiaries are reported at the consolidated amount, including both the amount attributable to the Company and noncontrolling interests. Condensed consolidated statement of equity includes beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity. The noncontrolling interest of the Operating Partnership common unit holders is calculated by multiplying the noncontrolling interest ownership percentage at the balance sheet date by the Operating Partnership’s net assets (total assets less total liabilities). The noncontrolling interest percentage is calculated at any point in time by dividing the number of units not owned by the Company by the total number of units outstanding. The noncontrolling interest ownership percentage will change as additional units are issued or as units are exchanged for the Company’s common stock $0.01 par value per share (“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 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. In March 2016, the FASB issued ASU No. 2016-08, "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, "Revenue from contracts with customers (Topic 606): Identifying Performance Obligations and Licensing," which provides further guidance on identifying performance obligations and intellectual property licensing implementation. In June 2016, the FASB issued ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients”, which relates to assessing collectability, presentation of sales taxes, noncash consideration and completed contracts and contract modifications in transition. In December 2016, the FASB issued 2016-20, "Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers," which clarifies or corrects unintended application of the standard. Companies are permitted to adopt the ASUs as early as fiscal years beginning after December 15, 2016, but the adoption is required for fiscal years beginning after December 15, 2017. In September 2017, the FASB issued ASU 2017-13, "Revenue Recognition (Topic 605)," "Revenue from Contracts with Customers (Topic 606)," "Leases (Topic 840)," and "Leases (Topic 842)." These amendments provide additional clarification and implementation guidance on the previously issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)." These new standards 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. The Company is currently evaluating the impact of this standard. The majority of the Company’s revenue is based on real estate lease contracts which are not within the scope of this ASU. The Company has identified its non-lease revenue streams and initial analysis indicates the adoption of this standard will not have a material impact on our financial position or results of operations. The Company will increase disclosures around revenue recognition in the notes to condensed consolidated financial statements to comply with the standard upon adoption. The Company will adopt the standard January 1, 2018 as a cumulative-effect adjustment. 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. In September 2017, the FASB issued ASU 2017-13, "Revenue Recognition (Topic 605)," "Revenue from Contracts with Customers (Topic 606)," "Leases (Topic 840)," and "Leases (Topic 842)," which provides additional implementation guidance on the previously issued ASU 2016-02. "Leases (Topic 842)." 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. The accounting for leases under which we are the lessor remains largely unchanged. Lessees with a large portfolio of leases are likely to see a significant increase in balance sheet assets and liabilities. While we are currently assessing the impact of the standard on our financial position and results of operations we expect the primary impact to be on those ground leases which we are the lessor. The new standard will result in the recording of right of use assets and lease obligations. See Note 9 for the Company’s current lease commitments. The Company continues to evaluate the impact of ASU 2016-02 on its financial statements. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” This ASU simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This ASU is effective for annual periods beginning after December 15, 2016 and early adoption is permitted. The Company adopted this ASU as of January 1, 2017 and applied prospectively. The adoption did not have a material impact on the financial position or results of operations. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of certain cash receipts and cash payments (a consensus of the Emerging Issues Task Force).” The ASU addresses eight specific cash flow issues in an effort to reduce diversity in practice. This ASU is effective for annual and interim reporting periods beginning after December 15, 2017 and early adoption is permitted. The new standard is to be applied retrospectively for all period presented. The Company will adopt this ASU in 2018 and does not expect the adoption to materially impact its consolidated statements of cash flows. In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force).” The ASU provides guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flows in an effort to reduce diversity in practice. The standard requires a reconciliation of total cash, cash equivalents and restricted cash in the cash flow statement or in the notes to the financial statements. This ASU is effective for annual and interim reporting periods beginning after December 15, 2017 and early adoption is permitted. The new standard is to be applied retrospectively for all period presented. The Company will adopt this ASU in 2018 and does not expect the adoption to materially impact its consolidated statements of cash flows. In February 2015, the FASB issued ASU 2015-02 related to ASC Topic 810, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” This new guidance changes the identification of variable interests, the variable interest entity (“VIE”) characteristics for a limited partnership or similar entity, and primary beneficiary determination. The guidance also eliminates the presumption that a general partner controls a limited partnership. The ASU is effective for annual periods beginning after December 15, 2015. The Company has adopted this ASU with no material impact on the Company’s consolidated financial statements. In October 2016, the FASB issued ASU 2016-17, “Consolidation (Topic 810) Interests Held through Related Parties That are under Common Control,” which amends the consolidation guidance on how a reporting entity that is the single decision maker of a VIE should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. The primary beneficiary of a VIE is the reporting entity that has a controlling financial interest in a VIE and, therefore, consolidates the VIE. A reporting entity has an indirect interest in a VIE if it has a direct interest in a related party that, in turn, has a direct interest in the VIE. The ASU is effective for annual periods beginning after December 15, 2016. The Company adopted this ASU as of January 1, 2017. The adoption did not have a material impact on the financial position or results of operations. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business.” The ASU clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This ASU is effective for annual and interim reporting periods beginning after December 15, 2017 and early adoption is permitted. The new standard is to be applied prospectively. The adoption of this standard will most likely result in less real estate acquisitions qualifying as businesses and, accordingly, acquisition costs for those acquisitions that are not businesses will be capitalized rather than expensed. In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the test for Goodwill Impairment.” The amendments in ASU 2017-04 eliminate the current two-step approach used to test goodwill for impairment and require an entity to apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. This ASU is effective for annual and interim reporting periods beginning after December 15, 2019 and early adoption is permitted on testing dates after January 1, 2017. The new standard is to be applied prospectively. The Company will adopt this ASU in 2020 and does not expect the adoption to materially impact its financial position or results of operations. In February 2017, the FASB issued ASU 2017-05, “Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets.” This amendment provides guidance for partial sales of nonfinancial assets. This ASU is effective for annual periods beginning after December 15, 2017. Early adoption is permitted. The standard is to be applied retrospectively or modified retrospectively. The Company is evaluating the impact that ASU 2017-05 on its financial statements. In May 2017, the FASB issued ASU 2017-09, “Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting.” This updates clarifies when modification accounting guidance in Topic 718 should be applied to a change in terms or conditions of a share-based payment award. This ASU is effective for annual and interim periods beginning after December 15, 2017 with early adoption permitted. The new standard is to be applied prospectively to an award modified on or after the adoption date. The Company does not expect the update to have a material impact on its financial position or results of operations. Other accounting standards that have been issued or proposed by the FASB or other standard-setting bodies are not currently applicable to the Company or are not expected to have a significant impact on the Company’s financial position, results of operations and cash flows.
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 Accoun19

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2017
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 (in thousands): September 30, 2017 December 31, 2016 (unaudited) Leases in place, net $ 27,306 $ 35,655 Tenant relationships, net 7,670 10,944 Lease origination costs, net 1,059 1,096 Other 824 517 Deposits on acquisitions 536 1,086 Legal and marketing costs, net 82 99 Total Deferred Costs and Other Assets, net $ 37,477 $ 49,397
Future amortization of lease origination costs, financing costs and in place leases	As of September 30, 2017 , the Company's annual amortization for its lease origination costs, leases in place, legal and marketing costs and tenant relationships is as follows (in thousands): Leases In Place, net Tenant Relationships, net Lease Origination Costs, net Legal & Marketing Costs, net Total For the remaining three months ended December 31, 2017 $ 2,179 $ 865 $ 81 $ 6 $ 3,131 December 31, 2018 7,132 2,613 241 17 10,003 December 31, 2019 5,176 1,646 175 14 7,011 December 31, 2020 3,698 940 131 11 4,780 December 31, 2021 2,380 523 115 9 3,027 December 31, 2022 1,931 406 74 6 2,417 Thereafter 4,810 677 242 19 5,748 $ 27,306 $ 7,670 $ 1,059 $ 82 $ 36,117
Corporate general and administrative expenses	A detail for the "Corporate General & Administrative" line item from the Condensed Consolidated Statements of Operations is presented below (in thousands): Three Months Ended Nine Months Ended 2017 2016 2017 2016 (unaudited) Compensation and benefits $ 444 $ 392 $ 1,384 $ 2,440 Professional fees 295 391 1,247 1,181 Acquisition and development costs 233 117 832 903 Corporate administration 132 301 483 806 Capital related costs 82 61 468 311 Advertising 52 23 195 176 Travel 39 153 133 374 Taxes and licenses 29 59 113 100 Total Corporate General & Administrative $ 1,306 $ 1,497 $ 4,855 $ 6,291

Investment Properties (Tables)

Investment Properties (Tables)	9 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
Investment properties	Investment properties consist of the following (in thousands): September 30, 2017 December 31, 2016 (unaudited) Land and land improvements $ 91,108 $ 90,531 Land held for improvement 11,170 11,420 Buildings and improvements 310,000 307,411 Investment properties at cost 412,278 409,362 Less accumulated depreciation (28,417 ) (20,482 ) Investment properties, net $ 383,861 $ 388,880

Assets Held for Sale and Disc21

Assets Held for Sale and Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Summary of financial information of discontinued operations	The following is a summary of the income from discontinued operations for the three and nine months ended September 30, 2017 and 2016 (in thousands): Three Months Ended Nine Months Ended 2017 2016 2017 2016 (unaudited) Revenues $ — $ 54 $ 26 $ 249 Expenses — 1 1 78 Operating income — 53 25 171 Interest expense — 14 9 56 Income from discontinued operations before gain on disposal of properties — 39 16 115 Gain on disposal of properties — 1 1,502 689 Net Income from discontinued operations $ — $ 40 $ 1,518 $ 804 As of September 30, 2017 and December 31, 2016 , assets held for sale consisted of the following (in thousands): September 30, 2017 December 31, 2016 (unaudited) Investment properties, net $ — $ 217 Above market lease intangible, net — 3 Deferred costs and other assets, net — 146 Total assets held for sale $ — $ 366 As of September 30, 2017 and December 31, 2016 , liabilities associated with assets held for sale consisted of the following (in thousands): September 30, 2017 December 31, 2016 (unaudited) Loans payable $ — $ 1,350 Total liabilities associated with assets held for sale $ — $ 1,350

Loans Payable (Tables)

Loans Payable (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Summary of Loans Payable	The Company’s loans payable consist of the following (in thousands except monthly payment): Property/Description Monthly Payment Interest Rate Maturity September 30, 2017 December 31, 2016 Bank Line of Credit Interest only 4.25 % December 2017 3,000 3,000 Columbia Fire House Interest only 8.00 % December 2017 259 487 Monarch Bank Building $ 9,473 4.15 % December 2017 1,276 1,320 KeyBank Line of Credit Interest only Libor + 250 basis points December 2017 18,032 — Shoppes at Eagle Harbor $ 25,100 4.34 % March 2018 3,380 3,492 Revere Loan Interest only 8.00 % April 2018 6,808 7,450 KeyBank Line of Credit Interest only Libor + 250 basis points May 2018 50,000 74,077 Lumber River Interest only Libor + 295 basis points June 2018 1,500 1,500 Senior convertible notes Interest only 9.00 % December 2018 1,369 1,400 Harbor Point $ 11,024 5.85 % December 2018 578 649 Perimeter Square Interest only 5.50 % December 2018 5,236 4,500 Riversedge North $ 8,802 6.00 % January 2019 876 914 DF I-Moyock $ 10,665 5.00 % July 2019 224 309 Rivergate Interest only Libor + 295 basis points December 2019 22,689 24,213 LaGrange Marketplace $ 15,065 Libor + 375 basis points March 2020 2,331 2,369 Folly Road Interest only 4.00 % March 2020 6,181 — Columbia Fire House construction loan Interest only 4.00 % May 2020 1,850 — Shoppes at TJ Maxx $ 33,880 3.88 % May 2020 5,773 5,908 Walnut Hill Plaza Interest only 5.50 % September 2022 3,903 3,440 Twin City Commons $ 17,827 4.86 % January 2023 3,126 3,170 Tampa Festival $ 50,797 5.56 % September 2023 8,403 8,502 Forrest Gallery $ 50,973 5.40 % September 2023 8,704 8,802 South Carolina Food Lions Note $ 68,320 5.25 % January 2024 12,096 12,224 Cypress Shopping Center $ 34,360 4.70 % July 2024 6,510 6,585 Port Crossing $ 34,788 4.84 % August 2024 6,291 6,370 Freeway Junction $ 41,798 4.60 % September 2024 8,026 8,119 Harrodsburg Marketplace $ 19,112 4.55 % September 2024 3,570 3,617 Graystone Crossing $ 20,386 4.55 % October 2024 3,944 3,990 Bryan Station $ 23,489 4.52 % November 2024 4,566 4,619 Crockett Square Interest only 4.47 % December 2024 6,338 6,338 Pierpont Centre Interest only 4.15 % February 2025 8,113 8,450 Alex City Marketplace Interest only 3.95 % April 2025 5,750 5,750 Butler Square Interest only 3.90 % May 2025 5,640 5,640 Brook Run Shopping Center Interest only 4.08 % June 2025 10,950 10,950 Beaver Ruin Village I and II Interest only 4.73 % July 2025 9,400 9,400 Sunshine Shopping Plaza Interest only 4.57 % August 2025 5,900 5,900 Barnett Portfolio Interest only 4.30 % September 2025 8,770 8,770 Fort Howard Shopping Center Interest only 4.57 % October 2025 7,100 7,100 Conyers Crossing Interest only 4.67 % October 2025 5,960 5,960 Grove Park Shopping Center Interest only 4.52 % October 2025 3,800 3,800 Parkway Plaza Interest only 4.57 % October 2025 3,500 3,500 Winslow Plaza Interest only 4.82 % December 2025 4,620 4,620 Chesapeake Square $ 23,857 4.70 % August 2026 4,519 4,578 Sangaree/Tri-County/Berkley Interest only 4.78 % December 2026 9,400 9,400 Riverbridge Interest only 4.48 % December 2026 4,000 4,000 Franklin Interest only 4.93 % January 2027 8,516 8,516 Total Principal Balance 312,777 313,698 Unamortized debt issuance cost (5,815 ) (7,725 ) Total Loans Payable $ 306,962 $ 305,973
Summary of Company's Scheduled Principal Repayments on Indebtedness	The Company’s scheduled principal repayments on indebtedness as of September 30, 2017 are as follows (in thousands, unaudited): For the remaining three months ended December 31, 2017 $ 23,013 December 31, 2018 71,099 December 31, 2019 24,785 December 31, 2020 17,016 December 31, 2021 1,907 December 31, 2022 5,534 Thereafter 169,423 Total principal repayments and debt maturities $ 312,777

Rentals under Operating Leases

Rentals under Operating Leases (Tables)	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 are as follows (in thousands, unaudited): For the remaining three months ended December 31, 2017 $ 10,769 December 31, 2018 41,601 December 31, 2019 35,685 December 31, 2020 28,514 December 31, 2021 21,420 December 31, 2022 16,564 Thereafter 43,765 Total minimum rentals $ 198,318

Equity and Mezzanine Equity (Ta

Equity and Mezzanine Equity (Tables)	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Potentially dilutive shares	As of September 30, 2017 , the below shares are able to be converted to Common Stock. The common units, convertible preferred stock, cumulative convertible preferred stock, and warrants have been excluded from the Company’s diluted earnings per share calculation because their inclusion would be antidilutive. In addition to the below, 750,000 shares of the Company's Common Stock may be issued upon exercise of a warrant, solely in the event of a default under a loan agreement in which we serve as a guarantor. September 30, 2017 Outstanding shares Potential Dilutive Shares (unaudited) Common units 642,299 599,333 Series B Preferred Stock 1,875,848 1,172,405 Series D Preferred Stock 2,237,000 3,297,465 Warrants to purchase Common Stock 329,378
Dividends declared	Dividends were declared to holders of common units, common shares and preferred shares as follows (in thousands): Three Months Ended Nine Months Ended 2017 2016 2017 2016 (unaudited) (unaudited) Common unit and common shareholders $ 3,187 $ 3,867 $ 10,288 $ 11,444 Preferred shareholders 2,496 1,241 7,473 2,264 Total $ 5,683 $ 5,108 $ 17,761 $ 13,708

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Schedule of payments for ground leases	Lease Commitments The following properties are subject to ground leases which requires the Company to make a fixed annual rental payment and includes escalation clauses and renewal options as follows (unaudited, in thousands): Three Months Ended September 30, Nine Months Ended September 30, Expiration Year 2017 2016 2017 2016 Amscot $ 5 $ 5 $ 14 $ 14 2045 Beaver Ruin Village 11 11 34 34 2054 Beaver Ruin Village II 5 4 14 13 2056 Leased office space Charleston, SC 25 26 75 67 2019 Moncks Corner 30 30 91 57 2040 Devine Street 63 62 188 117 2035 Total Ground Leases $ 139 $ 138 $ 416 $ 302
Schedule of future minimum rental payments due	Future minimum lease payments due under the operating leases, including applicable automatic extension options, as of September 30, 2017 are as follows (in thousands, unaudited): For the remaining three months ended December 31, 2017 $ 132 December 31, 2018 530 December 31, 2019 499 December 31, 2020 433 December 31, 2021 485 December 31, 2022 488 Thereafter 9,666 Total minimum lease payments $ 12,233

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Summary of related party activity	The amounts disclosed below reflect the activity between the Company and Mr. Wheeler's affiliates. September 30, 2017 2016 (unaudited, in thousands) Amounts paid to affiliates $ 39 $ 115 Amounts received from affiliates $ 1,573 $ 785 Amounts due from affiliates $ 2,322 $ 1,366 Notes receivable $ 12,000 $ 12,000

Organization and Basis of Pre27

Organization and Basis of Presentation and Consolidation (Details)	Mar. 31, 2017	Sep. 30, 2017PropertypropertyBuilding
Accounting Policies [Abstract]
Number of real estate properties | property		64
Number of office buildings		1
Undeveloped land parcels | Property		7
Number of real estate properties, redeveloped		1
Stock split conversion ratio	0.125

Summary of Significant Accoun28

Summary of Significant Accounting Policies - Additional Information (Details)	Mar. 31, 2017	Sep. 30, 2017USD ($)$ / shares	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)$ / shares	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)$ / shares
Property, Plant and Equipment [Line Items]
Maturity of highly liquid investments				90 days
Insurance coverage amount				$ 250,000
Past due rent charge term				5 days
Allowance for uncollectible accounts		$ 703,000		$ 703,000		$ 691,000
Bad debt expenses		23,000	$ 31,000	443,000	$ 196,000
Finite-lived intangible assets, accumulated amortization		38,720,000		38,720,000		28,550,000
Amortization of intangible assets		5,090,000	3,000,000	12,500,000	9,560,000
Operating leases, income statement, percentage revenue		30,000	58,000	165,000	214,000
Lease termination fees		469,859	0	$ 490,959	25,674
Minimum percentage of taxable income to be distributed to stockholders (as percent)				90.00%
Provision for federal income taxes				$ 62,000		$ 107,000
Term of disqualification to be taxed as a REIT due to loss of REIT status				5 years
Property management fee, percent fee				3.00%
Asset management fee, percent fee				2.00%
Development Fee, Percent Fee				5.00%
Marketing and advertising expense		$ 52,000	$ 23,000	$ 195,000	$ 176,000
Common Stock, Par or Stated Value Per Share | $ / shares		$ 0.01		$ 0.01		$ 0.01
Stock split conversion ratio	0.125
Building and building improvements | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life				5 years
Building and building improvements | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life				40 years
Rent and other tenant receivables
Property, Plant and Equipment [Line Items]
Recoveries related to tenant receivables		$ 2,190,000		$ 2,190,000		$ 1,240,000
Shoppes at Myrtle Park Bi-Lo [Member]
Property, Plant and Equipment [Line Items]
Amortization of Deferred Charges		$ 1,740,000		$ 1,740,000
New Lease [Member]
Property, Plant and Equipment [Line Items]
Commission fee, percent fee				6.00%
Renewed Lease [Member]
Property, Plant and Equipment [Line Items]
Commission fee, percent fee				3.00%

Summary of Significant Accoun29

Summary of Significant Accounting Policies - Details of Deferred Costs, Net of Amortization and Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Deferred Costs And Other Assets [Line Items]
Tenant Relationships	$ 7,670	$ 10,944
Deferred Costs, Leasing, Net	1,059	1,096
Other Assets	824	517
Deposits on acquisitions	536	1,086
Total Deferred Costs and Other Assets, net	37,477	49,397
Leases in place, net
Deferred Costs And Other Assets [Line Items]
Total Deferred Costs and Other Assets, net	27,306	35,655
Legal and marketing costs, net
Deferred Costs And Other Assets [Line Items]
Total Deferred Costs and Other Assets, net	$ 82	$ 99

Summary of Significant Accoun30

Summary of Significant Accounting Policies - Schedule of Future Amortization of Lease Origination Costs, Financing Costs and in Place Leases (Details) $ in Thousands	Sep. 30, 2017USD ($)
Future Amortization Of Deferred Costs And Other Assets [Line Items]
For the remaining three months ended December 31, 2017	$ 3,131
December 31, 2018	10,003
December 31, 2019	7,011
December 31, 2020	4,780
December 31, 2021	3,027
December 31, 2022	2,417
Thereafter	5,748
Amortization of Intangible Assets	36,117
Leases in Place
Future Amortization Of Deferred Costs And Other Assets [Line Items]
For the remaining three months ended December 31, 2017	2,179
December 31, 2018	7,132
December 31, 2019	5,176
December 31, 2020	3,698
December 31, 2021	2,380
December 31, 2022	1,931
Thereafter	4,810
Amortization of Intangible Assets	27,306
Tenant relationships, net
Future Amortization Of Deferred Costs And Other Assets [Line Items]
For the remaining three months ended December 31, 2017	865
December 31, 2018	2,613
December 31, 2019	1,646
December 31, 2020	940
December 31, 2021	523
December 31, 2022	406
Thereafter	677
Amortization of Intangible Assets	7,670
Lease origination costs, net
Future Amortization Of Deferred Costs And Other Assets [Line Items]
For the remaining three months ended December 31, 2017	81
December 31, 2018	241
December 31, 2019	175
December 31, 2020	131
December 31, 2021	115
December 31, 2022	74
Thereafter	242
Amortization of Intangible Assets	1,059
Legal and marketing costs
Future Amortization Of Deferred Costs And Other Assets [Line Items]
For the remaining three months ended December 31, 2017	6
December 31, 2018	17
December 31, 2019	14
December 31, 2020	11
December 31, 2021	9
December 31, 2022	6
Thereafter	19
Amortization of Intangible Assets	$ 82

Summary of Significant Accoun31

Summary of Significant Accounting Policies CG&A Schedule (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
CG&A Schedule [Abstract]
Compensation and benefits	$ 444	$ 392	$ 1,384	$ 2,440
Professional fees	295	391	1,247	1,181
Acquisition and development costs	233	117	832	903
Corporate administration	132	301	483	806
Capital related costs	82	61	468	311
Travel	52	23	195	176
Travel	39	153	133	374
Taxes and licenses	29	59	113	100
Total Corporate General & Administrative	$ 1,306	$ 1,497	$ 4,855	$ 6,291

Investment Properties (Details)

Investment Properties (Details) $ in Thousands	Jun. 27, 2017USD ($)a	Jun. 26, 2017USD ($)a	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Real Estate Properties [Line Items]
Investment properties at cost			$ 412,278		$ 412,278		$ 409,362
Land held for development			11,170		11,170		11,420
Less accumulated depreciation and amortization			(28,417)		(28,417)		(20,482)
Investment properties, net			383,861		383,861		388,880
Depreciation of tangible assets			2,650		7,960
Depreciation				$ 2,000	7,958	$ 5,751
(Loss) gain on disposal of properties			(1)	$ 0	1,021	$ 0
Carolina Place | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Area of land for sale | a	2.14
Disposal Group, contract price	$ 250
(Loss) gain on disposal of properties	(12)
Disposal group consideration, net	$ 238
Steak n Shake at Rivergate | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Area of land for sale | a		1.06
Disposal Group, contract price		$ 2,250
(Loss) gain on disposal of properties		1,030
Disposal group consideration, net		$ 2,180
Land
Real Estate Properties [Line Items]
Investment properties at cost			91,108		91,108		90,531
Building and Improvements
Real Estate Properties [Line Items]
Investment properties at cost			$ 310,000		$ 310,000		$ 307,411

Notes Receivable (Details)

Notes Receivable (Details) $ in Thousands	Sep. 29, 2016USD ($)a	Sep. 30, 2017USD ($)
Related Party Transaction [Line Items]
Note receivable from related parties		$ 12,000
Partial Funding of Sea Turtle Development Note
Related Party Transaction [Line Items]
Note receivable from related parties	$ 11,000	11,000
Area of land for sale | a	10.39
Note receivable, effective interest rate	12.00%
Note receivable, only interest payment rate	8.00%
Note receivable, interest due at maturity rate	4.00%
Consideration for Sale of Land Note
Related Party Transaction [Line Items]
Note receivable from related parties	$ 1,000	$ 1,000
Note receivable, effective interest rate	12.00%
Note receivable, only interest payment rate	8.00%
Note receivable, interest due at maturity rate	4.00%

Assets Held for Sale and Disc34

Assets Held for Sale and Discontinued Operations (Details) - USD ($) $ in Thousands	Feb. 28, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposal of properties				$ 1,502	$ 689
Disposal Group, Including Discontinued Operation, Assets [Abstract]
Investment properties, net		$ 0		0		$ 217
Above market lease intangible, net		0		0		3
Deferred costs and other assets, net		0		0		146
Total assets held for sale		0		0		366
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]
Loans payable		0		0		1,350
Total liabilities associated with assets held for sale		0		0		$ 1,350
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract]
Revenues		0	$ 54	26	249
Expenses		0	1	1	78
Operating income		0	53	25	171
Interest expense		0	14	9	56
Income from discontinued operations before gain on disposal of properties		0	39	16	115
Gain on disposal of properties		0	1	1,502	689
Net Income from Discontinued Operations		$ 0	$ 40	$ 1,518	$ 804
Starbucks And Verizon Building | Discontinued Operations, Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, contract price	$ 2,290
Gain on disposal of properties	1,500
Cost of defeasement of loan payable	1,690
Payment of debt extinguishment costs	$ 223

Loans Payable - Summary of Loan

Loans Payable - Summary of Loans Payable (Details) - USD ($)

Aug. 29, 2017

May 01, 2017

Apr. 12, 2016

Jun. 30, 2017

Sep. 30, 2017

Sep. 16, 2017

Jul. 18, 2017

Jun. 14, 2017

May 03, 2017

Mar. 22, 2017

Dec. 31, 2016

Apr. 28, 2016

Debt Instrument [Line Items]

Mortgages and other indebtedness

$ 306,962,000

$ 305,973,000

Secured debt, gross of unamortized debt issuance cost

312,777,000

313,698,000

Deferred Finance Costs, Net

$ (5,815,000)

(7,725,000)

Revere Loan

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment Interest Only

Interest only

Mortgage Loans Payable, Interest Rate

8.00%

Mortgages and other indebtedness

$ 6,808,000

7,450,000

Line of Credit | KeyBank Line of Credit

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment Interest Only

Interest only

Mortgages and other indebtedness

$ 18,032,000

0

Line of Credit | KeyBank Line of Credit | LIBOR

Debt Instrument [Line Items]

Debt Instrument, Basis Spread on Variable Rate

2.50%

Line of Credit | KeyBank

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment

$ 25,000,000

Mortgage Loans Payable, Monthly Payment Interest Only

Interest only

Mortgages and other indebtedness

$ 50,000,000

74,077,000

Line of Credit | KeyBank | LIBOR

Debt Instrument [Line Items]

Debt Instrument, Basis Spread on Variable Rate

5.00%

2.50%

Senior convertible notes

Debt Instrument [Line Items]

Mortgage Loans Payable, Interest Rate

9.00%

Mortgages and other indebtedness

$ 3,000,000

Monarch Bank Line Of Credit

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment Interest Only

Interest only

Mortgage Loans Payable, Interest Rate

4.25%

Mortgages and other indebtedness

$ 3,000,000

$ 3,000,000

3,000,000

Columbia Fire House

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment Interest Only

Interest only

Mortgage Loans Payable, Interest Rate

8.00%

Mortgages and other indebtedness

$ 259,000

$ 262,000

487,000

Monarch Bank Building

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment

$ 9,473

Mortgage Loans Payable, Interest Rate

4.15%

Mortgages and other indebtedness

$ 1,276,000

1,320,000

Shoppes at Eagle Harbor

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment

$ 25,100

Mortgage Loans Payable, Interest Rate

4.34%

Mortgages and other indebtedness

$ 3,380,000

3,492,000

Revere Loan

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment

$ 25,000

$ 450,000

$ 167,000

Mortgages and other indebtedness

$ 7,450,000

Lumber River

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment Interest Only

Interest only

Mortgages and other indebtedness

$ 1,500,000

1,500,000

Lumber River | LIBOR

Debt Instrument [Line Items]

Debt Instrument, Basis Spread on Variable Rate

2.95%

Senior convertible notes | Senior convertible notes

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment Interest Only

Interest only

Mortgage Loans Payable, Interest Rate

9.00%

Mortgages and other indebtedness

$ 1,369,000

1,400,000

Harbor Point

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment

$ 11,024

Mortgage Loans Payable, Interest Rate

5.85%

Mortgages and other indebtedness

$ 578,000

649,000

Perimeter Square

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment Interest Only

Interest only

Mortgage Loans Payable, Interest Rate

5.50%

5.50%

Mortgages and other indebtedness

$ 5,236,000

$ 4,500,000

4,500,000

Riversedge North

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment

$ 8,802

Mortgage Loans Payable, Interest Rate

6.00%

Mortgages and other indebtedness

$ 876,000

914,000

DF I-Moyock

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment

$ 10,665

Mortgage Loans Payable, Interest Rate

5.00%

Mortgages and other indebtedness

$ 224,000

309,000

Rivergate

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment

$ 1,520,000

Mortgage Loans Payable, Monthly Payment Interest Only

Interest only

Mortgages and other indebtedness

$ 22,689,000

24,213,000

Rivergate | LIBOR

Debt Instrument [Line Items]

Debt Instrument, Basis Spread on Variable Rate

2.95%

LaGrange Marketplace

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment

$ 15,065

Mortgages and other indebtedness

$ 2,331,000

2,369,000

LaGrange Marketplace | LIBOR

Debt Instrument [Line Items]

Debt Instrument, Basis Spread on Variable Rate

3.75%

Folly Road

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment Interest Only

Interest only

Mortgage Loans Payable, Interest Rate

4.00%

4.00%

Mortgages and other indebtedness

$ 6,181,000

$ 8,570,000

0

Folly Road | Line of Credit | KeyBank

Debt Instrument [Line Items]

Mortgages and other indebtedness

$ 6,050,000

Columbia Fire House construction loan

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment Interest Only

Interest only

Mortgage Loans Payable, Interest Rate

4.00%

4.00%

Mortgages and other indebtedness

$ 1,850,000

$ 4,300,000

0

Shoppes at TJ Maxx

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment

$ 33,880

Mortgage Loans Payable, Interest Rate

3.88%

Mortgages and other indebtedness

$ 5,773,000

5,908,000

Walnut Hill Plaza

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment

$ 26,850

Mortgage Loans Payable, Monthly Payment Interest Only

Interest only

Mortgage Loans Payable, Interest Rate

5.50%

5.50%

Mortgages and other indebtedness

$ 3,900,000

$ 3,903,000

$ 3,390,000

3,440,000

Twin City Commons

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment

$ 17,827

Mortgage Loans Payable, Interest Rate

4.86%

Mortgages and other indebtedness

$ 3,126,000

3,170,000

Tampa Festival

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment

$ 50,797

Mortgage Loans Payable, Interest Rate

5.56%

Mortgages and other indebtedness

$ 8,403,000

8,502,000

Forrest Gallery

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment

$ 50,973

Mortgage Loans Payable, Interest Rate

5.40%

Mortgages and other indebtedness

$ 8,704,000

8,802,000

South Carolina Food Lions Note

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment

$ 68,320

Mortgage Loans Payable, Interest Rate

5.25%

Mortgages and other indebtedness

$ 12,096,000

12,224,000

Cypress Shopping Center

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment

$ 34,360

Mortgage Loans Payable, Interest Rate

4.70%

Mortgages and other indebtedness

$ 6,510,000

6,585,000

Port Crossing

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment

$ 34,788

Mortgage Loans Payable, Interest Rate

4.84%

Mortgages and other indebtedness

$ 6,291,000

6,370,000

Freeway Junction

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment

$ 41,798

Mortgage Loans Payable, Interest Rate

4.60%

Mortgages and other indebtedness

$ 8,026,000

8,119,000

Harrodsburg Marketplace

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment

$ 19,112

Mortgage Loans Payable, Interest Rate

4.55%

Mortgages and other indebtedness

$ 3,570,000

3,617,000

Graystone Crossing

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment

$ 20,386

Mortgage Loans Payable, Interest Rate

4.55%

Mortgages and other indebtedness

$ 3,944,000

3,990,000

Bryan Station

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment

$ 23,489

Mortgage Loans Payable, Interest Rate

4.52%

Mortgages and other indebtedness

$ 4,566,000

4,619,000

Crockett Square

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment Interest Only

Interest only

Mortgage Loans Payable, Interest Rate

4.47%

Mortgages and other indebtedness

$ 6,338,000

6,338,000

Pierpont Centre

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment Interest Only

Interest only

Mortgage Loans Payable, Interest Rate

4.15%

Mortgages and other indebtedness

$ 8,113,000

8,450,000

Alex City Marketplace

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment Interest Only

Interest only

Mortgage Loans Payable, Interest Rate

3.95%

Mortgages and other indebtedness

$ 5,750,000

5,750,000

Butler Square

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment Interest Only

Interest only

Mortgage Loans Payable, Interest Rate

3.90%

Mortgages and other indebtedness

$ 5,640,000

5,640,000

Brook Run Shopping Center

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment Interest Only

Interest only

Mortgage Loans Payable, Interest Rate

4.08%

Mortgages and other indebtedness

$ 10,950,000

10,950,000

Beaver Ruin Village I and II

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

9,400,000

Sunshine Shopping Plaza

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

5,900,000

Barnett Portfolio

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

8,770,000

Fort Howard Shopping Center

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

7,100,000

Conyers Crossing

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

5,960,000

Grove Park Shopping Center

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

3,800,000

Parkway Plaza

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

3,500,000

Winslow Plaza

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

4,620,000

Chesapeake Square

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment

$ 23,857

Mortgage Loans Payable, Interest Rate

4.70%

Mortgages and other indebtedness

$ 4,519,000

4,578,000

Sangaree/Tri-County/Berkley

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment Interest Only

Interest only

Mortgage Loans Payable, Interest Rate

4.78%

Mortgages and other indebtedness

$ 9,400,000

9,400,000

Riverbridge

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment Interest Only

Interest only

Mortgage Loans Payable, Interest Rate

4.48%

Mortgages and other indebtedness

$ 4,000,000

4,000,000

Franklin

Debt Instrument [Line Items]

Mortgage Loans Payable, Monthly Payment Interest Only

Interest only

Mortgage Loans Payable, Interest Rate

4.93%

Mortgages and other indebtedness

$ 8,516,000

$ 8,516,000

Loans Payable Loans Payable - A

Loans Payable Loans Payable - Additional Information (Details)	Oct. 07, 2017USD ($)	Aug. 29, 2017USD ($)	May 03, 2017USD ($)	May 01, 2017USD ($)	Mar. 22, 2017USD ($)	Apr. 28, 2016USD ($)shares	Apr. 12, 2016USD ($)	Jun. 30, 2017USD ($)	Sep. 30, 2017USD ($)Buildingsshares	Sep. 30, 2016USD ($)	Oct. 06, 2017USD ($)	Sep. 16, 2017USD ($)	Jul. 18, 2017USD ($)	Jun. 14, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 07, 2016USD ($)	Aug. 15, 2016USD ($)	May 29, 2015USD ($)
Debt Instrument [Line Items]
Loans payable, net									$ 306,962,000						$ 305,973,000
Conversion of senior convertible debt into common stock									31,000	$ 1,600,000
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months									84,250,000
Columbia Fire House construction loan
Debt Instrument [Line Items]
Loans payable, net			$ 4,300,000						$ 1,850,000						0
Mortgage Loans Payable, Interest Rate			4.00%						4.00%
Debt Instrument, Term			20 years
Debt Instrument, Unused Borrowing Capacity, Amount									$ 2,450,000
Columbia Fire House
Debt Instrument [Line Items]
Loans payable, net			$ 262,000						$ 259,000						487,000
Mortgage Loans Payable, Interest Rate									8.00%
Folly Road
Debt Instrument [Line Items]
Loans payable, net					$ 8,570,000				$ 6,181,000						0
Mortgage Loans Payable, Interest Rate					4.00%				4.00%
Debt Instrument, Term					25 years
Debt Instrument, Unused Borrowing Capacity, Amount									$ 2,390,000
Revere Loan
Debt Instrument [Line Items]
Loans payable, net				$ 7,450,000
Debt instrument, periodic payment		$ 25,000		450,000				$ 167,000
Debt Instrument, Fee Amount				$ 140,000
Perimeter Square
Debt Instrument [Line Items]
Loans payable, net									$ 5,236,000					$ 4,500,000	4,500,000
Mortgage Loans Payable, Interest Rate									5.50%					5.50%
Debt Instrument, Unused Borrowing Capacity, Amount									$ 1,010,000
Perimeter Square | Promissory Note
Debt Instrument [Line Items]
Loans payable, net														$ 6,250,000
Rivergate
Debt Instrument [Line Items]
Loans payable, net									$ 22,689,000						24,213,000
Debt instrument, periodic payment								$ 1,520,000
Rivergate | LIBOR
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate									2.95%
Walnut Hill Plaza
Debt Instrument [Line Items]
Loans payable, net		$ 3,900,000							$ 3,903,000				$ 3,390,000		3,440,000
Mortgage Loans Payable, Interest Rate		5.50%							5.50%
Debt Instrument, Term		20 years
Debt instrument, periodic payment		$ 26,850
Monarch Bank Line Of Credit
Debt Instrument [Line Items]
Loans payable, net									$ 3,000,000			$ 3,000,000			3,000,000
Mortgage Loans Payable, Interest Rate									4.25%
KeyBank
Debt Instrument [Line Items]
Number of collateral properties | Buildings									16
Revere Loan
Debt Instrument [Line Items]
Loans payable, net									$ 6,808,000						7,450,000
Mortgage Loans Payable, Interest Rate									8.00%
Line of Credit | KeyBank
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity							$ 67,200,000									$ 75,000,000		$ 45,000,000
Interest rate margin above LIBOR, minimum																		1.75%
Interest rate margin above LIBOR, maximum																		2.50%
Line of Credit Facility, Fair Value of Amount Outstanding									$ 68,030,000								$ 46,100,000
Loans payable, net									$ 50,000,000						$ 74,077,000
Line of Credit Facility, Commitment Fee Percentage									3.74%
Debt instrument, periodic payment									$ 25,000,000
Line of Credit | KeyBank | Subsequent Event [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity											$ 75,000,000
Loans payable, net	$ 50,000,000										$ 50,000,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Line of Credit | KeyBank | LIBOR
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate							5.00%		2.50%
Line of Credit | KeyBank | Folly Road
Debt Instrument [Line Items]
Loans payable, net					$ 6,050,000
Senior convertible notes
Debt Instrument [Line Items]
Loans payable, net						$ 3,000,000
Mortgage Loans Payable, Interest Rate						9.00%
Prepayment notice period						30 days
Number of shares issuable upon conversion (in shares) | shares						1,417,079
Conversion of senior convertible debt into common stock									$ 1,640,000
Debt Conversion, Converted Instrument, Shares Issued | shares									1,417,079

Loans Payable - Summary of Comp

Loans Payable - Summary of Company's Scheduled Principal Repayments on Indebtedness (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
For the remaining three months ended December 31, 2017	$ 23,013
December 31, 2018	71,099
December 31, 2019	24,785
December 31, 2020	17,016
December 31, 2021	1,907
December 31, 2022	5,534
Thereafter	169,423
Total principal repayments and debt maturities	$ 312,777	$ 313,698

Rentals under Operating Lease38

Rentals under Operating Leases - Future Minimum Rentals to be Received under Noncancelable Tenant Operating Leases (Details) $ in Thousands	Sep. 30, 2017USD ($)
Leases [Abstract]
For the remaining three months ended December 31, 2017	$ 10,769
December 31, 2018	41,601
December 31, 2019	35,685
December 31, 2020	28,514
December 31, 2021	21,420
December 31, 2022	16,564
Thereafter	43,765
Total minimum rentals	$ 198,318

Equity and Mezzanine Equity - A

Equity and Mezzanine Equity - Additional Information (Details) $ / shares in Units, $ in Thousands	Mar. 31, 2017shares	Sep. 30, 2017USD ($)$ / sharesshares	Mar. 30, 2017shares	Dec. 31, 2016USD ($)shares	Jun. 15, 2016shares	Jun. 04, 2015shares	Apr. 29, 2014$ / sharesshares
Equity [Line Items]
Stock split conversion ratio	0.125
Common stock, shares outstanding (in shares)	8,588,470	8,730,859	68,707,755	8,503,819
Common stock, shares authorized (in shares)		18,750,000	150,000,000	18,750,000
Preferred stock, shares outstanding (in shares)		562		4,500
Preferred Stock, Liquidation Preference Per Share | $ / shares		$ 1,000
Preferred Stock, Liquidation Preference, Value | $		$ 562
Convertible Preferred Stock, Terms of Conversion		P20D
Preferred Stock, Redemption Price Per Share | $ / shares		$ 25
Temporary Equity, Accretion to Redemption Value | $		$ 540
Dividend payable per share (in dollars per share) | $ / shares		$ 0.34
Dividends payable | $		$ 5,478		$ 3,586
Common Stock
Equity [Line Items]
Dividends payable | $		$ 3,190
Issuance of common stock under Share Incentive Plan, shares		104,942
Preferred Stock
Equity [Line Items]
Dividends payable | $		$ 2,290
2015 Share Incentive Plan
Equity [Line Items]
Maximum number of shares authorized under Share Incentive Plan (in shares)						125,000
Issuance of common stock under Share Incentive Plan, shares		11,465
Value of stock issued Share Incentive Plan | $		$ 155
Shares available for issuance under Share Incentive Plan (in shares)		41,104
2016 Share Incentive Plan
Equity [Line Items]
Maximum number of shares authorized under Share Incentive Plan (in shares)					625,000
Issuance of common stock under Share Incentive Plan, shares		93,478
Value of stock issued Share Incentive Plan | $		$ 1,190
Shares available for issuance under Share Incentive Plan (in shares)		526,921
Series D Preferred Stock
Equity [Line Items]
Preferred stock, shares outstanding (in shares)		2,237,000		2,237,000
Preferred Stock, Liquidation Preference, Value | $		$ 55,930		$ 55,930
Preferred stock shares issued (in shares)		2,237,000		2,237,000
Preferred stock, shares authorized (in shares)		4,000,000		4,000,000
Redeemable Preferred Stock
Equity [Line Items]
Temporary Equity, Shares Outstanding		562
Series B Convertible Preferred Stock
Equity [Line Items]
Preferred Stock, Liquidation Preference Per Share | $ / shares		$ 25
Preferred Stock, Liquidation Preference, Value | $		$ 46,900		$ 46,780
Preferred Stock, Dividend Rate, Percentage		9.00%
Preferred stock shares issued (in shares)		1,875,848		1,871,244
Preferred stock, shares authorized (in shares)		5,000,000
Preferred Stock Adjusted Conversion Price Per Share | $ / shares		$ 58
Preferred Stock, Redemption Price Per Share | $ / shares		$ 40
Common Stock
Equity [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights							1,986,600
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right							0.125
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares							$ 44
Series D Cumulative Convertible Preferred Stock
Equity [Line Items]
Preferred stock, shares outstanding (in shares)		2,237,000
Preferred Stock, Liquidation Preference Per Share | $ / shares		$ 25
Preferred Stock, Liquidation Preference, Value | $		$ 55,930
Preferred Stock, Dividend Rate, Percentage		8.75%
Preferred stock shares issued (in shares)		2,237,000		4,000,000
Preferred Stock, Initial Liquidation Preference Per Share | $ / shares		$ 2.1875
Preferred Stock, Dividend Over Initial Rate, Percentage		2.00%
Convertible Preferred Stock Conversion Price | $ / shares		$ 16.96
Ratio of Asset Coverage to Total Debt		200.00%
Line of Credit
Equity [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		750,000
Maximum | Series D Cumulative Convertible Preferred Stock
Equity [Line Items]
Preferred Stock, Dividend Rate, Percentage		14.00%
Equity Distribution Agreement | Preferred Stock
Equity [Line Items]
Preferred Stock, Dividend Rate, Percentage		9.00%
Conversion Price Percentage		103.00%

Equity and Mezzanine Equity -40

Equity and Mezzanine Equity - Antidilutive Securities Excluded From Calculation of Earnings Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock, shares outstanding (in shares)	562	4,500
Series B Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock, shares outstanding (in shares)	1,875,848	1,871,244
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares	1,172,405
Series D Cumulative Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock, shares outstanding (in shares)	2,237,000
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares	3,297,465
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares	329,378
Operating Partnership Common Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	642,299
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares	599,333

Equity and Mezzanine Equity - D

Equity and Mezzanine Equity - Dividends Declared To Holders Of Common Units (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Equity [Abstract]
Common unit and common shareholders	$ 3,187	$ 3,867	$ 10,288	$ 11,444
Preferred shareholders	2,496	1,241	7,473	2,264
Total	$ 5,683	$ 5,108	$ 17,761	$ 13,708

Commitments and Contingencies -

Commitments and Contingencies - Fixed Annual Rental Payments on Ground Leases (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Loss Contingencies [Line Items]
Ground lease and operating lease rent expense, net	$ 139	$ 138	$ 416	$ 302
Northeast
Loss Contingencies [Line Items]
Percentage accounted by properties of its annualized base rent	4.00%		4.00%
Mid Atlantic
Loss Contingencies [Line Items]
Percentage accounted by properties of its annualized base rent	24.00%		24.00%
Southeast
Loss Contingencies [Line Items]
Percentage accounted by properties of its annualized base rent	71.00%		71.00%
Southwest
Loss Contingencies [Line Items]
Percentage accounted by properties of its annualized base rent	1.00%		1.00%
Amscot Building
Loss Contingencies [Line Items]
Ground leases expense	$ 5	5	$ 14	14
Long term ground leases expiration period			2,045
Beaver Ruin Village
Loss Contingencies [Line Items]
Ground leases expense	11	11	$ 34	34
Long term ground leases expiration period			2,054
Beaver Ruin Village II
Loss Contingencies [Line Items]
Ground leases expense	5	4	$ 14	13
Long term ground leases expiration period			2,056
WHLR Charleston Office
Loss Contingencies [Line Items]
Operating leases, rent expense, net	25	26	$ 75	67
Long term ground leases expiration period			2,019
Moncks Corner
Loss Contingencies [Line Items]
Ground leases expense	30	30	$ 91	57
Long term ground leases expiration period			2,040
Devine Street
Loss Contingencies [Line Items]
Ground leases expense	$ 63	$ 62	$ 188	$ 117
Long term ground leases expiration period			2,035

Commitments and Contingencies43

Commitments and Contingencies - Future Minimum Lease Payments Due Under Operating Leases (Details) $ in Thousands	Sep. 30, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
For the remaining three months ended December 31, 2017	$ 132
December 31, 2018	530
December 31, 2019	499
December 31, 2020	433
December 31, 2021	485
December 31, 2022	488
Thereafter	9,666
Total minimum lease payments	$ 12,233

Related Party Transactions - Su

Related Party Transactions - Summary of Related Party Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Sep. 29, 2016
Related Party Transaction [Line Items]
Notes receivable	$ 12,000		$ 12,000
Note receivable from related parties	$ 12,000
Development Fee, Percent Fee	5.00%
Interest Income, Related Party	$ 2,322		$ 1,456
Wheeler Interests and Affiliates
Related Party Transaction [Line Items]
Amounts paid to affiliates	39	$ 115
Amounts received from affiliates	1,573	785
Amounts due from affiliates	2,322	1,366
Notes receivable	12,000	$ 12,000
Pineland Shopping Center
Related Party Transaction [Line Items]
Development Fee, Percent Fee		5.00%
Partial Funding of Sea Turtle Development Note
Related Party Transaction [Line Items]
Note receivable from related parties	11,000			$ 11,000
Consideration for Sale of Land Note
Related Party Transaction [Line Items]
Note receivable from related parties	1,000			$ 1,000
Accrued interest receivable from notes | Pineland Shopping Center
Related Party Transaction [Line Items]
Interest Income, Related Party	1,020	$ 294
Due from Related Parties, Noncurrent	774
Development fees
Related Party Transaction [Line Items]
Interest Income, Related Party	$ 272	$ 169

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	2 Months Ended
	Dec. 07, 2017	Oct. 07, 2017	Oct. 06, 2017	Sep. 30, 2017	Dec. 31, 2016	Dec. 07, 2016	Apr. 12, 2016	May 29, 2015
Subsequent Event [Line Items]
Loans payable, net				$ 306,962,000	$ 305,973,000
KeyBank | Line of Credit
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity						$ 75,000,000	$ 67,200,000	$ 45,000,000
Loans payable, net				$ 50,000,000	$ 74,077,000
Subsequent Event [Member] | KeyBank | Line of Credit
Subsequent Event [Line Items]
Line of Credit Facility, Extension Period To Decrease Total Commitment	60 days
Line of Credit Facility, Maximum Borrowing Capacity			$ 75,000,000
Loans payable, net		$ 50,000,000	$ 50,000,000